Global X Brazil Active ETF

BRAZ

Market cap $9.7M

Brazilian equities posted strong gains in the first quarter of 2026, supported by higher commodity prices, resilient domestic demand, and improving fiscal expectations. The Global X Brazil Active ETF gained 18.07% (NAV return) in the first quarter, taking 12-month returns up to 55.58%. Sector positioning and stock selection within energy and financials drove positive attribution.

Brazil's current P/E of 12.5x versus emerging markets' 16.2x suggests a potential 29% upside if re-rating occurs post-election. Risks include Lula's political resilience, judicial influence, and historical underperformance at similar P/E levels, necessitating careful timing and monitoring.

merging markets may offer investors overlooked opportunities as market uncertainty rises. Malcolm Dorson, Global X senior portfolio manager and head of emerging markets strategy, joins Wealth to break down where he sees the most upside right now.