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The first trading session following the first round of elections placed Brazilian equity ETFs among B3’s top performers. In morning trading snapshots this Monday, October 5, HIGH11 advanced 10.70% and SMAL11 gained 10.18%, outperforming BOVA11’s 7.53% rise. The rally also reached LVOL11 (+8.20%), DIVO11 (+7.73%), and IMAB11 (+2.98%).
On the flip side, appreciation of the Real pressured BRL-denominated international exposures: IVVB11 dropped 4.31%, NASD11 fell 3.94%, and GOLD11 declined 4.63%. The most direct contrast appeared in SPXR11, which advanced 0.43% due to its currency-hedged S&P 500 structure.
Flávio Bolsonaro ended the first round with 47.03% of valid votes, against Lula’s 45.16%. Investor reactions reflected a higher probability assigned to a change in government and expectations of fiscal adjustment. In morning trading, the commercial dollar retreated 4.37% to R$ 4.987 at 10:15 AM; the January 2029 DI interest rate futures contract reached 12.830%, dropping 86 basis points around 9:40 AM.
Intraday ETF Performance Snapshot
Price variations relative to the previous close on October 2.
| ETF | Intraday Return | Snapshot Time |
| BOVA11 | +7.53% | 10:58 AM |
| DIVO11 | +7.73% | 10:58 AM |
| SMAL11 | +10.18% | 10:58 AM |
| LVOL11 | +8.20% | 10:50 AM |
| HIGH11 | +10.70% | 10:58 AM |
| IMAB11 | +2.98% | 10:58 AM |
| IVVB11 | −4.31% | 10:58 AM |
| SPXR11 | +0.43% | 10:58 AM |
| HASH11 | −3.01% | 10:58 AM |
| GOLD11 | −4.63% | 10:58 AM |
| NASD11 | −3.94% | 10:58 AM |
| HODL11 | −1.46% | 10:57 AM |
| ETHE11 | −2.90% | 10:57 AM |
Magalu and Cosan Power HIGH11; Homebuilders Drive Small Caps
HIGH11’s top spot found support in two major portfolio holdings: Magazine Luiza and Cosan. At 10:35 AM, MGLU3 was up 24.18% and CSAN3 advanced 22.82%. In the DEX portfolio snapshot for the week ending September 25, these stocks represented 6.60% and 4.75% of the fund, respectively.
Falling interest rate futures and a repricing of domestic risk favored credit-dependent companies with notable debt levels. Vamos, C&A, and Cogna were also among the top holdings in that portfolio breakdown.
In SMAL11, the 10.18% surge tracked the broader rush into domestic equities. Cyrela, a key constituent, rallied 21.33% by 10:35 AM. Allos, Assaí, and Renner added exposure to shopping malls and retail consumer spending—sectors at the center of lower cost-of-capital bets. Homebuilders also gained a specific catalyst: JPMorgan upgraded Cyrela and Eztec to “Buy” following the election results.
Banks Sustain BOVA11 and DIVO11; LVOL11 Joins the Rally
Banco do Brasil rose 12.73% to R$ 26.74 at 10:34 AM. B3 and BTG Pactual surged 20.79% and 19.21%, respectively, by 10:35 AM. All three stocks are part of the Ibovespa universe and helped drive BOVA11’s 7.53% gain.
However, the broad index portfolio also carried holdings that capped gains: Suzano fell 3.36%, Embraer dropped 1.51%, and WEG lost 0.33% at 10:35 AM. The strengthening Real creates additional drag on export revenues when converted back into BRL.
In DIVO11, banks, financial holdings, and utility companies linked the portfolio to the same macro repricing. Banco do Brasil, Itaú, Bradesco, and Itaúsa were featured in the September disclosed composition alongside Petrobras, BB Seguridade, Copel, and Cemig.
LVOL11 gained 8.20%, even though its selection methodology prioritizes low historical volatility. In the September portfolio snapshot, public utilities represented roughly 32.3% and financial services 25.5%, featuring positions such as BB Seguridade, Taesa, Itaú, Bradesco, and Engie. This allocation similarly exposed it to falling interest rate futures and domestic risk repricing.
IMAB11 Gains 2.98% Amid Fixed Income Repricing
IMAB11’s advance brought IPCA+ inflation-linked government bonds into the domestic asset rally. Its exposure to NTN-Bs makes bond prices—particularly longer-duration issues—the primary performance driver for the portfolio.
The sharp drop in the DI yield curve documented a significant compression in risk premiums this morning.
IVVB11 and NASD11 Recede; SPXR11 Highlights FX Drag Impact
IVVB11 dropped 4.31% and NASD11 fell 3.94%. The more than 4% drop in the US dollar during morning trading acted as a heavy drag on both funds, which maintain unhedged foreign currency exposure in their US equity portfolios.
SPXR11 advanced 0.43%, representing a 4.74 percentage point spread over IVVB11. While both offer S&P 500 exposure, SPXR11’s currency-hedged structure eliminates FX volatility and captures the interest rate differential between Brazil and the United States.
GOLD11 and Crypto ETFs Suffer Under BRL Appreciation
GOLD11 posted the steepest decline among the group, falling 4.63%. Unhedged exposure to international gold prices made BRL appreciation a major drag on returns.
In crypto assets, HASH11 declined 3.01%, ETHE11 dropped 2.90%, and HODL11 slipped 1.46%. Each fund maintains distinct allocations: HASH11 tracks a diversified crypto basket, ETHE11 focuses on Ether, and HODL11 on Bitcoin.
Bitcoin traded near $86,000 in morning trade following an Asian session recovery. Consequently, the decline in local Brazilian ETFs coexisted with offshore asset recovery alongside strong foreign currency headwinds.
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Reporting note: Timestamped asset, FX, and interest rate movements indicated in the text reflect non-simultaneous market snapshots.
