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iShares MSCI Brazil ETF (EWZ) is an exchange-traded fund designed to track the performance of the MSCI Brazil Index, which is composed of large- and mid-cap companies listed in the Brazilian equity market. The ETF is managed by BlackRock and traded under the ticker EWZ on NYSE Arca.
Classified as an international equity ETF, EWZ aims to reflect, before fees and expenses, the performance of the stocks included in the MSCI Brazil Index. To achieve this objective, the fund follows a passive management strategy, maintaining a portfolio intended to replicate the composition and weighting of its reference index.
The MSCI Brazil Index is weighted based on free-float-adjusted market capitalization, giving greater weight to the most representative companies in the Brazilian equity market.
Diversification and sector exposure
EWZ provides focused exposure to the Brazilian equity market, including companies with significant operations across key segments of the national economy. Sector diversification includes areas such as:
Financials.
Energy.
Materials.
Consumer discretionary.
Consumer staples.
Industrials.
Communication services.
Structure and costs
EWZ shares are traded on the secondary market, while share creation and redemption are conducted through authorized participants, a mechanism that helps keep the ETF’s market price close to its net asset value (NAV).
The fund charges a management fee, a common feature of passive ETFs, and does not apply a performance fee. EWZ distributes income derived from dividends paid by the underlying companies.
History and evolution of the ETF
The iShares MSCI Brazil ETF was launched during a period of growth in international ETFs, marked by increasing global interest in emerging markets and access to Brazilian equities.
Since its inception, EWZ has established itself as one of the primary vehicles for gaining exposure to the Brazilian stock market through a single U.S.-listed asset, maintaining a focus on index replication.
Between 2020 and 2024, EWZ reflected developments in the Brazilian market amid economic volatility, political changes, and fluctuations in commodity prices, while maintaining high liquidity and broad use among institutional and individual investors.
