Vault-13

ISHARES INC EWZ

MSCI BRAZIL ETF · ETP · CUSIP 464286400 · ISIN US4642864007

328 institutional holders +56 vs Q1 2025
120,875,302120.9m shares reported held*
$3.5bnreported value*
93 new 116 added 73 reduced 38 sold out net bought ≈ $1.2bn (+34.9m 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 ($3.3k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $28.85. Options: 61 managers hold calls ($3.3bn notional), 31 hold puts ($1.3bn).

Trends to Q2 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: 272Q2 25: 328328Q3 22Q2 23Q1 24Q4 24Q2 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
Q2 2025328

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q3 23: 142 bought or addedQ3 23: 140 cut or sold outQ4 23: 160 bought or addedQ4 23: 145 cut or sold outQ4 23Q1 24: 136 bought or addedQ1 24: 174 cut or sold outQ2 24: 131 bought or addedQ2 24: 159 cut or sold outQ2 24Q3 24: 88 bought or addedQ3 24: 140 cut or sold outQ4 24: 117 bought or addedQ4 24: 125 cut or sold outQ4 24Q1 25: 141 bought or addedQ1 25: 122 cut or sold outQ2 25: 209 bought or addedQ2 25: 111 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023142140
Q4 2023160145
Q1 2024136174
Q2 2024131159
Q3 202488140
Q4 2024117125
Q1 2025141122
Q2 2025209111

Calls vs puts

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

CallsPuts
$0$1bn$2bn$3bn$4bnQ3 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 0.78Q2 25 calls: $3.3bnQ2 25 puts: $1.3bnQ2 25P/C 0.40
Numbers
QuarterCallsPutsP/C
Q3 2024$3.7bn$2.7bn0.72
Q4 2024$3.3bn$1.7bn0.51
Q1 2025$2.6bn$2.0bn0.78
Q2 2025$3.3bn$1.3bn0.40

Biggest buyers

MORGAN STANLEY Added +7,683,918+7.7m
UBS Group AG Added +6,882,842+6.9m
Phoenix Financial Ltd. Added +4,852,250+4.9m
Turim 21 Investimentos Ltda. Added +3,994,417+4.0m
Gemsstock Ltd. New +3,377,800+3.4m
Optiver Holding B.V. New +2,266,766+2.3m
Balyasny Asset Management L.P. Added +2,172,485+2.2m
GOLDMAN SACHS GROUP INC Added +1,716,022+1.7m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added +1,580,402+1.6m
Man Group plc Added +1,373,574+1.4m

Biggest sellers

New Vernon Capital Holdings II LLC Reduced -5,902,784-5.9m
BW Gestao de Investimentos Ltda. Sold out -2,500,000-2.5m
Squarepoint Ops LLC Reduced -2,117,029-2.1m
Quadrature Capital Ltd Sold out -1,110,848-1.1m
OLD MISSION CAPITAL LLC Sold out -739,037-739.0k
MANCHESTER FINANCIAL INC Sold out -719,206-719.2k
Rafferty Asset Management, LLC Reduced -630,803-630.8k
SOROS CAPITAL MANAGEMENT LLC Sold out -566,700-566.7k
ADAPT Investment Managers SA Sold out -542,176-542.2k
BANK OF AMERICA CORP /DE/ Reduced -529,134-529.1k

Biggest calls

Kirkoswald Asset Management LLC Added $499.1m17.3m shares
UBS Group AG Added $481.3m16.7m shares
Optiver Holding B.V. Added $376.5m13.1m shares
CITADEL ADVISORS LLC Added $345.0m12.0m shares
Brevan Howard Capital Management LP New $249.8m8.7m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $249.5m8.6m shares
BANK OF AMERICA CORP /DE/ Reduced $167.8m5.8m shares
Rokos Capital Management LLP Unchanged $165.8m5.8m shares
JANE STREET GROUP, LLC Added $58.1m2.0m shares
BW Gestao de Investimentos Ltda. Unchanged $57.7m2.0m shares

