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The week of September 13 to 19 produced significant dispersion across physical commodities, agricultural futures and shares of natural-resource producers. BBOI11 gained 3.47%, while CMDB11 fell 3.20%, creating a 6.67 percentage point gap between the top and bottom performers.
The most consistent movement occurred in precious metals. Silver gained approximately 3% during the week, while gold posted a more moderate increase. Over the same period, the appreciation of the US dollar supported internationally exposed products traded in Brazilian reais.
Energy markets began the week under the influence of supply risks in the Middle East but subsequently lost momentum. Brent crude ended the period lower, while WTI recorded a steeper decline.
In international agricultural markets, corn also ended the week in negative territory. In Brazil, however, live-cattle and corn futures traded on B3 responded to specific domestic-market conditions.
BBOI11 (BB Asset): +3.47%
BBOI11 led the analysis with a 3.47% gain. The ETF tracks B3’s live-cattle futures index and therefore responds to the dynamics of Brazilian contracts rather than the US cattle market.
Brazil’s physical market advanced during the week. The Cepea/Esalq live-cattle indicator moved from BRL 349.50 per arroba on September 14 to BRL 352.90 on September 18. Prices also accumulated gains during the month.
Controlled animal supply and sustained demand supported prices despite greater caution among buyers. In São Paulo, reference prices for standard live cattle and cattle eligible for export to China also increased during the week.
Futures appreciated across part of the curve. The October contract ended September 18 at BRL 380 per arroba, while the December contract closed at BRL 386.40. Expectations of prices above the physical-market level helped support the ETF.
PRAF11 (Galapagos Capital): +3.29%
PRAF11 advanced 3.29%, finishing second. The fund tracks the international physical-silver price through the abrdn Physical Silver Shares ETF, which is backed by individually allocated silver bars stored in London vaults.
Silver gained approximately 3% during the week, outperforming gold. The metal ended the period near US$67 per ounce after a consistent recovery late in the week.
Physical exposure allowed PRAF11 to track the international silver rebound directly. The appreciation of the US dollar against the Brazilian real also supported the conversion of the underlying asset into the B3-listed share price.
SLVR11 (XP Asset): +3.18%
SLVR11 rose 3.18%, close to PRAF11’s result. Both funds provide exposure to silver but use different structures to track the metal.
SLVR11 follows a benchmark linked to the London Bullion Market Association silver price, while PRAF11 invests in a physically backed silver ETF. The 0.11 percentage point return difference may reflect methodology, costs, pricing schedules and share liquidity.
Despite early pressure from elevated US interest rates, silver recovered during the week. In addition to its role as a precious metal, silver maintains significant industrial demand, which can make it more volatile than gold.
OROF11 (Galapagos Capital): +1.10%
OROF11 advanced 1.10%. The ETF tracks the international physical-gold price through the abrdn Physical Gold Shares ETF, which is backed by individually allocated gold bars stored in London vaults.
Gold began the week under pressure. On Monday, the December contract closed at US$4,323.30 per ounce, down US$85.60, amid rising interest-rate expectations and elevated US government-bond yields.
The metal recovered part of its losses and ended the week in positive territory. Currency exposure added to the return measured in Brazilian reais, helping OROF11 outperform the international movement in gold.
GOLD11 (XP Asset): +0.99%
GOLD11 gained 0.99%, tracking the recovery in gold and the appreciation of the US dollar. The fund provides international exposure to the metal and retains the currency component in its Brazilian-real share price.
Gold was influenced by opposing forces. Geopolitical and fiscal uncertainty supported demand for protection, while elevated US interest rates increased the opportunity cost of holding an asset that does not generate periodic income.
The metal’s late-week recovery and the stronger dollar offset the initial decline. Even so, the gain remained below the returns delivered by the two silver ETFs.
OURO11 (Bradesco Asset): +0.81%
OURO11 advanced 0.81%. Unlike funds backed by international physical-gold ETFs, the product tracks B3’s Gold Futures Index and holds a portfolio of local instruments.
