Rebounding Brazilian equities have helped more than just single-country exchange traded funds such as the iShares MSCI Brazil Capped ETF (NYSEArca: EWZ).

Regional funds with exposure to multiple Latin American nations have gotten in on the act as well. For example, the iShares Latin American 40 ETF (NYSEArca: ILF) and the SPDR S&P Emerging Latin America ETF (NYSEArca: GML) are each up 20% over the past three months. [Loving LatAm ETFs Again]

With just $7.4 million in assets under management, the First Trust Latin America AlphaDEX Fund (NYSE: FLN) is far smaller than its aforementioned rivals, but FLN’s diminutive status has not prevented the ETF from participating in the Latin American equity rebound. The First Trust offering is also up nearly 20% in the past three months.

FLN is a disciple of the AlphaDEX methodology that has helped make First Trust one of the fastest growing U.S. ETF sponsors. As with the other AlphaDEX broad market, international and sector ETFs, FLN’s holdings are selected based on “growth factors including 3-, 6- and 12-month price appreciation, sales to price and one year sales growth, and separately on value factors including book value to price, cash flow to price and return on assets,” according to First Trust.

While the AlphaDEX methodology has gained a loyal following through the success of sector funds such as the First Trust Consumer Staples AlphaDEX Fund (NYSEArca: FXG) and the First Trust Energy AlphaDEX Fund (NYSEArca: FXN), somewhat overlooked are the rewards delivered by the suites international offerings.

For example, the First Trust Emerging Markets AlphaDEX Fund (NYSEArca: FEM) and the First Trust Europe AlphaDEX Fund (NYSEArca: FEP) are up 10.1% and 7.6%, respectively, year-to-date. [Overlooked ETF Avenue to Europe]

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