Vault-13

ISHARES INC EWZ

MSCI BRAZIL ETF · ETP · CUSIP 464286400 · ISIN US4642864007

334 institutional holders +22 vs Q3 2025
120,989,966121.0m shares reported held*
$3.9bnreported value*
55 new 117 added 96 reduced 41 sold out net bought ≈ $95.7m (+2.6m 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 ($389.4k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $32.08. Options: 59 managers hold calls ($5.3bn notional), 37 hold puts ($2.5bn).

Trends to Q4 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: 312Q4 25: 334334Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 2025334

Buyers vs sellers

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

Bought or addedCut or sold out
4000400Q1 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 25Q3 25: 147 bought or addedQ3 25: 148 cut or sold outQ4 25: 172 bought or addedQ4 25: 137 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024136174
Q2 2024131159
Q3 202488140
Q4 2024117125
Q1 2025141122
Q2 2025209111
Q3 2025147148
Q4 2025172137

Calls vs puts

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

CallsPuts
$0$2bn$4bn$6bnQ1 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 0.58Q4 25 calls: $5.3bnQ4 25 puts: $2.5bnQ4 25P/C 0.46
Numbers
QuarterCallsPutsP/C
Q1 2025$2.6bn$2.0bn0.78
Q2 2025$3.3bn$1.3bn0.40
Q3 2025$5.5bn$3.2bn0.58
Q4 2025$5.3bn$2.5bn0.46

Biggest buyers

Optiver Holding B.V. Added +7,315,984+7.3m
Rokos Capital Management LLP Added +5,851,923+5.9m
Duquesne Family Office LLC New +3,552,575+3.6m
UBS Group AG Added +2,401,276+2.4m
CITADEL ADVISORS LLC Added +2,400,669+2.4m
BANK OF AMERICA CORP /DE/ Added +2,391,544+2.4m
FIL Ltd New +2,072,410+2.1m
WELLINGTON MANAGEMENT GROUP LLP New +1,518,022+1.5m
BANK OF MONTREAL /CAN/ Added +1,493,484+1.5m
BNP PARIBAS FINANCIAL MARKETS Added +1,487,262+1.5m

Biggest sellers

MORGAN STANLEY Reduced -5,424,974-5.4m
Phoenix Financial Ltd. Reduced -3,237,000-3.2m
JPMORGAN CHASE & CO Reduced -2,970,245-3.0m
GOLDMAN SACHS GROUP INC Reduced -2,875,005-2.9m
BANK OF NOVA SCOTIA Reduced -2,691,640-2.7m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -2,048,707-2.0m
JANE STREET GROUP, LLC Sold out -2,002,990-2.0m
SPX Gestao de Recursos Ltda Sold out -1,600,000-1.6m
TWO SIGMA INVESTMENTS, LP Sold out -1,585,218-1.6m
Absolute Gestao de Investimentos Ltda. Reduced -1,458,584-1.5m

Biggest calls

CITADEL ADVISORS LLC Reduced $741.8m23.3m shares
Rokos Capital Management LLP Added $683.2m21.5m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $601.7m18.9m shares
GOLDMAN SACHS GROUP INC Added $504.6m15.9m shares
UBS Group AG Reduced $335.9m10.6m shares
BARCLAYS PLC Added $314.0m9.9m shares
Optiver Holding B.V. Reduced $267.5m8.4m shares
NOMURA HOLDINGS INC Added $265.9m8.4m shares
JPMORGAN CHASE & CO Reduced $215.9m6.8m shares
JANE STREET GROUP, LLC Added $179.9m5.7m shares

