At a glance
BRF charges 0.6% a year, the same as the average of the 1 funds most like it. It has $22.3M in assets; it paid 6.28% of its price in distributions over the past 12 months, annual. Over the past year it returned −7.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned +2.9% a year. At its worst it fell 57.6% in the 2020 crash (S&P 500: 33.7%) and 37.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 79 months and 42 months after the lows. Its ten largest positions make up 28.7% of the fund, out of 89 in all.
The short version
VanEck Brazil Small-Cap ETF (BRF) is an index fund holding smaller Brazilian companies, tracking the MVIS Brazil Small-Cap Index; as of June 30, 2026, its 89 holdings were led by Alupar Investimento, Cyrela Brazil Realty and Cury Construtora. It charges 0.60% a year, the same as the far larger iShares MSCI Brazil Small-Cap ETF (EWZS). Swings are extreme: it fell 82.2% from its 2011 peak and had not recovered by October 27, 2026.
Price history
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BRF -7.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BRF official prospectus, to Dec 31, 2025 | — | +53.82% | — | -1.41% | +8.41% | — |
| MSCI ACWI Index (reflects no deduction for fees, expenses or taxes, except withholding taxes) index, same period | — | +22.34% | — | +11.19% | +11.72% | — |
| BRF price data to Oct 27, 2026 | -11.7% | -7.6% | +2.9% | +0.5% | +1.0% | +0.7% |
- Over the year to Oct 27, 2026, BRF returned -7.6%.
- Its 5-year annualized return was +0.5% and its 10-year +1.0%.
- In the 2020 COVID crash it fell 57.6% and regained its old high 78.7 months after the low.
- Its worst full calendar year was 2015 (-48.8%); its best was 2016 (+58.1%).
- The deepest fall in its price history was 82.2% (Apr 21, 2011 to Jan 21, 2016), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -11.7% | — |
| 2025 | +54.3% | +53.82% |
| 2024 | -34.9% | -34.74% |
| 2023 | +37.1% | +36.14% |
| 2022 | -14.4% | -13.31% |
| 2021 | -20.3% | -21.38% |
| 2020 | -21.0% | -20.75% |
| 2019 | +40.6% | +40.81% |
| 2018 | -12.1% | -11.66% |
| 2017 | +54.5% | +51.71% |
| 2016 | +58.1% | +60.92% |
| 2015 | -48.8% | — |
| 2014 | -25.8% | — |
| 2013 | -29.2% | — |
| 2012 | +18.8% | — |
| 2011 | -29.9% | — |
| 2010 | +24.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 56.3% over that stretch · deepest drop along the way 57.6%, back to its old high 78.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 3.2% over that stretch · deepest drop along the way 37%, back to its old high 42.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.8900 | +97.8% |
| 2024 | $0.4500 | -48.9% |
| 2023 | $0.8800 | +57.1% |
| 2022 | $0.5600 | +14.3% |
| 2021 | $0.4900 | +40.0% |
| 2020 | $0.3500 | -50.0% |
| 2019 | $0.7000 | +20.7% |
| 2018 | $0.5800 | -45.3% |
| 2017 | $1.0600 | +116.3% |
| 2016 | $0.4900 | +22.5% |
| 2015 | $0.4000 | -55.1% |
| 2014 | $0.8900 | +61.8% |
| 2013 | $0.5500 | -14.1% |
| 2012 | $0.6400 | -84.0% |
| 2011 | $4.0100 | +12.0% |
| 2010 | $3.5800 |
What's inside
As of Jun 30, 2026, the fund held 89 securities; the ten largest made up 28.69% of assets.
| Holding | Weight | |
|---|---|---|
| Alupar Investimento SA | 3.88% | |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 3.32% | |
| Cury Construtora e Incorporadora SA | 3.22% | |
| Brava Energia | 3.07% | |
| Cia De Saneamento do Parana Sanepar | 3.02% | |
| Fleury SA | 2.56% | |
| Direcional Engenharia SA | 2.44% | |
| Usinas Siderurgicas de Minas Gerais S/A Usiminas Preferred stock | 2.43% | |
| Marcopolo SA Preferred stock | 2.38% | |
| Orizon Valorizacao de Residuos SA | 2.36% | |
| Ituran Location and Control Ltd | 2.35% | |
| Bradespar SA Preferred stock | 2.30% | |
| Sylvamo Corp | 2.27% | |
| Cogna Educacao SA | 2.13% | |
| Auren Energia SA | 2.09% |
By country
Brazil 87.4%Israel 2.35%United States 2.27%Cayman Islands 2.08%Canada 2.05%By asset type
Stocks 85.91%Preferred stock 14.03%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.15%, -6.70%, -6.39%.
How it works
BRF is a passive index fund, meaning it copies the MVIS Brazil Small-Cap Index rather than trying to beat it, and it takes no defensive positions in falling markets. It normally keeps at least 80% of its assets in the index's securities and generally owns the same stocks in roughly the same proportions. The index treats a company as Brazilian if it is incorporated in Brazil, or incorporated elsewhere with at least 50% of its revenues or assets in Brazil. That is how Ituran Location and Control (Israel) and Sylvamo (United States) rank among its larger holdings.
