ITAG IND

What it is

The ITAG B3 is an index created by B3 that measures the performance of shares in Brazilian companies that offer minority shareholders a higher level of protection, through tag-along rights above the legal minimum.

A tag-along right lets minority shareholders sell their shares on the same terms offered to the controlling shareholder when control of a company changes hands; Brazilian law requires this at a minimum of 80% of the price paid to the controller for ordinary shares.

What “ITAG IND” actually is in the data

Data providers such as EODHD label this index “ITAG IND” and assign it the ticker BMFBOVESPA:ITAG, which is how it appears in financial data feeds and third-party aggregators. It is a price index — a number, not a company — and it carries no revenue, no profit, no employees, no board of directors, and no ownership structure, because it has none of those things.

The ITAG is a total-return index, meaning its calculation incorporates dividends, and its constituent shares are weighted by free-float market value.

Who owns it / Who runs it

The index is owned and operated by B3 S.A. — Brasil, Bolsa, Balcão, the Brazilian exchange and clearing house. The index’s theoretical portfolio is revised periodically according to methodology defined by B3.

There is no CEO, CFO, or controlling shareholder of the ITAG index itself; those governance facts belong to the individual companies whose shares make up the index’s basket.

The money, in plain words

The ITAG’s theoretical portfolio includes shares of companies that meet all criteria set by B3, with a focus on superior protection for minority shareholders. Think of it as a curated list, not a fund or a tradeable share.

No single company’s assets may represent more than 20% of the index; if that limit is breached at a review, B3 trims that company’s weight and redistributes the excess across the remaining constituents.

What it is doing now

Companies listed on the Novo Mercado — B3’s highest governance segment, which requires 100% tag-along for ordinary shares — tend to be natural candidates for the index. The index therefore broadly tracks Brazil’s best-governed large- and mid-cap companies.

Compared with the Ibovespa, which reflects the general performance of the Brazilian stock market, the ITAG has a specific focus on companies that offer better conditions to minority shareholders.

What to watch — and what to do instead

If your intent was to research a specific company whose shares sit inside the ITAG index — such as a Brazilian industrial, consumer, or financial group — the correct starting point is the B3 listed-companies search at b3.com.br/empresas-listadas and the CVM filing portal at rad.cvm.gov.br.

If you meant to track the index itself as a benchmark, you can follow the ITAG’s daily performance directly on the B3 website.

This is news, not investment advice.