While there is no pure ETF play for Argentina, there are at least two that offer various blends of stocks from Argentina, Brazil, Chile, China and others: PIE and ILF.
The iShares S&P Latin America 40 Index Fund ILF reflects results that correspond closely to the performance, before fees and expenses, of the S&P Latin America 40 index. The fund typically invests at least 90% of assets in securities of the underlying index and in depositary receipts representing securities of the underlying index.
The underlying index is comprised of selected equities trading on the exchanges of five Latin American countries. The ETF includes highly-liquid securities from major economic sectors of the Mexican and South American equity markets. The fund is non-diversified.
The PowerShares DWA Emerging Markets Technical Leaders fund (PIE, quote) generally reflects price and yield performance of the index called the Dorsey Wright Emerging Markets Technical Leaders index. The fund typically invests at least 90% of total assets in the stocks that comprise the underlying indexes, ADRs and GDRs based on the stocks in the underlying index.
It invests at least 80% of total assets in securities of emerging economies within Dorsey Wright & Associates' classification definition, excluding companies listed on a U.S. stock exchange. The fund is non-diversified and options are not available for this security.
Without an Argentina-specific ETF, it might be worth looking at individual stocks trading on the New York Stock Exchange as ADRs. But which sectors are represented here? Our screens picked up several key industry groups that are either based in Argentina or doing a lot of business there. All have ADRs that are relatively liquid.
Airlines: GOL , LFL -- in-depth
Banking: BFR , BMA -- in-depth
Beverages: ABV -- in depth
Communications: AMV, TEO, NIHD -- in-depth
Energy: TGS , APA , YPF -- in-depth
Real Estate: IRS - in-deptth
Note that several of these stocks (GOL, LFL, ABV, AMV, NIHD and the U.S.-based APA) support relatively liquid options trading. The rest do not.