The Investo Defensive Factors Brazil ETF (BVBR11) is a Brazilian exchange-traded fund designed to provide exposure to a portfolio of Brazilian equities focused on lower volatility and defensive characteristics through investments linked to the Constância Defensive Factors Index. The ETF is managed by Investo and trades under the ticker BVBR11 on the B3.

Classified as an equity ETF, the fund follows a passive management strategy. Its objective is to replicate an index that selects companies based on quantitative factors such as low volatility, quality, and dividend generation, seeking to provide greater resilience across different market environments.

Composition / Exposure profile

BVBR11 provides exposure primarily associated with:

• Low-volatility Brazilian equities.

• Quality-factor investment strategies.

• Dividend-paying companies.

• Factor-based portfolio construction.

• Large-, mid-, and small-cap stocks.

• Brazilian equity markets.

• Defensive investment approaches.

• Diversified sector exposure.

The benchmark is designed to prioritize companies with lower historical price fluctuations, strong profitability metrics, and consistent dividend distributions, characteristics that may contribute to greater stability over time.

Performance is generally influenced by macroeconomic conditions, interest-rate movements, corporate earnings, investor sentiment, and the relative performance of defensive sectors within the Brazilian stock market.

Structure and costs

BVBR11 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 management fee of approximately 0.50% per year, in addition to operational expenses associated with portfolio management and index replication.

BVBR11 does not apply a performance fee and does not provide recurring income distributions, as dividends and other proceeds received from underlying holdings are reinvested into the portfolio.

History and evolution of the ETF

The Investo Defensive Factors Brazil ETF was developed with the objective of providing access to a defensive equity-investment strategy in the Brazilian market through a rules-based, factor-driven approach.

Since inception, the fund has become part of the growing segment of factor-based ETFs in Brazil, reflecting investor interest in strategies focused on lower volatility, quality companies, and long-term consistency.

In recent years, BVBR11 has reflected fluctuations in the Brazilian stock market while exhibiting characteristics associated with defensive equity portfolios. Its performance has been influenced by macroeconomic developments, market cycles, and the operating results of the companies included in its benchmark.

Additional Information

Investo Defensive Factors Brazil ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $5.08 million.

Over the past 12 months, Investo Defensive Factors Brazil ETF recorded a return of -, with its price trading between $19.56 and $24.51 during the same period.

The ETF is traded under the ticker BVBR11.