Verdicts genuinely change. Free email alert the moment BRF's does — no target price to set, unlike "Alert" above.
Whether this fund clears the published standards, and the filings behind that answer. The screen runs first and nothing on the trading side can override it.
Structure, momentum, positioning and levels. Separate from the Sharia verdict above, which this side never overrides.
VanEck Brazil Small-Cap ETF ETF · VanEck ETF Trust
90 holdings · as of 2026-06-30 (3.5 months ago) The fund may have traded since. SEC Form N-PORT is filed quarterly and lags the period it covers, so these are the most recent holdings on file, not the fund’s holdings today.
NON-COMPLIANT At least 31.50% of portfolio weight is in non-compliant holdings — already over the 5% threshold, so the verdict is settled whatever the unmatched 57% turns out to be. Matching more holdings can only raise this share, never lower it.
90 holdings, 34 matched (43% of weight). Portfolio as of 2026-06-30, filed 2026-08-26. Source: SEC Form N-PORT.
3.03% of this portfolio’s income is non-permissible — weighted across holdings, computed over 42% of portfolio weight (32 of 90 holdings). The common approach purifies that proportion of income received — dividends — not of the position’s value. We report the ratio; what to do with it is a question for your own scholar.
Portfolio shares are withheld: coverage is below the floor needed to state one. The holdings themselves are below, because the names are evidence you can check.
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| Alupar Investimento SA | UNSCREENED | 3.88% | no in-house ratios for this holding |
| CYRE3.SA Cyrela Brazil Realty SA Empreendimentos e Participacoes | NON_COMPLIANT | 3.32% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Cury Construtora e Incorporadora SA | UNSCREENED | 3.22% | no in-house ratios for this holding |
| Brava Energia | UNSCREENED | 3.07% | no in-house ratios for this holding |
| Cia De Saneamento do Parana Sanepar | UNSCREENED | 3.02% | no in-house ratios for this holding |
| FLRY3.SA Fleury SA | NON_COMPLIANT | 2.56% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Direcional Engenharia SA | UNSCREENED | 2.44% | no in-house ratios for this holding |
| USIM3.SA Usinas Siderurgicas de Minas Gerais S/A Usiminas | NON_COMPLIANT | 2.43% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| Marcopolo SA | UNSCREENED | 2.38% | no in-house ratios for this holding |
| ORVR3.SA Orizon Valorizacao de Residuos SA | COMPLIANT | 2.36% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| ITRN Ituran Location and Control Ltd | UNRATED | 2.35% | AAOIFI0.5% Usmani1.2% Dow Jones Islamic0.6% S&P Shariah0.7% MSCI Islamic1.2% MSCI Islamic M-Series0.7% FTSE Shariah0.0% |
| BRAP3.SA Bradespar SA | COMPLIANT | 2.30% | AAOIFI0.1% Usmani0.1% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.1% MSCI Islamic M-Series— FTSE Shariah0.1% |
| SLVM Sylvamo Corp | NON_COMPLIANT | 2.27% | AAOIFI66.4% Usmani33.5% Dow Jones Islamic44.2% S&P Shariah44.0% MSCI Islamic33.0% MSCI Islamic M-Series44.0% FTSE Shariah30.7% |
| COGN3.SA Cogna Educacao SA | NON_COMPLIANT | 2.13% | AAOIFI128.2% Usmani39.1% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic27.6% MSCI Islamic M-Seriesfail FTSE Shariah27.6% |
| Auren Energia SA | UNSCREENED | 2.09% | no in-house ratios for this holding |
| JHSF Participacoes SA | UNSCREENED | 2.06% | no in-house ratios for this holding |
| SGML Sigma Lithium Corp | QUESTIONABLE | 2.05% | AAOIFI12.0% Usmani47.8% Dow Jones Islamic11.7% S&P Shariah9.3% MSCI Islamic47.8% MSCI Islamic M-Series9.3% FTSE Shariah47.8% |
| Arcos Dorados Holdings Inc | UNSCREENED | 1.86% | no in-house ratios for this holding |
| Bradsaude S A | UNSCREENED | 1.86% | no in-house ratios for this holding |
| Unipar Carbocloro SA | UNSCREENED | 1.68% | no in-house ratios for this holding |
| IRBR3.SA IRB-Brasil Resseguros SA | NON_COMPLIANT | 1.67% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Iguatemi SA | UNSCREENED | 1.59% | no in-house ratios for this holding |
| Construtora Tenda S/A | UNSCREENED | 1.58% | no in-house ratios for this holding |
| Hapvida Participacoes e Investimentos S/A | UNSCREENED | 1.56% | no in-house ratios for this holding |
| Banco do Estado do Rio Grande do Sul SA | UNSCREENED | 1.55% | no in-house ratios for this holding |
| Ez Tec Empreendimentos e Participacoes S/A | UNSCREENED | 1.44% | no in-house ratios for this holding |
