The Nu Bitcoin Futures ETF (NBIT11) is a Brazilian exchange-traded fund designed to track the performance of the Nasdaq Brazil Bitcoin Futures TR Index (NQBTCBRT). Managed by Nu Asset Management Ltda, the ETF trades on the B3 and provides investors with indirect exposure to Bitcoin through the Brazilian stock exchange.

Classified as an equity ETF, NBIT11 follows a passive management strategy. The fund invests primarily in Bitcoin futures contracts traded on the B3, combined with fixed-income instruments, with the objective of replicating the performance of its benchmark index.

Unlike physically backed Bitcoin ETFs, NBIT11 gains exposure through financial derivatives rather than direct ownership of Bitcoin. This structure allows investors to participate in Bitcoin price movements without the need for blockchain custody or digital wallets.

The portfolio consists primarily of front-month Bitcoin futures contracts, along with low-risk assets used for margin requirements and operational support. Holdings are periodically rebalanced in accordance with the methodology established by the underlying index.

Composition / Exposure Profile

NBIT11 provides exposure primarily to:

• Bitcoin futures contracts traded on the B3.

• The Nasdaq Brazil Bitcoin Futures TR Index.

• The global cryptocurrency market, with a primary focus on Bitcoin.

The ETF seeks to replicate Bitcoin's performance through futures contracts by tracking an index developed in partnership with Nasdaq, which measures the total return of Bitcoin futures traded in the Brazilian market.

Structure and Costs

NBIT11 shares trade on the secondary market on the B3 during regular trading hours. Share creation and redemption are carried out by authorized participants, helping to keep the ETF's market price aligned with its net asset value (NAV).

The fund charges a total management fee of up to 0.50% per year, with a tiered fee structure based on assets under management, in addition to operational costs associated with maintaining its Bitcoin futures positions.

NBIT11 does not charge a performance fee and does not make recurring income distributions. The fund has an indefinite term.

History and Evolution of the ETF

NBIT11 was launched in 2025 with the objective of providing investors with easier access to Bitcoin through the Brazilian stock exchange using a futures-based investment structure.

Since its launch, the fund has become part of the growing range of cryptocurrency-related ETFs available on the B3, reflecting increasing investor interest in digital-asset exposure. Its performance is closely tied to fluctuations in Bitcoin prices, which are influenced by factors such as institutional adoption, global market liquidity, and broader developments across the cryptocurrency market.

Additional Information

Nu Nasdaq Brazil Bitcoin Carry Futures (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $5.20 million.

Over the past 12 months, Nu Nasdaq Brazil Bitcoin Carry Futures recorded a return of -33.37%, with its price trading between $23.87 and $53.33 during the same period.

The ETF is traded under the ticker NBIT11.