In 2025, Exchange-Traded Funds (ETFs) emerged as the most rapidly growing variable income product among Brazilian investors, with a 24% increase in the number of individual investors, reaching 721,700. The wealth managed in these funds surged by 49% to R$ 26.9 billion. The growth of ETFs indicates a broader trend in the Brazilian market toward seeking diversification in investment options.

The analysis conducted by B3 revealed that the overall stock market in Brazil closed the year with 5.5 million registered individual taxpayers, marking a 4% growth compared to 2024. The total investments from these individuals amounted to R$ 636.2 billion, reflecting a notable 20% increase from the previous year. This upward trajectory illustrates a growing interest in variable income investments among Brazilians and suggests a shift towards a more diversified investment landscape.

Despite the overall increase in ETF investments, trading activity remains concentrated around a few specific funds. For instance, the most traded ETF in February 2025 was BOVA11, which replicates the main index of the Brazilian Stock Exchange, accounting for 53.7% of the trading volume among the ten most active funds during that period. This concentration points to a potential need for broader awareness and availability of diverse ETFs to cater to the evolving investment appetite of Brazilian investors.