| SLCE3.SA SLC Agricola SA | NON_COMPLIANT | 1.42% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| VIVA3.SA Vivara Participacoes SA | COMPLIANT | 1.40% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| KAR.AX Karoon Energy Ltd | NON_COMPLIANT | 1.38% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| C&A MODAS SA | UNSCREENED | 1.36% | no in-house ratios for this holding |
| EcoRodovias Infraestrutura e Logistica SA | UNSCREENED | 1.35% | no in-house ratios for this holding |
| SMTO3.SA Sao Martinho S/A | NON_COMPLIANT | 1.24% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| MDIA3.SA M Dias Branco SA | NON_COMPLIANT | 1.22% | AAOIFIfail Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| CBAV3.SA Cia Brasileira de Aluminio | NON_COMPLIANT | 1.19% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| Banco ABC Brasil SA | UNSCREENED | 1.19% | no in-house ratios for this holding |
| DXCO3.SA Dexco SA | NON_COMPLIANT | 1.16% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Moura Dubeux Engenharia S/A | UNSCREENED | 1.10% | no in-house ratios for this holding |
| LEVE3.SA Mahle Metal Leve SA | NON_COMPLIANT | 1.06% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| TTEN3.SA Tres Tentos Agroindustrial S/A | NON_COMPLIANT | 1.04% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Alpargatas SA | UNSCREENED | 0.98% | no in-house ratios for this holding |
| Azzas 2154 SA | UNSCREENED | 0.98% | no in-house ratios for this holding |
| BEEF3.SA Minerva SA/Brazil | NON_COMPLIANT | 0.96% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| MRV Engenharia e Participacoes SA | UNSCREENED | 0.90% | no in-house ratios for this holding |
| YDUQS Participacoes SA | UNSCREENED | 0.89% | no in-house ratios for this holding |
| SIMPAR SA | UNSCREENED | 0.88% | no in-house ratios for this holding |
| Movida Participacoes SA | UNSCREENED | 0.86% | no in-house ratios for this holding |
| Vinci Compass Investments Ltd | UNSCREENED | 0.85% | no in-house ratios for this holding |
| VAMO3.SA Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | NON_COMPLIANT | 0.82% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Magazine Luiza SA | UNSCREENED | 0.80% | no in-house ratios for this holding |
| AFYA Afya Ltd | NON_COMPLIANT | 0.75% | AAOIFIfail Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| INTB3.SA Intelbras SA Industria de Telecomunicacao Eletronica Brasileira | COMPLIANT | 0.71% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahpass |
| HBSA3.SA Hidrovias do Brasil SA | NON_COMPLIANT | 0.67% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Vulcabras SA | UNSCREENED | 0.67% | no in-house ratios for this holding |
| Mills Locacao Servicos e Logistica SA | UNSCREENED | 0.67% | no in-house ratios for this holding |
| RIAA3.SA GUARARAPES CONFECCOES SA | NON_COMPLIANT | 0.66% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| RECV3.SA Petroreconcavo S/A | NON_COMPLIANT | 0.62% | AAOIFI96.8% Usmani36.4% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic36.1% MSCI Islamic M-Seriesfail FTSE Shariah36.1% |
| PGMN3.SA Empreendimentos Pague Menos S/A | NON_COMPLIANT | 0.58% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| LWSA SA | UNSCREENED | 0.57% | no in-house ratios for this holding |
| AGRO Adecoagro SA | NON_COMPLIANT | 0.55% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| MYPK3.SA Iochpe Maxion SA | NON_COMPLIANT | 0.54% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Cia de Ferro Ligas da Bahia FERBASA | UNSCREENED | 0.52% | no in-house ratios for this holding |
| Grendene SA | UNSCREENED | 0.51% | no in-house ratios for this holding |
| Dimed S/A -Distribuidora De Medicamentos | UNSCREENED | 0.50% | no in-house ratios for this holding |
| Kepler Weber SA | UNSCREENED | 0.49% | no in-house ratios for this holding |
| VTEX VTEX | COMPLIANT | 0.48% | AAOIFI0.5% Usmani0.8% Dow Jones Islamic0.3% S&P Shariah0.3% MSCI Islamic0.8% MSCI Islamic M-Series0.3% FTSE Shariah0.0% |
| Uniao Pet Participacoes SA | UNSCREENED | 0.48% | no in-house ratios for this holding |
| LOG Commercial Properties e Participacoes SA | UNSCREENED | 0.47% | no in-house ratios for this holding |
| AGRO3.SA BrasilAgro - Co Brasileira de Propriedades Agricolas | NON_COMPLIANT | 0.47% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Irani Papel e Embalagem SA | UNSCREENED | 0.45% | no in-house ratios for this holding |
| Grupo SBF SA | UNSCREENED | 0.42% | no in-house ratios for this holding |
| TUPY3.SA Tupy SA | NON_COMPLIANT | 0.40% | AAOIFI194.1% Usmani46.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic46.0% MSCI Islamic M-Series— FTSE Shariah46.0% |
| RAPT4.SA Randoncorp SA | NON_COMPLIANT | 0.39% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | UNSCREENED | 0.38% | no in-house ratios for this holding |
