Direct Answer
The IBOVESPA B3 BR+ is a rule-based measurement of enhanced version of the Ibovespa including BDRs of major global companies listed on B3, maintained by B3. Like every index it owns nothing: it is a number produced by applying a published weighting formula to a selected list of companies, revised on a schedule the provider sets.
What this index covers
The IBOVESPA B3 BR+ covers enhanced version of the Ibovespa including BDRs of major global companies listed on B3, within the Brazil market. B3 defines which securities are eligible, how they are selected from that pool, and how much each one contributes to the published number.
The index name does not state a fixed company count, so the number of constituents follows the eligibility rules rather than a target.
How constituents are weighted
Free float market value of the asset class in the portfolio, with a liquidity cap of twice the weight an asset would hold if weights followed its share of the summed tradability ratios (IN). All assets of one company (share classes, units and BDRs together) are capped at 20 percent, and any excess is redistributed pro rata.
The weighting method is the single biggest driver of how an index behaves. Two indexes covering the same market can diverge for years purely because they weight differently, which is why comparing index levels without knowing the method tells you very little.
What qualifies for inclusion
Shares, units and BDRs of Brazilian companies listed on B3; a BDR needs its underlying asset primarily listed on a US exchange. Every Ibovespa B3 constituent for the same rebalancing is included automatically. Other BDRs and assets with ADRs must be in the top 85 percent cumulative tradability ratio (IN), trade in 95 percent of sessions, hold at least 0.1 percent of cash market volume, and not be penny stocks.
Eligibility rules are the part of an index most readers never look at and the part that decides what it can possibly measure. A screen that excludes a whole sector, or admits only one listing venue, shapes the result far more than any day of trading does.
How long a listing must exist first
Tests look back over the validity period of the three previous portfolios. An asset with a public offering in that window can qualify without full history if the offering closed before the prior rebalancing, it has traded in 95 percent of sessions since trading began, and it meets the other criteria.
A seasoning rule is why a large new listing does not appear in an index the week it starts trading. It is a deliberate lag, and it means an index can under-represent a fast-growing part of the market for months at a time.
When the membership is revised
Which BDRs count as Brazilian companies is reviewed once a year, in May, and any change takes effect at the September rebalancing of the same year. An asset moved to a special listing situation during a portfolio is removed at the end of its first day in that status.
Reconstitution is the one date an index changes shape by design rather than by price. Funds tracking it have to trade toward the new membership, which is why the schedule matters to anyone holding the tracker rather than only to the provider.
The rule that surprises people
For the tradability ratio, liquidity of the US listed underlying asset counts at only 50 percent, added to full local liquidity. Holidays that differ between Brazil and the US are filled with the average of the adjacent sessions.
References
- B3: B3 Metodologia do Indice Bovespa B3 BR+, as published 2025. Every rule described on this page is taken from this document.
Current IBOVESPA B3 BR+ constituents
B3 publishes and licenses the IBOVESPA B3 BR+ constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights.
Related reading
- All stock market indexes: how indexes are built, weighted and revised.
- Emerging Markets indexes: others covering the same region.
- Index concentration: measuring how much of an index sits in its largest holdings.
- Index rebalancing and inclusion effects: what happens to a stock when index membership changes.
Frequently Asked Questions
Who maintains the IBOVESPA B3 BR+?
B3 maintains the IBOVESPA B3 BR+ and publishes the methodology document that defines its eligibility and weighting rules.
What does the IBOVESPA B3 BR+ measure?
It measures enhanced version of the Ibovespa including BDRs of major global companies listed on B3. The index is a calculated number applying a weighting formula to a selected list of companies, and it holds nothing itself.
Where can I see the current IBOVESPA B3 BR+ constituents?
B3 publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence.