With Spain the latest euro zone member to inspire fear among sovereign bond investors, exchange-traded funds that invest in the country’s equities are seen as a profitable means of shorting its debt.

Daniel Sckolnik, a senior analyst for Santa Barbara, California–based research firm Sabrient Systems, cited three ETFs in a recent Periscope column in its weekly investment newsletter: VGK (MSCI European ETF), IEV (iShares S&P 500 Europe 350 Index Fund) and, as Sckolnik put it, “for those who want to go for a more laser focus,” EWP (iShares MSCI Spain Index Fund).

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