Although many expect the nation to avoid a downgrade, the German market-tracking iShares MSCI Germany Index Fund ( EWG) is taking a hit as well. iShares MSCI Mexico Investable Market Index Fund ( EWW) -2.7% Latin American nations are struggling in Friday's choppy trading environment, pushing ETFs linked to Chile, Peru, Brazil and Mexico into negative territory. EWW's ample exposure to non-cyclical sectors like consumer staples and telecommunications may make it appealing during periods of questionable performance. Caution is still warranted here, however, due to the fund's top-heavy nature. America Movil ( AMX) and Wal-Mart de Mexico together account for nearly a third of the fund's assets. All prices as of 2:15 PM EST Written by Don Dion in Williamstown, Mass.