iShares MSCI Brazil Small-Cap ETF
ALTAR
Score™		 10.0% info Recommen-
dation		 NEUTRAL
2025E    2026E
P/E
ratio		 10.1x P/Sales
ratio		 0.7x
P/BV
ratio		 1.2x Div.
yield		 4.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium 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) $194
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) $1,590
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
STONECO LTD. CLASS A 6.8 %
LOJAS RENNER S.A. 4.7 %
INTER AND CO INC CLASS A 3.7 %
SENDAS DISTRIBUIDORA SA 3.3 %
HAPVIDA PARTICIPACOES E INVESTIMEN 3.2 %
PAGSEGURO DIGITAL LTD. CLASS A 3.1 %
SMARTFIT ESCOLA DE GINASTICA E DAN 3.0 %
MULTIPLAN EMPREENDIMENTOS 2.8 %
ALLOS SA 2.8 %
CYRELA BRAZIL REALTY 2.4 %
Total 35.7 %

TOP COUNTRY EXPOSURE
BRAZIL 76.0 %
CAYMAN ISLANDS 1.6 %
CANADA 0.6 %
BRITAIN 0.4 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
48.4% 16.5% 5.1% 9.1% -1.4%

Market Correlations
versus... Beta R-squared
S&P500 1.03 20%
MSCI EAFE 0.62 9%
MSCI Emg. Mkts. 0.52 8%

Technical Indicators
Recent close $13.73
30d moving avg. $13.51
Annualized volatility 30.0%
Short interest (ETF) 7.3%
Relative strength (RSI) 55

Liquidity measures
Avg. volume (thou.) 251
Turnover 1.8%
Bid/Ask (% of price) 0.10%
ADV underlying (mns) $503

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 132 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™: 10.0%


