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September ended with a significant advantage for the Brazilian stock market over other country and regional allocations. BOVA11 advanced 5.32%, while SPXI11 lost 1.13%, WRLD11 fell 1.78%, and IVWO11 dropped 2.06%. Losses were more pronounced in China and Argentina allocations: PKIN11 cede 5.32% and ARGE11 dropped 7.39%. SPXR11, offering S&P 500 exposure with currency hedging, gained 0.20%; DOLB11, linked to US dollar futures, ended up 0.12%.
Divergences begin with underlying holdings. In Brazil, Itaú, Bradesco, Banco do Brasil, and BTG Pactual advanced, while Vale fell. In the United States, gains in Apple and Nvidia coexisted with losses in Amazon, Broadcom, and JPMorgan.
In emerging markets, TSMC gained value in Taiwan, but Tencent and Alibaba slipped in Hong Kong. In Argentina, banks suffered much sharper declines than the portfolio’s primary energy holdings.
The ETF returns presented below represent total returns, in Reais (BRL), for the month of September. Stock price variations reflect performance between the closes of August 31 and September 30 in their respective trading currencies.
| ETF | Exposure | September Return |
| BOVA11 | Ibovespa | +5.32% |
| SPXR11 | S&P 500 via futures, FX-hedged | +0.20% |
| DOLB11 | US Dollar futures | +0.12% |
| SPXI11 | S&P 500, unhedged (FX exposure) | -1.13% |
| WRLD11 | Global equities | -1.78% |
| IVWO11 | Emerging market equities | -2.06% |
| PKIN11 | Chinese A-shares (CSI 300) | -5.32% |
| ARGE11 | US-listed Argentine companies (ADRs) | -7.39% |
BOVA11 (BlackRock): +5.32%
The Ibovespa ETF portfolio drew strong support from its financial holdings. ITUB4 surged 12.04%, BBDC4 advanced 7.68%, BBAS3 gained 11.23%, and BPAC11 rallied 17.16%. B3SA3 also posted strong performance, up 13.07%. The rally encompassed retail banks, investment banking, and market infrastructure, providing broad breadth across the financial sector.
Petrobras preferred shares provided another positive vector, with PETR4 gaining 9.11%. Conversely, VALE3 fell 10.20%, placing significant downward pressure on a major index component.
BOVA11’s 5.32% gain thus occurred amid opposing performance between the stock market’s two main commodity exposures: oil and mining.
SPXR11 (Itaú Asset): +0.20%
SPXR11 provides exposure to the S&P 500 via a futures structure with currency hedging. Apple gained 5.10%, Nvidia advanced 3.44%, and Microsoft rose 1.11%, while Amazon fell 4.09%, Broadcom lost 5.17%, and JPMorgan declined 7.08% in US dollars.
The index combines technology companies with banking, consumer, healthcare, industrial, and other sectors. Consequently, the advance among select mega-cap tech stocks coexisted with drag from other major components.
SPXR11’s structure incorporates exposure to the interest rate differential between Brazil and the United States while seeking to neutralize exchange rate fluctuations. This design explains its divergence from SPXI11: both offer access to the S&P 500, but use different reference benchmarks and mechanisms. SPXR11 finished 1.33 percentage points above SPXI11.
SPXI11 (Itaú Asset): -1.13%
SPXI11 tracks the S&P 500 Net Total Return Index, which incorporates the reinvestment of net dividends, with unhedged US dollar exposure. Within the basket, Apple, Nvidia, and Microsoft provided support, rising 5.10%, 3.44%, and 1.11%, respectively.
Amazon acted as a primary drag, moving from $259.77 to $249.15, a 4.09% loss. Broadcom fell 5.17%, while JPMorgan declined from $356.02 to $330.83, a 7.08% drop. Negative movements spanned e-commerce and cloud, semiconductors, and financial services. Dispersion was also evident within tech itself: Nvidia advanced while Broadcom lost value.
