The It Now NTN-B 2035 ETF (TD3511) is a Brazilian exchange-traded fund designed to track the performance of the ANBIMA TD2035 Index, a fixed-income benchmark that initially tracks a specific Brazilian inflation-linked government bond maturing in 2035. Managed by Itaú Unibanco Asset Management, the ETF trades under the ticker TD3511 on the B3 and provides investors with targeted exposure to Brazil's inflation-linked sovereign bond market.

Classified as a fixed-income ETF, TD3511 follows a passive management strategy. The fund seeks to replicate the performance of the ANBIMA TD2035 Index by investing at least 95% of its net assets in securities included in the benchmark or in long futures positions designed to reflect the index's performance.

Initially, the benchmark tracks the Brazilian Treasury inflation-linked bond (NTN-B, or Tesouro IPCA+) maturing on May 15, 2035. This structure provides concentrated exposure to a specific point on Brazil's real interest-rate curve rather than to a diversified portfolio of government bond maturities.

Composition / Exposure Profile

TD3511 provides exposure primarily to:

• Brazilian inflation-linked government bonds (NTN-B / Tesouro IPCA+).

• The NTN-B maturing on May 15, 2035.

• Brazil's sovereign fixed-income market.

• IPCA-linked investments.

• Medium- to long-term real interest rates.

While the NTN-B 2035 maintains a Prazo Médio de Repactuação (PMR) of at least 780 days, the ANBIMA TD2035 Index is designed to track that specific security. This gives TD3511 a more concentrated maturity profile than broad inflation-linked bond ETFs that hold securities across several maturities.

When the bond's PMR falls below 780 days, the benchmark changes its methodology and begins following portfolio and rebalancing rules equivalent to those of the ANBIMA IMA-B 5 P2 Index. At that stage, the strategy transitions toward a portfolio of inflation-linked government bonds with maturities of up to 63 months and a minimum portfolio PMR of 720 days.

This mechanism allows the ETF to continue operating as the original 2035 bond approaches maturity rather than terminating when the security matures.

Because of its initial exposure to a specific NTN-B, TD3511's performance is influenced primarily by movements in Brazilian real interest rates and inflation expectations. Monetary policy, fiscal conditions, changes in the yield curve, and broader macroeconomic expectations can also materially affect the market value of the underlying security.

Structure and Costs

TD3511 shares trade on the secondary market on the B3 during regular trading hours. Share creation and redemption occur through the ETF structure, helping maintain alignment between the fund's market price and its net asset value (NAV).

The fund charges an annual management fee of 0.04%, a custody fee of 0.03%, and a management services fee of 0.13%.

TD3511 does not charge a performance fee and does not make recurring income distributions. Income generated by the portfolio is incorporated into the fund's net asset value. The ETF has an indefinite term.

History and Evolution of the ETF

The It Now NTN-B 2035 ETF was launched in 2026, beginning operations on February 23, 2026, to provide investors with exchange-traded access to the Brazilian Treasury inflation-linked bond maturing in 2035.

TD3511 was introduced alongside a new generation of Brazilian fixed-income products based on customized ANBIMA indexes. The ANBIMA TD2035 belongs to a group of single-security benchmarks developed to track specific inflation-linked government bonds, alongside indexes targeting the 2050 and 2060 maturities.

A distinctive feature of TD3511 is the planned evolution of its benchmark as the 2035 bond approaches maturity. Once the security's PMR falls below the predefined threshold, the index transitions to rules equivalent to those of the IMA-B 5 P2 rather than remaining permanently tied to the original bond.

As a result, TD3511 initially behaves primarily as a vehicle for exposure to the NTN-B 2035 and its position on Brazil's real yield curve. Over time, its interest-rate sensitivity is expected to decline as the bond approaches maturity and the benchmark eventually transitions toward a shorter-maturity inflation-linked portfolio.

Additional Information

IT NOW NTN-B 2035 (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $8.07 million.

Over the past 12 months, IT NOW NTN-B 2035 recorded a return of -, with its price trading between $49.19 and $52.12 during the same period.

The ETF is traded under the ticker TD3511.