The It Now Teva ITBR 5-Year Fixed-Rate Treasury ETF (5PRE11) is a Brazilian exchange-traded fund designed to track the performance of the ITBR Pré 5 Anos – Teva 5-Year Fixed-Rate Treasury Index, a benchmark developed by Teva Indices to measure a portfolio of Brazilian federal government fixed-rate bonds with an average time to maturity of approximately five years.

Managed by Itaú Unibanco Asset Management, the ETF trades under the ticker 5PRE11 on the B3 and provides exposure to the fixed-rate segment of Brazil's sovereign bond market through an exchange-traded investment vehicle. Classified as a fixed-income ETF, 5PRE11 follows a passive management strategy.

The fund seeks to replicate the performance of its benchmark through a portfolio composed of Brazilian fixed-rate government securities, primarily Letras do Tesouro Nacional (LTNs) and Notas do Tesouro Nacional – Série F (NTN-Fs).

The benchmark is structured to maintain an average time to maturity of approximately five years at each rebalancing, providing systematic exposure to a specific segment of Brazil's fixed-rate yield curve.

Composition / Exposure Profile

5PRE11 provides exposure primarily to:

• Brazilian fixed-rate government bonds.

• Letras do Tesouro Nacional (LTNs).

• Notas do Tesouro Nacional – Série F (NTN-Fs).

• The intermediate segment of Brazil's fixed-rate yield curve.

• Brazilian sovereign fixed income.

• A portfolio targeting an average maturity of approximately five years.

The ITBR Pré 5 Anos Index maintains exposure across different fixed-rate government bond maturities rather than concentrating on a single security. Recent portfolio data show allocations to both LTNs and NTN-Fs across several maturity dates, allowing the benchmark to maintain its targeted maturity profile.

Unlike ETFs tracking the IMA-B family of indexes, 5PRE11 does not provide direct inflation-linked exposure. Its underlying securities pay predetermined interest rates, making their market values particularly sensitive to changes in Brazilian interest-rate expectations.

Structure and Costs

5PRE11 shares trade on the secondary market on the B3 during regular trading hours. Share creation and redemption are conducted according to the procedures established by the ETF structure.

The fund charges a total annual management fee of 0.25%, in addition to other operating expenses and charges established in its governing documents.

5PRE11 does not charge a performance fee and does not make recurring income distributions. Returns generated by the underlying government securities are incorporated into the fund's net asset value. The ETF has an indefinite term.

History and Evolution of the ETF

The It Now Teva ITBR 5-Year Fixed-Rate Treasury ETF was launched in 2026 to provide investors with exchange-traded access to a portfolio of Brazilian fixed-rate government bonds designed to maintain an average time to maturity of approximately five years.

5PRE11 expanded Itaú Asset's fixed-income ETF lineup by introducing a strategy specifically focused on the intermediate segment of Brazil's fixed-rate sovereign yield curve.

Since its launch, the ETF's performance has primarily reflected changes in Brazilian fixed-rate government bond yields. Its returns are influenced by expectations for the Selic rate and inflation, monetary policy decisions, fiscal conditions, and changes in investor risk perception toward Brazil's sovereign fixed-income market.

Additional Information

It Now Teva ITBR Pré 5 Anos ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $30.07 million.

Over the past 12 months, It Now Teva ITBR Pré 5 Anos ETF recorded a return of -, with its price trading between $48.50 and $51.13 during the same period.

The ETF is traded under the ticker 5PRE11.