iShares Inc iShares MSCI Brazil ETF (ARCA: EWZ)

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iShares Inc iShares MSCI Brazil ETF

iShares MSCI Brazil Capped Index Fund

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The Fund seeks to track the investment results of the MSCI Brazil 25/50 Index (the Underlying Index), which is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of the large- and mid-capitalization segments of the equity market in Brazil. The Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI Brazil Index (the Parent Index). The Underlying Index uses a capping methodology that limits the weight of any single group entity (constituents that MSCI determines have a control relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group but may separately issue listed securities.

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iShares MSCI Brazil ETF

iShares MSCI Brazil Small-Cap ETF

As global markets spiral from fresh tariff hikes, <a href="https://www.benzinga.com/markets/emerging-markets">some emerging markets</a> defy the chaos—surviving and thriving.
In exclusive insights shared with Benzinga via email, Violeta Todorova, Senior Research Analyst at Leverage Shares, spotlighted several resilient economies she perceives as "best positioned to weather the tariff war volatility." 
She says emerging markets are making the biggest impression, citing India, the UAE, parts of Latin America, and Australia.
Read Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/25/04/44977897/exclusive-nvidia-alphabet-microsoft-amazon-meta-now-in-the-bargain-bin-after-being-heavi" target="_blank" rel="noreferrer noopener">EXCLUSIVE: Nvidia, Alphabet, Microsoft, Amazon, Meta &#8211; Now In The Bargain Bin After Being &#8216;Heavily Sold Off&#8217;, Says Expert</a>
<h2 class="wp-block-heading">Why India Is Insulated From Trade Disruptions</h2>
"India is seen as relatively insulated from global trade disruptions due to its strong focus on domestic consumption," Todorova said. With growth driven more by locals than exports, the market is shaping up to be a defensive powerhouse. Indian banks, in particular, shine due to "attractive valuations, room for loan growth, and lower exposure to international trade."
For U.S. investors, the iShares MSCI India ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INDA#NYSE">INDA</a>) and the WisdomTree India Earnings Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPI#NYSE">EPI</a>) offer direct exposure.
<h2 class="wp-block-heading">UAE Is More Open To Trade, LatAm Offers Protection</h2>
The UAE, she added, "is becoming more open to trade and immigration," aided by policies like the golden visa. Economic optimism is fueling home buying and consumer demand &#8211; momentum captured by ETFs like the iShares MSCI UAE ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UAE#NYSE">UAE</a>).
In Latin America, Brazil and Argentina "offer some protection from the negative impacts of global tariff hikes." U.S. investors looking for access may consider the iShares Latin America 40 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ILF#NYSE">ILF</a>) or the iShares MSCI Brazil ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWZ#NYSE">EWZ</a>).
Even Australia, typically overshadowed in the emerging narrative, is largely spared. "The direct impact of the new tariff regime on Australia&#8217;s economy will be small," Todorova said. Meanwhile, "Australian gold mining companies…are positioned to perform very well in 2025," with U.S.-traded names like Perseus Mining (OTCPK:PMNXF) and Evolution Mining (OTCPK:CAHPF) catching momentum.
Exposure through iShares MSCI Australia ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWA#NYSE">EWA</a>) gives investors a backdoor into this stability play. 
<h2 class="wp-block-heading">Expert Tips For A Global Tariff-Resistant Portfolio</h2>
Sector-wise, Todorova sees promise within borders too. Defensive players in health care, utilities, and staples "tend to be less sensitive to changes in trade policy," while services sectors &#8211; "software, cybersecurity, defense tech, and large-cap financials" &#8211; stand out for their domestic lean and AI-driven strength.
And as always, there's gold. "Gold is poised to remain a key asset in 2025," she noted, thanks to ongoing instability and demand from central banks. For U.S. investors, the SPDR Gold Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) remains a cornerstone option.
Read Next: 
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44982369/exclusive-feds-tepid-cut-outlook-reshapes-portfolios-heres-how-smart-money-plays-" target="_blank" rel="noreferrer noopener">EXCLUSIVE: Fed&#8217;s Tepid Cut Outlook Reshapes Portfolios, Here&#8217;s How Smart Money Plays Defense</a></li>
</ul>
Image: Shutterstock

