Vault-13

ISHARES INC EWZ

MSCI BRAZIL ETF · ETP · CUSIP 464286400 · ISIN US4642864007

272 institutional holders +30 vs Q4 2024
86,078,59786.1m shares reported held*
$2.1bnreported value*
74 new 67 added 74 reduced 48 sold out net sold ≈ $563.8m (-18.0m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($23.1k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $24.03. Options: 65 managers hold calls ($2.6bn notional), 38 hold puts ($2.0bn).

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

0200400Q3 22: 241Q4 22: 262Q1 23: 243Q2 23: 283Q3 23: 292Q4 23: 327Q1 24: 292Q2 24: 257Q3 24: 238Q4 24: 242Q1 25: 272272Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 2022241
Q4 2022262
Q1 2023243
Q2 2023283
Q3 2023292
Q4 2023327
Q1 2024292
Q2 2024257
Q3 2024238
Q4 2024242
Q1 2025272

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q2 23: 142 bought or addedQ2 23: 118 cut or sold outQ3 23: 142 bought or addedQ3 23: 140 cut or sold outQ3 23Q4 23: 160 bought or addedQ4 23: 145 cut or sold outQ1 24: 136 bought or addedQ1 24: 174 cut or sold outQ1 24Q2 24: 131 bought or addedQ2 24: 159 cut or sold outQ3 24: 88 bought or addedQ3 24: 140 cut or sold outQ3 24Q4 24: 117 bought or addedQ4 24: 125 cut or sold outQ1 25: 141 bought or addedQ1 25: 122 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 2023142118
Q3 2023142140
Q4 2023160145
Q1 2024136174
Q2 2024131159
Q3 202488140
Q4 2024117125
Q1 2025141122

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$1bn$2bn$3bn$4bnQ2 24 calls: $2.7bnQ2 24 puts: $2.4bnQ2 24P/C 0.87Q3 24 calls: $3.7bnQ3 24 puts: $2.7bnQ3 24P/C 0.72Q4 24 calls: $3.3bnQ4 24 puts: $1.7bnQ4 24P/C 0.51Q1 25 calls: $2.6bnQ1 25 puts: $2.0bnQ1 25P/C 0.78
Numbers
QuarterCallsPutsP/C
Q2 2024$2.7bn$2.4bn0.87
Q3 2024$3.7bn$2.7bn0.72
Q4 2024$3.3bn$1.7bn0.51
Q1 2025$2.6bn$2.0bn0.78

Biggest buyers

New Vernon Capital Holdings II LLC New +6,060,093+6.1m
Squarepoint Ops LLC Added +2,159,882+2.2m
WELLINGTON MANAGEMENT GROUP LLP New +1,950,002+2.0m
BW Gestao de Investimentos Ltda. Added +1,740,000+1.7m
Quadrature Capital Ltd New +1,110,848+1.1m
CITADEL ADVISORS LLC Added +914,095+914.1k
Bank Julius Baer & Co. Ltd, Zurich New +888,195+888.2k
Turim 21 Investimentos Ltda. Added +836,706+836.7k
BANK OF AMERICA CORP /DE/ Added +821,310+821.3k
Rokos Capital Management LLP New +750,000+750.0k

Biggest sellers

MORGAN STANLEY Reduced -5,869,306-5.9m
Provida Pension Fund Administrator Reduced -4,820,102-4.8m
Optiver Holding B.V. Sold out -4,097,803-4.1m
JPMORGAN CHASE & CO Reduced -3,961,085-4.0m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -3,876,631-3.9m
CITIGROUP INC Reduced -3,143,524-3.1m
Vinland Capital Management Gestora de Recursos LTDA. Reduced -2,248,074-2.2m
Schonfeld Strategic Advisors LLC Reduced -1,884,409-1.9m
SG Americas Securities, LLC Reduced -1,519,127-1.5m
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Sold out -1,444,513-1.4m

Biggest calls

Optiver Holding B.V. Added $322.4m12.5m shares
UBS Group AG Added $312.7m12.1m shares
GOLDMAN SACHS GROUP INC Reduced $272.1m10.5m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $231.6m9.0m shares
BANK OF AMERICA CORP /DE/ Reduced $165.8m6.4m shares
Rokos Capital Management LLP Reduced $148.7m5.8m shares
CITADEL ADVISORS LLC Reduced $104.9m4.1m shares
TUDOR INVESTMENT CORP ET AL New $93.1m3.6m shares
CAPITAL FUND MANAGEMENT S.A. Added $88.5m3.4m shares
JPMORGAN CHASE & CO Reduced $76.3m3.0m shares

