At a glance
BRAZ charges 0.75% a year, above the 0.42% average of the 3 funds most like it (the most expensive of 4). It has $10.4M in assets, the 4th largest of that group; it paid 2.67% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +16.6% with distributions reinvested (S&P 500: +11.5%), 3rd of those 4 funds; over three years it returned +9.7% a year. Its ten largest positions make up 68.9% of the fund, out of 28 in all.
The short version
Global X Brazil Active ETF (BRAZ) is an actively managed fund seeking long-term growth from 28 holdings tied to Brazil (as of May 31, 2026), led by Petrobras, Itaú Unibanco and Nu Holdings. Instead of tracking an index, its manager picks companies it sees as current or future market leaders. It costs 0.75% a year, above the 0.42% average of similar funds, and is small, with about $10.4 million in assets on that date.
Price history
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BRAZ +16.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BRAZ official prospectus, to Dec 31, 2025 | — | +44.96% | — | — | — | +8.02% |
| BRAZ price data to Oct 27, 2026 | +8.7% | +16.6% | +9.7% | — | — | +8.7% |
- Over the year to Oct 27, 2026, BRAZ returned +16.6%, 3rd of 4 among similar funds.
- Its worst full calendar year was 2024 (-29.8%); its best was 2025 (+45.3%).
- The deepest fall in its price history was 31% (Dec 27, 2023 to Dec 18, 2024), recovered by Nov 10, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.8% | — |
| 2025 | +45.3% | +44.96% |
| 2024 | -29.8% | -29.04% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1500 | |
| 2025 | $0.9300 | +16.3% |
| 2024 | $0.8000 |
What's inside
As of May 31, 2026, the fund held 28 securities; the ten largest made up 68.9% of assets.
| Holding | Weight | |
|---|---|---|
| Petroleo Brasileiro S.A. (Petrobras) | 15.55% | |
| Itau Unibanco Holding S.A. | 10.62% | |
| Nu Holdings Ltd. | 9.34% | |
| VALE S.A. | 7.37% | |
| Banco Bradesco S.A. | 4.78% | |
| BANCO BTG PACTUAL S.A. | 4.68% | |
| ITAUSA S.A. Preferred stock | 4.63% | |
| AXIA Energia S.A. | 4.53% | |
| B3 S.A - Brasil, Bolsa, Balcao | 3.81% | |
| Companhia Paranaense de Energia - Copel | 3.59% | |
| WEG S.A. | 3.25% | |
| ERO COPPER CORP. | 2.67% | |
| Raia Drogasil S/A | 2.40% | |
| PRIO S.A. | 2.34% | |
| EMBRAER S.A. | 2.02% |
By country
United States 63.29%Brazil 31.89%Canada 2.67%By asset type
Stocks 93.22%Preferred stock 4.63%What changed recently
- Over the three months to May 31, 2026, investors added a net $562K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -9.15%, +3.74%, -2.03%.
How it works
BRAZ does not track an index. Its adviser, Global X Management Company LLC, puts at least 80% of net assets into stocks of companies based in or economically tied to Brazil, such as firms earning at least half their revenue there. It favors companies it sees as current or future leaders by market share or market value. It looks for a lasting business model, exposure to trends like a growing middle class, and shareholder-friendly management.
Selection starts with screens for trading volume, company size, returns and balance-sheet strength. The manager then studies sectors and individual companies. Risk rules cap single positions, limit sector weights relative to the MSCI Brazil Index, and set a target number of holdings. Trades follow the manager's views, not an index schedule. Portfolio turnover, the share of holdings replaced in a year, was 36.44%, per the March 2026 prospectus.
As of May 31, 2026, it had 28 holdings, with 68.9% in the top 10. As a "non-diversified" fund, it can concentrate in fewer companies. Many holdings are American depositary receipts (ADRs), US-listed certificates for Brazilian shares. Unlike most ETFs, it handles much of its share creation and redemption (how large traders add or remove ETF shares) in cash. That may require it to trade away holdings for cash, which can make it less tax-efficient.
What it really costs
- BRAZ charges 0.75% a year, versus an average of 0.42% for the similar funds below (4th of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BRAZ | $77 | $240 | $417 | $930 |
In a retirement portfolio
It is a small, actively managed fund concentrated in a single emerging market, with sharp swings such as a 29.04% loss in 2024.
BRAZ could add a concentrated stake in Brazil's leading companies, which a US-focused portfolio may lack. It launched in August 2023, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. It lost 29.04% in 2024, then gained 44.96% in 2025. Its deepest drop was 31%, from December 2023 to December 2024. It regained that peak on November 10, 2025, about 10.7 months after the low. Anyone who had to cash out or draw income during that stretch would have locked in steep losses.
Income is modest: the trailing 12-month yield was 2.67% as of October 27, 2026, paid twice a year. Costs are high, at 0.75% a year versus a 0.42% average for similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a manager-picked, concentrated bet on Brazil-focused market leaders such as Petrobras, Itaú Unibanco and Nu Holdings, held as a small slice.
- People who prefer active stock selection over index tracking and accept paying 0.75% a year, above the 0.42% peer average.
- Long-horizon investors who can sit through swings like 2024's 29.04% loss and 2025's 44.96% gain without needing to cash out.
Look elsewhere if
- Cost-focused investors: Franklin FTSE Brazil ETF (FLBR) charges 0.19% and iShares MSCI Brazil ETF (EWZ) 0.59%, versus 0.75% here.
- Those wanting a long record or a large fund; BRAZ launched in August 2023 and held about $10.4 million as of May 31, 2026.
- Retirees needing steady income or stability: it pays only twice a year and fell 31% between December 2023 and December 2024.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is BRAZ good for retirement?
It may fit a small, higher-risk slice of a retirement portfolio rather than a core role. BRAZ lost 29.04% in 2024 and gained 44.96% in 2025, and its deepest drop was 31% from December 2023 to December 2024. It launched in August 2023, so it has no record from 2008, 2020 or 2022. Its trailing yield was 2.67% as of October 27, 2026, paid twice a year, and it charges 0.75% a year.
What's the difference between BRAZ and EWZ?
The main differences are approach, cost and size. BRAZ is actively managed and small, with 28 holdings and about $10.4 million in assets as of May 31, 2026. The iShares MSCI Brazil ETF (EWZ) charges 0.59% a year versus 0.75% for BRAZ and held about $8.17 billion as of August 31, 2026. Their holdings overlap by 29%. As of October 27, 2026, both returned 16.6% over one year, but EWZ returned 10.9% a year over three years versus 9.7% for BRAZ.
Does BRAZ pay dividends?
Yes. BRAZ pays distributions twice a year. Over the 12 months through October 27, 2026, it paid about $0.79 per share, a trailing yield (past-year payouts divided by the share price) of 2.67%. Amounts can change from one payment to the next, since they depend on what the fund's holdings pay out and on currency moves. The fund's stated goal is long-term capital growth, not income, so the payout is a side benefit rather than its main purpose.
What are BRAZ's top holdings?
As of May 31, 2026, the largest holdings were Petrobras (15.6%), Itaú Unibanco (10.6%), Nu Holdings (9.3%), Vale (7.4%) and Banco Bradesco (4.8%). The fund had 28 holdings, and the top 10 made up 68.9% of assets, so a handful of companies drive much of the return. Several are banks, including Itaú Unibanco, Banco Bradesco and Banco BTG Pactual. Many positions are American depositary receipts, US-listed certificates that represent shares of Brazilian companies.
What is BRAZ's expense ratio?
BRAZ's expense ratio, the yearly fee taken from fund assets, is 0.75%, all of it management fee, according to the prospectus filed March 27, 2026. That is higher than three similar funds: Franklin FTSE Brazil ETF (FLBR) charges 0.19%, iShares Latin America 40 ETF (ILF) 0.48% and iShares MSCI Brazil ETF (EWZ) 0.59%, an average of 0.42%. In the SEC's standard example, $10,000 earning 5% a year would cost about $77 over one year and $930 over 10 years.