The iShares Bovespa BR+ Equal Weight ETF (EWBZ11) is a Brazilian exchange-traded fund designed to track the performance of the Bovespa B3 BR+ Equal Weight Index, a benchmark composed of stocks, units, and BDRs of Brazilian companies and structured to assign equal weights to individual issuers.

Managed by BlackRock Brasil Gestora de Investimentos Ltda., the ETF trades under the ticker EWBZ11 on the B3. Classified as an equity ETF, EWBZ11 follows a passive management strategy and provides diversified exposure to the Brazilian equity market, including BDRs of Brazilian companies whose shares are primarily listed abroad.

The fund seeks to replicate the performance of its benchmark, which assigns equal weights to eligible issuers. This approach reduces the concentration in the largest companies that can occur in traditional indexes primarily weighted according to market capitalization or liquidity.

The Bovespa B3 BR+ Equal Weight Index is a total return index, meaning its performance reflects both changes in constituent prices and distributions made by the underlying companies.

Composition / Exposure Profile

EWBZ11 provides exposure primarily to:

• Brazilian stocks and units.

• BDRs of Brazilian companies primarily listed in the United States.

• Multiple sectors of the Brazilian economy.

• An equal-weight strategy by issuer.

• The Brazilian equity market.

The benchmark includes liquid and representative securities from the Brazilian equity market. In addition to stocks and units directly listed on the B3, the index can include BDRs of Brazilian companies whose underlying securities have their primary listing on U.S. exchanges.

The defining feature of the strategy is its equal weighting by issuer. Instead of allowing the largest companies to account for substantially larger portions of the portfolio, the methodology distributes exposure more evenly across eligible issuers.

Structure and Costs

EWBZ11 shares trade on the secondary market on the B3 during regular trading hours. Share creation and redemption are conducted according to the procedures established by the ETF structure. The fund charges an annual management fee of 0.30%.

EWBZ11 follows a reinvestment distribution policy, meaning dividends and other proceeds received from portfolio holdings are incorporated into the fund's net asset value rather than distributed periodically to shareholders. The ETF has an indefinite term.

History and Evolution of the ETF

The iShares Bovespa BR+ Equal Weight ETF was launched in 2025 by BlackRock to provide investors with diversified, exchange-traded exposure to Brazilian equities while reducing concentration at the issuer level.

EWBZ11 was introduced alongside CAPE11, another BlackRock ETF based on the Bovespa BR+ index family. While EWBZ11 assigns equal weights to issuers, CAPE11 limits each issuer to a maximum 5% allocation, providing two different approaches to managing concentration within Brazilian equity portfolios.

Since its launch, EWBZ11 has provided exposure to a broad portfolio of Brazilian companies through an equal-weight methodology. Its performance reflects both overall conditions in the Brazilian equity market and the relative performance of the companies and sectors represented in the benchmark.

Additional Information

iShares Bovespa BR+ Equal Weight Fundo de Índice (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $17.80 million.

Over the past 12 months, iShares Bovespa BR+ Equal Weight Fundo de Índice recorded a return of 2.45%, with its price trading between $117.51 and $146.54 during the same period.

The ETF is traded under the ticker EWBZ11.