Long Ideas

Macro Economic Events

Emerging Markets

Emerging Market ETFs

Economics

Markets

Trading Ideas

ETFs

CAHPF

iShares Trust S&P Latin America 40 Index Fund

INDA

PMNXF

EXCLUSIVE: These Emerging Markets Are The Calm In The Tariff Storm

<a href="https://www.reuters.com/business/retail-consumer/mercadolibre-invest-58-billion-brazil-this-year-2025-04-07/#:~:text=The%20company%2C%20which%20trades%20on,the%20end%20of%20the%20year" title="https://www.reuters.com/business/retail-consumer/mercadolibre-invest-58-billion-brazil-this-year-2025-04-07/#:~:text=The%20company%2C%20which%20trades%20on,the%20end%20of%20the%20year">https://www.reuters.com/business/retail-consumer/mercadolibre-invest-58-billion-brazil-this-year-2025-04-07/#:~:text=The%20company%2C%20which%20trades%20on,the%20end%20of%20the%20year</a>.

News

Contracts

Global

MELI

'MercadoLibre To Invest $5.8B In Brazil This Year; Plans To Create About 14,000 Jobs In Brazil This Year, Reaching Over 50,000 Employees In The Country' - Reuters News

Novo Nordisk CEO Says To Invest 6.4 Billion Reais To Increase Factory Capacity In Brazil

Trump Media and Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) ("TMTG"), operator of the social media platform Truth Social, the streaming platform Truth+, and the FinTech brand Truth.Fi, has jointly filed an emergency motion with its partner Rumble (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUM#NASDAQ">RUM</a>) in U.S. federal court to halt the suspension of Rumble in Brazil by a Brazilian judge.

Trump Media, Rumble File Court Motion Against Suspension Of Rumble In Brazil

- Reuters Citing Court Decision/ G1 Website

Legal

Brazil Supreme Court Justice Moraes Orders Video-Sharing Platform Rumble To Be Blocked In Brazil

GPRE

President Trump Memo On Reciprocal Tariffs To Mention Brazil Ethanol Tariffs

Embraer-Empresa Brasileira De Aeronautica

Embraer CEO Says Company To Make New Investments Totaling 20 Billion Reais In Brazil

Brazil Government Says It Sees Meta Changes To Hate Speech Policy As Worrying, Will Hold Public Hearing To Discuss Topic

