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Europe is facing a lot of doom and gloom in the press lately, especially with regard to Spain and Greece. This mentality is pushing stock prices of some fundamentally good companies down, making the current fiasco a buyer's market. Spain especially has a lot of value to offer investors at a steep discount. For all of the country's mounting economic problems, there are still companies within this country that are far from crisis status. They have a good solid foundation, global business models, and are far from nearing the end of their reign. If one is looking for a low-risk investment alternative, there are many ETFs that provide exposure to these Spanish companies.

The iShares MSCI Spain Index Fund (NYSEARCA:EWP) provides nearly 100% exposure to Spanish companies. Its top 3 holdings are companies by favored by Spanish investors. They are Banco Bilbao Vizcaya Argentaria (NYSE:BBVA), Banco Santander (NYSE:SAN), and Telefonica (NYSE:TEF). All of these are strong companies with a large customer base and a global reach, making this fund a great investment for the long-term buyer.

The iShares MSCI Europe Financials Index (NASDAQ:EUFN) is also a good investment opportunity. Banco Bilbao and Banco Santander are included in this fund's top holdings. In addition this fund is more geographically diverse with its holdings spread throughout Europe. HSBC Holdings (HBC) is this fund's top holding. This fund maintains holdings in several strong financial institutions serving customers throughout the world. It offers a solid investment opportunity.

For the green investor, the First Trust Global Wind Energy Fund (NYSEARCA:FAN) is also a great investment value. Included among the fund's top holdings is Spanish Iberdrola, a multinational electric utility company specializing in wind power. Also included in the fund's top holdings is wind power giant General Electric (NYSE:GE). As wind power is gaining in popularity, even throughout emerging and frontier markets, the revenue potential will pick up speed. This fund is a great place to start investing in wind power.

To invest more into Spanish telecom giant Telefonica, the SPDR S&P International Telecommunications Fund (NYSE:ST) provides that chance. Telefonica is the fund's second largest holding, falling just behind British telecom giant Vodafone (NASDAQ:VOD). Telecommunications is still an industry with one of the largest growth potentials. This fund would be a wise investment for any buyer.

Though Spain has been getting a lot of bad press lately for all of its economic downfalls, the country still serves as a home base for many large, profitable, global corporations. ETFs are a great way to invest in these companies while sheltering oneself from the risk associated with the current economy.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Spanish ETFs That Provide Good Value On Discounted Spanish Companies