iShares MSCI EM Latin America UCITS ETF USD (Dist)

🔹 Strong cyclical exposure – Dominates recovery in expansionary regimes, benefiting from growth-driven sectors like financials and materials.

🚨 Geopolitical concentration risk – Heavy South American weighting amplifies exposure to regional instability, particularly in emerging markets.

📉 Structural underperformance in crises – Defensive sectors underperform sharply during downturns, while high expense ratio drags returns in low-volatility regimes.