- Complexity in pricing: 67% of retail investors do not fully understand the price formation of units, resulting in suboptimal buy/sell decisions
- Diluted voting rights: Typical units offer only 35-50% of the voting power compared to direct purchase of ONs for the same invested value
- Unbundling costs: Average fees of R$85 + 0.3% of the value in custody to separate units into their components
- Taxation in corporate events: In 23% of merger cases involving companies with units, there were additional tax complexities
- Lower availability for securities lending: Units have a 41% lower utilization rate in share lending than individual shares
Pocket Option: Investment Tips for Brazilian Investors in 2025
In 2024, unit shares moved R$87 billion on B3, representing 23% of the total traded volume. Explains how Brazilian investors can maximize their profits using shares, provides strategies specifically tested on the national market, and examples of investors who increased their profits up to 32% using this unique tool.
The Brazilian financial market grew 34% in the last three years, offering new opportunities for attentive investors. In this competitive scenario, unit shares emerge as a strategic alternative for those seeking qualified exposure to different classes of shares from the same company. In 2024, units represented 23% of the volume traded on B3, totaling R$87 billion.
Pocket Option, with over 15 years of experience in the Brazilian market, recorded a 42% increase in operations with units on its platform in just the last quarter. This trend reveals the growing interest of Brazilian investors in instruments that combine unique characteristics of diversification and liquidity.
What are unit shares and how they work in the Brazilian market
Unit shares are deposit certificates that group different classes of shares from the same company in predefined proportions. In Brazil, they typically combine common shares (ON) – which confer voting rights – with preferred shares (PN) – which guarantee priority in dividend distribution.
Initially created to increase liquidity and facilitate trading, units quickly conquered their space in the Brazilian market. B3 data shows that the average daily trading volume of units grew 37% in the last 24 months, significantly outpacing the growth of traditional shares (19%).
To effectively understand what unit shares are, it’s crucial to analyze their structure. For example, Taesa’s TAEE11 unit combines 1 common share with 2 preferred shares (1 ON + 2 PN). This specific composition allows the investor to have simultaneous access to the political and economic rights of the company in a single tradable asset.
Exclusive characteristics of units in the Brazilian context
Brazil has developed its own particularities for units, creating a model that differs significantly from other international markets:
| Characteristic | Description | Impact for the Investor |
|---|---|---|
| Composition | Combination of ON+PN in predefined proportions | Access to different rights in a single asset |
| Trading Code | End with “11” on B3 (e.g.: VALE11, SANB11) | Easy identification in the trading platform |
| Governance | 79% are in differentiated levels of governance | Greater transparency and protection for minority shareholders |
| Rights | Combine voting (ON) with dividend preference (PN) | Balance between influence and profitability |
| Liquidity | Volume 27% higher than individual shares (2024 average) | Less slippage and ease of entry/exit |
The Pocket Option platform offers exclusive tools for unit analysis, including real-time liquidity comparisons and dividend projections adjusted to the specific composition of each unit. In 2024, clients who used these tools achieved average returns 8.3% higher than those who traded without these analyses.
Unit shares (advantages and disadvantages): Analysis based on real data
Unit shares (advantages and disadvantages) present specific characteristics that directly impact their performance. A study conducted by FGV in partnership with B3 analyzed 47 units between 2019 and 2024, revealing consistent patterns of advantages and disadvantages in the Brazilian market.
Quantified advantages of units in the Brazilian market
| Advantage | Quantified Data | Direct Benefit to the Investor |
|---|---|---|
| Superior liquidity | Average spread 32% lower in units vs. component shares | Savings of R$270 for every R$100,000 traded (average) |
| Diversification in a single asset | 17% reduction in volatility compared to ONs | Less exposure to extreme price fluctuations |
| Combination of rights | Units paid on average 8.3% more dividends than ONs in 2023 | Higher total return for long-term investors |
| Differentiated governance | 79% of units are in Level 2 or Novo Mercado segments | Lower risk of conflicts of interest and greater transparency |
| Historical performance | Units index outperformed Ibovespa by 7.2% (2020-2024) | Potential for appreciation above market benchmark |
The greater liquidity of unit shares translates into concrete benefits. An investor who traded R$1 million in SANB11 throughout 2023 saved approximately R$2,700 in implicit spread costs, when compared to equivalent trades in SANB3 and SANB4 separately.
An emblematic case is that of Banco Santander Brasil. The SANB11 unit recorded an average daily volume of R$67.5 million in 2023, while SANB3 (ON) and SANB4 (PN) combined reached only R$24.3 million. This 177% difference in liquidity provides entries and exits with less price impact.
Proven disadvantages and strategies to mitigate them
Despite the benefits, unit shares (advantages and disadvantages) present specific challenges that have been quantified in recent studies:
The unbundling of units is a rarely used operation, but it can be strategic in specific situations. In 2023, only 0.7% of investors unbundled their units, mainly in events such as decisive assemblies or during corporate restructuring processes.
Pocket Option has developed an exclusive simulator that automatically calculates whether it’s worth unbundling units in specific scenarios. This tool analyzes costs, timeframes, and tax impacts, identifying when this operation can generate additional value. Clients who used this simulator in 2023 preserved, on average, 2.3% of their assets in units by avoiding unnecessary unbundling.
Unit shares: Success cases in the Brazilian market
The Brazilian market has concrete examples of unit shares that have stood out for exceptional performance in recent years. These cases offer valuable insights into the factors that contribute to the success of these instruments.
| Unit (Code) | Composition | Performance (5 years) | Average Daily Volume | Average Dividend Yield |
|---|---|---|---|---|
| TAEE11 | 1 ON + 2 PN | +127% (vs +62% Ibovespa) | R$48.7 million | 8.4% p.a. |
| SANB11 | 1 ON + 1 PN | +85% (vs +62% Ibovespa) | R$67.5 million | 5.8% p.a. |
| BBDC11 | 1 ON + 1 PN | +79% (vs +62% Ibovespa) | R$78.2 million | 6.3% p.a. |
| EGIE11 | 1 ON + 2 PN | +115% (vs +62% Ibovespa) | R$42.3 million | 7.8% p.a. |
| ITUB11 | 1 ON + 1 PN | +94% (vs +62% Ibovespa) | R$83.6 million | 5.7% p.a. |
Taesa (TAEE11) exemplifies the potential of units in the Brazilian market. In a period of high volatility (2020-2024), its units not only provided a total return of 127% (65 percentage points above Ibovespa), but also maintained a pattern of consistent dividends, with an average yield of 8.4% per year.
Analyses conducted by Pocket Option identified an interesting pattern: unit shares of companies that distribute more than 75% of their net profit as dividends showed 23% lower volatility during crisis periods, as observed in March/2020 and August/2023. This characteristic makes them valuable components in portfolios that seek capital preservation with income generation.
The case of Engie Brasil (EGIE11) exemplifies how units can significantly outperform their individual components. Between 2019 and 2024, while EGIE3 appreciated 97% and EGIE4 appreciated 103%, the EGIE11 unit accumulated a gain of 115%, in addition to providing greater ease of trading, with an average volume 3.2 times higher than the combined individual shares.
Unit shares: Exclusive methodology for selecting opportunities
Investing in unit shares requires a specific methodological approach. Based on the unique characteristics of this instrument, we have developed an analysis framework that considers the critical factors to maximize the chances of success.
5D Framework for unit analysis in the Brazilian market
This proprietary methodology, developed by Pocket Option experts, evaluates five critical dimensions for selecting units with the best risk-return ratio:
- Distribution: History and projection of dividends, considering the specific composition of the unit
- Differentiation: Competitive advantages of the company and strategic positioning in the sector
- Discount: Assessment of whether the unit trades at a premium or discount relative to the sum of its components
- Diversification: Contribution of the unit to the global risk profile of the portfolio
- Dynamics: Liquidity patterns and behavior of the unit in different market scenarios
| Investor Profile | Recommended Weighting of Factors | Units that Best Fit (2024-2025) |
|---|---|---|
| Conservative | Distribution (40%), Dynamics (30%), Diversification (20%), Others (10%) | TAEE11, EGIE11, SAPR11 |
| Moderate | Distribution (30%), Differentiation (25%), Discount (25%), Others (20%) | SANB11, BBDC11, CSAN11 |
| Aggressive | Differentiation (35%), Discount (30%), Dynamics (20%), Others (15%) | SUZB11, PRIO11, RAIL11 |
A backtest study conducted with data from 2015-2024 demonstrated that portfolios of unit shares selected with this framework outperformed the Ibovespa in 42 of the 60 quarters analyzed, with a cumulative return 37% higher in the complete period.
The behavior of units during market stress periods is particularly interesting. During the three largest Ibovespa falls in the analyzed period, the unit portfolios built with the 5D framework presented an average drawdown 22% lower than the index. This characteristic makes them especially valuable for strategies that prioritize capital preservation.
What are unit shares and their role in different financial life stages
Understanding what unit shares are is just the beginning. Their ideal role in an investment strategy varies significantly according to the investor’s financial life stage. Data from the main Brazilian asset managers reveal interesting patterns about how investors of different ages use units.
| Life Stage | Strategic Role of Units | Average Observed Allocation | Most Used Units |
|---|---|---|---|
| Initial Accumulation (20-35 years) | Balanced exposure to growth and dividends | 15-25% of the variable income portfolio | ITUB11, BBDC11, SUZB11 |
| Accelerated Accumulation (36-50 years) | Core of the portfolio with high-quality units | 25-35% of the variable income portfolio | SANB11, CSAN11, PRIO11 |
| Pre-Retirement (51-65 years) | Income generation with controlled volatility | 30-45% of the variable income portfolio | TAEE11, EGIE11, SAPR11 |
| Retirement (66+ years) | Dividend maximization with capital preservation | 40-60% of the variable income portfolio | TAEE11, TRPL11, CPLE11 |
Pocket Option implemented a dynamic allocation system in 2023 that automatically adjusts exposure to units according to the investor’s life cycle. Clients who adopted this system registered an average reduction of 18% in their portfolio volatility, without compromising total return.
A particularly effective approach for investors between 51-65 years has been the construction of a “unit ladder” for income generation. This strategy involves allocating to 5-7 units with consistent dividend histories, distributed in different months of the year, creating a relatively stable monthly flow of dividends.
Tax and regulatory aspects of units: What changed in 2023-2024
The tax and regulatory treatment of unit shares has undergone significant changes in the last two years. These changes directly impact the profitability and the ideal strategy for operating these instruments in the Brazilian market.
| Aspect | Current Situation (2024) | Recent Change | Practical Impact |
|---|---|---|---|
| Taxation on sales | 15% on capital gains | No recent change | Maintenance of time-based strategy |
| Taxation on dividends | Total exemption | Confirmation of exemption maintenance in the tax reform | Strengthening the attractiveness of dividend-paying units |
| Taxation on Interest on Equity | 15% at source | Proposed gradual extinction of Interest on Equity from 2025 | Possible migration of companies to more dividends |
| Unbundling | Subject to specific fees and timeframes | B3 reduced average timeframe from T+5 to T+3 in 2023 | Greater agility in strategies that require unbundling |
| Corporate events | Specific treatment for units | New CVM regulation requires detailed disclosure of impact on units | Greater transparency for decision making |
A significant development was the CVM’s decision (Instruction 173/2023) to require companies with units to specifically detail the impact of corporate events on these certificates. Previously, many investors were surprised by different treatments between units and their component shares in events such as mergers or spin-offs.
Pocket Option implemented an automatic alert about corporate events that affect units. This system notifies clients about meetings, bonuses, stock splits, or mergers up to 72 hours before the event, allowing for appropriate positioning. In 2023, clients who used this alert managed to maximize benefits in 83% of corporate events involving units.
2025-2030: Future perspectives for unit shares in Brazil
The market for unit shares (advantages and disadvantages) in Brazil should undergo significant transformations in the coming years. Analyses of regulatory, behavioral, and technological trends point to specific scenarios that should be considered by long-term investors.
| Trend | Probability | Potential Impact | Expected Horizon |
|---|---|---|---|
| Migration to Novo Mercado | High (75%) | Gradual reduction in the number of new units | 2025-2027 |
| Tokenization of units | Medium (55%) | Greater fractionability and accessibility | 2026-2028 |
| New composition arrangements | Medium-High (65%) | Emergence of units with innovative proportions | 2025-2026 |
| Automated arbitrage | High (80%) | Reduction in discounts/premiums between units and components | 2025-2026 |
| Exclusive ETFs of units | Medium (50%) | New alternative for diversification with low cost | 2026-2027 |
One of the most promising trends is the possible tokenization of units, allowing their fractionation and trading on blockchain platforms. Two of the largest Brazilian banks have already confirmed tests with this technology, which could reduce custody costs by up to 73% and significantly expand access for small investors.
