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The once downtrodden iShares MSCI Brazil Capped ETF (NYSE: EWZ) is up a staggering 27 percent over the past month as commodities prices have rebounded and an expanding corruption probe in Latin America's largest economy threatens to ensnare current President Dilma Rousseff and her predecessor, Luiz Inacio Lula da Silva.
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EWZ's rally into a new bull market has been a boon for its leveraged counterpart, the Direxion Daily Brazil Bull 3x Shares (NYSE: BRZU). Even with a modest by its standards loss of 2.6 percent Monday, BRZU is up more than 89 percent over the past month. On a month-to-date basis, BRZU is up nearly 77 percent, a performance exceeded by just one other Direxion leveraged bullish ETF.
All that for an ETF that late last month Direxion said will be reverse split on a 1-for-4 basis on March 24.
There is no denying that the recent moves by EWZ and BRZU are impressive and data indicate investors are renewing their enthusiasm for EWZ, the largest Brazil ETF. Year-to-date, the ETF has added $15 million in new assets, but since the start of March, that number is closer to $96 million.
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An issue for EWZ has been is weakness in Brazilian bank stocks, which is particularly problematic when considering the sector's issues against the backdrop of some of the developing world's highest interest rates. EWZ's financial services weight is about 33 percent, or more than 1,200 basis points larger than the ETF's second-largest sector allocation, consumer staples.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.