Those researching direct treasury bonds are usually at a crucial point: they want to start investing safely, understand if it’s worthwhile to put money into government bonds, or simply compare alternatives before making a decision.

This article answers these questions directly, with accurate data and without beating around the bush, so that you understand exactly what you are getting into before investing.

What is Tesouro Direto and how does it work?

Tesouro Direto is a Brazilian federal government program that allows individuals to purchase government bonds directly from the National Treasury. Launched in 2002, it democratized access to investments that were previously restricted to large financial institutions.

The logic is simple: the investor lends money to the government and receives back the amount plus interest at maturity. It is possible to invest in fractions of bonds, with values ​​starting from approximately R$ 30 to R$ 35, depending on the type chosen.

Transactions are carried out through the National Treasury platform or by authorized brokers. The bonds have daily liquidity, meaning that the investor can redeem them before maturity, but the market price may vary, impacting the redeemed value depending on the time frame.

What types of bonds are available for investment in the Brazilian Treasury Direct program?

Each type of security has distinct characteristics regarding profitability, maturity, and risk. Choosing the wrong one for the right purpose is one of the most common mistakes among novice investors.

• Brazilian Treasury Bonds (LFTs): returns tied to the Selic rate. Low risk of price fluctuation. Suitable for emergency funds and short-term goals.
• Fixed-Rate Treasury Bonds (LTN and NTN-F): interest rate defined at the time of purchase. Ideal for those who believe interest rates will fall. Higher risk of devaluation if redeemed before maturity.
• IPCA+ Treasury Bonds (NTN-B and NTN-B Principal): yield equal to the IPCA (Brazilian inflation index) plus a fixed rate. Protects assets against inflation. Suitable for long-term goals, such as retirement.

In the current scenario of high interest rates in Brazil, with the Selic rate above double digits, the Selic Treasury bond becomes particularly attractive for short-term allocations. Meanwhile, the IPCA+ Treasury bond gains relevance for those considering horizons of 5, 10, or 15 years.

Is investing in Treasury Direct worthwhile?

The honest answer is: it depends on the objective. Direct Treasury bonds aren’t the best investment in all scenarios, but they are one of the most suitable for specific purposes.

When is it worth it?

• To build or maintain an emergency fund (Selic Treasury bonds).
• To protect assets from inflation in the long term (IPCA+ Treasury Bonds).
• For conservative profiles that prioritize predictability and security.
• In high-interest rate environments, the real yield on bonds increases.

Key limitations to consider:

• Income tax incidence according to the regressive table: 22.5% for redemptions within 180 days, reaching 15% for redemptions exceeding 720 days.
• IOF (Tax on Financial Transactions) applies to withdrawals made in less than 30 days.
• Net profitability may be lower than other fixed-income alternatives when analyzed on a comparative basis with tax exemption.

For those who already have a structured emergency fund and are looking for diversification with real assets, understanding how to invest better beyond traditional fixed income is the next natural step in building a more robust portfolio.

Is Tesouro Direto safe? What is the real risk?

Brazilian Treasury Direct is considered the lowest-risk investment in the Brazilian market. It is guaranteed by the federal government itself, making it superior, in terms of solidity, even to the FGC (Credit Guarantee Fund) that covers CDBs and LCIs.

However, there is an important distinction that many investors ignore: credit risk is different from market risk. Credit risk, the risk of the government not paying, is virtually zero. Market risk, on the other hand, exists: if the investor redeems before maturity, especially in fixed-rate or IPCA+ bonds, they may obtain a value lower than the investment, depending on the movement of the yield curve.

According to the Central Bank of Brazil, mark-to-market valuation reflects the trading conditions of the bonds on the redemption date. Therefore, the standard recommendation is to hold the bonds until maturity to guarantee the contracted return.

Direct Treasury bonds within the context of a broader investment strategy.

Direct Treasury bonds play a clear role within a well-structured portfolio: they offer security, liquidity, and predictability for the portion of assets that needs these characteristics. It’s not the right instrument for everything, but it’s the right one for its intended purpose.

As the financial market evolves towards regulated digital structures, with instruments such as CRIs (Real Estate Receivables Certificates), commercial notes, and tokenized assets via specialized infrastructure, the logic of portfolio construction expands. Those who have a good understanding of traditional fixed income are better prepared to maturely evaluate these new structures.

For those who want to understand how investments in regulated digital assets work in practice and how this market connects with the evolution of the capital market, talk to the experts at BLOCKBR and delve deeper into this conversation with those who operate in this market with structure, governance, and regulatory compliance.