Meanwhile, the South African rand currency strengthened as much as 6%, the most since October 2008. EZA may have also benefited on the stronger currency as the country-specific ETF does not hedge currency risks, so a stronger rand helps bolster U.S. dollar-denominated returns.

Looking beyond the political hoopla, many still believe South Africa’s economy has its work cut out for it as the government tackles high unemployment and high debt. Credit agency Fitch recently downgraded South Africa to just one notch above speculative-grade status and stated that the dismissal of Nene had “raised more negative than positive questions.” [South Africa ETF’s Precarious Position]

iShares MSCI South Africa ETF

For more information on South Africa’s market, visit our South Africa category.

Max Chen contributed to this article.