SPXR11

The It Now S&P 500 TRN Fundo de Índice – Quanto BRL (SPXR11) is a Brazilian exchange-traded fund designed to provide exposure to the U.S. equity market through investments linked to the S&P 500 Index while minimizing direct exposure to fluctuations in the U.S. dollar. The ETF is managed by Itaú Asset Management and trades under the ticker SPXR11 on the B3.

Classified as an international equity ETF, the fund follows a passive management strategy. Its structure uses S&P 500 futures contracts with a built-in currency-hedging mechanism, seeking to reflect the performance of the benchmark while incorporating the interest-rate differential between Brazil and the United States.

Composition / Exposure profile

SPXR11 provides exposure primarily associated with:

• Large-cap U.S. companies.

• S&P 500 futures contracts.

• Currency-hedged international equities.

• Information technology.

• Financial services.

• Healthcare.

• Consumer-related sectors.

• U.S. equity-market exposure without direct dollar exposure.

The ETF seeks to reflect the performance of the S&P 500, a benchmark composed of leading U.S. companies across multiple sectors of the economy.

The ETF’s performance is particularly sensitive to U.S. economic conditions, Federal Reserve monetary policy, corporate earnings, and the relationship between Brazilian and U.S. interest rates.

Structure and costs

SPXR11 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. SPXR11 does not provide recurring income distributions, as gains generated by the portfolio are reflected in the value of the fund’s shares.

History and evolution of the ETF

The It Now S&P 500 TRN Fundo de Índice – Quanto BRL was launched in 2024 with the objective of providing access to the S&P 500 through a currency-hedged structure, expanding international-investment alternatives available to Brazilian investors.

Since inception, the fund has become part of the growing segment of ETFs that use derivatives to replicate global benchmarks while addressing foreign-exchange exposure considerations.

In recent periods, SPXR11 has reflected fluctuations in the U.S. equity market while also incorporating the effects of its quanto structure and the macroeconomic relationship between Brazil and the United States.

Additional Information

It Now S&P 500 TRN Fundo de Índice – Quanto BRL (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $3.29 Billions.

Over the past 12 months, It Now S&P 500 TRN Fundo de Índice – Quanto BRL recorded a return of 36.53%, with its price trading between $52.29 and $73.16 during the same period.

The ETF is traded under the ticker SPXR11.