Biggest puts

CITADEL ADVISORS LLC Added $531.1m16.7m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $406.4m12.8m shares
GOLDMAN SACHS GROUP INC Reduced $298.8m9.4m shares
UBS Group AG Reduced $218.2m6.9m shares
CAPSTONE INVESTMENT ADVISORS, LLC New $141.0m4.4m shares
JANE STREET GROUP, LLC Added $110.6m3.5m shares
BANK OF MONTREAL /CAN/ New $102.3m3.2m shares
Sagil Capital LLP Added $95.4m3.0m shares
BARCLAYS PLC Reduced $88.6m2.8m shares
Jain Global LLC Reduced $63.5m2.0m 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, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 UBS Group AG 0.07% of their portfolio ZURICH, V8 10,558,91510.6m $335.5m $335.5m 0.07% Added +2.4m +2,401,276
2 MORGAN STANLEY 0.02% of their portfolio NEW YORK, NY 9,802,3389.8m $311.4m $311.4m 0.02% Reduced -5.4m -5,424,974
3 Optiver Holding B.V. 4.45% of their portfolio AMSTERDAM, P7 7,748,6547.7m $246.2m $246.2m 4.45% Added +7.3m +7,315,984
4 State of Tennessee, Department of Treasury 0.82% of their portfolio NASHVILLE, TN 6,928,1036.9m $256.6m $256.6m 0.82% Reduced -409.4k -409,445
5 GOLDMAN SACHS GROUP INC 0.03% of their portfolio NEW YORK, NY 6,409,4026.4m $203.6m $203.6m 0.03% Reduced -2.9m -2,875,005
6 Rokos Capital Management LLP 2.94% of their portfolio LONDON, X0 6,316,4516.3m $200.7m $200.7m 2.94% Added +5.9m +5,851,923
7 BNP PARIBAS FINANCIAL MARKETS 0.08% of their portfolio PARIS, I0 4,047,5094.0m $128.6m $128.6m 0.08% Added +1.5m +1,487,262
8 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.17% of their portfolio BALA CYNWYD, PA 3,787,1803.8m $120.3m $120.3m 0.17% Reduced -2.0m -2,048,707
9 Duquesne Family Office LLC 2.67% of their portfolio New York, NY 3,552,5753.6m $112.9m $112.9m 2.67% New
10 BANK OF AMERICA CORP /DE/ 0.01% of their portfolio CHARLOTTE, NC 3,320,1323.3m $105.5m $105.5m 0.01% Added +2.4m +2,391,544
11 Phoenix Financial Ltd. 1.11% of their portfolio Givatayim, L3 3,237,0003.2m $102.8m $102.8m 1.11% Reduced -3.2m -3,237,000
12 CITADEL ADVISORS LLC 0.05% of their portfolio MIAMI, FL 2,519,2232.5m $80.0m $80.0m 0.05% Added +2.4m +2,400,669
13 MKP Capital Management, L.L.C. 2.59% of their portfolio New York, NY 2,286,9002.3m $72.7m $72.7m 2.59% Added +66.9k +66,900
14 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.49% of their portfolio Madrid, U3 2,218,2042.2m $70.5m $70.5m 0.49% Added +357.9k +357,853
15 FIL Ltd 0.05% of their portfolio HAMILTON, D0 2,072,4102.1m $65.8m $65.8m 0.05% New
16 NAN FUNG TRINITY (HK) LTD 5.05% of their portfolio CENTRAL, HONG KONG, K3 2,005,0002.0m $63.7m $63.7m 5.05% Unchanged
17 OLD MISSION CAPITAL LLC 2.37% of their portfolio CHICAGO, IL 1,926,6751.9m $61.2m $61.2m 2.37% Added +1.5m +1,464,112
18 Man Group plc 0.09% of their portfolio LONDON, X0 1,550,3001.6m $49.3m $49.3m 0.09% Reduced -130.4k -130,356
19 CITIGROUP INC 0.03% of their portfolio NEW YORK, NY 1,525,7571.5m $48.5m $48.5m 0.03% Added +263.4k +263,417
20 WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio Boston, MA 1,518,0221.5m $48.2m $48.2m 0.01% New
21 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 1,506,7331.5m $47.9m $47.9m 0.02% Added +1.5m +1,493,484
