NLFA11

The Nu Letras Financeiras ETF (NLFA11) is a Brazilian exchange-traded fund designed to provide exposure to a portfolio of financial bills issued by Brazilian banking institutions through investments linked to the ANBIMA Financial Bills Index (ILFA). The ETF is managed by Nu Asset Management and trades under the ticker NLFA11 on the B3.

Classified as a fixed-income ETF, the fund follows a passive management strategy. Its structure invests in a diversified portfolio of senior financial bills issued by banks, seeking to track the performance of the benchmark before fees and expenses.

Composition / Exposure profile

NLFA11 provides exposure primarily associated with:

• Financial bills issued by Brazilian banks.

• High-grade private-credit securities.

• Large banking institutions.

• Diversified financial-sector exposure.

• Brazilian fixed-income markets.

• Corporate and bank credit risk.

• Interest-rate-sensitive investments.

• CDI-related return dynamics.

The ETF’s performance is particularly sensitive to movements in Brazilian interest rates, credit spreads, monetary-policy decisions, and the creditworthiness of the underlying financial institutions.

Changes in liquidity conditions, macroeconomic developments, and investor demand for private-credit instruments may directly affect the fund’s behavior.

Structure and costs

NLFA11 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 limited all-in management fee and does not apply a performance fee. NLFA11 does not distribute recurring income, as returns generated by the portfolio are incorporated into the value of the fund’s shares.

Taxation follows the general framework applicable to fixed-income investments in Brazil, with rates depending on the average holding period of the underlying portfolio. The fund has an indefinite duration.

History and evolution of the ETF

The Nu Letras Financeiras ETF was launched in 2025 with the objective of providing access to the Brazilian financial-bills market through a diversified, exchange-traded structure aligned with the performance of the ILFA.

Since inception, the fund has become part of the expanding fixed-income ETF segment in Brazil, broadening investor access to bank-issued private-credit instruments through a liquid exchange-listed vehicle.

In recent periods, NLFA11 has reflected developments in Brazil’s banking-credit market and interest-rate environment, influenced by macroeconomic conditions, monetary-policy decisions, and the credit risk profile of participating financial institutions.

Additional Information

Nu Letras Financeiras ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $45.43 Millions.

Over the past 12 months, Nu Letras Financeiras ETF recorded a return of -, with its price trading between $100.95 and $106.81 during the same period.

The ETF is traded under the ticker NLFA11.