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The BTG Pactual Teva IPCA 95/5 ETF (PACB11) is a Brazilian exchange-traded fund designed to provide exposure to inflation-linked Brazilian government bonds through investments linked to the Teva ITBR IPCA 95/5 Index.
The ETF is administered by BTG Pactual Serviços Financeiros S.A. DTVM, managed by BTG Pactual Asset Management S.A., and trades under the ticker PACB11 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 portfolio of Brazilian Treasury securities indexed to inflation, primarily through investments in NTN-Bs (Tesouro IPCA+), seeking to capture both inflation adjustments and real interest-rate returns.
Composition / Exposure profile
PACB11 provides exposure primarily associated with:
Inflation-linked Brazilian government bonds (NTN-Bs).
IPCA-linked fixed-income securities.
Brazilian sovereign debt.
Short- and medium-term inflation-protected bonds.
Real interest-rate exposure.
Domestic fixed-income markets.
Inflation-sensitive investments.
Brazilian yield-curve dynamics.
The ETF seeks to reflect the performance of the Teva ITBR IPCA 95/5 Index, a benchmark designed to provide predictable and diversified exposure to inflation-linked government bonds in Brazil.
The ETF’s performance is particularly sensitive to inflation expectations, changes in real interest rates, Central Bank policy decisions, and movements across Brazil’s sovereign yield curve.
Structure and costs
PACB11 shares trade on the secondary market on the B3 during regular trading hours. Share creation and redemption occur through authorized participants through the delivery of a basket of securities that replicates the benchmark composition.
The fund charges a total fee of up to 0.225% per year, covering administration, portfolio management, and additional compensation for structuring-related services. PACB11 does not apply a performance fee and does not provide recurring income distributions, as gains generated by the portfolio are reinvested into the fund structure.
History and evolution of the ETF
The BTG Pactual Teva IPCA 95/5 ETF was created with the objective of providing efficient access to inflation-linked Brazilian government bonds through the stock exchange, using a methodology that combines NTN-Bs with different maturities within a single portfolio.
Since inception, the fund has become part of the growing fixed-income ETF segment in Brazil, expanding investors’ access to IPCA-linked investment strategies through a transparent and exchange-traded structure.
In recent years, PACB11 has reflected fluctuations in Brazil’s real interest-rate environment and inflation dynamics, influenced by macroeconomic conditions, monetary-policy decisions, and movements across the domestic yield curve.
Additional Information
BTG Pactual Teva IPCA 95/5 ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $235.40 Millions.
Over the past 12 months, BTG Pactual Teva IPCA 95/5 ETF recorded a return of 10.62%, with its price trading between $9.91 and $11.10 during the same period.
The ETF is traded under the ticker PACB11.
