VanEck Brazil Small-Cap ETF
ALTAR
Score™		 10.9% info Recommen-
dation		 OVERWEIGHT
2025E    2026E
P/E
ratio		 10.0x P/Sales
ratio		 0.7x
P/BV
ratio		 1.0x Div.
yield		 2.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
VanEck Vectors Brazil Small-Cap ETF objective is replicate as closely as possible the price and yield performance of the VanEck Vectors Brazil Small-Cap Index. The Fund invests in in securitie

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Van Eck Associates Corp
Website www.vaneck.com
Inception date May 12, 2009
Assets (mns) $24
Currency USD
Expense ratio 66 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 96
Wgt avg mkt cap (mns) $1,090
Large cap (>$10bn) 1.9%
Mid cap ($2-10bn) 3.0%
Small cap (<$2bn) 87.3%
Developed mkts 9.6%
Emerging mkts 90.4%

TOP TEN HOLDINGS
CYRELA BRAZIL REALTY 4.8 %
ERO COPPER CORP 4.4 %
CIA SANEAMENTO MINAS GERAIS 3.7 %
ALUPAR INVESTIMENTO SA-UNIT 3.6 %
COGNA EDUCACAO S.A. 2.9 %
DIRECIONAL ENGENHARIA SA 2.8 %
IGUATEMI SA UNITS CONS OF 1 SH + 2 2.7 %
CIA DE SANEAMENTO DO PARANA SA - S 2.7 %
CURY CONSTRUTORA E INCORPORADORA S 2.6 %
BRAVA ENERGIA 2.2 %
Total 32.5 %

TOP COUNTRY EXPOSURE
BRAZIL 80.4 %
URUGUAY 1.9 %
AUSTRALIA 1.3 %
ISRAEL 1.2 %
BRITAIN 0.6 %
CHILE 0.4 %
LUXEMBOURG 0.2 %




HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
59.6% 45.3% 1.2% 8.2% 1.9%

Market Correlations
versus... Beta R-squared
S&P500 0.67 22%
MSCI EAFE 0.88 28%
MSCI Emg. Mkts. 0.84 29%

Technical Indicators
Recent close $17.55
30d moving avg. $16.50
Annualized volatility 29.0%
Short interest (ETF) 0.3%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 4
Turnover 0.3%
Bid/Ask (% of price) 0.73%
ADV underlying (mns) $378

