Vault-13

ISHARES INC EWZ

MSCI BRAZIL ETF · ETP · CUSIP 464286400 · ISIN US4642864007

312 institutional holders -16 vs Q2 2025
119,295,751119.3m shares reported held*
$3.7bnreported value*
40 new 107 added 95 reduced 53 sold out net sold ≈ $40.0m (-1.3m 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 ($6.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $30.99. Options: 58 managers hold calls ($5.5bn notional), 36 hold puts ($3.2bn).

Trends to Q3 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: 328Q3 25: 312312Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 2025312

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q4 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 25Q2 25: 209 bought or addedQ2 25: 111 cut or sold outQ3 25: 147 bought or addedQ3 25: 148 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023160145
Q1 2024136174
Q2 2024131159
Q3 202488140
Q4 2024117125
Q1 2025141122
Q2 2025209111
Q3 2025147148

Calls vs puts

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

CallsPuts
$0$2bn$4bn$6bnQ4 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 0.40Q3 25 calls: $5.5bnQ3 25 puts: $3.2bnQ3 25P/C 0.58
Numbers
QuarterCallsPutsP/C
Q4 2024$3.3bn$1.7bn0.51
Q1 2025$2.6bn$2.0bn0.78
Q2 2025$3.3bn$1.3bn0.40
Q3 2025$5.5bn$3.2bn0.58

Biggest buyers

GOLDMAN SACHS GROUP INC Added +5,199,701+5.2m
JPMORGAN CHASE & CO Added +2,990,119+3.0m
BANK OF NOVA SCOTIA Added +2,529,340+2.5m
MKP Capital Management, L.L.C. New +2,220,000+2.2m
Absolute Gestao de Investimentos Ltda. New +1,575,771+1.6m
TWO SIGMA INVESTMENTS, LP Added +1,568,795+1.6m
SPX Gestao de Recursos Ltda Added +1,400,000+1.4m
MORGAN STANLEY Added +1,297,922+1.3m
NAN FUNG TRINITY (HK) LTD Added +1,157,900+1.2m
BW Gestao de Investimentos Ltda. New +832,800+832.8k

Biggest sellers

UBS Group AG Reduced -5,900,152-5.9m
Turim 21 Investimentos Ltda. Reduced -4,819,529-4.8m
Gemsstock Ltd. Sold out -3,377,800-3.4m
Balyasny Asset Management L.P. Reduced -2,401,856-2.4m
WELLINGTON MANAGEMENT GROUP LLP Sold out -2,058,677-2.1m
Optiver Holding B.V. Reduced -1,834,096-1.8m
CITADEL ADVISORS LLC Reduced -1,103,338-1.1m
SIMPLEX TRADING, LLC Sold out -955,457-955.5k
Duquesne Family Office LLC Sold out -738,800-738.8k
Schonfeld Strategic Advisors LLC Reduced -735,377-735.4k

Biggest calls

CITADEL ADVISORS LLC Added $828.9m26.7m shares
BANK OF AMERICA CORP /DE/ Added $610.4m19.7m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $590.2m19.0m shares
Optiver Holding B.V. Added $584.8m18.9m shares
Rokos Capital Management LLP Added $533.1m17.2m shares
UBS Group AG Reduced $450.7m14.5m shares
GOLDMAN SACHS GROUP INC Added $396.1m12.8m shares
JPMORGAN CHASE & CO Added $287.0m9.3m shares
NOMURA HOLDINGS INC Added $208.5m6.7m shares
BARCLAYS PLC Added $113.9m3.7m shares

