{"id":3613,"date":"2024-05-10T06:00:00","date_gmt":"2024-05-10T09:00:00","guid":{"rendered":"https:\/\/nossareceita.com\/?p=3613"},"modified":"2024-05-08T20:26:31","modified_gmt":"2024-05-08T23:26:31","slug":"o-que-sao-bdrs-brazilian-depositary-receipts","status":"publish","type":"post","link":"https:\/\/nossareceita.com\/en\/o-que-sao-bdrs-brazilian-depositary-receipts\/","title":{"rendered":"Understanding the fundamentals of BDRs"},"content":{"rendered":"<html><body><p><strong>BDRs<\/strong>, or <strong> Brazilian Depositary Receipts<\/strong>, are certificates that represent shares issued by foreign companies, but which are traded on the Brazilian financial market. <\/p><div class=\"code-block\"><div class=\"separator\">Continues after advertising<\/div> \r\n<script>\r\n   window.googletag = window.googletag || {cmd: []};\r\n   googletag.cmd.push(function() {\r\n     googletag.defineSlot(\"\/23205967468\/nossareceita.com\/nossareceita.com_mw_content1_07102024\", [[250, 250], [336, 280], [300, 250]], \"div-gpt-ad-1606164528140-0\").addService(googletag.pubads());\r\n     googletag.enableServices();\r\n   });\r\n<\/script>\r\n<div id=\"div-gpt-ad-1606164528140-0\">\r\n   <script>\r\n      googletag.cmd.push(function() { googletag.display(\"div-gpt-ad-1606164528140-0\"); });\r\n   <\/script>\r\n<\/div>\r\n<\/div>\n\n\n\n<p>This financial instrument allows Brazilian investors to participate in the growth of large global companies. <\/p>\n\n\n\n<p>Without having to open accounts abroad or deal with the complexities of currency conversion.<\/p>\n\n\n\n<p>Before deciding to invest in BDRs, it is crucial to evaluate not only the potential benefits but also the associated risks.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What are BDRs?<\/h3>\n\n\n\n<p>BDRs are issued by Brazilian depository institutions, which acquire shares from foreign companies and then issue the corresponding certificates on the Brazilian market. <\/p>\n\n\n\n<p>Each <strong>BDR<\/strong> It can represent a fraction or a set of shares in the foreign company, depending on how that company&#039;s BDR program was structured.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Why invest in BDRs?<\/h3>\n\n\n\n<p>Investing in BDRs offers the <i>diversification opportunity<\/i> portfolio, as it allows access to markets and sectors not available on the Brazilian stock exchange.<\/p>\n\n\n\n<p> Furthermore, investors can benefit from the economic growth and appreciation of companies from different parts of the world, increasing the returns on their investment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Advantages of BDRs<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Access to international companies without leaving the Brazilian market.<\/li>\n\n\n\n<li>Portfolio diversification through exposure to different economies.<\/li>\n\n\n\n<li>Ease of trading in reais.<\/li>\n\n\n\n<li>Potential for appreciation depending on the global performance of companies.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">How BDRs work in the financial market<\/h2>\n\n\n\n<p><strong>BDRs<\/strong>, or Brazilian Depositary Receipts, are <strong>certificates<\/strong> which represent shares of foreign companies, but which are traded on stock exchanges in Brazil, such as B3.<\/p>\n\n\n\n<p> This means they allow Brazilian investors <i>access<\/i> to the shares of large global companies without having to open accounts with international brokers or deal with direct currency conversion.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Issuance Process<\/h3>\n\n\n\n<p>For a BDR to be made available, a depository institution in Brazil, such as a bank <i>purchase<\/i> shares of foreign companies and issues the respective BDRs. <\/p>\n\n\n\n<p>These are then sold to Brazilian investors, who now have economic rights similar to those of those who own the shares directly, including dividends, according to the established conversion.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Advantages of Investing in BDRs<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Diversification:<\/strong> Allowing investments in large global companies, BDRs help to diversify the portfolio.<\/li>\n\n\n\n<li><strong>Easy access:<\/strong> It is simpler and less bureaucratic than investing directly abroad.<\/li>\n\n\n\n<li><strong>Dividends:<\/strong> Investors receive dividends, already converted into reais, from the foreign companies represented.