Credit: iStock
Through the close of September 29, CHIP11 accumulated a 58.02% gain in 2026. HTEK11 followed with 32.24%, QQQQ11 stood at 29.53%, and BBOI11 advanced 26.09%. The presence of semiconductors, healthcare, high-beta US equities, and live cattle futures among the top performers shows that annual returns did not rely on a single asset class.
In international funds traded in Brazilian Reais, offshore equity performance shares share-price formation with currency movements. In BBOI11, the benchmark is entirely different: local futures contracts and cash yield.
CHIP11 (Investo): +58.02%
CHIP11 replicates the VanEck Semiconductor ETF in Brazil. In the portfolio breakdown presented by Investo, Nvidia held 23.45%, Taiwan Semiconductor 9.65%, Broadcom 6.11%, Micron 5.61%, AMD 5.29%, and ASML 5.08%. Together, these six companies represented 55.19% of total exposure. The portfolio spans various stages of the value chain: processor design, manufacturing, memory, and semiconductor foundry equipment.
Operational results help sustain this leadership position. In August, Nvidia reported quarterly revenue of $96.2 billion, up 106% year-over-year, with $89 billion originating from data centers. AMD reported Q2 revenue of $11.5 billion, representing 50% year-over-year growth, stating that data centers accounted for 58% of the total. In July, TSMC recorded revenue 44.7% higher than the previous year. These figures demonstrate broad-based demand across different links of the computing infrastructure value chain—precisely the links with the heaviest weighting in CHIP11’s portfolio.
HTEK11 (Itaú Asset): +32.24%
HTEK11 tracks an index of 50 US companies involved in treatment innovation, diagnostics, bioinformatics, and medicine. The methodology applies equal weighting during the annual December rebalance. As stock prices fluctuate afterward, individual holdings shift throughout the year. The concentration that emerged in Moderna serves as a concrete demonstration of this dynamic: in the portfolio analyzed by DEX in September, Moderna already represented 13.65%, and Illumina 4.57%.
Moderna’s rally was tied to clinical developments with direct impact on product outlooks. In January, Moderna and Merck disclosed five-year data from a Phase 2b study evaluating an individualized melanoma therapy in combination with Keytruda. They subsequently announced that a Phase 3 study met its primary endpoints of recurrence-free survival and distant metastasis-free survival. These clinical outcomes can significantly alter valuation models for biotechnology firms; given Moderna’s high portfolio weighting, HTEK11 became particularly sensitive to the stock’s price movements. Illumina provided additional exposure to gene sequencing and diagnostics.
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QQQQ11 (Buena Vista): +29.53%
QQQQ11 tracks the Nasdaq-100 High Beta Index, which selects the top quartile of Nasdaq-100 companies with the highest intrinsic beta relative to the index. According to Nasdaq, it comprises 25 components. This selection alters the risk profile: the fund targets stocks that are more sensitive to broader market swings rather than replicating traditional Nasdaq-100 market-cap weighting.
In the portfolio analyzed by DEX in June, key holdings included Nvidia, Amazon, Micron, Broadcom, Tesla, Applied Materials, AMD, and Meta. Consequently, there was direct exposure to the semiconductor boom alongside allocations to e-commerce, electric vehicles, and digital platforms. This mix helps explain why QQQQ11 participated in the 2026 tech rally while lagging CHIP11, which allocated capital more heavily into the semiconductor supply chain.
BBOI11 (BB Asset): +26.09%
BBOI11 introduces a return stream distinct from US equities to the group. Its index tracks a theoretical portfolio of front-month live cattle futures contracts with monthly roll management and cash collateral earning the one-day DI rate. Share return thus combines futures price movements, contract roll yield, and interest accrued on cash reserves.
Physical cattle markets provided key contextual support throughout the year. According to ABIEC data compiled from Brazilian foreign trade reports, beef exports totaled 2.202 million metric tons from January to August, a 5.3% increase compared to 2025; export revenue reached $12.79 billion, up 21.7%. August in isolation was softer, reflecting reduced volumes to China and higher market share across alternative destinations. This combination of robust cumulative foreign demand and shifting export destinations helps frame live cattle market expectations, while the IFBOI index structure explains how these expectations translate into ETF returns.
Informational content. Past performance is no guarantee of future results and does not constitute an investment recommendation.
