BTG Pactual has launched a new exchange-traded fund (ETF) focused on companies economically connected to Brazil’s Amazon region, providing investors with access to a portfolio of corporate debt securities linked to businesses operating in the region and aligned with ESG guidelines.
The ETF, AMAB11, was developed in partnership with the Inter-American Development Bank Group (IDB Group) and carries the “Amazonia para Todos” (Amazon for All) sustainability designation. The initiative is designed to channel capital toward companies and projects aligned with sustainability objectives in the Amazon while providing investors with exposure to potential financial returns.
According to BTG Asset, the fund was created to broaden access to impact investing in Brazil’s Legal Amazon (Amazônia Legal), allowing individual and institutional investors to allocate capital to companies economically connected to the region through a listed and accessible financial product.
The ETF tracks the Teva Amazônia Index and invests primarily in debentures, fixed-income securities issued by companies. Securities issued by 20 companies economically linked to the Amazon region account for approximately 85% of the fund’s portfolio. The debentures provide exposure to a range of sectors, including energy, utilites, Sanitation, telecommunications, healthcare and education.
“By aligning with the Group’s guidelines, this ETF combines return potential and impact in an accessible, transparent and tax-efficient solution, allowing local and global investors to access a new investment strategy,” said Rubens Henriques, CEO of BTG Asset.
IDB’s Amazonia para Todos Initiative
The ETF was developed with support from the IDB Group, which granted the Amazonia para Todos designation to the financial product.
According to the IDB, the initiative aims to mobilize resources toward businesses and projects aligned with sustainability objectives in the Amazon. The capital is intended to support initiatives that promote local livelihoods, strengthen economic resilience and encourage sustainable forest management.
“‘Amazonia para Todos’ represents an important step toward democratizing sustainable investment in the Amazon, allowing anyone to invest directly in sustainable projects. In partnership with the Brazilian government, we are supporting initiatives that mobilize the private sector, promote inclusion and expand positive impacts on the forest and local communities,” said Ilan Goldfajn, President of the IDB Group.
The IDB says the Amazonia para Todos designation is intended for financial products whose underlying assets meet high sustainability standards, with an emphasis on measurable impact and transparency.
The framework is also connected to the IDB’s broader Amazonia Bonds initiative, which establishes guidelines for the selection and evaluation of eligible projects, environmental and social risk mitigation, and impact measurement.
AMAB11 to Trade on B3
AMAB11 will be listed on B3, Brazil’s stock exchange in São Paulo, with an initial price of R$10 per share, equivalent to approximately US$2.
The ETF will be available to both institutional and individual investors in Brazil. BTG has not disclosed whether it currently plans to distribute the product to investors outside Brazil.
The launch comes as Brazil’s ETF industry continues to expand, with exchange-traded funds becoming increasingly popular as a way for investors to gain diversified exposure to traditional asset classes as well as thematic investment strategies.
Brazil’s ETF Industry Enters a New Phase
ETFs replicate the performance of market indexes or other underlying assets and can provide investors with a relatively accessible way to gain exposure to specific sectors, asset classes or investment themes.
The Brazilian ETF market has expanded rapidly in recent years. In July, B3 announced that the number of ETFs listed on the exchange had surpassed 200 funds.
BTG Pactual has also significantly expanded its presence in the ETF market. According to Tiago Lima, partner and head of distribution at BTG Asset, the institution had approximately R$1 billion in assets under management through ETFs in December 2024. By June 2026, that figure had increased to R$20 billion.
The growth reflects increasing demand for listed investment products in Brazil, including funds focused on specific sectors, asset classes and sustainability themes.
Tax Treatment
The ETF also offers a tax structure that may be relevant to investors seeking exposure to fixed-income assets.
Because AMAB11 invests primarily in long-term corporate debt securities, including debentures, the fund benefits from the tax treatment applicable to fixed-income ETFs in Brazil. According to the product’s structure, the ETF is subject to a 15% income tax rate on capital gains upon the sale of ETF shares, rather than the progressive taxation that can apply to some traditional fixed-income investments.
The structure combines exposure to corporate debt with the liquidity and accessibility of an exchange-listed fund, while linking the investment strategy to companies economically connected to the Amazon region.
