CEO's Investment
Outlook

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GBFAX
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BRF
VanEck Vectors Brazil Small-Cap ETF

Fund Description

VanEck Vectors^® Brazil Small-Cap ETF (BRF^®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS^® Brazil Small-Cap Index (MVBRFTR), which includes securities of small capitalization companies that are incorporated in Brazil or that are incorporated outside of Brazil but have at least 50% of their revenues/related assets in Brazil.

Fund Ticker
BRF
Exchange
NYSE Arca
ETF Structure
Physical
Administrator
Van Eck Associates
Custodian
State Street Bank and Trust Company
Index Ticker
MVBRFTR
Index Rebalancing
Quarterly

as of 05/07/21

30-Day SEC Yield¹
1.69%
Total Net Assets
$49.8M
Number of Holdings
90
Options
Available
Gross Expense Ratio²
0.84%
Net Expense Ratio/TER²
0.60%
Distribution Frequency
Annual

Schedule a Call

Key Points

Small Cap Focus
Small caps may offer greater exposure to domestic growth, less exposure to global cyclicals

Largest Economy in Latin America
Brazil has a vibrant economy with favorable demographics; nearly 40% of the population are under the age of 25

Pure Play
Companies must be incorporated in, or derive at least 50% of total revenues from Brazil to be added to the index

Trading Information

Fund Ticker
BRF
Index Total Return Ticker
MVBRFTR
NAV
BRFNV
Intraday NAV (IIV)⁴
BRFIV
Shares Outstanding
2,200,000
Estimated Cash
BRFEU
Total Cash
BRFTC
CUSIP
92189F825
ISIN
US92189F8251

Source: Bloomberg

Fees and Expenses²

Management Fee
0.50%
Other Expenses
0.34%
Gross Expense Ratio
0.84%
Fee Waivers and
Expense Reimbursement
-0.24%
Net Expense Ratio/TER²
0.60%

²Expenses for BRF are capped contractually at 0.59% until May 1, 2022. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Investment Professionals

Peter Liao, CFA

Portfolio Manager and Head of Equity ETFs
Oversees the Equity ETF Investment Management Team including development and management of index replication and optimization strategies
Joined VanEck in 2005
CFA charterholder; member of the CFA Society New York
BA, Mathematics and Economics, New York University

Guo Hua (Jason) Jin

Portfolio Manager and Analyst for Equity ETFs
Joined VanEck in 2007
Prior to his current role, held a portfolio administration position at VanEck
Previously, Portfolio Analyst at Evaluation Associates
BS, Business Administration (concentration in Financial Analysis), State University of New York at Buffalo

Griffin Driscoll

Analyst for Equity ETFs
Joined VanEck in 2018
Prior to joining VanEck, ETF Basket Operations Analyst at JPMorgan
BS, Finance, Providence College

Ralph Lasta

Analyst for Equity ETFs
Joined VanEck in 2019
Prior to VanEck, Intermediate Representative, Exchange Traded Funds at BNY Mellon.
BS, Accounting, Hunter College

Prices as of 05/07/21

	NAV/ Market Price	Volume 30-Day Avg./ Last Trading Day	Daily Change NAV/ Last Price	YTD Change NAV/ Last Price	Premium/ Discount	Prem/Discount Distribution Charts	NAV & Prem/Discount History	30-Day Median Bid Ask Spread	NAV Chart
BRF	$22.63 $22.60	13,824 22,258	$0.56 / +2.52% $0.60 / +2.72%	+5.57% +6.10%	$-0.03 -0.12%			--

Premium/Discount History as of 05/07/21

		Calendar Year 2020	2Q 2020	3Q 2020	4Q 2020	1Q 2021
	Days closed at a premium	35	15	3	6	6
BRF	Days closed at NAV	8	5	1	1	3
	Days closed at a discount	210	43	60	57	52

Performance History: Average Annual Total Returns* (%)
View All ETFs View All Indices

Month End as of 04/30/21
Quarter End as of 03/31/21

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 05/12/09
BRF (NAV)	8.18	7.50	-0.89	49.76	-0.11	12.86	-5.84	2.72
BRF (Share Price)	8.28	7.19	-0.56	48.73	-0.08	12.95	-5.93	2.69
MVBRFTR (Index)	8.56	7.46	-0.44	49.90	0.33	13.70	-5.16	3.40
Performance Differential (NAV - Index)	-0.38	0.04	-0.45	-0.14	-0.44	-0.84	-0.68	-0.68

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 05/12/09
BRF (NAV)	4.09	-8.38	-8.38	51.68	-4.27	13.15	-6.20	2.06
BRF (Share Price)	4.04	-8.17	-8.17	51.82	-4.33	13.20	-6.40	2.02
MVBRFTR (Index)	3.45	-8.29	-8.29	51.70	-3.60	13.55	-5.59	2.71
Performance Differential (NAV - Index)	0.64	-0.09	-0.09	-0.02	-0.67	-0.40	-0.61	-0.65

*Returns less than one year are not annualized.

The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the ETF incurred all expenses and fees, investment returns would have been reduced. Investment returns and ETF share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

Top 10 Holdings (%) as of 04/30/21 Daily Holdings

Total Holdings: 90

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full data

	Holding Name	Ticker	Shares	Market Value (US$)	% of Net Assets
	TRANSMISSORA ALIANCA DE ENERGIA ELETRIC	TAEE11 BZ	308,700	2,375,468	4.97
	AZUL SA	AZUL US	74,441	1,584,104	3.31
	METALURGICA GERDAU SA	GOAU4 BZ	537,000	1,469,026	3.07
	EMBRAER SA	ERJ US	130,259	1,439,362	3.01
	OI SA	OIBR/C US	919,004	1,406,076	2.94
	CIA DE LOCACAO DAS AMERICAS	LCAM3 BZ	273,450	1,327,469	2.78
	BR MALLS PARTICIPACOES SA	BRML3 BZ	618,050	1,083,170	2.27
	COGNA EDUCACAO	COGN3 BZ	1,513,350	1,078,168	2.26
	CIA DE SANEAMENTO DO PARANA	SAPR11 BZ	270,800	1,051,883	2.20
	FLEURY SA	FLRY3 BZ	221,800	1,043,251	2.18
Top 10 Total (%)					28.99

These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Country Weightings (%) as of 04/30/21

Country
% of Net Assets
■
Brazil
92.46
■
Canada
2.53
■
Portugal
1.25
■
Italy
0.72
■
Japan
0.70
■
United States
0.68
■
Chile
0.48
■
Israel
0.42
■
Libya
0.39
■
Germany
0.35
■
Other/Cash
0.03

Sector Weightings (%) as of 04/30/21

Sector
% of Net Assets
■
Consumer Discretionary
23.1
■
Industrials
19.8
■
Utilities
14.0
■
Materials
9.0
■
Real Estate
7.4
■
Consumer Staples
5.8
■
Financials
5.6
■
Health Care
5.3
■
Communication Services
4.1
■
Information Technology
3.0
■
Energy
1.8
■
n/a
1.1
■
Other/Cash
0.0

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