Biggest puts

BANK OF AMERICA CORP /DE/ Added $609.0m23.6m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $258.0m10.0m shares
GOLDMAN SACHS GROUP INC Added $211.7m8.2m shares
CITADEL ADVISORS LLC Added $129.0m5.0m shares
CAPITAL FUND MANAGEMENT S.A. Added $105.7m4.1m shares
UBS Group AG Reduced $85.2m3.3m shares
Squarepoint Ops LLC Reduced $80.5m3.1m shares
JANE STREET GROUP, LLC Added $61.2m2.4m shares
ADAPT Investment Managers SA New $51.7m2.0m shares
BNP PARIBAS FINANCIAL MARKETS First filing $42.7m16.5k shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 State of Tennessee, Department of Treasury 0.74% of their portfolio NASHVILLE, TN 7,438,6677.4m $192.3m $192.3m 0.74% Reduced -123.9k -123,938
2 UBS Group AG 0.04% of their portfolio ZURICH, V8 7,174,9497.2m $185.5m $185.5m 0.04% Reduced -161.3k -161,281
3 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 6,245,4726.2m $161.4m $161.4m 0.01% Reduced -5.9m -5,869,306
4 New Vernon Capital Holdings II LLC 5.36% of their portfolio Morristown, NJ 6,060,0936.1m $234.4k $234.4k 5.36% New
5 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.16% of their portfolio BALA CYNWYD, PA 3,700,4743.7m $95.7m $95.7m 0.16% Reduced -3.9m -3,876,631
6 Rafferty Asset Management, LLC 0.36% of their portfolio New York, NY 3,281,8733.3m $84.8m $84.8m 0.36% Reduced -163.0k -162,957
7 BW Gestao de Investimentos Ltda. 7.31% of their portfolio SAO PAULO, D5 2,500,0002.5m $64.6m $64.6m 7.31% Added +1.7m +1,740,000
8 Squarepoint Ops LLC 0.15% of their portfolio NEW YORK, NY 2,408,2512.4m $62.3m $62.3m 0.15% Added +2.2m +2,159,882
9 GOLDMAN SACHS GROUP INC 0.01% of their portfolio NEW YORK, NY 2,368,6842.4m $61.2m $61.2m 0.01% Reduced -1.2m -1,152,621
10 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 2,170,1722.2m $56.1m $56.1m 0.00% Added +821.3k +821,310
11 JANE STREET GROUP, LLC 0.09% of their portfolio NEW YORK, NY 1,998,6942.0m $51.7m $51.7m 0.09% Added +107.8k +107,772
12 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 1,950,0022.0m $50.4m $50.4m 0.01% New
13 BNP PARIBAS FINANCIAL MARKETS 0.04% of their portfolio PARIS, I0 1,943,3031.9m $50.2m $50.2m 0.04% First filing
14 Phoenix Financial Ltd. 0.70% of their portfolio Givatayim, L3 1,756,7501.8m $45.4m $45.4m 0.70% Reduced -1.2m -1,228,964
15 BARCLAYS PLC 0.02% of their portfolio LONDON, X0 1,394,3491.4m $36.0m $36.0m 0.02% Reduced -607.9k -607,928
16 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.35% of their portfolio Madrid, U3 1,354,5751.4m $34.9m $34.9m 0.35% Reduced -262.1k -262,139
17 Korea Investment CORP 0.08% of their portfolio SEOUL, M5 1,272,5301.3m $32.9m $32.9m 0.08% Added +209.7k +209,710
18 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,197,6621.2m $31.0m $31.0m 0.00% Reduced -4.0m -3,961,085
19 CITADEL ADVISORS LLC 0.03% of their portfolio MIAMI, FL 1,158,3431.2m $29.9m $29.9m 0.03% Added +914.1k +914,095
20 Quadrature Capital Ltd 0.64% of their portfolio LONDON, X0 1,110,8481.1m $28.7m $28.7m 0.64% New
21 CITIGROUP INC 0.02% of their portfolio NEW YORK, NY 1,003,4271.0m $25.9m $25.9m 0.02% Reduced -3.1m -3,143,524
