What is the symbol for Brazilian nation bond?

[Martinghoul]

Exxxactly. And if you hedge the currency risk with futures, you will find that your return is 0. The futures for the BRL a year from now are 9.5% lower than the current spot, which reflects exactly the government bond rate. You're chasing your tail on this buddy.

Indeed... If you don't hedge the currency risk, you could argue that your 9.5% return would be commensurate with the actual risk you will incur (both in terms of exposure to rates and to the exch rate).