It has been a long, often trying for road for investors in Latin American equities and exchange traded funds, but since emerging markets ETFs put in what appears to be a legitimate bottom earlier this year, some LatAm funds have delivered.

The iShares Latin American 40 ETF (NYSEArca: ILF) is one of those ETFs. Off its Feb. 3 bottom, ILF has surged 25.3%, a performance that is an average of 650 basis points better than the iShares MSCI Emerging Markets ETF (NYSEArca: EEM) and the Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO) over the same period. [LatAm ETFs on the Rise Again]

IFL “is picking up in and its chart is acting great now, too,” according to Captain John Charts. “It’s breaking out of resistance of a longer term down trend line.”

Brazil has been the main driver of ILF’s recent bullishness. As is the case with most multi-country LatAm ETFs, ILF is heavily allocated to Brazil. The region’s largest economy accounts for 55.5% of ETF’s weight, double the weight allocated to Mexico.

Chile checks in at almost 10% while Peru and Colombia combine for just 10%, diminishing ILF’s exposure to recent bullishness in Colombian and Peruvian equities. [Peru ETF Surprises in a Good Way]

Although investors have poured money into the comparable Mexico ETF this year, the iShares MSCI Brazil Capped ETF (NYSEArca: EWZ) is up 15.1% and is flirting with its first close above $50 since October 2013. [LatAm ETFs Look for Some Love]

As is the case with EWZ, ILF is also within pennies of its October 2013 highs, an area that some technical analysts have pointed to as representing a breakout area for ILF.