If Trump enacts protectionist policies and increases tariffs on Mexican imports into the U.S. as he promised on the campaign trail, it could hinder growth for the Latin American emerging economy.

Investors who anticipate further weakness out of Mexican equities can turn to the ProShares UltraShort MSCI Mexico Investable Market ETF (NYSEArca: SMK), which tracks the -2x or -200% daily performance of the same underlying index as EWW. SMK surged 15.0% on Thursday.

On the other hand, investors who believe the Mexican peso may continue to depreciate but anticipate the markets will improve can look to currency-hedged ETF strategies to diminish the currency risks. For instance, the db X-trackers MSCI Mexico Hedged Equity Fund (NYSEArca: DBMX) and the recently launched iShares Currency Hedged MSCI Mexico (NYSEArca: HEWW) provide exposure to the Mexico’s market without the added currency risk of a depreciating peso currency.

For more information on Mexican markets, visit our Mexico category.

iShares MSCI Mexico Capped ETF