{"id":1226,"date":"2026-08-27T12:11:45","date_gmt":"2026-08-27T15:11:45","guid":{"rendered":"https:\/\/www.dexetfs.com.br\/noticias\/defensividade-dividendos-lideram-etfs-fatores-2026\/"},"modified":"2026-08-27T15:27:35","modified_gmt":"2026-08-27T18:27:35","slug":"defensiveness-dividends-lead-brazil-factor-etfs-2026","status":"publish","type":"noticias","link":"https:\/\/www.dexetfs.com.br\/en\/noticias\/defensiveness-dividends-lead-brazil-factor-etfs-2026\/","title":{"rendered":"Defensiveness and Dividends Lead Factor ETFs in 2026"},"content":{"rendered":"<div id=\"attachment_1217\" style=\"width: 882px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1217\" class=\"wp-image-1217 \" src=\"http:\/\/www.dexetfs.com.br\/wp-content\/uploads\/sites\/1610\/2026\/08\/financial-growth-investment-success_84443-74077.avif\" alt=\"\" width=\"872\" height=\"489\" srcset=\"https:\/\/www.dexetfs.com.br\/wp-content\/uploads\/sites\/1610\/2026\/08\/financial-growth-investment-success_84443-74077.avif 740w, https:\/\/www.dexetfs.com.br\/wp-content\/uploads\/sites\/1610\/2026\/08\/financial-growth-investment-success_84443-74077-300x168.jpg 300w\" sizes=\"auto, (max-width: 872px) 100vw, 872px\" \/><p id=\"caption-attachment-1217\" class=\"wp-caption-text\">Fonte: Magnific<\/p><\/div>\n<div>\n<p>&nbsp;<\/p>\n<p data-path-to-node=\"5\"><span class=\"\">The Brazilian stock market began the year supported by foreign capital inflows,<\/span><span class=\"\"> a weakening dollar,<\/span><span class=\"\"> and the repricing of domestic and international interest rates.<\/span><span class=\"\"> The influx of resources primarily favored high-liquidity stocks,<\/span><span class=\"\"> which hold significant positions in several ETFs on this list.<\/span><\/p>\n<p data-path-to-node=\"6\"><span class=\"\">Subsequently,<\/span><span class=\"\"> the market entered a more irregular phase.<\/span><span class=\"\"> Inflation remained above the target center,<\/span><span class=\"\"> and the Selic rate,<\/span><span class=\"\"> even after four consecutive cuts,<\/span><span class=\"\"> continued at a restrictive level.<\/span><span class=\"\"> This environment kept the cost of capital high and increased selectivity among companies,<\/span><span class=\"\"> sectors,<\/span><span class=\"\"> and investment strategies.<\/span><\/p>\n<p data-path-to-node=\"7\"><span class=\"\">Portfolio composition made a difference.<\/span><span class=\"\"> Funds focused on quality,<\/span><span class=\"\"> dividend-paying,<\/span><span class=\"\"> and less volatile companies benefited from exposure to banks,<\/span><span class=\"\"> insurers,<\/span><span class=\"\"> utilities,<\/span><span class=\"\"> and consolidated companies.<\/span><span class=\"\"> Conversely,<\/span><span class=\"\"> high-beta strategies faced greater pressure as they concentrate on stocks linked to consumption,<\/span><span class=\"\"> credit,<\/span><span class=\"\"> construction,<\/span><span class=\"\"> and other segments sensitive to the economic cycle.<\/span><\/p>\n<p data-path-to-node=\"8\"><span class=\"\">The result is a significant dispersion among ETFs.<\/span><span class=\"\"> While BVBR11 is up 7.<\/span><span class=\"\">00% year-to-date,<\/span><span class=\"\"> HIGH11 has fallen 16.<\/span><span class=\"\">88%.<\/span><span class=\"\"> Between the two extremes,<\/span><span class=\"\"> dividends,<\/span><span class=\"\"> low volatility,<\/span><span class=\"\"> fundamentals,<\/span><span class=\"\"> momentum,<\/span><span class=\"\"> and quality produced distinct returns based on their selection criteria and sector distribution.<\/span><\/p>\n<div id=\"attachment_1229\" style=\"width: 1034px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1229\" class=\"size-full wp-image-1229\" src=\"http:\/\/www.dexetfs.com.br\/wp-content\/uploads\/sites\/1610\/2026\/08\/88d98a80-623f-42b8-b7aa-0d0f29a65229.jpg\" alt=\"\" width=\"1024\" height=\"626\" srcset=\"https:\/\/www.dexetfs.com.br\/wp-content\/uploads\/sites\/1610\/2026\/08\/88d98a80-623f-42b8-b7aa-0d0f29a65229.jpg 1024w, https:\/\/www.dexetfs.com.br\/wp-content\/uploads\/sites\/1610\/2026\/08\/88d98a80-623f-42b8-b7aa-0d0f29a65229-300x183.jpg 300w, https:\/\/www.dexetfs.com.br\/wp-content\/uploads\/sites\/1610\/2026\/08\/88d98a80-623f-42b8-b7aa-0d0f29a65229-768x470.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><p id=\"caption-attachment-1229\" class=\"wp-caption-text\">Source: DEX PRO. As of: August 25, 2026<\/p><\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<div>\n<h2 data-path-to-node=\"10\">BVBR11: <span style=\"color: #00db77\">+7.00%<\/span><\/h2>\n<p data-path-to-node=\"11\"><span class=\"\">Managed by Investo,<\/span><span class=\"\"> BVBR11 leads the list with a 7.<\/span><span class=\"\">00% appreciation.<\/span><span class=\"\"> The ETF replicates the <\/span><i class=\"\" data-path-to-node=\"11\" data-index-in-node=\"92\">\u00cdndice Const\u00e2ncia Fatores Defensividade<\/i><span class=\"\">,<\/span><span class=\"\"> which selects Brazilian stocks by combining quality,<\/span><span class=\"\"> value,<\/span><span class=\"\"> and volatility criteria.<\/span><span class=\"\"> The methodology seeks profitable,<\/span><span class=\"\"> efficient,<\/span><span class=\"\"> less volatile companies with a consistent dividend history.<\/span><\/p>\n<p data-path-to-node=\"12\"><span class=\"\">Sector distribution helps explain the fund&#8217;s resilience.<\/span><span class=\"\"> Financial services represent 33.<\/span><span class=\"\">15% of the portfolio,<\/span><span class=\"\"> followed by materials,<\/span><span class=\"\"> energy,<\/span><span class=\"\"> and utilities.<\/span><span class=\"\"> Vale,<\/span><span class=\"\"> Petrobras,<\/span><span class=\"\"> Ita\u00fa Unibanco,<\/span><span class=\"\"> Bradesco,<\/span><span class=\"\"> Ita\u00fasa,<\/span><span class=\"\"> Axia Energia,<\/span><span class=\"\"> and Santander are among its main positions.<\/span><\/p>\n<p data-path-to-node=\"13\"><span class=\"\">Early in the year,<\/span><span class=\"\"> foreign capital inflows and the search for large-cap companies favored a significant portion of this portfolio.<\/span><span class=\"\"> Positioned in banks allowed participation in the recovery of financial stocks,<\/span><span class=\"\"> while utilities and businesses with more predictable revenues helped balance periods of greater market fluctuation.<\/span><\/p>\n<p data-path-to-node=\"14\"><span class=\"\">The combination of factors also distinguishes BVBR11 from purely defensive funds.<\/span><span class=\"\"> In addition to limiting exposure to highly volatile companies,<\/span><span class=\"\"> the index incorporates quality and value,<\/span><span class=\"\"> maintaining stakes in commodities and energy companies that contributed to the market&#8217;s rise at various points in the year.<\/span><\/p>\n<h2 data-path-to-node=\"15\">DIVO11: <span style=\"color: #00db77\">+6.62%<\/span><\/h2>\n<p data-path-to-node=\"16\"><span class=\"\">DIVO11,<\/span><span class=\"\"> managed by Ita\u00fa,<\/span><span class=\"\"> has accumulated a 6.<\/span><span class=\"\">62% rise.