Nu Holdings LtdFLBR excludes Nu Holdings, reducing investor demand for its shares via the ETF channel.
The Franklin FTSE Brazil ETF, trading under the ticker FLBR, has outperformed the iShares MSCI Brazil ETF, EWZ, by roughly 5 percentage points year-to-date in 2026 while charging an expense ratio of 0.19 percent, less than one-third of EWZ's 0.59 percent. FLBR returned 17.65 percent through July 13, 2026, compared with 12.46 percent for EWZ, and over the trailing year it gained 37.61 percent against EWZ's 34.44 percent. The performance gap stems from the lower fee and differences in index construction: FLBR excludes Nu Holdings, which accounts for 9.18 percent of EWZ, and runs heavier exposure to Vale and Petrobras, with Vale at 11.39 percent of FLBR versus 9.94 percent of EWZ. FLBR also offers a higher dividend yield of 5.84 percent. For investors in tax-advantaged accounts, swapping from EWZ to FLBR is straightforward, but taxable holders with large embedded gains may find the tax hit outweighs the fee savings.
Nu Holdings LtdFLBR excludes Nu Holdings, reducing investor demand for its shares via the ETF channel.
Petroleo Brasileiro Petrobras SA ADRFLBR has heavier exposure to Petrobras, boosting demand for its shares via the ETF.
Vale SA ADRFLBR has heavier exposure to Vale, boosting demand for its shares via the ETF.