SocGen Sambas to Brazil ETF

As has been

2011 was not the best of years for the iShares MSCI Brazil Index Fund

or any Brazil-specific ETF for that matter. And has been documented, those fortunes started to reverse late last year and have carried over into 2012. Sure, 2012 is still in its nascent stages, but EWZ, the king of all Brazil ETFs, is up 8.5% year-to-date. Now, Societe Generale is bullish on the fund following Brazil suspending the IOF tax on foreign stock purchases. The French bank said the IOF tax was an "overhang" on EWZ over the past two years. The bank said in a note there's "still moderate upside potential in the near-term" regarding EWZ. With an expense ratio of 0.59%, EWZ is home to 83 holdings and almost $10.3 billion in assets under management. Petrobras

, Brazil's state-run oil giant, accounts for almost 19% of the ETF's weight. Various securities issued by mining giant Vale

represent over 14% of the fund's weight. Looking at the chart, if EWZ breaks some horizontal resistance at $65, the upside potential could be far better than "moderate." And if Brazil is among the leaders in an emerging markets resurgence, EWZ could see $80 later this year.