The Nu Ibovespa B3 BR+ ETF (NBOV11) is a Brazilian exchange-traded fund designed to track the performance of the Ibovespa B3 BR+, a benchmark representing highly liquid and representative securities issued by Brazilian companies, including both domestically listed companies and certain Brazilian companies primarily listed abroad.

Managed by Nu Asset Management, NBOV11 trades on the B3 and follows a passive investment strategy. The fund seeks to replicate the performance of its underlying benchmark before fees and expenses.

The Ibovespa B3 BR+ expands the universe of the traditional Ibovespa by incorporating BDRs issued by companies considered Brazilian whose underlying shares are primarily listed on U.S. stock exchanges. These securities must meet liquidity, trading activity, and market representation requirements established by the B3 methodology.

NBOV11 therefore provides broad exposure to Brazilian equities while also incorporating companies with significant ties to the Brazilian economy that maintain their primary listings abroad.

Composition / Exposure Profile

NBOV11 provides exposure primarily to:

• Stocks and units included in the Ibovespa B3.

• Eligible BDRs of Brazilian companies primarily listed in the United States.

• Large- and mid-cap companies.

• Multiple sectors of the Brazilian economy.

• Brazilian companies with both domestic and international listing structures.

The Ibovespa B3 BR+ starts with all securities included in the traditional Ibovespa portfolio for the corresponding rebalancing period. Eligible BDRs of companies considered Brazilian are then incorporated, provided that their underlying securities have primary listings on U.S. stock exchanges.

BDRs identified as eligible by the B3 in 2025 included companies such as Nu Holdings, XP Inc., Stone, Inter, PagSeguro, VTEX, and Afya, although the universe of eligible securities and the actual portfolio can change over time.

Structure and Costs

NBOV11 shares trade on the secondary market on the B3 during regular trading hours. Nu Asset Management serves as the fund's investment manager, while Banco BNP Paribas Brasil acts as administrator and custodian.

The fund charges an annual management fee of 0.10% and does not charge a performance fee. It has no predetermined maturity date.

NBOV11 seeks to track its benchmark before fees and expenses. Operating costs and differences in portfolio implementation can result in small deviations between the ETF's returns and those of its underlying index.

Returns generated by the underlying securities are reflected in the fund's net asset value and share price.

History and Evolution of the ETF

The Nu Ibovespa B3 BR+ ETF (NBOV11) was launched in 2024 by Nu Asset Management, shortly after the introduction of the Ibovespa B3 BR+ itself. The B3 launched the benchmark in August 2024, and NBOV11 began operations the following month.

NBOV11 was introduced as the first ETF designed to combine highly traded Brazilian companies represented through both locally listed equities and BDRs within a single strategy, expanding the investment universe beyond the traditional Ibovespa.

The Ibovespa B3 BR+ was developed in response to changes in Brazil's capital markets, including the presence of companies with significant ties to the Brazilian economy that chose to maintain their primary stock listings abroad. The benchmark allows eligible companies from this group to be represented through BDRs traded on the B3.

Since its launch, NBOV11 has followed the periodic reviews of the Ibovespa B3 BR+, reflecting changes both in the traditional Ibovespa portfolio and in the BDRs that meet the B3's eligibility requirements.

Additional Information

Nu Ibovespa B3 BR+ Fundo de Índice (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $15.83 million.

Over the past 12 months, Nu Ibovespa B3 BR+ Fundo de Índice recorded a return of 14.83%, with its price trading between $105.29 and $134.40 during the same period.

The ETF is traded under the ticker NBOV11.