In a new report, Societe Generale analyst Roland Kaloyan discussed how investors should trade the possibility of a British exit from the eurozone. Societe General has three portfolio protection strategies that it is recommending ahead of the referendum vote.

1. Buy SG Cable Basket Of Stocks

The firm has created a basket of UK stocks that are sensitive to the GBP, which would likely weaken in the case of a Brexit. Some of the Buy-rated names in the basket that also have U.S. listings are Barclays PLC (ADR) BCS 4.43%, HSBC Holdings plc (ADR) HSBC 2.09% and British American Tobacco PLC (ADR) BTI 2.3%.

2. Go Short FTSE 250/Long FTSE 100

U.S. investors don’t have access to ETFs that track these two indices, but there are plenty London-traded ETFs that do, including the BlackRock 100 UK Equity Tracker and the iShares FTSE 250 UCITS ETF.

3. Go Long Brexit+/Short Brexit- Stocks

Again, the majority of these stocks are…

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