ILF vs XCEM

ILFBiShares Latin America 40 ETF

XCEMAColumbia EM Core ex-China ETF

In short

ILF One of the original ways to own Latin America in a single ticker. Since 2001, ILF has held about 40 of the region's largest listed companies: a concentrated regional slice, not a broad international fund.

XCEM The original ex-China emerging markets fund. Columbia launched XCEM in 2015, back when carving China out of an EM sleeve was a fringe idea rather than a crowded shelf. Roughly 150 EM stocks, no China, 0.16% a year.

Stated mandate

ILF The fund seeks to track an index consisting of 40 of the largest Latin American equities.

XCEM The fund seeks investment results that correspond to the performance of the EGAI Emerging Markets ex-China Index before fees and expenses. It generally invests at least 80% of net assets in index companies and seeks to replicate the index.

Why people hold it

• ILF Launched in 2001, making it one of the longest-running single-ticker routes into Latin American equities, across multiple regional booms and busts.
• A multi-billion-dollar fund that trades actively, so getting in and out is rarely the hard part.
• Simple, rules-based mandate: an index of 40 of the largest Latin American equities. What the label says is what sits in the basket.ishares.com
• Income from those large caps is passed through on a quarterly schedule.

• XCEM Launched in 2015 as the first broad emerging markets ETF built to leave China out, and it has since grown into a billion-dollar-plus fund.morningstar.com
• 0.16% a year, well under the typical fund in its emerging markets cohort, for a portfolio of about 150 stocks.
• Plain mandate, closely followed: at least 80% of net assets in index companies, replicated rather than approximated, with tracking that has stayed tight.
• One of the strongest implementations in its emerging markets peer group, and liquid enough that getting in and out is rarely the hard part.

Worth knowing

• ILF At 0.47% a year it costs more than the typical broad international fund (cohort median 0.35%) and well above index giants like VXUS at 0.05%.
• About 40 stocks across a handful of Latin American markets. Concentration cuts both ways, and one country's politics can drive most of the ride.
• The stocks trade in local currencies while the fund is priced in dollars, so exchange rates add a second layer of movement on top of the shares.ishares.com

• XCEM No China means no Tencent, no Alibaba, no A-shares. If that exposure belongs in the portfolio, it has to come from somewhere else.
• Emerging market stocks swing hard and currency moves add to the ride. This is one of the higher-volatility corners of equity investing.
• Cheap, not cheapest: VEXC runs the same ex-China EM idea at 0.07%. XCEM's edge is a decade of history, not the lowest fee on the shelf.

Full ILF profile⁠

Full XCEM profile⁠