Biggest puts

GOLDMAN SACHS GROUP INC Added $622.7m20.1m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $491.2m15.8m shares
CITADEL ADVISORS LLC Added $442.7m14.3m shares
UBS Group AG Added $345.5m11.1m shares
BANK OF AMERICA CORP /DE/ Added $329.2m10.6m shares
Jain Global LLC Added $167.2m5.4m shares
BARCLAYS PLC New $132.5m4.3m shares
Eisler Capital Management Ltd. Added $99.8m3.2m shares
NOMURA HOLDINGS INC Added $72.8m2.3m shares
CITIGROUP INC Added $71.3m2.3m 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, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.03% of their portfolio NEW YORK, NY 15,227,31215.2m $472.0m $472.0m 0.03% Added +1.3m +1,297,922
2 GOLDMAN SACHS GROUP INC 0.04% of their portfolio NEW YORK, NY 9,284,4079.3m $287.8m $287.8m 0.04% Added +5.2m +5,199,701
3 UBS Group AG 0.05% of their portfolio ZURICH, V8 8,157,6398.2m $252.9m $252.9m 0.05% Reduced -5.9m -5,900,152
4 State of Tennessee, Department of Treasury 0.76% of their portfolio NASHVILLE, TN 7,337,5487.3m $227.5m $227.5m 0.76% Reduced -60.1k -60,067
5 Phoenix Financial Ltd. 1.28% of their portfolio Givatayim, L3 6,474,0006.5m $200.7m $200.7m 1.28% Reduced -135.0k -135,000
6 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.26% of their portfolio BALA CYNWYD, PA 5,835,8875.8m $180.9m $180.9m 0.26% Added +555.0k +555,011
7 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 4,221,2384.2m $130.9m $130.9m 0.00% Added +3.0m +2,990,119
8 BANK OF NOVA SCOTIA 0.15% of their portfolio TORONTO, A6 2,743,6402.7m $85.1m $85.1m 0.15% Added +2.5m +2,529,340
9 BNP PARIBAS FINANCIAL MARKETS 0.06% of their portfolio PARIS, I0 2,560,2472.6m $79.4m $79.4m 0.06% Reduced -523.2k -523,180
10 MKP Capital Management, L.L.C. 2.76% of their portfolio New York, NY 2,220,0002.2m $68.8m $68.8m 2.76% New
11 Rafferty Asset Management, LLC 0.21% of their portfolio New York, NY 2,057,5282.1m $63.8m $63.8m 0.21% Reduced -593.5k -593,542
12 NAN FUNG TRINITY (HK) LTD 6.20% of their portfolio CENTRAL, HONG KONG, K3 2,005,0002.0m $62.2m $62.2m 6.20% Added +1.2m +1,157,900
13 JANE STREET GROUP, LLC 0.07% of their portfolio NEW YORK, NY 2,002,9902.0m $62.1m $62.1m 0.07% Added +275.1k +275,135
14 BARCLAYS PLC 0.02% of their portfolio LONDON, X0 1,920,0621.9m $59.5m $59.5m 0.02% Added +285.2k +285,210
15 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.44% of their portfolio Madrid, U3 1,860,3511.9m $57.3m $57.3m 0.44% Added +319.4k +319,444
16 CAPITAL FUND MANAGEMENT S.A. 0.53% of their portfolio PARIS, I0 1,708,8311.7m $53.0m $53.0m 0.53% Added +338.6k +338,570
17 Man Group plc 0.10% of their portfolio LONDON, X0 1,680,6561.7m $52.1m $52.1m 0.10% Added +288.4k +288,426
18 CAXTON ASSOCIATES LLP 1.40% of their portfolio LONDON, X0 1,647,0011.6m $51.1m $51.1m 1.40% Added +579.8k +579,838
19 SPX Gestao de Recursos Ltda 4.16% of their portfolio RIO DE JANEIRO, D5 1,600,0001.6m $49.6m $49.6m 4.16% Added +1.4m +1,400,000
20 TWO SIGMA INVESTMENTS, LP 0.08% of their portfolio NEW YORK, NY 1,585,2181.6m $49.1m $49.1m 0.08% Added +1.6m +1,568,795
21 Absolute Gestao de Investimentos Ltda. 6.45% of their portfolio SAO PAULO, D5 1,575,7711.6m $48.8m $48.8m 6.45% New
