Start here
A quick path to understand the essentials.
- 1What is investing?4 min
- 2Meet the main assets315 min
- 3Understand the risks1 min
- 4Build your strategy4 min
- 5Take the next step2 min
Explore by category
Pick a type of investment and see all the content on each subject.
REITs (FIIs)
How Brazilian real estate funds work, their income and their risks.
Stocks
What the exchange is, your first order and investing in the index.
Fixed Income
Cash, IPCA+ Treasury and U.S. bonds: what they pay and when they fit.
ETFs
A basket in one ticker: the Brazilian market and the 500 largest U.S. firms.
Crypto
What Bitcoin is, how its cycles work and how much to hold.
Commodities
Gold: the store of value that outlasts crises and weak currencies.
Dollar & Currencies
Why hold part of your wealth in dollars and get out of Brazil risk.
Global Equities
The global market through B3: the S&P 500 and U.S. Treasuries.
Essential reads
Investor glossary
Didn't get a term?
The quick glossary explains B3, broker, ticker and more.
All content
Organized by category. Each asset shows its risk badge and reading time.
REITs (FIIs)
- What is a real estate fund, anyway?Lesson5 min
- Why you own a share, not the buildingLesson5 min
- Where does the monthly income come from?Lesson5 min
- FII, direct rental or fixed income?Lesson5 min
- Who does what inside an FIILesson4 min
- Administrator: the owner on paperLesson4 min
- Manager: who decides what to buyLesson5 min
- The meeting: where unitholders decide tooLesson5 min
- Brick funds: the fund that owns buildingsLesson5 min
- Paper funds: the fund that lends moneyLesson5 min
- Funds of funds and hybridsLesson5 min
- Development, Fiagro and niche typesLesson5 min
- How to buy your first shareLesson5 min
- Record date, ex-date and paymentLesson5 min
- How long does it take to sell and get paid?Lesson4 min
- Why does the share price go up and down?Lesson5 min
- Is a FII safe? Is there a guarantee?Lesson5 min
- Is FII income tax-free? Almost alwaysLesson5 min
- How a Brazilian REIT is createdLesson5 min
- What does it cost to structure and raise a REIT?Lesson4 min
- Public offerings: IPOs and follow-onsLesson5 min
- Pre-emptive rights, leftovers and dilutionLesson4 min
- Allowed and forbidden: the REIT portfolioLesson4 min
- The 95% rule: cash, not accountingLesson5 min
- Reserves, reinvestment and capital returnsLesson5 min
- The manager's report: must you read it?Lesson4 min
- Monthly filings and material facts: the mandatory onesLesson4 min
- The bylaws: the contract that rules everythingLesson4 min
- Dividend yield: the most misleading numberLesson5 min
- P/BV: cheap compared to what?Lesson5 min
- Does the dividend fit the cash the fund generates?Lesson5 min
- Physical and financial vacancy are not the sameLesson5 min
- Defaults, grace periods and rent discountsLesson4 min
- Typical and atypical leases and average termLesson5 min
- Paper FIIs: index, spread, collateral, ratingLesson5 min
- Leverage: when the fund owes moneyLesson5 min
- Concentration: one tenant can bring it all downLesson5 min
- The tax exemption requirements, one by oneLesson4 min
- Sold REIT shares: 20%, DARF and lossesLesson5 min
- How to report REITs on the annual tax returnLesson5 min
- Why interest rates move the share priceLesson5 min
- Debt and property REITs in each rate cycleLesson5 min
- Fair value: cap rate, replacement cost and cash flowLesson5 min
- Simple and qualified quorum in practiceLesson5 min
- Can the fund change its type later?Lesson5 min
- How to replace the manager or administratorLesson5 min
- Representative, proxies and the minority voiceLesson5 min
- How much the manager and administrator earnLesson5 min
- The manager's interest is not always yoursLesson5 min
- Can a fund cheat its investors?Lesson5 min
- The safeguards: appraisal, meeting, CVM and courtsLesson5 min
- Is choosing the manager worth more than the dividend?Lesson5 min
- Discounted share issues: who pays the billLesson4 min
- Mergers, takeovers and spin-offs: who wins?Lesson4 min
- Liquidation: what happens to your moneyLesson4 min
- Share buybacks and the rules under debateLesson4 min
- The four risks this site measuresLesson5 min
- How many FIIs to own and how to diversifyLesson4 min
- How much to invest to live off the income?Lesson5 min
- The unitholder's routine: monitor, react, sellLesson5 min
Fixed Income
Crypto
Commodities
Dollar & Currencies
Global Equities
How to read the risk badge
Start with the lowest-risk assets and work your way up.
- Very lowBarely moves and you can exit anytime. The base of a portfolio.
- LowMay swing along the way, but the destination is predictable.
- MediumRises and falls with the scenario: needs time and diversification.
- HighDrops of 30% or more happen. Only with a long horizon.
- Very highCan fall 70%. Only money you can afford to lose.
Frequently asked questions
What is a brokerage (corretora)?
It's the company that gives you access to the stock exchange. You open an account, transfer money and use their platform (the brokerage app / home broker) to buy and sell assets. It can be an independent brokerage (XP, Rico, BTG, Clear, NuInvest, Inter) or your own bank, which usually has a built-in brokerage. Keep reading →
What is a ticker?
It's the short code that identifies each asset on the exchange — like a license plate. Stocks end in a number (PETR4), Brazilian REITs (FIIs) end in 11 (XPML11) and BDRs (Brazilian Depositary Receipts) end in 34, 35 or 39 (BTLT39). You use the ticker to find and trade the asset. Keep reading →
Do I need an investment advisor to get started?
No. An advisor helps and answers questions, but they are tied to a brokerage and earn a commission on what you invest, so there can be a conflict of interest. For getting started with small amounts, you can do everything on your own through the brokerage app. Keep reading →
What is a Brazilian Real Estate Investment Trust (FII)?
It is a fund that pools money from many investors to buy real estate or real-estate securities. By buying a share you become a co-owner of those properties and receive your portion of the rent every month, without buying a whole property. Keep reading →
Do Brazilian REITs pay income tax?
For individuals, monthly distributions are income-tax exempt when the fund trades only on the exchange and has at least 100 unitholders, and the investor holds less than 10% of the shares (Law 11,033/2004, in force as of 09/2026). Capital gains on selling shares are taxed at 20%. Keep reading →
Why does a Brazilian REIT ticker end in 11?
By B3 convention, real estate fund shares use the suffix 11, like MXRF11, HGLG11 and XPML11. But 11 alone is not proof: ETFs and company units (such as TAEE11) use it too, so check the asset name. Keep reading →
What is BTLT39?
It's a BDR (receipt traded on B3) of the TLT ETF, which holds long-term US Treasury bonds. By buying BTLT39, you are lending money to the US government, in dollars, without needing an account abroad. Keep reading →
Why is BTLT39 doubly dollar-denominated?
Its price depends on two things simultaneously: the price of TLT in dollars and the USD/BRL exchange rate. If TLT rises, BTLT39 rises; if the dollar rises, it also rises. Since TLT and the dollar tend to move in opposite directions, one movement often offsets part of the other. Keep reading →
Does BTLT39 pay dividends?
Yes. The TLT distributes the interest from the bonds every month, and BTLT39 passes this on to the holder (in Brazilian reals), after taxes and the BDR issuer fee. Keep reading →
⚠️ Educational content, written for learners. Not investment advice.