VanEck Brazil Small-Cap ETF
ALTAR
Score™		 7.8% info Recommen-
dation		 NEUTRAL
2024E    2025E
P/E
ratio		 8.2x P/Sales
ratio		 0.0x
P/BV
ratio		 1.3x Div.
yield		 3.5%


  • 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) $25
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 97
Wgt avg mkt cap (mns) $911
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 8.2%
Small cap (<$2bn) 84.3%
Developed mkts 9.7%
Emerging mkts 90.4%

TOP TEN HOLDINGS
ERO COPPER CORP 14.7 %
CYRELA BRAZIL REALTY 3.1 %
ALUPAR INVESTIMENTO SA-UNIT 3.1 %
KAROON GAS AUSTRALIA LTD 3.0 %
SANTOS BRASIL PARTICIPACOES SA 2.9 %
3R PETROLEUM OLEO E GAS SA 2.9 %
ARCOS DORADOS HOLDINGS INC-A 2.8 %
MARCOPOLO SA-PREF 2.6 %
IGUATEMI SA UNITS CONS OF 1 SH + 2 2.5 %
FLEURY SA 2.2 %
Total 39.8 %

TOP COUNTRY EXPOSURE
BRAZIL 73.3 %
AUSTRALIA 3.0 %
URUGUAY 2.8 %
LUXEMBOURG 1.4 %
UNITED STATES 1.2 %
JAPAN 1.0 %
BRITAIN 0.8 %
CHILE 0.5 %
ISRAEL 0.4 %


HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-6.8% 28.5% -2.0% -2.1% 0.8%

Market Correlations
versus... Beta R-squared
S&P500 1.00 28%
MSCI EAFE 0.90 20%
MSCI Emg. Mkts. 0.75 15%

Technical Indicators
Recent close $15.13
30d moving avg. $16.90
Annualized volatility 33.9%
Short interest (ETF) 0.5%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 4
Turnover 0.2%
Bid/Ask (% of price) 0.59%
ADV underlying (mns) $543

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 164 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™: 7.8%