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 112 potential alternatives to the VanEck Brazil Small-Cap ETF ETF based on the alternatives' overlap in portfolio holdings with BRF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: BRF Expense: 66 bp ALTAR Score™: 10.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH BRF
Ticker Fund
Name		 Overlap1
vs BRF
(%)		 Expense
ratio
(bp)		 Savings
vs BRF
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs BRF
(%)
EWZS iShares MSCI Brazil Small-Cap ETF 44.6 59 7 10.7 -0.2
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 11.0 80 -14 13.8 +3.0
BRAZ Global X Brazil Active ETF 4.8 75 -9 11.3 +0.5
EYLD Cambria Emerging Shareholder Yield ETF 4.2 66 0 11.6 +0.7
AVEE Avantis Emerging Markets Small Cap Equity ETF 4.0 42 24 9.6 -1.3
SDIV Global X Superdividend ETF 4.0 58 8 41.6 +30.7
EWX SPDR S&P Emerging Markets Small Cap ETF 2.7 65 1 7.8 -3.1
DVYE iShares Emerging Markets Dividend ETF 2.3 49 17 17.8 +6.9
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 2.3 58 8 9.4 -1.5
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 2.1 59 7 8.5 -2.4
ARGT Global X MSCI Argentina ETF 2.1 59 7 3.8 -7.1
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 2.1 90 -24 4.8 -6.1
CBSE Clough Select Equity ETF 1.9 85 -19 0.8 -10.1
FLBR Franklin FTSE Brazil ETF 1.7 19 47 13.4 +2.5
CGW Invesco S&P Global Water Index ETF 1.7 57 9 4.7 -6.2
DEM WisdomTree Emerging Markets High Dividend Fund 1.6 63 3 12.7 +1.8
EFRA iShares Environmental Infrastructure and Industrials ETF 1.5 47 19 5.3 -5.6
EEMS iShares MSCI Emerging Markets Small Cap ETF 1.4 70 -4 7.5 -3.4
VIDI Vident International Equity Strategy ETF 1.3 61 5 10.3 -0.5
IZRL ARK Israel Innovative Technology ETF 1.2 49 17 1.5 -9.4
DEXC Dimensional Emerging Markets ex China Core EquityETF 1.2 53 13 7.2 -3.7
DEEP Roundhill Acquirers Deep Value ETF 1.2 80 -14 18.5 +7.6
EMC Global X Emerging Markets Great Consumer ETF 1.1 75 -9 7.4 -3.5
FLLA Franklin FTSE Latin America ETF 1.0 19 47 12.1 +1.2
HAIL State Street SPDR S&P Kensho Smart Mobility ETF 1.0 45 21 1.4 -9.5
AVXC Avantis Emerging Markets Ex-China Equity ETF 0.9 33 33 8.0 -2.9
WOOD iShares Global Timber & Forestry ETF 0.9 42 24 13.1 +2.3
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.8 8 58 7.1 -3.8
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.8 41 25 8.1 -2.8
AQWA Global X Clean Water ETF 0.7 50 16 5.1 -5.8
AVES Avantis Emerging Markets Value ETF 0.7 36 30 10.7 -0.2
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.7 44 22 10.4 -0.5
AVSE Avantis Responsible Emerging Markets Equity ETF 0.7 33 33 7.8 -3.0
AVEM Avantis Emerging Markets Equity ETF 0.6 33 33 8.1 -2.8
ITEQ BlueStar Israel Technology ETF 0.6 75 -9 1.7 -9.2
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.6 38 28 8.5 -2.4
SMLV State Street SPDR US Small Cap Low Volatility Index ETF 0.6 12 54 7.4 -3.5
XCNY SPDR S&P Emerging Markets ex-China ETF 0.5 15 51 7.2 -3.7
DFEV Dimensional Emerging Markets Value ETF 0.4 43 23 11.8 +1.0
CCNR ALPS CoreCommodity Natural Resources ETF 0.4 39 27 9.0 -1.9
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 0.4 80 -14 10.6 -0.3
DFAE Dimensional Emerging Core Equity Market ETF 0.4 35 31 8.5 -2.3
LQPE PEO AlphaQuest Thematic PE ETF 0.4 125 -59 6.7 -4.1
OPTZ Optimize Strategy Index ETF 0.3 50 16 4.7 -6.2
VWO Vanguard FTSE Emerging Markets ETF 0.3 7 59 10.1 -0.8
FTAG First Trust Indxx Global Agriculture ETF 0.3 70 -4 8.3 -2.6
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.3 58 8 4.4 -6.5
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 0.3 95 -29 10.9 -0.0
VEGI iShares MSCI Agriculture Producers ETF 0.3 39 27 9.1 -1.8
CUT Invesco MSCI Global Timber ETF 0.3 61 5 10.9 -0.0
IEMG iShares Core MSCI Emerging Markets ETF 0.3 9 57 9.7 -1.2
HAUZ DBX ETF Trust - Xtrackers International Real Estate ETF 0.2 10 56 6.6 -4.2
AVDV Avantis International Small Cap Value ETF 0.2 36 30 8.7 -2.2
EBIZ Global X E-Commerce ETF 0.2 50 16 4.1 -6.7
