Global demand for Brazil’s exports are leading to strong economic growth for the country and its related exchange traded fund (ETF).

Commodities such as iron ore, beef, ethanol, soy and copper are trading close to record levels, and iShares MSCI Brzil Index (EWZ) has given back to investors who’ve backed this fund.

The country got an assist from Standard & Poor’s in April when its debt rating was upgraded to "investment grade." Not bad for a country that was on the brink of bankruptcy six years ago.

Harry Domash for The San Francisco Chronicle reports that this is the only true pure play on the Brazilian economy. The index comprises 71 stocks made up of materials, energy and bank companies. It is up 20.9% year-to-date.

Among the largest companies in the fund and their percentage weightings are:

• Petroleo Brasileiro (natural gas), 13%
• Vale (metals and mining), 11.4%
• Bradesco and Banco Itau Holding Financeira (banking), 4.4%
• Uniao de Banos Brasileiros (money management), 3.5%
• Companhia Siderurgica Nacional and Gerdau (steel production), 2.7%

Tags: Agriculture, Brazil, Copper, Emerging Markets, Energy, EWZ, Financial, Latin America, Material ETFs, Metals & Mining, Natural Gas, Steel