<\/span><span class=\"\"> The fund tracks the Dividends Index,<\/span><span class=\"\"> IDIV,<\/span><span class=\"\"> composed of companies that stand out in shareholder remuneration through dividends and interest on equity.<\/span><\/p>\n<p data-path-to-node=\"17\"><span class=\"\">To be included in the index,<\/span><span class=\"\"> the asset must be among the top 33% of eligible securities with the highest dividend yields over the last 36 months.<\/span><span class=\"\"> Since IDIV is a total return index,<\/span><span class=\"\"> received proceeds are incorporated into the portfolio&#8217;s result.<\/span><\/p>\n<p data-path-to-node=\"18\"><span class=\"\">BB Seguridade,<\/span><span class=\"\"> Petrobras,<\/span><span class=\"\"> Ita\u00fasa,<\/span><span class=\"\"> Copasa,<\/span><span class=\"\"> Cemig,<\/span><span class=\"\"> Ita\u00fa Unibanco,<\/span><span class=\"\"> Vale,<\/span><span class=\"\"> Bradesco,<\/span><span class=\"\"> and Banco do Brasil are among the relevant holdings.<\/span><span class=\"\"> This composition concentrates the strategy on financial institutions,<\/span><span class=\"\"> utilities,<\/span><span class=\"\"> sanitation,<\/span><span class=\"\"> energy,<\/span><span class=\"\"> and basic materials.<\/span><\/p>\n<p data-path-to-node=\"19\"><span class=\"\">Throughout the year,<\/span><span class=\"\"> cash generation and proceeds distribution helped sustain interest in mature companies.<\/span><span class=\"\"> The presence of electricity and sanitation companies brought greater predictability,<\/span><span class=\"\"> while banks and insurers allowed the fund to participate in periods of appreciation in the financial sector.<\/span><\/p>\n<p data-path-to-node=\"20\"><span class=\"\">Exposure to Petrobras and Vale also added a cyclical component.<\/span><span class=\"\"> This portion made performance sensitive to fluctuations in oil,<\/span><span class=\"\"> iron ore,<\/span><span class=\"\"> and large exporting companies,<\/span><span class=\"\"> but without removing the ETF&#8217;s predominant dividend bias.<\/span><\/p>\n<h2 data-path-to-node=\"21\">LVOL11: <span style=\"color: #00db77\">+4.70%<\/span><\/h2>\n<p data-path-to-node=\"22\"><span class=\"\">Managed by Nu Asset,<\/span><span class=\"\"> LVOL11 shows a 4.<\/span><span class=\"\">70% rise.<\/span><span class=\"\"> The ETF replicates the Ibov Smart Low Volatility B3 and selects the stocks with the lowest volatility within the Ibovespa universe.<\/span><\/p>\n<p data-path-to-node=\"23\"><span class=\"\">Utilities represent 32.<\/span><span class=\"\">2% of the portfolio,<\/span><span class=\"\"> followed by the financial sector at 25.<\/span><span class=\"\">9%,<\/span><span class=\"\"> and basic materials at 16.<\/span><span class=\"\">5%.<\/span><span class=\"\"> BB Seguridade,<\/span><span class=\"\"> Ambev,<\/span><span class=\"\"> Klabin,<\/span><span class=\"\"> Caixa Seguridade,<\/span><span class=\"\"> Taesa,<\/span><span class=\"\"> ISA Energia,<\/span><span class=\"\"> SLC Agr\u00edcola,<\/span><span class=\"\"> Gerdau,<\/span><span class=\"\"> Ita\u00fasa,<\/span><span class=\"\"> and Ita\u00fa Unibanco appear among the largest positions.<\/span><\/p>\n<p data-path-to-node=\"24\"><span class=\"\">In the early months,<\/span><span class=\"\"> the strategy benefited from the market&#8217;s appreciation and the search for consolidated companies.<\/span><span class=\"\"> When the environment became more volatile,<\/span><span class=\"\"> diversification among utilities,<\/span><span class=\"\"> insurers,<\/span><span class=\"\"> telecommunications,<\/span><span class=\"\"> banks,<\/span><span class=\"\"> and non-cyclical consumption helped reduce dependency on sectors more sensitive to credit.