ILF includes Brazil 50.7%, Mexico 31.3%, Chile 11.0%, Peru 4.4% and Colombia 2.3%. GML allocates 50.8% to Brazil, 29.6% Mexico, 10.2% Chile, 5.9% Colombia and 3.5% Peru.

The Latin America ETFs also show relatively cheap valuations compared to other markets. ILF has a 13.0 price-to-earnings ratio and a 1.6 price-to-book while GML shows a 13.9 P/E and a 1.4 P/B. In contrast, the S&P 500 has a 18.6 P/E and a 2.6 P/B.

Additionally, there are a few Australia-focused ETFs available. For example, the iShares MSCI Australia ETF (NYSEArca: EWA) is the largest Australia-related ETF available. The newer SPDR MSCI Australia Quality Mix ETF (NYSEArca: QAUS) emphasizes the quality factor, which captures excess returns to stocks that are characterized by low debt, stable earnings growth and other ‘quality’ metrics. Lastly, the First Trust Australia AlphaDEX Fund (NYSEArca: FAUS) selects Australian companies based on growth factors including 3-, 6- and 12-month price appreciation, sales to price and one year sales growth, along with value factors including book value to price, cash flow to price and return on assets. [Using Commodity Moves to Find Opportunities in Australia]

For more information on the global markets, visit our global ETFs category.

Max Chen contributed to this article.

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