{"id":1597,"date":"2026-09-11T12:46:20","date_gmt":"2026-09-11T15:46:20","guid":{"rendered":"https:\/\/www.dexetfs.com.br\/noticias\/ntn-bs-ultralongas-lideram-etfs-renda-fixa\/"},"modified":"2026-09-11T12:51:58","modified_gmt":"2026-09-11T15:51:58","slug":"ultra-long-inflation-linked-bonds-lead-fixed-income-etfs","status":"publish","type":"noticias","link":"https:\/\/www.dexetfs.com.br\/en\/noticias\/ultra-long-inflation-linked-bonds-lead-fixed-income-etfs\/","title":{"rendered":"Ultra-long inflation-linked bonds lead fixed-income ETFs as Brazil\u2019s yield curve eases"},"content":{"rendered":"
\"renda-fixa-brasil-etf-maiores-altas-cdib110pacb11-btg-pactual\"

Credit: iStock<\/p><\/div>\n

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Inflation-linked government bond ETFs occupied the top four positions. PACB11 gained 0.73%, B5MB11 advanced 0.50%, IMAB11 rose 0.45% and TD3511 added 0.32%. Among fixed-rate portfolios, 3PRE11 gained 0.28% and IRFM11 advanced 0.22%.<\/p>\n

The nominal yield curve eased primarily across intermediate and long maturities. The January 2029 DI rate closed at 13.775%, declining 0.65%; January 2030 finished at 13.915%, down 0.71%; January 2031 ended at 13.975%, declining 0.85%; and January 2035 closed at 14.095%, down 0.95%.<\/p>\n

The move supported mark-to-market gains in fixed-rate and inflation-linked government bonds. Since bond prices rise when market yields decline, portfolios with greater interest-rate sensitivity delivered stronger returns.<\/p>\n

At the bottom of the ranking, NLFA11 and LFTS11 gained 0.05% and 0.03%, respectively. DEBB11 was the only ETF to finish lower, declining 0.12%. NB0511 was excluded because the dataset did not provide a daily return.<\/p>\n

PACB11 (BTG Pactual): +0.73%<\/span><\/h2>\n

PACB11 led because it tracks the three longest-maturity NTN-Bs that meet its benchmark\u2019s liquidity requirements. The methodology requires maturities longer than 7,300 calendar days and maintains a minimum duration of 14 years.<\/p>\n

The index assigns 20% to the bond with the lowest duration, 60% to the intermediate-duration bond and 20% to the highest-duration bond. This weighting seeks to increase portfolio convexity, amplifying positive returns when real yields decline and relatively reducing losses when yields rise.<\/p>\n

This structure explains the ETF\u2019s lead. The portfolio was positioned directly at the longest end of the real yield curve, where small changes in yields produce larger price movements. Its 0.73% gain exceeded B5MB11 by 0.23 percentage point and TD3511 by 0.41 percentage point.<\/p>\n

PACB11 is up 2.79% for the month, 5.65% for the year and 10.07% over 12 months.<\/p>\n

B5MB11 (Bradesco Asset): +0.50%<\/span><\/h2>\n

B5MB11 advanced 0.50%. The fund tracks a portfolio of NTN-Bs with maturities longer than five years and therefore maintains significant sensitivity to changes in the real yield curve.<\/p>\n

Its portfolio is more diversified across maturities than PACB11. This distribution reduces dependence on only three ultra-long bonds but also moderates gains when the market move favors the highest-duration segment.<\/p>\n

The return placed the fund second, 0.05 percentage point ahead of IMAB11. The gap shows that the concentration in NTN-Bs with maturities longer than five years captured the decline in yields more strongly than a portfolio representing the entire real yield curve.<\/p>\n

B5MB11 is up 3.09% for the month, 6.63% for the year and 10.94% over 12 months.<\/p>\n

IMAB11 (Ita\u00fa Asset): +0.45%<\/span><\/h2>\n

IMAB11 gained 0.45%. The strategy tracks the portfolio of inflation-linked government bonds represented by the IMA-B, combining short-, intermediate- and long-term maturities.<\/p>\n

Its longer-dated NTN-B holdings allowed the ETF to participate in the price gains caused by lower yields. At the same time, shorter-term bonds reduced average duration and limited the return compared with PACB11 and B5MB11.<\/p>\n

The 0.45% return remained closer to B5MB11 than NTNS11, reinforcing the importance of intermediate- and long-term NTN-Bs within the broader portfolio. The gap relative to the short-term inflation-linked fund reached 0.26 percentage point.<\/p>\n

IMAB11 is up 2.63% for the month, 8.24% for the year and 12.43% over 12 months.<\/p>\n

TD3511 (Ita\u00fa Asset): +0.32%<\/span><\/h2>\n

TD3511 advanced 0.32%. The ETF concentrates its exposure in the May 2035 NTN-B, making performance directly dependent on that point of the real yield curve.<\/p>\n

At the September 9 close, the indicative yield on the 2035 NTN-B stood at 7.68% per year, above the yields on ultra-long maturities. The 2050 NTN-B yielded 7.46%, the 2055 bond offered 7.42% and the 2060 bond stood at 7.41%.<\/p>\n

The smaller gain relative to PACB11 shows that the market move was more favorable to the combination of duration and convexity offered by ultra-long NTN-Bs. TD3511 remains sensitive to mark-to-market movements but has a shorter maturity than the 2050-to-2060 core of the leading fund.<\/p>\n

