B3 to allow BDRs in Ibovespa index starting in 2027

B3 has announced that Brazilian Depositary Receipts (BDRs) of companies listed abroad will be eligible to join the Ibovespa index starting in the first half of 2027. This methodological update aims to make the index more representative of the current Brazilian capital market by including major companies that have debuted on international exchanges.

To address regulatory constraints faced by pension funds, B3 has implemented a 10% cap on the total weight of BDRs within the index. This limit is designed to ensure that the combined exposure to these assets remains within existing pension fund investment regulations.

Key candidates for inclusion include financial sector companies such as Nubank, XP, Stone, and PagBank, as well as JBS. While the BDRs will be eligible, they must still meet the index's existing liquidity requirements, which B3 indicated are not expected to change.