Last Wednesday, at B3 in São Paulo, Global X held the Ring the Bell ceremony to celebrate the launch of the global ETF COLO39, which will offer exposure to Colombia’s main stocks.
If you lived through the ’90s or follow the global pop scene, you probably know that the song “Estoy Aquí” marked the beginning of international acclaim for Shakira, Colombia’s largest cultural export. With the launch of COLO39 on B3, the Colombian stock market is now “aquí” (here), available to investors on B3.
Brought by Global X, the new global ETF arrives to enable geographical diversification within Latin America. The asset manager now has two vehicles focused on Latin American companies, having launched ARGT39 in 2025—a global ETF providing exposure to Argentina’s leading stocks.
But is it worth looking beyond our borders and allocating capital to the economy of coffee and commodities?
O protagonista da vez
Investing directly abroad has become easier over the years, but it has its nuances. It involves bureaucracy, foreign exchange costs, and greater concerns regarding income tax and estate planning.
During the Ring the Bell ceremony—an event held at B3 last Wednesday to mark the launch of COLO39—Arthurito Faria Lima reinforced that ETFs are instruments that solve several investor pain points: liquidity, diversification, and cost reduction. All of this in a secure, efficient, and transparent manner. From this perspective, COLO39 takes on the leading role. It represents the first pure and direct exposure to Colombia through B3.
According to Sabrina Fragomeni, Head of Sales at Global X, demand for this asset did not appear out of nowhere; it came from Brazilian investors themselves, who are looking to decorrelate Brazil risk without necessarily tying themselves strictly to the US or European markets.
Sabrina Fragomeni, Head of Sales and Business Development at Global X
The Rhythm of Colombian Growth
The vehicle replicates the MSCI All Colombia Select 25/50 Index, bringing together a select basket of 26 companies that represent the country’s corporate heart.
About 20% of the fund’s assets are exposed to Grupo Cibest, a controlling holding company of one of Latin America’s largest financial ecosystems. 8.3% of the ETF is exposed to Ecopetrol, the country’s main oil exploration, production, and distribution company, holding 100% of Colombia’s refining capacity.
Why Colombia Now? The coffee analogy
Imagine that building an investment portfolio is like brewing a specialty coffee blend. If you only use beans of the same type (exposure to a single country, for example), the flavor will be flat, and you will be completely exposed to a potential crop failure in that specific harvest. COLO39 works like a select Colombian Arabica bean: it adds a different flavor to your portfolio. But as with any recipe, you have to be careful not to overdo the dosage and spoil the final result.
According to Fragomeni, the underlying fund (COLO ETF) grew by over 50% over the last 12 months. Furthermore, projections point to Colombian economic growth around 3.5%, far exceeding the expected average for the region. “It is a market driven by a population of over 50 million people and a rapidly expanding middle class in consumption,” commented Sabrina.
Brazilian investors gain yet another allocation possibility—another geography that becomes accessible. What investors need to keep in mind is that in this case, it is an emerging market asset, something more niche. Therefore, investors must consider this when calibrating a tolerable percentage for COLO39 in their portfolios.
The fact is: COLO39 is here.