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Benefits and risks of investing <\/h2>\n\n\n\n<p>Invest in <strong>BDRs<\/strong>it can be a good way to diversify your portfolio, while also bringing some challenges.<\/p>\n\n\n\n<p> Let&#039;s explore the benefits and risks associated with this type of investment, focusing on how they may impact your decision to invest.<\/p>\n\n\n\n<p><strong>Here are some helpful resources to get started:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.b3.com.br\/pt_br\/para-voce\">B3 <\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.gov.br\/receitafederal\/pt-br\">IRS <\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Benefits of investing<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Access to global companies<\/strong>: BDRs allow Brazilian investors to buy shares in large international companies without leaving B3, the Brazilian stock exchange. This opens up a range of possibilities for those seeking exposure to foreign markets.<\/li>\n\n\n\n<li><strong>Portfolio diversification<\/strong>: Investing in BDRs is a way of diversifying investments, reducing risk by not concentrating all resources in a single market or sector.<\/li>\n\n\n\n<li><strong>Convenience and simplicity<\/strong>: Buying BDRs is as simple as purchasing shares in Brazilian companies, without the need to deal with currency conversion or opening an account with international brokers.<\/li>\n\n\n\n<li><strong>Dividends<\/strong>: As with shares, BDR investors are entitled to receive dividends distributed by foreign companies, although taxes are levied on these amounts.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Summary<\/h3>\n\n\n\n<p>BDRs represent an innovative and strategic form of investment, accessible to Brazilian investors who wish to expand their operations beyond national borders. <\/p>\n\n\n\n<p>With the possibility of diversifying portfolios and directly accessing the economic performance of companies around the world.<\/p>\n\n\n\n<p>BDRs have established themselves as an attractive option in the investment universe.<\/p>\n<\/body><\/html>","protected":false},"excerpt":{"rendered":"<p>What are BDRs (Brazilian Depositary Receipts)? Find out more about this foreign investment available in the Brazilian market.<\/p>","protected":false},"author":30,"featured_media":3930,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[278],"tags":[],"class_list":["post-3613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financas"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Entendendo os fundamentos dos BDRs<\/title>\n<meta name=\"description\" content=\"BDRs, ou Brazilian Depositary Receipts, s\u00e3o certificados que representam a\u00e7\u00f5es emitidas por empresas estrangeiras, mas que s\u00e3o negociadas\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nossareceita.com\/en\/o-que-sao-bdrs-brazilian-depositary-receipts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Entendendo os fundamentos dos BDRs\" \/>\n<meta property=\"og:description\" content=\"BDRs, ou Brazilian Depositary Receipts, s\u00e3o certificados que representam a\u00e7\u00f5es emitidas por empresas estrangeiras, mas que s\u00e3o negociadas\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nossareceita.com\/en\/o-que-sao-bdrs-brazilian-depositary-receipts\/\" \/>\n<meta property=\"og:site_name\" content=\"Nossa Receita\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-10T09:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nossareceita.com\/wp-content\/uploads\/2024\/04\/Design-sem-nome-2024-05-09T001052.375.png\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Selma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Selma\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/nossareceita.com\\\/o-que-sao-bdrs-brazilian-depositary-receipts\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/nossareceita.com\\\/o-que-sao-bdrs-brazilian-depositary-receipts\\\/\"},\"author\":{\"name\":\"Selma\",\"@id\":\"https:\\\/\\\/nossareceita.com\\\/#\\\/schema\\\/person\\\/a912810768f11e78915fa6e38d4444ce\"},\"headline\":\"Entendendo os fundamentos dos BDRs\",\"datePublished\":\"2024-05-10T09:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/nossareceita.com\\\/o-que-sao-bdrs-brazilian-depositary-receipts\\\/\"},\"wordCount\":695,\"image\":{\"@id\":\"https:\\\/\\\/nossareceita.com\\\/o-que-sao-bdrs-brazilian-depositary-receipts\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/nossareceita.