EWZ(EWZ)
AI Look-Through Summary
AI GeneratedThe iShares MSCI Brazil ETF maintains a substantial asset base of $9.7 billion, reflecting significant investor interest in the Brazilian equity market through this specific vehicle. The portfolio's composition is heavily weighted toward large-cap domestic leaders, with top holdings comprising Vale, Nu Holdings, and major banking entities like Itaú Unibanco and Petrobras. These five positions alone account for approximately 42% of total assets under management, indicating a high degree of concentration within the largest issuers in Brazil rather than broad diversification across mid or small caps. While the provided sector data explicitly lists Financial Services at only 8.7%, this figure likely represents a narrow classification where banking giants are categorized separately from broader financial services; in reality, the portfolio exhibits a pronounced tilt toward energy and materials due to the substantial weightings of Petrobras variants and Vale within the top ten holdings.
Geographically, the fund is exclusively focused on Brazil, offering investors direct exposure to the country's economic cycles without currency hedging or international diversification inherent in global indices. The quantitative profile suggests that performance will be highly correlated with commodity prices given the energy and materials dominance of its largest constituents, alongside sensitivity to domestic credit spreads driven by the financial sector weightings. Liquidity is likely robust given the $9.7 billion AUM and the inclusion of some of Brazil's most traded stocks, which facilitates efficient entry and exit for large positions. The presence of B3SA3 further underscores a focus on core market infrastructure alongside industrial and banking powerhouses. Ultimately, this structure creates an instrument that mirrors the fortunes of Brazilian mega-caps rather than providing a balanced representation of all economic sectors within the nation.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-22 12:30:18.147475+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 45/100The investment theme implied by the ticker EWZ is exposure to Brazil, yet the portfolio composition reveals a heavy reliance on specific mega-cap equities that may dilute thematic breadth. While financial services and energy giants dominate the top holdings, representing significant portions of the fund's assets, several major constituents lack explicit sector classifications in the provided data, suggesting they span diverse industries beyond a single coherent narrative. This concentration within a handful of massive companies indicates that the fund's performance is disproportionately driven by these specific entities rather than offering broad exposure to the Brazilian economy as a whole. The presence of such dominant names suggests the strategy may prioritize stability through established market leaders over maintaining a diversified thematic focus across smaller or mid-cap sectors typically associated with emerging market growth stories.
Sector coherence appears limited given that financial services alone account for less than nine percent of the portfolio despite holding multiple top-tier positions, while other major industrial and energy players remain unclassified in the breakdown. This structure creates a concentration risk where the fund's returns are tightly coupled to the performance of a few large issuers rather than reflecting the wider economic landscape implied by its geographic mandate. Consequently, the portfolio may not be sufficiently differentiated from broad Brazilian market indices that also capture these heavyweight stocks, potentially limiting the investor's ability to isolate specific thematic exposures or mitigate idiosyncratic risks associated with individual companies. The high top-ten concentration further underscores a strategy centered on liquidity and size rather than sectoral diversification within the target geography.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-21 08:32:19.21189+00
🏢 Sector Analysis
AI GeneratedThe sector allocation for EWZ reveals a distinct divergence between its reported industry breakdown and the actual composition of its largest holdings. While Financial Services accounts for only 8.7% of the portfolio, driven primarily by Banco Bradesco (NU) and Itaú Unibanco (ITUB4), this figure masks the fund's overwhelming exposure to Brazil's extractive industries. The top five positions are dominated by Vale S.A., Petrobras, and its dual-listed counterpart, indicating that energy and materials sectors likely constitute the vast majority of economic weight despite not being explicitly detailed in the provided sector line items. This structural characteristic suggests an investment thesis heavily reliant on commodity cycles rather than broad financial or consumer trends.
The concentration risk profile is exceptionally high, with the top ten holdings representing 58.4% of total assets under management. Such a concentrated portfolio implies significant vulnerability to idiosyncratic events affecting specific Brazilian corporates or systemic shocks within the resource sector. The heavy weighting in state-owned and major private energy firms further accentuates sensitivity to domestic fiscal policies, currency fluctuations, and global demand for oil and iron ore. Consequently, the fund exhibits a strong tilt toward value factors often found in cyclical industries but lacks diversification across geographies or sectors that typically mitigates country-specific volatility.
