I sold Europe short at the worst possible time (i.e. February 2nd) and was down as much as $800 at one point. Now my loss has been cut in half and I am really starting to see this play out. I am wondering whether shorting VGK with a $54 long put was the best way to play the troubles in Europe as a hedge against my long US portfolio. Also, I own a $54/51 put spread on the EFV. I was actually frustrated that I couldn't buy a direct VGK put play at like $60 to keep the premium that I needed to pay low. Also, I was disappointed that the dividend wasn't paid monthly so I could benefit from a lower effective interest rate. Thanks for any input. My only fear is that the VGK is too correlated with the US market and doesn't follow what's going on in the European economy even though it is a Europe ETF.