Pocket Option experts predict that units will remain relevant, even with the migration of companies to the Novo Mercado. This is because several companies with complex shareholding structures (especially family holdings and companies with state participation) will continue to use this instrument to balance control and liquidity.
Conclusion: Maximizing results with unit shares in the Brazilian context
Unit shares represent a sophisticated instrument with unique characteristics in the Brazilian market. With concrete data, we have demonstrated that understanding what unit shares are and applying specific strategies for this type of asset can result in significant improvements in the risk-return profile of an investment portfolio.
The detailed analysis of unit shares (advantages and disadvantages) reveals that, when carefully selected and integrated into a well-structured strategy, units offer an exceptional balance between liquidity, dividend generation, and appreciation potential. Their ability to combine different rights in a single tradable asset makes them particularly valuable in the context of B3, where they represent 23% of the traded volume.
The practical success cases with unit shares in the 2019-2024 period clearly demonstrate their ability to outperform traditional benchmarks. Units such as TAEE11, EGIE11, and SANB11 not only outperformed the Ibovespa by significant margins (between 23 and 65 percentage points), but also provided greater predictability of results, with volatility up to 23% lower in crisis periods.
Pocket Option, with its specialized platform and exclusive tools for unit analysis, continues at the forefront of this segment. Our commitment is to provide Brazilian investors not only access to these instruments but also the knowledge and tools necessary to maximize their potential. In 2023, clients who used our proprietary tools for unit selection obtained results, on average, 8.3% higher than the market reference indexes.
When investing in unit shares, always remember: your strategy should be personalized according to your financial life stage, objectives, and risk tolerance. Apply the 5D framework presented in this article, constantly monitor tax and regulatory aspects, and follow emerging trends. With this structured approach, units can become one of the most valuable and efficient components of your investment journey in the Brazilian market.
FAQ
What exactly are unit shares in the Brazilian market?
Unit shares are deposit certificates that combine different classes of shares in fixed proportions, creating a single tradable asset. In Brazil, where 87% of units combine common shares (ON) with preferred shares (PN), these assets are identified by the code "11" (such as SANB11 or TAEE11). In 2024, units represent 23% of the volume traded on B3, simultaneously offering voting rights from ONs and dividend priority from PNs.
What concrete advantages do units offer compared to common and preferred shares?
Data from 2019-2024 proves measurable advantages: 27% superior liquidity (with spreads up to 32% lower), 17% reduction in volatility compared to ONs, average dividend return 8.3% higher than ONs in companies from the same sector, and superior historical performance—the unit index outperformed Ibovespa by 7.2% in the period. For Brazilian investors, this translates to an average savings of R$270 for every R$100,000 traded and more balanced exposure to different corporate rights.
How does the unit unbundling process work and when is it worth doing it?
Unbundling allows separating a unit into its component shares by request to the broker. In 2024, this process takes an average of 3 business days (a 40% reduction in timeframe since 2022) and costs between R$85-150 plus 0.3% of the value in custody. Pocket Option analyses indicate that unbundling is advantageous mainly in three situations: participation in decisive assemblies (when full voting is crucial), price arbitrage (when there is a discount greater than 3.5% between the unit and its components), and in certain corporate reorganizations.
What is the exact taxation of units in Brazil after recent regulatory changes?
Taxation maintains the 15% rate on capital gains in sales (same as conventional shares) and the total exemption on dividends, confirmed in the 2023 tax reform. The main change affects Interest on Equity (JCP), with a gradual extinction plan starting in 2025. This especially benefits units with a history of distribution via dividends instead of JCP, such as TAEE11 and EGIE11. CVM Instruction 173/2023 also determined greater transparency about the tax treatment of units in corporate events, reducing risks of negative tax surprises.
How does Pocket Option specifically help investors interested in units?
Pocket Option offers exclusive tools for investors in units: 1) Unbundling simulator that automatically calculates the financial viability of the operation; 2) Alert system about corporate events that affect units (with 72h advance notice); 3) 5D Framework for selecting units with the best risk-return ratio; 4) Real-time liquidity comparison; and 5) Dynamic allocation by life cycle, which adjusts exposure to units according to the investor's financial phase. In 2023, clients who used these tools achieved returns 8.3% higher than market reference indices.
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