iShares MSCI Brazil ETF (EWZ): Price, Holdings and Outlook

The iShares MSCI Brazil ETF (EWZ) is a US-listed fund that tracks the MSCI Brazil 25/50 Index, a basket of large and mid-sized Brazilian companies. It held 46 stocks on 23 October 2026, charges an expense ratio of 0.59% a year and pays distributions twice a year. Banks, oil and mining dominate it.

Think of EWZ as one ticker that stands in for the Brazilian stock market as an overseas investor can reach it. In practice it combines three bets at once: Brazil’s banks, its commodity exporters and the Brazilian real, because the fund is priced in US dollars while its holdings earn reais.

Key takeaways

• The iShares MSCI Brazil ETF is a passive fund managed by BlackRock under the iShares brand. It launched on 10 July 2000 and trades on NYSE Arca in US dollars.
• It tracks the MSCI Brazil 25/50 Index, which covers about 85% of the free-float market value of Brazilian stocks across 45 constituents.
• Financials made up 37.98% of the fund, energy 18.03%, utilities 13.15% and materials 10.57% on 23 October 2026, and the top ten holdings made up 56.76% on 30 September 2026.
• On 26 October 2026, the day after Brazil’s presidential runoff, the Ibovespa fell 13.88% and EWZ closed down 19.8% at USD 34.15, according to the Rio Times.
• Fund data on the iShares page, including holdings, sector weights, valuation and the 52-week range, is dated 23 October 2026 or earlier, so it describes the fund before that sell-off.
• The fund returned 25.44% over the year to 30 September 2026, 48.19% in 2025 and lost 29.93% in 2024.
• Because the fund holds assets in reais but is priced in US dollars, moves in the real can add to or subtract from returns.

What is the iShares MSCI Brazil ETF (EWZ)?

The iShares MSCI Brazil ETF is an exchange-traded f und that gives investors exposure to Brazilian equities. The fund pools investor money into a portfolio of Brazilian shares and trades on a US exchange like an ordinary stock, so buying one share gives a small slice of every company in the basket without opening an account on the Brazilian exchange.

The fund is passive. It follows the MSCI Brazil 25/50 Index (Net) and aims to match it before fees and expenses, so its holdings change when MSCI changes the index and not when a manager changes a view. It is also one of the longest-running single-country funds, with a launch date of 10 July 2000.

The fund is large and heavily traded. Net assets were USD 13.96 billion on 23 October 2026, spread over 329.05 million shares. The 30-day median bid/ask spread was 0.02% and the 30-day average volume was about 51.6 million shares a day, which shows how heavily the fund trades.

How current is the data in this article?

Brazil’s presidential runoff took place on Sunday 25 October 2026, and markets moved sharply the next day. The iShares fund page figures used here, such as net assets, the number of holdings, sector weights, the price to earnings ratio and the 52-week range, are dated 23 October 2026, the last trading day before the result. The monthly fact sheet figures are dated 30 September 2026. Both sets therefore describe the fund as it stood before the sell-off, and index weights and valuation will have moved since. Where the article uses later figures, it names the date and the source.

EWZ at a glance

Source: iShares fund page, figures as of the dates shown.

What is the Brazil share index?

Brazil’s main share index is the Ibovespa, which tracks the biggest and most traded companies on the B3 exchange in Sao Paulo. News reports about Brazilian stocks usually quote this Brazil share index, and it is priced in reais. EWZ does not follow the Ibovespa. It follows a different benchmark, the MSCI Brazil 25/50 Index, and its price is in US dollars, so the two can move by different amounts on the same day.

What is the MSCI Brazil 25/50 Index?

The MSCI Brazil 25/50 Index measures the performance of the large and mid-sized segments of the Brazilian stock market, with investment limits that apply to US regulated investment companies. MSCI describes it as covering about 85% of the free-float adjusted market value in Brazil. The index had 45 constituents on 30 September 2026 and was launched on 22 November 2012, with returns before that date back-tested.

The “25/50” in the name refers to those limits. They exist so that a US-listed fund can follow the Brazilian market without breaching rules on how much it may hold in any one company or in the largest companies as a group. Free-float adjusted means the index counts only the shares that are available to the public, and not those held by founders or governments.

