iShares MSCI Brazil ETF
EWZ InternationalUpdated: Jul 4, 2026, 21:17 UTC
Key Metrics
Top 10 Holdings
| Holding | Ticker | Weight | Bar |
|---|---|---|---|
| Vale SA | VALE3.SA | 11.3% | |
| Nu Holdings Ltd Ordinary Shares Class A | NU | 8.74% | |
| Itau Unibanco Holding SA Participating Preferred | ITUB4 | 8.14% | |
| Petroleo Brasileiro SA Petrobras Participating Preferred | PETR4 | 6.86% | |
| Petroleo Brasileiro SA Petrobras | PETR3.SA | 6.5% | |
| Bank Bradesco SA Participating Preferred | BBDC4 | 3.67% | |
| B3 SA - Brasil Bolsa Balcao | B3SA3.SA | 3.58% | |
| Ambev SA | ABEV3.SA | 3.2% | |
| Weg SA | WEGE3.SA | 3.05% | |
| Companhia De Saneamento Basico Do Estado De Sao Paulo | SBSP3.SA | 2.85% |
Sector Allocation
About This ETF
The iShares MSCI Brazil ETF (EWZ) is a International ETF with an expense ratio (TER) of 0.59% and $10.2B in assets under management., with its largest holdings being Vale SA, Nu Holdings Ltd Ordinary Shares Class A, Itau Unibanco Holding SA Participating Preferred. The ETF currently yields 4.59% in dividends. Year-to-date, EWZ has returned +7.94%.
The fund generally will invest at least 80% of its assets in the component securities of its underlying index and in investments that have economic characteristics that are substantially identical to the component securities of its underlying index. The index is a free float-adjusted market capitalization-weighted index designed to measure the performance of the large- and mid- capitalization segments of the equity market in Brazil. The fund is non-diversified.
FAQ — EWZ
What is the TER of EWZ (iShares MSCI Brazil ETF)?
EWZ has a Total Expense Ratio (TER) of 0.59 % per year. That sits above the international category median (0.32 % across 13 peer ETFs). The TER is deducted directly from the fund and lowers your effective return.
What return has EWZ delivered?
Performance for EWZ: YTD: +7.94 % · 3-year p.a.: +7.71 % · 5-year p.a.: +4.83 %. Over 5 years, EWZ underperforms the international category median of +8.56 % by -3.73 pp. Past performance is no guarantee of future returns.
What are the top holdings of EWZ?
The five largest positions in EWZ are: VALE3.SA, NU, ITUB4, PETR4, PETR3.SA. The full holdings list is updated daily on this page.
Does EWZ pay dividends?
EWZ has a current dividend yield of 4.59 %. Distributing ETFs pay this out in cash; accumulating versions reinvest it inside the fund. Check the share class on your broker before buying.
Where can I buy or set up a savings plan for EWZ?
EWZ is available at most major brokers. For a free monthly savings plan from €1, look at Trade Republic, Scalable Capital or Flatex. The broker comparison on this site shows fees, free-savings-plan ETFs and execution exchanges side by side.
What Is the iShares MSCI Brazil ETF (EWZ)?
The iShares MSCI Brazil ETF tracks the performance of large- and mid-cap Brazilian equities, packaging the country's biggest names into a single security with roughly $11.6B in assets. With heavy weightings in financials, energy and basic materials, the fund is a concentrated window into Latin America's largest economy. For euro-area investors it offers targeted access to a single emerging market — carrying a higher risk-and-reward profile than broad, globally diversified ETFs.
Performance & Drivers
The fund posted a 12.14% return year-to-date, around 13.4% over three years (annualized) and roughly 7.08% over five years. It currently trades near $36.11, sitting at 62.4% of its 52-week range between $26.30 and $42.02. Performance is driven mainly by its heaviest sectors — financials (32.7%), energy (18.5%) and basic materials (13.7%) — through holdings such as Vale, Petrobras, Nu Holdings and Itaú Unibanco. Commodity prices, Brazilian interest rates and moves in the real exchange rate largely shape the fund's swings.
Risk Profile
As a single-country emerging-market fund, EWZ is far more concentrated and volatile than global ETFs. The key risks include:
- Currency risk: The fund is priced in US dollars while the underlying stocks trade in Brazilian real, so euro-area investors carry layered FX risk (EUR/USD and USD/BRL).
- Concentration: Financials and energy dominate; Vale and Petrobras alone represent a sizable share.
- Politics & commodities: Policy shifts, fiscal news and swings in iron ore and oil feed straight through.
- Rates & flows: High Brazilian interest rates and capital flows can trigger sharp moves.
Who Is This ETF For?
EWZ suits experienced investors with a long time horizon who want to add a targeted emerging-market sleeve to an already broadly diversified portfolio. It fits those who believe in Brazil's commodity and growth story and can stomach short-term volatility. Its 4.16% dividend yield may also appeal to income-oriented strategies.
It is less suitable as a core holding, for highly risk-averse investors, or for those with a short horizon. Anyone seeking broad diversification is better served by a global or broad emerging-markets ETF — EWZ is a deliberate single-country bet rather than a one-stop foundation.
How It Compares to Peers
EWZ is far narrower than broad emerging-market or world funds:
- VWO (Vanguard FTSE Emerging Markets): Spread across dozens of emerging markets with Brazil as just one component — much lower single-country risk and lower costs than EWZ (0.59%).
- IEMG (iShares Core MSCI Emerging Markets): Also broadly diversified with an Asia tilt; cheaper and steadier, but without the focused Brazil exposure.
- VXUS (Vanguard Total International): The entire market outside the US including developed nations — maximum diversification, but only a sliver of Brazil.
EWZ is the choice for targeted, conviction-based Brazil exposure, not broad diversification.
Where can I buy EWZ?
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