Ultimately, this allocation pattern positions EWZ as a vehicle specifically targeting exposure to Brazil's resource-rich economy rather than providing broad market coverage. The limited presence of financial services relative to the dominance of industrial giants highlights a strategic focus on capital-intensive production sectors. Investors examining this profile must weigh the potential for outsized returns during commodity supercycles against the amplified risks associated with single-country and single-sector dependencies inherent in such a concentrated structure.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 10:20:04.961483+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share EWZ's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 84% of EWZ's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VTVT | $80B | — | 3 | 25.0% |
| VWOVanguard Emerging Markets Stock Index Fund | $149B | — | 3 | 19.6% |
| VYMIVYMI | $19B | — | 3 | 19.6% |
| VXUSVXUS | $624B | — | 3 | 19.6% |
| VEUVEU | $86B | — | 2 | 16.3% |
25% of EWZ's portfolio by weight is also held by VT, which commands 8× more assets under management. When VT receives inflows, it mechanically buys these shared stocks — dragging EWZ's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofEWZ's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Replaces $249/yr MorningstarPeer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 66% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 36% of fund weight with Piotroski data.
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside EWZ collectively pay out 102% of their Free Cash Flow to maintain the current yield. Warning: constituent companies are paying out nearly all cash flow. A wave of dividend cuts may be imminent if earnings decline. Based on 20% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryEWZ is up 36.8% over the last 12 months. The underlying weighted earnings growth of its constituents is +25.0%. The remaining +11.8% of performance is driven by multiple expansion (P/E inflation) — prices rose faster than earnings grew.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 36% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of EWZ's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of EWZ's analyzed weight, 62% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 38% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 27% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
ELEVATEDEWZ's top holding VALE3.SA at 10.4% is above the 8% elevated-concentration threshold. The effective number of stocks is 24 vs. the actual count of 10.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.
Passive Crowding Score
LOWHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
EWZ has a low Passive Crowding Score of 2/100. On average, 0.5% of the market capitalization of EWZ's underlying holdings is structurally locked in passive ETF vehicles. This indicates relatively low passive crowding — the underlying stocks have ample active-market liquidity to absorb ETF-driven flows without significant price distortion.
Passive $ = Σ(ETF AUM × holding weight) across all 1 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 10 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | VALE3.SA | Vale SA | 10.39% | 27.8x | 5/9 |
| 2 | NU | Nu Holdings Ltd Ordinary Shares Class A Financial Services | 8.74% | 20.2x | 4/9 |
| 3 | ITUB4 | Itau Unibanco Holding SA Participating Preferred | 8.43% | — | — |
| 4 | PETR4 | Petroleo Brasileiro SA Petrobras Participating Preferred | 7.84% | — | — |
| 5 | PETR3.SA | Petroleo Brasileiro SA Petrobras | 7.23% | 6.8x | 7/9 |
| 6 | B3SA3.SA | B3 SA - Brasil Bolsa Balcao | 3.60% | 20.6x | 4/9 |
| 7 | BBDC4 | Bank Bradesco SA Participating Preferred | 3.35% | — | — |
| 8 | SBSP3.SA | Companhia De Saneamento Basico Do Estado De Sao Paulo | 3.12% | 12.4x | 4/9 |
| 9 | AXIA3.SA | Axia Energia | 2.87% | 18.6x | — |
| 10 | WEGE3.SA | Weg SA | 2.85% | 32.1x | 6/9 |
Historical Holdings Snapshots
Browse how EWZ’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
10 holdings · 58.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | VALE3.SA | 10.39% | — | — |
| 2 | NU | 8.74% | — | — |
| 3 | ITUB4 | 8.43% | — | — |
| 4 | PETR4 | 7.84% | — | — |
