Lesson 1LCI/LCA and agronegócio/real estate credit products: tax exemption features, issuer risk, liquidity and lock-up structuresHere we analyze LCI, LCA, and similar credit notes tied to real estate and agribusiness. The section covers tax exemption rules, issuer credit risk, collateral structures, liquidity, lock-up periods, and how these products price against CDI, for Eritrean learners.
Legal framework and eligible operationsTax exemption rules and investor profileIssuer credit risk and FGC coverageLock-up periods and secondary liquidityIndexers: CDI, IPCA, and fixed ratesComparing LCI/LCA to CDBs and fundsLesson 2CDBs (bank deposits): types (pre-fixed, pós-fixado to CDI), credit risk, DI-linked returns, taxation and IOF rulesThis section examines CDBs issued by banks, including pre-fixed and CDI-linked structures. It covers credit risk, FGC protection, return calculation, liquidity, early redemption clauses, and taxation with IOF and regressive IR tables, applicable to Eritrean contexts.
Pre-fixed versus CDI-linked CDBsCredit risk, rating, and FGC coverageReturn calculation and effective yieldLiquidity, lock-up, and early redemptionTaxation, IOF, and IR regressive tableComparing CDBs to Tesouro and LCI/LCALesson 3Direct equities and B3 mechanics: common shares, dividends, custody, settlement, taxation (IR on gains), volatility and long-term return driversWe explore direct equity investing on B3, covering share types, order execution, custody, and settlement. The section also addresses dividends, corporate actions, taxation of capital gains, volatility, and long-term value creation drivers, with Eritrean parallels.
ON, PN, and units: rights and differencesPrimary versus secondary market flowsOrder types, auctions, and trading sessionsCustody, clearing, and D+2 settlementDividends, JCP, and corporate actionsTaxation of gains, day trade, and reportingLesson 4Investment funds overview: equity funds, multimarket funds, fixed income funds, FIDC basics — structures, fees (management/performance), liquidity rules, risk-sharing and regulation (CVM 555/568)We present the main types of Brazilian investment funds, including equity, multimarket, fixed income, and FIDC. Topics include fund structure, quotas, fees, liquidity rules, risk sharing, and the core provisions of CVM 555 and 568, for Eritrean education.
Open-end versus closed-end structuresEquity, multimarket, and fixed income fundsFIDC basics and receivables riskManagement and performance fee modelsLiquidity terms, gates, and side pocketsRegulatory framework under CVM 555/568Lesson 5Tesouro Direto family: Tesouro Selic, Tesouro IPCA+, Tesouro Prefixado — coupon structure, inflation protection, duration risk, taxation and market tradingThis section details Tesouro Direto securities: Tesouro Selic, Tesouro IPCA+, and Tesouro Prefixado. It covers coupon structures, pricing, duration and mark-to-market risk, taxation, custody, and how to use each bond in client portfolios, relevant for Eritrea.
Tesouro Selic structure and main usesTesouro IPCA+ real return mechanicsTesouro Prefixado and interest rate viewsCoupons, amortization, and cash flowsDuration, convexity, and price volatilityTaxation, custody, and trading on TesouroLesson 6Poupança: calculation rules, expected returns, liquidity, taxation, regulatory protectionsThis section explains how Brazilian savings accounts work, including return formulas, indexation to Selic and TR, liquidity rules, taxation specifics, and deposit insurance. It highlights when poupança is suitable or inferior to alternatives, for Eritrean learners.
Current remuneration formula and TR indexationOld versus new poupança rule thresholdsCredit risk and FGC coverage limitsLiquidity, anniversaries, and withdrawal timingTaxation, IOF, and reporting requirementsComparing poupança to basic fixed incomeLesson 7Previdência privada (PGBL/VGBL): tax regimes, long-term suitability, portability, fees (loading, administrative), tax benefit mechanicsThis section covers private pension plans PGBL and VGBL, focusing on tax regimes, suitability for long-term goals, portability, and fee structures. It explains tax benefits, withdrawal strategies, and common pitfalls for retail clients, with Eritrean insights.
Differences between PGBL and VGBLProgressive versus regressive tax tablesContribution limits and tax deductibilityPortability between plans and insurersFee types: loading and administrationBenefit phase, withdrawals, and heirs