22 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 1,320,2331.3m $41.9m $41.9m 0.01% Added +790.2k +790,212
23 Rafferty Asset Management, LLC 0.14% of their portfolio New York, NY 1,289,3291.3m $41.0m $41.0m 0.14% Reduced -768.2k -768,199
24 ARMSTRONG ADVISORY GROUP, INC 2.74% of their portfolio NEEDHAM, MA 1,276,5991.3m $40.6m $40.6m 2.74% Added +16.4k +16,367
25 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 1,250,9931.3m $39.7m $39.7m 0.00% Reduced -3.0m -2,970,245
26 Jain Global LLC 0.36% of their portfolio NEW YORK, NY 1,157,5201.2m $36.8m $36.8m 0.36% Added +731.8k +731,820
27 Korea Investment CORP 0.07% of their portfolio SEOUL, M5 1,131,6741.1m $36.0m $36.0m 0.07% Reduced -130.0k -130,000
28 Bank Julius Baer & Co. Ltd, Zurich 0.09% of their portfolio ZURICH, V8 1,042,3341.0m $33.1m $33.1m 0.09% Added +86.1k +86,099
29 Squarepoint Ops LLC 0.07% of their portfolio NEW YORK, NY 1,016,6291.0m $32.3m $32.3m 0.07% Added +241.3k +241,263
30 CAXTON ASSOCIATES LLP 0.58% of their portfolio LONDON, X0 917,614917.6k $29.2m $29.2m 0.58% Reduced -729.4k -729,387
31 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 904,741904.7k $28.7m $28.7m 0.01% Reduced -1.0m -1,015,321
32 Quadrature Capital Ltd 0.24% of their portfolio LONDON, X0 738,901738.9k $23.5m $23.5m 0.24% New
33 BlackRock, Inc. 0.00% of their portfolio New York, NY 717,511717.5k $22.8m $22.8m 0.00% Reduced -596.2k -596,246
34 RENAISSANCE TECHNOLOGIES LLC 0.03% of their portfolio NEW YORK, NY 705,600705.6k $22.4m $22.4m 0.03% Added +595.1k +595,100
35 CAPITAL FUND MANAGEMENT S.A. 0.20% of their portfolio PARIS, I0 679,231679.2k $21.6m $21.6m 0.20% Reduced -1.0m -1,029,600
36 Millburn Ridgefield LLC /DE/ 0.50% of their portfolio New York, NY 659,985660.0k $21.0m $21.0m 0.50% Reduced -15.9k -15,894
37 Catalyst Capital Advisors LLC 0.43% of their portfolio San Juan, PR 659,985660.0k $21.0m $21.0m 0.43% Reduced -15.9k -15,894
38 LPL Financial LLC 0.01% of their portfolio FORT MILL, SC 632,656632.7k $20.1m $20.1m 0.01% Added +132.3k +132,296
39 TUDOR INVESTMENT CORP ET AL 0.11% of their portfolio STAMFORD, CT 606,390606.4k $19.3m $19.3m 0.11% Reduced -172.2k -172,214
40 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 602,478602.5k $19.1m $19.1m 0.00% Added +112.7k +112,666
41 MARSHALL WACE, LLP 0.02% of their portfolio LONDON, X0 574,397574.4k $18.2m $18.2m 0.02% Reduced -810.6k -810,617
42 Massar Capital Management, LP 3.34% of their portfolio STAMFORD, CT 535,000535.0k $17.0m $17.0m 3.34% Unchanged
43 VPR Management LLC 6.98% of their portfolio HOUSTON, TX 493,400493.4k $15.7m $15.7m 6.98% Unchanged
44 Cercano Management LLC 0.59% of their portfolio BELLEVUE, WA 490,980491.0k $15.6m $15.6m 0.59% New
45 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 467,829467.8k $14.9m $14.9m 0.00% Added +70.0k +70,044
46 Pekin Hardy Strauss, Inc. 1.15% of their portfolio CHICAGO, IL 391,908391.9k $12.5m $12.5m 1.15% Added +25.4k +25,393
47 Black Swift Group, LLC 1.93% of their portfolio BOULDER, CO 363,495363.5k $11.6m $11.6m 1.93% Added +1.1k +1,060
