LatAm Equity Strategy: BDRs could be added to the Ibovespa

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LatAm Equity Strategy: BDRs could be added to the Ibovespa

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LatAm Equity Strategy

BDRs could be added to the Ibovespa

Investment Strategy

Foreign listings could boost Ibovespa investability 02 July 2026

Brazil’s local exchange, B3, is considering a broad revision of the Ibovespa methodology, Investment Strategy

according to recent newsflow. Key proposals include the potential inclusion of BDRs Latin America

(Brazilian Depositary Receipts) of companies with meaningful Brazilian exposure (such as David Beker >>

Nubank and MercadoLibre; see our list of BDRs that could be considered for inclusion on Bz Econ/FI & LatAm EQ Strategy

Exhibit 1), as well as an expansion of licensing fees charged to funds that use B3 indices Merrill+55 11Lynch2188 (Brazil)4371

as benchmarks. The proposal remains under consultation, with no official details yet on david.beker@bofa.com

the final methodology, timeline, or implementation. Paula Andrea Soto, CFA >>

LatAm Equity Strategist

Scope for BDR inclusion still undefined Merrill+55 11Lynch2188 (Brazil)4226

paula.soto@bofa.com

Brazilian Depositary Receipts (BDRs) are securities traded in Brazil that represent shares

of foreign companies, allowing local investors to access international equities without MateusLatAm EquityConceicaoStrategist>>

investing abroad. There are currently around 818 BDRs listed on B3, roughly 55% of Merrill Lynch (Brazil)

+55 11 2188 4201

which track US companies in the S&P 500. Within the remaining universe, we identify mateus.conceicao@bofa.com

only nine BDRs where Brazil is the primary country of risk, which we believe are among Anna Clara Malheiros >>

the most relevant BDRs to monitor should BDRs become eligible for inclusion in the LatAm Equity Strategist

Merrill Lynch (Brazil)

Ibovespa.