The 20-stock ETF's performance has been mainly driven by two of its five largest holdings --Telecom Argentina ( TEO ) andBanco Macro ( BMA ) -- which popped 15% and 16% this week. Companies in ARGT are projected to grow earnings per share 33.5% this year after shrinking 25% in 2012, according to Alta Vista Research, which rates the ETF neutral. Investment Risks Running at 10.5%, the South American country's official inflation rate boggles the mind when compared with developed markets.