Transparency — how you check the numbers yourself

Level 1 — Integrity: does the data tie out? (13)

• I-Q01 — An ETF’s premium or discount is close ÷ NAV per share − 1 only on a day where both exist. A day with a price and no NAV, or the reverse, produces no row: nothing is interpolated, no ‘last known NAV’. Beyond ±10% the figure carries a flag and never disappears.
• I-Q02 — The daily report filed on day D carries the month up to D. Reprocessing a month writes with the NEWEST document, and an older document never overwrites what a newer one wrote — the administrator’s latest version wins, as a restatement does for financial statements.
• I-Q03 — Result accounts in the COFI chart accumulate over the fund’s fiscal year. The month’s fee expense is the balance of the month minus the previous month’s; a falling balance means a new fiscal year and the balance itself is the expense; without the previous month the figure is cumulative and flagged. The effective fee is expense ÷ average daily net assets × 12, flagged outside 0–5% a year.
• I-Q04 — An ETF exists for the site only when the CVM registers it as an index-fund class, B3 lists it with an acronym and returns its CNPJ, and the ticker traded in the exchange file. A fund listed by B3 without the CVM class is out; one registered without a B3 acronym is out; one matched but without a price has no page. There is no hand-kept ticker list.
• I-Q05 — The ETF page and the /etfs hub open as HTML with no key and no script, with the site frame, anchors only for sections that exist, the premium stated as same-day and the fee stated as EFFECTIVE, the index stated as inferred from the name; JSON through the same URL only with a key or an explicit Accept; an unknown ticker is 404; the count on the hub equals the table.
• I-Q06 — Two sources, one figure: the NAV per share on the last day of the month (daily report) must equal net assets ÷ shares outstanding from the same month’s balance sheet within 1%, fund by fund, in the real base. If they disagree, either the parser read the wrong column or the administrator filed different things in the two documents — in both cases the figure cannot ship clean.
• I-Q17 — When an ETF ranking has nobody in it, the page SAYS why, with the date the series starts — it does not vanish from the screen. NAV comes from FNET's daily filing, one document per fund-month, and the source throttles bursts, so the 12-month return and the effective fee start empty and fill in over time. A block that disappears makes the reader conclude the wrong thing — that this house does not compute it — when the truth is that the data is not there yet. The explanation names the missing data, not a missing method, and no substitute is invented: the headline fee stays out.
• I-Q22 — Each backfill round skips FNET documents whose id is already in the database. Rounds have a time budget and each one re-lists the month; without this check a round re-downloaded what the previous one had stored — the second August 2026 round fetched 89 balance sheets and only 8 were new, so the month never finished while the log looked like progress.
• I-Q09 — The FNET daily report (latin-1 HTML) parses into the reference month, the CNPJ and one row per day — NAV per share, inflows, redemptions, net assets, total portfolio, shareholders — checked against the real BOVA11 document.
• I-Q10 — The FNET balance sheet (COFI chart) parses into {account: (description, balance)} for ALL accounts, checked against the real document (118 accounts).
• I-Q11 — From the CVM's Resolution 175 registry only the index-fund classes (FIIM) come out, with a 14-digit CNPJ; other types stay out.
• I-Q12 — The portfolio file (CDA cda_fie) parses per position with the month's first day as reference, decimal-point numbers, filterable by CNPJ.
• I-Q21 — The three quota accounts of an ETF balance sheet are stored exactly as the document declares them — no convention is chosen. The COFI chart does not give account 30915158 the same meaning at every administrator: for most it is already the month-end balance; for some (LVOL11 in August 2025 is one) it is the opening balance of the financial year, and the month-end figure is opening + issued − redeemed. An earlier version applied the second formula to everyone and broke most funds. Storing what is declared keeps the information for either convention, and the cross-check (I-Q06) accepts both.

Level 2 — Semantics: does the account mean what the calculation assumes? (9)

• I-Q18 — Asking FNET for an OLD month does not shrink the filing window. A fund's daily report for a month is filed in the first days of the next one, and FNET's search is by filing date. One parameter used to do two jobs — say which month is the last closed one, and stop the window from asking for the future — so pushing it back to fetch history collapsed the window to a single day and the source returned nothing. A seven-hour backfill stayed stuck on the newest month because of it, and the source took the blame it did not deserve.
• I-Q19 — Asking only for balance sheets does not download daily reports. An ETF's effective fee comes from the difference between TWO balance sheets of consecutive months in the same financial year, because the chart-of-accounts figures accumulate across the year. The base held 153 balance sheets piled into two isolated months — 138 funds, only 4 with the pair — and a run aiming at the missing month spent its whole budget on that month's daily reports, which are useful but are not what blocks the calculation.
• I-Q20 — The backfill's time budget applies INSIDE the document listing, not only between months. FNET's search pages 200 at a time, up to 30 pages, and each request waits up to 240 seconds when the source is throttling — two hours for a single listing. The budget used to be checked only between one month and the next, so a 30-minute round spent three hours without finishing its first one, and the easy reading would have been 'FNET is down'. It was not: the limit was ours, in the wrong place. Half a listing is an honest result — it saves what arrived and the next round continues.
• I-Q07 — A Brazilian-formatted number ('13.919.737.980,15') becomes a float; empty or invalid becomes None, never an exception.
• I-Q08 — A Brazilian date ('11/09/2026 20:27') becomes ISO; an invalid one becomes None.
• I-Q13 — B3's ETF list is read even when the JSON arrives double-encoded.
• I-Q14 — B3's fund detail yields ticker, CNPJ, manager, registrar and share count; an empty body yields None.
• I-Q15 — The FNET document search yields id, type, reference date (a balance-sheet month becomes its first day) and filing date.
• I-Q16 — The index is inferred from the fund NAME by declared rules, most specific first; a name with no clue yields None, not a guess.

Level 3 — Economic: is the result possible in the real world? (0)

Other product tests (0)

Access gate, navigation and the MCP connector — they test whether the product works, not whether a number is right, so they don't fit the 3 levels above by design. Still counted, still listed: