AREA11

The BTG Pactual Teva ITBR IPCA Rendimento Fundo de Índice (AREA11) is a Brazilian exchange-traded fund designed to provide exposure to inflation-linked Brazilian federal government bonds through investments linked to the Teva ITBR IPCA Rendimento Index. The ETF is managed by BTG Pactual and trades under the ticker AREA11 on the B3.

Classified as a fixed-income ETF, the fund follows a passive management strategy. Its structure invests primarily in Brazilian inflation-linked Treasury securities known as NTN-Bs, seeking to reflect the total return behavior of these instruments according to the benchmark methodology.

Diversification and sector exposure

AREA11 provides exposure primarily associated with:

• Inflation-linked Brazilian Treasury bonds (NTN-Bs).
• Brazilian sovereign debt.
• IPCA-linked fixed income.
• Real interest-rate exposure.
• Inflation-sensitive securities.
• Domestic bond markets.
• Sovereign duration strategies.
• Brazilian monetary-policy conditions.

The ETF’s performance is particularly sensitive to changes in real interest rates, inflation expectations, and decisions by the Central Bank of Brazil regarding monetary policy.

Fluctuations in the IPCA inflation index, fiscal conditions, and movements across Brazil’s sovereign yield curve may directly affect the fund’s behavior. The ETF may also reflect developments associated with domestic liquidity conditions and investor demand for inflation-protected fixed-income assets.

Structure and costs

AREA11 shares trade on the secondary market on the B3 during regular trading hours. Share creation and redemption occur through authorized participants, a mechanism intended to help align the ETF’s market price with its net asset value (NAV).

The fund charges a management fee and does not apply a performance fee. AREA11 distributes recurring income through monthly payments to shareholders according to the fund’s distribution policy.

Because the ETF maintains exposure to inflation-linked sovereign bonds, its performance may reflect fluctuations in Brazil’s real interest-rate environment and domestic macroeconomic conditions.

History and evolution of the ETF

The BTG Pactual Teva ITBR IPCA Rendimento Fundo de Índice was launched as part of the expansion of fixed-income ETFs within the Brazilian market, seeking to broaden access to inflation-linked government bonds through the B3.

Since inception, the fund has reflected movements associated with Brazil’s inflation-linked sovereign debt market, including changes in real interest rates, inflation expectations, and domestic monetary-policy cycles.

In recent periods, AREA11 has reflected fluctuations in Brazil’s real-rate environment and sovereign fixed-income markets, influenced by inflation dynamics, Central Bank policy decisions, and broader macroeconomic conditions.

Additional Information

BTG Pactual Teva ITBR IPCA Rendimento Fundo de Índice (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $16.97 Millions.

Over the past 12 months, BTG Pactual Teva ITBR IPCA Rendimento Fundo de Índice recorded a return of -, with its price trading between $99.33 and $106.80 during the same period.

The ETF is traded under the ticker AREA11.