22 MARSHALL WACE, LLP 0.05% of their portfolio LONDON, X0 1,385,0141.4m $42.9m $42.9m 0.05% Added +675.3k +675,307
23 BlackRock, Inc. 0.00% of their portfolio New York, NY 1,313,7571.3m $40.7m $40.7m 0.00% Added +595.5k +595,460
24 CITIGROUP INC 0.03% of their portfolio NEW YORK, NY 1,262,3401.3m $39.1m $39.1m 0.03% Reduced -145.2k -145,187
25 Korea Investment CORP 0.08% of their portfolio SEOUL, M5 1,261,6741.3m $39.1m $39.1m 0.08% Added +209.7k +209,674
26 ARMSTRONG ADVISORY GROUP, INC 2.76% of their portfolio NEEDHAM, MA 1,260,2321.3m $39.1m $39.1m 2.76% Added +18.4k +18,377
27 Bank Julius Baer & Co. Ltd, Zurich 0.08% of their portfolio ZURICH, V8 956,235956.2k $29.6m $29.6m 0.08% Added +59.1k +59,096
28 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 928,588928.6k $28.8m $28.8m 0.00% Reduced -712.5k -712,450
29 BW Gestao de Investimentos Ltda. 1.95% of their portfolio SAO PAULO, D5 832,800832.8k $25.8m $25.8m 1.95% New
30 TUDOR INVESTMENT CORP ET AL 0.16% of their portfolio STAMFORD, CT 778,604778.6k $24.1m $24.1m 0.16% Reduced -315.0k -315,000
31 Squarepoint Ops LLC 0.05% of their portfolio NEW YORK, NY 775,366775.4k $24.0m $24.0m 0.05% Added +484.1k +484,144
32 DARK FOREST CAPITAL MANAGEMENT LP 0.83% of their portfolio NEW YORK, NY 710,893710.9k $22.0m $22.0m 0.83% Added +573.4k +573,446
33 Millburn Ridgefield LLC /DE/ 0.50% of their portfolio New York, NY 675,879675.9k $21.0m $21.0m 0.50% Reduced -74.8k -74,792
34 Catalyst Capital Advisors LLC 0.42% of their portfolio San Juan, PR 675,879675.9k $21.0m $21.0m 0.42% Reduced -74.8k -74,792
35 Eisler Capital Management Ltd. 0.43% of their portfolio LONDON, X0 625,155625.2k $19.3m $19.3m 0.43% Added +340.9k +340,861
36 STATE OF WISCONSIN INVESTMENT BOARD 0.04% of their portfolio MADISON, WI 617,400617.4k $19.1m $19.1m 0.04% Added +254.8k +254,800
37 STATE OF MICHIGAN RETIREMENT SYSTEM 0.08% of their portfolio EAST LANSING, MI 538,350538.4k $16.7m $16.7m 0.08% New
38 Massar Capital Management, LP 5.94% of their portfolio STAMFORD, CT 535,000535.0k $16.6m $16.6m 5.94% Unchanged
39 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 530,021530.0k $16.4m $16.4m 0.00% Reduced -246.4k -246,435
40 Itau Unibanco Holding S.A. 0.54% of their portfolio SAO PAULO, D5 525,035525.0k $15.7m $15.7m 0.54% Added +292.5k +292,498
41 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 500,360500.4k $15.5m $15.5m 0.00% Reduced -229.0k -229,040
42 VPR Management LLC 6.95% of their portfolio HOUSTON, TX 493,400493.4k $15.3m $15.3m 6.95% Unchanged
43 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 489,812489.8k $15.2m $15.2m 0.00% Added +1.2k +1,160
44 Trium Capital LLP 5.93% of their portfolio LONDON, X0 487,829487.8k $15.1m $15.1m 5.93% Reduced -485.4k -485,382
45 Rokos Capital Management LLP 0.18% of their portfolio LONDON, X0 464,528464.5k $14.4m $14.4m 0.18% Reduced -3.3k -3,298
46 OLD MISSION CAPITAL LLC 0.51% of their portfolio CHICAGO, IL 462,563462.6k $14.3m $14.3m 0.51% New
47 Twin Tree Management, LP 0.65% of their portfolio DALLAS, TX 450,897450.9k $14.0m $14.0m 0.65% Added +10.0k +9,969
48 SG Americas Securities, LLC 0.05% of their portfolio NEW YORK, NY 436,406436.4k $13.5m $13.5m 0.05% Reduced -643.7k -643,734
49 Optiver Holding B.V. 0.22% of their portfolio AMSTERDAM, P7 432,670432.7k $13.4m $13.4m 0.22% Reduced -1.8m -1,834,096
50 Jain Global LLC 0.17% of their portfolio NEW YORK, NY 425,700425.7k $13.2m $13.2m 0.17% Added +18.8k +18,752
51 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 397,785397.8k $12.3m $12.3m 0.00% Reduced -150.9k -150,856
52 Pekin Hardy Strauss, Inc. 1.14% of their portfolio CHICAGO, IL 366,515366.5k $11.4m $11.4m 1.14% Added +28.1k +28,080
53 Black Swift Group, LLC 1.98% of their portfolio BOULDER, CO 362,435362.4k $11.2m $11.2m 1.98% Added +53.6k +53,590
54 Polar Asset Management Partners Inc. 0.23% of their portfolio TORONTO, A6 358,900358.9k $11.1m $11.1m 0.23% New
55 EVERGREEN CAPITAL MANAGEMENT LLC 0.24% of their portfolio Bellevue, WA 326,081326.1k $10.1m $10.1m 0.24% Reduced -1.0k -1,037
56 Cubist Systematic Strategies, LLC 0.13% of their portfolio STAMFORD, CT 308,656308.7k $9.6m $9.6m 0.13% Added +296.3k +296,295
57 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 305,104305.1k $9.5m $9.5m 0.01% Reduced -2.7k -2,712
58 Provida Pension Fund Administrator 0.16% of their portfolio LAS CONDES, SANTIAGO, F3 300,988301.0k $9.3m $9.3m 0.16% Reduced -69.4k -69,405
59 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 296,576296.6k $9.2m $9.2m 0.00% Reduced -11.6k -11,614
60 Whitcomb & Hess, Inc. 2.29% of their portfolio ASHLAND, OH 287,446287.4k $8.9m $8.9m 2.29% Added +8.4k +8,430
61 Hamilton Wealth, LLC 1.86% of their portfolio LOS ANGELES, CA 287,183287.2k $8.9m $8.9m 1.86% Reduced -24.7k -24,704
62 Banco BTG Pactual S.A. 1.30% of their portfolio RIO DE JANEIRO, D5 287,021287.0k $8.9m $8.9m 1.30% New
63 Cairn Investment Group, Inc. 4.03% of their portfolio VANCOUVER, WA 285,470285.5k $8.8m $8.8m 4.03% Added +765 +765
64 STRS OHIO 0.03% of their portfolio COLUMBUS, OH 281,000281.0k $8.7m $8.7m 0.03% Unchanged
65 Glenorchy Capital Ltd 6.08% of their portfolio BOOROLITE, C3 270,108270.1k $8.4m $8.4m 6.08% New
66 Centiva Capital, LP 0.75% of their portfolio New York, NY 258,856258.9k $8.0m $8.0m 0.75% Added +141.3k +141,262
67 PING CAPITAL MANAGEMENT, INC. 4.57% of their portfolio NEW YORK, NY 244,800244.8k $7.6m $7.6m 4.57% Reduced -21.0k -21,000
68 CREDIT AGRICOLE S A 0.02% of their portfolio Montrouge Cedex, I0 234,050234.1k $7.3m $7.3m 0.02% First filing
69 Quinn Opportunity Partners LLC 0.50% of their portfolio CHARLOTTESVILLE, VA 220,000220.0k $6.8m $6.8m 0.50% Added +140.0k +140,000
70 Karpus Management, Inc. 0.21% of their portfolio Pittsford, NY 217,208217.2k $6.7m $6.7m 0.21% Added +51.6k +51,630
71 Kiker Wealth Management, LLC 3.33% of their portfolio JASPER, GA 212,613212.6k $6.6m $6.6m 3.33% Added +85.4k +85,405
72 Corecam Pte. Ltd. 3.26% of their portfolio SINGAPORE, U0 197,410197.4k $6.1m $6.1m 3.26% Added +19.8k +19,810
73 CMT Capital Markets Trading GmbH 2.50% of their portfolio CHICAGO, IL 193,779193.8k $6.0m $6.0m 2.50% Added +179.0k +179,032
74 Cullen Capital Management, LLC 0.07% of their portfolio New York, NY 192,956193.0k $6.0m $6.0m 0.07% New
75 Kingsview Wealth Management, LLC 0.09% of their portfolio GRANTS PASS, OR 185,073185.1k $5.7m $5.7m 0.09% New
76 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 174,785174.8k $5.4m $5.4m 0.01% Reduced -5.4k -5,418
77 Stratos Wealth Advisors, LLC 0.26% of their portfolio BEACHWOOD, OH 174,235174.2k $5.4m $5.4m 0.26% Added +12.0k +11,984
78 SIH Partners, LLLP 0.47% of their portfolio Wilmington, DE 174,221174.2k $5.4m $5.4m 0.47% Added +67.3k +67,272
79 Bedell Frazier Investment Counselling, LLC 1.11% of their portfolio Walnut Creek, CA 173,953174.0k $5.4m $5.4m 1.11% Added +2.8k +2,828
80 Point72 Europe (London) LLP 0.29% of their portfolio LONDON, X0 171,917171.9k $5.3m $5.3m 0.29% Reduced -184.4k -184,365
81 SIG BROKERAGE, LP 1.34% of their portfolio BALA CYNWYD, PA 171,218171.2k $5.3m $5.3m 1.34% Added +18.0k +17,980
82 BANQUE PICTET & CIE SA 0.05% of their portfolio GENEVA 73, V8 171,115171.1k $5.3m $5.3m 0.05% Reduced -73.3k -73,280
83 New Vernon Capital Holdings II LLC 2.24% of their portfolio Morristown, NJ 157,309157.3k $4.9m $4.9m 2.24% Unchanged
84 Banco Santander, S.A. 0.04% of their portfolio Madrid, U3 151,613151.6k $4.7m $4.7m 0.04% Reduced -156.2k -156,250
85 Symmetry Investments LP 0.36% of their portfolio ST HELIER, Y9 144,200144.2k $4.5m $4.5m 0.36% New
86 OVERSEA-CHINESE BANKING Corp Ltd 0.11% of their portfolio SINGAPORE, U0 139,700139.7k $4.3m $4.3m 0.11% New
87 Pangea Capital Gestao de Recursos Ltda. 3.62% of their portfolio RIO DE JANEIRO, D5 135,000135.0k $4.2m $4.2m 3.62% Unchanged
88 ASHFORD CAPITAL MANAGEMENT INC 0.43% of their portfolio WILMINGTON, DE 124,272124.3k $3.9m $3.9m 0.43% Reduced -6.9k -6,928
89 WHITEBOX ADVISORS LLC 0.07% of their portfolio MINNEAPOLIS, MN 123,285123.3k $3.8m $3.8m 0.07% Reduced -51.6k -51,595
90 BCWM, LLC 1.12% of their portfolio OVERLAND PARK, KS 120,470120.5k $3.7m $3.7m 1.12% Reduced -5.9k -5,892
91 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 118,554118.6k $3.7m $3.7m 0.00% Reduced -1.1m -1,103,338
92 Cypress Capital Group 0.43% of their portfolio Palm Beach, FL 115,512115.5k $3.6m $3.6m 0.43% Added +13.9k +13,887
93 Balyasny Asset Management L.P. 0.01% of their portfolio Chicago, IL 110,760110.8k $3.4m $3.4m 0.01% Reduced -2.4m -2,401,856
94 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 110,500110.5k $3.4m $3.4m 0.00% Added +54.6k +54,600
95 Point72 Asset Management, L.P. 0.01% of their portfolio STAMFORD, CT 108,250108.2k $3.4m $3.4m 0.01% New
96 CSM Advisors, LLC 0.09% of their portfolio WARRENDALE, PA 105,129105.1k $3.3m $3.3m 0.09% Added +11.4k +11,441
97 GTS SECURITIES LLC 0.12% of their portfolio NEW YORK, NY 102,692102.7k $3.2m $3.2m 0.12% Reduced -61.4k -61,423
98 MYDA Advisors LLC 0.93% of their portfolio WOODMERE, NY 100,000100.0k $3.1m $3.1m 0.93% Reduced -100.0k -100,000
99 SONA ASSET MANAGEMENT (US) LLC 0.12% of their portfolio NEW YORK, NY 100,000100.0k $3.1m $3.1m 0.12% Unchanged
100 CIBC WORLD MARKET INC. 0.01% of their portfolio TORONTO, A6 98,20598.2k $3.0m $3.0m 0.01% Reduced -26.3k -26,277