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The It Now IRF-M Fundo de Índice (IRFM11) is a Brazilian exchange-traded fund designed to provide exposure to fixed-rate Brazilian government bonds through investments linked to the IRF-M Index. The ETF is managed by Itaú Asset Management and trades under the ticker IRFM11 on the B3.
Classified as a fixed-income ETF, the fund follows a passive management strategy. Its structure invests primarily in fixed-rate federal government securities, seeking to reflect the performance of Brazil’s fixed-rate yield curve and the behavior of sovereign debt markets.
Composition / Exposure profile
IRFM11 provides exposure primarily associated with:
Fixed-rate Brazilian government bonds.
LTN and NTN-F securities.
Domestic fixed-income markets.
Brazilian sovereign debt.
Fixed-rate yield-curve exposure.
Interest-rate-sensitive investments.
Long-term and intermediate-term government securities.
Monetary-policy-related investment strategies.
The ETF seeks to reflect the performance of the IRF-M Index, which serves as one of the primary benchmarks for fixed-rate government bonds in Brazil. The ETF’s performance is particularly sensitive to changes in interest-rate expectations, inflation dynamics, Central Bank policy decisions, and broader macroeconomic conditions.
Structure and costs
IRFM11 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. IRFM11 does not provide recurring income distributions, as portfolio results are reflected directly in the value of the fund’s shares.
History and evolution of the ETF
The It Now IRF-M Fundo de Índice was launched with the objective of expanding access to fixed-rate Brazilian government bonds through the stock exchange, offering investors a fixed-income alternative traded on the secondary market.
Since inception, the fund has become part of the growing fixed-income ETF segment in Brazil, reflecting increasing investor interest in sovereign debt exposure through exchange-traded structures.
In recent years, IRFM11 has reflected fluctuations in Brazil’s fixed-rate interest-rate environment, influenced by monetary-policy decisions, inflation expectations, and broader economic conditions.
Additional Information
It Now IFNC Fundo de Índice (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $234.76 Millions.
Over the past 12 months, It Now IFNC Fundo de Índice recorded a return of 17.51%, with its price trading between $137.26 and $204.03 during the same period.
The ETF is traded under the ticker FIND11.
