ETF Research Center

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)	$83
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)	$1,284
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	40.5%
Small cap (<$2bn)	55.1%
Developed mkts	4.1%
Emerging mkts	95.9%

TOP TEN HOLDINGS
Total	32.2 %
TERNA PARTICIPACOES S.A-UNIT	4.9 %
TOTVS SA	4.7 %
CYRELA BRAZIL REALTY	3.7 %
QUALICORP SA	3.3 %
FLEURY SA	3.0 %
CVC BRASIL OPERADORA E AGENCIA DE	2.7 %
MPX ENERGIA SA	2.7 %
EZ TEC EMPREENDIMENTOS E PAR	2.6 %
ALUPAR INVESTIMENTO SA-UNIT	2.4 %
METALURGICA GERDAU SA-PREF	2.3 %

TOP COUNTRY EXPOSURE
	BRAZIL	71.0 %
	JAPAN	1.0 %
	CHILE	0.9 %
	UNITED STATES	0.7 %
	LUXEMBOURG	0.7 %
	ISRAEL	0.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
21.6%	22.0%	2.7%	-0.5%	3.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.18	1%
MSCI EAFE	0.72	8%
MSCI Emg. Mkts.	0.90	21%

Technical Indicators
Recent close	$23.50
30d moving avg.	$23.84
Annualized volatility	27.7%
Short interest (ETF)	0.4%
Relative strength (RSI)	53

Liquidity measures
Avg. volume (thou.)	28
Turnover	0.8%
Bid/Ask (% of price)	0.56%
ADV underlying (mns)	$377

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™:

8.6%

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	54.1	59	1	5.4	-3.2
FEMS	First Trust Emerging Markets Small Cap	6.8	80	-20	10.6	+2.0
FBZ	First Trust Brazil AlphaDEX	6.8	80	-20	8.0	-0.6
EYLD	Cambria Emerging Shareholder Yield	5.8	66	-6	10.9	+2.3
EEMS	iShares MSCI Emerging Market Small Cap	5.2	67	-7	6.5	-2.1
DGS	WisdomTree Emg. Mkts. Small Cap Dividend	4.0	63	-3	12.3	+3.7
EWX	SPDR S&P Emerging Markets Small Cap	3.2	65	-5	7.9	-0.7
KMED	KraneShares Emerging Markets Healthcare Index	2.6	79	-19	3.8	-4.8
DVYE	iShares Emerging Markets Dividend	2.4	49	11	13.8	+5.2
PIE	Invesco DWA Emg. Mkts. Technical Leaders	1.8	90	-30	5.1	-3.5
FLBR	Franklin FTSE Brazil	1.7	19	41	5.7	-2.9
TLTE	FlexShares Mngstr Emerging Markets Factor Tilt	1.6	59	1	10.6	+2.0
RNEM	First Trust Emerging Markets Equity Select	1.6	75	-15	9.7	+1.1
SDIV	Global X Superdividend	1.6	58	2	11.2	+2.6
CEZ	Victory CEMP Emerging Market Volatility Weighted	1.5	50	10	9.2	+0.6
RFEM	First Trust Riverfront Dynamic Emerging Markets	1.5	95	-35	10.8	+2.2
QLVE	FlexShares Emerging Markets Quality Low Volatility	1.5	40	20	8.4	-0.2
WOOD	iShares S&P Global Timber	1.3	46	14	6.8	-1.8
KEMQ	KraneShares EM Consumer Focus	1.2	80	-20	9.0	+0.4
FLLA	Franklin FTSE Latin America	1.1	19	41	6.3	-2.3

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

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
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:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	9.5	%
Divided by: Fwd. P/BV	1.0	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	8.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	CATEGORY AVERAGE	1.49

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.