Investo launches Ireland-domiciled global ETF on B3

Brazilian asset manager Investo launched a new global exchange-traded fund, MUND11 [MUND11], on the B3 exchange on September 30, 2026. The fund provides exposure to equities across 49 countries through a single investment denominated in Brazilian reais, tracking the Vanguard FTSE Global All-Cap UCITS ETF [VALU], which trades on the London Stock Exchange under European UCITS rules.

By using an Ireland-domiciled vehicle, the product reduces the withholding tax on dividends paid by US companies to 15%, compared to the standard 30% rate levied on funds based in the United States, through Ireland's bilateral tax treaty with the US Internal Revenue Service. The lower withholding occurs directly inside the foreign fund, allowing a larger portion of income to remain invested.

The fund carries an annual management fee of 0.19%, lower than the 0.30% charged by Investo's existing global equity fund, WRLD11. The underlying index covers more than 6,400 companies and represents 98% of global equity market capitalisation, spanning large, mid, and small-cap stocks with semiannual rebalancings in March and September.

While US equities make up the largest weighting with holdings such as Nvidia, Apple, Microsoft, Amazon, and Alphabet, the portfolio also holds positions in markets including Japan, the United Kingdom, Canada, Taiwan, China, South Korea, France, Switzerland, and Germany across sectors like technology, financial services, industry, consumer goods, healthcare, and energy.

According to Investo, the replicated index showed a 0.37 historical correlation with Brazil's Ibovespa. Between November 2019 and August 2026, the international index converted to Brazilian reais delivered a cumulative return of 1,084.9% (19.6% annualized) with 15.9% annualized volatility, compared to a 198.4% return (8.2% annualized) and 22.5% volatility for the Ibovespa.