# iShares MSCI Brazil UCITS ETF USD (Dist) (IBZL)

**Page:** https://fundology.uk/fund/ibzl · ISIN IE00B0M63516

## At a glance

> Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.

As of 13/11/2026, IBZL (iShares MSCI Brazil UCITS ETF USD (Dist), ISIN IE00B0M63516) closed at £19.63 on the London Stock Exchange. Its ongoing charge is 0.74% a year (about £74 on £10,000). Over the five years to 13/11/2026 its total return was +52.9%, or +19.4% after UK CPIH inflation.

## Summary

iShares MSCI Brazil UCITS ETF USD (Dist) is an exchange-traded fund (ETF) from iShares, launched in 2005. It tracks the MSCI Brazil. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.74% a year — about £74 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is paid out to holders as cash, usually a few times a year.

Latest close: **£19.63** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | IBZL |
| ISIN | IE00B0M63516 |
| Also listed as | IDBZ (London Stock Exchange, US dollars), IQQB (Xetra, euros) |
| Category | Emerging markets |
| Type | ETF |
| Provider | iShares |
| Tracks | MSCI Brazil |
| Income | Distributing |
| Ongoing charge | 0.74% a year (£74 per £10,000) |
| Fund size | £339m |
| Launched | 2005 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 12/06/2010 |

## Past returns (periods to 13/11/2026)

After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation.

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | +0.17% | -3.38% | income reinvested |
| 3 years | +8.54% | -1.94% | income reinvested |
| 5 years | +52.91% | +19.36% | income reinvested |

Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of iShares MSCI Brazil UCITS ETF USD (Dist) in pounds (price only, income paid out not included): 2022 +13.0%, 2023 +16.6%, 2024 −30.9%, 2025 +28.9%; 2026 to 13/11/2026 +1.5%. Returns of iShares MSCI Brazil UCITS ETF USD (Dist) in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: +25.3%; to 30/09/2025: +1.2%; to 30/09/2024: −12.1%; to 30/09/2023: −2.1%; to 30/09/2022: +12.0%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | +13.0% | +3.4% | Price |
| 2023 | +16.6% | +12.0% | Price |
| 2024 | -30.9% | -33.3% | Price |
| 2025 | +28.9% | +24.4% | Price |
| 2026 to 13/11/2026 | +1.5% | -1.8% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 36.08% | -26.02% |
| 3 years | 25.48% | -31.97% |
| 5 years | 28.66% | -37.29% |

## Largest fall

Volatility of iShares MSCI Brazil UCITS ETF USD (Dist) in pounds, annualised from weekly returns to 13/11/2026: 36.1% over 1 year, 25.5% over 3 years, 28.7% over 5 years. Largest fall in the price of iShares MSCI Brazil UCITS ETF USD (Dist) since November 2021, in pounds: −37.3% from 01/04/2022 to 27/12/2024. The lowest 12-month return of iShares MSCI Brazil UCITS ETF USD (Dist) in pounds (price only, income paid out not included) since January 2021 was −32.0% (12 months to 27/12/2024); the highest was +64.7% (12 months to 10/04/2026). On 13/11/2026 the price of iShares MSCI Brazil UCITS ETF USD (Dist) was 24.8% below its highest weekly close since November 2021 (09/10/2026), in pounds.

## Charges compared with similar funds

Ongoing charge of iShares MSCI Brazil UCITS ETF USD (Dist) 0.74% a year. Compared on 14/11/2026, 13 of the 151 other emerging-market share funds charge more, 5 the same and 133 less (share classes counted once).

## Funds tracking the same index

3 funds track MSCI Brazil, this one included and share classes counted once; their ongoing charges range from 0.25% to 0.74% a year (13/11/2026).

| Fund | Ongoing charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| Amundi MSCI Brazil ETF Acc- Capitalisation | 0.65% | +0.8% | +10.9% | +59.9% |
| iShares MSCI Brazil UCITS ETF USD (Dist) (this fund) | 0.74% | +0.2% | +8.5% | +52.9% |
| Xtrackers MSCI BRAZIL UCITS ETF Capitalisation 1C | 0.25% | +1.0% | +11.6% | +59.3% |

Returns are as reported, in pounds, income reinvested unless marked "(price)".

## Charges & eligibility

- Ongoing charges figure (OCF): **0.74%** per year
- Stocks and shares ISA eligible: usually (check with your platform)
- SIPP eligible: usually (check with your provider)
- ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify.

## What it holds

As of 06/11/2026, IBZL holds 45 positions, according to its published holdings. The largest is Nu · Class A at 9.91% of the fund; the ten largest make up 60.5%.

### Top holdings

Largest positions (as of 06/11/2026), as a percentage of the whole fund:

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | Nu · Class A | [NU](https://fundology.uk/stock/NU) | 9.91% |
| 2 | Cia Vale Do Rio Doce Sh | — | 9.72% |
| 3 | Itau Unibanco | [ITUB3](https://fundology.uk/stock/ITUB3) | 9.09% |
| 4 | Petroleo Brasileiro | [PETR3](https://fundology.uk/stock/PETR3) | 8.70% |
| 5 | Petroleo Brasileiro | [PETR3](https://fundology.uk/stock/PETR3) | 7.90% |
| 6 | Banco Bradesco | [BBDC3](https://fundology.uk/stock/BBDC3) | 3.29% |
| 7 | Itausa Investimentos Itau Pref | — | 3.16% |
| 8 | B3 Brasil Bolsa Balcao | — | 3.01% |
| 9 | Weg | [WEGE3](https://fundology.uk/stock/WEGE3) | 2.94% |
| 10 | Embraer | [EMBJ3](https://fundology.uk/stock/EMBJ3) | 2.83% |

## Where it invests

Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.

### By sector

As published for the fund, as of 06/11/2026.

| Sector | Weight |
|---|---|
| Financials | 37.5% |
| Energy | 18.7% |
| Materials | 13.5% |
| Utilities | 11.2% |
| Industrials | 8.2% |
| Consumer Staples | 4.9% |
| Consumer Discretionary | 2.2% |
| Communication Services | 1.6% |
| Other sectors | 2.3% |

### By type of asset

Added up from the fund’s published holdings, as of 06/11/2026.

| Type of asset | Weight |
|---|---|
| Equity | 98.8% |
| Cash and money market | 1.2% |

All 46 holdings: https://fundology.uk/fund/ibzl/holdings

## Questions people ask

**What is the ongoing charge of IBZL?**

The ongoing charge of IBZL is 0.74% a year — about £74 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of iShares MSCI Brazil UCITS ETF USD (Dist) 0.74% a year. Compared on 14/11/2026, 13 of the 151 other emerging-market share funds charge more, 5 the same and 133 less (share classes counted once).

**What does IBZL track?**

IBZL tracks the MSCI Brazil.

**Is IBZL accumulating or distributing?**

IBZL is distributing: income is paid out to holders as cash, usually a few times a year. It pays out quarterly.

**What is the ISIN of IBZL?**

The ISIN of IBZL is IE00B0M63516. An ISIN identifies one exact share class of a fund; IBZL is its ticker on the London Stock Exchange. The same share class is also listed as IDBZ (London Stock Exchange, US dollars) and IQQB (Xetra, euros).

**What does IBZL hold?**

As of 06/11/2026, IBZL holds 45 positions, according to its published holdings. The largest is Nu · Class A at 9.91% of the fund; the ten largest make up 60.5%. Its ten largest holdings are Nu · Class A (9.91%), Cia Vale Do Rio Doce Sh (9.72%), Itau Unibanco (9.09%), Petroleo Brasileiro (8.70%), Petroleo Brasileiro (7.90%), Banco Bradesco (3.29%), Itausa Investimentos Itau Pref (3.16%), B3 Brasil Bolsa Balcao (3.01%), Weg (2.94%) and Embraer (2.83%).

**What were IBZL’s returns in each of the last five years?**

Calendar-year returns of IBZL in pounds (price only, income paid out not included): 2022 +13.0%, 2023 +16.6%, 2024 −30.9%, 2025 +28.9%; 2026 to 13/11/2026 +1.5%. Past performance is not a guide to future returns.

**How has IBZL done after inflation?**

Over the five years to 13/11/2026 IBZL’s total return was +52.9%, or +19.4% after UK CPIH inflation. Past performance is not a guide to future returns.

## Fund documents

- [Fund page at iShares](https://www.ishares.com/uk/individual/en/products/251853/ishares-msci-brazil-ucits-etf-inc-fund)
- [Key investor information document (KIID)](https://www.ishares.com/gls-download/literature/kiid/ucits_kiid-ishares-msci-brazil-ucits-etf-dist-gb-ie00b0m63516-en.pdf)
- [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/ibzl-ishares-msci-brazil-ucits-etf-usd-dist-fund-fact-sheet-en-gb.pdf)
- Links checked 12/10/2026.

---

We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments.

Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.