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SMAC11 (Itaú Asset) and BBOI11 (BB Asset) led gains among B3 index ETFs on Tuesday, October 6, advancing 1.77% and 1.57%, respectively. Completing the top six were GOLX11 and EWBZ11, both up 0.73%, and HIGH11 and LVOL11, which gained 0.51% each.
The ranking brought together distinct drivers. In equities, education, technology, car rental, and shopping centers supported portfolios with sector allocations differing from the Ibovespa. In commodity-linked investments, live cattle futures remained on an upward trajectory in early October, while gold regained ground abroad.
The domestic backdrop was characterized by the continued decline in intermediate and long-term interest rates following the risk repricing that occurred in the session after the first round of elections. On October 6, the January 2029 DI contract closed at 12.445%, compared to 12.591% at the previous settlement, while the January 2031 contract moved from 12.653% to 12.560%. This shift lowers the discount rate used to bring future earnings to present value, benefiting companies sensitive to credit conditions and domestic economic activity.
The Ibovespa slipped 0.52% to 205,835.29 points in a profit-taking session following Monday’s record high. Heavyweights such as Banco do Brasil, Petrobras, and Vale weighed on the index, but the overall benchmark decline did not prevent notable gains across other segments of the market.
SMAC11 (Itaú Asset): +1.77%
SMAC11 tracks B3’s small cap index, whose portfolio brings together smaller-cap companies with significant domestic market exposure. In the reference portfolio composition for the September-to-December period, Totvs held a 5.31% weight, Allos 4.11%, and Cyrela 1.95%. All three stocks advanced on Tuesday: Totvs gained 4.45%, Allos rose 3.72%, and Cyrela climbed 3.14%.
Education and car rental companies also contributed to positive performance. Cogna advanced 4.83%, Yduqs gained 4.41%, and Vamos climbed 4.52%. Lower yield curve levels enhance the present value of future earnings for these companies and improve financing conditions for expansion, investment, and consumer spending. For homebuilders, this channel combines with demand sensitivity to mortgage costs; for shopping centers, it links consumer spending, asset values, and capital costs.
The ETF accumulated an 11.37% gain on the week through Tuesday and 16.77% over the past month, highlighting recent momentum across this group of companies.
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BBOI11 (BB Asset): +1.57%
BBOI11 offers exposure to B3’s live cattle futures index. Its portfolio combines the front-month futures contract selected by index methodology, with monthly rolls, and interest earned on cash reserves. The primary driver is live cattle prices, which respond to finished cattle availability, meatpacker demand, and beef market conditions, including exports.
The physical market continued advancing in October. The Cepea/Esalq live cattle index reached R$ 373.25 per arroba on October 6, up from R$ 364.30 at the end of September—an increase of approximately 2.46% over that window. In B3 futures, the October contract closed at R$ 387.80, up 0.05%; November ended at R$ 395.50 (+0.19%); and December reached R$ 394.30 (+0.50%).
Simultaneous appreciation across both physical and futures markets reflects price support along the entire curve, supported by tight supply and strong foreign demand. BBOI11 accumulated a 5.76% gain over the past month and 27.86% year-to-date.
GOLX11 (XP Asset): +0.73%
GOLX11 tracks the B3 Gold Futures Index, offering exposure to local gold contracts and cash yields. On Tuesday, December gold futures traded in the United States closed at $4,187.10 per ounce, up 0.73% from $4,156.80 on Monday.
The recovery occurred alongside a pullback in US Treasury yields. This is a key transmission channel for the metal: because gold yields no interest, lower Treasury returns reduce the opportunity cost of holding non-yielding bullion. Futures exposure also incorporates contract roll yield and returns on cash collateral.
Despite the daily gain, recent trajectory remains negative: GOLX11 was down 5.61% over the past month and 0.78% year-to-date.
EWBZ11 (BlackRock): +0.73%
EWBZ11 tracks the Bovespa BR+ Equal Weight Index, which assigns equal weights to companies at each rebalance and includes Brazilian companies via stocks and BDRs. This methodology reduces the dominance of mega-caps and allows gains in education, services, technology, and consumer discretionary to exert greater influence on portfolio performance.
In the September reference portfolio, Vamos, Cogna, Yduqs, and Totvs each held weights near 1.2% to 1.3%. All four rose more than 4% on October 6. Minerva, also included in the index, advanced 7.40%. At the same time, Vale’s weight was roughly 1.16%, while Petrobras’ two share classes combined for approximately 1.28%. This allocation mitigates downside impact from mega-cap declines compared to cap-weighted indices.
EWBZ11’s 0.73% gain contrasted with BOVA11’s 0.91% decline, representing a 1.64 percentage point performance spread on the day.
HIGH11 (Nu Asset): +0.51%
HIGH11 selects companies with higher historical sensitivity to market swings (high beta). In the portfolio defined during the September rebalance, consumer discretionary represented 51.6%, featuring weights of 5.5% in Vamos and 4.4% in both Cogna and Yduqs. Gains across these three stocks (+4.52%, +4.83%, and +4.41%, respectively) supported the strategy.
Homebuilders and retailers also advanced, while Magazine Luiza and Assaí fell 2.22% and 2.70%. The combination of falling interest rates and company-specific moves enabled positive performance despite a down day for the broader market index. Through Tuesday, HIGH11 accumulated 15.11% on the week and 24.08% over the past month.
LVOL11 (Nu Asset): +0.51%
LVOL11 selects companies with lower historical volatility. Key weights in the September rebalance included Allos (4.0%), Itaú Unibanco preferred (4.1%), and Bradesco preferred (3.9%). These stocks gained 3.72%, 1.96%, and 4.40%, respectively, supporting the portfolio.
Shopping center operators also benefit from lower discount rates, while private banks posted positive sessions. On the downside, BB Seguridade fell 2.22% and Petrobras preferred lost 2.78%. HIGH11 and LVOL11 closed with identical daily returns through different asset combinations. Year-to-date, LVOL11 was up 20.50%, compared to 12.17% for HIGH11.
This content is for informational purposes only and does not constitute an investment recommendation. Past performance is no guarantee of future results.
