EWZ ETF: What Is It? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The iShares MSCI Brazil ETF (EWZ) tracks the MSCI Brazil 25/50 Index and offers diversified exposure to large- and mid-cap Brazilian stocks. Its weighting in resources and financials, the Brazilian real exchange rate, dividends, and emerging-market volatility are the key factors in assessing the investment outlook.
SubscribeWhat Is the iShares MSCI Brazil ETF?
It is a single-country emerging-market ETF that tracks the MSCI Brazil 25/50 Index and invests across large- and mid-cap Brazilian stocks. A capping method limits the weight of any single stock, which eases concentration in particular companies.
It suits investors who want concentrated exposure to the Brazilian economy and emerging markets and who can fully tolerate high volatility.
It is a passively managed (index-tracking) ETF run by BlackRock (iShares).
How Does the iShares MSCI Brazil ETF Invest?
| Item | Details |
|---|---|
| Tracked Index | MSCI Brazil 25/50 |
| Management Style | Passive (index-tracking) |
| Rebalancing Frequency | Quarterly |
| Dividend Frequency | Semiannual |
| Issuer | BlackRock (iShares) |
| Total Expense Ratio | 0.59% |
The fund holds large- and mid-cap Brazilian stocks on a market-capitalization-weighted basis, while applying a capping method that limits both the weight of any single company and the combined weight of the largest companies. Rebalancing is reflected quarterly in line with index rules, and the portfolio has a relatively high weighting in resources and financials.
- A flagship ETF for single-country exposure to Brazil
- The capping method eases concentration in individual stocks
iShares MSCI Brazil ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $11.1B, and the total expense ratio (Expense Ratio) is 0.59% per year.
iShares MSCI Brazil ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeThe Brazilian stock market reacts sensitively to commodity prices, exchange rates, and domestic policy interest rates, and has shown a highly volatile trajectory. Short-term swings tend to widen depending on global risk appetite and the direction of the Brazilian real.
Capital tends to flow in when emerging-market risk appetite rises and flow out during risk-off phases. The commodity cycle and the direction of US interest rates are the main variables shaping global investor sentiment toward Brazilian assets.
iShares MSCI Brazil ETF Strengths and Weaknesses
Its strengths are its representativeness as a single-country Brazil exposure and its liquidity, while its weaknesses are the currency and political volatility typical of emerging markets.
💪 Key Strengths
⚠️ Points to Watch
Alternative ETFs and Related Products to the iShares MSCI Brazil ETF
The EWT, INDA, MCHI, and FXI shown in the table are other single-country or regional emerging-market ETFs from the same issuer, and investors who want to spread exposure beyond Brazil can consider them together. To adjust exposure within Brazil, EWZS, which focuses on small caps, and the lower-fee FLBR are direct substitutes. For aggressive exposure, there is the leveraged product BRZU, and to expand beyond Brazil to Latin America as a whole, ILF is also worth considering.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 EWT | iShares MSCI Taiwan ETF | $107.25 | +1.6% | $11.5B | 0.59% | 0.95% | +64.8% |
 INDA | iShares MSCI India ETF | $46.74 | +0.3% | $5.7B | 0.61% | - | -14.6% |
 MCHI | iShares MSCI China ETF | $49.08 | -0.1% | $5.5B | 0.59% | 2.23% | -25.2% |
 FLTW | Franklin FTSE Taiwan ETF | $103.21 | +1.6% | $4.7B | 0.19% | 1.59% | +65.1% |
 FXI | iShares China Large-Cap ETF | $32.50 | -0.0% | $3.7B | 0.74% | 2.09% | -20.9% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| VALE | Vale SA ADR | 0.33% | $11.84 | -1.3% | $48.2B | 25.0 | 8.34% |
| NU | Nu Holdings Ltd | 0.27% | $12.40 | -1.5% | $59.9B | 16.9 | - |
| ITUB | Itau Unibanco Holding SA ADR | 0.25% | $7.67 | -0.4% | $41.4B | 10.0 | 7.64% |
| PBR-A | Petroleo Brasileiro SA Petrobras ADR | 0.07% | $19.76 | -0.7% | $53.8B | 5.0 | 7.51% |
iShares MSCI Brazil ETF Investor Checkpoints
Here are the points to review before investing in EWZ. Because it is a single-country emerging-market ETF, it is important to check in advance the Brazilian real exchange rate, the concentration in resources and financials, and the volatility typical of emerging markets, and to compare them with your own risk tolerance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check the cumulative cost impact over a long holding period | Annual fee applies |
| 💱 Exchange Rate | Impact of the real exchange rate on converted returns | No currency hedge |
| 📊 Sector Concentration | Weighting in resources and financials and commodity sensitivity | Concentration needs checking |
| 🌎 Emerging-Market Risk | Political and policy uncertainty and volatility | Relatively high volatility |
The Brazilian real exchange rate, commodity prices, and domestic political and policy uncertainty are the main drivers of short-term volatility. During emerging-market risk-off phases, short-term losses can widen sharply, so position sizing needs to be managed.
It is a flagship choice for investors who want to concentrate on the Brazilian market. If you find it hard to tolerate the volatility, you can also consider ILF, which diversifies across Latin America, and FLBR if you want to lower costs further.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 21, 2026.
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