NDIV11

The Nu Ibovespa Smart Dividendos ETF (NDIV11) is a Brazilian exchange-traded fund designed to provide exposure to Brazilian dividend-paying equities through investments linked to the Ibovespa Smart Dividendos Index. The ETF is managed by Nu Asset Management Ltda. and trades under the ticker NDIV11 on the B3.

Classified as an equity income ETF, the fund follows a passive management strategy. Its portfolio consists of Brazilian companies selected based on recurring dividend distributions and earnings stability, seeking to reflect the performance of businesses with consistent shareholder-return profiles.

Diversification and sector exposure

NDIV11 provides exposure primarily associated with:

• Brazilian dividend-paying companies.
• Utilities.
• Financials.
• Energy.
• Basic materials.
• Equity-income strategies.
• Brazilian equities.
• Dividend-focused portfolios.

The ETF’s performance is particularly sensitive to domestic economic conditions, interest-rate movements in Brazil, and the ability of portfolio companies to maintain consistent dividend distributions.

Changes in monetary policy by the Central Bank of Brazil, fluctuations in commodity prices, and shifts in corporate earnings may directly affect the fund’s behavior. The ETF may also reflect developments associated with fiscal conditions, inflation expectations, and investor demand for income-oriented investment strategies.

Structure and costs

NDIV11 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. NDIV11 distributes recurring income through monthly payments to shareholders according to the fund’s distribution policy.

Because the ETF maintains concentrated exposure to dividend-oriented sectors within the Brazilian market, its performance may reflect changes in domestic macroeconomic conditions and investor preference for income-generating assets.

History and evolution of the ETF

The Nu Ibovespa Smart Dividendos ETF was launched in 2023 as part of the expansion of dividend-focused investment products within the Brazilian ETF market.

Since inception, the fund has reflected movements associated with Brazilian dividend-paying companies, including changes in corporate earnings, distribution policies, and domestic economic conditions.

In recent periods, NDIV11 has reflected the performance of income-oriented Brazilian equities, influenced by interest-rate dynamics, corporate profitability, and broader macroeconomic developments in Brazil.

Additional Information

Nu Ibovespa Smart Dividendos ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $99.83 Millions.

Over the past 12 months, Nu Ibovespa Smart Dividendos ETF recorded a return of 20.31%, with its price trading between $104.10 and $138.00 during the same period.

The ETF is traded under the ticker NDIV11.