48 Banco Santander, S.A. 0.08% of their portfolio Madrid, U3 346,177346.2k $11.0m $11.0m 0.08% Added +194.6k +194,564
49 EVERGREEN CAPITAL MANAGEMENT LLC 0.24% of their portfolio Bellevue, WA 332,236332.2k $10.6m $10.6m 0.24% Added +6.2k +6,155
50 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 328,458328.5k $10.5m $10.5m 0.02% Added +280.6k +280,639
51 STIFEL FINANCIAL CORP 0.01% of their portfolio ST. LOUIS, MO 322,442322.4k $10.2m $10.2m 0.01% Added +17.3k +17,338
52 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 321,208321.2k $10.2m $10.2m 0.00% Added +24.6k +24,632
53 Moran Wealth Management, LLC 0.31% of their portfolio NAPLES, FL 317,665317.7k $10.1m $10.1m 0.31% New
54 SG Americas Securities, LLC 0.01% of their portfolio NEW YORK, NY 314,412314.4k $10.0m $10.0m 0.01% Reduced -122.0k -121,994
55 GROUP ONE TRADING LLC 0.29% of their portfolio CHICAGO, IL 303,115303.1k $9.6m $9.6m 0.29% New
56 Hamilton Wealth, LLC 1.81% of their portfolio LOS ANGELES, CA 300,068300.1k $9.5m $9.5m 1.81% Added +12.9k +12,885
57 Cairn Investment Group, Inc. 4.33% of their portfolio VANCOUVER, WA 286,860286.9k $9.1m $9.1m 4.33% Added +1.4k +1,390
58 Whitcomb & Hess, Inc. 2.18% of their portfolio ASHLAND, OH 283,354283.4k $9.2m $9.2m 2.18% Reduced -4.1k -4,092
59 Quinn Opportunity Partners LLC 0.39% of their portfolio CHARLOTTESVILLE, VA 280,000280.0k $8.9m $8.9m 0.39% Added +60.0k +60,000
60 Provida Pension Fund Administrator 0.14% of their portfolio LAS CONDES, SANTIAGO, F3 263,118263.1k $8.4m $8.4m 0.14% Reduced -37.9k -37,870
61 Glenorchy Capital Ltd 5.41% of their portfolio BOOROLITE, C3 261,634261.6k $8.3m $8.3m 5.41% Reduced -8.5k -8,474
62 HSBC HOLDINGS PLC 0.00% of their portfolio LONDON, X0 259,046259.0k $8.2m $8.2m 0.00% Added +198.0k +197,993
63 DARK FOREST CAPITAL MANAGEMENT LP 0.35% of their portfolio NEW YORK, NY 239,954240.0k $7.6m $7.6m 0.35% Reduced -470.9k -470,939
64 STRS OHIO 0.03% of their portfolio COLUMBUS, OH 239,230239.2k $7.6m $7.6m 0.03% Reduced -41.8k -41,770
65 PING CAPITAL MANAGEMENT, INC. 2.91% of their portfolio NEW YORK, NY 229,800229.8k $7.3m $7.3m 2.91% Reduced -15.0k -15,000
66 Karpus Management, Inc. 0.21% of their portfolio Pittsford, NY 217,760217.8k $6.9m $6.9m 0.21% Added +552 +552
67 CREDIT AGRICOLE S A 0.02% of their portfolio Montrouge Cedex, I0 199,170199.2k $6.3m $6.3m 0.02% Reduced -34.9k -34,880
68 Corecam Pte. Ltd. 3.31% of their portfolio SINGAPORE, U0 196,044196.0k $6.2m $6.2m 3.31% Reduced -1.4k -1,366
69 Federation des caisses Desjardins du Quebec 0.02% of their portfolio LEVIS, A8 192,380192.4k $6.1m $6.1m 0.02% Added +187.2k +187,223
70 SIG BROKERAGE, LP 2.02% of their portfolio BALA CYNWYD, PA 188,942188.9k $6.0m $6.0m 2.02% Added +17.7k +17,724
71 Capital Markets Trading UK LLP 3.46% of their portfolio LONDON, X0 180,598180.6k $5.7m $5.7m 3.46% Added +123.6k +123,566
72 Bedell Frazier Investment Counselling, LLC 1.10% of their portfolio Walnut Creek, CA 179,944179.9k $5.7m $5.7m 1.10% Added +6.0k +5,991
73 Stratos Wealth Advisors, LLC 0.27% of their portfolio BEACHWOOD, OH 177,749177.7k $5.6m $5.6m 0.27% Added +3.5k +3,514
