Usually, investors are speaking the “B” word when it comes to investing in Latin America – that’s Brazil. But you’d be unwise to ignore the other countries.

Sure, Brazil has been a stellar emerging market , but it’s not the only country in the economically vibrant Latin America. The region was one of the year's most stellar performers, and you have several options with exchange traded funds (ETFs) to play it, ranging from narrow single-country funds to broad, total region ETFs.

The region has many resource-rich economies that are worth your time and portfolio. The diversification benefits are plentiful as well, since many of these countries have low correlations.

Prior the financial crisis, Latin America held record-high international reserves, manageable current account imbalances, low debt and a financial system that was not exposed to "toxic" assets or reliant on foreign funding.

Fitch Ratings firm calculates a regional growth of 3.6% in 2010 after a contraction of 2.9% in 2009. The recovery is expected to be supported by a better global financial and economic environment, increases in commodity prices and more capital inflows. The ratings firm projects a faster rebound in Brazil, Chile, Peru and Panama where growth will likely reach a minimum of 4% in 2010 as a result of a recovery in consumer and business confidence.

Consider a variety of ETFs to play this exciting region of the world:

•  iShares MSCI Chile Index (NYSE: ECH [1])
• Global X/InterBolsa FTSE Columbia 20 Index (NYSE: GXG [2])
• iShares Latin America 40 Index (NYSE: ILF [3])
• iShares MSCI Mexico ETF (NYSE: EWW [4])
• iShares MSCI All Peru Capped Index (NYSE: EPU [5])