What is the profitability of Treasury Direct?

Tesouro Direto is a National Treasury Program developed in partnership with Brazil's official stock exchange (B3) to sell federal public securities to individuals 100% online.

It is the least risky type of investment in the economy, as government bonds are 100% guaranteed by the National Treasury. The minimum amount for investment is from $ 30.00.

Bond yield

Bond yield depends on the type chosen. Three types of Direct Treasury investments are available:

1) SELIC TREASURE - ideal for those who want to start investing in Treasury Direct. These are floating rate securities that have yield linked to the Selic Rate (which is the basic interest rate of the economy). Here's an example:

Example of title available on the Treasury website. Gross annual income will be the Selic rate (which today is 4.5%) + 0.02%.

Importantly, although the security is due at a future date, it has daily liquidity, meaning you can redeem the value at any time (as we will see below).

2) PREFIXED TREASURE - Fixed rate securities are those that have fixed interest rate, ie you already know at the time of investment. It is ideal for those who want to know exactly the amount they will receive at the end of the application, when the title expires. Here's an example:

Example of fixed rate securities with a gross annual yield of 6.10% fixed.

3) IPCA TREASURE - profitability linked to inflation, as measured by the variation of the Broad National Consumer Price Index - IPCA. That is, these bonds offer yield equal to the inflation variation plus a fixed interest rate. Here's an example:

Example of security whose gross annual yield will be IPCA + 3.07%.

The titles presented above are just examples, but you can check out the ones available directly from the Treasury website.

Taxation, custody fee and advance sale

The income tax rate (IR) is levied on the profit obtained and varies according to the application term:

- 22.5% for applications up to 180 days
- 20% on 181-360 day applications
- 17.5% on 361 to 720 day applications
- 15% on apps over 720 days

In addition to IR, to invest in Treasury Direct is charged by the stock exchange (B3) a custody rate of 0.25% per annum on the amount invested in securities. This fee refers to securities custody services and information and movements of balances. It is charged in proportion to the period you hold the title.

An important tip is that you try not to sell your security before 30 days, to avoid charging IOF (Financial Transaction Tax), which is regressive from the 1st to the 30th day of application, zeroing after that period.

Finally, early redemption (ie the sale of the security before the due date) can be done as normal. However, the price charged will be that of the market. Therefore, among the three types offered, SELIC TREASURE is the one that has the lowest risk in case of early sale, as there is almost no loss of profitability.

The other two (PREFIXED TREASURE and IPCA TREASURE) may show larger fluctuations, according to the economic indicators at the time of redemption. These fluctuations may be positive or negative and may cause loss or high gain before the due date.

Therefore, if you have invested in prefixed or IPCA-linked securities and intend to redeem before the due date, it is important to monitor the securities market by checking the difference between the bid and ask price. This is called mark to market.

Note: It is important to remember that if there is no advance sale, all Treasury Direct securities are very predictable and secure.

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