EWZ Fund Description

The iShares MSCI Brazil fund tracks a market-cap-weighted index of Brazilian firms covering the entire market-cap spectrum.

EWZ ETF.com Insight

EWZ is the segment powerhouse, dwarfing the asset tally and volume of its peers. Thanks to tracking a similar, yet less-inclusive version of the segment benchmark, EWZ is also the segment'sEWZ is the best choice for investors looking for neutral exposure best-fitting fund. The main difference between EWZ and the market is its mid cap tilt and its avoidance of most small- and micro-cap firms. In all, EWZ is the best choice for investors looking for relatively cheap, neutral exposure to Brazil, and anyone treating Brazil as a trading strategy: Competing funds have failed to attract even acceptable levels of volume. EWZ is easily our analyst pick for the segment. (Insight updated 05/29/2014)

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 08/18/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

EWZ (Mkt)
-0.40% 3.70% 14.37% 20.01% -5.44% -2.57% 12.0%

EWZ (NAV)

-0.32% 3.62% 15.04% 18.07% -3.58% 0.25% 15.1%

MSCI Brazil 25/50 Index

-0.26% 3.80% 15.48% 18.87% -2.89% -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

EWZ Top 10 Countries

EWZ Top 10 Sectors

EWZ Top 10 Holdings View All

EWZ Summary Data

BlackRock

A company that produces and manages ETFs.

07/10/00

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.61%

The net total annual fee a fund holder pays to the issuer.

$4.88 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$769.37 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.02%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

EWZ Portfolio Data

$45.28 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

15.50

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

1.44

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

3.10%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

12/17/14

The date on which a security's price excludes an upcoming dividend.

68

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

EWZ Index Data

MSCI Brazil 25/50 Index

This is the benchmark an ETF is desigend to track or replicate.

Market Cap

A set of rules that the underlying index provider follows to weight its constituent securities.

Market Cap

A set of rules that the underlying index provider follows to select its constituent securities.

MSCI Brazil Investable
Markets

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to EWZ

FBZ, DBBR

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

EWZ ETF.com Efficiency Insight

EWZ's 61 bp expense ratio is hardly 'cheap,' but it's only 1 bp more than the cheapest fund in the segment. However, it's the fund's huge asset base ($4+ billion) that really separates it from its peers. The fund has struggled with tracking consistently. While on a median basis it lagged its index by less than its expense ratio over a rolling 12-month period, it has shown significant volatility in doing so. (Insight updated 05/29/2014)


Total Return
  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 08/18/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

EWZ (Mkt)
-0.40% 3.70% 14.37% 20.01% -5.44% -2.57% 12.0%

EWZ (NAV)
-0.32% 3.62% 15.04% 18.07% -3.58% 0.25% 15.1%

MSCI Brazil 25/50 Index
-0.26% 3.80% 15.48% 18.87% -2.89% -- --

MSCI Brazil Investable Markets
-0.23% 3.51% 15.17% 18.22% -2.70% 1.66% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

EWZ Portfolio Management

0.61%

The net annual fee a fund holder pays to the issuer.

-0.58%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

0.65%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-1.33%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

EWZ Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

0.00%

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Qualified dividends

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

EWZ Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

No

An indicator of whether or not a fund actively lends its portfolio holdings.

75% / 25%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

N/A

The multiple of the underlying index which the fund aims to deliver. For funds that reset, the leverage factor holds true only for the reset period, often just 1 day.

N/A

The time period at which the fund “trues up” its leverage factor. For funds that reset, the reset period–often just 1 day–is the length of time over which the fund delivers its leverage factor.

EWZ ETF.com Tradability Insight

EWZ is the clear choice for traders looking at the segment. It trades with penny spreads (2 bps on average) and high volumes ($750M in median dollar volume). The liquidity extends to the underlying portfolio as well—a creation unit represents just 13 bps of the daily volume in the underlying shares. iNAV for EWZ will prove more reliable earlier in the day, when the Brazilian market is open. (Insight updated 05/29/2014)

Average Spread

Premium/Discount

Volume

EWZ ETF.com/ Block LiquidityAs of 08/19/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of EWZ. EWZ is rated a 5 out of 5.

EWZ Tradability

15,662,070

The average number of shares traded during a 60 day period.

$769.37 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

14,283,311

Median number of shares traded over the past 45 trading days.

$710.65 M

Median dollar value of shares traded over the past 45 trading days.

0.02%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

$0.01

The difference between the highest and lowest posted prices for an ETF, averaged over the past 60 days, in dollars.

-0.07%

The middle value in the ranked set of all premium/discount values over a 12-month period.

2.37% / -2.32%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

84.62%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

283.14

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.10%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

0.15%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

3,023,807

The total number of net outstanding options contracts for an ETF.

$50.05

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

EWZ ETF.com Fit Insight

EWZ shares all of its holdings with our benchmark, but tilts toward midcaps, which drives it away from perfect tracking to the broader Brazilian market. The fund holds half as many securities as our segment benchmark, which contributes to its high level of concentration—about 56% of assets are in its top-10 holdings. On a sector basis, the fund lines up fairly well with our benchmark. Overall, it's a decent representation of Brazil. (Insight updated 05/29/2014)

EWZ Sector/Industry BreakdownView All

EWZ Segment Benchmark
35.53% 34.84%
17.42% 18.17%
14.18% 14.06%
12.74% 13.23%
5.67% 6.48%
6.01% 5.47%
4.42% 3.12%
0.96% 0.93%
0.54% 0.60%

EWZ Geographic Exposure

EWZ Segment Benchmark
100.00% 100.00%

EWZ Segment Benchmark
100.00% 100.00%
0% / 100.00% 0% / 100.00%

EWZ Performance Statistics

1.00

The degree to which the fund and its segment benchmark move up and down in unison.

1.00

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

1.00

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.00

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.05%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

MSCI Brazil Investable
Markets

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

EWZ Benchmark Comparison

EWZ
68 Holdings
Segment Benchmark
150 Constituents
Shared Holdings
68 (Count)
 
90.55% (Weight)
EWZSegment Benchmark
$45.92 B$45.28 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

63%63%
28%34%
7%3%
1%0%
15.6415.50

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

1.441.44

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

3.39%3.53%

The weighted average of the current yield on the portfolio’s holdings.

15068

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

HighHigh

The level of return contribution attributable to the average portfolio constituent.