Small-cap here means a company ranks near the bottom of eligible Brazilian companies by stock market value. As of December 31, 2025, the index held 87 securities worth about $0.20 billion to $3.05 billion each, and consumer discretionary, industrials, basic materials and utilities each made up a significant part of the fund. As of June 30, 2026, the top 10 holdings were 28.7% of assets, about 14% was in preferred shares (a common Brazilian share class, usually with limited voting rights), and the fund held no derivatives.
Turnover (the share of holdings replaced in a year) was 43%, per its April 2026 prospectus. Because most holdings are priced in Brazilian reais, dollar returns also depend on the exchange rate.
What it really costs
- BRF charges 0.6% a year, versus an average of 0.6% for the similar funds below.
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.57% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $1,370 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BRF | $61 | $315 | $589 | $1,370 |
In a retirement portfolio
A single-country fund of smaller emerging-market companies that has fallen as much as 82.2% carries far more risk than a broad core holding.
BRF adds concentrated exposure to smaller Brazilian companies, but with deep slumps. Launched in May 2009, it has no record from the 2008 crisis. It fell 57.6% in about a month during the 2020 COVID crash, then spent more than six years below its pre-crash peak. It gained 3.2% during the market's 2022 bear market, yet dropped 37% between April and July and took 42 months to recover. Its worst calendar year was 2015, down 48.8%, and it had not regained its April 2011 peak, after an 82.2% fall, as of October 27, 2026. Withdrawals during such slumps can lock in losses.
It pays once a year; payouts over the 12 months to October 27, 2026 equaled a 6.28% yield. Expenses are 0.60% a year after a fee waiver. Past results don't predict the future, and a plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a modest, targeted position in Brazilian small companies such as Alupar and Cyrela; 87.4% of assets were in Brazil (June 30, 2026).
- Long-term holders who can sit through extreme swings, such as a 57.6% drop in about a month during the 2020 COVID crash.
- Income-minded investors comfortable with one variable payout a year; trailing 12-month payouts equaled a 6.28% yield as of October 27, 2026.
Look elsewhere if
- Retirees who may need this money soon: BRF had not regained its April 2011 peak, after an 82.2% fall, by October 27, 2026.
- Investors preferring bigger funds: at the same 0.60% fee, iShares' EWZS held $217.6 million (August 31, 2026) versus BRF's $22.3 million (June 30, 2026).
- Anyone wanting smoother results: annual returns swung from a 34.74% loss in 2024 to a 53.82% gain in 2025.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BRF this fund | — | 0.6% | $22.3M | -7.6% | +2.9% |
| EWZS iShares MSCI Brazil Small-Cap ETF | 45% | 0.6% | $217.6M | -12.8% | +1.0% |
Questions investors ask
What does BRF invest in?
BRF invests in small Brazilian companies by tracking the MVIS Brazil Small-Cap Index. As of June 30, 2026, it had 89 holdings with 87.4% of assets in Brazil. The largest were Alupar Investimento (3.9%), Cyrela Brazil Realty (3.3%), Cury Construtora (3.2%), Brava Energia (3.1%) and Sanepar (3.0%), and the top 10 made up 28.7% of the fund. Ituran Location and Control (Israel) and Sylvamo (United States) can be included because the index also counts companies with at least 50% of revenues or assets in Brazil.
BRF vs EWZS: what's the difference?
Both hold smaller Brazilian companies and charge 0.60% a year, but they track different indexes. BRF follows the MVIS Brazil Small-Cap Index, while the iShares MSCI Brazil Small-Cap ETF (EWZS) follows an MSCI index, and their holdings overlapped by about 45% in their latest SEC holdings reports. EWZS is much larger: $217.6 million as of August 31, 2026, versus $22.3 million for BRF as of June 30, 2026. As of October 27, 2026, BRF's one-year return was a 7.6% loss, against a 12.8% loss for EWZS.
Does BRF pay dividends?
Yes, once a year. BRF paid $0.89 per share over the 12 months to October 27, 2026, equal to a trailing yield of 6.28% (past payouts divided by the share price). Because the income comes from a single annual distribution, it arrives in one lump rather than monthly or quarterly. Payouts depend on dividends from the fund's Brazilian holdings and on the exchange rate, so future amounts may be higher or lower.
Is BRF good for retirement?
BRF is high risk, so it fits a small add-on role better than a core one. Through December 31, 2025, it lost an average of 1.41% a year over five years and gained 8.41% a year over ten, versus 11.19% and 11.72% for the global MSCI ACWI Index. It had not regained its April 2011 peak, after an 82.2% fall, as of October 27, 2026, and it lost 57.6% in about a month in the 2020 COVID crash. Anyone relying on regular withdrawals risks cashing out after steep drops.
What is BRF's expense ratio?
BRF's expense ratio, the yearly fee taken from fund assets, is 0.60%, according to its prospectus filed April 29, 2026. That is after a fee waiver of 0.57 percentage points, and it matches the 0.60% charged by iShares' EWZS. In the SEC's standard example ($10,000 invested, 5% annual return), total costs come to $61 after one year, $315 after three, $589 after five and $1,370 after ten. Costs climb faster after year one because the example applies the waiver only for its contractual term.