When you say the phrase "Euro ETF" you are describing a fund in which the underlying assets are dominated by Euro backed securities, and which earn their return in this currency. Because of the turmoil in the global marketplace, however, a lot of investors are hesitating to get involved in a Euro ETF, and this is unfortunate.
The bailout programs delivered to Greece and Ireland, however, have shown that a rallying point for the currency may actually be on the horizon. This also means that anyone with a reasonably diverse portfolio (that includes at least one type of Euro ETF) could be looking at some good returns.
Consider too that any Euro ETF is a good alternative for those looking to simply invest in the currency as well. This applies equally to the short or long term exposure plans. This option is a good way to function in the global marketplace because it also lets the investor hedge against their US-dollar backed investments that may fluctuate during the coming years of global financial recovery.
For many years, investment experts have pointed to almost any Euro ETF as a way to diversify even a small portfolio, but it does require a bit of research to choose the best option for any specific investment goals.
Although not all of the following are true ETFs they work similarly from the perspective of exposure to the Euro gained by the individual and so are worth considering: iPath EUR/USD Exchange Rate ETN (ERO), CurrencyShares Euro Trust (FXE), and WisdomTree Dreyfus Euro Fund (EU). For those looking for tax efficiency, the EU ETF is the superior choice.
Far from a recommendation because it feels like it encourages market-timing rather than investing is the UltraShort Euro ETF from ProShares (EUO). This ETF attempts to return 2x the opposite of the daily performance of the US dollar price of the Euro. More more on my take of such investment vehicles, take a look at my inverse ETF article.