The BTG Pactual Reference S&P/B3 Currency ETF (DOLB11) is a Brazilian exchange-traded fund designed to track the performance of the S&P/B3 BRL-USD Futures Index, a benchmark that measures the performance of a hypothetical portfolio based on futures contracts linked to the exchange rate between the Brazilian real and the U.S. dollar.

Managed by BTG Pactual Asset Management, the ETF trades under the ticker DOLB11 on the B3 and provides U.S. dollar exposure through Brazil's futures market. Classified as a currency ETF, DOLB11 follows a passive management strategy.

DOLB11 therefore does not represent a direct holding of U.S. dollars or simply track the USD/BRL spot exchange rate. Its returns are associated with the performance of the futures contracts used by the benchmark and the mechanics involved in rolling these positions.

Composition / Exposure Profile

DOLB11 provides exposure primarily to:

• U.S. dollar mini futures contracts (WDO) traded on the B3.

• Movements in the exchange rate between the U.S. dollar and Brazilian real.

• Brazil's currency derivatives market.

• Monthly futures contract rolls.

• Fixed-income and cash-management instruments.

The S&P/B3 BRL-USD Futures Index is designed to measure the performance of a hypothetical portfolio based on U.S. dollar futures contracts. The methodology uses shorter-dated contracts and follows a monthly roll schedule, replacing the existing position before the current contract expires.

According to BTG Pactual, the benchmark specifically uses U.S. dollar mini futures contracts traded on the B3. The transition between contracts takes place during a one-day roll period two days before the current futures contract's final trading day.

Structure and Costs

DOLB11 shares trade on the secondary market on the B3 during regular trading hours, with a standard trading lot starting at one share. In the primary market, share creation and redemption are conducted through authorized participants in minimum units of 50,000 shares.

The fund charges an annual management fee of 0.40%. BTG Pactual Serviços Financeiros serves as fiduciary administrator, while BTG Pactual Asset Management is responsible for portfolio management.

DOLB11 is not designed to make recurring income distributions. Returns generated by the strategy are reflected in the fund's net asset value and share price.

History and Evolution of the ETF

The BTG Pactual Reference S&P/B3 Currency ETF was launched in 2025 to provide investors with exchange-traded exposure to the U.S. dollar through Brazil's futures market.

DOLB11 expanded the range of currency ETFs available on the B3 by tracking the S&P/B3 BRL-USD Futures Index, a benchmark developed by S&P Dow Jones Indices to measure the performance of futures contracts linked to the exchange rate between the Brazilian real and the U.S. dollar.

Since its launch, DOLB11's performance has reflected not only movements in the U.S. dollar against the Brazilian real but also the dynamics of the futures contracts underlying its benchmark. Its returns are influenced by interest-rate differentials between Brazil and the United States, currency expectations, and domestic and global macroeconomic conditions.

Additional Information

BTG Pactual Reference S&P/B3 Cambial ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $305.85 million.

Over the past 12 months, BTG Pactual Reference S&P/B3 Cambial ETF recorded a return of 1.32%, with its price trading between $91.02 and $102.02 during the same period.

The ETF is traded under the ticker DOLB11.