BREAKING: Call option notional open interest on the Brazil ETF, EWZ, has surged to a record $20 billion this week. This figure has nearly doubled over the last several weeks. As a result, total EWZ call open interest exceeded 5 million contracts for the first time. To put this into perspective, call open interest on the ETF averaged ~$6 billion between 2020 and 2025. This comes as EWZ has risen +15% over the last 3 weeks, to its highest level since mid-May. Risk appetite in Brazilian equities is through the roof.(The Kobeissi Letter)