), the lone Peru-specific ETF on the market today, has amassed almost $397 million in assets under management since its debut in 2009. Just a week shy of its third birthday, EPU is predictably dominated by the dominated materials sector, which accounts for almost 55% of the fund's weight. Even with the success of EPU, which clearly says some U.S. investors have found Peru alluring, there are still untold aspects regarding the Peruvian economic story, leading some to believe the

), a U.S.-based company with a significant Peruvian footprint, is another way of getting some Peru exposure. Overall, those three stocks account for about 46% of EPU's weight. Buenaventura and South Copper combine for 10% of AND's weight. Still, the major issue giving Western pause about Peru is the country's political situation. Peru was on the fast track to attracting more foreign direct investment and gaining a reputation for having one of the more open economies in Latin America. Then leftist Ollanta Humala won last year's presidential election, an event that sent Peruvian equities plunging. Valores acknowledges the degree of political risk in Peru is higher for investors than in neighboring Colombia, but it should be noted Humala hasn't run wild with nationalizing Peruvian industries since taking office. "For Peru I would make very similar comments as for Colombia though the degree of political risk is higher as Humala does recognize the need to keep his electorate happy, so politically I see it somewhere between Colombia and Brazil," Valores said. "Overall Peru is a more advanced version of Colombia, that is they are further down the road to opening up to the world and developing their economy, but with a greater degree of regulation and lower security risk." In other words, investors arguably face more political risk in Brazil, and they definitely face more in Argentina, than they do in Peru. That might be one reason why EPU is up 9.5% year-to-date while the iShares MSCI Brazil Index Fund (NYSE: