U.S. traders have been racking up bets that Europe’s economy has bottomed out with $1.5 billion poured into ETFs that focus on European assets, according to a Bloomberg report. If a buy-the-dip opportunity exists for Europe-focused funds, then investors should consider ETFs that track Euro assets.

Per the report, stronger economic data out of Europe is suggesting “investors to take a look at the region. A gauge of European manufacturing rose to a three-month high in November, while another report showed Germany unexpectedly dodged a recession, expanding 0.1% in the third quarter. It’s hardly a stellar comeback, but for some it suggests Europe has stabilized and is starting to bounce back.”

“The downward momentum in manufacturing seems to have stalled out,” said Yung-Yu Ma, chief investment strategist at BMO Wealth Management, which had $74 billion of assets under administration as of July 31. “It’s not quite turning around in terms of seeing positive elements, but at least in terms of perhaps hitting an inflection point, we think that’s a likely scenario.”

Here are three funds to check out:

  1. WisdomTree Europe Hedged Equity Fund (NSYEArca: HEDJ): seeks to track the price and yield performance, before fees and expenses, of the WisdomTree Europe Hedged Equity Index. The index provides exposure to European equity securities, particularly shares of European exporters, while at the same time neutralizing exposure to fluctuations between the value of the U.S. dollar and the euro.
  2. Vanguard FTSE Europe Index Fund ETF Shares (NYSEArca: VGK): seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in the major markets of Europe. The fund employs an indexing investment approach by investing all, or substantially all, of its assets in the common stocks included in the FTSE Developed Europe All Cap Index.
  3. iShares MSCI Eurozone ETF (BATS: EZU): seeks to track the investment results of the MSCI EMU Index composed of large- and mid-capitalization equities from developed market countries that use the euro as their official currency. The index consists of stocks from the following 10 developed market countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands, Portugal and Spain.
  4. iShares Core MSCI Europe ETF (NYSEArca: IEUR): seeks to track the investment results of the MSCI Europe IMI. The index is a free float-adjusted market capitalization-weighted index which consists of securities from the following 15 developed market countries or regions: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.

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