VanEck Brazil Small-Cap ETF
ALTAR
Score™		 10.9% info Recommen-
dation		 OVERWEIGHT
2025E    2026E
P/E
ratio		 9.1x P/Sales
ratio		 0.6x
P/BV
ratio		 1.1x Div.
yield		 2.5%


  • 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) $20
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 99
Wgt avg mkt cap (mns) $1,029
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 4.2 %
CYRELA BRAZIL REALTY 3.3 %
ALUPAR INVESTIMENTO SA-UNIT 3.1 %
INTER & CO INC 3.1 %
BRAVA ENERGIA 3.0 %
AREZZO INDUSTRIA E COMERCIO 3.0 %
ERO COPPER CORP 3.0 %
SANTOS BRASIL PARTICIPACOES SA 2.7 %
MARFRIG ALIMENTOS SA 2.5 %
MARCOPOLO SA-PREF 2.5 %
Total 30.2 %

TOP COUNTRY EXPOSURE
BRAZIL 72.5 %
JAPAN 4.2 %
URUGUAY 1.6 %
AUSTRALIA 1.6 %
ISRAEL 1.1 %
BRITAIN 0.9 %
LUXEMBOURG 0.6 %
CHILE 0.4 %



HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
40.0% 12.0% 1.2% 2.6% 0.9%

Market Correlations
versus... Beta R-squared
S&P500 0.79 19%
MSCI EAFE 0.69 15%
MSCI Emg. Mkts. 0.54 10%

Technical Indicators
Recent close $15.40
30d moving avg. $14.88
Annualized volatility 29.3%
Short interest (ETF) 0.3%
Relative strength (RSI) 64

Liquidity measures
Avg. volume (thou.) 3
Turnover 0.2%
Bid/Ask (% of price) 0.59%
ADV underlying (mns) $378