74 Cambridge Investment Research Advisors, Inc. 0.01% of their portfolio FAIRFIELD, IA 172,954173.0k $5.5m $5.5m 0.01% Reduced -1.8k -1,831
75 BANQUE PICTET & CIE SA 0.05% of their portfolio GENEVA 73, V8 171,115171.1k $5.4m $5.4m 0.05% Unchanged
76 Walleye Trading LLC 0.09% of their portfolio NEW YORK, NY 170,766170.8k $5.4m $5.4m 0.09% Added +125.4k +125,402
77 Aragon Global Management, LP 1.62% of their portfolio MIAMI, FL 167,500167.5k $5.3m $5.3m 1.62% New
78 BW Gestao de Investimentos Ltda. 0.18% of their portfolio SAO PAULO, D5 164,400164.4k $5.2m $5.2m 0.18% Reduced -668.4k -668,400
79 Twin Tree Management, LP 0.53% of their portfolio DALLAS, TX 161,730161.7k $5.1m $5.1m 0.53% Reduced -289.2k -289,167
80 Schonfeld Strategic Advisors LLC 0.03% of their portfolio NEW YORK, NY 160,944160.9k $5.1m $5.1m 0.03% Added +132.9k +132,873
81 Banco BTG Pactual S.A. 0.90% of their portfolio RIO DE JANEIRO, D5 160,209160.2k $5.1m $5.1m 0.90% Reduced -126.8k -126,812
82 New Vernon Capital Holdings II LLC 2.37% of their portfolio Morristown, NJ 157,309157.3k $5.0m $5.0m 2.37% Unchanged
83 SIMPLEX TRADING, LLC 0.14% of their portfolio CHICAGO, IL 154,529154.5k $4.9m $4.9m 0.14% New
84 SOROS CAPITAL MANAGEMENT LLC 1.25% of their portfolio New York, NY 150,000150.0k $4.8m $4.8m 1.25% New
85 ALTFEST L J & CO INC 0.52% of their portfolio NEW YORK, NY 148,492148.5k $4.7m $4.7m 0.52% New
86 Waverly Advisors, LLC 0.04% of their portfolio BIRMINGHAM, AL 141,929141.9k $4.5m $4.5m 0.04% Added +44.8k +44,804
87 Cypress Capital Group 0.49% of their portfolio Palm Beach, FL 138,487138.5k $4.4m $4.4m 0.49% Added +23.0k +22,975
88 FLAX POND CAPITAL, LLC 3.18% of their portfolio MERION STATION, PA 134,593134.6k $4.3m $4.3m 3.18% First filing
89 STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio MADISON, WI 132,200132.2k $4.2m $4.2m 0.01% Reduced -485.2k -485,200
90 ASHFORD CAPITAL MANAGEMENT INC 0.46% of their portfolio WILMINGTON, DE 130,280130.3k $4.1m $4.1m 0.46% Added +6.0k +6,008
91 CSM Advisors, LLC 0.11% of their portfolio WARRENDALE, PA 126,960127.0k $4.0m $4.0m 0.11% Added +21.8k +21,831
92 BCWM, LLC 1.16% of their portfolio OVERLAND PARK, KS 122,017122.0k $3.9m $3.9m 1.16% Added +1.5k +1,547
93 Absolute Gestao de Investimentos Ltda. 0.39% of their portfolio SAO PAULO, D5 117,187117.2k $3.7m $3.7m 0.39% Reduced -1.5m -1,458,584
94 CIBC WORLD MARKET INC. 0.01% of their portfolio TORONTO, A6 114,970115.0k $3.7m $3.7m 0.01% Added +16.8k +16,765
95 ExodusPoint Capital Management, LP 0.04% of their portfolio NEW YORK, NY 110,000110.0k $3.5m $3.5m 0.04% Added +60.0k +60,000
96 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 103,590103.6k $3.3m $3.3m 0.00% Added +24.0k +23,998
97 Marex Group Ltd 0.04% of their portfolio London, X0 102,889102.9k $3.3m $3.3m 0.04% Added +55.2k +55,199
98 LOOMIS SAYLES & CO L P 0.00% of their portfolio BOSTON, MA 100,901100.9k $3.2m $3.2m 0.00% Added +13.7k +13,651
99 Valence8 US LP 0.95% of their portfolio Cambridge, MA 100,479100.5k $3.2m $3.2m 0.95% Added +2.3k +2,318
100 SBE LLC DBA CEDAR COVE WEALTH PARTNERS 1.66% of their portfolio BLOOMINGTON, MN 100,149100.1k $3.2m $3.2m 1.66% First filing