The Nu Global Investment Grade BRL Hedged ETF (HGBR11) is a Brazilian exchange-traded fund designed to provide exposure to international fixed-income securities with currency protection through investments linked to the iBoxx USD Liquid Investment Grade BRL Hedge Carry Index. The ETF is managed by Nu Asset Management Ltda. and trades under the ticker HGBR11 on the B3.

Classified as a fixed-income ETF, the fund follows a passive management strategy. Its objective is to replicate the performance of a benchmark composed of global investment-grade corporate bonds while mitigating foreign-exchange risk through hedging strategies linked to the Brazilian real.

Composition / Exposure profile

HGBR11 provides exposure primarily associated with:

• Investment-grade international corporate bonds.

• Global fixed-income markets.

• High-credit-quality issuers.

• Currency-hedged bond strategies.

• Brazilian real (BRL) hedge exposure.

• Sovereign and corporate debt instruments.

• International credit markets.

• Diversified fixed-income allocations.

The portfolio is designed to provide access to global corporate credit while reducing direct foreign-exchange exposure through derivative-based hedging mechanisms.

Performance is generally influenced by global interest-rate trends, credit spreads, corporate-bond market conditions, monetary-policy developments, and the effectiveness of the currency-hedging strategy.

Structure and costs

HGBR11 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 0.20% per year, which may reach 0.25% per year when additional operating expenses are included.

HGBR11 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+1 basis in the secondary market.

History and evolution of the ETF

The Nu Global Investment Grade BRL Hedged ETF was launched in 2025 with the objective of providing access to international fixed income through a single exchange-traded vehicle while reducing currency risk for Brazilian investors.

Since inception, the fund has become part of the growing segment of international fixed-income ETFs in Brazil, reflecting investor demand for geographic diversification combined with foreign-exchange risk mitigation.

In recent periods, HGBR11 has reflected developments in global interest rates, international corporate-credit markets, and interest-rate differentials across major economies, as well as the impact of the hedging strategies employed within the portfolio.

Additional Information

Nu Global Investment Grade BRL Hedged ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $10.05 million.

Over the past 12 months, Nu Global Investment Grade BRL Hedged ETF recorded a return of -, with its price trading between $50.00 and $55.21 during the same period.

The ETF is traded under the ticker HGBR11.