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Design-sem-nome-2024-05-09T001052.375.png\",\"articleSection\":[\"Finan\u00e7as\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/nossareceita.com\\\/o-que-sao-bdrs-brazilian-depositary-receipts\\\/\",\"url\":\"https:\\\/\\\/nossareceita.com\\\/o-que-sao-bdrs-brazilian-depositary-receipts\\\/\",\"name\":\"Entendendo os fundamentos dos BDRs\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/nossareceita.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/nossareceita.com\\\/o-que-sao-bdrs-brazilian-depositary-receipts\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/nossareceita.com\\\/o-que-sao-bdrs-brazilian-depositary-receipts\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/nossareceita.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Design-sem-nome-2024-05-09T001052.375.png\",\"datePublished\":\"2024-05-10T09:00:00+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/nossareceita.com\\\/#\\\/schema\\\/person\\\/a912810768f11e78915fa6e38d4444ce\"},\"description\":\"BDRs, ou Brazilian Depositary Receipts, s\u00e3o certificados que representam a\u00e7\u00f5es emitidas por empresas estrangeiras, mas que s\u00e3o negociadas\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/nossareceita.com\\\/o-que-sao-bdrs-brazilian-depositary-receipts\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/nossareceita.com\\\/o-que-sao-bdrs-brazilian-depositary-receipts\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/nossareceita.com\\\/o-que-sao-bdrs-brazilian-depositary-receipts\\\/#primaryimage\",\"url\":\"https:\\\/\\\/nossareceita.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Design-sem-nome-2024-05-09T001052.375.png\",\"contentUrl\":\"https:\\\/\\\/nossareceita.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Design-sem-nome-2024-05-09T001052.375.png\",\"width\":700,\"height\":400,\"caption\":\"O que s\u00e3o BDRs (Brazilian Depositary Receipts)?\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/nossareceita.com\\\/o-que-sao-bdrs-brazilian-depositary-receipts\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"In\u00edcio\",\"item\":\"https:\\\/\\\/nossareceita.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Entendendo os fundamentos dos BDRs\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/nossareceita.com\\\/#website\",\"url\":\"https:\\\/\\\/nossareceita.com\\\/\",\"name\":\"Rec Conetc\",\"description\":\"Seu blog de Tecnologia e Entretenimento\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/nossareceita.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/nossareceita.com\\\/#\\\/schema\\\/person\\\/a912810768f11e78915fa6e38d4444ce\",\"name\":\"Selma\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/7b0d376c007529d66fbc60cdbbe9a3455d2773c4ad44ab00a0bf1ef03d79904b?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/7b0d376c007529d66fbc60cdbbe9a3455d2773c4ad44ab00a0bf1ef03d79904b?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/7b0d376c007529d66fbc60cdbbe9a3455d2773c4ad44ab00a0bf1ef03d79904b?s=96&d=mm&r=g\",\"caption\":\"Selma\"},\"url\":\"https:\\\/\\\/nossareceita.com\\\/en\\\/author\\\/selma\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Entendendo os fundamentos dos BDRs","description":"BDRs, ou Brazilian Depositary Receipts, s\u00e3o certificados que representam a\u00e7\u00f5es emitidas por empresas estrangeiras, mas que s\u00e3o negociadas","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nossareceita.com\/en\/o-que-sao-bdrs-brazilian-depositary-receipts\/","og_locale":"en_US","og_type":"article","og_title":"Entendendo os fundamentos dos BDRs","og_description":"BDRs, ou Brazilian Depositary Receipts, s\u00e3o certificados que representam a\u00e7\u00f5es emitidas por empresas estrangeiras, mas que s\u00e3o negociadas","og_url":"https:\/\/nossareceita.com\/en\/o-que-sao-bdrs-brazilian-depositary-receipts\/","og_site_name":"Nossa Receita","article_published_time":"2024-05-10T09:00:00+00:00","og_image":[{"width":700,"height":400,"url":"https:\/\/nossareceita.com\/wp-content\/uploads\/2024\/04\/Design-sem-nome-2024-05-09T001052.375.png","type":"image\/png"}],"author":"Selma","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Selma","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/nossareceita.com\/o-que-sao-bdrs-brazilian-depositary-receipts\/#article","isPartOf":{"@id":"https:\/\/nossareceita.com\/o-que-sao-bdrs-brazilian-depositary-receipts\/"},"author":{"name":"Selma","@id":"https:\/\/nossareceita.com\/#\/schema\/person\/a912810768f11e78915fa6e38d4444ce"},"headline":"Entendendo