The iShares MSCI Brazil ETF (EWZ) reached a new milestone this week as call option notional open interest hit a record $20 billion. This figure reflects a significant surge in derivative activity, having nearly doubled in value over the course of the last several weeks.
Following this rapid expansion, the total number of outstanding call contracts for the fund has surpassed 5 million for the first time. This level of positioning marks an unprecedented peak for the ETF's options market activity.