“Trump has already begun to back pedal some of his rhetoric on the wall and tariffs. He has also made some efforts towards economic diplomacy with Mexican leaders and business people,” according to a Seeking Alpha analysis of EWW. “If EWW only retraces half way back to its March 2013 highs, that would be a 35% gain from its current price (not including its current 3% dividend yield).”

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.

“The long-term investor would be wise to consider putting some of their foreign, international, or emerging markets funds to work in Mexico now or in the near future. The value investor should consider the expectancy investment opportunity that lies within the Mexico ETF,” adds Seeking Alpha.

For more information on the Mexico ETF market, visit our Mexico category.