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NDIV11, a Nu Asset ETF, turns three years old this Tuesday, September 29. Launched in 2023, the fund pioneered monthly dividend distribution for ETFs in Brazil. The structure enables investors to track a stock portfolio selected by public rules and receive monthly payouts directly from the fund itself.
As of September 28, NDIV11’s assets under management (AUM) stood near R$ 152.75 million, according to the DEX PRO platform, with a base of approximately 24,000 unitholders. The fund charges a management fee of 0.50% per year.
The ETF tracks the Índice Bovespa Smart Dividendos B3. Selection begins with stocks and units in the Ibovespa index, filtering for assets ranking in the top 25% by weighted average dividend yield within the eligible universe. Each company’s weight is determined by a score combining payout frequency, dividend yield, and the variance of distributed amounts. The portfolio is rebalanced every four months.
This methodology explains why the strategy involves more than simply ranking stocks by their last paid dividend. It accounts for payout recurrence and the stability of distributed amounts. However, the portfolio retains equity market risks: stock prices fluctuate, and corporate payouts depend on underlying company earnings and distribution decisions.
Returns Across Different Windows
Analyzing NDIV11 requires incorporating the distributions received by unitholders. Looking solely at price appreciation excludes a significant portion of the fund’s economic return. In DEX PRO’s net asset value (NAV) return series, the ETF accumulated a 5.26% gain in 2026 through September 28, and 17.15% over the past 12 months.
Shorter timeframes display a different pattern: returns stood at -0.50% over one month, -0.09% over three months, and -0.52% over six months. These figures put the fund’s trajectory into perspective: the positive 12-month result coexists with near-zero or negative returns in recent periods, reflecting broader market exposure to the Brazilian equities that comprise the strategy.
There is also a difference between measuring net asset value (NAV) and observing the market price at which shares trade on the exchange. In DEX PRO’s market price series, the accumulated return for 2026 was 5.06%, compared to 5.26% for the NAV series. Over 12 months, the figures were 17.02% and 17.15%, respectively. Market price and NAV do not always move in exact lockstep.
What Fund Flows Show
NDIV11’s monthly flow series registers net inflows of R$ 25.43 million year-to-date in 2026 through September 29. The path was not linear: in July, there were net outflows of R$ 44.23 million; in August, net inflows of R$ 5.93 million; and September recorded R$ 12.49 million in net inflows through the date analyzed.
Fund flows measure the net difference between capital entering and exiting the fund. Net assets also reflect the appreciation or depreciation of underlying portfolio holdings.
How Distributions Work
While portfolio companies pay dividends on their own corporate schedules, NDIV11 organizes monthly payouts to unitholders. Nu Asset announces the distribution amount on the fifth business day of each month and executes payment on the tenth business day. Distributed amounts vary based on cash received by the fund; the monthly schedule does not guarantee a fixed income rate.
| Month | Announced Distribution |
| September/26 | R$ 1.16 |
| August/26 | R$ 0.18 |
| July/26 | R$ 0.39 |
| June/26 | R$ 0.37 |
| May/26 | R$ 1.24 |
| April/26 | R$ 0.36 |
| March/26 | R$ 0.66 |
| February/26 | R$ 0.47 |
| January/26 | R$ 2.76 |
NDIV11’s first three years highlight two dimensions that must be evaluated together: equity portfolio performance and cash distributed to unitholders. The fund expanded access to dividend strategies within the Brazilian market, though overall results remain tied to corporate performance and stock market volatility.
Finally, it is worth noting that dividend ETFs on B3 are subject to a 15% withholding tax on announced distributions. That is, if the fund announces R$ 1.00 per share, the investor receives R$ 0.85 net.
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