Consequently, investors who believe the euro currency will continue to depreciate against the U.S. dollar could consider currency-hedged ETFs to mitigate the any foreign exchange risks. For instance, the Deutsche X-trackers MSCI EMU Hedged Equity ETF (NYSEArca: DBEZ), iShares Currency Hedged MSCI EMU ETF (NYSEArca: HEZU) and WisdomTree Europe Hedged Equity Fund (NYSEArca: HEDJ) track Eurozone equities and hedge against a weakening euro currency. EZU and FEZ, on the other hand, do not hedge currency risks, so they might underperform a currency-hedged ETF if the euro continues to weaken. [Europe ETFs to Invest Like a Millionaire]

The popular Eurozone play has helped HEDJ accumulate $10 billion in assets under management as investors funneled billions into the hedged equity strategy over the past year. [Euro Hedged ETF Tops $10B in Assets]

Moreover, ETFs that track Germany, the largest Eurozone member, are also on a tear as the benchmark DAX marched toward its 11,000 mark. With its heavy tilt toward large, multi-national companies, the DAX index is benefiting from a depreciating euro currency. [Investors Rush to Germany ETFs]

For more information on Europe, visit our Europe category.

Max Chen contributed to this article.

Full Disclosure: Tom Lydon’s clients own shares of SPY and HEDJ.