How the index has performed

MSCI publishes performance for the index itself. To 30 September 2026, the MSCI Brazil 25/50 Index returned 26.93% over one year, against 29.65% for the MSCI Emerging Markets Index and 17.06% for the MSCI ACWI IMI, a broad global benchmark. Over ten years it returned 7.54% a year, against 9.53% for emerging markets and 12.59% for the world. Brazil has therefore beaten the world over the latest year, but trailed both groups over ten years.

Source: MSCI factsheet as of 30 September 2026. Returns are gross, in US dollars.

The table shows how differently Brazil can behave. It gained 14.69% in 2022 when emerging markets and the world both fell, then lost 29.33% in 2024 when both rose, and gained 50.38% in 2025. Part of that gap comes from the real, because the index is measured in US dollars.

What does EWZ hold?

EWZ holds Brazilian shares from a small number of sectors, and a handful of companies carry more than half of the weight. Banks and other financial firms are the largest group, followed by energy, power and mining.

Top ten holdings

Source: iShares fact sheet as of 30 September 2026.

Two features stand out. First, Petrobras appears twice because it has two classes of listed shares, and together they made up 14.47% of the fund, which makes the state-controlled oil company the largest single exposure. Second, banks and financial companies, including Itau, Nu Holdings, Bradesco, B3 and BTG Pactual, add up to 26.99% of the fund in the top ten alone. A guide on how to pick an ETF explains why checking the top holdings and sector weights matters before choosing a fund.

Sector weights

Source: iShares fund page.

Financials, energy, utilities and materials make up about 80% of the fund. That mix explains why EWZ behaves differently from a broad global fund. A global fund holds a wide spread of technology, health care and consumer companies, while this one is concentrated in banks, oil, power generation and mining. Energy and materials together made up 28.60%, so commodity prices matter a great deal, and the weight in banks means that Brazilian interest rates matter just as much.

How does EWZ work?

EWZ works by owning a portfolio of Brazilian shares that mirrors the MSCI Brazil 25/50 Index, passing on the dividends those shares pay after fund costs, and letting its share price rise and fall with the value of the portfolio. Four features explain most of what the fund does.

It is passive and low in turnover

The fund aims to track its index before fees and expenses, so its portfolio changes when the index changes. The expense ratio is 0.59%, which equals USD 59 a year for every USD 10,000 held.

It trades in US dollars but owns real assets

EWZ is listed on NYSE Arca and priced in US dollars, but its holdings trade in Brazilian reais. When the real weakens against the dollar, the dollar value of the same Brazilian profits falls, and when it strengthens, it rises. Banks that earn in reais are hurt by a falling currency, while exporters that earn in dollars, such as miners, can benefit, which is one reason the two groups can move in opposite directions.

It pays distributions twice a year

EWZ makes semi-annual distributions. The most recent in iShares’ records had an ex-date of 15 June 2026 and totalled USD 0.330704 per share. In December 2025 the fund paid USD 1.026785 per share with an ex-date of 16 December and USD 0.106184 per share with an ex-date of 30 December. The payments differ a lot in size, so the amount varies with the dividends the underlying companies pay and with fund expenses.

Two yield figures are worth knowing:

• 30-day SEC yield: a standardised measure of the income the fund’s holdings are earning after expenses. It was 1.37% on 30 September 2026.
• 12-month trailing yield: the income actually distributed over the past year divided by the price. It was 3.94% on 30 September 2026.

Neither figure is a promise of future income, and a distribution does not protect the share price from falling.

The share price can differ slightly from net asset value

Because the fund trades on an exchange, its market price can move slightly away from its net asset value (NAV), the value of the portfolio per share. On 23 October 2026 the NAV was USD 42.4352 and the closing price was USD 42.59, a gap of about 0.4%. A narrow bid/ask spread of 0.02% suggests that trading costs were low in normal conditions, although spreads and premiums can widen when markets are stressed, as they can after a sharp one-day move.

iShares MSCI Brazil ETF price: how has EWZ moved?

