BRF vs EWZS: Grades, Fees and Holdings Compared

VanEck Brazil Small-Cap ETF

BRFCNYSE Arca

iShares MSCI Brazil Small-Cap ETF

EWZSBNasdaq

Overlap

50.0%by weight

Expense ratio

EWZS −0.01pt a year

BRF0.60%EWZS0.59%

Avg volume · 30D

EWZS 105.8×the volume

BRF10.1KEWZS1.07M

10Y return · a year

EWZS +1.3pt

BRF+0.2%EWZS+1.5%

BRF vs EWZS Performance

Oct 29, 2021 – Oct 30, 2026

−1.9%BRF−6.6%EWZS

Expense ratio: BRF 0.60%; EWZS 0.59%, better
Fund size: BRF $18M; EWZS $320M
1Y total return: BRF −16.1%, better; EWZS −20.2%
Yield (12M): BRF 6.86%, better; EWZS 4.85%
Holdings: BRF 92; EWZS 72
Avg volume (30D): BRF 10.1K sh; EWZS 1.07M sh, better
NAV per share: BRF $13.03; EWZS $10.54
52W range

ETF.net Grade

Pillar letters and Scores for BRF, EWZS, with each pillar’s weight
Pillar	BRF	EWZS
Cost30% weight	D37	B56Higher
Mission25% weight	A93	A93
Risk15% weight	D34Higher	D29
Tradability15% weight	D36	B56Higher
Holdings10% weight	A75Higher	B64
Durability5% weight	C51	A70Higher

Rank among Brazil funds

How we build Categories ›

Same Category. BRF and EWZS are both graded against the same 7 Brazil funds, so their Grades compare head to head.

Brazil⁠

Category · 7 funds

See all 7 ›

EWZS ranks 3rd and BRF 4th of 7 funds in the Brazil Category.

Rank 1AFLBRFranklin FTSE Brazil ETFScore 77
Rank 2AEWZiShares MSCI Brazil ETFScore 71
Rank 3BEWZSiShares MSCI Brazil Small-Cap ETFScore 62
Rank 4CBRFVanEck Brazil Small-Cap ETFScore 54
Rank 5CBRAZGlobal X Brazil Active ETFScore 50

Our read on each fund

ETF.net Research

BRFCVanEck Brazil Small-Cap ETF

EWZSBiShares MSCI Brazil Small-Cap ETF

In short

BRF Brazil without the giants. BRF tracks an index of roughly 90 Brazilian small caps, a narrower and more domestic slice than the broad country funds, and it has been doing that job since 2009.

EWZS Brazil 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

BRF The fund seeks to replicate, before fees and expenses, the price and yield performance of the MVIS Brazil Small-Cap Index.

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

Why people hold it

BRF A pure index play on Brazilian small caps: roughly 90 names, one mandate, no drift into other markets or size bands.
A different cut of Brazil than broad-market peers EWZ and FLBR: same country, opposite end of the size spectrum.
Live since 2009, with more than a decade of real trading history across Brazil's boom and bust cycles.
Rules-based from top to bottom: it replicates the MVIS Brazil Small-Cap Index rather than letting a manager pick the winners.

EWZS 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

BRF The 0.60% fee sits at the middle of the Brazil ETF pack, and broad-market FLBR charges 0.19%. The premium buys the small-cap tilt, not a discount.
A small fund that trades lightly, so spreads tend to be wider than on the headline Brazil ETFs, especially away from Brazilian market hours.
One country, one size band: currency moves and local politics land harder here than in a diversified emerging-markets fund. Income arrives once or twice a year, not monthly.

EWZS 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.

Full BRF profile⁠

Full EWZS profile⁠

BRF vs EWZS Holdings

How BRF and EWZS differ

Overlap by weight

50.0%

Shared holdings make up 72.3% of BRF and 50.7% of EWZS.

Level by level

Holdings48 in both50.0%
Sector11 Sectors78.6%
Countryby domicile93.7%
Asset classEquity100%

Sector

Sector weights in BRF and EWZS, widest gap first
Sector	More in BRFMore in EWZS	BRF	EWZS
Industrials	BRF +11.4 points	17.8%	6.4%
Utilities	EWZS +9.1 points	8.5%	17.6%
Technology	EWZS +5.2 points	2.1%	7.3%
Real Estate	BRF +4.9 points	14.8%	9.9%
Consumer Discretionary	EWZS +3.0 points	15.6%	18.6%
Financials	EWZS +2.8 points	9.3%	12.1%
Materials	BRF +1.6 points	12.6%	11.0%
Communication	BRF +1.5 points	1.5%	0.0%
Consumer Staples	EWZS +1.4 points	8.7%	10.1%
Energy	BRF +1.3 points	3.1%	1.8%
Health Care	BRF +0.8 points	5.9%	5.1%

Country, concentration and asset class

Country by domicile

Country weights in BRF and EWZS, widest gap first
Country	More in BRFMore in EWZS	BRF	EWZS
Brazil	EWZS +6.3 points	91.5%	97.8%
Australia	BRF +2.7 points	2.7%	0.0%
Israel	BRF +2.4 points	2.4%	0.0%
United States	BRF +0.9 points	2.1%	1.2%
Canada	BRF +0.4 points	1.4%	1.0%