<\/span><\/p>\n<p data-path-to-node=\"25\"><span class=\"\">Performance fell below BVBR11 and DIVO11 because low volatility,<\/span><span class=\"\"> in isolation,<\/span><span class=\"\"> does not seek the highest dividend yields nor combine the same value and quality filters.<\/span><span class=\"\"> Nevertheless,<\/span><span class=\"\"> the concentration on public services and companies with relatively predictable revenues contributed to keeping the fund in positive territory.<\/span><\/p>\n<h2 data-path-to-node=\"26\">AUVP11: <span style=\"color: #00db77\">+4.49%<\/span><\/h2>\n<p data-path-to-node=\"27\"><span class=\"\">AUVP11 accumulated an appreciation of 4.<\/span><span class=\"\">49%.<\/span><span class=\"\"> Managed by BTG Pactual,<\/span><span class=\"\"> the ETF tracks the <\/span><i class=\"\" data-path-to-node=\"27\" data-index-in-node=\"88\">\u00cdndice Teva A\u00e7\u00f5es Fundamentos<\/i><span class=\"\">,<\/span><span class=\"\"> which selects Brazilian companies based on profitability,<\/span><span class=\"\"> operational efficiency,<\/span><span class=\"\"> and debt control.<\/span><\/p>\n<p data-path-to-node=\"28\"><span class=\"\">The portfolio shows relevant concentration in financial services and energy.<\/span><span class=\"\"> Ita\u00fa Unibanco,<\/span><span class=\"\"> Petrobras,<\/span><span class=\"\"> Bradesco,<\/span><span class=\"\"> B3,<\/span><span class=\"\"> Ita\u00fasa,<\/span><span class=\"\"> WEG,<\/span><span class=\"\"> and BTG Pactual are among its main positions.<\/span><span class=\"\"> The financial sector represents 40.<\/span><span class=\"\">40% of the composition,<\/span><span class=\"\"> while energy accounts for 27.<\/span><span class=\"\">40%.<\/span><\/p>\n<p data-path-to-node=\"29\"><span class=\"\">Exposure to consolidated companies allowed the fund to participate in the positive movement of high-liquidity stocks.<\/span><span class=\"\"> Banks were favored during periods of higher foreign capital inflows,<\/span><span class=\"\"> while Petrobras&#8217; presence added exposure to the energy sector&#8217;s cash generation.<\/span><\/p>\n<p data-path-to-node=\"30\"><span class=\"\">This concentration also limited the diversification of return drivers.<\/span><span class=\"\"> Oil fluctuations and changes in perception regarding interest rates,<\/span><span class=\"\"> credit,<\/span><span class=\"\"> and economic activity affected a relevant portion of the portfolio.<\/span><span class=\"\"> Nevertheless,<\/span><span class=\"\"> efficiency and indebtedness filters helped the ETF remain among the group&#8217;s positive results.<\/span><\/p>\n<h2 data-path-to-node=\"31\">NSDV11: <span style=\"color: #00db77\">+4.12%<\/span><\/h2>\n<p data-path-to-node=\"32\"><span class=\"\">NSDV11,<\/span><span class=\"\"> managed by Nu Asset,<\/span><span class=\"\"> is up 4.<\/span><span class=\"\">12%.<\/span><span class=\"\"> The fund replicates the Ibov Smart Dividendos,<\/span><span class=\"\"> which selects Ibovespa companies with a consistent history of dividend payments over the last six years.<\/span><\/p>\n<p data-path-to-node=\"33\"><span class=\"\">Utilities,<\/span><span class=\"\"> financial services,<\/span><span class=\"\"> and basic materials form the portfolio&#8217;s main blocks.