At a glance
ILF charges 0.47% a year, below the 0.5% average of the 6 funds most like it (the 3rd cheapest of 7). It has $3.74B in assets, the 2nd largest of that group; it paid 3.53% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +19.9% with distributions reinvested (S&P 500: +11.5%), 2nd of those 7 funds; over three years it returned +16.3% a year. At its worst it fell 51.1% in the 2020 crash (S&P 500: 33.7%) and 29.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months and 11 months after the lows. Its ten largest positions make up 54.6% of the fund, out of 45 in all.
The short version
iShares Latin America 40 ETF (ILF), from BlackRock, tracks the S&P Latin America 40, an index of 40 large, heavily traded companies in Brazil, Chile, Colombia, Mexico and Peru. As of June 30, 2026, Brazil made up about 47% of the fund and Mexico about 27%. Vale, Nu Holdings, Itaú Unibanco and Petrobras led the holdings. Its 0.47% expense ratio is close to the 0.50% peer average but more than double FLLA's 0.19%.
Price history
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ILF +19.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ILF official prospectus, to Dec 31, 2025 | — | +52.74% | — | +8.32% | +8.77% | — |
| SP Emerging Broad Market Index Net index, same period | — | +23.98% | — | +4.80% | +8.44% | — |
| SP Latin America 40 Net index, same period | — | +53.33% | — | +8.91% | +9.22% | — |
| ILF price data to Oct 27, 2026 | +11.3% | +19.9% | +16.3% | +13.2% | +5.8% | +6.6% |
- Over the year to Oct 27, 2026, ILF returned +19.9%, 2nd of 7 among similar funds.
- Its 5-year annualized return was +13.2% and its 10-year +5.8%.
- In the 2020 COVID crash it fell 51.1% and regained its old high 14.3 months after the low.
- Its worst full calendar year was 2008 (-47.2%); its best was 2009 (+91.3%).
- The deepest fall in its price history was 67.5% (May 19, 2008 to Nov 20, 2008), recovered by Nov 11, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.3% | — |
| 2025 | +52.7% | +52.74% |
| 2024 | -23.1% | -23.01% |
| 2023 | +33.2% | +32.79% |
| 2022 | +10.0% | +10.27% |
| 2021 | -13.5% | -13.41% |
| 2020 | -11.7% | -11.65% |
| 2019 | +13.8% | +13.59% |
| 2018 | -6.9% | -6.72% |
| 2017 | +26.4% | +25.85% |
| 2016 | +32.3% | +31.95% |
| 2015 | -31.6% | — |
| 2014 | -12.3% | — |
| 2013 | -12.6% | — |
| 2012 | +5.8% | — |
| 2011 | -18.5% | — |
| 2010 | +15.5% | — |
| 2009 | +91.3% | — |
| 2008 | -47.2% | — |
| 2007 | +48.5% | — |
| 2006 | +38.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 54.4% over that stretch · deepest drop along the way 67.5%, back to its old high 203.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 51.1% over that stretch · deepest drop along the way 51.1%, back to its old high 14.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 11.5% over that stretch · deepest drop along the way 29.6%, back to its old high 11 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4400 | |
| 2025 | $1.3400 | -13.5% |
| 2024 | $1.5500 | +15.7% |
| 2023 | $1.3400 | -54.0% |
| 2022 | $2.9100 | +46.2% |
| 2021 | $1.9900 | +261.8% |
| 2020 | $0.5500 | -47.6% |
| 2019 | $1.0500 | +9.4% |
| 2018 | $0.9600 | +54.8% |
| 2017 | $0.6200 | +44.2% |
| 2016 | $0.4300 | -36.8% |
| 2015 | $0.6800 | -8.1% |
| 2014 | $0.7400 | -39.8% |
| 2013 | $1.2300 | +7.9% |
| 2012 | $1.1400 | -18.6% |
| 2011 | $1.4000 | +18.6% |
| 2010 | $1.1800 | +55.3% |
| 2009 | $0.7600 | -29.6% |
| 2008 | $1.0800 | +55.6% |
| 2007 | $0.6940 | +432.2% |
| 2006 | $0.1304 |
What's inside
As of Jun 30, 2026, the fund held 45 securities; the ten largest made up 54.59% of assets.
| Holding | Weight | |
|---|---|---|
| VALE S.A. Other | 8.40% | |
| Nu Holdings Ltd. | 8.17% | |
| Itau Unibanco Holding S.A. Other | 7.04% | |
| Grupo Mexico, S.A.B. de C.V. | 5.62% | |
| Petroleo Brasileiro S.A. (Petrobras) Other | 5.15% | |
| Petroleo Brasileiro S.A. (Petrobras) Other | 4.79% | |
| CREDICORP LTD. | 4.22% | |
| Grupo Financiero Banorte, S.A.B. de C.V. | 4.07% | |
| America Movil, S.A.B. de C.V. | 3.72% | |
| Fomento Economico Mexicano, S.A.B. de C.V. Other | 3.40% | |
| Banco Bradesco S.A. Other | 2.92% | |
| Cemex, S.A.B. de C.V. | 2.90% | |
| ITAUSA S.A. Preferred stock | 2.40% | |
| SOUTHERN COPPER CORPORATION | 2.32% | |
| B3 S.A - Brasil, Bolsa, Balcao | 2.26% |
By country
Brazil 46.87%Mexico 26.77%Cayman Islands 8.17%Chile 6.78%Bermuda 4.22%By asset type
Stocks 55%Other 41.7%Preferred stock 2.4%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $266.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.02%, -4.05%, -2.14%.
