The It Now U.S. 10-Year Treasury BRL Hedged ETF (T10R11) is a Brazilian exchange-traded fund designed to provide exposure to U.S. Treasury securities with a 10-year maturity through investments linked to a benchmark that incorporates currency hedging against the Brazilian real. The ETF is managed by Itaú Asset Management and trades under the ticker T10R11 on the B3.

Classified as an international fixed-income ETF, the fund follows a passive management strategy. Its objective is to replicate the performance of the S&P 10-Year U.S. Treasury Futures Currency Adjusted (BRL) Index, which tracks U.S. Treasury futures contracts while eliminating direct exposure to fluctuations in the U.S. dollar relative to the Brazilian real.

Composition / Exposure profile

T10R11 provides exposure primarily associated with:

• U.S. Treasury securities (10-year maturity).

• Treasury futures contracts.

• Long-duration government bonds.

• International fixed-income markets.

• U.S. interest-rate exposure.

• Sovereign-credit investments.

• Currency-hedged strategies.

• Global bond-market diversification.

The portfolio is designed to provide access to one of the most widely followed segments of the global fixed-income market, which serves as a key reference for interest-rate expectations and capital-market pricing worldwide.

Performance is generally influenced by changes in U.S. Treasury yields, Federal Reserve policy decisions, inflation expectations, economic-growth forecasts, and broader conditions affecting global bond markets.

Structure and costs

T10R11 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 0.25% per year and does not apply a performance fee.

Subscription occurs on a D+0 basis, while financial settlement takes place on D+1. The ETF does not provide recurring income distributions, as portfolio results are reflected directly in the fund’s share value.

History and evolution of the ETF

The It Now U.S. 10-Year Treasury BRL Hedged ETF was created to facilitate access to long-term U.S. government bonds through the Brazilian stock exchange while mitigating foreign-exchange risk for local investors.

Since inception, the fund has become part of the growing international fixed-income ETF segment in Brazil, providing investors with an alternative for geographic diversification and exposure to one of the world's most important sovereign-debt markets.

In recent periods, T10R11 has reflected movements in long-term U.S. interest rates and global macroeconomic conditions, particularly those affecting Treasury yields, inflation expectations, monetary policy, and investor demand for sovereign fixed-income assets.

Additional Information

It Now U.S. 10-Year Treasury BRL Hedged ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $73.23 million.

Over the past 12 months, It Now U.S. 10-Year Treasury BRL Hedged ETF recorded a return of -, with its price trading between $52.01 and $55.18 during the same period.

The ETF is traded under the ticker T10R11.