SPYI11

The Buena Vista US High Income ETF (SPYI11) is a Brazilian exchange-traded fund designed to provide exposure to the U.S. equity market combined with an income-generation strategy. The ETF is managed by Buena Vista Capital and trades under the ticker SPYI11 on the B3.

Classified as a strategy-based equity ETF, the fund does not passively replicate a traditional benchmark index. Its structure combines exposure to a portfolio linked to the S&P 500 with options-based strategies intended to generate recurring income while maintaining participation in the behavior of the U.S. stock market.

Diversification and sector exposure

SPYI11 provides exposure primarily associated with:

• S&P 500-linked equities.
• U.S. large-cap companies.
• Covered call and call spread strategies.
• Options-based income generation.
• U.S. equity markets.
• Dollar-denominated exposure.
• Technology and communication sectors.
• International equity-income strategies.

The ETF’s performance is particularly sensitive to U.S. market volatility, Federal Reserve monetary policy, and movements in major American technology companies.

Structure and costs

SPYI11 shares trade on the secondary market on the B3 during regular trading hours. Share creation and redemption occur through authorized participants, a mechanism intended to help align the ETF’s market price with its net asset value (NAV).

The fund charges a management fee and does not apply a performance fee. SPYI11 distributes monthly income associated with the derivatives strategies implemented within the portfolio.

The ETF uses options-based structures, including call spread strategies, seeking to generate recurring income while maintaining exposure to the U.S. stock market and the U.S. dollar. Because the fund utilizes derivatives, its performance may diverge from the direct performance of the S&P 500 during certain market conditions.

History and evolution of the ETF

The Buena Vista US High Income ETF was launched in 2023 as part of the expansion of income-oriented international ETFs listed on the Brazilian exchange. Since inception, the fund has reflected movements associated with U.S. equity markets and the growth of structured income strategies involving derivatives and international exposure.

In recent periods, SPYI11 has reflected both fluctuations in U.S. equity markets and the effects of the options strategies used within the portfolio, highlighting the interaction between capital appreciation and recurring income generation.

Additional Information

Buena Vista US High Income ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $255.35 Millions.

Over the past 12 months, Buena Vista US High Income ETF recorded a return of 9.20%, with its price trading between $100.29 and $118.25 during the same period.

The ETF is traded under the ticker SPYI11.