ISHARES MSCI BRAZIL INDEX FUND $22.11 - New York symbol EWZ

ISHARES MSCI BRAZIL INDEX FUND $22.11 (New York symbol EWZ; buy or sell through brokers) is an ETF that’s designed to track the Brazilian stock market. Its top holdings are AmBev SA (beer and beverages), 10.8%; Cia Itau Unibanco Holding (banking), 10.0%; Banco Brandesco SA, 7.1%; Petrobras (oil and gas), 5.3%; BRF SA (food), 4.3%; Cielo SA (payment processing), 3.6%; Ultrapar SA (gas distribution and petrochemicals), 3.1%; and Itausa Investimentos SA (financial services), 2.9%. iShares launched the ETF on July 10, 2000. It has a 0.64% expense ratio. Sluggish exports and low resource prices continue to slow Brazil’s economic growth. State-controlled oil and gas giant Petrobras is also in the midst of a huge corruption scandal. As well, re-elected president Dilma Rousseff has yet to fulfill her promises of less growth-inhibiting government intervention in the economy. Brazil still has strong long-term growth potential, but it needs to get its economy back on track. iShares MSCI Brazil Index Fund is a hold.