How FIIs trade on B3

FIIs are bought and sold on B3, the Brazilian exchange, through any brokerage account — the same place you buy stocks.

Tickers

Every FII has a ticker ending in 11, for example a logistics fund or a paper fund quoted as something like XPTO11. The trailing 11 is the quick visual signal that a ticker is a fund cota rather than a common share (which ends in 3 or 4).

How a trade happens

1. You open an account with a regulated broker (corretora).
2. You search the ticker and send a buy order for a number of cotas.
3. When another investor's sell order matches yours, the trade executes and the cotas land in your custody.
4. To exit, you send a sell order; the proceeds settle to your account.

Receiving income

You do nothing to receive distributions. On the payment date, the fund credits the cash straight into your brokerage account for every cota you held on the prior record date (data-base / data com). Buy before the record date and you receive that month's payment; buy after it and you wait for the next cycle.

Costs to expect

• Brokerage fees — many brokers now charge zero for FII trades, but confirm.
• B3 fees — small exchange and settlement charges.

Because cotas trade continuously, their market price floats with supply and demand and can sit above or below the fund's underlying asset value — a gap we measure with the P/VP metric later in this track.