BRAZ
Global X Brazil Active ETF
BRAZ is an actively managed ETF offering exposure to the Brazilian Economy. BRAZ screens for companies with quality business models and management teams across Brazil, focusing on domestic-driven growth over a 4-5 year investing horizon.
Emerging Market
EQUITY
Active
MANAGEMENT STYLE
2.8 M
ASSETS UNDER MGMT
75 bp
EXPENSES
Fund Basics
| Fund sponsor | Global X |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Aug 17, 2023 |
| Assets (mns) | $3 |
| Expense ratio | 75 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | |
| Taxation | 1099 |
| Stock selection | Active |
| Weighting | Active |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| PETROLEO BRASILEIRO S.A.-ADR | 10.1 % |
| NU HOLDINGS LTD. CLASS A | 9.9 % |
| ITAU UNIBANCO HLDNG-PREF ADR | 8.3 % |
| VALE SA-SP ADR | 7.1 % |
| WEG SA | 5.8 % |
| ITAUSA-INVESTIMENTOS ITAU-PR | 4.9 % |
| BANCO BRADESCO-ADR | 4.6 % |
| HRT PARTICIPACOES EM PETROLE | 4.4 % |
| LOCALIZA RENT A CAR | 3.8 % |
| BANCO BTG PACTUAL SA UNITS CONS OF 1 SH | 3.7 % |
Constituent Breakdown
| Number of holdings | 24 |
| Herfindahl-Hirschman Index | 540 |
| Wgt avg mkt cap (mns) | $24,549 |
| Large cap (>$10bn) | 58.9% |
| Mid cap ($2-10bn) | 18.5% |
| Small cap (<$2bn) | 11.4% |
| Developed mkts. | 12.7% |
| Emerging mkts. | 87.3% |
Country Exposure
 |
BRAZIL | 78.3 % |
 |
CAYMAN ISLANDS | 9.9 % |
 |
CANADA | 3.3 % |
 |
ARGENTINA | 2.3 % |
 |
URUGUAY | 2.1 % |
 |
MEXICO | 1.5 % |
Historical Performance
Standardized Performance (as of 12/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | -32.1% | -32.1% | -- | -- | -- | -- | -14.5% | Volatility | 19.6% | 20.5% | 110.6% | 110.6% | 110.6% | 70.5% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.79 | 26% |
| MSCI EAFE | 1.11 | 62% |
| MSCI Emg Mkts | 1.21 | 55% |
Liquidity Measures
| Avg. volume (000) | 1 |
| Turnover | 0.7% |
| Avg. Bid/Ask (% of price) | 0.45% |
| ADV of underlying (mns) | $1,286 |
Technical Indicators
| Recent close | $19.90 |
| 30d moving avg. | $21.29 |
| Annualized volatility | 20.9% |
| Relative strength (RSI) | 33 |
| Short interest (ETF) | 0.9% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. BRAZ |
Expenses vs. BRAZ |
ALTAR Score™ vs. BRAZ |
|---|---|---|---|---|
| ILF | iShares Latin America 40 ETF | 39.2% | -27 bp | +0.5% |
| EWZ | iShares MSCI Brazil ETF | 27.8% | -17 bp | +0.4% |
| FLBR | Franklin FTSE Brazil ETF | 14.3% | -56 bp | +3.1% |
| FBZ | First Trust Brazil AlphaDEX Fund | 12.3% | +5 bp | +4.0% |
| FLN | First Trust Latin America AlphaDEX Fund | 10.6% | +5 bp | -1.9% |
Risk and Returns: BRAZ vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 1/6/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
BRAZ
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
ALTAR Score™
BRAZ
10.6%
Cat. Avg
7.7%
ALTAR Score™ Calculation
Category Overview
There are 164 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.7% and a standard deviation of
4.1%. BRAZ's ALTAR Score™ is approximately
0.7 standard deviations
above
the category average. This places BRAZ in the 76th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
BRAZSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active Emerging Market Equity ETFs |
| # of ETFs | 22 |
| Avg. Expense Ratio | 60.3 bp |
| Std. Deviation | 21.7 bp |
| BRAZ (75 bp) Percentile rank | 75 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| BRAZ | 75.0 | 45.0 | 120 |
| Peer Avg. | 76.2 | 47.0 | 123.2 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .