The Buena Vista Bitcoin & Gold ETF (GBTC11) is a Brazilian exchange-traded fund designed to provide exposure to a diversified allocation between gold and Bitcoin through investments linked to the FTSE Bitcoin and Gold Risk-Weighted Index. The ETF is managed by Buena Vista Capital and trades under the ticker GBTC11 on the B3.

Classified as a multi-asset ETF with exposure to commodities and digital assets, the fund follows a passive management strategy. Its objective is to track a benchmark that dynamically allocates between gold and bitcoin, adjusting portfolio weights according to the volatility of each asset in an effort to balance risk and return over time.

Composition / Exposure profile

GBTC11 provides exposure primarily associated with:

• Gold as a traditional store-of-value asset.

• Bitcoin as a decentralized digital asset.

• Alternative investment strategies.

• Commodity-market exposure.

• Cryptocurrency-market exposure.

• U.S. dollar-denominated assets.

• Risk-parity portfolio construction.

• Global diversification themes.

The strategy combines two assets that are often viewed as alternative stores of value, using a volatility-adjusted allocation process designed to reduce concentration risk and improve diversification.

Performance is generally influenced by gold-price movements, bitcoin-market trends, inflation expectations, monetary-policy developments, investor risk appetite, and capital flows between traditional and digital assets.

Structure and costs

GBTC11 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 0.98% per year, in addition to operational costs associated with the underlying assets and portfolio structure.

GBTC11 does not apply a performance fee and does not provide recurring income distributions. The fund has an indefinite duration, with financial settlement occurring on a D+2 basis in the secondary market.

History and evolution of the ETF

The Buena Vista Bitcoin & Gold ETF was launched in 2025 with the objective of offering investors a diversified approach to alternative assets by combining gold and bitcoin within a single exchange-traded vehicle.

Since inception, the fund has become part of the growing segment of alternative-asset ETFs available in Brazil, reflecting investor interest in both traditional and digital stores of value.

In recent periods, GBTC11 has reflected fluctuations in both gold prices and cryptocurrency markets, influenced by macroeconomic developments, market volatility, inflation expectations, monetary-policy decisions, and shifts in global capital flows between conventional and digital assets.

Additional Information

Buena Vista Bitcoin & Gold ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $20.46 million.

Over the past 12 months, Buena Vista Bitcoin & Gold ETF recorded a return of 2.84%, with its price trading between $24.48 and $34.47 during the same period.

The ETF is traded under the ticker GBTC11.