“We believe beneficiaries of increased infrastructure spending, in the short term, would include construction service and raw material providers, which are already expecting better-than-average revenue growth in the near term in Colombia — though the Peruvian market for the companies remains uncertain because of the timing and size of cash flows to projects in the country,” said Invesco.

EPU allocates almost 47% of its weight to the materials sectors and 6.7% to industrials.

The ETF has a P/E ratio of 16.65 and a price-to-book ratio of 2.42, according to iShares data, making it far less expensive on valuation than EWZ or the iShares MSCI Mexico Capped ETF (NYSEArca: EWW).

iShares MSCI All Peru Capped ETF