The It Now NTN-B 2050 ETF (TD5011) is a Brazilian exchange-traded fund designed to track the performance of the ANBIMA TD2050 Index, a fixed-income benchmark initially focused on the Brazilian inflation-linked government bond maturing in 2050. Managed by Itaú Unibanco Asset Management Ltda., the ETF trades under the ticker TD5011 on the B3 and provides targeted exposure to Brazil's inflation-linked sovereign bond market.

Classified as a fixed-income ETF, TD5011 follows a passive management strategy. The fund invests at least 95% of its net assets in securities included in the ANBIMA TD2050 Index or in long futures positions designed to reflect the benchmark's performance.

Initially, the benchmark specifically tracks the Brazilian inflation-linked government bond (NTN-B, or Tesouro IPCA+ with semiannual interest payments) maturing in 2050. This structure provides concentrated exposure to a specific point at the long end of Brazil's real interest-rate curve.

Composition / Exposure Profile

TD5011 provides exposure primarily to:

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

• The NTN-B maturing in 2050.

• Long-term Brazilian real interest rates.

• Brazil's sovereign fixed-income market.

• IPCA-linked investments.

As long as the 2050 NTN-B maintains a Prazo Médio de Repactuação (PMR) of at least 780 days, the ANBIMA TD2050 Index specifically tracks that security. During this stage, TD5011 therefore provides more concentrated maturity exposure than broad inflation-linked bond ETFs holding several NTN-B maturities.

Once the 2050 NTN-B's PMR falls below 780 days, the benchmark will undergo a structural transition. The index will adopt a portfolio and rebalancing rules equivalent to those of the IMA-B 5 P2 Index, which represents a portfolio of inflation-linked government bonds with maturities of up to 63 months and maintains a minimum portfolio PMR of 720 days.

Structure and Costs

TD5011 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 administration fee of 0.04%, an investment management fee of 0.13%, and a maximum custody fee of 0.03%, resulting in total annual fees of up to 0.20%.

TD5011 does not charge a performance fee. Coupon payments received from the underlying securities are reinvested in the strategy rather than periodically distributed to shareholders. The ETF has an indefinite term.

History and Evolution of the ETF

The It Now NTN-B 2050 ETF was launched in 2026 by Itaú Asset Management to provide investors with exchange-traded access to a strategy initially concentrated on the Brazilian inflation-linked government bond maturing in 2050.

TD5011 is part of Itaú Asset's lineup of fixed-income ETFs targeting specific maturities of Brazilian inflation-linked government bonds, alongside products such as TD3511 and TD6011. Together, these ETFs provide exposure to different points along Brazil's real interest-rate curve.

Over time, the benchmark itself is designed to evolve as the underlying 2050 bond approaches maturity. Once the predefined PMR threshold is reached, the index will transition to rules equivalent to those of the IMA-B 5 P2, shifting the ETF from concentrated exposure to the 2050 NTN-B toward a portfolio of shorter-maturity Brazilian inflation-linked government securities.

Additional Information

It Now NTN-B 2050 ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $34.31 million.

Over the past 12 months, It Now NTN-B 2050 ETF recorded a return of -, with its price trading between $48.99 and $52.05 during the same period.

The ETF is traded under the ticker TD5011.