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CHIP11 gained 6.97% last week, while USTK11 advanced 4.00%. Both ETFs provide access via B3 to US technology companies while maintaining foreign currency exposure.
The former’s portfolio is concentrated in the semiconductor value chain; the latter allocates capital across Apple, Microsoft, software, and hardware equipment as well. Over the week, AMD jumped 12.65% in New York and Micron gained 6.54%.
The rally came during a week characterized by a tug-of-war between technology stocks and interest rates. The Federal Reserve had raised its benchmark policy rate by 0.25 percentage points to a target range of 3.75% to 4.00% on September 16. In the following week, the 10-year Treasury yield rose approximately 15 basis points, approaching 5.15%, according to Nasdaq data. Despite higher capital costs, the Nasdaq-100 advanced roughly 3%. The market did not buy all growth stocks equally: momentum in computing, memory, and artificial intelligence-linked names was strong enough to overcome interest rate pressure across part of the sector.
The US dollar also contributed to local-currency performance. The greenback closed last Friday near R$ 5.18, up from approximately R$ 5.14 on September 18. This weekly appreciation benefited Brazilian ETFs that maintain unhedged foreign currency exposure.
CHIP11 (Investo): +6.97%
CHIP11 invests in SMH, VanEck’s US ETF dedicated to semiconductor manufacturers and equipment suppliers. In the portfolio holdings disclosed by Investo, Nvidia represented 23.45% of the target fund; TSMC, 9.65%; Broadcom, 6.11%; Micron, 5.61%; and AMD, 5.29%. Combined, these top five positions accounted for 50.11%. This concentration leaves performance heavily dependent on the chip value chain, memory products, and foundry manufacturing capacity.
AMD shares rose from $559.82 to $630.63 between September 18 and 25. On Monday alone, the stock jumped 9.95%, capturing the bulk of its weekly gain. Micron moved from $1,015.80 to $1,082.28; TSMC went from $434.67 to $450.61, a 3.67% increase. Nvidia, the largest holding in the basket, rose from $222.27 to $225.07, a more modest 1.26% gain. Thus, strength did not come solely from the index’s largest heavyweight: AMD and Micron provided a proportionally larger boost, supported by TSMC.
The +6.97% return in Brazilian Reais reflects the combined gai
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USTK11 (Investo): +4.00%
USTK11 replicates the Vanguard Information Technology ETF (VGT) in Brazil, offering a broader basket of US technology. In the holdings disclosed by the manager, Nvidia accounted for 17.73%, Apple for 15.79%, and Microsoft for 11.51%. Broadcom (4.52%), Micron (4.18%), and AMD (2.95%) were also present. Sector composition indicated 36.86% in semiconductors and 5.13% in semiconductor materials and equipment, with the remainder spread across hardware, software, communications, and other tech activities.
The fund captured AMD and Micron’s rally, but allocated a smaller fraction of its portfolio to them: 7.13% combined, compared to 10.90% in CHIP11’s underlying fund. It also held significant exposure to Apple and Microsoft, which are absent from SMH’s pure-play semiconductor core. Nvidia was a significant holding in both products, carrying a larger weight in CHIP11, but its stock rose only 1.26%. The explanation for the weekly performance divergence between the two ETFs lies in this asset allocation: higher weightings in AMD, Micron, and other semiconductor firms in CHIP11, which were diluted in USTK11 by mega-cap hardware and software companies.
The 4.00% gain was nevertheless substantial during a week in which the Nasdaq-100 rose approximately 3% in US dollars and the dollar strengthened against the Real.
This content is for informational and educational purposes only and does not constitute an investment recommendation.
