B5P211

The It Now IMA-B 5 P2 Fundo de Índice (B5P211) is a Brazilian exchange-traded fund designed to provide exposure to inflation-linked Brazilian federal government bonds through investments linked to the IMA-B 5 P2 Index, calculated by ANBIMA. The ETF is managed by Itaú Asset Management and trades under the ticker B5P211 on the B3.

Classified as a fixed-income ETF, the fund follows a passive management strategy. Its structure invests in Brazilian Treasury securities indexed to the IPCA inflation index, seeking to replicate the performance of its benchmark, which is composed of inflation-linked government bonds with intermediate maturities.

Composition / Exposure profile

B5P211 provides exposure primarily associated with:

• Inflation-linked Brazilian Treasury bonds (NTN-Bs).
• Brazilian sovereign debt.
• IPCA-linked fixed income.
• Real interest-rate exposure.
• Inflation-sensitive securities.
• Domestic bond markets.
• Intermediate-duration sovereign bonds.
• Brazilian monetary-policy conditions.

The ETF’s performance is particularly sensitive to changes in real interest rates, inflation expectations, and decisions by the Central Bank of Brazil.

Fluctuations in the IPCA inflation index, fiscal developments, and movements across Brazil’s sovereign yield curve may directly affect the fund’s behavior. The ETF may also reflect changes in investor demand for inflation-protected fixed-income assets and domestic liquidity conditions.

Structure and costs

B5P211 shares trade on the secondary market on the B3 during regular trading hours. Share creation and redemption occur through authorized participants, a mechanism intended to help align the ETF’s market price with its net asset value (NAV).

The fund charges a management fee and does not apply a performance fee. B5P211 does not provide recurring income distributions, as gains generated by the portfolio are reinvested into the fund structure.

Because the ETF maintains exposure to inflation-linked sovereign bonds, its performance may reflect fluctuations in Brazil’s real interest-rate environment and broader macroeconomic conditions.

History and evolution of the ETF

The It Now IMA-B 5 P2 Fundo de Índice was launched in 2020 as part of the expansion of fixed-income ETFs within the Brazilian market, seeking to broaden access to inflation-linked government bonds through the B3.

Since inception, the fund has reflected movements associated with Brazil’s inflation-linked sovereign debt market, including changes in real interest rates, inflation expectations, and domestic monetary-policy cycles.

In recent periods, B5P211 has reflected fluctuations in Brazil’s real-rate environment and sovereign fixed-income markets, influenced by inflation dynamics, Central Bank policy decisions, and broader macroeconomic developments.

Additional Information

It Now IMA-B 5 P2 Fundo de Índice (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $2.87 Billions.

Over the past 12 months, It Now IMA-B 5 P2 Fundo de Índice recorded a return of 11.86%, with its price trading between $96.32 and $108.12 during the same period.

The ETF is traded under the ticker B5P211.