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 40.9 66 -7 11.1 +1.0
FLBR Franklin FTSE Brazil ETF 9.2 19 40 14.0 +4.0
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 8.1 80 -21 14.5 +4.5
FLLA Franklin FTSE Latin America ETF 6.8 19 40 12.4 +2.4
AVEE Avantis Emerging Markets Small Cap Equity ETF 5.5 42 17 9.7 -0.3
DVYE iShares Emerging Markets Dividend ETF 4.7 49 10 18.4 +8.4
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF 4.0 86 -27 0.5 -9.6
EYLD Cambria Emerging Shareholder Yield ETF 3.6 66 -7 12.3 +2.3
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 3.6 58 1 10.0 -0.0
SDIV Global X Superdividend ETF 3.4 58 1 41.6 +31.6
IPAY ETFMG Prime Mobile Payments ETFMG Prime Mobile Payments Fund 3.4 75 -16 5.1 -4.9
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 2.9 59 0 8.5 -1.5
BRAZ Global X Brazil Active ETF 2.8 75 -16 12.2 +2.2
EEMS iShares MSCI Emerging Markets Small Cap ETF 2.5 70 -11 7.6 -2.4
EWX SPDR S&P Emerging Markets Small Cap ETF 2.4 65 -6 7.8 -2.2
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 2.1 90 -31 6.8 -3.2
DEM WisdomTree Emerging Markets High Dividend Fund 1.8 63 -4 13.6 +3.6
BOUT Innovator IBD Breakout Opportunities ETF 1.7 81 -22 2.9 -7.1
CGW Invesco S&P Global Water Index ETF 1.7 57 2 4.7 -5.3
FDIG Fidelity Crypto Industry and Digital Payments ETF 1.6 39 20 -1.2 -11.2
XC WisdomTree Emerging Markets Ex-China Fund 1.5 32 27 6.3 -3.8
VIDI Vident International Equity Strategy ETF 1.5 61 -2 10.5 +0.5
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 1.4 44 15 10.4 +0.4
EFRA iShares Environmental Infrastructure and Industrials ETF 1.4 47 12 5.4 -4.6
FLN First Trust Latin America AlphaDEX Fund 1.4 80 -21 10.0 +0.0
FINX Global X FinTech ETF 1.4 68 -9 2.3 -7.7
AVXC Avantis Emerging Markets Ex-China Equity ETF 1.3 33 26 8.2 -1.8
TMAT Main Thematic Innovation ETF 1.2 164 -105 -1.5 -11.5
DEXC Dimensional Emerging Markets ex China Core EquityETF 1.2 53 6 7.4 -2.6
AVES Avantis Emerging Markets Value ETF 1.1 36 23 10.8 +0.8
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 1.0 32 27 8.7 -1.3
AVEM Avantis Emerging Markets Equity ETF 1.0 33 26 8.2 -1.8
FFTY Innovator IBD 50 ETF 1.0 80 -21 -2.2 -12.2
DTEC ALPS Disruptive Technologies ETF 1.0 50 9 3.9 -6.1
EMC Global X Emerging Markets Great Consumer ETF 1.0 75 -16 10.9 +0.9
AVSE Avantis Responsible Emerging Markets Equity ETF 1.0 33 26 8.1 -2.0
RNRG Global X Renewable Energy Producers ETF 0.9 66 -7 1.3 -8.8
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 0.9 86 -27 13.7 +3.7
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.9 15 44 7.4 -2.6
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.8 41 18 8.4 -1.6
XCNY SPDR S&P Emerging Markets ex-China ETF 0.8 15 44 7.4 -2.6
PSP Invesco Global Listed Private Equity ETF 0.8 106 -47 6.3 -3.7
FAN First Trust Global Wind Energy ETF 0.7 60 -1 4.2 -5.8
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 0.7 12 47 7.7 -2.3
AQWA Global X Clean Water ETF 0.7 50 9 5.0 -5.0
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.7 8 51 6.1 -3.9
WOOD iShares Global Timber & Forestry ETF 0.6 42 17 13.3 +3.3
PSC Principal U.S. Small-Cap ETF 0.6 38 21 6.9 -3.2
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.6 58 1 4.4 -5.7
ION ProShares S&P Global Core Battery Metals ETF 0.6 58 1 8.0 -2.1
PBW Invesco WilderHill Clean Energy ETF 0.6 66 -7 -3.0 -13.0
LITP Sprott Lithium Miners ETF 0.6 65 -6 1.4 -8.6
REMX VanEck Rare Earth/Strategic Metals ETF 0.6 54 5 3.3 -6.7
ILIT iShares Lithium Miners and Producers ETF 0.6 47 12 5.0 -5.1
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.6 38 21 8.8 -1.2
SETM Sprott Energy Transition Materials ETF 0.6 65 -6 2.1 -7.9
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.6 36 23 9.2 -0.8
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.6 15 44 9.7 -0.3
BKEM BNY Mellon Emerging Markets Equity ETF 0.5 11 48 9.5 -0.5
LQPE PEO AlphaQuest Thematic PE ETF 0.5 125 -66 5.5 -4.5
IWO iShares Russell 2000 Growth ETF 0.5 24 35 1.2 -8.8
VTWG Vanguard Russell 2000 Growth ETF 0.5 10 49 1.4 -8.6
PXH Invesco FTSE RAFI Emerging Markets ETF 0.5 49 10 15.2 +5.2
RWX SPDR Dow Jones International Real Estate ETF 0.4 59 0 7.0 -3.0
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.4 39 20 15.6 +5.6
IEMG iShares Core MSCI Emerging Markets ETF 0.4 9 50 9.9 -0.1
IBUY Amplify Online Retail ETF 0.4 65 -6 0.9 -9.1
JHEM John Hancock Multifactor Emerging Markets ETF 0.4 49 10 9.6 -0.4
VWO Vanguard FTSE Emerging Markets ETF 0.4 7 52 9.9 -0.1
CARZ First Trust NASDAQ Global Auto Index Fund 0.4 70 -11 4.1 -5.9
HAUZ DBX ETF Trust - Xtrackers International Real Estate ETF 0.4 10 49 8.2 -1.9
XCEM Columbia EM Core ex-China ETF 0.4 16 43 7.7 -2.4
