The iShares MSCI Brazil Capped ETF (NYSEArca: EWZ) has surged almost 9% in the past five days, including a 3.6% pop Monday on volume that was better than twice the daily average.

“I just think it’s a little bit of an overdone situation on the downside,” Kapito told Bloomberg regarding emerging markets weakness. “You are starting to see movements back in.”

iShares MSCI Brazil Capped ETF

ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of EEM.