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 117 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 40.9 59 7 10.5 -0.4
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 13.8 80 -14 14.3 +3.4
FBZ First Trust Brazil AlphaDEX Fund 8.9 80 -14 11.7 +0.9
AVEE Avantis Emerging Markets Small Cap Equity ETF 4.3 42 24 9.8 -1.1
SDIV Global X Superdividend ETF 3.8 58 8 40.7 +29.8
BRAZ Global X Brazil Active ETF 3.4 75 -9 12.3 +1.4
EYLD Cambria Emerging Shareholder Yield ETF 3.1 66 0 12.2 +1.3
EWX SPDR S&P Emerging Markets Small Cap ETF 2.4 65 1 8.1 -2.8
ARGT Global X MSCI Argentina ETF 2.3 59 7 4.3 -6.6
FLBR Franklin FTSE Brazil ETF 2.2 19 47 14.7 +3.8
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 2.0 58 8 9.6 -1.2
DVYE iShares Emerging Markets Dividend ETF 2.0 49 17 18.6 +7.8
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.9 59 7 11.7 +0.8
CGW Invesco S&P Global Water Index ETF 1.8 57 9 4.6 -6.3
CBSE Clough Select Equity ETF 1.6 85 -19 1.0 -9.9
EEMS iShares MSCI Emerging Markets Small Cap ETF 1.6 70 -4 7.7 -3.2
EFRA iShares Environmental Infrastructure and Industrials ETF 1.4 47 19 5.2 -5.7
FLLA Franklin FTSE Latin America ETF 1.3 19 47 13.2 +2.3
RNRG Global X Renewable Energy Producers ETF 1.3 66 0 5.5 -5.4
DEM WisdomTree Emerging Markets High Dividend Fund 1.2 63 3 13.1 +2.2
IZRL ARK Israel Innovative Technology ETF 1.1 49 17 2.1 -8.8
IWTR iShares MSCI Water Management Multisector ETF 1.1 47 19 5.6 -5.3
DEXC Dimensional Emerging Markets ex China Core EquityETF 1.1 53 13 7.6 -3.3
VIDI Vident International Equity Strategy ETF 1.1 61 5 11.3 +0.4
DEEP Roundhill Acquirers Deep Value ETF 1.0 80 -14 17.4 +6.5
HAIL SPDR S&P Kensho Smart Mobility ETF 1.0 45 21 1.0 -9.9
AVXC Avantis Emerging Markets Ex-China Equity ETF 1.0 33 33 8.6 -2.3
FAN First Trust Global Wind Energy ETF 1.0 60 6 4.4 -6.5
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 1.0 44 22 10.8 -0.0
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 0.9 80 -14 11.2 +0.3
WOOD iShares Global Timber & Forestry ETF 0.9 42 24 11.8 +1.0
AVES Avantis Emerging Markets Value ETF 0.9 36 30 11.5 +0.6
EMC Global X Emerging Markets Great Consumer ETF 0.9 75 -9 8.8 -2.1
IBUY Amplify Online Retail ETF 0.8 65 1 1.2 -9.7
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.7 8 58 6.8 -4.1
AVSE Avantis Responsible Emerging Markets Equity ETF 0.7 33 33 8.6 -2.3
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.7 41 25 8.8 -2.1
PBJ Invesco Food & Beverage ETF 0.6 57 9 5.0 -5.9
AVEM Avantis Emerging Markets Equity ETF 0.6 33 33 9.1 -1.8
CCNR ALPS CoreCommodity Natural Resources ETF 0.6 39 27 11.3 +0.5
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.6 38 28 9.4 -1.5
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 0.6 12 54 7.4 -3.5
ITEQ BlueStar Israel Technology ETF 0.6 75 -9 1.8 -9.1
XCNY SPDR S&P Emerging Markets ex-China ETF 0.5 15 51 7.6 -3.3
AQWA Global X Clean Water ETF 0.5 50 16 4.9 -6.0
DFEV Dimensional Emerging Markets Value ETF 0.4 43 23 13.2 +2.3
DFAE Dimensional Emerging Core Equity Market ETF 0.4 35 31 9.4 -1.5
AVDV Avantis International Small Cap Value ETF 0.4 36 30 10.1 -0.8
VWO Vanguard FTSE Emerging Markets ETF 0.3 7 59 10.5 -0.4
GWX SPDR S&P International Small Cap ETF 0.3 40 26 6.2 -4.7
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.3 58 8 4.7 -6.2
FTAG First Trust Indxx Global Agriculture ETF 0.3 70 -4 8.2 -2.7
ICLN iShares Global Clean Energy ETF 0.3 41 25 5.6 -5.3
EBIZ Global X E-Commerce ETF 0.3 50 16 4.1 -6.8
IEMG iShares Core MSCI Emerging Markets ETF 0.3 9 57 10.4 -0.4
VEGI iShares MSCI Agriculture Producers ETF 0.3 39 27 8.4 -2.4
CUT Invesco MSCI Global Timber ETF 0.3 61 5 10.0 -0.9
ERTH Invesco MSCI Sustainable Future ETF 0.2 62 4 3.5 -7.3
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 0.2 95 -29 12.7 +1.9
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.2 50 16 11.4 +0.5
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 36 8.1 -2.8
EIS iShares MSCI Israel ETF 0.2 58 8 7.4 -3.5
DFJ WisdomTree Japan SmallCap Dividend Fund 0.2 58 8 8.0 -2.9
DXJS WisdomTree Japan Hedged SmallCap Equity Fund 0.2 58 8 8.0 -2.8
AVDS Avantis International Small Cap Equity ETF 0.2 30 36 7.5 -3.3
HAUZ DBX ETF Trust - Xtrackers International Real Estate ETF 0.2 10 56 8.1 -2.8
SPEM SPDR Portfolio Emerging Markets ETF 0.2 7 59 10.6 -0.3
SCJ iShares MSCI Japan Small-Cap ETF 0.2 50 16 6.8 -4.1
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.2 33 33 10.0 -0.9
XC WisdomTree Emerging Markets Ex-China Fund 0.1 32 34 6.0 -4.9
PICK iShares MSCI Global Metals & Mining Producers ETF 0.1 39 27 13.6 +2.7
SHPP Pacer Industrials and Logistics ETF 0.1 60 6 8.4 -2.5
RWX SPDR Dow Jones International Real Estate ETF 0.1 59 7 7.0 -3.9
VSGX Vanguard ESG International Stock ETF 0.1 10 56 7.9 -3.0
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.1 39 27 6.6 -4.3
SMLF iShares U.S. SmallCap Equity Factor ETF 0.1 15 51 6.3 -4.6
SCHC Schwab International Small-Cap Equity ETF 0.1 11 55 6.8 -4.1
SCZ iShares MSCI EAFE Small-Cap ETF 0.1 40 26 7.0 -3.9
PXH Invesco FTSE RAFI Emerging Markets ETF 0.1 49 17 15.9 +5.0
VXUS Vanguard Total International Stock ETF 0.1 5 61 8.0 -2.9
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.1 39 27 16.1 +5.2
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.1 47 19 5.8 -5.1
FILL iShares MSCI Global Energy Producers ETF 0.1 39 27 11.9 +1.1
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.1 12 54 7.9 -3.0
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.1 46 20 10.2 -0.7
ISCF iShares International SmallCap Equity Factor ETF 0.1 23 43 8.3 -2.5
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.1 39 27 8.2 -2.7
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 59 8.0 -2.9
TDIV First Trust NASDAQ Technology Dividend Index Fund 0.1 50 16 5.3 -5.6
DISV Dimensional International Small Cap Value ETF 0.1 42 24 9.5 -1.4
FTRI First Trust Indxx Global Natural Resources Income ETF 0.1 70 -4 8.1 -2.8
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.1 49 17 6.9 -4.0
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.1 15 51 8.1 -2.8
DXJ WisdomTree Japan Hedged Equity Fund 0.1 48 18 8.1 -2.8
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.1 32 34 9.2 -1.7
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 57 5.8 -5.0
JSTC Adasina Social Justice All Cap Global ETF 0.1 89 -23 4.8 -6.1
DFIS Dimensional International Small Cap ETF 0.0 39 27 7.4 -3.5
VYMI Vanguard International High Dividend Yield ETF 0.0 17 49 9.8 -1.1
FNDC Schwab Fundamental International Small Co. Index ETF 0.0 39 27 5.8 -5.1
GINN Goldman Sachs Innovate Equity ETF 0.0 52 14 3.7 -7.2
IPAC iShares Core MSCI Pacific ETF 0.0 9 57 6.7 -4.2
SCHE Schwab Emerging Markets Equity ETF 0.0 11 55 11.1 +0.2
RWO SPDR Dow Jones Global Real Estate ETF 0.0 50 16 7.1 -3.8
VPL Vanguard FTSE Pacific ETF 0.0 7 59 7.1 -3.8
VT Vanguard Total World Stock ETF 0.0 6 60 6.0 -4.9
VEU Vanguard FTSE All-World ex-US Index Fund 0.0 4 62 8.2 -2.7
DFSI Dimensional International Sustainability Core 1 ETF 0.0 24 42 6.4 -4.5
DFIC Dimensional International Core Equity 2 ETF 0.0 23 43 7.6 -3.3
AVDE Avantis International Equity ETF 0.0 23 43 7.6 -3.3
IEFA iShares Core MSCI EAFE ETF 0.0 7 59 7.2 -3.7
RSSL Global X Russell 2000 ETF 0.0 8 58 4.5 -6.4
DXIV Dimensional International Vector Equity ETF 0.0 34 32 8.0 -2.9
DFAI Dimensional International Core Equity Market ETF 0.0 18 48 7.2 -3.6
VEA Vanguard FTSE Developed Markets ETF 0.0 3 63 7.3 -3.6
IDEV iShares Core MSCI International Developed Markets ETF 0.0 4 62 7.2 -3.7
DEHP Dimensional Emerging Markets High Profitability ETF 0.0 41 25 6.8 -4.1

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 11.8 %
Divided by: Fwd. P/BV 1.0 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		 1.60 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.