“The largest net importers of crude (excluding the U.S.) that stand to benefit from lower prices are China, Japan, India and South Korea. India has a particularly compelling mix of an accelerating economy, accommodative monetary policy and valuation that is at a discount to global equities (BSE Sensex Index versus MSCI World),” according to MKM Partners. [Best Asia ETFs for 2015]

With the next European Central Bank slated for Jan. 22 and speculation increasing that ECB President Mario Draghi will finally unveil a Federal Reserve-style quantitative easing package, investors can consider looking for ways to prepare for that announcement, if it comes.

MKM likes the iShares MSCI Germany ETF (NYSEArca: EWG), the largest U.S.-listed Germany ETF.

“We want to participate in potential upside via EWG using April expiration to capture the early March ECB meeting just in case the January outcome is light of expectations. In that expiry, we like EWG 29 strike, 33^ calls outright for 50 cents,” said the research firm.

EWG fell 12% last year.

iShares MSCI Germany ETF

Todd Shriber owns shares of XLF.