Interestingly, in what from the surface looks like a beta rally based on the near parabolic move in EWZ, Small-Cap Brazilian equities have greatly lagged Mega and Large caps as represented in EWZ. Both BRF (Market Vectors Brazil Small Cap, Expense Ratio 0.60%) and EWZS (iShares MSCI Brazil Small Cap, Expense Ratio 0.60%) are up in sympathy with this Large Cap rally in Brazil, but have notably lagged year to date as well as in the trailing
one month.
Other important funds in this space that should receive more attention than ever given this unlikely rally in Brazil are BRZU (Direxion Daily Brazil Bull 3X Shares, Expense Ratio 0.95%) and BRZS (Direxion Daily Brazil Bear 3X
Shares, Expense Ratio 0.95%) and there is a host of other smaller, but specialized funds in the space as well.
iShares MSCI Brazil Capped ETF
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