One European ETF That May Be Worth Watching

Not as big as France or Germany, and not as beleagured as Greece, Portugal or Spain, the Netherlands and its economy may have gotten lost in the European economic shuffle recently.

That doesn't mean there isn't opportunity to be had with the iShares MSCI Netherlands Investable Market Index (NYSE: EWN). No, EWN is going to set the world on fire, but it is at least positive year-to-date and that's more than can be said for its Italian and Spanish counterparts.

Eurozone unemployment touched 10% in February, led by Spain, which is close to 20% unemployment, but the Netherlands has the lowest rate of joblessness in the region at just 4%.

EWN is worth a look for conservative investors as consumer staples, industrials and financials (not the risky kind) make up about two-thirds of the ETFs weight. U.S. listed Unilever (NYSE: UN) and ING Groep (NYSE: ING) account for 29% of EWN's individual equity weight.

EWN isn't going to give you the glamour of an emerging market, but it won't give you the same headaches as some other European ETFs either.