HERT11: Brazil REIT Index Constituents and Exposure Guide

HERT11 is an ETF launched by Hedge Investments in June 2025 that aims to track the FTSE Hedge Brazil All Equity REITs index. Unlike the broader IFIX index, HERT11 focuses exclusively on physical real estate exposure and is largely concentrated in Shopping & Retail (~40%), Industrial & Logistics (~33%), and Offices (~21%).

Designed with global investors in mind, HERT11 is Hedge’s flagship effort to elevate the Brazilian REIT market to international standards. The fund includes 31 high-liquidity FIIs, making it the most investable proxy for foreign capital seeking access to the country’s commercial real estate sector.

Unlike IFIX, which includes ~40% exposure to credit receivables, HERT11 is exposed solely to brick-and-mortar funds.

Hedge charges a management fee of 0.50% of AUM, and dividends are automatically reinvested.

The visuals below, sourced from Hedge Investments, provide a snapshot of the fund’s top holdings and sector allocation as of June 2025.

Each fund in the table below is categorized by sector (e.g. Shopping, Logistics, Offices), and the table is sortable by weighting, sector, and manager. Where available, I’ve included links to my in-depth analysis. Click the ‘Analysis’ column to explore.

This list is based on Hedge’s published index composition and is maintained manually for educational purposes only. Sector weights may not align precisely with the pie chart above, as some funds span multiple categories.

For more on how I choose high-quality Brazilian REITs (FIIs), check out my FII guide.