Tokenized iShares MSCI Brazil ETF ($EWZ) Now Available on Solana

Backpack expands its tokenized securities lineup on Solana with the iShares MSCI Brazil ETF ($EWZ). Each $EWZ token is tradable 24/7 and redeemable 1:1 for a traditional share of the iShares MSCI Brazil ETF (NYSE Arca: EWZ) through Backpack Securities.

Token details

About the iShares MSCI Brazil ETF

iShares MSCI Brazil ETF (NYSE Arca: EWZ) is an exchange-traded fund managed by BlackRock Fund Advisors that holds large and mid cap Brazilian equities. It tracks the MSCI Brazil 25/50 Index, which applies a capping method that limits any single group entity to 25 percent of index weight and caps the combined weight of all group entities above 5 percent at 50 percent, and which is rebalanced quarterly. The fund launched in 2000.

Moving between $EWZ and traditional EWZ shares

$EWZ and traditional iShares MSCI Brazil ETF (NYSE Arca: EWZ) shares are convertible 1:1 through Backpack Exchange. The flow works the same way as depositing or withdrawing a stablecoin.

Withdraw a share of the iShares MSCI Brazil ETF from Backpack Exchange to tokenize it into $EWZ on Solana.

Deposit $EWZ from a Solana wallet to Backpack Exchange to convert it back into the underlying EWZ share held in Backpack Securities.

How to trade $EWZ

You can trade Backpack-issued $EWZ on Solana using Backpack Wallet.

$EWZ is also accessible across the Solana ecosystem, including decentralized exchanges, aggregators, wallets, and apps such as Backpack, fomo, Titan, Jupiter, Phantom, Solflare, Raydium, Kamino, and others.

Unlike most tokenized stocks that only track a price, tokenized securities issued by Backpack, including $EWZ, are:

• Redeemable 1:1 for real underlying shares
• Transferable to traditional brokerages