EWZ Fees and Costs — iShares MSCI Brazil ETF
Data updated: 2026-07-27
The net expense ratio is 0.59%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.0M in broker commissions, 0.0253% of average net assets, and portfolio turnover was 19%.
EWZ Fees and Expenses
Annual operating expenses and sales charges of EWZ. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.59% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.59% |
| Fee waiver | — |
| Net expense ratio | 0.59% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
EWZ Costs Over Time
On $10,000 invested in EWZ, assuming 5% a year before costs, total costs come to $388 over 5 years, cutting the return by 0.65% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.59%) | $62 | $194 | $338 |
| Trading costs (broker commissions) | $3 | $8 | $14 |
| Lost growth on money paid in costs | $0 | $10 | $35 |
| Total costs | $65 | $212 | $388 |
| Value after costs | $10,435 | $11,364 | $12,375 |
| Impact on return, per year | 0.65% | 0.65% | 0.65% |
EWZ Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0253%
- Total broker commissions: $1.0M
- Bought from dealers (principal trades, not a cost): $1.7B
- Portfolio turnover (prospectus): 19%
- Securities on loan, average value: $9.7M
- Net income from securities lending: $45K (0.001% of average net assets)
EWZ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $443K | 44.44% |
| Goldman Sachs & Co. LLC | $163K | 16.29% |
| BTG Pactual US Capital, LLC | $120K | 12.01% |
| Morgan Stanley & Co. LLC | $115K | 11.51% |
| BofA Securities, Inc. | $61K | 6.14% |
| Citigroup Global Markets Inc. | $33K | 3.33% |
| Agora Corretora de Titulos e Valores Mobiliarios S.A. | $26K | 2.58% |
| Santander Securities LLC | $23K | 2.28% |
| Barclays Capital Inc. | $10K | 0.95% |
| Brasil Plural Securities LLC | $5K | 0.46% |
EWZ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BlackRock Funds III - BlackRock Cash Funds: Treasury | $1.5B | 86.44% |
| J.P. Morgan Securities LLC | $145.4M | 8.60% |
| Morgan Stanley & Co. LLC | $57.9M | 3.42% |
| BofA Securities, Inc. | $14.1M | 0.84% |
| Goldman Sachs & Co. LLC | $11.8M | 0.70% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.