Galápagos Capital has expanded its lineup of assets listed on B3 with the launch of two new ETFs focused on precious metals: OROF11, offering exposure to gold, and PRAF11, focused on silver. The funds debuted in the Brazilian market in early June 2026 and allow investors to access the physical performance of these global commodities directly in Brazilian Reais (BRL), while maintaining exposure to variations in the US Dollar (USD).
OROF11: Exposure to Physical Gold
OROF11 (Galápagos Ouro Físico DEX Fundo de Índice) aims to reflect the performance of the DEX VettaFi Physical Gold Shares Index. To achieve this, the vehicle allocates its capital abroad through the abrdn Physical Gold Shares ETF (known by the ticker SGOL), which is backed directly by physical gold bars.
In terms of costs for unitholders, OROF11 features a total management fee of 0.37% per year, a metric that consolidates the local fund structure and the embedded fees of the offshore ETF.
PRAF11: Access to Physical Silver
PRAF11 (Galápagos Prata Física DEX Fundo de Índice) seeks to track the international price performance of physical silver, using the DEX VettaFi Physical Silver Shares Index as its benchmark. The strategy replicates the abrdn Physical Silver Shares ETF (SIVR) in Brazil. The target asset’s major key differentiator is its backing: units are supported by physical silver bars allocated and individualized in certified vaults located in London, United Kingdom.
PRAF11 enters the market with a total global fee of 0.50% per year. This charge combines the 0.20% per year management fee for the local structure with the 0.30% per year charged by the underlying US ETF.
Structural Features and Taxation
Both launches operate under the guidelines for equity/commodity ETFs and feature share settlement at D+2. By accessing global vehicles tied to the US market, both OROF11 and PRAF11 also serve as a currency (dollar) exposure layer within an investor’s portfolio.
Neither fund foresees recurring income distributions (earnings are accumulated and reinvested internally). Regarding taxation, the vehicles follow conventional rules for the asset class, with a flat 15% Income Tax rate applied exclusively to capital gains realized at the time of selling units.