How it works
ILF follows the S&P Latin America 40, an index built by S&P Dow Jones Indices. The index picks large blue-chip companies from major parts of the economy in Brazil, Chile, Colombia, Mexico and Peru. It only takes stocks S&P considers highly liquid, meaning they trade often and in size. S&P, not BlackRock, decides which companies go in and how much each one weighs. As of March 31, 2026, financials and materials made up a large share of the index.
BlackRock Fund Advisors uses "representative sampling." This means the fund may not own every stock in the index. Instead it holds a mix chosen to match the index's overall traits, such as company size, sector weights and yield. In normal conditions at least 80% of net assets must sit in index stocks. As of June 30, 2026, the fund held 45 issuers, and the top 10 made up 54.6% of assets. Turnover was 10%, so the portfolio changes little from year to year.
A few mechanics matter. The fund may use derivatives. As of June 30, 2026, it held two small futures contracts on Brazilian and Mexican stock indexes, along with about 1.8% in cash. It may lend up to one-third of its assets to other firms for a fee. Its value is counted in US dollars, so a falling real or peso lowers returns.
What it really costs
- ILF charges 0.47% a year, versus an average of 0.5% for the similar funds below (3rd of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $48 in the first year and $591 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ILF | $48 | $151 | $263 | $591 |
In a retirement portfolio
ILF is concentrated in two countries and a few sectors, and its past drops have been deep and slow to recover, which fits a small, higher-risk slice better than a core role.
ILF could add Latin American banks, miners and oil companies, which US-focused portfolios often hold little of. In the 2022 bear market it rose 11.5% while the broad market fell from peak to trough, though it still had its own 29.6% drop that year before recovering by June 2023. The trailing yield was 3.53% as of October 27, 2026, paid twice a year. The fund costs 0.47% a year, or $591 over 10 years in the SEC's standard $10,000 example.
The risks are large. ILF fell 67.5% from May to November 2008 and took about 204 months, until November 2025, to recover. It lost 51.1% in the 2020 COVID crash and recovered in about 14 months. Its worst calendar year was 2008, when it lost 47.2%. Someone drawing cash in a bad year could have to cash out shares near a low. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting one fund for large Latin American companies, with Brazil about 47% and Mexico about 27% as of June 30, 2026.
- Those wanting income from stocks: the trailing yield was 3.53% as of October 27, 2026, paid twice a year.
- Long-horizon investors who can hold through drops like the 67.5% fall in 2008, which took until November 2025 to recover.
Look elsewhere if
- Cost-focused investors: Franklin FTSE Latin America ETF (FLLA) charges 0.19% against ILF's 0.47%, though only 36% of their holdings overlap.
- Retirees who may need cash in downturns: ILF lost 51.1% in the 2020 COVID crash and 23.01% in 2024.
- Investors wanting wide diversification: the top 10 holdings were 54.6% of assets, and financials and materials make up much of the index.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ILF this fund | — | 0.47% | $3.74B | +19.9% | +16.3% |
| BRAZ Global X Brazil Active ETF | 38% | 0.75% | $10.3M | +16.6% | +9.7% |
| FLLA Franklin FTSE Latin America ETF | 36% | 0.19% | $105.9M | +21.1% | +15.1% |
| EWW iShares MSCI Mexico ETF | 25% | 0.5% | $1.82B | +17.0% | +15.2% |
| FLMX Franklin FTSE Mexico ETF | 25% | 0.19% | $84.3M | +17.2% | +14.8% |
| FLN First Trust Latin America AlphaDEX Fund | 24% | 0.8% | $34.6M | +19.8% | +16.5% |
| EWZ iShares MSCI Brazil ETF | 23% | 0.59% | $8.17B | +16.6% | +10.9% |
Questions investors ask
Is ILF good for retirement?
ILF fits better as a small, higher-risk add-on than as a core retirement holding. It owns about 45 large Latin American companies and has had deep drops. It fell 67.5% in 2008 and didn't recover until November 2025. It also fell 51.1% in the 2020 COVID crash. It does pay income, with a 3.53% trailing yield as of October 27, 2026. Someone drawing on savings during a downturn could face steep losses, so it is often weighed as one slice of a wider mix.
What's the difference between ILF and FLLA?
The main differences are cost, index and size. ILF tracks the 40-stock S&P Latin America 40 and charges 0.47% a year. Franklin FTSE Latin America ETF (FLLA) charges 0.19%. Only 36% of their holdings overlap. ILF had $3.74 billion in net assets as of June 30, 2026, against about $106 million for FLLA. As of October 27, 2026, ILF returned 19.9% over one year and 16.3% a year over three years. FLLA returned 21.1% and 15.1%.
Does ILF pay dividends?
Yes. ILF pays dividends twice a year. Its trailing 12-month yield was 3.53% as of October 27, 2026, based on $1.18 per share in payouts. The fund owns banks, miners and oil companies whose profits rise and fall with commodity prices and local economies, so payouts can vary from one period to the next. Dividends are converted from local currencies into US dollars, so exchange rates also affect what holders receive.
What are ILF's top holdings?
As of June 30, 2026, ILF's largest holdings were Vale (8.4%), Nu Holdings (8.2%), Itaú Unibanco (7.0%) and Grupo México (5.6%). Petrobras was held through two share lines of about 5.1% and 4.8%. Credicorp, Grupo Financiero Banorte, América Movil and Fomento Económico Mexicano complete the top 10, which together made up 54.6% of assets. By country, Brazil made up 46.9% of the fund and Mexico 26.8%.
How has ILF performed over 10 years?
ILF returned an average of 8.77% a year over the 10 years ending December 31, 2025, according to its prospectus. Its index, the S&P Latin America 40, returned 9.22% a year, and fund costs explain part of the gap. The path was bumpy. The fund lost 23.01% in 2024, then gained 52.74% in 2025. Based on market prices, its 10-year annualized return was 5.8% as of October 27, 2026.