ETF Evaluator:
VanEck Brazil Small-Cap ETF (BRF)
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(as of Jul 30)
Best Performing in Focused Region Over the Last Year
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ETF Details
VanEck Brazil Small-Cap ETF Overview
VanEck Brazil Small-Cap ETF (BRF) is a passively managed International Equity Focused Region exchange-traded fund (ETF). VanEck launched the ETF in 2009.
The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS® Brazil Small-Cap Index.
The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index. The index includes securities of Brazilian small-capitalization companies. A company is generally considered to be a Brazilian company if it is incorporated in Brazil or is incorporated outside of Brazil but has at least 50% of its revenues/related assets in Brazil.
About VanEck Brazil Small-Cap ETF (BRF)
There are 2 members of the management team with an average tenure of 9.16 years: Peter Liao (2009) and Ralph Lasta (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and MVIS Brazil Small Cap NR USD index with a weighting of 100%. VanEck Brazil Small-Cap ETF has 91 securities in its portfolio. The top 10 holdings constitute 28.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
VanEck Brazil Small-Cap ETF is part of the Equity global asset class and is within the International Equity ETF group. VanEck Brazil Small-Cap ETF has 98.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.3% There is 98.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). VanEck Brazil Small-Cap ETF has -0.4% of the portfolio in cash.
Assets Under Management
The fund has $22 million in total assets, which is below the $1 billion average for the Focused Region category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BRF Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The VanEck Brazil Small-Cap ETF expense ratio is above average compared to funds in the Focused Region category. VanEck Brazil Small-Cap ETF has an expense ratio of 0.60%, which is 16% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. VanEck Brazil Small-Cap ETF has a portfolio turnover rate of 43%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 26% for the Focused Region category.
Recently, in the month of June 2026, VanEck Brazil Small-Cap ETF returned -6.4%, which earned it a grade of F, as the Focused Region category had an average return of -2.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
VanEck Brazil Small-Cap ETF has a trailing yield of 5.37%, which is below the 5.65% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
VanEck Brazil Small-Cap ETF Grades
Year to date, the ETF has returned 2.5%, 6.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 13.6% over the past year (grade of D), 1.8% over the past three years (grade of F) and -3.6% per year over the past five years (grade of F) and 4.8% per year over the past 10 years (grade of D).
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BRF Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BRF Return (NAV) | -6.4% | -9.0% | 13.6% | 1.8% | -3.6% | 4.8% |
| BRF Return (Price) | -6.8% | -10.2% | 12.8% | 1.7% | -3.6% | 4.9% |
| NAV +/- Price Return | 0.398% | 1.184% | 0.766% | 0.041% | 0.063% | -0.027% |
| Focused Region Avg | -2.1% | 5.8% | 27.1% | 86.8% | 8.6% | 8.7% |
| BRF Grade (NAV) | F | F | D | F | F | D |
| +/- Category (NAV) | -4.3% | -14.8% | -13.5% | -85.1% | -12.2% | -3.8% |
| BRF Tax-Cost Ratio | na | na | 2.2% | 1.9% | 1.8% | 1.6% |
BRF Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BRF Return (NAV) | 2.5% | 54.2% | -34.7% | 36.3% | -13.0% | -21.3% | -20.8% | 40.5% | -11.4% | 51.8% | 61.2% |
| BRF Return (Price) | 2.5% | 54.3% | -34.9% | 37.1% | -14.5% | -20.3% | -21.0% | 40.6% | -12.1% | 54.6% | 60.1% |
| NAV +/- Price Ret | 0.002% | 0.001% | 0.005% | 0.022% | 0.109% | -0.045% | 0.013% | 0.4% | 6.7% | 5.4% | -1.8% |
| Focused Region Avg | 9.1% | 40.1% | 7.5% | 33.4% | -15.0% | 8.3% | 3.6% | 20.0% | -13.7% | 26.4% | 13.0% |
| BRF Grade (NAV) | D | B | F | A | C | F | F | A | B | A | A |
| +/- Category | -6.6% | 14.1% | -42.2% | 2.9% | 1.9% | -29.6% | -24.3% | 20.5% | 2.4% | 25.4% | 48.2% |
| Risk Measures | |
| Beta: | 1.30 |
| R-Squared: | 49% |
| Standard Deviation: | 25.8% |
| Category Risk Index: | 0.32 |
| Category Risk Rating: | High |
| Total Risk Index: | 2.12 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 5.4% |
| Total Assets: | $ 22 Mil |
| Share Class Assets: | $ 22 Mil |
| Turnover: | 43.0% |
| Expense Ratio: | 0.60% |
| Index Fund: | Yes |
| Index Tracked: | MSCI ACWI NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 17.2 years | |||
| Average Tenure: 9.2 years | |||
| Managers (Year): Liao Peter (2009), Lasta Ralph (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 91 |
| % in Top 10 Holdings: | 28.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 98.1% |
Portfolio Allocation |
|
| Domestic Stock: | 2.3% |
| Foreign Stock: | 98.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -0.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | VanEck |
| Phone Number: | 800-826-2333 |
| Website: | www.marketvectorsetfs.com |
| Inception Date: | May 12, 2009 |
Expenses and Fees
| Expense Ratio (%): | 0.60% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.52% |
