What Is EWZ? iShares MSCI Brazil ETF

EWZ is the iShares MSCI Brazil ETF, launched in July 2000 by iShares (BlackRock). It tracks the MSCI Brazil 25/50 Index, giving investors exposure to large- and mid-cap Brazilian companies in a single US-listed ticker. Top holdings include Vale, Nu Holdings, Itau Unibanco, and Petrobras. It is the most widely traded ETF for single-country Brazil exposure.

EWZ, listed on NYSE Arca. The full name is iShares MSCI Brazil ETF, issued by BlackRock's iShares unit. It has been one of the oldest and most liquid single-country emerging-market ETFs since its 2000 launch.

EWZ tracks the MSCI Brazil 25/50 Index, which measures the performance of the large- and mid-cap segments of the Brazilian equity market. The '25/50' refers to diversification caps that limit any single holding to 25% and the sum of positions above 5% to no more than 50% of the fund, which keeps concentration in check while still reflecting Brazil's largest listed companies.

EWZ holds large Brazilian companies weighted by market capitalization, led by mining giant Vale, fintech Nu Holdings, banks Itau Unibanco and Bradesco, energy company Petrobras (both share classes), industrial WEG, brewer Ambev, and exchange operator B3. See the top-holdings table above for current weights. The fund is concentrated in materials, energy, and financials.

0.59% per year (59 basis points). On a $10,000 investment that is about $59 per year in fees. This is higher than a broad US index fund like VOO (0.03%), which is typical for single-country emerging-market funds because of the added costs of accessing and managing foreign holdings.

Approximately 4.24% as of July 2026. Brazilian large-caps, particularly commodity producers and banks, have historically paid relatively high dividends, which is why EWZ's yield often runs above that of US broad-market funds. The yield varies with the underlying companies' payouts and with currency effects.

EWZ trades like a stock on NYSE Arca during US market hours and is available at any major broker, including Robinhood, Fidelity, Schwab, Public, and Webull. Fractional shares are supported at most modern brokers. If you want Brazil or broader emerging-market exposure as a satellite around a diversified core, connect your broker to Walnut and the AI can help you see how it fits.

Approximately $9.07 billion as of July 2026, making it one of the largest single-country emerging-market ETFs. Its size and long trading history give it deep liquidity relative to most other country-specific funds.

EWZ gives concentrated exposure to a single emerging market, Brazil, whose returns swing with commodity prices, domestic interest rates, and the value of the Brazilian real against the dollar. That makes it more volatile than a diversified global or US fund and best suited as a deliberate tilt rather than a core holding. Walnut is not an investment adviser; whether EWZ fits your portfolio depends on your view on Brazil, your risk tolerance, and what else you own.

July 10, 2000. It is one of the oldest single-country ETFs and has served as the primary US-listed vehicle for Brazil equity exposure for more than two decades.

EWZ concentrates in a single emerging market with heavy weightings in cyclical commodity producers (Vale, Petrobras) and banks. Its returns are also exposed to the Brazilian real: currency swings against the dollar amplify moves for US-based holders. Emerging-market politics, commodity cycles, and interest-rate changes all feed into larger price swings than a broad developed-market fund would show.

Yes. EWZ passes through dividends from its underlying Brazilian holdings, with a trailing yield of roughly 4.24% as of July 2026. Distributions can be lumpy because they depend on the payout timing of the underlying companies. Note that foreign withholding taxes may apply to the dividends received from Brazilian securities.

Yes, at brokers that support fractional ETF purchases, including Robinhood, Fidelity, Schwab, and Public. Fractional shares also allow dividend reinvestment (DRIP) as partial shares at brokers that offer it.

EWZ holds only Brazilian companies, while EEM (iShares MSCI Emerging Markets) spreads across dozens of emerging-market countries including China, India, Taiwan, and South Korea. EWZ is a concentrated single-country bet with higher country-specific and currency risk; EEM is far more diversified. Investors often use EWZ to add a targeted Brazil tilt on top of, rather than instead of, a diversified emerging-markets position.

Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. EWZ's figures are above; the full method is in Walnut's guide on how to compare ETFs.