22 Bank Julius Baer & Co. Ltd, Zurich 0.07% of their portfolio ZURICH, V8 888,195888.2k $23.0m $23.0m 0.07% New
23 Turim 21 Investimentos Ltda. 5.96% of their portfolio RIO DE JANEIRO, D5 859,025859.0k $22.2m $22.2m 5.96% Added +836.7k +836,706
24 Millburn Ridgefield LLC /DE/ 0.52% of their portfolio New York, NY 832,621832.6k $21.5m $21.5m 0.52% Reduced -64.2k -64,159
25 Catalyst Capital Advisors LLC 0.44% of their portfolio San Juan, PR 832,621832.6k $21.5m $21.5m 0.44% Reduced -64.2k -64,159
26 HBK INVESTMENTS L P 0.35% of their portfolio DALLAS, TX 780,500780.5k $20.2m $20.2m 0.35% Not comparable
27 Rokos Capital Management LLP 0.53% of their portfolio LONDON, X0 750,000750.0k $19.4m $19.4m 0.53% New
28 OLD MISSION CAPITAL LLC 0.37% of their portfolio CHICAGO, IL 739,037739.0k $19.1m $19.1m 0.37% New
29 MANCHESTER FINANCIAL INC 4.19% of their portfolio Westlake Village, CA 719,206719.2k $18.6m $18.6m 4.19% New
30 BlackRock, Inc. 0.00% of their portfolio New York, NY 715,343715.3k $18.5m $18.5m 0.00% Reduced -5.3k -5,288
31 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 698,901698.9k $18.1m $18.1m 0.02% Reduced -364.4k -364,363
32 SOROS CAPITAL MANAGEMENT LLC 3.75% of their portfolio New York, NY 566,700566.7k $14.6m $14.6m 3.75% New
33 ADAPT Investment Managers SA 3.38% of their portfolio Geneva, V8 542,176542.2k $14.0m $14.0m 3.38% Reduced -17.5k -17,474
34 Massar Capital Management, LP 16.58% of their portfolio STAMFORD, CT 535,000535.0k $13.8m $13.8m 16.58% New
35 PRUDENTIAL PLC 0.07% of their portfolio LONDON, X0 523,800523.8k $13.5m $13.5m 0.07% New
36 VPR Management LLC 6.19% of their portfolio HOUSTON, TX 493,400493.4k $12.8m $12.8m 6.19% Unchanged
37 Provida Pension Fund Administrator 0.25% of their portfolio LAS CONDES, SANTIAGO, F3 476,033476.0k $12.3m $12.3m 0.25% Reduced -4.8m -4,820,102
38 STATE OF WISCONSIN INVESTMENT BOARD 0.03% of their portfolio MADISON, WI 437,800437.8k $11.3m $11.3m 0.03% Added +95.9k +95,900
39 Anthracite Investment Company, Inc. 7.05% of their portfolio FORT WORTH, TX 435,400435.4k $11.3m $11.3m 7.05% Added +406.4k +406,400
40 CAPSTONE INVESTMENT ADVISORS, LLC 0.09% of their portfolio NEW YORK, NY 374,301374.3k $9.7m $9.7m 0.09% Unchanged
41 Jain Global LLC 0.19% of their portfolio NEW YORK, NY 364,804364.8k $9.4m $9.4m 0.19% New
42 SG Americas Securities, LLC 0.03% of their portfolio NEW YORK, NY 363,081363.1k $9.4m $9.4m 0.03% Reduced -1.5m -1,519,127
43 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 354,920354.9k $9.2m $9.2m 0.00% Added +210.4k +210,376
44 GTS SECURITIES LLC 0.39% of their portfolio NEW YORK, NY 350,999351.0k $9.1m $9.1m 0.39% Added +22.6k +22,568
45 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 344,041344.0k $8.9m $8.9m 0.00% Added +52.5k +52,532
46 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 340,928340.9k $8.8m $8.8m 0.00% Added +177.1k +177,069
47 Balyasny Asset Management L.P. 0.02% of their portfolio Chicago, IL 340,131340.1k $8.8m $8.8m 0.02% Added +98.3k +98,335
