Euro weakness would benefit the ProShares UltraShort Euro (NYSEArca: EUO). Underscoring the euro’s prominence on the global currency stage and investors’ willingness to bet on weakness for the currency, EUO is one of the largest currency ETFs trading in the U.S. Another idea for euro bears to consider is the VanEck Vectors Double Short Euro ETN (NYSEArca: DRR).

UUP tracks the price movement of the U.S. dollar against a basket of currencies, including the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc.

After boosting borrowing costs once last year, the Federal Reserve is expected to raise interest rates multiple times this year. If the Fed hikes rates, the exchange value of the U.S. dollar will strengthen, or foreign currencies will depreciate relative to the greenback.

“Reuters’ survey respondents predict that the dollar will sit at 101.5 against a basket of six major currencies at the end of this year. That’s about where it is currently. The greenback has risen more than 40% against the currency index since mid-2011,” according to Barron’s.

For more information on hedged options, visit our currency hedged ETFs category.