EWZ allocates over 21% of its combined weight to energy and materials stocks, but financial services and consumer staples names combine for almost 52% of the ETF’s weight.

Related: Brazil ETF Longs for Stability Amid Political Turmoil

For now at least, Brazil’s credit ratings appear firm.

“Fitch Ratings has affirmed Brazil’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BB’. The Rating Outlook is Negative. The issue ratings on Brazil’s senior unsecured Foreign and Local Currency bonds are also affirmed at ‘BB’. The Country Ceiling is affirmed at ‘BB+’ and the Short-Term Foreign Currency and Local Currency IDRs at ‘B’,” said Fitch in a note out earlier this year.

Traders who are betting on a quick turnaround could look to the two times leveraged ProShares Ultra MSCI Brazil (NYSEArca: UBR) or the three times leveraged Direxion Daily Brazil Bull 3x Shares (NYSEArca: BRZU).

For more information on the Brazilian markets, visit our Brazil category.