iShares MSCI Brazil

EWZ • ARCA

iShares MSCI Brazil is an exchange-traded fund on ARCA. As of Q3 2025, 304 institutional investors hold shares in this ETF, with total holdings valued at $3.5B. MORGAN STANLEY is the largest holder with a position valued at $472.0M.

Overview

Overview of institutional ownership in EWZ as of Q3 2025

All Institutions

Institutions: 304
Value Held: $3.5B
Shares Held: 113.4M
Avg Position: $11.6M
Median Position: $1.1M

Hedge Funds

Hedge Funds: 40
Value Held: $384.5M
Shares Held: 12.4M
Avg Position: $9.6M
Median Position: $3.4M

Biggest Investors

Institutions with the largest positions in EWZ as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$472.0M 0.03% of portfolio	15.2M shares	≤ Q2 2013 Held for 12y 5m+	$1.65T
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$287.8M 0.04% of portfolio	9.3M shares	≤ Q2 2013 Held for 12y 5m+	$691.34B
UBS Group AG Institution	Sergio P. Ermotti CEO	$252.9M 0.05% of portfolio	8.2M shares	Q4 2014 Held for 10y 11m	$511.54B
S State of Tennessee, Treasury Department Institution	-	$227.5M 0.76% of portfolio	7.3M shares	Q3 2013 Held for 12y 2m	$30.1B
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	-	$180.9M 0.27% of portfolio	5.8M shares	≤ Q2 2013 Held for 12y 5m+	$67.9B
P Phoenix Holdings Ltd. Institution	-	$100.3M 1.21% of portfolio	3.2M shares	Q4 2020 Held for 4y 11m	$8.3B
BANK OF NOVA SCOTIA / Institution	Scott Thomson CEO	$85.1M 0.15% of portfolio	2.7M shares	Q3 2022 Held for 3y 2m	$56.3B
B BNP PARIBAS ARBITRAGE, SA Institution	-	$79.4M 0.06% of portfolio	2.6M shares	≤ Q2 2013 Held for 12y 5m+	$126.06B
MKP Capital Management, L.L.C. Hedge Fund•Global Macro	Richard Charles Lightburn CEO	$68.8M 2.76% of portfolio	2.2M shares	Q3 2025 Held for 2 months	$2.5B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$65.4M 0.00% of portfolio	2.1M shares	≤ Q2 2013 Held for 12y 5m+	$1.56T

Net Capital Flow

Institutional buying and selling activity for EWZ in Q3 2025

Traded: +$110.9M
Buyers: 154
Sellers: 140
Total Bought: +$937.7M
Total Sold: −$826.9M
Avg Position: $9.8M

Biggest Buyers

Institution	Net Bought	Current Position
GOLDMAN SACHS GROUP INC Institution	+$161.2M +5.2M shares	$287.8M 9.3M shares
BANK OF NOVA SCOTIA / Institution	+$78.4M +2.5M shares	$85.1M 2.7M shares
MKP Capital Management, L.L.C. Hedge Fund•Global Macro	+$68.8M +2.2M shares	$68.8M 2.2M shares
A Absolute Gestao de Investimentos Ltda. Institution	+$48.8M +1.6M shares	$48.8M 1.6M shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$48.6M +1.6M shares	$49.1M 1.6M shares
S SPX Equities Gestao de Recursos Ltda Institution	+$43.4M +1.4M shares	$49.6M 1.6M shares
MORGAN STANLEY RIA/Wealth	+$40.2M +1.3M shares	$472.0M 15.2M shares
NAN FUNG TRINITY Ltd RIA/Wealth	+$35.9M +1.2M shares	$62.2M 2.0M shares
JPMORGAN CHASE & CO Institution	+$27.3M +879.5K shares	$65.4M 2.1M shares
B BW Gestao de Investimentos Ltda. Institution	+$25.8M +832.8K shares	$25.8M 832.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
UBS Group AG Institution	−$182.9M −5.9M shares	$252.9M 8.2M shares
P Phoenix Holdings Ltd. Institution	−$104.5M −3.4M shares	$100.3M 3.2M shares
G Gemsstock Ltd. RIA/Wealth	−$97.4M −3.4M shares	Sold Off 0 shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	−$59.4M −2.1M shares	Sold Off 0 shares
O Optiver Holding B.V. Institution	−$56.9M −1.8M shares	$13.4M 432.7K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$34.2M −1.1M shares	$3.7M 118.6K shares
S SIMPLEX TRADING, LLC Institution	−$27.6M −955.5K shares	Sold Off 0 shares
BANK OF AMERICA CORP /DE/ Institution	−$22.1M −712.5K shares	$28.8M 928.6K shares
D Duquesne Family Office LLC Institution	−$21.3M −738.8K shares	Sold Off 0 shares
S SG Americas Securities, LLC Institution	−$20.0M −643.7K shares	$13.5M 436.4K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited EWZ in Q3 2025

New Positions: 18
New Value: $44.9M
Exited Positions: 53
Exited Value: $266.6M

New Positions

Institution	Position Value
S STATE TREASURER STATE OF MICHIGAN Institution	$16.7M 538.4K shares
Glenorchy Capital Ltd Hedge Fund•Global Macro	$8.4M 270.1K shares
Cullen Capital Management, LLC Long Only Manager	$6.0M 193.0K shares
Oversea-Chinese Banking CORP Ltd Real Assets	$4.3M 139.7K shares
V Valence8 US LP Fund of Funds	$3.0M 98.2K shares
ABBINGTON INVESTMENT GROUP RIA/Wealth	$1.8M 58.2K shares
M MATAURO, LLC RIA/Wealth	$1.6M 51.4K shares
S Strategic Financial Concepts, LLC RIA/Wealth	$1.2M 39.1K shares
Holcombe Financial, Inc. RIA/Wealth	$557.9K 18.0K shares
W West Tower Group, LLC Fund of Funds	$282.1K 9.1K shares

