The Investo U.S. Business Development Companies ETF (BIZD11) is a Brazilian exchange-traded fund designed to provide exposure to U.S. business development companies (BDCs) through investments linked to the MVIS® US Business Development Companies Index. The ETF is structured by Investo Gestão de Recursos and trades under the ticker BIZD11 on the B3.

Classified as an international equity ETF with an income-oriented focus, the fund follows a passive management strategy. Its objective is to replicate the performance of a benchmark composed of leading U.S.-listed BDCs, companies that provide financing to middle-market businesses through debt investments and equity participation while seeking to generate recurring cash flows.

Composition / Exposure profile

BIZD11 provides exposure primarily associated with:

• U.S. business development companies (BDCs).

• Middle-market corporate lending.

• Private-credit exposure.

• Income-oriented financial businesses.

• U.S. financial-sector companies.

• Alternative credit strategies.

• U.S. dollar exposure.

• International financial markets.

The underlying portfolio includes companies such as Ares Capital, Blue Owl Capital, and Main Street Capital, among other leading participants in the U.S. business-development-company sector.

The benchmark focuses on companies that are required to distribute a substantial portion of their earnings to shareholders, making the segment particularly associated with income-generation strategies and dividend-oriented investing.

Structure and costs

BIZD11 shares trade on the secondary market on the B3 during regular trading hours. Share creation and redemption occur through authorized participants, helping to align the ETF’s market price with its net asset value (NAV).

The fund charges a total annual fee of approximately 1.40%, including costs associated with both the Brazilian structure and the underlying international exposure. The ETF does not apply a performance fee.

BIZD11 maintains exposure to the U.S. dollar and is generally subject to a 15% capital-gains tax under the applicable tax rules for Brazilian investors. The fund does not provide recurring income distributions, and portfolio results are reflected in the ETF’s share value.

History and evolution of the ETF

The Investo U.S. Business Development Companies ETF was launched in 2025 with the objective of expanding access to international income and credit-related investments through an exchange-traded vehicle listed on the B3.

Since inception, the fund has become part of the growing international ETF segment in Brazil, offering exposure to a specialized area of the U.S. financial market that is not widely available through traditional equity benchmarks.

In recent periods, BIZD11 has reflected developments in the corporate-credit market, influenced by interest-rate conditions, economic growth expectations, credit quality, lending activity, and exchange-rate movements between the Brazilian real and the U.S. dollar.

Additional Information

Investo U.S. Business Development Companies ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $26.99 million.

Over the past 12 months, Investo U.S. Business Development Companies ETF recorded a return of -23.17%, with its price trading between $70.26 and $101.36 during the same period.

The ETF is traded under the ticker BIZD11.