Goal: To achieve returns above that of CDI, with low risk of permanent capital losses.

Characteristic: Cash exposure of up to 33%, can invest as much as 100% in BDRs (Brazilian Depositary Receipts), which are shares of American companies traded in Brazil’s stock exchange, and up to 40% in stocks directly in U.S. exchanges (NASDAQ and NYSE).

Management fee: 0.86%/year.

Performance fee: 25% of returns above the CDI, with permanent high water mark.

Redemption rule: Each three months a withdrawal window closes; requests are paid after three months. Initially there is an one year grace period.