os fundamentos dos BDRs","datePublished":"2024-05-10T09:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/nossareceita.com\/o-que-sao-bdrs-brazilian-depositary-receipts\/"},"wordCount":695,"image":{"@id":"https:\/\/nossareceita.com\/o-que-sao-bdrs-brazilian-depositary-receipts\/#primaryimage"},"thumbnailUrl":"https:\/\/nossareceita.com\/wp-content\/uploads\/2024\/04\/Design-sem-nome-2024-05-09T001052.375.png","articleSection":["Finan\u00e7as"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/nossareceita.com\/o-que-sao-bdrs-brazilian-depositary-receipts\/","url":"https:\/\/nossareceita.com\/o-que-sao-bdrs-brazilian-depositary-receipts\/","name":"Entendendo os fundamentos dos BDRs","isPartOf":{"@id":"https:\/\/nossareceita.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nossareceita.com\/o-que-sao-bdrs-brazilian-depositary-receipts\/#primaryimage"},"image":{"@id":"https:\/\/nossareceita.com\/o-que-sao-bdrs-brazilian-depositary-receipts\/#primaryimage"},"thumbnailUrl":"https:\/\/nossareceita.com\/wp-content\/uploads\/2024\/04\/Design-sem-nome-2024-05-09T001052.375.png","datePublished":"2024-05-10T09:00:00+00:00","author":{"@id":"https:\/\/nossareceita.com\/#\/schema\/person\/a912810768f11e78915fa6e38d4444ce"},"description":"BDRs, ou Brazilian Depositary Receipts, s\u00e3o certificados que representam a\u00e7\u00f5es emitidas por empresas estrangeiras, mas que s\u00e3o negociadas","breadcrumb":{"@id":"https:\/\/nossareceita.com\/o-que-sao-bdrs-brazilian-depositary-receipts\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nossareceita.com\/o-que-sao-bdrs-brazilian-depositary-receipts\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nossareceita.com\/o-que-sao-bdrs-brazilian-depositary-receipts\/#primaryimage","url":"https:\/\/nossareceita.com\/wp-content\/uploads\/2024\/04\/Design-sem-nome-2024-05-09T001052.375.png","contentUrl":"https:\/\/nossareceita.com\/wp-content\/uploads\/2024\/04\/Design-sem-nome-2024-05-09T001052.375.png","width":700,"height":400,"caption":"O que s\u00e3o BDRs (Brazilian Depositary Receipts)?"},{"@type":"BreadcrumbList","@id":"https:\/\/nossareceita.com\/o-que-sao-bdrs-brazilian-depositary-receipts\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"In\u00edcio","item":"https:\/\/nossareceita.com\/"},{"@type":"ListItem","position":2,"name":"Entendendo os fundamentos dos BDRs"}]},{"@type":"WebSite","@id":"https:\/\/nossareceita.com\/#website","url":"https:\/\/nossareceita.com\/","name":"Rec Conetc","description":"Seu blog de Tecnologia e Entretenimento","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nossareceita.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/nossareceita.com\/#\/schema\/person\/a912810768f11e78915fa6e38d4444ce","name":"Selma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/7b0d376c007529d66fbc60cdbbe9a3455d2773c4ad44ab00a0bf1ef03d79904b?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/7b0d376c007529d66fbc60cdbbe9a3455d2773c4ad44ab00a0bf1ef03d79904b?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7b0d376c007529d66fbc60cdbbe9a3455d2773c4ad44ab00a0bf1ef03d79904b?s=96&d=mm&r=g","caption":"Selma"},"url":"https:\/\/nossareceita.com\/en\/author\/selma\/"}]}},"_links":{"self":[{"href":"https:\/\/nossareceita.com\/en\/wp-json\/wp\/v2\/posts\/3613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nossareceita.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nossareceita.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nossareceita.com\/en\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/nossareceita.com\/en\/wp-json\/wp\/v2\/comments?post=3613"}],"version-history":[{"count":7,"href":"https:\/\/nossareceita.com\/en\/wp-json\/wp\/v2\/posts\/3613\/revisions"}],"predecessor-version":[{"id":3929,"href":"https:\/\/nossareceita.com\/en\/wp-json\/wp\/v2\/posts\/3613\/revisions\/3929"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nossareceita.com\/en\/wp-json\/wp\/v2\/media\/3930"}],"wp:attachment":[{"href":"https:\/\/nossareceita.com\/en\/wp-json\/wp\/v2\/media?parent=3613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nossareceita.com\/en\/wp-json\/wp\/v2\/categories?post=3613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nossareceita.com\/en\/wp-json\/wp\/v2\/tags?post=3613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}