Investors who believe the euro currency could weaken after its recent rally and are bullish on the broader Eurozone can turn to the Deutsche X-trackers MSCI EMU Hedged Equity ETF (NYSEArca: DBEZ) for broad Europe exposure or something like the Deutsche X-trackers MSCI Germany Hedged Equity Fund (NYSEArca: DBGR) for targeted country exposure.

As Deutsche Asset Management has pointed out, these Europe-related ETFs are attractively priced relative to U.S. markets. DBEZ shows a 14.9 price-to-earnings ratio and a 1.7 price-to-book while DBGR trades at a 14.0 P/E and 1.7 P/B. In contrast, the S&P 500 is hovering around a 19.9 P/E and a 2.8 P/B.

Related: Euro ETFs Continue Defying Skeptics

DBEZ includes a hefty 30.2% tilt toward Germany, followed by 29.4% France, 10.9% Netherlands, 9.9% Spain and 8.2% Italy.

Furthermore, The weakening euro currency outlook should benefit the region’s exporters, especially Germany, the largest member country of the euro-bloc. According to FactSet data, just 23.4% of its revenue is derived domestically, and the largest sector of German markets is consumer discretionary, which includes major automobile makers like BMW, Daimler and Volkswagen.

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

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