iShares MSCI Brazil ETF (EWZ US) - Portfolio Construction Methodology

Core Insights - The iShares MSCI Brazil ETF (EWZ) is designed to provide market-cap-weighted exposure to Brazil's large- and mid-cap equities, covering approximately 85% of the investable market in Brazil [1] Group 1: Index Methodology - The underlying index is the MSCI Brazil 25/50 Index, which follows MSCI Global Investable Market Index standards, including foreign-ownership adjustments and liquidity screens [1] - A 25/50 capping optimization is applied quarterly to comply with U.S. RIC concentration limits, ensuring no single issuer exceeds 25% and the aggregate weight of issuers over 5% remains at or below 50% [1] - Group entities are capped at the group level, and weights reflect free float and investability adjustments, with corporate actions flowing through from the parent [1] Group 2: Portfolio Management - Buffers at quarterly reviews help limit turnover while maintaining concentration constraints [1]