Outside the US: BRF 4% developed, 96% emerging. EWZS 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

BRF29.7%
EWZS38.3%

Securities held

BRF89
EWZS66

Asset class

BRF: Equity
EWZS: Equity

Holdings

Only in BRF41
In both48
Only in EWZS18

Only in BRF

41 securities, 27.8% of BRF by weight

Ituran Location And Control Ltd2.38%
Sylvamo Corp2.03%
Arcos Dorados Holdings Inc2.03%
Cia Siderurgica Nacional Sa1.82%
Karoon Gas Australia Ltd1.64%
Meridian Mining Uk Societas1.06%
Ez Tec Empreendimentos E Participacoes1.01%
Brazilian Rare Earths Ltd0.96%
Construtora Tenda Sa0.94%
C&A Modas Ltda0.80%
Yduqs Participacoes Sa0.78%
Afya Ltd0.70%
Light S?A0.69%
Moura Dubeux Engenharia S/A0.64%
Mills Estruturas E Servicos De0.63%
Mrv Engenharia E Participacoes Sa0.56%
Uniao Pet Participacoes Sa0.56%
Jaguar Mining Inc0.54%
Empreendimentos Pague Menos S/A0.50%
Vtex0.49%
Dimed Sa Distribuidora Da Medicamentos0.48%
Adecoagro Sa0.47%
Cia Ferro Ligas Da Bahia - Ferbasa0.47%
Lwsa Sa0.46%
Guararapes Confeccoes Sa0.45%
Brasilagro - Co Brasileira De Proprieda0.45%
Pics Nv0.42%
Grendene Sa0.42%
Irani Papel E Embalagem Sa0.41%
Tupy Sa0.40%
Log Commercial Properties E Participaco0.40%
Banco Pine Sa0.39%
Randon Sa Implementos E Participacoes0.31%
Tegma Gestao Logistica0.31%
Camil Alimentos Sa0.24%
Blau Farmaceutica Sa0.22%
Grupo Sbf Sa0.22%
Braskem Sa0.21%
Cruzeiro Do Sul Educacional Sa0.15%
Zamp Sa0.15%
Esg Minerals Ltd<0.01%

Only in EWZS

18 securities, 48.4% of EWZS by weight

Totvs6.52%
Companhia De Saneamento De Minas G4.62%
Sendas Distribuidora4.14%
Metalurgica Gerdau Pref SA3.62%
Allos SA3.57%
Lojas Renner3.42%
Multiplan Empreendimentos Imobilia3.26%
Stoneco Class A3.13%
Isa Energia Brasil Pref SA3.02%
Transmissora Alianca Energia Eletr2.85%
Hypermarcas2.62%
Natura SA1.69%
Cosan Industria E Comercio1.61%
Patria Investments Ltd Class A1.22%
Companhia Siderurgica Nacional SA1.00%
Compass Gas E Energia SA0.98%
Cia Saneamento Pref0.91%
Braskem Pref Class A0.22%

Weight gaps

All 48 Holdings in both funds, largest gap first.

