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U.S. investors can get Brazilian equity exposure through U.S.-traded American depositary receipts (ADRs), U.S.-listed funds such as Brazil-focused ETFs, or securities traded directly on Brazil’s B3 exchange. ADRs and ETFs can be bought through a U.S. brokerage account; direct B3 investing requires an intermediary that accepts U.S. residents and enables the relevant products. The routes differ in what you own, costs, eligibility, and tax complexity.
Choose the route that fits the exposure you want
| Route | What you get | What to check | Main constraint |
|---|---|---|---|
| U.S.-traded ADR | Exposure to an individual Brazilian company through a depositary receipt. | Whether a current ADR program exists, its trading venue, ADR-to-share ratio, liquidity, fees, currency and dividend handling, and issuer disclosures. | Availability must be checked company by company; not every major Brazilian company necessarily has a U.S.-traded ADR. |
| U.S.-listed Brazil ETF | A basket of Brazilian equities in a U.S. brokerage account. | Index scope, holdings and concentration, expense ratio, bid-ask spread, fund liquidity, distributions, and tracking. | A country-focused fund remains exposed to one national market; fund details can change. |
| Direct B3 investment | Direct purchase of securities listed on Brazil’s exchange, subject to the account and intermediary’s market access. | U.S.-resident eligibility, supported products, onboarding and registration, custody, currency conversion, trading and representation fees, and tax treatment. | Access and procedures depend on the intermediary; additional local-market arrangements may be needed. |
These are different ownership structures, not interchangeable wrappers. An ADR represents foreign shares through a depositary arrangement; an ETF owns a portfolio; and direct B3 access involves buying securities in the Brazilian market.
How U.S.-traded ADRs work
An ADR is a U.S.-traded depositary receipt representing shares of a foreign company. A receipt may represent one or more shares, or a fraction of a share, so its price relates to the home-market share price adjusted for the depositary ratio. The SEC’s Investor.gov says investors can buy ADRs trading in the United States through a U.S. broker: International Investing.
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How a Brazil ETF differs
Example: iShares MSCI Brazil ETF (EWZ)
The SEC-filed summary prospectus dated December 30, 2025 identifies EWZ as listed on NYSE Arca and says its objective is to track an index composed of Brazilian equities. The prospectus is available through the SEC: EWZ summary prospectus.
EWZ’s SEC-hosted shareholder report covering September 1, 2025 through February 28, 2026 reported an expense ratio of 0.55%. That is a dated fund fact, not a promise that the current fee is unchanged. Holdings and weights also change; consult the latest prospectus and fund disclosures before acting. The report is available at EWZ shareholder report.
What to compare before choosing a fund
- Which index the fund follows and how broadly it represents Brazilian equities.
- Current top holdings and sector concentration, rather than assuming the portfolio is diversified across the economy.
- Current expense ratio, bid-ask spread, fund size and trading liquidity.
- Distribution policy and tracking of the stated index.
- Exposure to movements in Brazilian asset prices and the Brazilian real against the U.S. dollar.
A fund spreads exposure across its holdings, but it does not remove the risk of investing in a single country. Neither the fund’s objective nor past results establish that it is suitable for a particular investor.
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B3 describes two access approaches for nonresidents. Its newer investor page says people living in any country may be able to invest through an international brokerage house that provides B3 access under a newer regulatory model. This is a starting point for checking providers, not confirmation that a particular U.S. brokerage accepts U.S. residents or supports every security and account type. See B3’s New Investors page.
Under the more traditional process, B3’s guidance for nonresident individuals describes selecting legal, tax, and custody representation; providing know-your-customer information; obtaining investor identification or registration; arranging applicable registration of funds; and choosing a broker to execute orders. The applicable steps depend on the access route and provider. B3 outlines this in its individual investor guidance and foreign investor information.
Before opening an account, ask the intermediary directly whether it accepts U.S. residents, which B3 products and exchanges it enables, and what registration is required. Request a full schedule of trading, custody, foreign-exchange, transfer, and representation fees. B3 notes that access for U.S. persons to certain products through direct market access depends on the permissions and access offered by the intermediary; its non-resident investor guidance describes that limitation.
Brazil’s government Investor Portal says foreign investment in Brazilian financial and capital markets is regulated under CMN Resolution 4.373 of September 29, 2014. The framework includes investment through depositary receipts. See the Investor Portal’s foreign-investor information.
Account for taxes, currency, and investment risks
B3’s guidance describes Brazilian tax exemptions for certain nonresident investors’ equity capital gains and distributed dividends, while noting different treatment for investors from low-tax jurisdictions and for other asset classes or income events. These are Brazilian-side rules; they do not determine a U.S. investor’s federal or state tax reporting and liability. See B3’s non-resident investor taxation guidance. U.S. tax obligations depend on the investor and investment; consult current U.S. tax guidance or a qualified tax professional for your circumstances.
Brazilian investments can be affected by company fundamentals, local interest rates and policy, commodity exposure, political and regulatory developments, and BRL/USD movements. Consider these risks alongside the route’s costs, liquidity, concentration, eligibility, and reporting requirements. No route removes the possibility of loss.
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