Biggest puts

GOLDMAN SACHS GROUP INC Added $299.5m10.4m shares
CITADEL ADVISORS LLC Added $220.6m7.6m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $189.2m6.6m shares
Jain Global LLC Added $79.3m2.7m shares
BANK OF AMERICA CORP /DE/ Reduced $73.7m2.6m shares
UBS Group AG Reduced $54.9m1.9m shares
PEAK6 LLC Added $52.2m1.8m shares
Squarepoint Ops LLC Reduced $49.0m1.7m shares
JANE STREET GROUP, LLC Reduced $41.7m1.4m shares
CAPITAL FUND MANAGEMENT S.A. Reduced $28.0m969.7k 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, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 UBS Group AG 0.08% of their portfolio ZURICH, V8 14,057,79114.1m $405.6m $405.6m 0.08% Added +6.9m +6,882,842
2 MORGAN STANLEY 0.03% of their portfolio NEW YORK, NY 13,929,39013.9m $401.9m $401.9m 0.03% Added +7.7m +7,683,918
3 State of Tennessee, Department of Treasury 0.76% of their portfolio NASHVILLE, TN 7,397,6157.4m $213.4m $213.4m 0.76% Reduced -41.1k -41,052
4 Phoenix Financial Ltd. 2.52% of their portfolio Givatayim, L3 6,609,0006.6m $190.7m $190.7m 2.52% Added +4.9m +4,852,250
5 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.23% of their portfolio BALA CYNWYD, PA 5,280,8765.3m $152.4m $152.4m 0.23% Added +1.6m +1,580,402
6 Turim 21 Investimentos Ltda. 27.39% of their portfolio RIO DE JANEIRO, D5 4,853,4424.9m $140.0m $140.0m 27.39% Added +4.0m +3,994,417
7 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 4,084,7064.1m $117.8m $117.8m 0.02% Added +1.7m +1,716,022
8 Gemsstock Ltd. 17.38% of their portfolio London, X0 3,377,8003.4m $97.4m $97.4m 17.38% New
9 BNP PARIBAS FINANCIAL MARKETS 0.07% of their portfolio PARIS, I0 3,083,4273.1m $89.0m $89.0m 0.07% Added +1.1m +1,140,124
10 Rafferty Asset Management, LLC 0.25% of their portfolio New York, NY 2,651,0702.7m $76.5m $76.5m 0.25% Reduced -630.8k -630,803
11 Balyasny Asset Management L.P. 0.16% of their portfolio Chicago, IL 2,512,6162.5m $72.5m $72.5m 0.16% Added +2.2m +2,172,485
12 Optiver Holding B.V. 1.76% of their portfolio AMSTERDAM, P7 2,266,7662.3m $65.4m $65.4m 1.76% New
13 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 2,058,6772.1m $59.4m $59.4m 0.01% Added +108.7k +108,675
14 JANE STREET GROUP, LLC 0.08% of their portfolio NEW YORK, NY 1,727,8551.7m $49.8m $49.8m 0.08% Reduced -270.8k -270,839
15 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 1,641,0381.6m $47.3m $47.3m 0.00% Reduced -529.1k -529,134
16 BARCLAYS PLC 0.02% of their portfolio LONDON, X0 1,634,8521.6m $47.2m $47.2m 0.02% Added +240.5k +240,503
17 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.40% of their portfolio Madrid, U3 1,540,9071.5m $44.2m $44.2m 0.40% Added +186.3k +186,332
18 CITIGROUP INC 0.03% of their portfolio NEW YORK, NY 1,407,5271.4m $40.6m $40.6m 0.03% Added +404.1k +404,100
19 Man Group plc 0.09% of their portfolio LONDON, X0 1,392,2301.4m $40.2m $40.2m 0.09% Added +1.4m +1,373,574
20 CAPITAL FUND MANAGEMENT S.A. 0.44% of their portfolio PARIS, I0 1,370,2611.4m $39.5m $39.5m 0.44% New
21 ARMSTRONG ADVISORY GROUP, INC 2.71% of their portfolio NEEDHAM, MA 1,241,8551.2m $35.8m $35.8m 2.71% New
22 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,231,1191.2m $35.5m $35.5m 0.00% Added +33.5k +33,457
23 CITADEL ADVISORS LLC 0.03% of their portfolio MIAMI, FL 1,221,8921.2m $35.3m $35.3m 0.03% Added +63.5k +63,549
24 TUDOR INVESTMENT CORP ET AL 0.24% of their portfolio STAMFORD, CT 1,093,6041.1m $31.6m $31.6m 0.24% Added +816.5k +816,470
25 SG Americas Securities, LLC 0.14% of their portfolio NEW YORK, NY 1,080,1401.1m $31.2m $31.2m 0.14% Added +717.1k +717,059
26 CAXTON ASSOCIATES LLP 0.80% of their portfolio LONDON, X0 1,067,1631.1m $30.8m $30.8m 0.80% New
27 Korea Investment CORP 0.07% of their portfolio SEOUL, M5 1,052,0001.1m $30.4m $30.4m 0.07% Reduced -220.5k -220,530
28 Trium Capital LLP 6.99% of their portfolio LONDON, X0 973,211973.2k $28.1m $28.1m 6.99% Not comparable
29 SIMPLEX TRADING, LLC 0.74% of their portfolio CHICAGO, IL 955,457955.5k $27.6m $27.6m 0.74% Added +869.1k +869,110
30 Bank Julius Baer & Co. Ltd, Zurich 0.08% of their portfolio ZURICH, V8 897,139897.1k $25.9m $25.9m 0.08% Added +8.9k +8,944
31 NAN FUNG TRINITY (HK) LTD 2.92% of their portfolio CENTRAL, HONG KONG, K3 847,100847.1k $24.4m $24.4m 2.92% New
32 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 776,456776.5k $22.4m $22.4m 0.00% Added +432.4k +432,415
33 Schonfeld Strategic Advisors LLC 0.17% of their portfolio NEW YORK, NY 763,448763.4k $22.0m $22.0m 0.17% Added +704.6k +704,647
34 Millburn Ridgefield LLC /DE/ 0.52% of their portfolio New York, NY 750,671750.7k $21.7m $21.7m 0.52% Reduced -82.0k -81,950
35 Catalyst Capital Advisors LLC 0.44% of their portfolio San Juan, PR 750,671750.7k $21.7m $21.7m 0.44% Reduced -82.0k -81,950
36 Duquesne Family Office LLC 0.54% of their portfolio New York, NY 738,800738.8k $21.3m $21.3m 0.54% New
37 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 729,400729.4k $21.0m $21.0m 0.01% Added +388.5k +388,472
38 BlackRock, Inc. 0.00% of their portfolio New York, NY 718,297718.3k $20.7m $20.7m 0.00% Added +3.0k +2,954
39 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 709,707709.7k $20.5m $20.5m 0.02% New
40 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 690,292690.3k $19.9m $19.9m 0.02% Reduced -8.6k -8,609
41 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 548,641548.6k $15.8m $15.8m 0.00% Added +237.2k +237,183
42 Massar Capital Management, LP 11.58% of their portfolio STAMFORD, CT 535,000535.0k $15.4m $15.4m 11.58% Unchanged
43 VPR Management LLC 6.68% of their portfolio HOUSTON, TX 493,400493.4k $14.2m $14.2m 6.68% Unchanged
44 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 488,652488.7k $14.1m $14.1m 0.00% Added +133.7k +133,732
45 Rokos Capital Management LLP 0.23% of their portfolio LONDON, X0 467,826467.8k $13.5m $13.5m 0.23% Reduced -282.2k -282,174
46 Twin Tree Management, LP 0.32% of their portfolio DALLAS, TX 440,928440.9k $12.7m $12.7m 0.32% Added +321.4k +321,431
47 Jain Global LLC 0.18% of their portfolio NEW YORK, NY 406,948406.9k $11.7m $11.7m 0.18% Added +42.1k +42,144
48 Provida Pension Fund Administrator 0.19% of their portfolio LAS CONDES, SANTIAGO, F3 370,393370.4k $10.7m $10.7m 0.19% Reduced -105.6k -105,640
49 D. E. Shaw & Co., Inc. 0.01% of their portfolio New York, NY 366,834366.8k $10.6m $10.6m 0.01% Added +145.1k +145,078
50 STATE OF WISCONSIN INVESTMENT BOARD 0.03% of their portfolio MADISON, WI 362,600362.6k $10.5m $10.5m 0.03% Reduced -75.2k -75,200
51 Point72 Europe (London) LLP 0.53% of their portfolio LONDON, X0 356,282356.3k $10.3m $10.3m 0.53% New
52 Pureheart Capital Pte Ltd. 1.66% of their portfolio SINGAPORE, U0 348,000348.0k $10.0m $10.0m 1.66% New
53 Pekin Hardy Strauss, Inc. 1.11% of their portfolio CHICAGO, IL 338,435338.4k $9.8m $9.8m 1.11% Added +62.9k +62,879
54 EVERGREEN CAPITAL MANAGEMENT LLC 0.28% of their portfolio Bellevue, WA 327,118327.1k $9.4m $9.4m 0.28% Added +16.1k +16,087
55 Anthracite Investment Company, Inc. 4.92% of their portfolio FORT WORTH, TX 327,000327.0k $9.4m $9.4m 4.92% Reduced -108.4k -108,400
56 Hamilton Wealth, LLC 2.01% of their portfolio LOS ANGELES, CA 311,887311.9k $9.0m $9.0m 2.01% Added +300.2k +300,185
57 Black Swift Group, LLC 1.80% of their portfolio BOULDER, CO 308,845308.8k $8.9m $8.9m 1.80% Added +32.0k +31,975
58 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 308,190308.2k $8.9m $8.9m 0.00% Added +50.2k +50,166
59 Banco Santander, S.A. 0.08% of their portfolio Madrid, U3 307,863307.9k $8.9m $8.9m 0.08% Reduced -23.1k -23,100
60 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 307,816307.8k $8.9m $8.9m 0.01% Added +20.5k +20,520
61 Squarepoint Ops LLC 0.02% of their portfolio NEW YORK, NY 291,222291.2k $8.4m $8.4m 0.02% Reduced -2.1m -2,117,029
62 Cairn Investment Group, Inc. 4.29% of their portfolio VANCOUVER, WA 284,705284.7k $8.2m $8.2m 4.29% Added +3.5k +3,530
63 Eisler Capital Management Ltd. 0.28% of their portfolio LONDON, X0 284,294284.3k $8.2m $8.2m 0.28% Added +133.7k +133,723
64 STRS OHIO 0.03% of their portfolio COLUMBUS, OH 281,000281.0k $8.1m $8.1m 0.03% Unchanged
65 Whitcomb & Hess, Inc. 2.27% of their portfolio ASHLAND, OH 279,016279.0k $8.0m $8.0m 2.27% Reduced -207 -207
66 Polianta Ltd 3.36% of their portfolio ST HELIER, Y9 270,300270.3k $7.8m $7.8m 3.36% New
67 PING CAPITAL MANAGEMENT, INC. 4.34% of their portfolio NEW YORK, NY 265,800265.8k $7.7m $7.7m 4.34% Added +79.8k +79,800
68 Trek Financial, LLC 0.51% of their portfolio Scottsdale, AZ 261,646261.6k $7.5m $7.5m 0.51% Added +62.5k +62,550
69 Walleye Trading LLC 0.18% of their portfolio NEW YORK, NY 248,804248.8k $7.2m $7.2m 0.18% Reduced -25.0k -24,966
70 BANQUE PICTET & CIE SA 0.07% of their portfolio GENEVA 73, V8 244,395244.4k $7.1m $7.1m 0.07% Added +40.0k +39,969
71 FIL Ltd 0.01% of their portfolio HAMILTON, D0 239,971240.0k $6.9m $6.9m 0.01% Unchanged
72 Itau Unibanco Holding S.A. 0.26% of their portfolio SAO PAULO, D5 232,537232.5k $6.7m $6.7m 0.26% New
73 BANK OF NOVA SCOTIA 0.01% of their portfolio TORONTO, A6 214,300214.3k $6.2m $6.2m 0.01% Added +109.8k +109,761
74 SPX Gestao de Recursos Ltda 0.54% of their portfolio RIO DE JANEIRO, D5 200,000200.0k $5.8m $5.8m 0.54% New
75 MYDA Advisors LLC 1.62% of their portfolio WOODMERE, NY 200,000200.0k $5.8m $5.8m 1.62% Added +160.0k +160,000
76 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 183,278183.3k $5.3m $5.3m 0.00% Added +30.1k +30,090
77 Cambridge Investment Research Advisors, Inc. 0.02% of their portfolio FAIRFIELD, IA 180,203180.2k $5.2m $5.2m 0.02% Added +1.8k +1,840
78 Corecam Pte. Ltd. 2.89% of their portfolio SINGAPORE, U0 177,600177.6k $5.1m $5.1m 2.89% New
79 WHITEBOX ADVISORS LLC 0.14% of their portfolio MINNEAPOLIS, MN 174,880174.9k $5.0m $5.0m 0.14% New
80 Bedell Frazier Investment Counselling, LLC 1.24% of their portfolio Walnut Creek, CA 171,125171.1k $4.9m $4.9m 1.24% New
81 Karpus Management, Inc. 0.15% of their portfolio Pittsford, NY 165,578165.6k $4.8m $4.8m 0.15% Added +28.7k +28,681
82 GTS SECURITIES LLC 0.21% of their portfolio NEW YORK, NY 164,115164.1k $4.7m $4.7m 0.21% Reduced -186.9k -186,884
83 Stratos Wealth Advisors, LLC 0.25% of their portfolio BEACHWOOD, OH 162,251162.3k $4.7m $4.7m 0.25% New
84 New Vernon Capital Holdings II LLC 2.18% of their portfolio Morristown, NJ 157,309157.3k $4.5m $4.5m 2.18% Reduced -5.9m -5,902,784
85 SIG BROKERAGE, LP 1.21% of their portfolio BALA CYNWYD, PA 153,238153.2k $4.4m $4.4m 1.21% Added +143.0k +142,954
86 Y-Intercept (Hong Kong) Ltd 0.10% of their portfolio HONG KONG, K3 144,778144.8k $4.2m $4.2m 0.10% New
87 DARK FOREST CAPITAL MANAGEMENT LP 0.16% of their portfolio NEW YORK, NY 137,447137.4k $4.0m $4.0m 0.16% Unchanged
88 Pangea Capital Gestao de Recursos Ltda. 3.49% of their portfolio RIO DE JANEIRO, D5 135,000135.0k $3.9m $3.9m 3.49% Added +14.0k +14,000
89 ALTFEST L J & CO INC 0.45% of their portfolio NEW YORK, NY 132,472132.5k $3.8m $3.8m 0.45% Added +3.4k +3,437
90 ASHFORD CAPITAL MANAGEMENT INC 0.44% of their portfolio WILMINGTON, DE 131,200131.2k $3.8m $3.8m 0.44% Reduced -28.1k -28,064
91 Kiker Wealth Management, LLC 2.07% of their portfolio JASPER, GA 127,208127.2k $3.7m $3.7m 2.07% Reduced -4.5k -4,503
92 BCWM, LLC 1.16% of their portfolio OVERLAND PARK, KS 126,362126.4k $3.6m $3.6m 1.16% Reduced -544 -544
93 Capital Markets Trading UK LLP 4.14% of their portfolio LONDON, X0 126,245126.2k $3.6m $3.6m 4.14% Added +115.2k +115,237
94 CIBC WORLD MARKET INC. 0.01% of their portfolio TORONTO, A6 124,482124.5k $3.6m $3.6m 0.01% Added +39.2k +39,197
95 Centiva Capital, LP 0.22% of their portfolio New York, NY 117,594117.6k $3.4m $3.4m 0.22% Added +17.6k +17,594
96 IMC-Chicago, LLC 0.08% of their portfolio CHICAGO, IL 112,348112.3k $3.2m $3.2m 0.08% New
97 SIH Partners, LLLP 0.29% of their portfolio Wilmington, DE 106,949106.9k $3.1m $3.1m 0.29% New
98 Cypress Capital Group 0.36% of their portfolio Palm Beach, FL 101,625101.6k $2.9m $2.9m 0.36% Added +61.4k +61,435
99 SONA ASSET MANAGEMENT (US) LLC 0.10% of their portfolio NEW YORK, NY 100,000100.0k $2.9m $2.9m 0.10% New
100 Avanda Investment Management Pte. Ltd. 1.62% of their portfolio SINGAPORE, U0 99,38599.4k $2.9m $2.9m 1.62% Unchanged