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The Trend ETF Teva Tesouro IPCA+ 0-4 Anos Fundo de Índice (NTNS11) is a Brazilian exchange-traded fund designed to provide exposure to inflation-linked Brazilian government bonds through investments linked to the Teva Tesouro IPCA+ 0-4 Years Index. The ETF is administered by BNP Paribas Brasil S.A. and trades under the ticker NTNS11 on the B3.
Classified as a fixed-income ETF, the fund follows a passive management strategy. Its objective is to replicate the performance of short-term inflation-linked federal government bonds, providing exposure to Brazilian sovereign debt indexed to the IPCA while seeking lower volatility compared to longer-duration inflation-linked securities.
Composition / Exposure profile
NTNS11 provides exposure primarily associated with:
Short-term NTN-Bs (0 to 4 years).
Inflation-linked Brazilian government bonds.
IPCA-linked fixed-income securities.
Brazilian sovereign debt.
Real interest-rate exposure.
Inflation-protection strategies.
Domestic fixed-income markets.
Lower-duration bond portfolios.
The benchmark focuses on inflation-linked government bonds with shorter maturities, resulting in lower interest-rate sensitivity compared to portfolios concentrated in longer-term NTN-Bs.
Returns are primarily influenced by inflation expectations, movements in real interest rates, Central Bank policy decisions, and broader macroeconomic conditions affecting Brazil’s fixed-income market.
Structure and costs
NTNS11 shares trade on the secondary market on the B3 during regular trading hours. Share creation and redemption occur through authorized participants, helping to align the ETF’s market price with its net asset value (NAV).
The fund charges a management fee of approximately 0.19% per year and does not apply a performance fee.
NTNS11 does not provide recurring income distributions, as gains generated by the underlying securities are incorporated into the ETF’s share value. The fund has an indefinite duration.
History and evolution of the ETF
The Trend ETF Teva Tesouro IPCA+ 0-4 Anos Fundo de Índice was launched in 2023 with the objective of simplifying access to inflation-linked Brazilian government bonds through an exchange-traded fixed-income structure.
Since inception, the fund has become part of the growing fixed-income ETF segment in Brazil, reflecting increasing investor demand for instruments that combine inflation protection with relatively lower volatility.
In recent years, NTNS11 has reflected developments in Brazil’s real interest-rate environment and inflation dynamics, influenced by monetary-policy decisions, macroeconomic conditions, and expectations regarding future inflation trends.
Additional Information
Trend ETF Teva Tesouro IPCA+ 0-4 Anos Fundo de Índice (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $113.65 Millions.
Over the past 12 months, Trend ETF Teva Tesouro IPCA+ 0-4 Anos Fundo de Índice recorded a return of 11.73%, with its price trading between $58.47 and $65.64 during the same period.
The ETF is traded under the ticker NTNS11.