The EWZ price rose steadily into October 2026 and then fell sharply after the election. All prices and returns in this section were captured in October 2026 unless a different date is shown.

iShares showed a closing price of USD 42.59 on 23 October 2026 and a NAV of USD 42.4352. The 52-week range on the fund page at that date ran from USD 30.47 to USD 43.53, so the fund was trading near the top of its range. The fund’s NAV total return for the year to 23 October 2026 was 34.62%, and this figure also predates the election result.

What happened to EWZ after the election?

Brazil held a presidential runoff on Sunday 25 October 2026, and the market reaction on Monday 26 October was one of the largest in years. The facts below come from named news reports and are attributed, and the article takes no position on the political result.

• The result: Invezz reported that Luiz Inacio Lula da Silva won re-election with 51.8% of the runoff vote, and that his challenger, Flavio Bolsonaro, had led the first round on 4 October. Invezz also reported that Flavio Bolsonaro had not accepted the result.
• The Ibovespa: The Rio Times reported that the Brazil share index closed at 176,608 on 26 October, down 13.88% from 205,082.56 on Friday, which it called the biggest one-day fall since March 2020. Trading was halted by a circuit breaker for the first time since March 2020, and the index touched an intraday low of 169,516, down 17.34%.
• The currency: The same report said the dollar closed near 5.41 reais, up about 8.4% from 4.99 on Friday, after peaking at 5.60 during the day.
• EWZ: The Rio Times reported that EWZ closed down 19.8% at USD 34.15. Invezz reported that the fund had fallen more than 27% in premarket trading, and Yahoo Finance reported that it was down 21.72% at USD 33.34 around midday, so the intraday range was wide.
• Winners and losers: The Rio Times reported that Itau Unibanco fell by double digits and Petrobras lost about 8%, while Vale gained about 4% and the pulp producer Suzano rose about 10% as exporters benefited from the weaker real.
• 27 October: Trading Economics reported that the Ibovespa fell a further 0.5% to about 175,710, after the previous day’s drop.

Reports gave several reasons for the scale of the move. Invezz noted that the Bovespa had closed the previous Friday almost 7% above its level before the first round and that the real had gained nearly 5%, so many investors were positioned for a different outcome and had to unwind. Yahoo Finance reported that prediction markets and polls had favoured Flavio Bolsonaro before the vote, and that Lula’s win raised doubts about Brazil’s fiscal outlook and the pace of interest rate cuts.

At the USD 34.15 close, EWZ was about 12% above the 52-week low of USD 30.47 and about 22% below the 52-week high of USD 43.53 shown on the fund page at 23 October. These are reported figures and the fund price can differ from the index, since the fund is priced in US dollars. A guide to what a stock market crash is explains how large one-day falls happen, and a guide on panic selling and FOMO covers how emotion can amplify them.

EWZ returns over different periods

Source: iShares. Past performance is not an indication of future results.

The index beats the fund in every period shown, by 0.78, 0.60, 0.82 and 0.76 percentage points a year, which is somewhat above the 0.59% expense ratio. These figures are measured to 30 September, so they do not include the 26 October fall. A single day can matter for long-run numbers too, as the fall of almost 20% in one session shows.

Calendar-year returns

Source: iShares fact sheet as of 30 September 2026.

Two years of large losses, 2021 and 2024, were followed by years of strong gains. A holder who bought at the start of 2025 saw a very large gain by the end of the year, while a holder who bought at the start of 2024 saw a loss of almost 30% before that gain arrived. The sequence is a good illustration of why single-country emerging market funds are considered volatile.

What affects the price of EWZ?

The EWZ price responds to anything that changes how investors value Brazilian companies, and to the value of the real. Six drivers account for most of the moves.

None of these works in isolation. A weaker real can raise exporters’ profits while lowering bank profits and the dollar value of the fund, and a rate cut can lift banks while weakening the currency. Anyone following oil can read a guide to the factors that affect crude oil prices.

Interest rates and the central bank

The Rio Times reported on 26 October that Brazil’s policy rate, the Selic, stood at 13.75% and that the central bank’s next policy meeting was scheduled for 3 and 4 November, with a decision due on 4 November. Reports after the election raised the question of whether the pace of rate cuts would slow. Economist Benjamin Mandel of Jubarte Capital said before the vote that a rate-cutting cycle was “more likely than not to stall” until the government establishes a more credible fiscal framework, according to Yahoo Finance. These are views and not forecasts, and the central bank sets policy on its own judgement. A guide on how to trade interest rate expectations explains how traders follow central bank signals.

EWZ valuation: how does the fund compare?

EWZ’s valuation multiples were modest before the election, although a multiple alone is not a signal about future prices. iShares reported a price to earnings ratio of 12.34 and a price to book ratio of 2.07 for the fund on 23 October 2026. On the monthly fact sheet for 30 September 2026, the figures were 11.10 and 1.85, so both multiples rose within a few weeks as prices climbed into October.

These figures predate the 26 October fall. A drop of almost 20% in the fund price, with no change in company profits, would lower the price to earnings ratio by a similar proportion, although profit forecasts can also change after a shock. A multiple can also mislead in a market where the currency swings, because a weaker real changes both profits and the price in US dollars. Investors who compare valuations normally check both trailing and forward figures, the direction of earnings estimates and the currency in which they are measured.

The return data adds context. To 30 September 2026, the MSCI Brazil 25/50 Index returned 26.93% over one year, while the MSCI Emerging Markets Index returned 29.65%, but over ten years it returned 7.54% a year against 9.53%. Brazil’s recent gains therefore sit alongside a long period of weaker returns.

EWZ outlook: what do bulls and bears say?

No one can forecast where the EWZ price will go, and the debate over Brazilian stocks has two sides. This section sets out the main arguments that analysts and investors make on each side, as reported in October 2026, and none of them is a forecast.

The bull case

• Low valuations: The fund’s price to earnings ratio of 12.34 on 23 October, before the fall, was modest, which supporters cite as a margin of safety.
• Fiscal plans: Invezz reported that government projections show a primary surplus of 1.3% of GDP by 2030, and that Geraldo Alckmin named campaign funding and public-sector pay as areas for savings. Supporters point to these as signs of a path to consolidation.
• Exporters and the weaker real: The Rio Times reported that Vale and Suzano rose on 26 October as the real fell, and supporters argue that a weaker currency can support dollar earnings.
• Income: The 12-month trailing yield was 3.94% on 30 September 2026.

The bear case

• Fiscal doubts: Viktor Szabo of Aberdeen Investments said, according to Invezz, that the pace and scale of fiscal consolidation is a key concern for bond investors, and he put gross public debt at about 83% of GDP. ING’s Chris Turner cited a budget deficit of 7% to 8% of GDP and net debt of about 70%.
• Sentiment: Alejo Czerwonko of UBS Global Wealth Management expected the post-first-round rally to be largely priced out and sentiment to stay weak until a clear fiscal plan emerges, according to Invezz.
• Slower rate cuts: Economists such as Jubarte Capital’s Benjamin Mandel have warned that rate cuts could stall until the fiscal framework is more credible.
• Modest reform expectations: Goldman Sachs analysts, quoted by Invezz, expected modest measures to contain spending and further tax increases, and saw major structural reforms as unlikely.
• Volatility: A one-day fall of 19.8% in the fund and a 13.88% fall in the index show how fast prices can move.

Both views can be right at different times. That is why EWZ is usually described as a tool for gaining Brazil exposure on a specific view, and not as a default holding.

Risks of the EWZ ETF

EWZ carries the risks of any equity fund, plus several that are specific to a single emerging market. The most relevant ones are summarised here, based on iShares’ fund data and general fund disclosures.

The fund is not guaranteed or insured, and it can lose value. The three-year beta against the S&P 500 was 0.27 on 30 September 2026, which means that the fund has moved only loosely with US stocks, and this should not be read as low risk.

EWZ vs other Brazil ETFs

EWZ is one of several ways to reach Brazilian equities, and the funds differ in cost, breadth and use of leverage. Comparing them shows what EWZ is and what it is not.

Sources: iShares, Franklin Templeton and Direxion, as of October 2026. FLBR and EWZS data as of 30 September 2026.

