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The It Now IRF-M P3 Fundo de Índice (IDKA11) is a Brazilian exchange-traded fund designed to provide exposure to fixed-rate Brazilian government bonds through investments linked to the IRF-M P3 Index, calculated by ANBIMA. The ETF is managed by Itaú Asset Management and trades under the ticker IDKA11 on the B3.
Classified as a fixed-income ETF, the fund follows a passive management strategy. Its structure invests in a portfolio of fixed-rate federal government securities with an average maturity of approximately three years, seeking to track the performance of the benchmark before fees and expenses.
Composition / Exposure profile
IDKA11 provides exposure primarily associated with:
Fixed-rate Brazilian government bonds.
LTN and NTN-F securities.
Intermediate-duration sovereign debt.
Brazilian fixed-income markets.
Interest-rate-sensitive investments.
Domestic yield-curve exposure.
Sovereign-credit investments.
Medium-term fixed-income strategies.
The ETF seeks to reflect the performance of the IRF-M P3 Index, which represents a theoretical portfolio of fixed-rate government bonds with an average maturity of approximately three years.
The ETF’s performance is particularly sensitive to changes in inflation expectations, Central Bank policy decisions, and movements across Brazil’s interest-rate curve.
Structure and costs
IDKA11 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. IDKA11 does not provide recurring income distributions, as coupon payments received from the underlying securities are automatically reinvested into the portfolio.
History and evolution of the ETF
The It Now IRF-M P3 Fundo de Índice was launched in 2024 with the objective of providing access to fixed-rate Brazilian government bonds through an exchange-traded structure offering greater liquidity and transparency than many traditional investment funds.
Since inception, the fund has become part of the growing fixed-income ETF segment in Brazil, expanding investor access to strategies linked to the domestic interest-rate curve.
In recent periods, IDKA11 has reflected fluctuations in Brazilian interest rates, influenced by inflation expectations, monetary-policy decisions, and broader macroeconomic conditions.
Additional Information
It Now IRF-M P3 Fundo de Índice (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $220.31 Millions.
Over the past 12 months, It Now IRF-M P3 Fundo de Índice recorded a return of 11.53%, with its price trading between $52.91 and $59.61 during the same period.
The ETF is traded under the ticker IDKA11.
