On the other hand, the herd mentality has pushed EPHE to all-time highs and nearly 16% above a critical moving average. It's hard to imagine a scenario where EPHE does not experience a near-term 10% pullback. In my estimation, there are better values in funds like iShares MSCI Singapore ( EWS) and iShares MSCI Malaysia ( EWM). Both have more attractive price-to-earnings ratios, significantly better annual yields (3.6%) and vibrant trade relations throughout the Asia Pacific region. Additionally, neither EWM nor EWS are technically "overbought." There's a feeling by some of the investment community that the European Monetary Union may finally be getting itself out of its three-year nightmare. This has benefited some of the more financially responsible members of the alliance such as Germany and Austria. German stocks have recently hit four-year highs, while iShares Austria ( EWO) has amassed a staggering 33% since its late July bottom. It also rests in overbought territory -- more than 11% above its trend line. (See the chart below.) I might be confident that a number of European multinationals -- SAP ( SAP), Sanofi ( SNY), Louis Vuitton -- can ultimately thrive. On the other hand, the strong possibility of sharp declines in the euro lead me to a dollar-hedged alternative. Enter WisdomTree Europe Hedged Equity ( HEDJ). Not only does it hedge against potential declines in the euro, it provides diversification across leading corporations throughout Europe. Equally beneficial, HEDJ has its greatest exposure in consumer staples and consumer discretionary, where names like Bayer ( BAYRY), Unilever ( UN) and Anheuser-Busch Inbev ( BUD) have an impressive worldwide footprint. You can listen to the ETF Expert Radio Show "LIVE", via podcast or on your iPod. You can follow me on Twitter @ETFexpert. This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.