In recent years, Latin American stocks and the relevant exchange traded funds have been emerging markets duds.

Over the past three years, the iShares Latin American 40 ETF (NYSEArca: ILF) has tumbled 26.5% while the iShares MSCI Emerging Markets ETF (NYSEArca: EEM) is higher by more than 8%. However, recent resurgences by marquee Latin America ETFs, including ILF and the iShares MSCI Brazil Capped ETF (NYSEArca: EWZ), is sparking renewed interest in leveraged funds tracking the region’s stocks.

After slumping to start 2015, ILF and EWZ, the largest Brazil ETF, are in the midst of impressive one-month rallies that have seen the ETFs surge 11% and 16.4%, respectively. [Better Things for Brazil ETFs in Q2]

Those moves have, predictably been boons for theDirexion Daily Latin America Bull 3x Shares (NYSEArca: LBJ) and the Direxion Daily Brazil Bull 3x Shares (NYSEArca: BRZU).

With a 5.1% gain Tuesday, BRZU is up 52.3% over the past month, indicating the former is doing better than merely delivering triple the gains posted by EWZ. Entering Tuesday, only the Direxion Daily China 3x Bull (NYSEArca: YINN) and the Direxion Daily Russia Bull 3x Shares (NYSEArca: RUSL) had delivered better April returns than BRZU.

LBJ gained nearly 4% on more than double the average daily turnover Tuesday, extending its one-mont gain to 32.4%. LBJ seeks to deliver three times the daily performance of the S&P Latin America 40 Index, ILF’s underlying benchmark.

Investors are taking notice. Since the start of the year, BRZU has seen its shares outstanding count surge 52% while creations in LBJ have sent that ETF’s shares outstanding up 31%, according to Direxion data.

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