iShares MSCI Brazil ETF (EWZ): Complete Beginner's Guide
Last updated: March 2026 • BlackRock • Brazil Equity
Expense Ratio
0.59%
AUM
$4.0B
Dividend Yield
6.50%
Inception
2000
Beginner Score
8/10
What is iShares MSCI Brazil ETF?
EWZ is the most widely traded ETF for investing in Brazilian stocks, holding major companies in banking, mining, oil, and agriculture. It provides concentrated exposure to Latin America's largest economy which is rich in natural resources and commodities. This fund tends to be more volatile than developed market ETFs but offers higher dividend yields and commodity-linked returns.
EWZ is managed by BlackRock and has been available since 2000. With $4.0B in assets under management, it's a growing fund that has attracted significant investor interest. The fund charges an expense ratio of 0.59%, which means for every $10,000 you invest, you pay approximately $59 per year in management fees.
EWZ at a Glance — Key Metrics
| Expense Ratio | 0.59% |
| Total Holdings | 55 |
| P/E Ratio | 8.0 |
| Beta | 1.10 |
| Dividend Yield | 6.50% |
| AUM | $4.0B |
| Inception Year | 2000 |
| Issuer | BlackRock |
Top 10 Holdings in EWZ
EWZ holds 55 different securities. Here are the largest positions that make up the core of this fund:
| # | Company | Ticker | Weight |
|---|---|---|---|
| 1 | Vale SA | VALE3.SA | 12.00% |
| 2 | Petrobras | PETR4.SA | 10.00% |
| 3 | Itau Unibanco | ITUB4.SA | 8.00% |
| 4 | Banco Bradesco | BBDC4.SA | 6.00% |
| 5 | B3 SA (Brasil Bolsa Balcao) | B3SA3.SA | 5.00% |
| 6 | Ambev SA | ABEV3.SA | 4.00% |
| 7 | WEG SA | WEGE3.SA | 4.00% |
| 8 | Banco do Brasil | BBAS3.SA | 3.50% |
| 9 | Suzano SA | SUZB3.SA | 3.00% |
| 10 | JBS SA | JBSS3.SA | 3.00% |
Recommended: This beginner-friendly ETF course on Udemy covers everything from ETF fundamentals to building a recession-proof portfolio in 7 days.
EWZ Performance History
Here's how EWZ has performed over different time periods. Remember that past performance doesn't guarantee future results, but it gives you a sense of the fund's track record:
YTD
2.00%
1 Year
5.00%
3 Year
4.00%
5 Year
1.00%
10 Year
-1.00%
Beginner Suitability Score: 8/10
Our proprietary Beginner Suitability Score evaluates ETFs based on five factors that matter most to new investors: fees, volatility, diversification, dividend history, and track record length.
EWZ scores 8/10 because it has very low fees, can be more volatile than the broader market, focuses on 55 selected holdings, and has been available since 2000, giving it a proven track record.
How to Buy EWZ — Step by Step
- Open a brokerage account — We recommend Fidelity, Charles Schwab, or Vanguard for ETF investing. All offer $0 commissions on ETF trades.
- Fund your account — Transfer money from your bank. You can start with as little as $1 if your broker offers fractional shares.
- Search for "EWZ" — Use the search bar in your brokerage platform to find iShares MSCI Brazil ETF.
- Place your order — Choose "Market Order" for simplicity or "Limit Order" if you want to set a specific price. Enter how many shares (or dollar amount) you want to buy.
- Set up automatic investing — Most brokers let you schedule recurring purchases (e.g., $100/month on the 1st). This is dollar cost averaging in action.
Dollar Cost Averaging Into EWZ
Here's what consistent monthly investing could look like over time, assuming an average annual return of 8% (approximate historical stock market average):
| Monthly | 10 Years | 20 Years | 30 Years |
|---|---|---|---|
| $100/mo | $18,417 | $59,295 | $150,030 |
| $250/mo | $46,041 | $148,237 | $375,074 |
| $500/mo | $92,083 | $296,474 | $750,148 |
*Projections assume 8% average annual return with monthly compounding. Actual returns will vary. Past performance doesn't guarantee future results.
Fee impact: With EWZ's expense ratio of 0.59%, a $10,000 investment would lose approximately $4,837 to fees over 20 years compared to a zero-fee investment. This is significant — consider whether the fund's strategy justifies these costs.
Get the Free ETF Portfolio Blueprint
3 model portfolios for beginners — Conservative, Balanced, and Growth. See exactly which ETFs to buy.
Pros and Cons of EWZ
Pros
- ✓One of the highest dividend yields among all country-specific equity ETFs
- ✓Deep commodity exposure benefits from rising global resource demand
- ✓Very low price-to-earnings ratio offers compelling value compared to developed markets
- ✓Highly liquid fund with robust daily trading volume for easy entry and exit
Cons
- ✗Brazilian real currency volatility adds significant exchange rate risk for US investors
- ✗Political instability and fiscal policy uncertainty create unpredictable headwinds
- ✗Heavy concentration in financials, mining, and oil makes it sensitive to commodity cycles
Frequently Asked Questions
Is EWZ a good ETF for beginners?▾
EWZ has a Beginner Suitability Score of 8/10 on our scale. This makes it a strong choice for new investors due to its low fees and focused strategy.
What is the expense ratio of EWZ?▾
EWZ has an expense ratio of 0.59%. This means for every $10,000 you invest, you pay approximately $59 per year in fees. This is considered very low and cost-efficient.
How much money do I need to invest in EWZ?▾
You can invest in EWZ with as little as $1 through brokers that offer fractional shares (like Fidelity, Schwab, or Robinhood). There is no minimum investment required beyond the share price itself, which changes daily. Dollar cost averaging — investing a fixed amount regularly — is a popular strategy.
Does EWZ pay dividends?▾
Yes, EWZ pays dividends with a current yield of approximately 6.50%. Dividends are typically paid quarterly and can be reinvested automatically through most brokers.
What are the top holdings in EWZ?▾
The top holdings in EWZ include Vale SA (12.00%), Petrobras (10.00%), Itau Unibanco (8.00%), and more. The fund holds 55 total positions, providing focused exposure to selected companies.