Credit: Magnific
Brazilian equity ETFs accounted for eight of the ten largest ETF gains on September 1. The move followed a 1.30% increase in the Ibovespa, which closed at 179,722 points and completed its tenth consecutive positive session.
The advance was broad, with 63 of the index’s 78 constituents finishing higher. Petrobras, banks, utilities and healthcare companies were among the main drivers, while 26 Ibovespa stocks gained more than 2%.
Oil played a central role. Brent crude rose nearly 5% and moved above $94 per barrel as tensions in the Middle East escalated. Higher oil prices lifted Petrobras and other producers, directly supporting ETFs with significant exposure to energy and commodities.
The domestic backdrop also contributed. Brazil’s GDP grew 0.5% in the second quarter, with growth concentrated in agriculture and signs that domestic demand-related industries were losing momentum. The data reinforced expectations for additional Selic rate cuts and pushed DI futures rates lower across all maturities.
BBSD11 and CMDB11 gained more than 2%, while ETFs focused on fundamentals, corporate governance, dividends, diversity and the broad Brazilian equity market also ranked among the leading products. DEFI11 and XRPH11 were the two crypto-related exceptions.
BBSD11 (BB Asset): +2,35%
BBSD11 led the ranking with a 2.35% gain. The ETF tracks the S&P Brazil Dividend Index, which consists of 30 stocks selected for their consistent dividend distributions.
The portfolio combined financial companies, utilities, healthcare, homebuilders and industrial businesses. BB Seguridade represented 6.19%, followed by Direcional, Marcopolo, Cyrela, Cemig, Cury, Rede D’Or, Banco ABC Brasil and Itaúsa.
Broad gains among banks, utilities and healthcare companies supported several areas of the portfolio. Lower interest-rate futures also benefited homebuilders such as Direcional, Cyrela and Cury, whose businesses are sensitive to credit and financing conditions.
CMDB11 (BTG Asset): +2,09%
CMDB11 gained 2.09%, directly supported by higher oil prices and advances among Brazilian commodity producers. The ETF includes companies involved in oil, mining, steel, pulp and paper, protein, sugar, ethanol and agricultural production.
Vale represented 17.88% of the portfolio, followed by PRIO at 14.88%. Petrobras preferred and common shares had a combined weight of 21.48%, while Gerdau, Suzano, Klabin, MBRF, CSN Mineração and Metalúrgica Gerdau were also major positions.
Petrobras gained more than 4% and Brava Energia rose 5.08% as oil prices surged. Vale also closed higher, adding the contribution of mining companies to the fund’s return.
The portfolio’s concentration in oil, mining and metals allowed CMDB11 to capture the session’s strongest trends and outperform the Ibovespa by 0.79 percentage point.
DEFI11 (Hashdex): +1,84%
DEFI11 gained 1.84% and was the highest-ranked crypto ETF. The fund tracks a basket of decentralized finance protocols and applications.
Uniswap, the ETF’s largest position at 16.30%, advanced 10.7%. Curve, representing 3.06% of the portfolio, rose 14.76%, while Arbitrum, with a 0.77% weight, gained 27.2%.
Uniswap’s move was amplified by short-position liquidations around the $5 level. Arbitrum received support from increased activity related to Robinhood Chain and the expansion of real-world assets within its ecosystem. Curve participated in the broader rotation toward DeFi.
The three tokens represented 20.13% of the portfolio and supported DEFI11 during a negative session for Bitcoin, Ethereum and Solana.
AUVP11 (BTG Asset): +1,80%
AUVP11 advanced 1.80%, supported by its concentration in Petrobras and financial institutions. The ETF selects Brazilian companies based on recurring profitability, operating returns, efficiency and leverage control.
Petrobras preferred shares represented 14.73% of the portfolio and common shares accounted for another 12.98%. The two positions had a combined weight of 27.71% and directly captured the stock’s gain of more than 4%.
Itaú Unibanco, Bradesco, Itaúsa, B3 and BTG Pactual were also significant holdings. Gains across the financial sector provided a second positive driver.
The combined exposure to oil and banks placed AUVP11 among the main beneficiaries of the Brazilian market’s sector composition.
GOVE11 (Itaú Asset): +1,79%
GOVE11 gained 1.79%. The ETF tracks the Corporate Governance Trade Index, which consists of companies listed in the B3’s differentiated corporate-governance segments and selected according to liquidity criteria.
