# Brazil ETF in Japan Falls About 15% After Lula’s Election Win By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/40867 Published: 2026-10-26T08:20:47.000Z Updated: 2026-10-26T08:20:47.000Z Section: Investing > A separate Hyperliquid perpetual contract tied to EWZ also fell after the result, but the two moves involve different products and markets. A Brazil ETF in Japan fell about 15% on Monday, Oct. 26, after President Luiz Inácio Lula da Silva won Brazil’s runoff election. A separate Hyperliquid perpetual contract linked to the iShares MSCI Brazil ETF (EWZ) also fell after [Lula’s victory](), dropping more than 22%. EWZ tracks large- and mid-cap Brazilian companies. The Brazil ETF in Japan and the Hyperliquid contract are different products traded in different markets, so their percentage declines do not represent the same price move. ## Links in this article - [Lula’s victory](https://www.tokenpost.com/news/regulation/40750)