As of this writing, the wire reports are that the New Democracy party may be able to form a governing coalition. If this turns out to be true, there is a conservative way to make money from Greek elections.

The New Democracy party is the pro-bailout party and is committed to honoring the agreements Greece made. If this party succeeds, there will be more stability. Read: Pro-bailout party leads in Greek election tally

The conservative way that I favor is to buy a basket of stocks in the largest European multi-national firms such as Siemens /quotes/zigman/279102/quotes/nls/si SI +1.24% , Royal Dutch Shell /quotes/zigman/379078/quotes/nls/rds.a RDS.A +1.86% , Novartis /quotes/zigman/171707/quotes/nls/nvs NVS +1.77% , and Glaxo SmithKline /quotes/zigman/146635/quotes/nls/gsk GSK +1.59% .

Fortunately, there is an exchange-traded fund that makes the task easy. We have taken a long position in SPD STOXX Europe 50 /quotes/zigman/1508249/quotes/nls/feu FEU +0.98% .

This ETF represents some of Europe’s largest multi-national firms.

FEU Is Cheap

The P/E ratio is 9.18. The price/book is 1.49. Further the ETF provides a respectable dividend yield of 4.66%.

Growth In Emerging Markets

The multi-national companies which constitute a majority of this ETF are experiencing significant growth in emerging markets. From a growth perspective, this ETF is not a European story, but an emerging market story.

Defensive Sector Allocation

Consumer staples, health care, telecommunication services, and utilities are considered defensive sectors. Since the ETF consists of major multi-national oil companies, in the context of the European crisis energy allocation in this ETF may also be considered defensive. The chart below shows allocation by sector….Read more at MarketWatch