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The It Now IMA-B Fundo de Índice (IMAB11) is a Brazilian exchange-traded fund designed to provide exposure to inflation-linked Brazilian federal government bonds through investments linked to the IMA-B Index, calculated by ANBIMA. The ETF is managed by Itaú Asset Management and trades under the ticker IMAB11 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 reflect the performance of its benchmark, which represents the real-interest-rate curve in Brazil.
Composition / Exposure profile
IMAB11 provides exposure primarily associated with:
Inflation-linked Brazilian Treasury bonds (NTN-Bs).
IPCA-linked fixed-income securities.
Brazilian sovereign debt.
Real interest-rate exposure.
Inflation-sensitive investments.
Multiple maturities across the real-rate curve.
Domestic fixed-income markets.
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 assets and long-term fixed-income strategies.
Structure and costs
IMAB11 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. IMAB11 does not provide recurring income distributions, as gains generated by the portfolio are reinvested into the fund structure.
History and evolution of the ETF
The It Now IMA-B Fundo de Índice was launched in 2019 with the objective of expanding access to inflation-linked government bonds through the Brazilian stock exchange using an index-based fixed-income structure.
Since inception, the fund has become part of the growing fixed-income ETF segment in Brazil, reflecting increasing demand for inflation-protected investment solutions and diversified sovereign-bond exposure.
In recent years, IMAB11 has reflected fluctuations in Brazil’s real-rate environment and sovereign fixed-income markets, influenced by inflation expectations, Central Bank policy decisions, and broader domestic macroeconomic conditions.
Additional Information
It Now IMA-B Fundo de Índice (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $2.56 Billions.
Over the past 12 months, It Now IMA-B Fundo de Índice recorded a return of 10.48%, with its price trading between $103.00 and $114.35 during the same period.
The ETF is traded under the ticker IMAB11.