FLBR follows a different index, holds more stocks and charges less, but its top holdings are the same large names. The cost gap is therefore a difference in price and breadth, not a different kind of exposure. EWZS shows how different the small-cap part of Brazil can be, with a one-year return of -0.73% against 25.44% for EWZ over the same period to 30 September. BRZU is a separate category. It aims to deliver twice the daily move of the same index as EWZ, and because it resets every day, Direxion states that it should not be expected to deliver twice the index’s return over periods longer than one day. A guide on how a leveraged ETF such as TQQQ works explains the daily reset and volatility decay in detail, and the same mechanics apply here.

Anyone comparing emerging market funds can also read the guide to the iShares MSCI India ETF, which shows how another single-country iShares fund is built.

Advantages and disadvantages of the EWZ ETF

EWZ offers direct, liquid access to the Brazilian market, and the same focus on one country and a few sectors produces its main risks.

Is the EWZ ETF a good investment?

Whether EWZ suits a particular investor depends on that investor’s goals, time horizon and view on Brazil, so there is no single answer. The arguments on each side are well known.

Supporters point to the record and the valuation. A one-year return of 25.44% and a five-year annualised return of 11.28% to 30 September show how much Brazilian stocks have gained, and they argue that low multiples and high yields compensate investors for political risk.

Critics point to the volatility and the policy risk. A fall of 29.93% in 2024 and a fall of almost 20% in a single day on 26 October show that the fund can lose a large share of its value very quickly, and they add that fiscal and currency pressures can last.

Both views can be correct at different times, which is why many investors treat a Brazil fund as a small satellite holding, and not as a core position.

Who may find the EWZ ETF relevant?

The EWZ ETF tends to attract three kinds of market participant:

• Investors with a view on Brazil. A fund that holds the banks, the oil company and the miners is a direct way to express a view on Brazilian growth, rates and commodities, whether by holding the fund or by taking the opposite position through derivatives.
• Portfolio builders seeking emerging market exposure. Some investors use a single-country fund to add Brazil to a broader holding. Because the weight of one fund can swing sharply, a guide on how to rebalance an ETF portfolio explains how investors manage the size of a position over time.
• Traders following event risk. Short-term traders may follow the fund as a gauge of sentiment towards emerging markets, particularly around elections, central bank meetings and commodity swings. A guide on why markets fall covers the common causes of sell-offs.

It is less likely to suit people who need stable capital over the next few years, who cannot tolerate falls of 20% or more in a single day or a year, or who want predictable income. Anyone unsure should speak to an independent financial adviser.

How to get exposure to Brazilian stocks

There are two broad ways to take a position on the market that the MSCI Brazil 25/50 Index measures: buy a fund that tracks it, or trade a derivative that follows the price of a related instrument. Each has different mechanics and risks. A general process looks like this.

Step 1: Define what you want exposure to

Decide whether the aim is to hold Brazilian equities for years, to speculate on the direction of the market over days or weeks, or to balance an existing portfolio. The right instrument depends on the answer, and so does the amount of risk involved.

Step 2: Choose between the fund and a derivative

Owning EWZ means buying shares through a securities broker and holding the fund, with all of its price movement and its distributions. A contract for difference (CFD) works differently: it lets a trader speculate on the price movement of an asset without owning it, and the trader can go long or short.

Step 3: Check which instruments a provider actually offers

Not every provider lists every fund, so it is worth checking before opening a position. VT Markets offers ETF CFDs across a range of funds, including the iShares MSCI Emerging Markets ETF (EEM), so a trader can speculate on the price movement of a fund without owning the shares. A broad emerging markets fund will not behave in the same way as EWZ, because it spreads money across many countries and holds Brazilian stocks as only one part.

Step 4: Choose a regulated provider

Check that the provider is authorised by a financial regulator in the jurisdiction that applies to you, and read its terms on fees, margin and overnight financing.

Step 5: Plan risk before opening a position

Brazilian equities can move very quickly on election results, fiscal news or currency swings, and trading can be halted during extreme moves, as it was on 26 October. Decide in advance how much capital is at risk, where a position would be closed if it moves against you, and how leverage will affect the result. Leverage magnifies losses as well as gains, and in CFD trading losses can exceed the initial deposit.

Step 6: Keep following the data

EWZ responds to political and fiscal news, central bank decisions, commodity prices and the real. A calendar of these events helps in understanding why the fund moves on a given day.

