Other China ETFs such as the iShares MSCI China Index Fund (NYSE: MCHI ), the SPDR S&P China ETF (NYSE: GXC ) and the Guggenheim China Small-Cap ETF (NYSE: HAO ) have participated in the rally as well. Even after the stellar performances turned in by developing markets stocks over the past few months, the group remains inexpensive on a valuation basis, notes Koesterich. Assuming Brazil's inflation remains at current levels and the country's growth picks up this year as I expect, valuations have significant room to expand.