ISHARES MSCI BRAZIL INDEX FUND $33.26

ISHARES MSCI BRAZIL INDEX FUND $33.26 (New York symbol EWZ; buy or sell through brokers) is an ETF that is designed to track the Brazilian stock market. Its top holdings are Cia Itau Unibanco Holding (banking), 10.3%; AmBev SA (beer and beverages), 8.6%; Banco Brandesco SA, 8.0%; Petrobras (oil and gas), 6.3%; Vale do Rio Doce (mining), 5.6%; BRF SA (food), 4.6%; and Cielo SA (payment processing), 3.4%. The ETF was launched on July 10, 2000. It has a 0.62% expense ratio. The fund’s resource focus and concentration in certain companies, such as Petrobras and Vale do Rio Doce, add risk, but both are high-quality stocks. Sluggish exports and low resource prices continue to slow Brazil’s economic growth. But the long-term outlook is positive, especially as global economies rebound. As well, recently re-elected president Dilma Rousseff has promised less growth-inhibiting government intervention in the economy. iShares MSCI Brazil is a buy.