Depositary Receipts

The ETF benchmark methodology documents and all documents related to the ETF fund available in Portuguese on this website refer to a free translation by Banco Bradesco, since the original documents are only in the English version.

The authorization for the sale and trading of certificates of deposits of shares of index funds does not imply, on the part of CVM, a guarantee of the veracity of the information provided or a judgment on the quality of the fund or its administrator. 

Confirm that the BDR program has been registered

CIf you wish to register an electronic mailing address to receive information about the ETF BDR Programs

When acquiring an ETF BDR, the investor must consider that there is no guarantee that it will be able to initiate or join any lawsuits, arbitration or administrative proceedings, in Brazil or abroad, related to the BDR, the shares underlying it, or the respective administrators, including to recover any losses involving informational failures, market misconduct, violation of management's fiduciary duties or any others. The investor shall also consider that the Depositary has no obligation to initiate or join any lawsuits, arbitration or administrative proceedings, in Brazil or abroad, under the terms mentioned above, nor is there a guarantee that it can do so.

The securities that back the BDRs are not registered with the CVM and B3 and, therefore, are not subject to regulation and inspection related to such bodies. For this reason, the information disclosed by the Administrator will be made available on the B3 website, however, it is not responsible for the information disclosed, nor for any failures in accessing this information. 

BDRs are not registered with the Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended.
 

Who can purchase BDRs

The acquisition of BDRs will be allowed to investors as defined in current regulations and published by the CVM. Intermediary institutions must, as a condition for the acquisition of BDRs, prove the classification of the investor and the compatibility of the investment.

Notwithstanding the foregoing, BDRs may be acquired by investors not resident in Brazil, provided that they meet the registration requirements set forth in oint Resolution No. 13/2024 of December 23rd, 2024. The present operational description is not, nor should it be considered,

a public offering of the BDRs or shares of the Represented Fund in Brazil, the United States of America or any other jurisdiction. The program and BDRs have not been and will not be registered with the Securities and Exchange Commission under the U.S. Securities Act of 1933.

In the period between the EX date and the record date, the books will be closed for issuance and cancellation processes.

Each program is subject to a fee of up to R$ 0.10 (ten cents) per BDR issuance and/or cancellation, however in order to foster the market for non-sponsored BDRs, we will charge the following amounts:

A) Issuance of BDRs: The investor will be charged the amount of R$ 0.10 (ten cents) per BDR issued, subject to the minimum amount of R$ 80.00 (eighty reais) per issuance request.

B) Cancellation of BDRs: The investor will be charged the amount of R$ 0.10 (ten cents) per canceled BDR, subject to the minimum amount of R$ 80.00 (eighty reais) per cancellation request.

The charges/fees for the issuance and cancellation of BDRs described in items "a" and "b" above may from time to time be corrected by the IGP-M and must be paid in Reais (Brazil) or in US Dollars (Foreign) directly to an account of Banco Bradesco, prior to each issuance and/or cancellation.

c) Payment of Dividends and other Cash Distributions: Cash payments, such as but not limited to dividends and income, are subject to a charge of 5% (five percent) on the total gross amount to be distributed and received abroad, after deducting fees and taxes due abroad and converting the amounts in Dollars to Reais. 

d) Corporate Events involving the sale of Represented Shares (or equivalent): In the event of the occurrence of a corporate event in the Represented Fund, including, without limitation, capital increases, bonus, split or subscription, which results in fractionation or right of the Represented Shares subject to a BDR and which are auctioned at B3, there will be charges of 5% (five percent) on the gross amount earned in said sale.

The exchange rate to be used for the conversion of amounts paid in US Dollars (Abroad) will be the PTAX800 sales quotation of the day prior to the event that generated the charge, as disclosed by BACEN. The cost of issuance and/or cancellation may be modified during the course of the Program, at the sole discretion of Banco Bradesco S.A., provided that it is previously communicated to Investors through the use of the EmpresasNet System.

ACCOUNT DETAILS FOR PAYMENT OF FEES:  
TED to Banco Bradesco S.A 
CNPJ: 60.746.948/0001/12 
Bank:: 237 
Branch: 4010 
Account: 200.000/8 
Cut-off Time: 15:00 (Brasilia time)

Issuing Instructions:

The Investor in Brazil may, at any time, give instructions to an Intermediary Institution to request a foreign brokerage firm to purchase the assets represented abroad in sufficient quantity for the issuance of one or more BDRs. This Intermediary Institution must also include the issuance request in the CBLCNet-CAC system.For the financial settlement of the acquisition of the assets abroad, the Investor must enter into a foreign exchange agreement, the closing of which must be carried out in accordance with the procedures for the conversion or remittance of currencies and amounts established by BACEN, together with the brokerage note evidencing the purchase of the assets represented abroad.

Cancellation Instructions:

Investors may, at any time, request the cancellation of one or more BDRs, upon instruction to the Intermediary Institution (or, as the case may be, to the Brokerage/Custodian Institution) to request the Depositary to cancel the BDRs. This intermediary institution must also include the cancellation request in the CBLCNet-CAC system.

 

Timetable:

CVM Instruction 359: : Provides for the constitution, management and operation of Index Funds, with shares tradable on the stock exchange or organized over-the-counter market (BDRs - ETFs).

CVM Instruction 80/2022: Provides for the registration and provision of periodic and occasional information of issuers of securities admitted and traded on regulated securities markets.

CVM Resolution 13/2020: Provides for the registration, operations and disclosure of information of a non-resident investor in the country.

CVM Resolution No. 182/2023: Provides for depositary receipts issued in Brazil and backed by shares, depositary receipts representing shares, or debt securities issued abroad (BDRs).

Issuer Manual – B3: Establishes and consolidates technical and operational procedures and criteria complementary to the Regulation for Listing of Issuers and Admission to Trading of Securities.

 

For additional information and/or any clarifications regarding the BDR programs, please contact our team using the details below:

Operations (Issues / Cancellations /Corporate Events/Others)
Telephone:  (11) 3684 – 2594 / (11) 3684 – 2541 – (11) 3684-4341
E-mail: bcsf.dr@bradesco.com.br

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