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Launched · SEC filings

iShares MSCI Brazil Small-Cap ETF

EWZSNasdaqiSharesB

$10.48−0.06 (−0.57%)

At close: Nov 2, 2026, 4:00 PM ET

B62/ 100

Rank 3 of 7 in Brazil

B62/100Rank 3 of 7inBrazil
Intraday session: down, 79 prints from 10.54 to 10.48. Range 10.48 to 10.82. Use the arrow keys to read each point.10.6010.6510.7010.7510.8010 AM12 PM2 PM4 PM
Expense ratio
0.59%
Fund size
$320M
1Y total return
−20.2%
Yield · Last 12 months
4.85%
Holdings
72
Avg volume · 30D
1.07M sh
52W range
low $10.30high $17.15
Launched
Filings
SEC EDGAR

The ETF.net EWZS Grade

B

Score 62 out of 100

Category
Brazil⁠
Rank
3 of 7
Six-pillar profile for EWZS. Scores out of 100: Cost 56, Risk 29, Mission 93, Tradability 56, Holdings 64, Durability 70. Strongest: Mission (93). Weakest: Risk (29). Leans toward Mission.

Score 62 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B56 out of 100
    Rank 3 of 7

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A93 out of 100
    Rank 1 of 5

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D29 out of 100
    Rank 6 of 7

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B56 out of 100
    Rank 3 of 7

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B64 out of 100
    Rank 2 of 5

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A70 out of 100
    Rank 2 of 7

Our read on EWZS

ETF.net Research

In short

BBrazil past the blue chips. EWZS tracks the MSCI Brazil Small Cap Index, a compact basket of roughly 70 smaller Brazilian companies that the country's large-cap benchmarks are built to exclude.

Stated mandate

The fund seeks to track an index of small-cap Brazilian equities.

Why people hold it

  • One job, done tightly: it follows the MSCI Brazil Small Cap Index and has hugged it closely, with no active drift or style creep.
  • The 0.59% expense ratio sits at the middle of the Brazil ETF pack, and it's the same fee iShares charges on its large-cap Brazil fund (EWZ) for an easier slice.
  • Running since 2010, one of the longest-lived ways to own Brazilian small caps in a US wrapper, and it distributes quarterly.
  • Lands in the upper half of the small group of Brazil ETFs we cover, ahead of the other dedicated small-cap option (BRF).

Worth knowing

  • Single-country small caps are a rough ride: Brazilian equity swings and real-versus-dollar currency moves both land in the same share price.
  • Smaller and less heavily traded than the flagship Brazil funds, so spreads can run wider, especially outside Brazilian market hours.
  • Cheaper Brazil exposure exists (FLBR at 0.19%), but it's the large-cap market, not this small-cap slice.

EWZS Holdings

Holdings pillarB64 out of 100Rank 2 of 5 in Brazil
Asset class
Stocks
Holdings
72
Top-10 weight
38%
Largest holding
TOTS3.SA6.5%

Sectors

  • Consumer Discretionary18.6%
  • Utilities17.6%
  • Financials12.1%
  • Materials11.0%
  • Consumer Staples10.1%
  • Real Estate9.9%
  • Technology7.3%
  • Industrials6.4%
  • Health Care5.1%
  • Energy1.8%

Geography

  • Brazil97.78%
  • United States1.23%
  • Canada0.99%

Developed 1% · Emerging 99% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 5.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1TOTS3.SATotvs6.52%3,548,401$20.9M57
2CSMG3.SACompanhia De Saneamento De Minas G4.62%1,672,218$14.8M52
3ASAI3.SASendas Distribuidora4.14%9,157,461$13.3M40
4GOAU4.SAMetalurgica Gerdau Pref SA3.62%5,670,722$11.6M41
5ALOS3.SAAllos SA3.57%2,643,647$11.4M48
6LREN3.SALojas Renner3.42%6,641,864$11M53
7MULT3.SAMultiplan Empreendimentos Imobilia3.26%2,256,884$10.5M51
8STNEStoneco Class A3.13%1,297,354$10.1M75
9ISAE4.SAIsa Energia Brasil Pref SA3.02%2,124,786$9.69M41
10SMFT3.SASmartfit Escola De Ginastica E Dan2.97%3,335,441$9.54M46
11TAEE11.SATransmissora Alianca Energia Eletr2.85%1,254,013$9.15M46
12HYPE3.SAHypermarcas2.62%2,144,425$8.4M41
13PAGSPagseguro Digital Ltd Class A2.35%949,274$7.54M69
14INTRInter and Co Inc Class A2.07%1,654,423$6.63M32
15ALUP11.SAAlupar Investimento Units2.01%1,115,986$6.46M35

