Itau Unibanco has won the bidding process for the selection of a securities portfolio manager for an ETF based on the BM&FBOVESPA Financial Index (IFNC).
Itau Unibanco obtained a three-year exclusive license for the use of the IFCN and the creation of its ETF (ETF IFCN). Four institutions submitted their proposals, and BM&FBOVESPA carried out the official opening of those proposals on Wednesday. The one submitted by Itau Unibanco S.A. contained the commitment to the highest financial volume.
The Licensing Contract for the use of the BM&FBOVESPA IFNC will be executed within the next 15 days. Itau Unibanco will have 30 calendar days to initiate trading of the new ETF at the Exchange, after CVM and BM&FBOVESPA have duly granted their authorizations. The objective of the IFCN is to track the performance of shares issued by the most representative companies in the following sectors: financial intermediaries diversified financial services, and insurance (life and multi-line sectors).
Currently, seven (7) index funds are traded at BM&FBOVESPA: iShares Ibovespa ETF (BOVA11), iShares BM&FBOVESPA Small Cap ETF (SMAL11), iShares BM&FBOVESPA MidLarge Cap ETF (MILA11), iShares IBRX – Index Brazil (IBRX-100) Index Fund (BRAX); iShares Index BM&FBOVESPA Consumption Index Fund (CSMO); iShares Index BM&FBOVESPA Real Estate Index Fund (MOBI), which are managed by BLACKROCK BRASIL, and PIBB ETF – Brazil Tracker (PIBB11), which is managed by Banco Itau.
