The $171.1 million ARGT held 25 stocks at the end of the second quarter, half of which were energy or technology names. ARGT allocates a combined 24.5% of its weight to financial services and consumer staples stocks.

Related: Risk & Reward With the Argentina ETF

Argentina’s foreign reserves are at nine-year lows. Prices on the country’s commodity exports are down. The budget deficit is at its widest in three decades. Inflation is running at an annual pace of over 20%. Still, this is South America’s third-largest economy and home to abundant natural resources, levering the country to the rebounding commodities trade.

ARGT “is headed for the most inflows in six months ahead of legislative elections as polls suggest Macri’s candidates are leading. The added exposure comes as local stocks approach record highs after gaining 43 percent in dollar terms this year, raising alarms that the market may be overheated and a sell-off near,” according to Bloomberg.

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