Last week was marked by intense movements across global markets. Local monetary policy adjustments, surprises in US employment data, and unfolding geopolitical tensions in the Middle East dictated the market’s pace. This environment of heightened risk aversion directed capital flows toward real assets and strategic sectors, directly impacting the performance of exchange-traded funds (ETFs) traded on B3.
Weekly Macroeconomic Outlook
To contextualize the performance of these assets, it is essential to examine the economic pillars that set the market pace during the week.
On August 7, the US non-farm payroll report was published. The official report defied estimates (which predicted the creation of 80,000 jobs) by recording a net loss of 23,000 jobs. Consequently, the unemployment rate fell to 4.1% due to a contraction in the labor force. The data cooled the US dollar globally, causing the currency to close the week at R$ 5.0836 in the domestic market.
On the domestic front, August 5 was marked by the decision of the Monetary Policy Committee (Copom). Confirming consensus expectations, the Selic rate was cut by 0.25 percentage points, moving from 14.25% to 14.00% per year. The decision was supported by easing prices; the Focus Bulletin recorded its fifth consecutive reduction in the year’s IPCA inflation projection, now estimated at 5.03%.
Finally, the Federal Reserve holding interest rates steady, combined with expectations of the Strait of Hormuz reopening, adjusted the slope of global yield curves. A partial truce in Middle Eastern conflicts helped relieve Brent crude prices, temporarily mitigating fears of imported inflation.
Top 7 ETFs of the Week: Performance Highlights
The flow of economic and sector-specific news boosted thematic funds. Check out the ranking of the seven ETFs that recorded the highest returns for the week:
1. RARA11 +16.89%
The fund focusing on rare earth elements and strategic metals comfortably led the weekly gains. The exceptional performance was directly driven by the release of a sector study by Amcham Brasil on August 6. The report projected that the rare earths supply chain has the potential to inject R$ 192 billion into Brazil’s GDP by 2050 (with R$ 2.39 billion projected for the state of Goiás alone) and generate 750,000 new jobs, signaling strong viability and growth potential for the sector.
2. NUCL11 +10.51%
Nuclear energy consolidated itself as one of the week’s key themes. The market reacted positively to major operational developments announced in early August, highlighted by the enriched uranium (HALEU) supply agreement signed between X-Energy and Centrus Energy, alongside the start of large-scale construction at the Phoenix uranium mine in Canada. Announcements reaffirming 2026 production targets from industry giants like Kazatomprom and Cameco provided additional confidence to investors.
3. SLVR11 +10.22%
The silver-backed ETF captured the strong upward movement in precious metals. Demand for safe-haven assets gained traction amid military tensions in the Middle East and intensified sharply on Friday (August 7) in response to disappointing US labor market data, directing capital toward historical safe harbors.
4. PRAF11 +9.86%
Following the same thesis as SLVR11, PRAF11 (which offers physical silver exposure) also surfed the metal’s rally, directly benefiting from increased global risk aversion and the search for protection against currency volatility and macroeconomic uncertainty.
5. GLDI11 +8.75%
Mirroring silver’s dynamics, the gold ETF reflected the commodity’s historic rally. On August 5, the troy ounce crossed $4,086, testing the $4,300 mark in international markets (a rise of over 3%). Falling oil prices and geopolitical uncertainty reaffirmed gold’s role as the premier global store of value.
6. BIZD11 +8.34%
The fund exposed to Business Development Companies (BDCs) turned in a solid performance. Results were driven by the resilience of the US financial sector, as evidenced in early August earnings reports. Furthermore, the Federal Reserve maintaining interest rates at restrictive levels continues to benefit the business model of these corporate credit firms, which operate predominantly with floating-rate loans.
7. TECK11 +8.05%
Tracking the NYSE FANG+ Index, the fund surfed the ongoing strength of the US tech sector. Despite corrective moves in specific semiconductor stocks during the week, the S&P 500 and Nasdaq returned to record highs. Robust earnings from AI-related companies secured weekly gains of over 8% for the Nasdaq, directly benefiting the ETF.
Data was extracted from our DEX PRO platform and reflects events from last week. This content is intended for informational purposes only and should not be interpreted as a buy or sell recommendation.
