Along with BRF, investors may look at the iShares MSCI Brazil Small Cap Index Fund (NYSEArca: EWZS), which tracks the MSCI Brazil Small Cap Index. Top sector allocations include consumer discretionary 34.8%, industrials 23.4% and financials 18.4%. Like the Market Vectors Brazil Small-Cap ETF, EWZS also leans toward domestically oriented firms. EWZS has a 0.59% expense ratio.

For those seeking quick actions in Brazilian equities or a short-term hedge, investors may look at leveraged and inverse options. Leveraged and inverse ETFs are meant as short-term investments as they may not perfectly track the underlying holdings over an extended period due to compounding issues as a result of daily rebalancing.

The ProShares Ultra MSCI Brazil (NYSEArca: UBR) provides twice, or 200%, the daily performance of the MSCI Brazil Index, and the ProShares UltraShort MSCI Brazil (NYSEArca: BZQ) generates twice, or 200%, the inverse of the daily performance of the MSCI Brazil Index. Both funds have a 0.95% expense ratio.

For more information on Brazil, visit our Brazil category.

Max Chen contributed to this article.