Bgsy, out concern for your financial wellbeing, I highly recommend you do quite a bit more reading before buying any funds. 

From what you are saying, it seems like you are either under the illusion that this fund is a normal Latin America fund, or that it is a short term bond fund. 

The "short" in UltraShort means that the fund is short (or inverse) the market.  In other words, it's positioned to go up if the market goes down, and vice versa.  In addition to that, the "ultra" means that it uses leverage so it's performance is doubled.  That means for every 1% gain in LA markets, this fund loses 2%. 

The past 5 years or so, Latin American funds have an average return of nearly 50% return.  That means if this fund had existed all the time, you'd have lost almost all of your invested money every single year. 

So, no the answer is this is NOT a good substitute for another LA fund, and it's NOT the sort of fund your average investor should even be considering either.