VanEck Vectors Brazil Small Cap
ALTAR
Score™
8.6% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
19.1x P/Sales
ratio
0.9x
P/BV
ratio
1.1x Div.
yield
3.4%


  • 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) $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
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 %
Total 32.2 %

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 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:

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 %
info 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.
 

 

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.