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The It Now IMA-B5+ Fundo de Índice (IB5M11) is a Brazilian exchange-traded fund designed to provide exposure to inflation-linked Brazilian government bonds through investments linked to the IMA-B5+ Index. The ETF is managed by Itaú Asset Management and trades under the ticker IB5M11 on the B3.
Classified as a fixed-income ETF, the fund follows a passive management strategy. Its objective is to replicate the composition and weighting of the IMA-B5+ Index by investing primarily in medium- and long-term inflation-linked Treasury securities, seeking to reflect the performance of Brazil’s real interest-rate curve.
Composition / Exposure profile
IB5M11 provides exposure primarily associated with:
Inflation-linked Brazilian government bonds (Tesouro IPCA+).
NTN-B securities with maturities longer than five years.
Medium- and long-term sovereign debt.
Real interest-rate exposure.
Inflation-sensitive investments.
Brazilian fixed-income markets.
Long-duration bond strategies.
Domestic yield-curve dynamics.
The ETF seeks to reflect the performance of the IMA-B5+, one of the most widely used benchmarks for inflation-linked government bonds in Brazil, representing the behavior of medium- and long-term real interest rates.
Performance is particularly sensitive to inflation expectations, real interest-rate movements, Central Bank policy decisions, and broader macroeconomic developments.
Structure and costs
IB5M11 shares trade on the secondary market on the B3 during regular trading hours. Share creation and redemption occur through authorized participants, helping to align the ETF’s market price with its net asset value (NAV).
The fund charges a total fee of up to 0.25% per year and does not apply a performance fee. IB5M11 does not provide recurring income distributions, as coupon payments received from underlying holdings are automatically reinvested into the portfolio.
History and evolution of the ETF
The It Now IMA-B5+ Fundo de Índice was launched in 2019 with the objective of providing simplified access to a diversified portfolio of inflation-linked Brazilian government bonds through the stock exchange.
Since inception, the fund has become part of the growing fixed-income ETF segment in Brazil, reflecting increasing investor interest in passive strategies linked to inflation-protected securities.
In recent years, IB5M11 has reflected fluctuations in Brazil’s real interest-rate curve, influenced by inflation dynamics, monetary-policy decisions, and broader macroeconomic expectations.
Additional Information
It Now IMA-B5+ Fundo de Índice (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $627.79 Millions.
Over the past 12 months, It Now IMA-B5+ Fundo de Índice recorded a return of 9.41%, with its price trading between $112.89 and $127.00 during the same period.
The ETF is traded under the ticker IB5M11.
