For investors looking to gain exposure to the U.S. stock market via the Brazilian exchange (B3), IVVB11 and SPXI11 are the two primary choices.
Both track the S&P 500 Index, but they differ in management, underlying assets, and costs.
In this guide, we break down the key differences to help you choose the right one for your portfolio.
The Duel: BlackRock vs. Itaú
While both ETFs aim to mirror the performance of the 500 largest U.S. companies, they are managed by different financial giants:
- IVVB11 (iShares S&P 500 Fundo de Índice): Managed by BlackRock, the world’s largest asset manager.
- SPXI11 (It Now S&P 500 TR Fundo de Índice): Managed by Itaú, the largest private bank in Latin America.
Underlying Assets: IVV vs. VOO
The main technical difference lies in which American ETF each Brazilian fund buys to track the index:
- IVVB11 invests in the IVV (iShares Core S&P 500 ETF).
- SPXI11 currently invests in the VOO (Vanguard S&P 500 ETF).
Note: Historically, SPXI11 utilized the SPY (State Street), but migrated to Vanguard’s VOO to optimize costs.
Both IVV and VOO are highly efficient, low-cost instruments in the U.S. market.
Management Fees: The Cost Comparison
Fees are one of the few variables an investor can control. Over time, even small differences can impact your final returns.
- IVVB11: Traditionally the market leader in liquidity, with a competitive management fee.
- SPXI11: Became highly aggressive in 2020 by lowering its management fee to 0.21%, positioned to compete directly for the title of the cheapest S&P 500 exposure on the B3.
Key Factors to Consider
| Feature | IVVB11 | SPXI11 |
| Index | S&P 500 | S&P 500 |
| Manager | BlackRock | Itaú |
| Underlying ETF | IVV (iShares) | VOO (Vanguard) |
| Liquidity | High | Moderate/High |
| Currency Risk | Yes (USD/BRL) | Yes (USD/BRL) |
Verdict: Which one to choose?
Since both ETFs track the same index and have very similar performance, the choice often comes down to two factors:
- Liquidity: If you are a large investor or trade frequently, IVVB11 typically offers higher daily volume and tighter spreads.
- Cost: If you are a long-term “buy and hold” investor, SPXI11 may offer a slight edge due to its competitive management fee.
Regardless of your choice, both are excellent vehicles for diversifying your capital into the world’s largest economy without having to send money abroad.