, famed emerging markets investors Mark Mobius of Franklin Templeton Investments highlighted his recent visit to Recife in Brazil's northeast Pernambuco state. "Recife will be one of the 12 cities playing host to the 2014 FIFA World Cup Brazil, so many were also hard at work on infrastructure and construction projects there," said Mobius. Mobius and his team visited some burgeoning projects in Recife. "We also visited the enormous 13,500 hectare construction project in the Port area, which includes an oil refinery and petrochemical complex in addition to many subsidiary and supporting industrial projects," he said. "Construction began in 2006 and is still not yet complete. From our bird's eye view of the enormous construction site, we saw lots of activity, but completion this year seems ambitious given how much remains to be done." It is just one man's view, but Mobius is one of the more astute emerging markets investors around and it certainly goes without saying infrastructure spending is going to be a significant part of Brazil's domestic economy over the next several years. On the other hand, BRXX's track record cannot be ignored. The ETF is up less than three percent since its February 2010 debut. By the time BRXX debuted, investors already knew that Brazil would be hosting the aforementioned global sporting events. In theory, BRXX should be the ideal way with which to play the obvious theme of necessary Brazilian infrastructure largess. Maybe the ETF will eventually deliver on that front, but it has not yet done so. Another issue to consider with BRXX is the ETF's utilities exposure, which is nearly a third of the fund's weight. As if investors' treatment of Petrobras and Vale is not bad enough,