Melhor ETF de Renda Fixa em 2025? Como funciona LFTB11 e vale a pena? Mariliia Fontes Explica

Summary

This video discusses the launch of the LFT B11 ETF, a new financial product designed to replace the LFT S11 ETF, offering a tax-efficient alternative to Treasury SELIC investments. The speaker explains how the LFT B11 allocates part of its portfolio to inflation-linked bonds (NTN-B 2060), which provides a higher risk and potential return compared to the stable returns of Treasury SELIC. The video emphasizes the ETF's increased volatility, liquidity risks, and its suitability for short-term investments. For long-term investments, the speaker recommends diversifying into other fixed-income options.

Takeaways

• 😀 LFT B11 is a new ETF launched by Investo to replace the LFT S11, with a focus on providing better tax benefits and investment returns.
• 😀 LFT S11 primarily invested in Tesouro Selic, while LFT B11 incorporates around 10% of NTN-B 2060, which are inflation-linked bonds with long maturities.
• 😀 LFT B11 has an average maturity of over 2 years, which allows it to qualify for the 15% tax rate on income, making it more tax-efficient than short-term investments in Tesouro Selic.
• 😀 The LFT B11 ETF offers more volatility compared to Tesouro Selic, due to the inclusion of NTN-B 2060 bonds, which can fluctuate based on market conditions.
• 😀 This ETF might yield higher returns than Tesouro Selic if interest rates decrease, as inflation-linked bonds benefit from falling rates.
• 😀 However, if inflation rates and long-term bonds' yields are low, LFT B11 may underperform Tesouro Selic due to negative market adjustments.
• 😀 Investors should be aware of the liquidity risk with LFT B11, as it has a single market maker (BTG Pactual), potentially leading to issues with trade execution during periods of high demand or low liquidity.
• 😀 The tax treatment of LFT B11 is beneficial for those looking to invest long-term (over 2 years), as they will be taxed at a 15% rate on income, instead of higher rates for shorter holding periods.
• 😀 LFT B11 is suitable for investors who are comfortable with some level of market volatility and are looking for higher returns in a high-interest-rate environment.
• 😀 For investors seeking long-term appreciation or more stable returns, LFT B11 may not be ideal, and other fixed-income instruments with diversified credit-based assets might be a better choice.

Q & A

What is the main difference between LFT S11 and LFT B11?

The main difference is that LFT B11 adds around 10% of NTN-B 2060 (an inflation-linked bond) to its portfolio, which increases its average maturity beyond 2 years. This change qualifies it for a lower 15% income tax rate, compared to LFT S11, which faced higher tax rates due to a misinterpretation of its taxation structure.

What was the tax issue with LFT S11?

LFT S11 was originally expected to offer a lower tax rate for long-term investors, but due to the way it was structured, it was taxed at 25%, higher than the progressive rates expected for longer holdings in Tesouro SELIC.

How does LFT B11 aim to resolve the tax issue of LFT S11?

LFT B11 resolves the tax issue by incorporating NTN-B 2060, which increases the average maturity of the ETF, qualifying it for a 15% income tax rate, which is more favorable than the 25% tax rate applied to LFT S11.

Why does LFT B11 show more volatility compared to Tesouro SELIC?

LFT B11 includes 10% of NTN-B 2060, a long-term inflation-linked bond, which is more sensitive to market fluctuations, making the ETF more volatile. Unlike Tesouro SELIC, which is stable, LFT B11 can experience short-term price changes due to market conditions.

How does the performance of LFT B11 compare to Tesouro SELIC?

LFT B11 can potentially yield higher returns than Tesouro SELIC, especially in a scenario where inflation-linked bond rates decrease, benefiting from the long-term bonds in its portfolio. However, if inflation or interest rates increase, LFT B11 may underperform compared to Tesouro SELIC.

What role does the NTN-B 2060 play in LFT B11's structure?

The NTN-B 2060, which is an inflation-linked bond, makes up about 10% of LFT B11's portfolio. Its long maturity pushes the average maturity of the ETF above 2 years, enabling it to qualify for a more favorable 15% tax rate on the income generated.

What are the risks associated with the liquidity of LFT B11?

LFT B11, like LFT S11, faces liquidity risks due to the limited number of market makers, primarily BTG Pactual. This could result in price discrepancies or higher spreads, especially if there is high demand for buying or selling the ETF, making it harder to transact at the desired price.

What is the main investment strategy for LFT B11?

LFT B11 is suitable for short- to medium-term investments, especially for investors who want to take advantage of the 15% tax rate and are comfortable with the additional volatility from the inclusion of long-term bonds. It’s not ideal for long-term investors looking for stability.

Is LFT B11 a good option for long-term investment?

LFT B11 is not the best option for long-term investments due to its higher volatility. For long-term growth, other fixed-income instruments or a more diversified portfolio with a mix of assets might be more appropriate, as they offer better stability and potential for higher returns over time.

How does market fluctuation affect LFT B11’s returns?

Market fluctuations can significantly impact LFT B11’s returns because of its exposure to long-term inflation-linked bonds. If inflation rates or interest rates change, the value of NTN-B 2060 will adjust, influencing the performance of LFT B11 either positively or negatively, depending on the direction of these changes.