What’s more convincing is that Chile is expanding at an even faster speed: GDP rose 9.8% in the first quarter this year – the fastest pace in 15 years. The fast pace of growth is cautionary for an overheating economy. Consumer prices could rise about 3.6% this year, warns the IMF.

In reality, those fears may be overblown.  The Chilean central bank has an official target of 3% annual inflation, plus or minus 1% for the year .  And core inflation (excluding food and energy) rose last month.

Chile’s peso has appreciated from its lowest level due to the rise in copper prices, reports Sebastian Boyd for Bloomberg.

Other ETFs for Chile and Peru exposure:

  • Global X FTSE Andean 40 ETF (NYSEArca: AND)
  • iShares S&P Latin America 40 Index Fund ETF (NYSEArca: ILF)

iShares MSCI All Peru Capped Index

Tisha Guerrero contributed to this article.