The ETF is up 3.18% for the month. Annual and 12-month returns were not available in the dataset.<\/p>\n

3PRE11 (Galapagos): +0.28%<\/span> and IRFM11 (Ita\u00fa Asset): +0.22%<\/span><\/h2>\n

Fixed-rate government bond ETFs advanced as intermediate and long nominal yields declined. The January 2029 DI rate fell 0.65%, while January 2030 and January 2031 declined 0.71% and 0.85%, respectively.<\/p>\n

3PRE11 maintains a three-year target duration. Its August portfolio allocated approximately 14% to each position across NTN-Fs maturing in 2029, 2031 and 2033 and LTNs maturing in 2028, 2029 and 2030. This structure reduces concentration in a single security while maintaining consistent exposure to the three-year area of the curve.<\/p>\n

IRFM11 tracks a broader portfolio of fixed-rate government bonds. The 0.06-percentage-point advantage for 3PRE11 indicates that its target duration and allocation across intermediate maturities captured the move slightly more strongly.<\/p>\n

3PRE11 is up 1.90% for the month. IRFM11 has gained 1.88% for the month, 8.32% for the year and 12.66% over 12 months.<\/p>\n

CDIB11 (Ita\u00fa Asset): +0.19%<\/span><\/h2>\n

CDIB11 gained 0.19%. On average, the strategy allocates more than 90% of its portfolio to Selic-linked government bonds, complemented by a small position in long-term inflation-linked securities.<\/p>\n

The LFT allocation provides Selic-linked carry and limited sensitivity to changes in the yield curve. The NTN-B position adds some mark-to-market exposure, allowing the fund to capture part of the positive movement in inflation-linked government bonds.<\/p>\n

This combination explains its stronger return compared with LFTS11, which gained only 0.03%. CDIB11 also matched NTNS11\u2019s performance, although the two products use different portfolio structures.<\/p>\n

The ETF is up 1.35% for the month. Annual and 12-month returns were not available in the dataset.<\/p>\n

NTNS11 (Investo): +0.19%<\/span><\/h2>\n

NTNS11 advanced 0.19%. The fund concentrates its exposure in NTN-Bs with maturities ranging from zero to four years, making it less sensitive to changes in real yields than ETFs positioned in long and ultra-long maturities.<\/p>\n

Lower duration limited the mark-to-market effect. PACB11 gained 0.73%, B5MB11 advanced 0.50% and IMAB11 rose 0.45%, while the short-term product gained 0.19%.<\/p>\n

In return, the shorter maturity reduces the magnitude of price fluctuations caused by changes in the curve. The daily return combined inflation adjustment, real-yield carry and a more moderate mark-to-market gain.<\/p>\n

NTNS11 is up 1.54% for the month, 9.63% for the year and 13.15% over 12 months.<\/p>\n

NLFA11 (Nu Asset): +0.05%<\/span> and LFTS11 (Investo): +0.03%<\/span><\/h2>\n

NLFA11 advanced 0.05%. The fund tracks ANBIMA\u2019s Financial Notes Index, which consists of senior securities issued primarily by lower-credit-risk financial institutions.<\/p>\n

S1 institutions represented 55.9% of the portfolio, with exposure to Banco do Brasil, Bradesco, BTG Pactual and Santander. S2 issuers accounted for 26.6%, including Nubank, Safra, Sicredi, Votorantim and XP.<\/p>\n

The gain primarily reflected carry from the financial notes. Since the fund also depends on bank credit spreads, a decline in sovereign yields does not produce the same immediate effect observed in higher-duration NTN-Bs.<\/p>\n

LFTS11 advanced 0.03%, with its return primarily associated with carry from Selic-linked government bonds. The low duration of LFTs limits mark-to-market exposure, keeping the fund close to unchanged even when longer maturities move significantly.<\/p>\n

NLFA11 is up 1.16% for the month and 9.92% for the year. LFTS11 has gained 1.12% for the month, 9.72% for the year and 14.44% over 12 months.<\/p>\n<\/div>\n<\/div>\n

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Exclusive DEX PRO data. This content is provided for informational purposes only and does not constitute a recommendation to invest in, buy or sell any asset.<\/em><\/strong><\/span><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

PACB11 led fixed-income ETFs on September 10 with a 0.73% gain. The move primarily benefited higher-duration inflation-linked government bond portfolios, with B5MB11, IMAB11 and TD3511 following. Fixed-rate bond ETFs also advanced, while Selic-linked funds remained close to unchanged. <\/p>\n","protected":false},"featured_media":1591,"template":"","categories":[67],"tag_noticias":[81],"class_list":["post-1597","noticias","type-noticias","status-publish","has-post-thumbnail","hentry","category-investment","tag_noticias-analysis"],"yoast_head":"\nUltra-long inflation-linked bonds lead fixed-income ETFs as Brazil\u2019s yield curve eases - DEX | Portal de ETFs<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dexetfs.com.br\/en\/noticias\/ultra-long-inflation-linked-bonds-lead-fixed-income-etfs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ultra-long inflation-linked bonds lead fixed-income ETFs as Brazil\u2019s yield curve eases - DEX | Portal de ETFs\" \/>\n<meta property=\"og:description\" content=\"PACB11 led fixed-income ETFs on September 10 with a 0.73% gain. 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