Brazilian assets are stumbling into the new year as skepticism over President Luiz Inácio Lula da Silva's fiscal repair skills <a href="https://www.benzinga.com/topic/brazil">continues to grow</a>.
What Happened: The Brazilian real has dropped nearly 22% against the U.S. dollar this year, according to <a href="https://www.bloomberg.com/news/articles/2024-12-30/brazil-leads-global-losses-in-2024-as-fiscal-angst-takes-hold?srnd=homepage-americas&amp;sref=TBDibEcD">Bloomberg</a>.
The country&#8217;s central bank, which spent some $20 billion in reserves over the course of two weeks to boost the currency, met again on Monday and sold about $1.8 billion in a spot sale.
The real briefly perked up by just 0.4%, while government bond yields hit heights not seen since former Brazilian President Dilma Rousseff was removed from office in 2016. 
Also, the Ibovespa equity index, the benchmark stock market index for the Brazilian Stock Exchange, is lagging behind almost all major peers.
See Also: <a href="https://www.benzinga.com/news/global/24/12/42562850/brazilian-real-plunges-as-investors-doubt-president-lulas-budget-initiatives">Brazilian Real Plunges As Investors Doubt President Lula&#8217;s Budget Initiatives</a>
Why It Matters: Lula da Silva's budget deficit has ballooned to a whopping 10% of gross domestic product. In other words, Brazil&#8217;s government is spending significantly more than it earns in revenue.
This is not just a Brazilian problem. Emerging markets, for the most part, are currently grappling with <a href="https://www.benzinga.com/24/12/42677388/chinas-squid-game-inspired-scams-target-financially-distressed-amid-economic-slowdown">China's sputtering economy</a>, <a href="https://www.benzinga.com/24/12/42719521/asia-and-europe-markets-mixed-natural-gas-jumps-10-oil-stable-on-demand-hopes-gold-slips-global-markets-today-while-us-slept">geopolitical drama</a>, and the wildcard of U.S. President-elect Donald Trump's <a href="https://www.benzinga.com/government/regulations/24/12/42701155/made-in-china-paid-in-america-what-trumps-new-tariffs-mean-for-the-us-economy">upcoming policies</a>. 
Lula da Silva, who took office in 2023, does not have broad support. Pew Research <a href="https://www.pewresearch.org/global/2024/09/23/brazilians-views-of-lula-and-bolsonaro/">estimates</a> that 48% of Brazilians have a positive view of the 79-year-old politician.
It&#8217;s unclear whether his pick for central bank chief, Gabriel Galipolo, will improve his favorability. Galípolo will begin his term as president of the Central Bank of Brazil on Jan. 1.
Brazilian equities are tracked by the iShares MSCI Brazil ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWZ#NYSE">EWZ</a>), which jumped by 0.42% at last check Monday afternoon.
Now Read:
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<li><a href="https://www.benzinga.com/news/econ-s/24/12/42561549/fed-slashes-interest-rates-by-0-25-as-predicted-december-dot-plot-flags-only-2-potential-cuts-in-2025" target="_blank" rel="noreferrer noopener">Fed Slashes Interest Rates By 0.25% As Predicted: December Dot Plot Flags Only 2 Potential Cuts In 2025</a></li>
</ul>
Image: Shutterstock

Latin America

Politics

Brazil Central Bank Fails To Impress As Real Slides Further: Report

Brazil&#8217;s currency, the real, has <a href="https://www.benzinga.com/topic/brazil">continued its plunge</a> as investors grow skeptical of President Luiz Inácio Lula da Silva&#8216;s budgetary plans.
The real, the worst-performing currency over the past four market sessions, has fallen over 3% against the US dollar in the past week. Its plunge against American currency is over 21% in the past year.
On Wednesday, Finance Minister Fernando Haddad told reporters that Brazil&#8217;s currency could be the victim of a &#8220;speculative attack,&#8221; Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-12-18/brazil-finance-chief-says-real-may-be-under-speculative-attack">reports</a>.
"There may be speculative attacks, but I don't want to make a judgment about that, because the Finance Ministry works with fundamentals," Haddad reportedly said. The currency fell even further following the minister&#8217;s remarks.
Investors are skeptical of Lula da Silva&#8217;s budget deficit reduction plan. A series of cost-cutting measures designed to cut 70 billion reais ($11.3 billion) from the country&#8217;s budget was marked up and approved by the lower house of the Brazilian legislature on Tuesday.
The plan, <a href="https://www.bloomberg.com/news/articles/2024-08-30/brazil-president-lula-set-to-unveil-unpopular-budget">unveiled</a> over the summer, did not find supporters from within Lula da Silva&#8217;s leftist political party nor from the financial markets.
Lula da Silva, who entered office in 2023, does not have broad support; <a href="https://www.pewresearch.org/global/2024/09/23/brazilians-views-of-lula-and-bolsonaro/">according</a> to Pew Research, 48% of Brazilians have a favorable view of the 79-year-old politician.
Brazilian equities, as tracked by the iShares MSCI Brazil ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWZ#NYSE">EWZ</a>), fell by 6% on Wednesday. The benchmark is trading down over 34% in 2024.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/news/econ-s/24/12/42561549/fed-slashes-interest-rates-by-0-25-as-predicted-december-dot-plot-flags-only-2-potential-cuts-in-2025">Fed Slashes Interest Rates By 0.25% As Predicted: December Dot Plot Flags Only 2 Potential Cuts In 2025</a></li>
</ul>

