$EWZ vs $ILF: Weighing Targeted Brazil Exposure Against Broader Latin America ETF Options iShares MSCI Brazil ETF (EWZ) provides concentrated exposure to Brazilian equities through the MSCI Brazil 25/50 Index, with approximately 45 holdings and an expense ratio of 0.59%. iShares Latin America 40 ETF (ILF) offers broader regional exposure across Latin America via the S&P Latin America 40 Index, featuring about 40 holdings and a lower expense ratio of 0.47%. Both ETFs are passively managed and exhibit heavy overlap in Brazilian financial and energy names, yet ILF incorporates meaningful allocations to Mexico, Chile, Peru, and other markets for greater geographic diversification.