The B-Index Gold BRL B3 ETF (OURO11) is a Brazilian exchange-traded fund designed to track the performance of the B3 Gold Futures Index (IFGold B3), a benchmark that measures the total return of a theoretical portfolio based on gold futures contracts.

Managed by Bradesco Asset Management, the ETF trades under the ticker OURO11 on the B3 and provides investors with exposure to gold through the Brazilian futures market. Classified as a commodity ETF, OURO11 follows a passive management strategy.

The fund seeks to replicate the IFGold B3, which is based on the nearest-expiration B3 Gold Futures Contract (GLD) and follows a monthly roll schedule. Cash associated with the strategy is assumed to be invested in instruments linked to the one-day DI rate or the Selic Over rate.

Unlike physically backed gold ETFs, OURO11 does not rely on direct ownership of physical bullion or on an international ETF backed by gold. Instead, its exposure is primarily obtained through futures contracts traded in the Brazilian market.

Composition / Exposure Profile

OURO11 provides exposure primarily to:

• Gold futures contracts.

• International gold prices.

• The Brazilian derivatives market.

• Cash instruments linked to the DI or Selic Over rate.

• Currency movements associated with gold pricing.

The B3 Gold Futures Index is designed to measure the total return of a theoretical portfolio holding the nearest-expiration Gold Futures Contract. Because futures contracts have predefined expiration dates, the benchmark follows a monthly roll process, replacing contracts approaching expiration with later-dated positions.

This structure differentiates OURO11 from ETFs that obtain exposure through physical gold bullion or shares of internationally listed, physically backed gold funds. For OURO11, futures pricing and the mechanics of contract rolling are part of the strategy's overall return.

Structure and Costs

OURO11 shares trade on the secondary market on the B3 during regular trading hours. Share creation and redemption are conducted according to the procedures established by the ETF structure.

The fund charges an annual management fee and other expenses established in its governing documents. It does not charge a performance fee. OURO11 does not make recurring income distributions. Returns generated by the strategy are incorporated into the fund's net asset value. The ETF has an indefinite term.

History and Evolution of the ETF

The B-Index Gold BRL B3 ETF was launched in 2025 by Bradesco Asset Management to provide investors with exchange-traded exposure to gold through futures contracts in the Brazilian market.

OURO11 expanded the range of commodity ETFs available on the B3 by introducing a structure distinct from products that invest in internationally listed, physically backed gold ETFs.

Since its launch, OURO11's performance has primarily reflected movements in the gold market, futures contract roll dynamics, returns generated by the cash component, and currency fluctuations. Its returns are also influenced by global macroeconomic conditions, monetary policy, inflation expectations, demand for gold, and periods of heightened investor risk aversion.

Additional Information

B-Index ETF Ouro BRL B3 Fundo de Índice (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $45.29 million.

Over the past 12 months, B-Index ETF Ouro BRL B3 Fundo de Índice recorded a return of -, with its price trading between $89.04 and $116.64 during the same period.

The ETF is traded under the ticker OURO11.