Investo has debuted OLEO11 on B3, the first Brazilian ETF focused on the global oil industry supply chain. The fund provides exposure to 25 international leaders in drilling infrastructure and technology, benefiting from the new global cycle of energy investments.
B3 welcomed the debut of OLEO11, an exchange-traded fund (ETF) launched by Investo with a focus on the global supply chain, technology, and services for the oil and gas industry. The product operates as a fund of funds, replicating the VanEck Oil Services ETF (OIH), which in turn tracks the MVIS US Listed Oil Services 25 Index.
The fund’s portfolio brings together the 25 largest and most liquid companies listed on US exchanges specializing in equipment, drilling, and service provision for oil exploration and production. Portfolio holdings include global giants such as SLB, Halliburton, Baker Hughes, TechnipFMC, Transocean, NOV, and Tenaris. Although traded in the United States, several of these companies are headquartered and operate across other global energy hubs, such as the United Kingdom and Curaçao.
Assessing the launch of the new investment vehicle, Cauê Mançanares, CEO of Investo, highlighted the segment’s relevance in the current environment:
“There has been a resurgence in oil company capital expenditures, and oil services companies are returning to center stage. OLEO11 allows investors to participate in this cycle through a diversified basket of industry-leading companies, with simple access directly through B3.”
Industry Differentiation and Index Methodology
From an educational perspective, the ETF focuses on oil services companies, which differ from traditional oil producers because they do not extract or produce the commodity directly. Instead, these companies provide essential infrastructure—such as equipment manufacturing, well drilling, and offshore operation, to enable oil production.
The index methodology requires that at least 50% of a company’s revenue comes from these activities, while capping individual stock weights at a maximum of 20% and limiting the sum of the largest positions to 50%, featuring quarterly rebalancings and semi-annual reviews.
Investment Thesis and Historical Returns
The investment thesis is supported by a recent expansion in exploration and production capital expenditures following years of global capital underinvestment in the sector. Data from the International Energy Agency (IEA) and the US Energy Information Administration (EIA) indicate that global oil consumption remains near 104 million barrels per day, with roughly 60% allocated to transportation and 30% of production originating from offshore wells, which demand high technological sophistication.
Over the past five years, OLEO11’s benchmark index accumulated a gain of 110%, compared to 42% for the Ibovespa over the same period.
Data extracted from marketing material using the OIH ETF for study purposes.
The product features a total management fee of 0.70% per year.
