The communication definitions for ETFs in the Brazilian market must comply with the guidelines established in Annex V of CVM Resolution 175 and the ANBIMA Guide for Advertising and Disclosure of Technical Material for Investment Funds.
Electronic Page
Index funds (ETFs) are required to maintain a publicly accessible electronic page containing updated information about the fund. This page must include, at a minimum:
- Fund regulations;
- Financial statements;
- Audit reports;
- Periodic and occasional information required by CVM.
This information must be updated regularly to ensure transparency and accessibility of data to investors.
Disclosure of Periodic Information
ETFs must disclose periodic information, including financial statements and audit reports, at regular intervals. This information must contain detailed financial data, such as:
- Balance sheets;
- Income statements;
- Cash flow statements.
All this information must be available on the fund's electronic page and be accessible to the public.
Disclosure of Occasional Information
Any relevant information must be disclosed immediately after the fact is known, ensuring that investors are always informed about important changes.
Disclosure Material
The disclosure material for ETFs must be prepared clearly and objectively, highlighting the main aspects of the fund. It must include information about:
- Investment policy;
- Risks involved;
- Historical performance of the fund.
The manager is responsible for preparing and updating the disclosure material, ensuring the accuracy and veracity of the information.
Advertising and Disclosure Rules
Advertising and disclosure of technical material must be aligned with the prospectus, regulations, and other documents of the investment fund. It is prohibited to:
- Ensure, promise, or suggest the existence of guaranteed future results or risk exemption for the investor;
- Establish unjustified qualifications;
- Use unproven superlatives;
- Present opinions or forecasts without a technical basis.