Showing 1–15 of 72 holdings

EWZS Performance

Launched Sep 28, 2010

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

EWZS$7,979
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. EWZS $7,979. SPY $11,199. Use the arrow keys to read each point.$8,000$10,000$12,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for EWZS. Periods over one year show the average yearly return.
PeriodEWZS
Year to date−17.6%
1 month−20.8%
3 months−20.2%
1 year−20.2%
3 yearsper year−1.8%
5 yearsper year−1.3%
10 yearsper year+1.5%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for EWZS
YearReturn barEWZS
2026 YTD−17.6%
2025+45.2%
2024−36.0%
2023+32.7%
2022−11.2%
2021−14.1%
2020−20.9%

EWZS in the news

EWZS Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
4.85%Last 12 months
Payout per share
$0.51Last 12 months
Last payment
$0.14 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Twice a year

Distribution history

2017–2026

One bar per payment. 24 payments from 2017 to 2026 YTD. Jun 20, 2017 $0.17; Dec 19, 2017 $0.37; Dec 28, 2017 $0.02; Jun 19, 2018 $0.32; Dec 18, 2018 $0.31; Dec 28, 2018 $0.06; Jun 17, 2019 $0.23; Dec 16, 2019 $0.15; Jun 15, 2020 $0.08; Dec 14, 2020 $0.08; Dec 30, 2020 $0.04; Jun 10, 2021 $0.24; Dec 13, 2021 $0.34; Dec 30, 2021 $0.03; Jun 9, 2022 $0.22; Dec 13, 2022 $0.32; Jun 7, 2023 $0.17; Dec 20, 2023 $0.25; Jun 11, 2024 $0.21; Dec 17, 2024 $0.24; Jun 16, 2025 $0.13; Dec 16, 2025 $0.28; Dec 30, 2025 $0.09; Jun 15, 2026 $0.14. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Jun 15, 2026Jun 18, 2026$0.14
Dec 30, 2025Jan 5, 2026$0.09
Dec 16, 2025Dec 19, 2025$0.28
Jun 16, 2025Jun 20, 2025$0.13
Dec 17, 2024Dec 20, 2024$0.24
Jun 11, 2024Jun 17, 2024$0.21
Dec 20, 2023Dec 27, 2023$0.25
Jun 7, 2023Jun 13, 2023$0.17
Dec 13, 2022Dec 19, 2022$0.32
Jun 9, 2022Jun 15, 2022$0.22
Dec 30, 2021Jan 5, 2022$0.03
Dec 13, 2021Dec 17, 2021$0.34

See all 38 payments⁠

$10,000 in EWZS 10 years ago paid $3,979 in dividends.⁠

EWZS Risk

Risk pillarD29 out of 100Rank 6 of 7 in Brazil
How much the fund’s monthly returns vary, scaled to a year.
28.8%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.08
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−42.6%
Trough Jan 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.28
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

EWZS Cost

Compare EWZS and FLBR

Overpaying vs FLBR, cheapest in Brazil

$7,683

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • EWZS 0.59%

    $11,635

  • FLBR 0.19% Cheapest

    $3,952

$10,000
30 years

Cost over time

  • EWZS 0.59%
  • FLBR 0.19%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530EWZS $11,635FLBR $3,952

Year by year

YearEWZSFLBROverpaying
10$1,058$347$711
20$4,051$1,351$2,700
30$11,635$3,952$7,683

Other funds in Brazil

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