The Trend IDEX B35 ETF (XB3511) is a Brazilian exchange-traded fund designed to track the performance of the Idex NTN-B 35 Index, a benchmark developed by Idex Analytics to measure the returns of the Brazilian inflation-linked government bond maturing in 2035. Managed by XP Asset Management, the ETF trades under the ticker XB3511 on the B3 and provides targeted exposure to Brazil's inflation-linked sovereign bond market.

Classified as a fixed-income ETF, XB3511 follows a passive management strategy. The fund seeks to track its benchmark through a portfolio concentrated in the Brazilian inflation-linked government bond known as NTN-B, or Tesouro IPCA+ with semiannual interest payments, maturing in 2035.

The Idex NTN-B 35 is calculated on a total return basis, incorporating the reinvestment of coupon payments made by the underlying security. The benchmark therefore seeks to capture both price movements and income generated by the 2035 NTN-B.

Composition / Exposure Profile

XB3511 provides exposure primarily to:

• The NTN-B / Tesouro IPCA+ bond maturing in 2035.

• Brazilian inflation-linked government securities.

• Brazilian real interest rates.

• Brazil's sovereign fixed-income market.

• IPCA-linked investments.

Unlike ETFs tracking broad inflation-linked bond indexes, XB3511 follows a highly concentrated maturity strategy. As of July 2026, approximately 99.99% of the portfolio was invested in the NTN-B maturing in 2035, with only a residual allocation to cash-related instruments.

This structure provides targeted exposure to a specific point on Brazil's real yield curve rather than distributing investments across government bonds with multiple maturities. XB3511 therefore has a different duration and interest-rate sensitivity profile from broader ETFs tracking benchmarks such as the IMA-B.

Structure and Costs

XB3511 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 a total annual management fee of 0.20%.

XB3511 does not have direct foreign currency exposure, as its strategy is concentrated in Brazilian government securities denominated in reais. Returns generated by the portfolio are incorporated into the fund's net asset value.

History and Evolution of the ETF

The Trend IDEX B35 ETF was launched in 2025 to provide investors with exchange-traded exposure to the Brazilian inflation-linked government bond maturing in 2035.

XB3511 expanded the range of Brazilian fixed-income ETFs targeting specific maturities of inflation-linked government bonds. Its strategy differs from broader products tracking the IMA-B family of indexes by concentrating exposure on a specific point along Brazil's real yield curve.

Since its launch, XB3511's performance has primarily reflected price movements in the 2035 NTN-B and the coupon income incorporated into the benchmark's total return methodology. Its returns are influenced by real interest rates, inflation expectations, monetary policy, fiscal conditions, and changes in investor perceptions of Brazilian sovereign risk.

Additional Information

Trend IDEX B35 ETF (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $25.87 million.

Over the past 12 months, Trend IDEX B35 ETF recorded a return of -, with its price trading between $50.43 and $54.22 during the same period.

The ETF is traded under the ticker XB3511.