At a glance
EWZS charges 0.59% a year, above the 0.44% average of the 2 funds most like it (the 2nd cheapest of 3). It has $217.6M in assets, the 2nd largest of that group; it paid 4.44% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −12.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 3 funds; over three years it returned +1.0% a year. At its worst it fell 60.7% in the 2020 crash (S&P 500: 33.7%) and 35.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months and 43 months after the lows. Its ten largest positions make up 36.5% of the fund, out of 75 in all.
The short version
iShares MSCI Brazil Small-Cap ETF (EWZS) is a BlackRock index fund that tracks the MSCI Brazil Small Cap Index, a basket of smaller companies listed on Brazilian stock exchanges. Its 0.59% expense ratio is below VanEck Brazil Small-Cap ETF's 0.70% but above the 0.44% average for similar funds. It has been extremely volatile: it lost 79.2% from its April 2011 peak to its January 2016 low, and that loss had not been fully recovered as of October 27, 2026.
Price history
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EWZS -12.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EWZS official prospectus, to Dec 31, 2024 | — | -35.31% | — | -12.18% | -0.81% | — |
| MSCI Emerging Markets Index Net index, same period | — | +7.50% | — | +1.70% | +3.64% | — |
| MSCI Brazil Small Cap Index Net index, same period | — | -35.21% | — | -11.65% | -0.26% | — |
| EWZS price data to Oct 27, 2026 | -10.2% | -12.8% | +1.0% | -0.7% | +2.4% | -1.9% |
- Over the year to Oct 27, 2026, EWZS returned -12.8%, 3rd of 3 among similar funds.
- Its 5-year annualized return was -0.7% and its 10-year +2.4%.
- In the 2020 COVID crash it fell 60.7% and regained its old high 15.2 months after the low.
- Its worst full calendar year was 2015 (-50.3%); its best was 2016 (+65.9%).
- The deepest fall in its price history was 79.2% (Apr 26, 2011 to Jan 21, 2016), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -10.2% | — |
| 2025 | +45.2% | — |
| 2024 | -36.0% | -35.31% |
| 2023 | +32.7% | +31.25% |
| 2022 | -11.1% | -8.65% |
| 2021 | -14.1% | -15.81% |
| 2020 | -20.8% | -19.98% |
| 2019 | +50.6% | +50.67% |
| 2018 | -6.8% | -7.18% |
| 2017 | +54.3% | +51.14% |
| 2016 | +65.9% | +64.82% |
| 2015 | -50.3% | -49.36% |
| 2014 | -26.1% | — |
| 2013 | -27.5% | — |
| 2012 | +28.5% | — |
| 2011 | -23.8% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 59.3% over that stretch · deepest drop along the way 60.7%, back to its old high 15.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 4.8% over that stretch · deepest drop along the way 35.7%, back to its old high 42.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1400 | |
| 2025 | $0.5000 | +11.1% |
| 2024 | $0.4500 | +7.1% |
| 2023 | $0.4200 | -22.2% |
| 2022 | $0.5400 | -11.5% |
| 2021 | $0.6100 | +205.0% |
| 2020 | $0.2000 | -47.4% |
| 2019 | $0.3800 | -45.2% |
| 2018 | $0.6929 | +23.7% |
| 2017 | $0.5600 | +40.0% |
| 2016 | $0.4000 | +33.3% |
| 2015 | $0.3000 | -31.8% |
| 2014 | $0.4400 | +18.9% |
| 2013 | $0.3700 | -50.0% |
| 2012 | $0.7400 | +29.8% |
| 2011 | $0.5700 |
What's inside
As of Aug 31, 2026, the fund held 75 securities; the ten largest made up 36.5% of assets.
| Holding | Weight | |
|---|---|---|
| TOTVS S.A. | 6.47% | |
| Companhia de Saneamento de Minas Gerais - COPASA MG | 4.75% | |
| Sendas Distribuidora S.A. | 3.97% | |
| Lojas Renner S.A. | 3.72% | |
| ALLOS S.A. | 3.63% | |
| Multiplan Empreendimentos Imobiliarios S.A. | 3.24% | |
| METALURGICA GERDAU S.A. Preferred stock | 3.03% | |
| Natura Cosmeticos S.A. | 2.72% | |
| Transmissora Alianca de Energia Eletrica S/A Other | 2.55% | |
| Cosan S.A. | 2.42% | |
| PAGSEGURO DIGITAL LTD. | 2.42% | |
| HYPERA S.A. | 2.39% | |
| Inter & Co, Inc. | 2.36% | |
| Smartfit Escola de Ginastica e Danca S.A. | 2.34% | |
| Cyrela Brazil Realty S.A. Empreendimentos e Participacoes | 2.27% |
By country
Brazil 90.44%Cayman Islands 6.94%Canada 1.4%United Kingdom 0%By asset type
Stocks 87.46%Other 8.28%Preferred stock 3.03%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $11.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -6.12%, +1.18%, -3.34%.
How it works
The fund tracks the MSCI Brazil Small Cap Index. MSCI Inc. builds the index and works independently of the fund's adviser, BlackRock Fund Advisors (BFA). The index weights companies by free-float market capitalization, meaning the value of the shares actually available for public trading. Larger companies get larger weights. MSCI picks the members and sets their weights. The fund does not try to beat the index, and it does not move to cash when markets fall.
BFA uses representative sampling. That means it holds a sample of securities chosen to match the index's size, industry mix, yield and liquidity, rather than every index stock. At least 80% of assets go into index stocks or depositary receipts for them. Up to 20% can go into futures, options, swaps, cash or other securities. As of August 31, 2026, the fund held 75 companies, and the 10 largest made up 36.5% of assets. The biggest were TOTVS (6.5%), COPASA (4.7%) and Sendas Distribuidora (4.0%). The fund also held a small Mini Bovespa futures position and 1.17% in cash.
Two mechanical points matter. First, the fund creates and redeems shares for cash rather than by swapping securities. To meet redemptions it may have to sell holdings, which can produce capital gains that are passed on to shareholders. Portfolio turnover was 82%. Second, the fund is priced in US dollars, so a weaker Brazilian real lowers its value even if the stocks themselves hold steady.
What it really costs
- EWZS charges 0.59% a year, versus an average of 0.44% for the similar funds below (2nd of 3, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $738 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EWZS | $60 | $189 | $329 | $738 |
In a retirement portfolio
It is a single-country small-cap fund whose losses have been deep and slow to recover, so it fits better as a small add-on than as a foundation.
EWZS adds exposure to smaller Brazilian companies, but it has been a very rough ride. It launched in 2010, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 60.7% in one month and took about 15 months to recover. In 2022 it dropped 35.7% and did not get back to its old high until January 2026, about 42.5 months later. Its worst calendar year was 2015, at -49.4%. Its 79.2% fall from 2011 to 2016 had still not been fully recovered as of October 27, 2026. Anyone who needs cash during a slump could be locking in large losses. The fund yielded 4.44% over the 12 months to October 27, 2026, and pays twice a year. It costs 0.59% a year, which is $60 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not just one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, deliberately sized position in smaller Brazilian companies such as TOTVS, COPASA and Sendas next to a diversified core.
- Investors who can live with big swings: the fund fell 60.7% in early 2020, and its one-year volatility was 50.3% as of October 27, 2026.
- People who want plain index tracking of Brazilian small caps at 0.59% a year, which is less than VanEck Brazil Small-Cap ETF's 0.70%.
Look elsewhere if
- Retirees who may need this money within a few years: the fund took about 42.5 months to recover from its 2022 drop.
- Investors who want steady, predictable income. The 4.44% yield (as of October 27, 2026) is paid only twice a year and is exposed to currency swings.
- Cost- or tax-sensitive investors: turnover was 82%, cash redemptions can create taxable gains, and Franklin FTSE Brazil ETF charges just 0.19%.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is EWZS good for retirement?
EWZS is a high-risk fund, so it probably fits only a small slice of a retirement portfolio, if any. As of December 31, 2024, its average annual return was -0.81% over 10 years and -12.18% over five years. It fell 60.7% in early 2020. Its 79.2% loss from 2011 to 2016 had not been fully recovered as of October 27, 2026. People who need to draw money during a downturn could be taking losses at a bad time.
What's the difference between EWZS and BRF?
Both funds hold Brazilian small-cap stocks, but they track different indexes and only about 45% of their holdings overlap. EWZS is from iShares and tracks the MSCI Brazil Small Cap Index for 0.59% a year. VanEck's BRF charges 0.70%. EWZS is also much bigger: $217.6 million in net assets as of August 31, 2026, against BRF's $22.3 million as of June 30, 2026. As of October 27, 2026, BRF had done better over one year (-7.6% vs. -12.8%) and three years (2.9% vs. 1% a year).
Does EWZS pay dividends?
Yes. EWZS pays dividends twice a year. Over the 12 months to October 27, 2026, it paid about $0.51 per share, for a yield of 4.44%. The money comes from the Brazilian companies the fund owns. Those payouts can change from year to year, and since the fund reports in US dollars, a weaker Brazilian real can shrink them. The yield has not protected investors from large price drops.
Why is EWZS so volatile?
EWZS stacks several risks on top of each other: small companies, a single emerging-market country, and currency swings. Its prospectus also flags Brazil's political risk, past high inflation, and the economy's ties to commodity prices. Its one-year volatility (a measure of how widely returns swing) was 50.3% as of October 27, 2026. Its worst quarter was a 54.25% loss in early 2020. Its best was a 32.62% gain in the last quarter of that same year.
What stocks does EWZS hold?
As of August 31, 2026, EWZS held 75 companies, and the 10 largest made up 36.5% of assets. The top holdings were TOTVS (6.5%), COPASA (4.7%), Sendas Distribuidora (4.0%), Lojas Renner (3.7%) and ALLOS (3.6%). About 90.4% of assets were in Brazil and 6.9% in the Cayman Islands. The Cayman portion includes PagSeguro Digital and Inter & Co, two companies registered there that the index counts in its Brazil holdings.