Vale was the largest position at 12.13%, followed by Itaú Unibanco at 8.55%. Petrobras preferred and common shares represented a combined 13.48%, while Axia Energia, Sabesp, Bradesco, Itaúsa, B3, WEG, Embraer and Banco do Brasil also had significant weights.
The portfolio covered the session’s main drivers: oil, banks, mining and utilities. Financial services, energy and utilities accounted for nearly 59% of the sector allocation.
This combination allowed GOVE11 to outperform the Ibovespa by 0.49 percentage point despite its broad and diversified portfolio.
XRPH11 (Hashdex): +1,63%
XRPH11 advanced 1.63% and was the second crypto ETF among the session’s top gainers. The product provides direct exposure to XRP.
US-listed XRP ETFs received $14.38 million in net inflows during the session, exceeding the amounts directed to Ethereum and Solana products. Cumulative net inflows into XRP ETFs reached approximately $1.68 billion.
XRPH11’s return also reflected its pricing window. XRP continued trading after the B3 closed, while the Brazilian ETF captured the asset’s price within the specific period used by the fund.
Institutional demand and pricing dynamics supported the only single-asset cryptocurrency ETF among the ten largest gainers.
BBOV11 (BB Asset): +1,60%
BBOV11 gained 1.60% and followed the appreciation of the Brazilian equity market. The fund tracks the Ibovespa and provides exposure to the largest and most liquid companies on the B3.
The index advanced with support from Petrobras, major banks, Vale and utilities. Petrobras received the strongest boost from higher oil prices, while Banco do Brasil led gains among the major financial institutions with an increase of more than 3%.
Market breadth also strengthened the portfolio. Sixty-three of the Ibovespa’s 78 constituents closed higher, reducing the index’s dependence on a single industry.
BBOV11 outperformed the index’s 1.30% gain by 0.30 percentage point, reflecting the ETF share’s trading dynamics and index-tracking process.
CAPE11 (BlackRock): +1,55%
CAPE11 advanced 1.55%. The ETF tracks the Bovespa BR+ Cap 5% Index, which limits exposure to each issuer and includes depositary receipts of Brazilian companies listed overseas.
Major holdings included MercadoLibre, Nu Holdings, Itaú Unibanco, Vale, Axia Energia, Sabesp, Bradesco, Itaúsa, B3 and WEG. Petrobras, Banco do Brasil, BTG Pactual and PRIO were also part of the portfolio.
The 5% issuer cap reduced Petrobras concentration relative to both the Ibovespa and AUVP11. Even so, gains across banks, mining, energy and utilities supported several of the fund’s largest positions.
The more balanced portfolio allowed CAPE11 to outperform the Ibovespa without relying on dominant exposure to oil producers.
NSDV11 (Nu Asset): +1,53%
NSDV11 gained 1.53%, supported by a portfolio of companies with consistent dividend histories. The ETF was primarily exposed to utilities, financial institutions, basic materials and oil.
Major holdings included BB Seguridade, CSN Mineração, Copasa, Taesa, Metalúrgica Gerdau, Vale, Petrobras, Itaúsa, Banco do Brasil, Bradesco, Cemig and CPFL Energia.
Advances in Petrobras and banks were reinforced by gains among utilities. Lower interest-rate futures also supported companies that are sensitive to capital costs and investor demand for more predictable cash flows.
The alignment between the portfolio and the sectors leading the Brazilian market allowed NSDV11 to outperform the Ibovespa by 0.23 percentage point.
DVER11 (BB Asset): +1,50%
DVER11 completed the ranking with a 1.50% gain. The ETF tracks the IDIVERSA B3 Index, which consists of companies from different industries that rank highly under the B3 Diversity Score.
Banco do Brasil was the largest holding at 3.77%, followed by Ultrapar, Copasa, BB Seguridade, Rede D’Or, Ambev, B3, Totvs, Itaúsa and Energisa.
The diversified portfolio captured gains across banks, utilities and healthcare, three of the industries supporting the Brazilian market. Banco do Brasil, Copasa, BB Seguridade, Rede D’Or and Energisa provided direct exposure to these trends.
DVER11 outperformed the Ibovespa by 0.20 percentage point and completed the top-ten list with gains supported by several areas of the Brazilian equity market.
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