The B-Index Morningstar Brazil Equal Weighted ETF (BREW11) is a Brazilian exchange-traded fund designed to track the performance of the Morningstar Brazil Equal Weighted Index, a benchmark providing broad exposure to the Brazilian equity market through an equal-weight methodology.

Managed by Bradesco Asset Management, the ETF trades under the ticker BREW11 on the B3. Classified as an equity ETF, BREW11 follows a passive management strategy and provides diversified exposure to Brazilian companies across different market-cap segments and economic sectors.

The defining characteristic of the strategy is its equal-weight approach. Unlike market-cap-weighted indexes, where the largest companies naturally receive the largest portfolio allocations, the benchmark seeks to distribute exposure equally across its constituents.

The Morningstar Brazil Equal Weighted Index starts with a broad universe of Brazilian equities, covering large-, mid-, and small-cap companies and targeting approximately 97% of the eligible Brazilian equity market by total market capitalization.

Composition / Exposure Profile

BREW11 provides exposure primarily to:

• Brazilian equities.

• Large-, mid-, and small-cap companies.

• Multiple sectors of the Brazilian economy.

• An equal-weight portfolio construction strategy.

• The domestic Brazilian equity market.

The Morningstar Brazil Equal Weighted Index is designed to represent a broad portion of the Brazilian equity market. Once the eligible universe is established, constituents are assigned equal weights, reducing individual company concentration relative to conventional market-cap-weighted indexes.

This methodology has an important effect on portfolio construction: smaller companies receive proportionally greater allocations than they would in a market-cap-weighted benchmark, while Brazil's largest companies receive lower weights. BREW11 should therefore not be viewed simply as an alternative version of the Ibovespa, but as a strategy applying a fundamentally different weighting approach.

This characteristic is visible in the fund's portfolio. As of February 2026, holdings such as PRIO, Brava Energia, Alpargatas, Banrisul, Petrobras, Telefônica Brasil, Vale, Odontoprev, Copasa, and Banco do Brasil each represented approximately 1.3% to 1.4% of the portfolio.

Structure and Costs

BREW11 shares trade on the secondary market on the B3 during regular trading hours. The fund charges an annual management fee of 0.20%.

Because the strategy focuses on Brazilian equities, BREW11 does not provide direct foreign currency exposure. The B3 classifies the fund as an ETF whose market price does not directly fluctuate with foreign exchange rates.

Returns generated by the underlying portfolio are reflected in the fund's net asset value and share price.

History and Evolution of the ETF

The B-Index Morningstar Brazil Equal Weighted ETF (BREW11) was launched in 2023, providing investors with broad exposure to Brazilian equities through an equal-weight methodology.

BREW11 differs from traditional Brazilian equity ETFs primarily through its constituent weighting methodology. Instead of allowing the country's largest listed companies to account for substantial portions of the portfolio, its benchmark assigns similar weights across eligible constituents.

Since its launch, BREW11's portfolio has evolved alongside periodic changes to the Morningstar Brazil Equal Weighted Index. Its performance reflects both broader Brazilian equity market cycles and the characteristics of an equal-weight strategy, including proportionally greater exposure to smaller companies than would typically be found in a market-cap-weighted benchmark.

Additional Information

B-Index Morningstar Brasil Pesos Iguais Fundo de Índice (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $69.49 million.

Over the past 12 months, B-Index Morningstar Brasil Pesos Iguais Fundo de Índice recorded a return of 9.55%, with its price trading between $125.24 and $161.19 during the same period.

The ETF is traded under the ticker BREW11.