Government

Forex

Brazilian Real Plunges As Investors Doubt President Lula's Budget Initiatives

Mexico's President Claudia Sheinbaum has announced a review of a controversial bill to ban <a target="_blank" href="https://www.benzinga.com/topic/mining" rel="noreferrer noopener">open-pit mining</a>. Congress approved the bill in July after debating balancing environmental protection with economic priorities.
"Open-pit mining warrants a thorough review, as activities such as sand extraction for cement production and lithium mining—critical for national development—are conducted using this method. It is vital to assess the specifics of the constitutional reform's provisions," Sheinbaum <a target="_blank" href="https://www.gob.mx/presidencia/articulos/version-estenografica-conferencia-de-prensa-de-la-presidenta-claudia-sheinbaum-pardo-del-6-de-diciembre-de-2024?idiom=es" rel="noreferrer noopener">said</a>.
Mexico's mining industry is a pillar of its economy, accounting for around 8% of its industrial GDP. In 2022, mining exports totaled $17.6 billion, generating a trade surplus of $12.8 billion. It directly employs over 370,000 workers and supports millions more in related industries such as logistics and equipment manufacturing.
Large operating open-pit mines include Newmont's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) Peñasquito and Southern Copper's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) Buenavista. The ban would likely stop the San Nicolás copper-zinc project, a 50-50 partnership between Teck Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>) and Agnico Eagle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>).
CAMIMEX, Mexico's primary mining chamber, warned that an outright ban could reduce GDP by 1% and threaten nearly 200,000 jobs. Open-pit mining accounts for 60% of the country's mining production value and is critical for extracting key resources like gold, silver, copper and strategic minerals like lithium.
Under former President Andrés Manuel López Obrador (AMLO), Mexico's mining sector faced heavy restrictions. In 2023, AMLO nationalized lithium, declaring it a strategic resource for Mexico's energy independence and banning new concessions for private companies.
He also established a state-run lithium company and canceled multiple existing concessions, triggering international arbitration disputes.
While the bill passed Congress during his administration, Sheinbaum took over in October, becoming the first female president.
Unlike AMLO, she faces economic difficulties at the beginning of her six-year term. Without foreign capital, it will be hard to provide quality jobs, education, and healthcare.
Meanwhile, El Salvador's President Nayib Bukele is pushing to go in the opposite direction. In 2017, his predecessor implemented a total mining ban to protect the country's water resources.
Still, Bukele, a famous Bitcoin advocate, claims that the untapped mineral reserves could transform the economy.
"We potentially have the largest gold deposits per square kilometer in the world," he <a target="_blank" href="https://x.com/nayibbukele/status/1865129919870578791" rel="noreferrer noopener">stated</a>, arguing that responsible mining could generate $131 billion—equal to 380% of the country's GDP—from just 4% of identified reserves. Earlier this year, Bukele secured the second term, winning 84.65% of popular votes. With control over Congress, lifting the ban seems inevitable.
However, in contrast to Mexico, El Salvador is a small country, largely dependent on the Lempa River as a primary water source. Any large-scale operations, particularly in the gold-rich north of the country, could pollute this water flow and cause more problems for what it is worth.
Read Next:
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<li><a href="https://www.benzinga.com/news/global/24/12/42475000/if-trump-starts-a-trade-war-canada-could-impose-export-taxes-on-oil-uranium-report" target="_blank" rel="noreferrer noopener">If Trump Starts A Trade War, Canada Could Impose Export Taxes On Oil, Uranium: Report</a></li>
</ul>
Photo via Shutterstock