Tips for following EWZ

• Check the date on every figure. The iShares fund page updates daily and the fact sheet monthly, so holdings, yields, valuation and returns carry the dates shown, and many predate the 26 October fall.
• Watch the real as well as the shares. A fund priced in US dollars can fall even when Brazilian shares are flat, if the real weakens enough.
• Follow the top holdings. Vale, Itau, Nu Holdings and the two Petrobras share classes made up about 40% of the fund on 30 September 2026, so their results and news explain much of the fund’s movement.
• Mind the calendar. Brazil’s central bank meets on 3 and 4 November 2026, and policy decisions can move banks, the real and the whole market.
• Separate price return from total return. The semi-annual distributions add to returns, so compare total return figures with the price chart.
• Treat forecasts with caution. Forecasts for Brazilian equities rely on forecasts for fiscal policy, rates, commodities and the real, and all of them have a poor record over long horizons.

Conclusion

The iShares MSCI Brazil ETF is a passive fund that gives access to large and mid-sized Brazilian companies through the MSCI Brazil 25/50 Index. It held 46 stocks on 23 October 2026, charges 0.59% and pays two distributions a year, and about 80% of it sits in financials, energy, utilities and materials. The price closed at USD 42.59 on 23 October, near the top of its 52-week range, and then fell 19.8% to USD 34.15 on 26 October after the presidential runoff.

Understanding the link between the fund, the MSCI Brazil 25/50 Index and the drivers of fiscal policy, interest rates, commodities and the real is the foundation for using or analysing it. The same understanding applies to any instrument that tracks Brazilian equities, including ETF CFDs.

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EWZ frequently asked questions (FAQs)

What is EWZ?

EWZ is the ticker symbol of the iShares MSCI Brazil ETF. It is a fund that tracks the MSCI Brazil 25/50 Index, which covers large and mid-sized Brazilian companies. It trades on NYSE Arca in US dollars, held 46 stocks on 23 October 2026 and has an expense ratio of 0.59%.

Why did EWZ fall on 26 October 2026?

Brazil’s presidential runoff took place on 25 October, and Lula won re-election. The Rio Times reported that many investors had positioned for a different result, that the Ibovespa fell 13.88%, that the real weakened to about 5.41 per dollar and that EWZ closed down 19.8% at USD 34.15. Analysts quoted in news reports pointed to doubts about Brazil’s fiscal outlook and the pace of interest rate cuts.

Does the EWZ ETF pay a dividend?

EWZ pays distributions twice a year, made up of the dividends earned by its holdings less fund expenses. The most recent distribution in the fund’s records had an ex-date of 15 June 2026 and was USD 0.330704 per share. The amount varies, and a distribution does not protect the share price from falling.

What is the difference between EWZ and FLBR?

Both give exposure to Brazilian equities, but they follow different indices and cost different amounts. EWZ tracks the MSCI Brazil 25/50 Index, held 46 stocks and charges 0.59%, while FLBR tracks the FTSE Brazil RIC Capped Index, held 71 stocks on 30 September 2026 and charges 0.19%.

Is EWZ the same as the Ibovespa?

No. The Ibovespa is the benchmark index of the biggest companies on Brazil’s B3 exchange and is priced in reais, while EWZ follows the MSCI Brazil 25/50 Index and is priced in US dollars. The two often move in the same direction because the same large companies dominate both, but their returns are not identical, and EWZ is also affected by the real.

Sources

• iShares, iShares MSCI Brazil ETF (EWZ) fund page
• iShares, EWZ fact sheet as of 30 September 2026
• MSCI, MSCI Brazil 25/50 Index factsheet as of 30 September 2026
• Rio Times, Brazil Stocks Fall 13.9% After Lula’s Win, 26 October 2026
• Invezz, Brazil stocks brace for selloff after Lula’s win; EWZ ETF falls 27% in premarket, 26 October 2026
• Yahoo Finance, Brazilian stocks plunge after Lula’s surprising election victory, 26 October 2026
• Trading Economics, Ibovespa, 27 October 2026
• Rio Times, Brazil’s Financial Morning Call for Monday, October 26, 2026
• Franklin Templeton, Franklin FTSE Brazil ETF (FLBR) fact sheet
• Direxion, Daily MSCI Brazil Bull 2X Shares (BRZU)

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