The Safra Women in Leadership ETF (ELAS11) is a Brazilian exchange-traded fund designed to track the performance of the Teva Women in Leadership Index, a benchmark composed of publicly traded Brazilian companies with greater female representation in leadership and corporate governance positions.

Managed by Safra Asset Management, the ETF trades under the ticker ELAS11 on the B3 and provides diversified exposure to Brazilian equities through a thematic strategy focused on gender representation. Classified as an equity ETF, ELAS11 follows a passive management strategy.

The fund seeks to replicate the performance of the Teva Women in Leadership Index. To achieve this objective, at least 95% of its net assets are invested in securities included in the benchmark or in long futures positions designed to reflect its performance.

The benchmark uses a quantitative methodology to assess female representation across the governance bodies of publicly traded Brazilian companies, including boards, executive management, and corporate committees. Companies are ranked according to a female representation score, with the top 50% selected for inclusion in the portfolio.

Composition / Exposure Profile

ELAS11 provides exposure primarily to:

• Brazilian companies with greater female representation in leadership positions.

• Companies across multiple sectors of the Brazilian economy.

• Equities selected according to quantitative gender diversity criteria.

• A thematic strategy associated with social and corporate governance considerations.

• The Brazilian equity market.

The Teva Women in Leadership Index assesses female participation across different corporate governance bodies. Its scoring methodology considers women's representation on boards of directors, fiscal councils, executive management teams, and corporate committees.

Companies are ranked according to this score, and the top 50% are selected for the portfolio. Eligible constituents are then weighted according to their free-float-adjusted market capitalization, maintaining relatively broad exposure to the Brazilian equity market while applying the benchmark's gender-representation screen.

Structure and Costs

ELAS11 shares trade on the secondary market on the B3 during regular trading hours. The fund charges an annual management fee of 0.50%.

ELAS11 does not make recurring income distributions. Dividends, interest on equity, and other proceeds received from portfolio holdings are incorporated into the fund's net asset value.

The ETF does not provide direct foreign currency exposure because its strategy focuses on securities in the Brazilian equity market. The B3 classifies ELAS11 as an ETF whose price does not directly fluctuate with foreign exchange rates.

History and Evolution of the ETF

The Safra Women in Leadership ETF was launched in 2022 by Safra Asset Management as the first Brazilian ETF specifically focused on gender diversity.

ELAS11 was developed in partnership with Teva Indices to provide exchange-traded exposure to Brazilian companies with greater female representation across leadership and corporate governance bodies. Its introduction expanded Brazil's thematic ETF market by incorporating gender representation directly into portfolio construction.

Since its launch, ELAS11's portfolio has evolved alongside the quarterly reviews of the Teva Women in Leadership Index. Companies can enter or leave the benchmark as their female representation metrics and other eligibility characteristics change over time.

Additional Information

Safra ETF Mulheres na Liderança (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $86.06 million.

Over the past 12 months, Safra ETF Mulheres na Liderança recorded a return of 31.35%, with its price trading between $136.24 and $190.50 during the same period.

The ETF is traded under the ticker ELAS11.