Buena Vista Neos Bitcoin High Income Index Fundo De Indice Responsabilidade Limitada

What it is

COIN11 is a fund listed on B3 that combines exposure to Bitcoin with an income-generation strategy — it is Brazil’s exchange-traded fund (ETF) wrapper around an American income-from-Bitcoin approach. Classified as a strategy ETF, it does not passively track a conventional index; instead it holds Bitcoin-linked assets and runs an options overlay — selling the right for others to buy Bitcoin at a fixed future price — to generate recurring monthly cash.

The benchmark it follows, the NEOSBTCI index, tracks the US-listed NEOS Bitcoin High Income ETF using a laddered set of call options, with the aim of bringing additional income into the portfolio every month. The fund also uses tax-loss harvesting — deliberately realising losses to offset gains — seeking to make those monthly distributions tax-efficient.

Who owns it

The fund’s assets manager is Buena Vista Gestora de Recursos LTDA (operating as Buena Vista Capital), with Vórtx Distribuidora de Títulos e Valores Mobiliários LTDA acting as fiduciary administrator, and NEOS Investment Management LLC of the United States supplying the underlying index methodology. Buena Vista Gestora de Recursos Ltda was incorporated on 18 May 2021, and is a fund manager specialised in global investments across equities, digital assets and venture capital.

Buena Vista’s registered address is in the Setor Shn, Asa Norte district of Brasília, Distrito Federal. Individual ownership percentages of Buena Vista Capital and named controlling shareholders are not disclosed in available sources; the fund itself is open to all retail and institutional investors on B3, with no single controlling unitholder.

Who runs it

The fund is managed by Buena Vista Gestora de Recursos, duly credentialed with the Brazilian securities regulator (CVM). The names of the individual portfolio manager, CEO or executive director of Buena Vista Capital are not disclosed in available public sources, including the company’s own investor-relations pages.

Day-to-day administration — settlement, custody and regulatory compliance — is handled by Vórtx Distribuidora de Títulos e Valores Mobiliários LTDA, a São Paulo-based securities distributor. Auditing is carried out by Next Auditoria.

The money, in plain words

COIN11 began trading on 13 December 2024 at an initial price of R$100.00 (US$19)per unit, with the first issuance settling on 12 December 2024. As of late June 2026, each unit trades at approximately R$36.89 (~US$7.08), giving a total market value — what all units in circulation are worth together, or market capitalisation — of roughly R$264 million (~US$50.7 million).

The fund paid R$1.0447 (US$0.20)per unit in June 2026 and distributed R$12.59 (US$2)per unit across the first half of 2025, followed by R$6.52 (US$1)per unit in the first half of 2026. At the current price, that translates to an annualised distribution yield — the annual cash return as a percentage of what you pay for each unit — of roughly 26.6%.

The catch is structural: the options-writing strategy that funds those payments also caps how much the unit can rise when Bitcoin rallies, which is why the unit has fallen roughly 63% from launch even as Bitcoin itself has had strong periods (our calculation).

What it is doing now

The unit’s return over the past twelve months is approximately −44%, reflecting Bitcoin’s own swings compounded by the drag of the options strategy. At launch, Buena Vista Capital reported roughly R$270 million (US$52 mn) in assets under management across COIN11 and its sister fund IWMI11, which invests in US small-cap stocks.

The manager has since added a third income ETF, QQQI11, which replicates the Nasdaq-100 income strategy and also pays monthly distributions.

What to watch

• Bitcoin price direction. The unit’s market value moves directly with Bitcoin; a sustained Bitcoin rally would push distributions and the unit price higher simultaneously.
• Options cap risk. The index’s call options are rebalanced monthly and are written out-of-the-money at inception, meaning sharp Bitcoin spikes can still be partially captured — but gains are structurally limited.
• Regulatory environment. The fund is governed by CVM Resolution 175 and its Annex V, Brazil’s main ETF framework; any tightening of crypto-asset rules by CVM would affect the fund directly.
• Management disclosure. Buena Vista Capital does not publicly name its individual decision-makers; greater transparency here would reduce governance uncertainty for institutional investors.

This is news, not investment advice.