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 ETF 50.1 59 7 8.1 +0.3
BRAZ Global X Brazil Active ETF 7.8 75 -9 10.1 +2.3
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 6.5 80 -14 14.3 +6.5
ARGT Global X MSCI Argentina ETF 4.3 59 7 7.2 -0.6
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 3.2 58 8 10.1 +2.3
EMM Global X Emerging Markets ex-China ETF 2.9 75 -9 3.7 -4.1
EWX SPDR S&P Emerging Markets Small Cap ETF 2.9 65 1 7.7 -0.1
EATZ AdvisorShares Restaurant ETF 2.8 101 -35 2.7 -5.2
KCAL Subversive Food Security ETF 2.8 75 -9 0.0 -7.8
EEMS iShares MSCI Emerging Markets Small Cap ETF 2.4 70 -4 7.3 -0.5
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 2.3 59 7 9.6 +1.8
EDIV SPDR S&P Emerging Markets Dividend ETF 1.6 49 17 11.0 +3.2
EMC Global X Emerging Markets Great Consumer ETF 1.5 75 -9 4.9 -2.9
PBJ Invesco Food & Beverage ETF 1.4 57 9 5.4 -2.4
SDIV Global X Superdividend ETF 1.3 58 8 17.7 +9.9
DVYE iShares Emerging Markets Dividend ETF 1.2 49 17 16.6 +8.8
XSD SPDR S&P Semiconductor ETF 1.2 35 31 5.4 -2.5
IWTR iShares MSCI Water Management Multisector ETF 1.2 47 19 4.8 -3.0
CGV Conductor Global Equity Value ETF 1.0 130 -64 11.2 +3.4
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 1.0 7 59 6.5 -1.3
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.9 41 25 7.9 +0.1
RNRG Global X Renewable Energy Producers ETF 0.8 66 0 4.8 -3.0
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 0.8 80 -14 10.9 +3.1
IBUY Amplify Online Retail ETF 0.8 65 1 1.8 -6.1
EYLD Cambria Emerging Shareholder Yield ETF 0.8 66 0 12.2 +4.4
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF 0.8 86 -20 1.9 -5.9
FAN First Trust Global Wind Energy ETF 0.8 60 6 5.5 -2.3
VIDI Vident International Equity Strategy ETF 0.8 61 5 11.9 +4.1
UEVM VictoryShares Emerging Markets Value Momentum ETF 0.8 45 21 12.8 +5.0
EFRA iShares Environmental Infrastructure and Industrials ETF 0.7 47 19 5.2 -2.6
AVEM Avantis Emerging Markets Equity ETF 0.7 33 33 9.2 +1.4
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.7 38 28 8.3 +0.5
FLBR Franklin FTSE Brazil ETF 0.7 19 47 12.3 +4.5
PSCT Invesco S&P SmallCap Information Technology ETF 0.7 29 37 6.5 -1.4
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 0.6 90 -24 6.9 -0.9
AVES Avantis Emerging Markets Value ETF 0.6 36 30 12.2 +4.4
DEM WisdomTree Emerging Markets High Dividend Fund 0.6 63 3 12.9 +5.1
DFAE Dimensional Emerging Core Equity Market ETF 0.5 35 31 7.8 -0.1
DFEV Dimensional Emerging Markets Value ETF 0.5 43 23 11.0 +3.2
CALF Pacer US Small Cap Cash Cows 100 ETF 0.5 59 7 10.9 +3.1
SSLY Syntax Stratified SmallCap ETF 0.5 40 26 7.4 -0.5
QQQS Invesco NASDAQ Future Gen 200 ETF 0.5 20 46 -7.7 -15.5
AQWA Global X Clean Water ETF 0.4 50 16 4.3 -3.5
FLLA Franklin FTSE Latin America ETF 0.4 19 47 11.5 +3.7
WOOD iShares Global Timber & Forestry ETF 0.4 42 24 9.6 +1.8
IEMG iShares Core MSCI Emerging Markets ETF 0.4 9 57 7.6 -0.2
VWO Vanguard FTSE Emerging Markets ETF 0.4 8 58 7.6 -0.2
EBIZ Global X E-Commerce ETF 0.4 50 16 1.1 -6.7
IZRL ARK Israel Innovative Technology ETF 0.4 49 17 1.4 -6.4
HAIL SPDR S&P Kensho Smart Mobility ETF 0.4 45 21 -2.0 -9.8
DEEP Roundhill Acquirers Deep Value ETF 0.4 80 -14 15.1 +7.3
JETS U.S. Global Jets ETF 0.4 60 6 -15.3 -23.1
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 0.4 95 -29 11.5 +3.7
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 0.3 39 27 4.5 -3.3
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.3 58 8 4.6 -3.2
RAYD Rayliant Quantitative Developed Market Equity ETF 0.3 80 -14 4.5 -3.3
CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF 0.3 59 7 8.4 +0.6
