VanEck Brazil Small-Cap ETF
ALTAR
Score™		 12.9% info Recommen-
dation		 OVERWEIGHT
2025E    2026E
P/E
ratio		 7.6x P/Sales
ratio		 0.6x
P/BV
ratio		 0.9x Div.
yield		 3.2%


  • 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) $17
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 101
Wgt avg mkt cap (mns) $1,011
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
MODEC INC 3.7 %
INTER & CO INC 3.7 %
BRAVA ENERGIA 3.5 %
ALUPAR INVESTIMENTO SA-UNIT 3.4 %
CYRELA BRAZIL REALTY 3.3 %
AMBIPAR PARTICIPACOES E EMPREENDIM 3.1 %
SANTOS BRASIL PARTICIPACOES SA 3.0 %
AREZZO INDUSTRIA E COMERCIO 3.0 %
MARCOPOLO SA-PREF 2.6 %
ARCOS DORADOS HOLDINGS INC-A 2.5 %
Total 31.8 %

TOP COUNTRY EXPOSURE
BRAZIL 77.1 %
JAPAN 3.2 %
URUGUAY 2.1 %
AUSTRALIA 1.5 %
LUXEMBOURG 1.0 %
ISRAEL 0.8 %
BRITAIN 0.6 %
CHILE 0.4 %



HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru February 28)
Year-to-date 1 year 5 years 10 years Since Incep.
6.8% -28.4% -10.1% -1.2% -0.8%

Market Correlations
versus... Beta R-squared
S&P500 1.19 37%
MSCI EAFE 1.05 30%
MSCI Emg. Mkts. 0.74 15%

Technical Indicators
Recent close $12.99
30d moving avg. $12.46
Annualized volatility 33.4%
Short interest (ETF) 0.6%
Relative strength (RSI) 54

Liquidity measures
Avg. volume (thou.) 13
Turnover 1.0%
Bid/Ask (% of price) 0.59%
ADV underlying (mns) $378

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 107 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™: 12.9%


