B3 Launches New Gold and Military Technology BDR ETFs Amid Geopolitical Tensions

The Bottom Line

• B3 has introduced two new Brazilian Depositary Receipts (BDRs) of Exchange Traded Funds (ETFs), $GOEX39 and $SHLD39, expanding investment options for local investors.
• The new BDR ETFs provide direct exposure to global gold and military technology sectors, offering diversification and potential hedges against geopolitical and inflationary risks.
• This launch by B3 ($B3SA3) reflects a strategic move to cater to growing investor demand for international exposure and thematic investments within the Brazilian market.

São Paulo, Brazil – B3, the Brazilian stock exchange, announced the launch of two new Brazilian Depositary Receipts (BDRs) of Exchange Traded Funds (ETFs), effective May 25, 2026. These new instruments, identified by the tickers $GOEX39 and $SHLD39, are designed to offer Brazilian investors enhanced access to global investment themes, specifically targeting the gold and military technology sectors. The introduction of these BDR ETFs comes at a time of heightened global geopolitical tensions and persistent inflationary pressures, which have historically driven investor interest in defensive assets and strategic industries.

The $GOEX39 BDR ETF will track an underlying fund focused on the gold sector. Gold has long been considered a safe-haven asset, often appreciating during periods of economic uncertainty, geopolitical instability, or currency debasement. For Brazilian investors, direct exposure to gold through a locally traded instrument like $GOEX39 simplifies the investment process, bypassing the complexities of international transfers or physical commodity storage. This new offering allows for a more efficient allocation to a traditional inflation hedge and a store of value, particularly relevant given the volatility in emerging markets.

Conversely, the $SHLD39 BDR ETF will provide exposure to the military technology and defense sector. This sector has seen renewed interest and increased capital allocation globally, driven by escalating conflicts, heightened national security concerns, and a significant uptick in defense spending by various nations. Investing in military technology through $SHLD39 allows Brazilian investors to capitalize on the growth trajectories of companies involved in aerospace, defense systems, cybersecurity, and advanced weaponry. This thematic investment aligns with a global trend of rearmament and technological advancement in defense capabilities.

The mechanism of BDR ETFs allows Brazilian investors to acquire certificates representing shares of foreign ETFs, which are themselves diversified portfolios of assets. This structure facilitates access to international markets without requiring direct foreign exchange transactions or opening offshore accounts. B3's decision to list these specific thematic ETFs underscores a strategic effort to broaden its product suite and meet the evolving demands of its investor base, which increasingly seeks diversification beyond traditional Brazilian equities and fixed income.

For B3 ($B3SA3) itself, the introduction of these new BDR ETFs is expected to contribute to increased trading volumes and liquidity on the exchange. As the primary infrastructure provider for Brazil's financial markets, B3 benefits from a wider array of tradable instruments, attracting both retail and institutional investors. The expansion of thematic ETFs also positions B3 as a more comprehensive platform for sophisticated investment strategies, aligning with global trends in passive and thematic investing.

The timing of this launch is particularly noteworthy. Global central banks continue to navigate complex monetary policy landscapes, with inflation remaining a key concern. In this environment, assets like gold offer a potential hedge. Simultaneously, the geopolitical landscape, marked by conflicts in Eastern Europe and the Middle East, has underscored the strategic importance and economic resilience of the defense industry. These macro factors provide a compelling backdrop for the demand for both gold and military technology exposures.

Investors considering $GOEX39 and $SHLD39 should evaluate the underlying foreign ETFs, their expense ratios, and the specific companies or assets they track. While BDRs offer convenience, they also carry currency risk, as the value of the BDR will fluctuate with both the performance of the underlying foreign ETF and the exchange rate between the Brazilian Real and the currency of the underlying fund. Nevertheless, these new offerings represent a significant step forward in democratizing access to global thematic investments for the Brazilian market.