One issue that could hinder EWW in the near-term is valuation. Investors that are currently embracing emerging markets are doing so with markets that are discounted relative to the broader developing world, including China, South Korea and Taiwan.

EWW is not trading at a significant discount to the broader emerging markets realm, a byproduct of the ETF’s combined 40.7% weight to defensive staples and telecom names.

One advisor cited in the Journal also sounded a moderately bullish tone on LatAm small-caps, which can be accessed via the Market Vectors Latin America Small-Cap Index ETF (NYSEArca: LATM).

LATM is down 25% this year. Brazil and Mexico combine for about 55% of the ETF’s weight. This year’s best single-country LatAm ETF has been the Global X FTSE Argentina 20 ETF (NYSEArca: ARGT) with a gain of about 10%.

Market Vectors Latin America Small-Cap Index ETF