Brazil Consumer ETF to Begin Trading in New York, Manager Global X Says
The Global X Brazil Consumer ETF will begin trading in New York on July 8, said the chief executive officer of Global X Management Company LLC, the asset manager overseeing the exchange-traded fund.
The ETF will track the Solactive Brazil Consumer Index of 28 companies including Cia de Bebidas das Americas, Latin America’s largest brewer known as AmBev, and JBS SA, the world’s biggest beef producer. It will trade under the ticker symbol BRAQ and will be listed on NYSE Arca, an electronic market operated in New York by NYSE Euronext, Bruno del Ama, chief executive officer of New York-based Global X, said in a phone interview from Los Angeles.
“People want to get access to the story on the ground and to Brazil’s domestic market,” del Ama said. “The country is seeing a lot of growth in discretionary income and people moving into the middle class. The best way to partake in that growth is through the consumer sector of the economy.”
The ETF is Brazil’s first to exclusively track the performance of consumer companies, Global X said. Brazil’s gross domestic product may expand 7.3 percent this year, the fastest pace in more than two decades, the nation’s central bank said on June 30.
Global X also plans to launch ETFs tracking Brazil’s financial, industrial, raw-materials and utilities industries, del Ama said. Exchange-traded funds issue a fixed number of shares and trade throughout the day like stocks. Most are designed to passively track a benchmark equity index.
To contact the reporter on this story: Boris Korby in New York at Bkorby1@bloomberg.net
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