BRF
VanEck Brazil Small-Cap ETF
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
Emerging Market
EQUITY
Rules-Based
MANAGEMENT STYLE
19.4 M
ASSETS UNDER MGMT
66 bp
EXPENSES
Fund Basics
| Fund sponsor | Van Eck Associates Corp |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | May 12, 2009 |
| Assets (mns) | $19 |
| Expense ratio | 66 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| MODEC INC | 3.9 % |
| BRAVA ENERGIA | 3.5 % |
| MARFRIG ALIMENTOS SA | 3.3 % |
| AREZZO INDUSTRIA E COMERCIO | 3.1 % |
| ALUPAR INVESTIMENTO SA-UNIT | 3.1 % |
| INTER & CO INC | 2.9 % |
| CYRELA BRAZIL REALTY | 2.8 % |
| SANTOS BRASIL PARTICIPACOES SA | 2.6 % |
| CIA DE SANEAMENTO DO PARANA SA - SANEPAR | 2.3 % |
| MARCOPOLO SA-PREF | 2.3 % |
Constituent Breakdown
| Number of holdings | 99 |
| Herfindahl-Hirschman Index | 170 |
| Wgt avg mkt cap (mns) | $1,029 |
| Large cap (>$10bn) | 11.0% |
| Mid cap ($2-10bn) | 74.2% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 6.6% |
| Emerging mkts. | 77.6% |
Country Exposure
 |
BRAZIL | 74.2 % |
 |
JAPAN | 3.9 % |
 |
URUGUAY | 1.7 % |
 |
AUSTRALIA | 1.6 % |
 |
LUXEMBOURG | 0.7 % |
 |
BRITAIN | 0.7 % |
 |
ISRAEL | 0.7 % |
Historical Performance
Standardized Performance (as of 05/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 31.2% | 0.0% | -4.4% | -7.1% | -1.0% | -1.3% | -- | -3.2% |
| Dividend Yield | 0.0% | 0.0% | 2.5% | 3.0% | 2.8% | 3.3% | -- | 3.7% |
| Total Returns | 31.2% | 0.0% | -1.9% | -4.2% | 1.8% | 1.9% | -- | 0.5% | Ann. Volatility | 29.4% | 29.8% | 28.5% | 31.5% | 33.2% | 34.5% | -- | 32.4% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.98 | 26% |
| MSCI EAFE | 0.89 | 23% |
| MSCI Emg Mkts | 0.70 | 14% |
Liquidity Measures
| Avg. volume (000) | 4 |
| ADV traded (mns) | $0 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.59% |
Technical Indicators
| Recent close | $14.89 |
| 30d moving avg. | $14.35 |
| Annualized volatility | 32.0% |
| Relative strength (RSI) | 64 |
| Short interest | 2.9% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| EWZS | iShares MSCI Brazil Small-Cap ETF | 41.3% | -7 bp | +11.2% |
| FEMS | First Trust Emerging Markets Small Cap AlphaDEX Fund | 14.0% | +14 bp | +14.7% |
| FBZ | First Trust Brazil AlphaDEX Fund | 10.1% | +14 bp | +12.0% |
Risk and Returns: vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 6/16/2025
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
11.1%
Cat. Avg
8.2%
ALTAR Score™ Calculation
Category Overview
There are 112 funds in the Emerging Equity category, with an average ALTAR Score™
of 8.2% and a standard deviation of
2.6%. 's ALTAR Score™ is approximately
1.1 standard deviations
above
the category average. This places in the 87th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
BRFSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based Emerging Market Equity ETFs |
| # of ETFs | 103 |
| Avg. Expense Ratio | 64.6 bp |
| Std. Deviation | 29 bp |
| (66 bp) Percentile rank | 52 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| 66.0 | 0.0 | 66 | |
| Peer Avg. | 48.3 | 42.7 | 91.0 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .