ETF Research Center

iShares MSCI Brazil Small-Cap ETF

ALTAR
Score™

10.8%

Recommen-
dation

NEUTRAL

2025E 2026E
P/E ratio	9.5x	P/Sales ratio	0.6x
P/BV ratio	1.0x	Div. yield	5.2%

Description
Performance
Comps
Fundamentals
Valuation
Rating

iShares MSCI Brazil Small-Cap ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to track the performance of the MSCI Brazil Small Cap Index Fund.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	BlackRock Fund Advisors
Website	www.ishares.com
Inception date	Sep 28, 2010
Assets (mns)	$152
Currency	USD
Expense ratio	59 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	State Street Bank & Trust Co
Weighting	Market Cap
Index replication	Optimized
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	72
Wgt avg mkt cap (mns)	$1,544
Large cap (>$10bn)	1.4%
Mid cap ($2-10bn)	39.5%
Small cap (<$2bn)	52.8%
Developed mkts	9.1%
Emerging mkts	90.9%

TOP TEN HOLDINGS
Total	37.4 %
STONECO LTD. CLASS A	5.8 %
LOJAS RENNER S.A.	5.8 %
HAPVIDA PARTICIPACOES E INVESTIMEN	4.3 %
SENDAS DISTRIBUIDORA SA	4.2 %
COSAN SA INDUSTRIA COMERCIO	3.0 %
PAGSEGURO DIGITAL LTD. CLASS A	3.0 %
INTER AND CO INC CLASS A	2.9 %
HYPERMARCAS SA	2.9 %
SMARTFIT ESCOLA DE GINASTICA E DAN	2.7 %
MULTIPLAN EMPREENDIMENTOS	2.7 %

TOP COUNTRY EXPOSURE
	BRAZIL	73.2 %
	CAYMAN ISLANDS	1.3 %
	BRITAIN	0.6 %
	CANADA	0.5 %

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
35.6%	-1.1%	5.1%	4.4%	-2.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.99	27%
MSCI EAFE	0.92	24%
MSCI Emg. Mkts.	0.71	14%

Technical Indicators
Recent close	$12.74
30d moving avg.	$12.10
Annualized volatility	32.4%
Short interest (ETF)	0.9%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	337
Turnover	2.8%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$503

FINDING ALTERNATIVE FUNDS

Below is a list of 128 potential alternatives to the iShares MSCI Brazil Small-Cap ETF ETF based on the alternatives' overlap in portfolio holdings with EWZS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

EWZS

Expense:

59 bp

ALTAR Score™:

10.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EWZS
Ticker	Fund Name	Overlap¹ vs EWZS (%)	Expense ratio (bp)	Savings vs EWZS (bp)	ALTAR Score™ (%)	ALTAR vs EWZS (%)
BRF	VanEck Brazil Small-Cap ETF	40.5	66	-7	11.3	+0.4
FBZ	First Trust Brazil AlphaDEX Fund	21.8	80	-21	12.4	+1.6
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	10.4	80	-21	14.7	+3.9
FLBR	Franklin FTSE Brazil ETF	6.1	19	40	15.2	+4.4
DVYE	iShares Emerging Markets Dividend ETF	4.2	49	10	19.1	+8.3
SDIV	Global X Superdividend ETF	3.7	58	1	42.7	+31.9
FLLA	Franklin FTSE Latin America ETF	3.7	19	40	13.5	+2.7
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	3.2	58	1	10.0	-0.8
EEMS	iShares MSCI Emerging Markets Small Cap ETF	3.1	70	-11	8.0	-2.9
IPAY	ETFMG Prime Mobile Payments ETFMG Prime Mobile Payments Fund	2.7	75	-16	4.4	-6.4
BRAZ	Global X Brazil Active ETF	2.6	75	-16	12.8	+2.0
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	2.5	86	-27	0.9	-10.0
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	2.3	59	0	12.2	+1.4
EYLD	Cambria Emerging Shareholder Yield ETF	2.1	66	-7	12.8	+2.0
VIDI	Vident International Equity Strategy ETF	2.0	61	-2	11.6	+0.8
EWX	SPDR S&P Emerging Markets Small Cap ETF	1.9	65	-6	8.3	-2.5
LIVR	Intelligent Livermore ETF	1.8	69	-10	6.4	-4.5
EDOG	ALPS Emerging Sector Dividend Dogs ETF	1.6	60	-1	10.9	+0.1
FDIG	Fidelity Crypto Industry and Digital Payments ETF	1.6	39	20	-1.1	-11.9
CGW	Invesco S&P Global Water Index ETF	1.6	57	2	4.7	-6.1
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	1.6	44	15	11.0	+0.2
DEM	WisdomTree Emerging Markets High Dividend Fund	1.5	63	-4	13.5	+2.7
FINX	Global X FinTech ETF	1.3	68	-9	2.3	-8.5
EFRA	iShares Environmental Infrastructure and Industrials ETF	1.2	47	12	5.3	-5.5
DTEC	ALPS Disruptive Technologies ETF	1.1	50	9	3.8	-7.0
AVES	Avantis Emerging Markets Value ETF	1.0	36	23	11.9	+1.1
IWTR	iShares MSCI Water Management Multisector ETF	1.0	47	12	5.9	-4.9
FAN	First Trust Global Wind Energy ETF	1.0	60	-1	4.8	-6.1
RNRG	Global X Renewable Energy Producers ETF	1.0	66	-7	6.0	-4.8
XCNY	SPDR S&P Emerging Markets ex-China ETF	0.9	15	44	7.8	-3.0
EMC	Global X Emerging Markets Great Consumer ETF	0.8	75	-16	9.0	-1.8
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	0.8	58	1	4.9	-5.9
AVEM	Avantis Emerging Markets Equity ETF	0.8	33	26	9.5	-1.4
WOOD	iShares Global Timber & Forestry ETF	0.7	42	17	12.1	+1.3
TMAT	Main Thematic Innovation ETF	0.7	164	-105	-1.4	-12.2
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.7	41	18	9.1	-1.7
SMLV	SPDR SSGA US Small Cap Low Volatility Index ETF	0.6	12	47	7.7	-3.1
LITP	Sprott Lithium Miners ETF	0.6	65	-6	5.5	-5.3
SETM	Sprott Energy Transition Materials ETF	0.6	65	-6	4.0	-6.9
REMX	VanEck Rare Earth/Strategic Metals ETF	0.6	54	5	5.6	-5.2
PBW	Invesco WilderHill Clean Energy ETF	0.6	66	-7	-5.1	-15.9
ILIT	iShares Lithium Miners and Producers ETF	0.6	47	12	9.0	-1.8
PXH	Invesco FTSE RAFI Emerging Markets ETF	0.6	49	10	16.4	+5.6
RCGE	RockCreek Global Equality ETF	0.6	95	-36	6.4	-4.4
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.6	7	52	7.0	-3.8
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	0.6	86	-27	13.3	+2.5
IBUY	Amplify Online Retail ETF	0.6	65	-6	1.2	-9.6
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.5	38	21	9.7	-1.1
IEMG	iShares Core MSCI Emerging Markets ETF	0.5	9	50	10.8	-0.1
PSC	Principal U.S. Small-Cap ETF	0.5	38	21	7.0	-3.8
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	0.5	39	20	16.7	+5.9
XC	WisdomTree Emerging Markets Ex-China Fund	0.5	32	27	6.3	-4.5
AIQ	Global X Artificial Intelligence & Technology ETF	0.5	68	-9	4.0	-6.9
VWO	Vanguard FTSE Emerging Markets ETF	0.5	8	51	10.8	0.0
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	0.5	50	9	11.8	+1.0
AQWA	Global X Clean Water ETF	0.5	50	9	5.0	-5.8
ECOW	Pacer Emerging Markets Cash Cows 100 ETF	0.4	70	-11	14.8	+4.0
RWX	SPDR Dow Jones International Real Estate ETF	0.4	59	0	7.1	-3.7
QCLN	First Trust Nasdaq Clean Edge Green Energy Index Fund	0.4	58	1	-3.2	-14.0
PICK	iShares MSCI Global Metals & Mining Producers ETF	0.4	39	20	14.0	+3.2
DFAE	Dimensional Emerging Core Equity Market ETF	0.4	35	24	9.7	-1.1
LIT	Global X Lithium & Battery Tech ETF	0.4	75	-16	5.7	-5.1
DFEV	Dimensional Emerging Markets Value ETF	0.4	43	16	13.7	+2.9
TRFM	AAM Transformers ETF	0.4	49	10	1.6	-9.2