CUT Invesco MSCI Global Timber ETF 0.3 61 5 8.5 +0.7
ERTH Invesco MSCI Sustainable Future ETF 0.3 62 4 3.7 -4.1
RWX SPDR Dow Jones International Real Estate ETF 0.3 59 7 7.0 -0.8
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.3 50 16 10.6 +2.8
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.3 30 36 7.8 -0.1
AVDV Avantis International Small Cap Value ETF 0.3 36 30 7.9 +0.1
HAUZ DBX ETF Trust - Xtrackers International Real Estate ETF 0.3 10 56 8.0 +0.2
ISMD Inspire Small/Mid Cap ETF 0.2 54 12 6.0 -1.8
CSML IndexIQ ETF Trust IQ U.S. Small Cap ETF 0.2 35 31 5.4 -2.4
IWC iShares Micro-Cap ETF 0.2 60 6 -4.3 -12.1
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 0.2 86 -20 2.0 -5.8
GWX SPDR S&P International Small Cap ETF 0.2 40 26 6.5 -1.3
SMLF iShares U.S. SmallCap Equity Factor ETF 0.2 15 51 5.8 -2.0
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.2 46 20 8.9 +1.1
IDGT iShares U.S. Digital Infrastructure and Real Estate ETF 0.2 41 25 8.8 +1.0
EIS iShares MSCI Israel ETF 0.2 58 8 9.3 +1.5
SPEM SPDR Portfolio Emerging Markets ETF 0.2 7 59 7.5 -0.3
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.2 12 54 8.6 +0.8
FTRI First Trust Indxx Global Natural Resources Income ETF 0.2 70 -4 10.7 +2.9
HLGE Hartford Longevity Economy ETF 0.2 44 22 6.6 -1.2
VIOV Vanguard S&P Small-Cap 600 Value ETF 0.2 15 51 8.5 +0.7
VSGX Vanguard ESG International Stock ETF 0.1 12 54 6.8 -1.0
AVSC Avantis U.S Small Cap Equity ETF 0.1 25 41 5.4 -2.5
VEGI iShares MSCI Agriculture Producers ETF 0.1 39 27 9.1 +1.3
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.1 33 33 7.2 -0.6
JMEE JPMorgan Market Expansion Enhanced Equity ETF 0.1 24 42 7.8 -0.1
FILL iShares MSCI Global Energy Producers ETF 0.1 39 27 9.1 +1.3
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 0.1 39 27 8.8 +1.0
XC WisdomTree Emerging Markets Ex-China Fund 0.1 32 34 6.2 -1.6
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 0.1 12 54 7.3 -0.5
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.1 47 19 5.9 -1.9
IXUS iShares Core MSCI Total International Stock ETF 0.1 7 59 6.9 -0.9
PXH Invesco FTSE RAFI Emerging Markets ETF 0.1 49 17 12.5 +4.7
VXUS Vanguard Total International Stock ETF 0.1 7 59 7.1 -0.7
IJS iShares S&P Small-Cap 600 Value ETF 0.1 18 48 9.2 +1.4
SLYV SPDR S&P 600 Small Cap Value ETF 0.1 15 51 9.2 +1.4
FNDA Schwab Fundamental US Small Co. Index ETF 0.1 25 41 6.8 -1.1
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.1 32 34 6.3 -1.5
XJR iShares ESG Screened S&P Small-Cap ETF 0.1 12 54 7.6 -0.2
DFIS Dimensional International Small Cap ETF 0.1 39 27 6.7 -1.2
ISCF iShares International SmallCap Equity Factor ETF 0.1 23 43 8.7 +0.9
BKSE BNY Mellon US Small Cap Core Equity ETF 0.1 4 62 5.7 -2.1
RWJ Invesco S&P SmallCap 600 Revenue ETF 0.1 39 27 9.3 +1.5
SPSM SPDR Portfolio S&P 600 Small Cap ETF 0.1 3 63 8.1 +0.3
IJR iShares Core S&P Small Cap ETF 0.1 6 60 8.1 +0.3
VIOO Vanguard S&P Small-Cap 600 ETF 0.1 10 56 7.7 -0.1
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 0.1 20 46 6.7 -1.1
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF 0.1 15 51 8.1 +0.3
RWO SPDR Dow Jones Global Real Estate ETF 0.1 50 16 6.9 -0.9
SCZ iShares MSCI EAFE Small-Cap ETF 0.1 40 26 0.0 -7.8
SCHC Schwab International Small-Cap Equity ETF 0.1 11 55 6.4 -1.4
FPXE First Trust IPOX Europe Equity Opportunities ETF 0.1 70 -4 4.5 -3.3
SLYG SPDR S&P 600 Small Cap Growth ETF 0.1 15 51 7.0 -0.8
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.1 39 27 7.3 -0.6
IJT iShares S&P Small-Cap 600 Growth ETF 0.1 18 48 7.0 -0.8
