BRF Fees and Costs — VanEck Brazil Small-Cap ETF
Data updated: 2026-08-26
The net expense ratio is 0.60%: a 0.50% management fee plus 0.67% other expenses, less a 0.57% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $10K in broker commissions, 0.0510% of average net assets, and portfolio turnover was 43%.
BRF Fees and Expenses
Annual operating expenses and sales charges of BRF. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | — |
| Other expenses | 0.67% |
| Gross expense ratio | 1.17% |
| Fee waiver | −0.57% |
| Net expense ratio | 0.60% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
BRF Costs Over Time
On $10,000 invested in BRF, assuming 5% a year before costs, total costs come to $410 over 5 years, cutting the return by 0.68% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.60%) | $63 | $197 | $343 |
| Trading costs (broker commissions) | $5 | $17 | $29 |
| Lost growth on money paid in costs | $0 | $11 | $37 |
| Total costs | $68 | $225 | $410 |
| Value after costs | $10,432 | $11,352 | $12,353 |
| Impact on return, per year | 0.68% | 0.68% | 0.68% |
BRF Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0510%
- Total broker commissions: $10K
- Bought from dealers (principal trades, not a cost): $495K
- Portfolio turnover (prospectus): 43%
- Securities on loan, average value: $1.0M
- Net income from securities lending: $19K (0.101% of average net assets)
BRF Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $3K | 29.08% |
| J.P. Morgan Securities LLC | $3K | 26.71% |
| Citigroup Global Markets Inc. | $2K | 19.62% |
| UBS Securities LLC | $2K | 17.04% |
| Morgan Stanley & Co. LLC | $740 | 7.53% |
| Larrainvial Securities US LLC | $2 | 0.03% |
BRF Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Mizuho Securities USA LLC | $264K | 53.32% |
| J.P. Morgan Securities LLC | $231K | 46.68% |
| UBS Securities LLC | $1 | 0.00% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.