Against the backdrop of ongoing concerns, more aggressive traders may turn to a bearish or inverse ETF option to capitalize on continued weakness in Brazilian equities. For instance, the ProShares UltraShort MSCI Brazil Capped ETF (NYSEArca: BZQ) takes the -2x or two times inverse of the daily performance of the MSCI Brazil 25/50 Index, which acts as the underlying index for EWZ.

“Bullish calls on Brazilian equities dropped to 787 on Wednesday from 861 when the rout started five years ago, according to data compiled by Bloomberg based on more than 24,000 recommendations for the largest developing countries. Buy ratings for stocks in Russia, India and China have all increased in the period,” according to Bloomberg.

iShares MSCI Brazil Capped ETF