SMAL11

The iShares BM&FBOVESPA Small Cap Fundo de Índice (SMAL11) is a Brazilian exchange-traded fund designed to provide exposure to small-cap Brazilian companies through investments linked to the B3 Small Cap Index (SMLL). The ETF is managed by BlackRock through its iShares division and trades under the ticker SMAL11 on the B3.

Classified as an equity ETF, the fund follows a passive management strategy. Its structure invests in shares that compose the benchmark index, seeking to reflect the performance of publicly traded Brazilian companies with smaller market capitalizations and potential for long-term growth.

Composition / Exposure profile

SMAL11 provides exposure primarily associated with:

• Brazilian small-cap companies.

• Consumer discretionary businesses.

• Industrial companies.

• Energy producers.

• Real estate and infrastructure operators.

• Retail and consumer-related sectors.

• Domestic growth-oriented companies.

• Brazilian equity-market diversification.

The underlying exposure may include companies such as Embraer, PRIO, Eneva, Santos Brasil, Lojas Renner, CVC Brasil, Arezzo, Natura, Multiplan, and Sanepar, among other constituents of the B3 Small Cap Index.

The ETF’s performance is particularly sensitive to Brazil’s economic cycle, domestic interest rates, capital-market liquidity, and the operational performance of smaller publicly traded companies.

Structure and costs

SMAL11 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. SMAL11 does not provide recurring income distributions, as gains generated by the portfolio are reinvested into the fund structure.

History and evolution of the ETF

The iShares BM&FBOVESPA Small Cap Fundo de Índice was launched in 2008 with the objective of facilitating access to Brazil’s small-cap segment through an index-based investment structure.

Since inception, the fund has become one of the primary vehicles for gaining exposure to Brazilian small-cap equities, reflecting investor interest in diversification beyond the country’s largest publicly traded companies.

In recent years, SMAL11 has reflected the performance of Brazilian small-cap stocks, influenced by economic cycles, interest-rate movements, domestic liquidity conditions, and the growth prospects of smaller companies listed on the B3.

Additional Information

iShares BM&FBOVESPA Small Cap Fundo de Índice (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $1.66 Billion.

Over the past 12 months, iShares BM&FBOVESPA Small Cap Fundo de Índice recorded a return of 0.32%, with its price trading between $101.08 and $129.65 during the same period.

The ETF is traded under the ticker SMAL11.