SPEM	SPDR Portfolio Emerging Markets ETF	0.4	7	52	10.8	-0.0
KOMP	SPDR S&P Kensho New Economies Composite ETF	0.3	20	39	2.9	-7.9
ERTH	Invesco MSCI Sustainable Future ETF	0.3	62	-3	3.6	-7.2
BLLD	JPMorgan Sustainable Infrastructure ETF	0.3	49	10	6.1	-4.8
CARZ	First Trust NASDAQ Global Auto Index Fund	0.3	70	-11	5.5	-5.3
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.3	32	27	9.5	-1.3
VEGI	iShares MSCI Agriculture Producers ETF	0.3	39	20	8.6	-2.2
AFSM	First Trust Active Factor Small Cap ETF	0.3	75	-16	7.9	-2.9
EBIZ	Global X E-Commerce ETF	0.3	50	9	4.0	-6.8
PSP	Invesco Global Listed Private Equity ETF	0.3	106	-47	6.2	-4.6
IWO	iShares Russell 2000 Growth ETF	0.3	24	35	1.5	-9.4
ICLN	iShares Global Clean Energy ETF	0.3	41	18	6.0	-4.8
VTWG	Vanguard Russell 2000 Growth ETF	0.3	15	44	1.5	-9.3
FTAG	First Trust Indxx Global Agriculture ETF	0.3	70	-11	8.4	-2.4
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.3	15	44	8.3	-2.5
IPKW	Invesco International BuyBack Achievers ETF	0.3	55	4	13.5	+2.7
HAUZ	DBX ETF Trust - Xtrackers International Real Estate ETF	0.3	10	49	8.3	-2.5
RSSL	Global X Russell 2000 ETF	0.3	8	51	4.7	-6.1
SCHE	Schwab Emerging Markets Equity ETF	0.3	11	48	11.4	+0.6
IWM	iShares Russell 2000 ETF	0.3	19	40	4.8	-6.0
VTWO	Vanguard Russell 2000 ETF	0.3	10	49	4.8	-6.0
RFEM	First Trust Riverfront Dynamic Emerging Markets ETF	0.2	95	-36	13.3	+2.5
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.2	33	26	10.4	-0.4
CUT	Invesco MSCI Global Timber ETF	0.2	61	-2	10.2	-0.6
GINN	Goldman Sachs Innovate Equity ETF	0.2	52	7	3.8	-7.0
IWN	iShares Russell 2000 Value ETF	0.2	24	35	8.2	-2.6
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.2	30	29	8.2	-2.6
VTWV	Vanguard Russell 2000 Value ETF	0.2	15	44	8.3	-2.5
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity ETF	0.2	20	39	6.1	-4.7
IPAV	Global X Infrastructure Development ex-U.S. ETF	0.2	55	4	7.8	-3.0
FTRI	First Trust Indxx Global Natural Resources Income ETF	0.2	70	-11	8.4	-2.4
GMET	VanEck Green Metals ETF	0.2	63	-4	10.1	-0.8
VSGX	Vanguard ESG International Stock ETF	0.2	12	47	7.9	-2.9
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.2	47	12	5.8	-5.0
DEW	WisdomTree Global High Dividend Fund	0.2	58	1	8.8	-2.0
IXUS	iShares Core MSCI Total International Stock ETF	0.1	7	52	8.0	-2.8
ROAM	Hartford Multifactor Emerging Markets ETF	0.1	44	15	12.3	+1.5
BKEM	BNY Mellon Emerging Markets Equity ETF	0.1	11	48	10.4	-0.4
VFVA	Vanguard U.S. Value Factor ETF	0.1	13	46	11.8	+1.0
VXUS	Vanguard Total International Stock ETF	0.1	7	52	8.1	-2.7
RWO	SPDR Dow Jones Global Real Estate ETF	0.1	50	9	7.0	-3.8
PRFZ	Invesco FTSE RAFI US 1500 Small-Mid ETF	0.1	39	20	6.9	-4.0
SHPP	Pacer Industrials and Logistics ETF	0.1	60	-1	8.6	-2.2
XCEM	Columbia EM Core ex-China ETF	0.1	16	43	8.5	-2.3
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.1	36	23	10.2	-0.6
VYMI	Vanguard International High Dividend Yield ETF	0.1	22	37	9.8	-1.0
CCSO	Carbon Collective Climate Solutions US Equity ETF	0.1	35	24	1.2	-9.7
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.1	46	13	10.6	-0.2
SMLF	iShares U.S. SmallCap Equity Factor ETF	0.1	15	44	6.5	-4.3
VEU	Vanguard FTSE All-World ex-US Index Fund	0.1	8	51	8.2	-2.6
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.1	12	47	8.2	-2.6
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	0.1	15	44	10.6	-0.2
FILL	iShares MSCI Global Energy Producers ETF	0.1	39	20	12.4	+1.6
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.1	9	50	6.0	-4.8
VT	Vanguard Total World Stock ETF	0.1	7	52	6.1	-4.7
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.1	18	41	7.9	-2.9
JHEM	John Hancock Multifactor Emerging Markets ETF	0.0	49	10	10.6	-0.2
JSTC	Adasina Social Justice All Cap Global ETF	0.0	89	-30	4.8	-6.0
ESGV	Vanguard ESG U.S. Stock ETF	0.0	9	50	4.9	-5.9
IWV	iShares Russell 3000 ETF	0.0	20	39	5.0	-5.8
VTHR	Vanguard Russell 3000 ETF	0.0	10	49	5.1	-5.7
ONEQ	Fidelity Nasdaq Composite Index ETF	0.0	21	38	4.0	-6.9
PRF	Invesco FTSE RAFI US 1000 ETF	0.0	39	20	7.1	-3.7
DEHP	Dimensional Emerging Markets High Profitability ETF	0.0	41	18	7.0	-3.8

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Forward multiple:	iShares MSCI Brazil Small-Cap ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

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