Exited Positions

Institution	Previous Position
G Gemsstock Ltd. RIA/Wealth	$97.4M 3.4M shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	$59.4M 2.1M shares
S SIMPLEX TRADING, LLC Institution	$27.6M 955.5K shares
D Duquesne Family Office LLC Institution	$21.3M 738.8K shares
D D. E. Shaw & Co., Inc. Institution	$10.6M 366.8K shares
P Polianta Ltd Institution	$7.8M 270.3K shares
BCJ Capital Management, LLC RIA/Wealth	$7.5M 261.6K shares
F FIL Ltd Institution	$6.9M 240.0K shares
ALTFEST L J & CO INC RIA/Wealth	$3.8M 132.5K shares
IMC-Chicago, LLC RIA/Wealth	$3.2M 112.3K shares

Options Activity

Institutions with the largest Call and Put options positions in EWZ as of Q3 2025

Call Positions: 58
Call Value: $4.7B
Put Positions: 40
Put Value: $3.2B

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$828.9M 267.4K contracts
BANK OF AMERICA CORP /DE/ Institution	$610.4M 196.9K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$590.2M 190.4K contracts
R Rokos Capital Management LLP Hedge Fund•Global Macro	$533.2M 172.0K contracts
UBS Group AG Institution	$450.7M 145.4K contracts
GOLDMAN SACHS GROUP INC Institution	$396.1M 127.8K contracts
D DYNAMO INTERNACIONAL GESTAO DE RECURSOS LTDA. Institution	$279.0M 90.0K contracts
N NOMURA HOLDINGS INC Institution	$208.5M 67.3K contracts
BARCLAYS PLC Institution	$113.9M 36.8K contracts
J JANE STREET GROUP, LLC Institution	$99.9M 32.2K contracts

Put Positions

Institution	Position Value
GOLDMAN SACHS GROUP INC Institution	$622.7M 200.9K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$491.2M 158.4K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$442.7M 142.8K contracts
UBS Group AG Institution	$345.5M 111.4K contracts
BANK OF AMERICA CORP /DE/ Institution	$329.2M 106.2K contracts
Jain Global LLC Hedge Fund•Multi-Strategy	$167.2M 53.9K contracts
BARCLAYS PLC Institution	$132.5M 42.8K contracts
E Eisler Capital Management Ltd. Institution	$99.8M 32.3K contracts
N NOMURA HOLDINGS INC Institution	$72.8M 23.5K contracts
CITIGROUP INC Institution	$71.3M 23.0K contracts

Most Committed Institutions

Institutions with EWZ as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
V VPR Management LLC Institution	-	7.02% $15.3M	493.4K shares	Q2 2017 Held for 8y 5m	$218.0M
A Absolute Gestao de Investimentos Ltda. Institution	-	6.47% $48.8M	1.6M shares	Q3 2025 Held for 2 months	$754.7M
NAN FUNG TRINITY Ltd RIA/Wealth	Fredric Brian Fisher President	6.20% $62.2M	2.0M shares	Q2 2025 Held for 5 months	$1.0B
M Massar Capital Management, LP Institution	-	6.15% $16.6M	535.0K shares	Q1 2025 Held for 8 months	$269.6M
Glenorchy Capital Ltd Hedge Fund•Global Macro	Bradley Thomas Mcfadden CIO	6.08% $8.4M	270.1K shares	Q3 2025 Held for 2 months	$137.8M
Trium Capital LLP Hedge Fund•Multi-Strategy	Shenan Nmn Dhanani CEO	5.93% $15.1M	487.8K shares	Q2 2025 Held for 5 months	$254.9M
Cairn Investment Group, Inc. RIA/Wealth	Timothy Allen Mosier President	4.59% $8.8M	285.5K shares	Q1 2024 Held for 1y 8m	$192.8M
PING CAPITAL MANAGEMENT, INC. Hedge Fund•Multi-Strategy	Ping Jiang CEO	4.57% $7.6M	244.8K shares	Q2 2024 Held for 1y 5m	$166.1M
S SPX Equities Gestao de Recursos Ltda Institution	-	4.18% $49.6M	1.6M shares	Q2 2023 Held for 2y 5m	$1.2B
Connective Portfolio Management, LLC RIA/Wealth	Rudolf Millisits CEO	3.83% $2.2M	70.0K shares	Q2 2025 Held for 5 months	$56.6M

Hedge Fund Spotlight

Discover hedge funds investing in EWZ

BALYASNY ASSET MANAGEMENT LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDmitry Balyasny

Portfolio Value: $48.1B
Positions: 1,894
Last Reported: Q3 2025

Sector Allocation

Position in iShares MSCI Brazil

Market Value: $3.4M
Shares Held: 110.8K
Portfolio Weight: 0.01%
Owned Since: 2020-Q4

Top Holding	Sector	Market Value	Weight
1 iShares Core S&P 500 ETF IVV	ETF ETF	$1.1B	2.29%
2 Microsoft MSFT	Software - Infrastructure Technology	$1.1B	2.23%
3 Nvidia NVDA	Semiconductors Technology	$905.7M	1.88%