<\/span><span class=\"\"> BB Seguridade,<\/span><span class=\"\"> CSN Minera\u00e7\u00e3o,<\/span><span class=\"\"> Copasa,<\/span><span class=\"\"> Taesa,<\/span><span class=\"\"> Metal\u00fargica Gerdau,<\/span><span class=\"\"> Vale,<\/span><span class=\"\"> Petrobras,<\/span><span class=\"\"> Ita\u00fasa,<\/span><span class=\"\"> Banco do Brasil,<\/span><span class=\"\"> Bradesco,<\/span><span class=\"\"> and Cemig are among the largest exposures.<\/span><\/p>\n<p data-path-to-node=\"34\"><span class=\"\">The concentration on electricity and sanitation companies helped mitigate periods of greater caution.<\/span><span class=\"\"> At the same time,<\/span><span class=\"\"> the presence of steel,<\/span><span class=\"\"> mining,<\/span><span class=\"\"> and oil kept the fund exposed to commodity fluctuations and the behavior of major Brazilian exporters.<\/span><\/p>\n<p data-path-to-node=\"35\"><span class=\"\">The return below DIVO11 is related to differences in methodologies.<\/span><span class=\"\"> NSDV11 selects Ibovespa companies based on payment history and consistency,<\/span><span class=\"\"> while IDIV uses its own criteria for eligibility,<\/span><span class=\"\"> dividend yield,<\/span><span class=\"\"> and weighting.<\/span><\/p>\n<h2 data-path-to-node=\"36\">BMMT11: <span style=\"color: #00db77\">+3.76%<\/span><\/h2>\n<p data-path-to-node=\"37\"><span class=\"\">Managed by Bradesco Asset,<\/span><span class=\"\"> BMMT11 has accumulated a 3.<\/span><span class=\"\">76% rise.<\/span><span class=\"\"> The ETF replicates the Morningstar Brazil Target Momentum,<\/span><span class=\"\"> which selects 30 Brazilian stocks with the best recent performance and positive profitability metrics.<\/span><\/p>\n<p data-path-to-node=\"38\"><span class=\"\">The strategy assigns equal weights to stocks.<\/span><span class=\"\"> This reduces concentration on the exchange&#8217;s largest companies and expands the participation of medium and smaller-sized companies.<\/span><span class=\"\"> The portfolio is reconstituted semi-annually,<\/span><span class=\"\"> while weights are adjusted quarterly.<\/span><\/p>\n<p data-path-to-node=\"39\"><span class=\"\">Early in the year,<\/span><span class=\"\"> the market&#8217;s positive environment created favorable conditions for the continuity of some trends.<\/span><span class=\"\"> Subsequently,<\/span><span class=\"\"> the alternating inflow and outflow of resources,<\/span><span class=\"\"> persistent high interest rates,<\/span><span class=\"\"> and corrections in different sectors reduced the consistency of the movement.<\/span><\/p>\n<p data-path-to-node=\"40\"><span class=\"\">Since the momentum factor uses recent performance to select its components,<\/span><span class=\"\"> rapid shifts in leadership can reduce its efficiency between rebalancings.<\/span><span class=\"\"> The result remained positive,<\/span><span class=\"\"> but below defensive and dividend strategies,<\/span><span class=\"\"> which had support from more stable sector exposures.<\/span><\/p>\n<h2 data-path-to-node=\"41\">QLBR11: <span style=\"color: #00db77\">-0.46%<\/span><\/h2>\n<p data-path-to-node=\"42\"><span class=\"\">QLBR11 shows a 0.<\/span><span class=\"\">46% drop.<\/span><span class=\"\"> The fund is co-managed by Investo and Rio Bravo and replicates the MarketVector Brazil Multifactor Quality Index.<\/span><span class=\"\"> The methodology combines liquidity,<\/span><span class=\"\"> operational efficiency,<\/span><span class=\"\"> profitability,<\/span><span class=\"\"> financial soundness,<\/span><span class=\"\"> and valuation.<\/span><\/p>\n<p data-path-to-node=\"43\"><span class=\"\">Cyclical consumption represents 32.