VanEck Vectors Brazil Small Cap
ALTAR
Score™
6.8% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
22.4x P/Sales
ratio
1.2x
P/BV
ratio
1.3x Div.
yield
2.6%


  • 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 14, 2009
Assets (mns) $99
Currency USD
Expense ratio 60 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 66
Wgt avg mkt cap (mns) $1,526
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 53.6%
Small cap (<$2bn) 42.3%
Developed mkts 3.8%
Emerging mkts 96.2%

TOP TEN HOLDINGS
TERNA PARTICIPACOES S.A-UNIT 4.4 %
TOTVS SA 4.3 %
CYRELA BRAZIL REALTY 3.8 %
EZ TEC EMPREENDIMENTOS E PAR 3.6 %
QUALICORP SA 3.5 %
FLEURY SA 2.8 %
SONAE SIERRA BRASIL SA 2.8 %
METALURGICA GERDAU SA-PREF 2.8 %
MPX ENERGIA SA 2.6 %
ALUPAR INVESTIMENTO SA-UNIT 2.3 %
Total 33.1 %

TOP COUNTRY EXPOSURE
BRAZIL 72.0 %
JAPAN 0.8 %
LUXEMBOURG 0.7 %
UNITED STATES 0.7 %
CHILE 0.6 %
ISRAEL 0.6 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
40.5% 40.5% 9.2% -1.0% 4.8%

Market Correlations
versus... Beta R-squared
S&P500 0.31 2%
MSCI EAFE 0.71 8%
MSCI Emg. Mkts. 0.91 23%

Technical Indicators
Recent close $27.79
30d moving avg. $26.89
Annualized volatility 27.8%
Short interest (ETF) 0.4%
Relative strength (RSI) 73

Liquidity measures
Avg. volume (thou.) 32
Turnover 0.9%
Bid/Ask (% of price) 0.53%
ADV underlying (mns) $481

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the VanEck Vectors Brazil Small Cap 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: 60 bp ALTAR Score™: 6.8%


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 52.4 59 1 3.9 -3.0
FBZ First Trust Brazil AlphaDEX 9.9 80 -20 6.8 -0.0
FEMS First Trust Emerging Markets Small Cap 7.6 80 -20 9.5 +2.7
EYLD Cambria Emerging Shareholder Yield 6.5 66 -6 10.4 +3.6
EEMS iShares MSCI Emerging Market Small Cap 6.0 67 -7 6.5 -0.4
DGS WisdomTree Emg. Mkts. Small Cap Dividend 4.5 63 -3 11.5 +4.7
EWX SPDR S&P Emerging Markets Small Cap 3.7 65 -5 7.4 +0.5
DWCR Arrow DWA Country Rotation 3.3 134 -74 3.6 -3.2
DVYE iShares Emerging Markets Dividend 2.7 49 11 12.4 +5.6
PIE Invesco DWA Emg. Mkts. Technical Leaders 2.7 90 -30 4.7 -2.1
KMED KraneShares Emerging Markets Healthcare Index 2.6 79 -19 3.0 -3.8
RFEM First Trust Riverfront Dynamic Emerging Markets 2.2 95 -35 9.7 +2.8
FLBR Franklin FTSE Brazil 1.8 19 41 5.2 -1.6
RNEM First Trust Emerging Markets Equity Select 1.8 75 -15 9.5 +2.6
CEZ Victory CEMP Emerging Market Volatility Weighted 1.7 50 10 8.8 +1.9
SDIV Global X Superdividend 1.7 58 2 10.9 +4.1
WOOD iShares S&P Global Timber 1.6 46 14 6.5 -0.4
KEMQ KraneShares EM Consumer Focus 1.3 80 -20 8.5 +1.7
TLTE FlexShares Mngstr Emerging Markets Factor Tilt 1.3 59 1 12.3 +5.4
AVEM Avantis Emerging Markets Equity 1.3 33 27 7.9 +1.0

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

  2014 2015 2016 2017 2018 2019E 2020E
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
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

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

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.6 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 60 bp
Equals: ALTAR Score 6.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.54 CATEGORY
AVERAGE
1.48
 
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.