The CAIXA Ibovespa ETF (XBOV11) is a Brazilian exchange-traded fund designed to track the performance of the Ibovespa B3, the primary benchmark for the Brazilian equity market. Managed and administered by Caixa Econômica Federal, the ETF trades under the ticker XBOV11 on the B3 and provides diversified exposure to some of the most representative and actively traded companies in the Brazilian stock market.

Classified as an equity ETF, XBOV11 follows a passive management strategy. The fund uses full replication of the Ibovespa portfolio, seeking to maintain performance close to that of its underlying benchmark.

The Ibovespa is a total return index representing a theoretical portfolio of stocks and units issued by companies listed on the B3 that meet the benchmark's eligibility requirements. Its composition is periodically reviewed to reflect changes in the liquidity and market representation of eligible securities.

Composition / Exposure Profile

XBOV11 provides exposure primarily to:

• Stocks and units listed on the B3.

• Large- and mid-cap Brazilian companies.

• Multiple sectors of the Brazilian economy.

• Companies with significant trading activity in the domestic market.

• The Brazilian equity market.

XBOV11 seeks to fully replicate the composition of the Ibovespa. As of May 2026, the fund held 79 stocks, although the number of holdings can change following periodic benchmark reviews.

The Ibovespa consists of securities representing a significant portion of trading activity on the B3. Constituents are weighted according to their free-float market capitalization, subject to a maximum weight of 20% per company.

Structure and Costs

XBOV11 shares trade on the secondary market on the B3 during regular trading hours. In the primary market, share creation and redemption are conducted through authorized participants. 

The fund currently uses minimum creation and redemption units of 50,000 shares, according to its operating procedures. The fund charges an annual management fee of 0.50%.

Dividends and other proceeds received from portfolio companies are reflected in the fund's net asset value and overall returns, consistent with the total return characteristics of its underlying benchmark.

XBOV11 does not provide direct foreign currency exposure because its portfolio tracks securities in the Brazilian equity market. The B3 classifies the fund as an ETF whose price does not directly fluctuate with foreign exchange rates.

History and Evolution of the ETF

The CAIXA Ibovespa ETF was launched in 2012 as the first index fund administered by Caixa Econômica Federal to trade on the Brazilian stock exchange.

XBOV11 was introduced to provide investors with exchange-traded access to the performance of the Ibovespa through a single investment vehicle. Since then, the fund has followed changes in the benchmark's composition through its periodic reviews, reflecting shifts in the representation of individual companies and sectors within the Brazilian equity market.

Throughout its history, XBOV11's performance has reflected different cycles in Brazilian equities and has been influenced by domestic macroeconomic conditions, monetary policy, fiscal developments, commodity prices, foreign investor flows, and the performance of the companies represented in the Ibovespa.

Additional Information

CAIXA ETF Ibovespa Fundo de Índice (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $35.17 million.

Over the past 12 months, CAIXA ETF Ibovespa Fundo de Índice recorded a return of 22.25%, with its price trading between $134.27 and $193.48 during the same period.

The ETF is traded under the ticker XBOV11.