Regulations

Commodities

Media

BATT

FLMX

LITP

MEXX

SCCO

TECK

Mexico And El Salvador Ponder Different Mining Stances

Prime Minister Keir Starmer is seeking to meet with China&#39;s Xi Jinping at next week&#39;s Group of 20 summit in Rio de Janeiro, in what would be the first face-to-face encounter between British and Chinese leaders in almost seven years.&nbsp;
<a href="https://www.bloomberg.com/news/articles/2024-11-15/uk-s-starmer-seeks-xi-meeting-at-g-20-summit-in-rio-de-janeiro" title="https://www.bloomberg.com/news/articles/2024-11-15/uk-s-starmer-seeks-xi-meeting-at-g-20-summit-in-rio-de-janeiro">https://www.bloomberg.com/news/articles/2024-11-15/uk-s-starmer-seeks-xi-meeting-at-g-20-summit-in-rio-de-janeiro</a>

Macro Notification

General

'UK's Starmer Seeks Xi Meeting at G-20 Summit in Rio de Janeiro' - Bloomberg

<a href="https://www.reuters.com/technology/brazil-institute-sues-social-media-giants-525-million-over-excessive-use-by-2024-10-28/" title="https://www.reuters.com/technology/brazil-institute-sues-social-media-giants-525-million-over-excessive-use-by-2024-10-28/">https://www.reuters.com/technology/brazil-institute-sues-social-media-giants-525-million-over-excessive-use-by-2024-10-28/</a>

Reported Earlier, 'Brazil's Collective Defense Institute Has Filed Two Lawsuits Demanding $525.27M From The Brazilian Units Of TikTok, Kwai And Meta Platforms For Allegedly Failing To Create Mechanisms To Prevent Indiscriminate Use Of These Social Media Platforms By Minors' - Reuters News

<a href="https://brics-russia2024.ru/en/news/plenarnoe-zasedanie-xvi-sammita-briks-v-formate-autrich-briks-plyus/" title="https://brics-russia2024.ru/en/news/plenarnoe-zasedanie-xvi-sammita-briks-v-formate-autrich-briks-plyus/">https://brics-russia2024.ru/en/news/plenarnoe-zasedanie-xvi-sammita-briks-v-formate-autrich-briks-plyus/</a>

Watch Live: Russian President Vladimir Putin Holds A Meeting With Leaders At The BRICS Summit; Says Cross-Border Payments Issue Is Important, We Will Develop Cooperation Within BRICS; BRICS Does Not Pursue Separate Common Payment System

<a href="https://www.barrons.com/news/brazil-supreme-court-lifts-ban-on-musk-s-x-9cdc78a3">https://www.barrons.com/news/brazil-supreme-court-lifts-ban-on-musk-s-x-9cdc78a3</a>
&nbsp;
Brazil's Supreme Court announced Tuesday that it was lifting a ban on X, after the social media site had been blocked in its biggest Latin American market for over a month amid a row over disinformation.
"I authorize the immediate return of the activities" of the social platform, Judge Alexandre de Moraes said in his ruling, after X settled millions of dollars in fines for breaching court orders relating to the fight against misinformation.

'Brazil Supreme Court Lifts Ban On Musk's X' - Barron's

FMC Signs Distribution Agreement With Ballagro Agro Tecnologia To Expand Biological Crop Protection Solutions In Brazil, Strengthening Biosolutions Offering In Key Market

<a href="https://support.google.com/adspolicy/answer/13706872?hl=en-GB" title="https://support.google.com/adspolicy/answer/13706872?hl=en-GB">https://support.google.com/adspolicy/answer/15471805?hl=en-GB&amp;ref_topic=29265&amp;sjid=513775088423335456-NC</a>

GOOG

GOOGL

Google Updates Google Ads Gambling And Games Policy, Brazil To Run Ads For Online Sports Betting/ Online Gambling Services After Sept 30; Advertisers Must Demonstrate That They Have Requested Authorization To Operate These Services From The Brazilian Ministry Of Finance

Elon Musk's X Asks Brazil Supreme Court To Allow It To Resume Service In The Country

OPEC Event In Brazil Resumes After Being Halted Due To A Climate Protest

X Lawyers In Brazil Report Platform Will Soon Present Legal Representative To Supreme Court And Has Begun Complying With Court Orders To Remove Hate Content; Unintentional Technical Issue Allowed Some Users To Access X On Wednesday

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iShares Inc iShares MSCI Brazil ETF

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