It’s no surprise that shares of European companies have experienced some turbulence lately. But when everybody’s selling fear, some value investors are buying quality on the cheap. Consider this: if you take the PIIGS (Portugal, Ireland, Italy, Greece and Spain) out of the mix, EU economies don’t look all that bad. And the FTSE 100, an index that tracks the 100 most highly capitalized stocks on the London Stock Exchange, has risen more than 7% since its 52-week low on Nov. 24.

Beyond simple blips on the trading screen, European mega-caps like Royal Dutch Shell (NYSE:RDSA), BHP Billiton (NYSE:BBL), HSBC (NYSE:HBC), Vodafone (Nasdaq:VOD), BP (NYSE:BP) and GlaxoSmithKline (NYSE:GSK) are among the world’s largest corporations. Most of these mega-caps generate a high percentage of sales outside Europe and are attractively priced relative to their value.

Exchange-traded funds focused on high-quality large-cap European stocks potentially can deliver benefits, while making it easier to limit individual company – or country – risk through diversification. Here are four Europe-focused ETFs that still make sense:

Vanguard MSCI European ETF (NYSE:VGK). VGK tracks the performance of the MSCI Europe Index, which represents primarily large- and mid-cap stocks in developed European countries. Major holdings include Nestle (PINK:NSRGY), HSBC, Novartis (NYSE:NVS), and Vodafone. The ETF is trading around $44 and the current dividend yield is 5.25%. While the year-to-date return is -11%, its one-month return has inched into positive territory at 0.2%.

SPDR DJ Euro STOXX 50 ETF (NYSE:FEZ). FEZ tracks the Euro STOXX 50 Index, representing performance of the 50 largest European companies. Major holdings include Total (NYSE:TOT), Siemens (NYSE:SI), Sanofi (NYSE:SNY), and Telefonica (NYSE:TEF). FEZ is trading around $31 and the current dividend yield is 5.1%. Although the year-to-date return is -13.6%, its one-month return is up to 1.1%.

iShares S&P Europe 350 Index Fund (NYSE:IEV ). IEV tracks the price and yield performance of the S&P Europe 350 Index. Holdings include Nestle, HSBC, Novartis and BP. IEV is trading around $34.50 and the current dividend yield is 3.3%. The year-to-date return is -10.2%, but the one-month return is 0.6%.

iShares MSCI Germany Index Fund (NYSE:EWG). This fund is a good way to play Europe’s strongest economy. EWG tracks the MSCI Germany index, which consists of stocks traded primarily on the Frankfurt Stock Exchange. Holdings include Siemens, SAP (NYSE:SAP), Daimler and Bayer. EWG is trading at around $20, and the current dividend yield is 3.3%. The year-to-date return is -12.4%, but the one-month return is nearly 1.8%.

Bottom Line: In advance of next week’s critical EU summit in Brussels, German Chancellor Angela Merkel said Friday existing treaties must be changed to craft a new European fiscal union – but cautioned that the process would be a “marathon”. It’s unclear at this point what Europe needs most for the race ahead – leadership or cash. Regardless of the structure or timing, Europe will bounce back eventually and going long on the right ETFs can put investors in the catbird seat when it does.

As of this writing, Susan J. Aluise did not hold a position in any of the stocks named here.