That said, who wants to own anything with both the words "European" and "debt" in the same breath? Rather, investors at this conference were looking to emerging-markets debt, to stay out of harm's way of the euro currency and pick up some yield along the way. There are three ETFs which fit this theme: iShares JPMorgan USD Emerging Markets Bond ( EMB), with assets of $3.1 billion and an estimated yield of about 5%; Wisdom Tree Emerging Markets Local Debt ( ELD), with assets of $1.1 billion and an estimated yield of around 5%; and PowerShares Emerging Markets Sovereign Debt ( PCY), with assets of $1.3 billion and an estimated yield of about 5.5% . Currency I strongly believe that the euro is a currency which is in trouble. While the ECB along with the governments of Germany and France will do what it takes to ensure that there is enough liquidity available to European nations and banks, the euro currency will not be in favor with foreign investors. In the short run, the euro might be propped up by ECB and IMF actions, but as 2012 progresses, it is certain to weaken, especially versus the U.S. dollar. There is an ETF that is a play on shorting the euro vs. the dollar: the ProShares UltraShort Euro ( EUO). Please note that this is an inverse leveraged ETF and should only be transacted by highly sophisticated investment managers or individuals. -- Written by Scott Rothbort in Millburn, N.J.