7/2/20

Get to know the Listed Funds’ improvements

Listing of Infrastructure Investment Funds and changes on Credit Rights Investment Funds

Infrastructure Investment Funds (FI-Infra) constituted in the form of a closed condominium are now listed on B3 and are available for trading. The listing enables to buy and sell shares of these funds in an exchange environment, as is already the case with Real Estate Funds, Equity Investment Fund and ETFs (Index Funds).

Investors can trade FI-Infra shares at any time, as if they were buying or selling a share, even though FI-Infra is a long-term investment with an average maturity of ten years. This type of fund invests primarily in incentivized assets issued to fund infrastructure projects.

 “Among its key benefits are the exemption of income tax on profits and the dilution of risks, since FI-Infra invests in different instruments,” says Mario Palhares, B3's Products director. "For the fund manager, the advantages are streamlined management and the possibility of extending investment terms," adds Palhares.

Changes in Credit Rights Investment Funds

Another novelty introduced by B3 is the change to the trading characteristics of listed Credit Rights Investment Funds (FIDCs). The FIDC settlement, which occurred on the same day, is now on T+2 through multilateral netting with B3 acting as the central counterparty of the trades carried out through the PUMA Trading System.

The FIDC tickers were also changed and streamlined. The eleven digits previously used were replaced with four alphanumeric characters and two numbers. These measures apply both to new funds to be launched and to those already listed.

Improvements to leverage the market

FI-Infra has the same trading characteristics as FIDCs. Therefore, both funds are now traded similarly to listed Real Estate Investment Funds. This is the result of B3’s efforts to expand investment options and facilitate investors' access to the Exchange environment, thus helping to leverage the market.

For further information, please contact you RM.