DFAE Dimensional Emerging Core Equity Market ETF 0.4 35 24 8.8 -1.2
AIQ Global X Artificial Intelligence & Technology ETF 0.4 68 -9 3.3 -6.7
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 0.3 20 39 5.6 -4.4
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.3 33 26 9.4 -0.6
PICK iShares MSCI Global Metals & Mining Producers ETF 0.3 39 20 11.3 +1.3
GINN Goldman Sachs Innovate Equity ETF 0.3 52 7 3.5 -6.5
DFEV Dimensional Emerging Markets Value ETF 0.3 43 16 12.6 +2.6
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.3 50 9 10.7 +0.7
BLLD JPMorgan Sustainable Infrastructure ETF 0.3 49 10 6.2 -3.8
SPEM SPDR Portfolio Emerging Markets ETF 0.3 7 52 10.2 +0.2
IPKW Invesco International BuyBack Achievers ETF 0.3 55 4 12.6 +2.6
AFSM First Trust Active Factor Small Cap ETF 0.3 75 -16 7.9 -2.2
FTAG First Trust Indxx Global Agriculture ETF 0.3 70 -11 8.9 -1.2
ERTH Invesco MSCI Sustainable Future ETF 0.3 62 -3 3.5 -6.5
QCLN First Trust Nasdaq Clean Edge Green Energy Index Fund 0.3 58 1 -2.0 -12.0
ECOW Pacer Emerging Markets Cash Cows 100 ETF 0.3 70 -11 12.7 +2.7
ICLN iShares Global Clean Energy ETF 0.3 41 18 4.3 -5.7
CUT Invesco MSCI Global Timber ETF 0.3 61 -2 11.5 +1.5
IWM iShares Russell 2000 ETF 0.3 19 40 4.2 -5.9
VTWO Vanguard Russell 2000 ETF 0.3 7 52 4.2 -5.8
VEGI iShares MSCI Agriculture Producers ETF 0.3 39 20 9.2 -0.8
RSSL Global X Russell 2000 ETF 0.3 8 51 4.2 -5.8
LIT Global X Lithium & Battery Tech ETF 0.2 75 -16 3.5 -6.6
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 0.2 95 -36 11.3 +1.3
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 29 7.7 -2.3
EBIZ Global X E-Commerce ETF 0.2 50 9 4.0 -6.0
ROAM Hartford Multifactor Emerging Markets ETF 0.2 44 15 11.5 +1.5
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 0.2 39 20 5.9 -4.1
IPAV Global X Infrastructure Development ex-U.S. ETF 0.2 55 4 7.6 -2.4
EDIV SPDR S&P Emerging Markets Dividend ETF 0.2 49 10 12.1 +2.1
SCHE Schwab Emerging Markets Equity ETF 0.2 11 48 10.6 +0.6
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.2 18 41 7.8 -2.2
DEW WisdomTree Global High Dividend Fund 0.2 58 1 8.5 -1.5
VFVA Vanguard U.S. Value Factor ETF 0.2 13 46 11.2 +1.1
VSGX Vanguard ESG International Stock ETF 0.1 10 49 7.5 -2.5
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 52 7.7 -2.3
RWO SPDR Dow Jones Global Real Estate ETF 0.1 50 9 7.1 -2.9
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.1 47 12 5.9 -4.2
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.1 46 13 9.9 -0.2
VXUS Vanguard Total International Stock ETF 0.1 5 54 7.7 -2.3
SMLF iShares U.S. SmallCap Equity Factor ETF 0.1 15 44 5.9 -4.1
RNEM First Trust Emerging Markets Equity Select ETF 0.1 75 -16 7.8 -2.2
VYMI Vanguard International High Dividend Yield ETF 0.1 17 42 9.6 -0.5
CCSO Carbon Collective Climate Solutions US Equity ETF 0.1 35 24 0.9 -9.1
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.1 12 47 8.2 -1.8
KOMP SPDR S&P Kensho New Economies Composite ETF 0.1 20 39 2.3 -7.7
FTRI First Trust Indxx Global Natural Resources Income ETF 0.1 70 -11 7.7 -2.3
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 50 5.5 -4.5
VEU Vanguard FTSE All-World ex-US Index Fund 0.1 4 55 7.9 -2.1
FILL iShares MSCI Global Energy Producers ETF 0.0 39 20 11.7 +1.7
IWN iShares Russell 2000 Value ETF 0.0 24 35 7.3 -2.8
VTWV Vanguard Russell 2000 Value ETF 0.0 10 49 7.3 -2.8
VT Vanguard Total World Stock ETF 0.0 6 53 5.7 -4.3
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.0 39 20 5.3 -4.7
GWX SPDR S&P International Small Cap ETF 0.0 40 19 6.0 -4.0
ONEQ Fidelity Nasdaq Composite Index ETF 0.0 21 38 3.5 -6.5
ESGV Vanguard ESG U.S. Stock ETF 0.0 9 50 4.6 -5.4
IWV iShares Russell 3000 ETF 0.0 20 39 4.6 -5.4
VTHR Vanguard Russell 3000 ETF 0.0 7 52 4.7 -5.3
PRF Invesco FTSE RAFI US 1000 ETF 0.0 39 20 6.7 -3.3

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%.

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RESULTS & ESTIMATES

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

 

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

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

OTHER FUNDAMENTAL METRICS

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

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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

Historical valuation trends

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

NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.5 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 59 bp
Equals: ALTAR Score 10.0 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.58 CATEGORY
AVERAGE		 1.51
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.