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Investo announced the launch of MUND11, an ETF that brings a global equity portfolio to B3 via the London-traded, Irish-domiciled Vanguard FTSE Global All-Cap UCITS ETF (ticker: VALU). The strategy encompasses large-, mid-, and small-cap companies across developed and emerging markets, offering exposure to the FTSE Global All Cap Index.
The launch expands a product lineup that already includes WRLD11 and VWRA11. All three products provide access to international equities through a single share traded in Brazilian Reais (BRL), but they differ in portfolio scope, target fund domicile, and total costs. MUND11 combines small-cap inclusion (a feature also present in WRLD11) with the Irish fund structure already utilized by VWRA11.
MUND11 carries a Brazilian management fee of 0.19% per year. Combined with VALU’s 0.07% expense ratio, total annual expenses come to 0.26%. The structure also reduces withholding tax on dividends received from US companies by the Irish vehicle, leaving a larger portion of those distributions available for compounding and reinvestment.
How MUND11’s Global Exposure Works
The FTSE Global All Cap Index brings together stocks of various market cap sizes, covering approximately 98% of the global equity market capitalization. Weightings follow market capitalization: larger companies hold higher weights, and country allocations stem naturally from the composition of the exchanges included in the index.
VALU tracks this universe using representative sampling. Its portfolio holds over 6,400 companies.
As of August composition data, the United States accounts for 61.93% of MUND11’s exposure, followed by Japan (5.94%), Taiwan (3.27%), the United Kingdom (3.24%), and Canada (3.08%). China accounts for 2.67% and South Korea for 2.42%.
Technology leads sector exposure at 32.27%, financial services represent 15.38%, and industrials account for 13.06%. Top individual holdings include Nvidia (4.37%), Apple (3.89%), Microsoft (3.20%), and Amazon (2.14%). Together, these four companies account for 13.60%. While the product incorporates thousands of companies, it remains sensitive to earnings and valuations among US mega-cap tech giants.
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Where the Irish Structure Reduces Tax Withholding
MUND11 is a Brazilian ETF. The Irish structure exists within VALU, the offshore target fund, which operates under the European Union’s UCITS regulatory framework. This regime sets standard rules for investment funds, including diversification and risk management parameters. The tax savings stem from the tax treaty between Ireland and the United States.
Generally, US equity dividends received by a treaty-eligible Irish fund are subject to a 15% withholding tax rate. Under WRLD11’s structure, dividends distributed by US-domiciled VT to a Brazilian fund are generally subject to a 30% US withholding tax. These represent distinct links in the investment chain: the receipt of corporate dividends by the Irish fund versus the distribution of proceeds from a US fund to a Brazilian vehicle.
In a simplified withholding comparison, $100 subject to a 15% tax rate leaves $85 available, whereas a 30% rate leaves $70. This example illustrates the direct impact on taxable yield. Total portfolio returns also depend on dividend yields generated, country of origin, and other drag factors along the structure.
VALU utilizes an accumulating share class, which automatically reinvests net dividends into the fund itself; lower tax withholding directly benefits long-term compounding.
WRLD11 and VWRA11 Complete the Global Product Suite
WRLD11 invests in the US-domiciled Vanguard Total World Stock ETF (VT). Like MUND11, it tracks the FTSE Global All Cap Index and includes large-, mid-, and small-cap stocks. VT held 10,088 positions as of late August. While the two funds share the same benchmark, differences in sampling, total fees, and tax treatment can lead to variances in net delivered returns.
VWRA11 invests in the Irish-domiciled Vanguard FTSE All-World UCITS ETF (VWRA). Its underlying benchmark, the FTSE All-World Index, focuses exclusively on large- and mid-cap companies across developed and emerging markets. The inclusion of small caps is the primary differentiator for MUND11’s investment universe. The All-World portfolio held 3,784 stocks as of late August.
VWRA also uses an accumulating share class. Thus, MUND11 and VWRA11 share both the Irish domicile and the automatic reinvestment of dividends at the offshore fund level. The primary exposure difference lies in small-cap coverage alongside the resulting benchmark weights.
WRLD11 and VWRA11 Accumulate R$ 605 Million in Inflows Year-to-Date
Demand for Investo’s global strategies is reflected in the flow data for WRLD11 and VWRA11. According to DEX PRO data, the two ETFs combined have gathered R$ 605 million in net inflows year-to-date and R$ 686 million over 12 months. Short-term flows also remain positive: R$ 144 million over one month and R$ 12 million over one week.
Fonte: DEX PRO
WRLD11 holds the largest absolute volume of assets. The fund has registered R$ 474 million in net inflows year-to-date and R$ 548 million over 12 months. One-month net inflows total R$ 111 million, while the one-week window shows R$ 9 million. Total assets under management stand at approximately R$ 1.37 billion.
VWRA11 has gathered R$ 131 million in net inflows year-to-date and R$ 138 million over 12 months. Over one-month and one-week windows, net inflows reached R$ 33 million and R$ 3 million, respectively. The ETF’s AUM stands at R$ 151.15 million.
Combined AUM across both funds totals R$ 1.52 billion. Consistent net inflows across all four timeframes demonstrate that both vehicles continue to attract new capital despite structural and size differences. MUND11 enters this suite as a third option combining distinct market coverage, target fund domicile, and fee structures.
Annual Fee Comparison Across Structures
To compare recurring expenses, the Brazilian ETF management fee must be added to the offshore target fund’s expense ratio. The figures below reflect this sum and exclude brokerage fees, trading spreads, taxes, or other operational expenses.
| ETF | Local Fee (Brazil) | Target Offshore Fund | Total Annual Expense |
| MUND11 | 0.19% | VALU (0.07%) | 0.26% |
| WRLD11 | 0.30% | VT (0.06%) | 0.36% |
| VWRA11 | 0.30% | VWRA (0.14%) | 0.44% |
Currency Exposure Impact
Trading in BRL does not eliminate exchange rate exposure. All three products carry unhedged foreign currency exposure, meaning net returns for Brazilian investors reflect both underlying equity performance and foreign currency conversion to Reais. An appreciating Real can reduce local returns, while currency depreciation can boost them.
The launch of MUND11 expands the ways Brazilian investors can access global equities on B3. Choosing between the three funds involves weighing small-cap inclusion, the offshore vehicle’s tax structure, total costs, as well as liquidity and share trading conditions.