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 36 7.4 -3.5
PBJ Invesco Food & Beverage ETF 0.2 57 9 8.4 -2.5
EDIV SPDR S&P Emerging Markets Dividend ETF 0.2 49 17 9.3 -1.6
EIS iShares MSCI Israel ETF 0.2 58 8 7.6 -3.3
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.2 33 33 9.2 -1.7
GWX SPDR S&P International Small Cap ETF 0.2 40 26 6.6 -4.3
SPEM SPDR Portfolio Emerging Markets ETF 0.2 7 59 10.3 -0.6
XC WisdomTree Emerging Markets Ex-China Fund 0.1 32 34 5.4 -5.5
JIVE JPMorgan International Value ETF 0.1 55 11 10.7 -0.2
RWX SPDR Dow Jones International Real Estate ETF 0.1 59 7 6.8 -4.1
PICK iShares MSCI Global Metals & Mining Producers ETF 0.1 39 27 10.7 -0.2
TDIV First Trust NASDAQ Technology Dividend Index Fund 0.1 50 16 5.6 -5.3
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.1 46 20 9.4 -1.5
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.1 12 54 8.2 -2.7
RNEM First Trust Emerging Markets Equity Select ETF 0.1 75 -9 8.4 -2.5
VSGX Vanguard ESG International Stock ETF 0.1 10 56 7.4 -3.5
SMLF iShares U.S. SmallCap Equity Factor ETF 0.1 15 51 5.9 -5.0
ERTH Invesco MSCI Sustainable Future ETF 0.1 62 4 3.4 -7.5
VXUS Vanguard Total International Stock ETF 0.1 5 61 7.6 -3.3
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.1 15 51 7.4 -3.5
JSTC Adasina Social Justice All Cap Global ETF 0.1 89 -23 5.0 -5.9
FTRI First Trust Indxx Global Natural Resources Income ETF 0.1 70 -4 7.6 -3.3
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 59 7.5 -3.4
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.1 50 16 10.2 -0.7
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.1 47 19 5.6 -5.3
DISV Dimensional International Small Cap Value ETF 0.1 42 24 8.6 -2.3
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.1 39 27 7.5 -3.4
AVDS Avantis International Small Cap Equity ETF 0.1 30 36 6.8 -4.1
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.0 39 27 4.2 -6.7
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 57 5.6 -5.3
SCZ iShares MSCI EAFE Small-Cap ETF 0.0 40 26 6.8 -4.1
RWO SPDR Dow Jones Global Real Estate ETF 0.0 50 16 6.9 -4.0
ISCF iShares International SmallCap Equity Factor ETF 0.0 23 43 7.9 -3.0
DFIS Dimensional International Small Cap ETF 0.0 39 27 6.9 -4.0
SCHC Schwab International Small-Cap Equity ETF 0.0 11 55 7.4 -3.5
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.0 32 34 8.4 -2.5
GINN Goldman Sachs Innovate Equity ETF 0.0 52 14 3.6 -7.3
DXIV Dimensional International Vector Equity ETF 0.0 34 32 7.4 -3.5
VYMI Vanguard International High Dividend Yield ETF 0.0 17 49 9.0 -1.9
VT Vanguard Total World Stock ETF 0.0 6 60 5.7 -5.2
AVDE Avantis International Equity ETF 0.0 23 43 7.0 -3.9
VEU Vanguard FTSE All-World ex-US Index Fund 0.0 4 62 7.6 -3.3
IWO iShares Russell 2000 Growth ETF 0.0 24 42 0.8 -10.1
VTWG Vanguard Russell 2000 Growth ETF 0.0 10 56 1.0 -9.9
RSSL Global X Russell 2000 ETF 0.0 8 58 4.1 -6.8
IPAC iShares Core MSCI Pacific ETF 0.0 9 57 6.1 -4.8
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 0.0 39 27 5.7 -5.2
IEFA iShares Core MSCI EAFE ETF 0.0 7 59 6.7 -4.2
IWM iShares Russell 2000 ETF 0.0 19 47 4.1 -6.8
VTWO Vanguard Russell 2000 ETF 0.0 7 59 4.2 -6.7
SCHE Schwab Emerging Markets Equity ETF 0.0 11 55 10.4 -0.4
VPL Vanguard FTSE Pacific ETF 0.0 7 59 6.3 -4.5
DFIC Dimensional International Core Equity 2 ETF 0.0 23 43 7.0 -3.9
PXH Invesco FTSE RAFI Emerging Markets ETF 0.0 49 17 14.7 +3.8
DFAI Dimensional International Core Equity Market ETF 0.0 18 48 6.7 -4.2
PKW Invesco Buyback Achievers ETF 0.0 62 4 8.1 -2.8
VEA Vanguard FTSE Developed Markets ETF 0.0 3 63 6.8 -4.1
VTHR Vanguard Russell 3000 ETF 0.0 7 59 4.8 -6.1

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 VanEck Brazil Small-Cap ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 10.6 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 66 bp
Equals: ALTAR Score 10.9 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.63 CATEGORY
AVERAGE		 1.54
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.