<\/span><span class=\"\">05% of the portfolio,<\/span><span class=\"\"> and financial services account for 27.<\/span><span class=\"\">57%.<\/span><span class=\"\"> Utilities,<\/span><span class=\"\"> real estate,<\/span><span class=\"\"> industry,<\/span><span class=\"\"> and materials complete the main allocations.<\/span><span class=\"\"> XP,<\/span><span class=\"\"> BB Seguridade,<\/span><span class=\"\"> Ita\u00fasa,<\/span><span class=\"\"> Suzano,<\/span><span class=\"\"> Porto Seguro,<\/span><span class=\"\"> Inter,<\/span><span class=\"\"> ISA Energia,<\/span><span class=\"\"> Cyrela,<\/span><span class=\"\"> Cury,<\/span><span class=\"\"> and Taesa are among the largest positions.<\/span><\/p>\n<p data-path-to-node=\"44\"><span class=\"\">The significant exposure to cyclical consumption and real estate made the portfolio more sensitive to domestic interest rates and expectations for credit and economic activity.<\/span><span class=\"\"> Despite the rise of some construction companies and financial institutions,<\/span><span class=\"\"> this composition did not fully replicate the recovery of the major Ibovespa companies.<\/span><\/p>\n<p data-path-to-node=\"45\"><span class=\"\">The appreciation of the real can also affect exporting companies present in the portfolio,<\/span><span class=\"\"> such as Suzano,<\/span><span class=\"\"> by altering the conversion of revenues obtained in foreign currency.<\/span><span class=\"\"> The result,<\/span><span class=\"\"> near stability,<\/span><span class=\"\"> shows that quality and valuation filters were counterbalanced by the fund&#8217;s sector distribution.<\/span><\/p>\n<div id=\"attachment_1230\" style=\"width: 1034px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1230\" class=\"size-full wp-image-1230\" src=\"http:\/\/www.dexetfs.com.br\/wp-content\/uploads\/sites\/1610\/2026\/08\/f41a1881-0ecb-44a2-a8cf-065ea3638574.jpg\" alt=\"\" width=\"1024\" height=\"669\" srcset=\"https:\/\/www.dexetfs.com.br\/wp-content\/uploads\/sites\/1610\/2026\/08\/f41a1881-0ecb-44a2-a8cf-065ea3638574.jpg 1024w, https:\/\/www.dexetfs.com.br\/wp-content\/uploads\/sites\/1610\/2026\/08\/f41a1881-0ecb-44a2-a8cf-065ea3638574-300x196.jpg 300w, https:\/\/www.dexetfs.com.br\/wp-content\/uploads\/sites\/1610\/2026\/08\/f41a1881-0ecb-44a2-a8cf-065ea3638574-768x502.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><p id=\"caption-attachment-1230\" class=\"wp-caption-text\">Source: DEX PRO. As of: August 25, 2026<\/p><\/div>\n<p>&nbsp;<\/p>\n<h2>HIGH11: <span style=\"color: #ff0000\">-16,88%<\/span><\/h2>\n<p data-path-to-node=\"48\"><span class=\"\">HIGH11 records the worst performance on the list,<\/span><span class=\"\"> with a 16.<\/span><span class=\"\">88% drop.<\/span><span class=\"\"> Managed by Nu Asset,<\/span><span class=\"\"> the fund replicates the Ibov Smart High Beta B3,<\/span><span class=\"\"> composed of the highest beta stocks from the Ibovespa.<\/span><span class=\"\"> The strategy tends to amplify both market rises and falls.<\/span><\/p>\n<p data-path-to-node=\"49\"><span class=\"\">Cyclical consumption represents 45.<\/span><span class=\"\">3% of the portfolio.<\/span><span class=\"\"> Basic materials account for 15.<\/span><span class=\"\">9%,<\/span><span class=\"\"> while oil,<\/span><span class=\"\"> gas,<\/span><span class=\"\"> and biofuels have a 9.<\/span><span class=\"\">9% share.<\/span><span class=\"\"> Main positions include Ultrapar,<\/span><span class=\"\"> CSN Minera\u00e7\u00e3o,<\/span><span class=\"\"> Assa\u00ed,<\/span><span class=\"\"> Vibra,<\/span><span class=\"\"> Cosan,<\/span><span class=\"\"> Lojas Renner,<\/span><span class=\"\"> Cogna,<\/span><span class=\"\"> Smart Fit,<\/span><span class=\"\"> Vamos,<\/span><span class=\"\"> Cyrela,<\/span><span class=\"\"> CSN,<\/span><span class=\"\"> Yduqs,<\/span><span class=\"\"> MRV,<\/span><span class=\"\"> and Magazine Luiza.<\/span><\/p>\n<p data-path-to-node=\"50\"><span class=\"\">Despite the market&#8217;s rise at the beginning of the year,<\/span><span class=\"\"> the fund began facing successive corrections.<\/span><span class=\"\"> The Selic rate remained elevated even with the start of the cutting cycle,<\/span><span class=\"\"> keeping financing costs and rates used in company valuations high.<\/span><span class=\"\"> This scenario was particularly challenging for retail,<\/span><span class=\"\"> education,<\/span><span class=\"\"> construction,<\/span><span class=\"\"> car rental,<\/span><span class=\"\"> and companies that are indebted or dependent on credit.<\/span><\/p>\n<p data-path-to-node=\"51\"><span class=\"\">The presence of basic materials and fuel distribution added other vectors of volatility.<\/span><span class=\"\"> Fluctuations in commodities,<\/span><span class=\"\"> exchange rates,<\/span><span class=\"\"> and operating margins affected companies like CSN,<\/span><span class=\"\"> CSN Minera\u00e7\u00e3o,<\/span><span class=\"\"> Vibra,<\/span><span class=\"\"> Ultrapar,<\/span><span class=\"\"> and Cosan.<\/span><\/p>\n<p data-path-to-node=\"52\"><span class=\"\">The composition also explains the gap relative to defensive funds.<\/span><span class=\"\"> While BVBR11,<\/span><span class=\"\"> DIVO11,<\/span><span class=\"\"> and LVOL11 concentrate a larger share in mature companies,<\/span><span class=\"\"> utilities,<\/span><span class=\"\"> banks,<\/span><span class=\"\"> and insurers,<\/span><span class=\"\"> HIGH11 favors stocks that respond with more intensity to changes in market conditions.<\/span><span class=\"\"> In a year of selective recovery,<\/span><span class=\"\"> this characteristic led to broader losses than those observed in the benchmark index.<\/span><\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><em><strong><span style=\"font-size: 10pt\">Exclusive data from DEX PRO. This content is for informational purposes only and does not constitute an investment recommendation, or an offer to buy or sell assets.<\/span><\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Factor ETFs on the Brazilian stock exchange show widely divergent year-to-date results. Defensive, dividend, and low-volatility strategies hold the top positions, while the high-beta fund remains under pressure due to exposure to companies more sensitive to credit, interest rates, and domestic activity.<\/p>\n","protected":false},"featured_media":1216,"template":"","categories":[67],"tag_noticias":[81],"class_list":["post-1226","noticias","type-noticias","status-publish","has-post-thumbnail","hentry","category-investment","tag_noticias-analysis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Defensiveness and Dividends Lead Factor ETFs in 2026 - DEX | Portal de ETFs<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dexetfs.com.br\/en\/noticias\/defensiveness-dividends-lead-brazil-factor-etfs-2026\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Defensiveness and Dividends Lead Factor ETFs in 2026 - DEX | Portal de ETFs\" \/>\n<meta property=\"og:description\" content=\"Factor ETFs on the Brazilian stock exchange show widely divergent year-to-date results. 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