The BTG Pactual Margin Credit ETF (MARG11) is a Brazilian exchange-traded fund designed to provide exposure to a structured fixed-income strategy linked to margin debentures, with returns that aim to closely track the CDI benchmark. Managed by BTG Pactual Asset Management, the ETF trades on the B3 and offers investors access to a segment of Brazil's corporate credit market through an exchange-listed investment vehicle.

Classified as a fixed-income ETF, MARG11 follows a passive management strategy. The fund invests primarily in fixed-income instruments associated with margin debentures and other corporate credit securities, seeking to replicate the performance of its underlying investment strategy while maintaining relatively low volatility.

The portfolio consists mainly of private credit instruments and related financial assets that provide exposure to Brazil's domestic fixed-income market. Holdings are managed according to the fund's investment methodology, with periodic adjustments designed to maintain alignment with its strategy.

Composition / Exposure Profile

MARG11 provides exposure primarily to:

• Margin debentures.

• Brazilian corporate credit instruments.

• Private fixed-income securities.

• Investments linked to the CDI benchmark.

• Low-volatility fixed-income strategies.

The ETF is designed to offer exposure to a diversified portfolio of corporate credit instruments that seek to deliver returns close to the CDI while maintaining relatively low price volatility. Rather than emphasizing duration risk, the strategy focuses on generating consistent income through high-quality credit exposure and structured fixed-income assets.

As a result, the fund's performance is primarily influenced by movements in Brazil's interest rates, credit-market conditions, corporate credit spreads, and the country's broader monetary policy environment.

Structure and Costs

MARG11 shares trade on the secondary market on the B3 during regular trading hours. Share creation and redemption are carried out by authorized participants, helping to keep the ETF's market price aligned with its net asset value (NAV).

The fund charges a total management fee of 0.50% per year, in addition to operational expenses associated with maintaining the investment structure. It does not charge a performance fee.

MARG11 does not make recurring income distributions. Any interest income and other proceeds generated by the portfolio are automatically reflected in the fund's net asset value. The ETF has an indefinite term.

History and Evolution of the ETF

The BTG Pactual Margin Credit ETF was launched in 2025 to provide investors with exchange-traded access to a structured corporate credit strategy linked to the Brazilian fixed-income market.

Since its launch, MARG11 has expanded the range of fixed-income ETFs available on the B3 by offering exposure to an alternative segment of the corporate credit market. Its performance has generally tracked returns close to the CDI while maintaining relatively low volatility, reflecting the characteristics of short-duration credit strategies. 

Over time, the fund's results have been primarily influenced by Brazil's monetary policy, domestic interest-rate dynamics, and overall conditions in the corporate credit market.

Additional Information

BTG Pactual Margin Credit ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $458.52 million.

Over the past 12 months, BTG Pactual Margin Credit ETF recorded a return of 14.97%, with its price trading between $107.54 and $123.64 during the same period.

The ETF is traded under the ticker MARG11.