Holding weights in BRF and EWZS, widest gap first
Holding	More in BRFMore in EWZS	BRF	EWZS
Alupar Investimento Sa	BRF +1.77 points	3.78%	2.01%
Orizon Valorizacao De Residuos Sa	BRF +1.62 points	2.56%	0.94%
Fleury Sa	BRF +1.56 points	3.52%	1.96%
Pagseguro Digital LtdPAGS	BRF +1.16 points	3.51%	2.35%
Cury Construtora E Incorporadora Sa	BRF +0.91 points	2.46%	1.55%
Cyrela Brazil Realty Sa Empreendimentos	BRF +0.78 points	2.56%	1.78%
Cia De Saneamento Do Parana	BRF +0.76 points	2.62%	1.86%
M Dias Branco Sa	BRF +0.71 points	1.11%	0.40%
Auren Energia Sa	BRF +0.68 points	2.01%	1.33%
Inter & Co IncINTR	BRF +0.65 points	2.72%	2.07%
Gps Participacoes E Empreendimentos Sa	BRF +0.66 points	2.50%	1.84%
Unipar Carbocloro Sa	BRF +0.60 points	1.56%	0.96%
Slc Agricola Sa	BRF +0.59 points	1.91%	1.32%
Cia Brasileira De Aluminio	BRF +0.57 points	1.28%	0.71%
Banco Abc Brasil Sa	BRF +0.54 points	1.26%	0.72%
Jhsf Participacoes Sa	BRF +0.54 points	1.61%	1.07%
Irb Brasil Resseguros Sa	BRF +0.53 points	1.72%	1.19%
Smartfit Escola De Ginastica E Danca Sa	BRF +0.49 points	3.46%	2.97%
Cogna Educacao	BRF +0.49 points	1.50%	1.01%
Banco Do Estado Do Rio Grande Do Sul Sa	BRF +0.46 points	1.43%	0.97%
Alpargatas Sa	BRF +0.46 points	1.08%	0.62%
Sigma Lithium CorpSGML	BRF +0.45 points	1.36%	0.91%
Usinas Siderurgicas De Minas Gerais Sa	BRF +0.44 points	1.42%	0.98%
Direcional Engenharia Sa	BRF +0.41 points	1.47%	1.06%
3r Petroleum Oleo E Gas Sa	BRF +0.40 points	1.73%	1.33%
Fras-Le Sa	EWZS +0.37 points	0.29%	0.66%
Sao Martinho S/A	BRF +0.37 points	1.57%	1.21%
Mahle Metal Leve Sa	BRF +0.36 points	1.00%	0.64%
Marcopolo Sa	BRF +0.36 points	1.42%	1.06%
Ecorodovias Infraestrutura E Logistica	BRF +0.33 points	0.96%	0.63%
Tres Tentos Agroindustrial Sa	BRF +0.27 points	0.72%	0.45%
Minerva Sa/Brazil	BRF +0.26 points	0.71%	0.45%
Movida Participacoes Sa	BRF +0.26 points	0.56%	0.30%
Vinci Partners Investments LtdVINP	BRF +0.26 points	0.73%	0.47%
Vamos Locacao De Caminhoes Maquinas E E	BRF +0.25 points	0.73%	0.48%
Simpar Sa	BRF +0.24 points	0.65%	0.41%
Intelbras Sa Industria De Telecomunicac	BRF +0.23 points	0.76%	0.53%
Hapvida Participacoes E Investimentos S	BRF +0.21 points	0.66%	0.45%
Vivara Participacoes Sa	BRF +0.21 points	1.04%	0.83%
Iguatemi Sa	EWZS +0.16 points	1.67%	1.83%
Magazine Luiza Sa	BRF +0.14 points	0.94%	0.80%
Petroreconcavo Sa	BRF +0.13 points	0.66%	0.53%
Hidrovias Do Brasil Sa	EWZS +0.10 points	0.44%	0.54%
Grupo Mateus Sa	BRF +0.10 points	0.74%	0.64%
Dexco Sa	EWZS +0.10 points	0.72%	0.82%
Bradespar Sa	BRF +0.08 points	1.89%	1.81%
Vulcabras Sa	BRF +0.03 points	0.56%	0.53%
Arezzo Industria E Comercio Sa	BRF +0.02 points	0.71%	0.69%

All 92 BRF holdings⁠All 66 EWZS holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BRF vs EWZS Cost

Overpaying BRF vs EWZS

$182

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

BRF 0.60%
$11,817
EWZS 0.59%
$11,635

Amount$10,000

Years30 years

Cost over time

BRF 0.60%
EWZS 0.59%
Overpaying

Year by year

Year	BRF	EWZS	Overpaying
10	$1,076	$1,058	$18
20	$4,116	$4,051	$65
30	$11,817	$11,635	$182

Expense ratio

0.60%BRF
0.59%EWZS, cheaper

EWZS0.59%BRF0.60%

0.19%1.32%

Middle half of Brazil funds
Median 0.59%

EWZS 3rd cheapest of 7 funds

BRF 5th cheapest of 7 funds

BRF vs EWZS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BRF 6.86%, better; EWZS 4.85%
Payout (12M): BRF $0.89; EWZS $0.51
Last payment: BRF $0.89; EWZS $0.14
Ex-dividend: BRF Dec 22, 2025; EWZS Jun 15, 2026
Paid on: BRF Dec 26, 2025; EWZS Jun 18, 2026
Frequency: BRF Annual; EWZS Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

BRFAnnual · 10 paymentsAll BRF payments⁠

EWZSTwice a year · 24 paymentsAll EWZS payments⁠

BRF vs EWZS Risk

Fall from peak · 5 years

BRF
EWZS

Risk facts

VolatilityStd dev, 3 years: BRF 27.7%, betterEWZS 28.8%
Return per unit of riskSharpe ratio, 3 years: BRF −0.01, betterEWZS −0.08
Worst fallMax drawdown, 5 years: BRF −41.5%, betterEWZS −42.6%
Market sensitivityBeta, 5 years: BRF 1.30EWZS 1.28; Market = 1

BRF and EWZS in the news

All news⁠

Week in Funds
Brazil ETFs sink after Lula’s runoff win; EWZ falls 23.8%, erasing its election rally
Oct 30, 2026BRFEWZS
Top Movers
Brazil small-cap fund falls 37% in the week Lula won again
Oct 30, 2026EWZS
Top Movers
Memory-chip funds jump after SK hynix's record quarter as Israel funds fall
Oct 28, 2026EWZS
Top Movers
Brazil funds fall as much as 31.6% after Lula wins the runoff
Oct 26, 2026EWZS
Closing Bell
Brazil ETF EWZ falls 19.8% as Lula win drives Ibovespa’s worst day since 2020
Oct 26, 2026EWZS
Week in Funds
The biggest Brazil fund gained less than a small-cap fund after Bolsonaro's lead
Oct 9, 2026EWZS

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BRF vs EWZS

In short

Stated mandate

Why people hold it