This structural difference helps explain why the return remained below those of OROF11 and GOLD11. OURO11 responded to Brazilian gold-futures dynamics, local interest rates and price formation during B3 trading hours.
All three products moved in the same direction but delivered different results: 1.10% for OROF11, 0.99% for GOLD11 and 0.81% for OURO11.
DOLB11 (BTG Pactual): +0.42%
DOLB11 rose 0.42%, reflecting the appreciation of the US dollar against the Brazilian real. The result reinforced the positive currency contribution to internationally exposed precious-metal ETFs.
The dollar was supported by expectations of higher US interest rates, global caution and a narrower interest-rate differential between Brazil and the United States. The currency also served as a protective asset amid political and fiscal uncertainty in Brazil.
This appreciation helps explain why gold and silver ETFs traded in reais sometimes outperformed the weekly movements of the metals in international markets.
CORN11 (BB Asset): +0.40%
CORN11 advanced 0.40%. The fund tracks B3’s Corn Futures Index, meaning its performance does not necessarily replicate contracts traded in Chicago.
International corn prices ended the week slightly lower. In Brazil, prices responded to domestic supply, crop expectations, exports, currency movements and the local futures curve.
During the first half of September, Brazilian corn prices had declined compared with the end of August. At the same time, projected global inventories for the 2026/2027 crop were revised lower, offering some support to market expectations.
PIPE11 (Buena Vista): -0.56%
PIPE11 declined 0.56%. The fund provides exposure to energy-infrastructure companies and uses an income-generation strategy, differentiating it from a direct position in crude-oil prices.
Oil began the week supported by supply risks in the Middle East and disruptions to energy routes and facilities. The environment increased concerns about energy, freight and logistics costs.
The commodity subsequently lost momentum. Brent crude ended the week lower, while WTI recorded a more pronounced decline. Weaker oil prices and the effect of higher interest rates on income-oriented assets contributed to the ETF’s loss.
RARA11 (Investo): -1.91%
RARA11 fell 1.91%. The fund held 99.54% of its portfolio in the VanEck Rare Earth and Strategic Metals ETF, or REMX, which invests in global companies involved in producing, refining and recycling rare earths, lithium, tungsten, molybdenum and other strategic metals.
The underlying portfolio held 36 stocks, with 61.78% of assets concentrated in the ten largest positions. Major holdings included Albemarle at 7.61%, PLS Group at 7.29%, MP Materials at 6.75%, China Northern Rare Earth at 6.73%, Lynas Rare Earths at 6.55% and SQM at 6.26%. This composition exposed the ETF not only to rare earths but also to the lithium cycle and the equity markets of China, Australia, the United States and Chile.
At the end of the week, several important positions were under pressure. Albemarle fell 3.62%, MP Materials declined 4.21% and SQM lost 5.63% on Friday. Because these three companies represented approximately one-fifth of the portfolio, their losses limited the fund’s performance despite a 12.61% gain in Brazil’s Sigma Lithium, which had a weight of only 1.18%. RARA11’s decline was primarily driven by weakness among its largest lithium and rare-earth miners, rather than by direct exposure to the physical price of a single metal.
CMDB11 (BTG Pactual): -3.20%
CMDB11 posted the largest decline in the analysis, falling 3.20%. The ETF tracks Brazilian companies producing food, meat, pulp and paper, minerals, metals, sugar, ethanol, oil and agricultural products.
Its main holdings included Vale, PRIO, both Petrobras share classes, Gerdau, Suzano, Klabin, MBRF, CSN Mineração and Metalúrgica Gerdau.
The portfolio was heavily concentrated in basic materials and energy. Basic materials represented approximately 51% of the portfolio, while energy accounted for around 37%. Together, the two blocks represented approximately 88.5% of the fund.
The week was unfavorable for mining, steel and parts of Brazil’s oil sector. Pressure occurred precisely in the portfolio’s dominant segments, causing CMDB11 to underperform ETFs that tracked physical commodities directly.
