The iShares MSCI Brazil UCITS ETF (IBZL) is an Ireland-domiciled equity ETF managed by BlackRock through its iShares platform. IBZL represents the GBP trading line of the fund's USD distributing share class on the London Stock Exchange.

The fund seeks to track an MSCI index comprising large- and mid-cap Brazilian companies, providing concentrated exposure to the Brazilian equity market.

IBZL follows a passive investment strategy and uses physical replication. Its portfolio invests directly in equities with the objective of closely tracking the composition and performance of its benchmark.

The benchmark represents a broad portion of Brazil's large- and mid-cap equity market. Its methodology uses free float-adjusted market capitalization, reflecting the portion of each company's shares that is available to investors.

Composition / Exposure Profile

IBZL holds Brazilian companies across different areas of the economy, including:

• Financials.

• Materials.

• Energy.

• Utilities.

• Industrials.

• Consumer discretionary.

• Consumer staples.

• Health care.

• Communication services.

• Technology.

Despite its sector diversification, the fund remains geographically concentrated in Brazil. Certain industries and large companies can also represent significant portions of the portfolio due to the benchmark's weighting methodology.

IBZL's performance can be influenced by factors specific to the Brazilian economy, including economic growth, interest rates, inflation, fiscal and monetary policy, commodity prices, and political and regulatory conditions.

For investors whose reference currency is not the Brazilian real, currency movements can also affect returns. The currency used to trade the ETF on an exchange does not eliminate the foreign-exchange exposure associated with its Brazilian equity holdings.

Structure and Costs

The fund's share class has the U.S. dollar as its base currency. On the London Stock Exchange, it trades in GBP under IBZL and in USD under IDBZ. The trading currency does not change the portfolio's underlying economic exposure or provide currency hedging.

The ETF has a total expense ratio (TER) of 0.74% per year, uses physical replication, and is domiciled in Ireland. It operates as part of iShares plc under the UCITS framework.

IBZL follows a distributing income policy, with payments made quarterly. Dividends received from portfolio companies may therefore be periodically distributed to shareholders rather than automatically reinvested within the fund.

History and Evolution of the ETF

The iShares MSCI Brazil UCITS ETF USD (Dist) was launched in 2005 to provide access to the Brazilian equity market through a portfolio of large- and mid-cap companies.

Since its launch, the fund has maintained a passive strategy designed to track a broad portion of Brazil's equity market.

Throughout its history, IBZL's performance has reflected factors including Brazilian economic cycles, commodity prices, changes in interest rates, currency movements, and conditions across domestic and international financial markets.

Additional Information

iShares MSCI Brazil UCITS ETF USD Dist (Ireland) is an exchange-traded fund (ETF), with assets under management totaling $448.96 million.

Over the past 12 months, iShares MSCI Brazil UCITS ETF USD Dist recorded a return of 3.59%, with its price trading between $0.41 and $34.65 during the same period.

The ETF is traded under the ticker IBZL.