🏦 IPCA+ Treasury (NTN-B / IMA-B)
The investment that always yields above inflation. You lend to the Brazilian government and receive back the period's inflation plus a real interest rate locked in at the time of purchase.
The real rate on offer is close to IPCA + 7% per year — historically high. Locking in a real return of 7% above inflation (Brazil's official inflation index) for 10 or 20 years is one of the most generous windows a Brazilian investor can find.
📘 What it really is
When the Brazilian government needs money, it issues bonds — and you can buy them through Tesouro Direto (Brazil's direct government bond platform), starting from about R$ 30. Buying a bond means lending money to the government and receiving interest in return.
The IPCA+ Treasury (technical name: NTN-B) has a special feature: it pays "IPCA + a rate". IPCA is Brazil's official inflation index. So whatever happens with prices, your money never loses purchasing power — and still earns a real return on top of that.
The IMA-B is simply the index that tracks a portfolio of these bonds at market prices — a way to follow their "average price" on a daily basis.
IPCA+ Treasury = a guaranteed above-inflation return, backed by the government. It's the retirement cornerstone for many investors.
⚙️ How it works (the part that confuses people)
There's one detail that surprises those unfamiliar with it: the bond price fluctuates every day. This is called mark-to-market.
- If interest rates rise after you buy, the price of your bond falls on your statement (in the short term).
- If rates fall, the price rises — and you may even sell before maturity at an extra profit.
If you hold the bond to maturity, you receive exactly the contracted rate — IPCA + 7%, for example — regardless of what the price did along the way. The fluctuation only matters for those who need to sell early.
🛡️ The risk
The default risk is very low — you would only lose if the Brazilian government itself defaulted on its own-currency debt, which is an extreme scenario. The real risk is price volatility mid-term: if the fiscal situation worsens, rates rise and the bond loses mark-to-market value. Bad for those who need to redeem before maturity.
The golden rule: choose a maturity that matches your goal. Money needed in 15 years? Buy a bond maturing in 2040. Don't use long-dated IPCA+ bonds as an emergency fund.
✓ Where it makes sense
When the real rate on offer is high (as it is now) and you can hold to maturity. Excellent for long-term goals — retirement, children's college fund, financial independence.
✗ Where to avoid it
For short-term money you might need to redeem at any time — mark-to-market could catch you at a bad moment. For that, use Cash/CDI.
🛒 How to invest in practice
Directly through Tesouro Direto, via your brokerage or bank. Choose the maturity date closest to your goal. No brokerage fee at most brokers (only B3's low platform fee).