The Nu Global High Yield BRL Hedged ETF (HYBR11) is a Brazilian exchange-traded fund designed to provide exposure to international high-yield corporate bonds through investments linked to the iBoxx USD Liquid High Yield BRL Hedge Carry Index. The ETF is managed by Nu Asset Management Ltda. and trades under the ticker HYBR11 on the B3.

Classified as an international fixed-income ETF, the fund follows a passive management strategy. Its objective is to replicate the performance of a benchmark that combines global high-yield corporate bonds with a currency-hedging structure designed to mitigate exposure to fluctuations between the U.S. dollar and the Brazilian real.

Composition / Exposure profile

HYBR11 provides exposure primarily associated with:

• International high-yield corporate bonds.

• Sub-investment-grade credit markets.

• Brazilian sovereign securities.

• Currency-hedged fixed-income strategies.

• Global corporate-credit exposure.

• U.S. dollar-denominated debt instruments.

• Credit-risk premiums.

• International fixed-income diversification.

The portfolio includes issuers from a wide range of industries, including consumer, energy, technology, and communications sectors, with a significant concentration in bonds rated below investment grade.

Performance is generally influenced by global credit spreads, default-risk perceptions, corporate financing conditions, interest-rate movements, and the carry generated by the fund’s hedging strategy.

Structure and costs

HYBR11 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 0.30%, which may reach 0.35% per year when additional operating expenses are included. The ETF does not apply a performance fee.

Settlement occurs on a D+1 basis. HYBR11 does not provide recurring income distributions, as returns generated by the portfolio are reflected directly in the ETF’s share value. The fund is subject to the tax treatment generally applicable to fixed-income investments.

History and evolution of the ETF

The Nu Global High Yield BRL Hedged ETF was launched in 2025 with the objective of providing Brazilian investors with access to the global high-yield bond market through an exchange-traded structure that incorporates currency protection.

Since inception, the fund has become part of the growing segment of international fixed-income ETFs in Brazil, expanding diversification opportunities for investors seeking exposure to global credit markets.

In recent periods, HYBR11 has reflected developments in international corporate-credit markets, influenced by changes in credit spreads, default expectations, global interest-rate conditions, and the interest-rate differential between Brazil and major international economies.

Additional Information

Nu Global High Yield BRL Hedged ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $10.06 million.

Over the past 12 months, Nu Global High Yield BRL Hedged ETF recorded a return of -, with its price trading between $50.00 and $57.33 during the same period.

The ETF is traded under the ticker HYBR11.