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 57 5.7 -2.1
FNDC Schwab Fundamental International Small Co. Index ETF 0.1 39 27 6.8 -1.0
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.1 44 22 10.3 +2.5
AVUV Avantis U.S. Small Cap Value ETF 0.1 25 41 10.0 +2.2
XCEM Columbia EM Core ex-China ETF 0.1 16 50 7.4 -0.4
SCJ iShares MSCI Japan Small-Cap ETF 0.1 50 16 6.3 -1.5
IWN iShares Russell 2000 Value ETF 0.1 24 42 5.5 -2.3
VTWV Vanguard Russell 2000 Value ETF 0.1 15 51 5.7 -2.1
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.1 49 17 6.6 -1.2
PICK iShares MSCI Global Metals & Mining Producers ETF 0.0 39 27 11.1 +3.3
ISCV iShares Morningstar Small Cap Value ETF 0.0 6 60 8.1 +0.3
ESML iShares ESG Aware MSCI USA Small-Cap ETF 0.0 17 49 5.4 -2.4
VT Vanguard Total World Stock ETF 0.0 7 59 5.8 -2.0
AVDE Avantis International Equity ETF 0.0 23 43 7.8 0.0
IWM iShares Russell 2000 ETF 0.0 19 47 3.6 -4.3
VTWO Vanguard Russell 2000 ETF 0.0 10 56 3.8 -4.0
FTEC Fidelity MSCI Information Technology Index ETF 0.0 8 58 4.8 -3.0
DFIC Dimensional International Core Equity 2 ETF 0.0 23 43 7.4 -0.4
VGT Vanguard Information Technology ETF 0.0 10 56 4.7 -3.1
SCHA Schwab U.S. Small-Cap ETF 0.0 4 62 4.8 -3.0
IPAC iShares Core MSCI Pacific ETF 0.0 9 57 6.6 -1.2
DFAS Dimensional U.S. Small Cap ETF 0.0 26 40 6.0 -1.9
ISCB iShares Morningstar Small-Cap ETF 0.0 4 62 5.3 -2.5
VFMO Vanguard U.S. Momentum Factor ETF 0.0 13 53 2.7 -5.1
IWO iShares Russell 2000 Growth ETF 0.0 24 42 1.4 -6.4
VTWG Vanguard Russell 2000 Growth ETF 0.0 15 51 1.7 -6.1
SCHE Schwab Emerging Markets Equity ETF 0.0 11 55 7.6 -0.2
VPL Vanguard FTSE Pacific ETF 0.0 8 58 6.9 -0.9
IEFA iShares Core MSCI EAFE ETF 0.0 7 59 2.7 -5.1
VXF Vanguard Extended Market ETF 0.0 6 60 3.9 -3.9
DFAI Dimensional International Core Equity Market ETF 0.0 18 48 6.8 -1.0
AVUS Avantis U.S. Equity ETF 0.0 15 51 6.0 -1.8
VEU Vanguard FTSE All-World ex-US Index Fund 0.0 8 58 7.2 -0.7
TILT FlexShares Morningstar US Market Factor Tilt Index Fund 0.0 25 41 5.6 -2.2
DFSI Dimensional International Sustainability Core 1 ETF 0.0 24 42 6.2 -1.6
ONEQ Fidelity Nasdaq Composite Index ETF 0.0 21 45 3.9 -3.9
DFAT Dimensional U.S. Targeted Value ETF 0.0 28 38 8.2 +0.4
FNDB Schwab Fundamental US Broad Market Index ETF 0.0 25 41 7.0 -0.8
VEA Vanguard FTSE Developed Markets ETF 0.0 5 61 6.9 -0.9
VLU SPDR S&P 1500 Value Tilt ETF 0.0 12 54 7.1 -0.7
DFAC Dimensional U.S. Core Equity 2 ETF 0.0 17 49 5.6 -2.2
VYMI Vanguard International High Dividend Yield ETF 0.0 22 44 9.7 +1.9
VTHR Vanguard Russell 3000 ETF 0.0 10 56 5.1 -2.7
ITOT iShares Core S&P Total U.S. Stock Market ETF 0.0 3 63 5.1 -2.7
VTI Vanguard Total Stock Market ETF 0.0 3 63 5.1 -2.7
DFAU Dimensional US Core Equity Market ETF 0.0 12 54 5.3 -2.5
DFUS Dimensional U.S. Equity ETF 0.0 9 57 5.1 -2.7
SCHB Schwab U.S. Broad Market ETF 0.0 3 63 5.2 -2.6
IWV iShares Russell 3000 ETF 0.0 20 46 5.0 -2.8
MMTM SPDR S&P 1500 Momentum Tilt ETF 0.0 12 54 4.5 -3.4
SPTM SPDR Portfolio S&P 1500 Composite Stock Market ETF 0.0 3 63 5.4 -2.4
APIE ActivePassive International Equity ETF 0.0 45 21 7.7 -0.1

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

  2019 2020 2021 2022 2023 2024E 2025E
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
  2023 2024E 2025E
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:

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 10.3 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 66 bp
Equals: ALTAR Score 7.8 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.36 CATEGORY
AVERAGE		 1.39
 
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.