| 5 | PETR3.SA | 7.23% | — | — |
| 6 | B3SA3.SA | 3.60% | — | — |
| 7 | BBDC4 | 3.35% | — | — |
| 8 | SBSP3.SA | 3.12% | — | — |
| 9 | AXIA3.SA | 2.87% | — | — |
| 10 | WEGE3.SA | 2.85% | — | — |
2026-05-23
10 holdings · 58.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | VALE3.SA | 10.39% | — | — |
| 2 | NU | 8.74% | — | — |
| 3 | ITUB4 | 8.43% | — | — |
| 4 | PETR4 | 7.84% | — | — |
| 5 | PETR3.SA | 7.23% | — | — |
| 6 | B3SA3.SA | 3.60% | — | — |
| 7 | BBDC4 | 3.35% | — | — |
| 8 | SBSP3.SA | 3.12% | — | — |
| 9 | AXIA3.SA | 2.87% | — | — |
| 10 | WEGE3.SA | 2.85% | — | — |
2026-05-22
10 holdings · 58.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | VALE3.SA | 10.39% | — | — |
| 2 | NU | 8.74% | — | — |
| 3 | ITUB4 | 8.43% | — | — |
| 4 | PETR4 | 7.84% | — | — |
| 5 | PETR3.SA | 7.23% | — | — |
| 6 | B3SA3.SA | 3.60% | — | — |
| 7 | BBDC4 | 3.35% | — | — |
| 8 | SBSP3.SA | 3.12% | — | — |
| 9 | AXIA3.SA | 2.87% | — | — |
| 10 | WEGE3.SA | 2.85% | — | — |
2026-05-21
10 holdings · 58.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | VALE3.SA | 10.39% | — | — |
| 2 | NU | 8.74% | — | — |
| 3 | ITUB4 | 8.43% | — | — |
| 4 | PETR4 | 7.84% | — | — |
| 5 | PETR3.SA | 7.23% | — | — |
| 6 | B3SA3.SA | 3.60% | — | — |
| 7 | BBDC4 | 3.35% | — | — |
| 8 | SBSP3.SA | 3.12% | — | — |
| 9 | AXIA3.SA | 2.87% | — | — |
| 10 | WEGE3.SA | 2.85% | — | — |
2026-05-20
10 holdings · 58.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | VALE3.SA | 10.39% | — | — |
| 2 | NU | 8.74% | — | — |
| 3 | ITUB4 | 8.43% | — | — |
| 4 | PETR4 | 7.84% | — | — |
| 5 | PETR3.SA | 7.23% | — | — |
| 6 | B3SA3.SA | 3.60% | — | — |
| 7 | BBDC4 | 3.35% | — | — |
| 8 | SBSP3.SA | 3.12% | — | — |
| 9 | AXIA3.SA | 2.87% | — | — |
| 10 | WEGE3.SA | 2.85% | — | — |
2026-05-19
10 holdings · 58.4% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | VALE3.SA | 10.39% | — | — |
| 2 | NU | 8.74% | — | — |
| 3 | ITUB4 | 8.43% | — | — |
| 4 | PETR4 | 7.84% | — | — |
| 5 | PETR3.SA | 7.23% | — | — |
| 6 | B3SA3.SA | 3.60% | — | — |
| 7 | BBDC4 | 3.35% | — | — |
| 8 | SBSP3.SA | 3.12% | — | — |
| 9 | AXIA3.SA | 2.87% | — | — |
| 10 | WEGE3.SA | 2.85% | — | — |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Price Chart with Moving Averages
What Drove EWZ Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Top Detractors
Attribution = holding weight × stock daily return. Only the top contributors and detractors are shown.
Technical Setup
AI GeneratedThe current price level of $35.89 for EWZ sits within a context where technical structures often reflect the positioning of larger market participants rather than isolated retail sentiment. While specific moving average crossover data and volume trends are not explicitly provided in the input, the absence of such indicators suggests that immediate institutional momentum signals may be muted or currently neutral at this snapshot in time. In many equity markets, significant shifts in large-cap behavior typically manifest as sustained deviations from key averages accompanied by divergent volume profiles; without these specific confirmations visible here, the price action appears to lack a definitive directional thrust driven by heavy-handed accumulation or distribution patterns. Institutional players frequently utilize support and resistance zones established by historical trading ranges to gauge market sentiment, yet the current data point offers only a static reference rather than a dynamic trend analysis. The solitary figure of $35.89 does not inherently reveal whether sophisticated algorithms are building long positions in anticipation of an upward move or reducing exposure ahead of potential volatility. Observers must therefore interpret this price level as merely one coordinate within a broader chart pattern that requires additional technical confirmation to infer the strategic intent of major holders. Any conclusion regarding institutional alignment remains speculative without further data on how volume interacts with price changes over successive timeframes, leaving the true positioning of large investors ambiguous at this specific moment.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How EWZ’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.