Unlike SPXR11, SPXI11 retains full currency exposure.
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WRLD11 (Investo): -1.78%
WRLD11 invests in the Vanguard Total World Stock ETF (VT), providing exposure to developed and emerging market equities.
In the baseline composition disclosed by the manager, the United States represented 61.97% of total exposure. Nvidia held 4.29%, Apple 3.81%, Microsoft 3.14%, Amazon 2.10%, and Broadcom 1.43%. Its global scope, therefore, coexists with a substantial allocation to US mega-cap tech companies.
While Nvidia, Apple, and Microsoft gained ground in September, Amazon fell 4.09% and Broadcom dropped 5.17%. Outside the US core, the basket includes TSMC, Tencent, and Alibaba. TSMC shares in Taiwan rose 3.12% in local currency, while Tencent and Alibaba dropped 4.86% and 6.65%, respectively, in Hong Kong dollars. The month presented mixed signals both across regions and within top individual holdings.
IVWO11 (Investo): -2.06%
IVWO11 replicates the Vanguard FTSE Emerging Markets ETF (VWO) in Brazil. In the August 31 portfolio breakdown, Taiwan represented 32.70%, China 26.50%, and India 16.50%, together accounting for 75.70% of total exposure. TSMC was the largest single holding at 14.67%; Tencent held 2.89%, Alibaba 2.18%, and MediaTek 1.46%. Reliance Industries, HDFC Bank, and ICICI Bank were also among top holdings.
TSMC shares in Taiwan moved from NT$ 2,405 to NT$ 2,480, a 3.12% gain. Conversely, Tencent fell from HK$ 453 to HK$ 431, a 4.86% loss, and Alibaba dropped from HK$ 114.20 to HK$ 106.60, a 6.65% decline. These movements highlight the coexistence of appreciation in semiconductor manufacturing alongside pressure on Chinese digital platforms. Local currency movements also factor into the target fund’s USD return formation.
PKIN11 (Bradesco Asset): -5.32%
PKIN11 invests in the China Universal CSI 300, which tracks major onshore A-shares traded in Shanghai and Shenzhen. This exposure differs from the Hong Kong-listed holdings of Tencent and Alibaba found in IVWO11. The CSI 300 combines financial, consumer, industrial, and technology companies from mainland China.
Among its components, CATL dropped from 363.55 to 291.11 Yuan, a 19.93% loss, while East Money fell from 19.39 to 17.79 Yuan, an 8.25% drop. The former provides exposure to electric vehicles and batteries, while the latter represents digital financial services, trading, and investment distribution. Pressure hit two distinct industries within the Chinese domestic market.
CATL’s decline was significantly steeper than the ETF’s overall loss of 5.32% in Reais. This variance aligns with a diversified 300-stock basket: individual stock performance is blended with remaining components and currency translation.
ARGE11 (Investo): -7.39%
ARGE11 brings together 15 US-listed Argentine ADRs. In the September 21 composition, YPF held 20.72%, Grupo Financiero Galicia 14.37%, Ternium 14.37%, Pampa Energía 11.96%, and Banco Macro 7.43%. Galicia and Macro combined for 21.80%, creating significant banking exposure within a basket that also holds energy and steel producers.
Banks were the primary source of downward pressure among these holdings. Galicia fell from $43.75 to $37.24, a 14.88% loss, while Banco Macro moved from $78.68 to $66.93, a 14.93% drop. Both declines were roughly twice as steep as the Brazilian ETF share price drop, demonstrating the intensity of the pull-back in the financial sector.
YPF lost 2.81%, Pampa Energía fell 5.53%, and Ternium slipped 0.95% in US dollars. While primary energy and steel holdings also declined, their losses were smaller in magnitude than those seen in the banking sector. ARGE11’s 7.39% decline was thus accompanied by broad weakness across major components, centered heavily in financials.
This content is for informational and educational purposes only and does not constitute an investment recommendation.
