Fixed Income is a category of investments where you lend your money to a bank, a company, or the government, and get back the amount invested plus interest, with the return rules defined at the moment you invest. That's where the name "fixed" comes from: you know from day one how your money will earn, even when the final amount depends on an economic indicator.
Three acronyms you'll see everywhere
CDI: the interbank reference rate, which tracks the Selic closely. It's the main benchmark for floating rate investments.
Selic: Brazil's base interest rate, set by the Central Bank.
IPCA: the country's official inflation index.
What are the different rate types?
Fixed rate: the rate is set at the moment of purchase (e.g., 12% per year).
Floating rate: earns a percentage of an indicator, usually the CDI or the Selic (e.g., 105% of CDI) — the return tracks the economy's interest rates.
Hybrid: combines a fixed rate with inflation (e.g., IPCA + 6% per year).
What are the different product types?
The following types of securities are available to invest via ARQ:
CDB (Certificado de Depósito Bancário): You lend money to a bank, which uses those funds to finance its activities. Earnings are subject to income tax, and the security is covered by the FGC. Daily-liquidity CDB are a specific type that lets you withdraw your money at any time, without waiting for maturity and without losing the accumulated earnings. This is generally a good option for an emergency fund.
LCI (Letra de Crédito Imobiliário): A security issued by banks to finance the real estate sector. The big advantage is that individuals are exempt from income tax. It's covered by the FGC and usually has a minimum lock-up period of 9 months before you can withdraw.
LCA (Letra de Crédito do Agronegócio): Same as the LCI, but the funds finance agribusiness. Also exempt from income tax for individuals and covered by the FGC.
CRI (Certificado de Recebíveis Imobiliários): A security issued by securitization companies, backed by future payments from the real estate sector (rents, mortgage installments). Exempt from income tax for individuals. Unlike the LCI, it is not covered by the FGC, and you get your money back at maturity.
CRA (Certificado de Recebíveis do Agronegócio): Same as the CRI, but backed by agribusiness receivables. Also exempt from income tax for individuals and not covered by the FGC.
Debêntures: Debt securities issued by companies to finance their projects. They usually pay higher rates than bank-issued securities, reflecting the issuer's risk. Incentivized debentures (infrastructure) are exempt from income tax for individuals, and the rest are taxed. Neither is covered by the FGC.
Tesouro Direto: You lend to the Federal Government. There are fixed-rate bonds (Tesouro Prefixado), floating-rate bonds (Tesouro Selic), and hybrid bonds (Tesouro IPCA+). Earnings are subject to income tax.
LC (Letra de Câmbio): Despite the name, it has nothing to do with foreign currency: it's the "CDB of finance companies". You lend to a financial institution that is not a bank. It usually pays slightly higher rates and is covered by the FGC.
LF (Letra Financeira): A long-term security issued by banks, with a high minimum investment and no FGC coverage. In exchange, it usually offers higher rates than a CDB.
What assets are available with ARQ?
All securities available for investment are in Save > Invest. For each security you'll find: issuer, rate, maturity date, liquidity, minimum amount, and taxation. The list changes frequently – securities depend on issuer availability, and offers may sell out or be replaced throughout the day.