Overview
Largest and most liquid Brazil equity ETF. Tracks 55 large/mid-cap Brazilian companies. Highest dividend yield of any major country ETF. Extremely sensitive to commodity prices, BRL/USD movements, and Brazilian political cycles.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| PBR | Petrobras S.A. | 14.8% |
| VALE3 | Vale S.A. | 12.4% |
| ITUB4 | Itaú Unibanco | 9.8% |
| BBDC4 | Bradesco Bank | 6.8% |
| B3SA3 | B3 S.A. | 5.8% |
| ABEV3 | Ambev S.A. | 5.4% |
| WEGE3 | WEG S.A. | 4.8% |
| BBAS3 | Banco do Brasil | 4.2% |
| RENT3 | Localiza Hertz | 3.8% |
| SUZB3 | Suzano S.A. | 3.4% |
Fund Details
Investment Thesis
EWZ is the original Brazil ETF and remains the most liquid single-country emerging market vehicle outside China, with daily trading volume often exceeding 500 million dollars and a deep options market. Petrobras and Vale together represent nearly 30% of the fund, making EWZ effectively a leveraged bet on oil and iron ore prices alongside Brazilian consumer and financial sector exposure. The fund offers the highest dividend yield of any major country ETF, primarily from Petrobras's mandated distribution policy and state-affiliated banks.
Who It's For
Contrarian emerging market investors comfortable with Brazilian political risk, commodity cycle dependency, and significant BRL/USD currency exposure. EWZ suits those seeking the highest dividend yields available in any major liquid ETF market and investors with a positive outlook on oil and iron ore prices. Currency hedging may be appropriate for long-term holds given substantial BRL exposure. Best used as a tactical satellite position during commodity bull markets rather than a permanent strategic allocation.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $28.42 | -- |
| 2017 | $35.18 | +23.8% |
| 2018 | $28.42 | -19.2% |
| 2019 | $44.82 | +57.7% |
| 2020 | $32.18 | -28.2% |
| 2021 | $38.42 | +19.4% |
| 2022 | $26.82 | -30.2% |
| 2023 | $31.18 | +16.3% |
| 2024 | $28.45 | -8.8% |
| 2025 | $25.41 | -10.7% |
| Year | Yield |
|---|---|
| 2016 | 8.18% |
| 2017 | 7.42% |
| 2018 | 8.42% |
| 2019 | 7.82% |
| 2020 | 6.42% |
| 2021 | 5.82% |
| 2022 | 7.42% |
| 2023 | 7.82% |
| 2024 | 8.18% |
| 2025 | 8.42% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $9.2B | -- |
| 2017 | $11.8B | +28.3% |
| 2018 | $8.8B | -25.4% |
| 2019 | $9.8B | +11.4% |
| 2020 | $6.2B | -36.7% |
| 2021 | $8.2B | +32.3% |
| 2022 | $5.4B | -34.1% |
| 2023 | $6.8B | +25.9% |
| 2024 | $7.2B | +5.9% |
| 2025 | $4.8B | -33.3% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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