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This could be the hottest ETF of 2016

Mauricio Macri speaks to the media in Buenos Aires, Argentina.
Daniel Jayo | Latin Content | Getty Images
Mauricio Macri speaks to the media in Buenos Aires, Argentina.

Editor's Note: Matt Hougan is chief executive officer of ETF.com. The following story is part of an exclusive column in which Hougan finds investment trends for CNBC Pro subscribers.

Argentina is a terrible place to invest. It always has been. Let's get that out of the way first.

Once one of the largest economies in the world, with a per capita income on par with Europe, it has been in essentially a one-way declining trend since 1945. It's been plagued by terrible politics, multiple defaults, dictatorship, corruption, data fraud. You name it.

Major index providers don't even consider it an emerging market, much less a developed one, casting it instead into the frontier category with places like Lebanon, Mauritius and Tunisia.

And yet, investors have long had a fascination with Argentina. It has incredible natural resources, strong manufacturing and an educated population. If it could just get its politics right, the thinking goes, it could take off.

Could Argentina be the next hot investment?