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 38.8 59 7 13.3 +0.4
FBZ First Trust Brazil AlphaDEX Fund 9.3 80 -14 13.4 +0.5
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 7.0 80 -14 13.6 +0.7
ARGT Global X MSCI Argentina ETF 3.8 59 7 4.2 -8.7
SDIV Global X Superdividend ETF 2.6 58 8 13.9 +1.0
CBSE Clough Select Equity ETF 2.3 85 -19 1.6 -11.3
BRAZ Global X Brazil Active ETF 2.3 75 -9 13.1 +0.1
EWX SPDR S&P Emerging Markets Small Cap ETF 2.0 65 1 8.1 -4.9
EYLD Cambria Emerging Shareholder Yield ETF 1.8 66 0 13.1 +0.2
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 1.8 58 8 10.1 -2.8
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.8 59 7 13.7 +0.8
FLBR Franklin FTSE Brazil ETF 1.7 19 47 15.3 +2.4
DVYE iShares Emerging Markets Dividend ETF 1.5 49 17 18.9 +6.0
CGW Invesco S&P Global Water Index ETF 1.5 57 9 4.8 -8.1
EEMS iShares MSCI Emerging Markets Small Cap ETF 1.4 70 -4 7.8 -5.1
EFRA iShares Environmental Infrastructure and Industrials ETF 1.2 47 19 4.4 -8.5
DEM WisdomTree Emerging Markets High Dividend Fund 1.2 63 3 13.6 +0.7
EMM Global X Emerging Markets ex-China ETF 1.1 75 -9 5.0 -7.9
WOOD iShares Global Timber & Forestry ETF 1.0 42 24 9.5 -3.4
FLLA Franklin FTSE Latin America ETF 1.0 19 47 13.5 +0.6
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 0.9 80 -14 11.8 -1.2
RNRG Global X Renewable Energy Producers ETF 0.9 66 0 6.1 -6.8
VIDI Vident International Equity Strategy ETF 0.8 61 5 12.0 -0.9
AVES Avantis Emerging Markets Value ETF 0.8 36 30 12.2 -0.7
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.8 44 22 11.0 -1.9
IZRL ARK Israel Innovative Technology ETF 0.8 49 17 1.4 -11.5
DEEP Roundhill Acquirers Deep Value ETF 0.8 80 -14 19.9 +7.0
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.7 7 59 7.0 -5.9
EMC Global X Emerging Markets Great Consumer ETF 0.6 75 -9 8.5 -4.5
IBUY Amplify Online Retail ETF 0.6 65 1 3.7 -9.3
HAIL SPDR S&P Kensho Smart Mobility ETF 0.6 45 21 2.0 -10.9
FAN First Trust Global Wind Energy ETF 0.6 60 6 5.3 -7.7
AVEM Avantis Emerging Markets Equity ETF 0.5 33 33 9.7 -3.3
IWTR iShares MSCI Water Management Multisector ETF 0.5 47 19 6.5 -6.5
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.5 41 25 9.4 -3.6
AQWA Global X Clean Water ETF 0.5 50 16 5.0 -7.9
XCNY SPDR S&P Emerging Markets ex-China ETF 0.4 15 51 0.0 -12.9
FTRI First Trust Indxx Global Natural Resources Income ETF 0.4 70 -4 8.6 -4.3
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.4 38 28 9.9 -3.0
AVDV Avantis International Small Cap Value ETF 0.4 36 30 10.9 -2.0
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.3 58 8 5.5 -7.4
DFAE Dimensional Emerging Core Equity Market ETF 0.3 35 31 10.2 -2.7
VWO Vanguard FTSE Emerging Markets ETF 0.3 8 58 10.9 -2.0
DFEV Dimensional Emerging Markets Value ETF 0.3 43 23 14.5 +1.6
GWX SPDR S&P International Small Cap ETF 0.3 40 26 6.7 -6.2
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.3 39 27 4.0 -8.9
CCNR ALPS CoreCommodity Natural Resources ETF 0.3 39 27 11.0 -1.9
IEMG iShares Core MSCI Emerging Markets ETF 0.2 9 57 10.9 -2.0
EIS iShares MSCI Israel ETF 0.2 58 8 8.6 -4.4
CUT Invesco MSCI Global Timber ETF 0.2 61 5 9.1 -3.8
EBIZ Global X E-Commerce ETF 0.2 50 16 4.3 -8.6
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 0.2 95 -29 13.1 +0.2
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.2 50 16 11.6 -1.3
ERTH Invesco MSCI Sustainable Future ETF 0.2 62 4 2.5 -10.4
VEGI iShares MSCI Agriculture Producers ETF 0.2 39 27 8.8 -4.2
DFJ WisdomTree Japan SmallCap Dividend Fund 0.2 58 8 8.3 -4.6
DXJS WisdomTree Japan Hedged SmallCap Equity Fund 0.2 58 8 7.7 -5.2
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 36 8.6 -4.3
SMLF iShares U.S. SmallCap Equity Factor ETF 0.2 15 51 6.0 -7.0
HAUZ DBX ETF Trust - Xtrackers International Real Estate ETF 0.2 10 56 7.5 -5.4
PICK iShares MSCI Global Metals & Mining Producers ETF 0.2 39 27 14.1 +1.2
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.2 47 19 5.7 -7.3
PXH Invesco FTSE RAFI Emerging Markets ETF 0.2 49 17 16.7 +3.8
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.2 33 33 10.6 -2.3
SPEM SPDR Portfolio Emerging Markets ETF 0.1 7 59 10.9 -2.0
XC WisdomTree Emerging Markets Ex-China Fund 0.1 32 34 5.5 -7.4
RNEM First Trust Emerging Markets Equity Select ETF 0.1 75 -9 1.0 -11.9
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 0.1 12 54 8.1 -4.8
SHPP Pacer Industrials and Logistics ETF 0.1 60 6 5.1 -7.8
VSGX Vanguard ESG International Stock ETF 0.1 12 54 8.2 -4.7
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.1 39 27 16.9 +4.0
SCJ iShares MSCI Japan Small-Cap ETF 0.1 50 16 6.8 -6.1
RWX SPDR Dow Jones International Real Estate ETF 0.1 59 7 5.9 -7.0
SCZ iShares MSCI EAFE Small-Cap ETF 0.1 40 26 7.4 -5.5
FILL iShares MSCI Global Energy Producers ETF 0.1 39 27 11.4 -1.5
SCHC Schwab International Small-Cap Equity ETF 0.1 11 55 7.1 -5.8
VXUS Vanguard Total International Stock ETF 0.1 7 59 8.3 -4.6
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.1 46 20 10.4 -2.5
DFIS Dimensional International Small Cap ETF 0.1 39 27 7.9 -5.1
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.1 39 27 8.3 -4.6
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.1 12 54 7.7 -5.2
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.1 49 17 7.3 -5.6
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 59 8.3 -4.6
DXJ WisdomTree Japan Hedged Equity Fund 0.1 48 18 8.4 -4.5
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.1 32 34 9.6 -3.3
DISV Dimensional International Small Cap Value ETF 0.1 42 24 9.7 -3.3
ISCF iShares International SmallCap Equity Factor ETF 0.1 23 43 8.6 -4.3
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 57 6.0 -6.9
FNDC Schwab Fundamental International Small Co. Index ETF 0.0 39 27 6.3 -6.6
GINN Goldman Sachs Innovate Equity ETF 0.0 52 14 4.4 -8.5
SCHE Schwab Emerging Markets Equity ETF 0.0 11 55 11.6 -1.4
RWO SPDR Dow Jones Global Real Estate ETF 0.0 50 16 2.9 -10.1
IPAC iShares Core MSCI Pacific ETF 0.0 9 57 7.1 -5.8
VT Vanguard Total World Stock ETF 0.0 7 59 6.4 -6.6
VPL Vanguard FTSE Pacific ETF 0.0 8 58 7.7 -5.3
VYMI Vanguard International High Dividend Yield ETF 0.0 22 44 10.0 -2.9
VEU Vanguard FTSE All-World ex-US Index Fund 0.0 8 58 8.5 -4.4
AVDE Avantis International Equity ETF 0.0 23 43 8.0 -4.9
DFSI Dimensional International Sustainability Core 1 ETF 0.0 24 42 6.6 -6.3
DFIC Dimensional International Core Equity 2 ETF 0.0 23 43 7.9 -5.0
IEFA iShares Core MSCI EAFE ETF 0.0 7 59 7.4 -5.6
DFAI Dimensional International Core Equity Market ETF 0.0 18 48 7.6 -5.4
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.0 15 51 8.6 -4.3
FNDA Schwab Fundamental US Small Co. Index ETF 0.0 25 41 6.6 -6.3
VEA Vanguard FTSE Developed Markets ETF 0.0 5 61 7.6 -5.4
IDEV iShares Core MSCI International Developed Markets ETF 0.0 4 62 7.4 -5.6
FNDB Schwab Fundamental US Broad Market Index ETF 0.0 25 41 7.6 -5.3

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 12.3 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 66 bp
Equals: ALTAR Score 12.9 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.52 CATEGORY
AVERAGE		 1.50
 
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.