48 Banco Santander, S.A. 0.09% of their portfolio Madrid, U3 330,963331.0k $8.6m $8.6m 0.09% Added +28.0k +28,038
49 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 311,458311.5k $8.1m $8.1m 0.00% Added +72.7k +72,673
50 EVERGREEN CAPITAL MANAGEMENT LLC 0.27% of their portfolio Bellevue, WA 311,031311.0k $8.0m $8.0m 0.27% Added +81.8k +81,797
51 Kawa Capital Management, Inc 17.52% of their portfolio HALLANDALE BEACH, FL 300,000300.0k $7.8m $7.8m 17.52% Reduced -100.0k -100,000
52 Parallax Volatility Advisers, L.P. 0.24% of their portfolio San Francisco, CA 291,942291.9k $7.5m $7.5m 0.24% Reduced -124.1k -124,099
53 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 287,296287.3k $7.4m $7.4m 0.01% Reduced -84.5k -84,528
54 CREDIT AGRICOLE S A 0.03% of their portfolio Montrouge Cedex, I0 286,295286.3k $7.4m $7.4m 0.03% Reduced -82.2k -82,201
55 Cairn Investment Group, Inc. 4.11% of their portfolio VANCOUVER, WA 281,175281.2k $7.3m $7.3m 4.11% Added +75.3k +75,345
56 STRS OHIO 0.03% of their portfolio COLUMBUS, OH 281,000281.0k $7.3m $7.3m 0.03% Added +9.0k +9,000
57 Whitcomb & Hess, Inc. 2.19% of their portfolio ASHLAND, OH 279,223279.2k $7.2m $7.2m 2.19% Added +44.9k +44,931
58 Brevan Howard Capital Management LP 0.20% of their portfolio ST. HELIER, Y9 279,009279.0k $7.2m $7.2m 0.20% New
59 TUDOR INVESTMENT CORP ET AL 0.06% of their portfolio STAMFORD, CT 277,134277.1k $7.2m $7.2m 0.06% Added +203.4k +203,414
60 Black Swift Group, LLC 1.62% of their portfolio BOULDER, CO 276,870276.9k $7.2m $7.2m 1.62% New
61 Pekin Hardy Strauss, Inc. 0.86% of their portfolio CHICAGO, IL 275,556275.6k $7.1m $7.1m 0.86% Added +140.1k +140,080
62 Walleye Trading LLC 0.20% of their portfolio NEW YORK, NY 273,770273.8k $7.1m $7.1m 0.20% Added +217.9k +217,920
63 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 258,024258.0k $6.7m $6.7m 0.00% Added +68.9k +68,921
64 FIL Ltd 0.01% of their portfolio HAMILTON, D0 239,971240.0k $6.2m $6.2m 0.01% New
65 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 221,756221.8k $5.7m $5.7m 0.01% New
66 BANQUE PICTET & CIE SA 0.06% of their portfolio GENEVA 73, V8 204,426204.4k $5.3m $5.3m 0.06% Reduced -40.0k -39,969
67 Trek Financial, LLC 0.37% of their portfolio Scottsdale, AZ 199,096199.1k $5.1m $5.1m 0.37% New
68 PING CAPITAL MANAGEMENT, INC. 3.21% of their portfolio NEW YORK, NY 186,000186.0k $4.8m $4.8m 3.21% Added +33.0k +33,000
69 Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio FAIRFIELD, IA 178,363178.4k $4.6m $4.6m 0.02% Added +162.6k +162,588
70 Graham Capital Management, L.P. 0.14% of their portfolio ROWAYTON, CT 176,319176.3k $4.6m $4.6m 0.14% New
71 Caisse de depot et placement du Quebec 0.01% of their portfolio Montreal, A8 173,700173.7k $4.5m $4.5m 0.01% New
72 ASHFORD CAPITAL MANAGEMENT INC 0.53% of their portfolio WILMINGTON, DE 159,264159.3k $4.1m $4.1m 0.53% Added +84.9k +84,880
73 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 153,188153.2k $3.9m $3.9m 0.00% Reduced -216.4k -216,430
74 Eisler Capital Management Ltd. 0.12% of their portfolio LONDON, X0 150,571150.6k $3.9m $3.9m 0.12% Added +126.7k +126,695
75 RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio NEW YORK, NY 148,400148.4k $3.8m $3.8m 0.01% Reduced -54.5k -54,500
76 Cubist Systematic Strategies, LLC 0.05% of their portfolio STAMFORD, CT 147,124147.1k $3.8m $3.8m 0.05% Reduced -64.0k -64,029
77 DARK FOREST CAPITAL MANAGEMENT LP 0.16% of their portfolio NEW YORK, NY 137,447137.4k $3.6m $3.6m 0.16% New
78 Karpus Management, Inc. 0.11% of their portfolio Pittsford, NY 136,897136.9k $3.5m $3.5m 0.11% Added +11.9k +11,922
79 Kiker Wealth Management, LLC 2.32% of their portfolio JASPER, GA 131,711131.7k $3.4m $3.4m 2.32% Reduced -2.9k -2,850
80 ALTFEST L J & CO INC 0.42% of their portfolio NEW YORK, NY 129,035129.0k $3.3m $3.3m 0.42% New
81 BCWM, LLC 1.14% of their portfolio OVERLAND PARK, KS 126,906126.9k $3.3m $3.3m 1.14% New
82 Pangea Capital Gestao de Recursos Ltda. 2.61% of their portfolio RIO DE JANEIRO, D5 121,000121.0k $3.1m $3.1m 2.61% Added +34.0k +34,000
83 Twin Tree Management, LP 0.07% of their portfolio DALLAS, TX 119,497119.5k $3.1m $3.1m 0.07% New
84 BANK OF NOVA SCOTIA 0.01% of their portfolio TORONTO, A6 104,539104.5k $2.7m $2.7m 0.01% Reduced -123.5k -123,532
85 OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) 0.06% of their portfolio CHICAGO, IL 100,000100.0k $2.6m $2.6m 0.06% Not comparable
86 Centiva Capital, LP 0.15% of their portfolio New York, NY 100,000100.0k $2.6m $2.6m 0.15% Reduced -16.8k -16,800
87 Avanda Investment Management Pte. Ltd. 0.91% of their portfolio SINGAPORE, U0 99,38599.4k $2.6m $2.6m 0.91% Reduced -137.3k -137,329
88 CSM Advisors, LLC 0.13% of their portfolio WARRENDALE, PA 93,68893.7k $2.4m $2.4m 0.13% New
89 Maven Securities LTD 0.52% of their portfolio ST HELIER, Y9 91,24591.2k $2.4m $2.4m 0.52% Reduced -39.2k -39,230
90 MBB PUBLIC MARKETS I LLC 0.27% of their portfolio CHICAGO, IL 91,03491.0k $2.4m $2.4m 0.27% Reduced -875.1k -875,071
91 SIMPLEX TRADING, LLC 0.08% of their portfolio CHICAGO, IL 86,34786.3k $2.2m $2.2m 0.08% Reduced -227.4k -227,352
92 CIBC WORLD MARKET INC. 0.01% of their portfolio TORONTO, A6 85,28585.3k $2.2m $2.2m 0.01% Added +1.1k +1,089
93 MOON CAPITAL MANAGEMENT LP 1.73% of their portfolio NEW YORK, NY 84,59784.6k $2.2m $2.2m 1.73% Added +75.0k +75,000
94 CREDIT INDUSTRIEL ET COMMERCIAL 0.39% of their portfolio PARIS FRANCE, I0 83,12183.1k $2.1m $2.1m 0.39% Reduced -719.9k -719,921
95 Whalen Wealth Management Inc. 1.42% of their portfolio LAS VEGAS, NV 82,21782.2k $2.1m $2.1m 1.42% New
96 Michelson Medical Research Foundation, Inc. 1.76% of their portfolio Los Angeles, CA 81,30081.3k $2.1m $2.1m 1.76% Unchanged
97 Amitell Capital Pte Ltd 1.60% of their portfolio SINGAPORE, U0 80,21780.2k $2.1m $2.1m 1.60% New
98 Mint Tower Capital Management B.V. 0.77% of their portfolio AMSTERDAM, P7 80,00080.0k $2.1m $2.1m 0.77% New
99 Private Advisor Group, LLC 0.01% of their portfolio MORRISTOWN, NJ 71,75471.8k $1.9m $1.9m 0.01% Added +6.1k +6,136
100 Allspring Global Investments Holdings, LLC 0.00% of their portfolio CHARLOTTE, NC 70,75570.8k $1.8m $1.8m 0.00% Unchanged