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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—if an intermediary permits it—securities listed directly on Brazil’s B3 exchange. ADRs and ETFs can be bought through a U.S. brokerage account; direct B3 investing may require additional eligibility checks, onboarding, local representation, and currency and custody arrangements.
Choose the route that fits your goal
| Route | What you buy | What to check | Main limitation |
|---|---|---|---|
| Brazilian ADR | A U.S.-traded depositary receipt representing shares in a particular foreign company. | Whether a current ADR program exists, its trading venue, receipt-to-share ratio, liquidity, fees, dividend handling, and issuer disclosures. | Exposure is to one issuer, and a current U.S. trading program must be confirmed company by company. SEC Investor.gov |
| U.S.-listed Brazil ETF | A fund holding a basket of Brazilian equities, traded through a U.S. brokerage account. | Index, concentration, current holdings, expense ratio, spread, liquidity, distribution policy, and currency exposure. | A country-focused fund still concentrates exposure in one national market; its portfolio and fees can change. SEC-filed EWZ summary prospectus |
| Direct B3 investment | Securities listed on Brazil’s exchange, purchased through an eligible intermediary. | U.S.-resident eligibility, enabled products, registration and representation, custody, trading, FX, transfer, and tax-related costs. | Access and process depend on the intermediary and route; permission to access some products is not universal. B3 non-resident investor guidance |
These routes are not interchangeable. An ADR gives exposure to an individual issuer through a depositary receipt; an ETF pools securities into a fund; buying on B3 means holding locally listed securities through an access arrangement. All can carry Brazilian market and currency risk.
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Buy a Brazilian ADR through a U.S. brokerage account
An ADR is a depositary receipt representing one or more shares of a foreign company, or sometimes a fraction of a share. Its price reflects the underlying home-market share price adjusted for the receipt-to-share ratio. The SEC says investors can buy ADRs that trade in the United States through a U.S. broker. SEC Investor.gov’s international investing overview
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- Find a currently available program. Search your brokerage’s security listings and the issuer’s investor-relations disclosures. Do not assume a Brazilian company has an ADR merely because it is large or well known.
- Confirm what is trading. Check whether the receipt is exchange-listed or trades over the counter, and review its ratio, trading activity, and any depositary charges.
- Review the issuer and cash flows. Read the company’s disclosures and understand how dividends, currency conversion, and any applicable fees are handled.
- Place the order only after checking the quote. Review the bid-ask spread and order type in your brokerage account; a U.S. trading venue does not remove the underlying company’s Brazilian business and currency risks.
The general ADR mechanics are established by the SEC, but a current issuer-by-issuer Brazilian ADR roster is not established here. Verify each program and its trading venue before investing.
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Use a U.S.-listed Brazil ETF for a basket of stocks
A Brazil-focused ETF can provide exposure to multiple Brazilian equities through a U.S.-traded fund. One documented example is the iShares MSCI Brazil ETF (EWZ), listed on NYSE Arca. Its SEC-filed summary prospectus dated December 30, 2025 says the fund seeks to track an index composed of Brazilian equities. EWZ summary prospectus
The fund’s SEC-hosted semi-annual shareholder report, covering September 1, 2025 through February 28, 2026, reports a 0.55% expense ratio. That is a dated fund disclosure, not a guarantee that the fee remains unchanged; consult the latest prospectus and shareholder report before purchase. EWZ shareholder report
What to compare before buying
- Index and concentration: Check which companies and sectors the index represents and how much weight the largest holdings carry.
- Current holdings: Review the fund’s latest disclosures rather than relying on an older list; holdings and weights can change.
- Costs and trading: Compare the current expense ratio, bid-ask spread, fund size, and liquidity. The expense ratio does not capture every potential cost of trading.
- Currency and distributions: Understand that the fund’s U.S.-dollar price can move with both Brazilian asset values and exchange rates, and review its distribution policy.
A basket spreads company-specific exposure across holdings, but it does not diversify away the risks of investing in one country. The fund’s prospectus is the place to assess its strategy and risks; no example fund is suitable for every investor.
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Direct investment can give access to securities listed in Brazil rather than a U.S.-traded receipt or fund. B3 describes a newer route through an international brokerage house that provides B3 access, while advising investors to check intermediary fees and taxation in their country of residence. This is a route to investigate, not a promise that a particular U.S. brokerage accepts U.S. residents or enables every B3 security and account type. B3 New Investors
Questions to ask an intermediary
- Does it accept U.S. residents, and are there account, entity, or product restrictions?
- Which B3 products and trading access methods are enabled for the account?
- What onboarding, investor registration, legal or tax representation, and custody arrangements are required?
- What are the trading, custody, foreign-exchange, funding, and withdrawal or transfer costs?
- What tax documents or local reporting support does it provide, and what remains the investor’s responsibility?
B3 says U.S. persons’ access to certain products through direct market access (DMA) depends on the permissions and access offered by their intermediary. Confirm the details directly with the institution before transferring money or assuming a security is available. B3 non-resident investor guidance
Traditional nonresident onboarding
B3’s published process for nonresident individuals describes choosing legal, tax, and custody representation; providing know-your-customer information; obtaining investor identification or registration; arranging applicable registration of investment resources; and selecting a broker to execute orders. Requirements vary with the access route and provider. B3 guidance on trading under CMN 4.373/2014 and B3 Investimento estrangeiro
The Government of Brazil’s Investor Portal says nonresident investment is regulated under CMN Resolution 4.373 of September 29, 2014, which covers foreign resources invested in Brazilian financial and capital markets, including investment through depositary receipts. Government of Brazil Investor Portal
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B3’s nonresident tax guidance describes exemptions for certain nonresident investors’ equity capital gains and distributed dividends, alongside different treatment for investors from low-tax jurisdictions and for other asset classes or income events. These are Brazilian tax rules; they do not determine a U.S. investor’s complete federal or state reporting and tax obligations. The result depends on the instrument, investor classification, and applicable jurisdictions. B3 taxation guidance for non-resident investors and B3 tributação para investidor não residente
Before investing, understand the U.S. tax treatment of the specific holding and your reporting obligations; seek qualified tax advice for your circumstances. Separately, consider whether you can tolerate company and sector exposure, Brazilian interest-rate and policy changes, political or regulatory developments, commodity-related movements, and BRL/USD exchange-rate fluctuations. None of the three access routes eliminates these risks.
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