| Braskem SA | UNSCREENED | 0.36% | no in-house ratios for this holding |
| Oncoclinicas do Brasil Servicos Medicos SA | UNSCREENED | 0.36% | no in-house ratios for this holding |
| Track & Field Co SA | UNSCREENED | 0.35% | no in-house ratios for this holding |
| Light S/A | UNSCREENED | 0.31% | no in-house ratios for this holding |
| Camil Alimentos SA | UNSCREENED | 0.29% | no in-house ratios for this holding |
| Fras-Le SA | UNSCREENED | 0.29% | no in-house ratios for this holding |
| Raizen SA | UNSCREENED | 0.26% | no in-house ratios for this holding |
| Tegma Gestao Logistica SA | UNSCREENED | 0.25% | no in-house ratios for this holding |
| BLAU3.SA Blau Farmaceutica SA | COMPLIANT | 0.24% | AAOIFIpass Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| Plano & Plano Desenvolvimento Imobiliario SA | UNSCREENED | 0.22% | no in-house ratios for this holding |
| State Street Global Advisors | UNSCREENED | 0.14% | no in-house ratios for this holding |
| Cruzeiro do Sul Educacional SA | UNSCREENED | 0.13% | no in-house ratios for this holding |
| Armac Locacao Logistica E Servicos SA | UNSCREENED | 0.11% | no in-house ratios for this holding |
| Grupo Casas Bahia SA | UNSCREENED | 0.07% | no in-house ratios for this holding |
| Banco ABC Brasil SA | UNSCREENED | 0.01% | no in-house ratios for this holding |
| ESG MINERALS LIMITED UL | UNSCREENED | 0.00% | no in-house ratios for this holding |
| Zamp SA | UNSCREENED | 0.00% | no in-house ratios for this holding |
The published standards disagree about this fund by 9 points of portfolio weight — 15.3% of it passes FTSE Shariah, 6.2% passes S&P Shariah. Which number is yours depends on which standard you follow.
These bars are the financial-ratio result under each standard — debt, receivables and interest income. They do not screen what the business does, so a holding can pass every ratio here and still be questionable or non-compliant on activity. The blended verdict above accounts for both.
ratios pass on 11.4% ratios fail on 32.0% 56.7% not rated under AAOIFI
ratios pass on 9.0% ratios fail on 31.4% 59.7% not rated under Usmani
ratios pass on 8.5% ratios fail on 29.4% 62.2% not rated under Dow Jones Islamic
ratios pass on 6.2% ratios fail on 31.7% 62.2% not rated under S&P Shariah
ratios pass on 12.3% ratios fail on 28.1% 59.7% not rated under MSCI Islamic
ratios pass on 6.2% ratios fail on 31.7% 62.2% not rated under MSCI Islamic M-Series
ratios pass on 15.3% ratios fail on 25.0% 59.7% not rated under FTSE Shariah
34 of 90 listed holdings carry our own per-methodology verdicts (43% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 8 (13% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| CYRE3.SA Cyrela Brazil Realty SA Empreendimentos e Participacoes | 3.32% |
| FLRY3.SA Fleury SA | 2.56% |
| USIM3.SA Usinas Siderurgicas de Minas Gerais S/A Usiminas | 2.43% |
| SLVM Sylvamo Corp | 2.27% |
| COGN3.SA Cogna Educacao SA | 2.13% |
| IRBR3.SA IRB-Brasil Resseguros SA | 1.67% |
| SLCE3.SA SLC Agricola SA | 1.42% |
| KAR.AX Karoon Energy Ltd | 1.38% |
| SMTO3.SA Sao Martinho S/A | 1.24% |
| MDIA3.SA M Dias Branco SA | 1.22% |
Methodology breakdown computing — it will appear here on its own.
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
The factors behind the read, each shown with the figure it rests on, including the ones pointing the other way.
VanEck Brazil Small-Cap ETF (BRF) is currently considered not halal (non-compliant), per our own look-through to its filed holdings. See its filed holdings and the weight breakdown below for the reasoning.
Computing the full ratio and business-activity breakdown for BRF — this runs off the critical path so the page paints first. It will appear here on its own.
Pinch or scroll to zoom · drag to pan — both axes move · double-click to reset
Classic floor-trader pivots from the last completed daily bar. Highlighted pills are the levels bracketing the current price.
The range is measured volatility (ATR over the horizon), not a target — a wider band means a more volatile asset, not a stronger view. The direction is the indicator tally below. Every forecast is recorded when made and scored against the real price when it comes due, including the wrong ones. Not a recommendation, and not a fatwa.
Standard indicator thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20, MACD histogram sign, price vs. average) computed on daily bars. A summary of what common indicators say — not a recommendation, and not this site's own trading verdict.
| Indicator | Value | Signal |
|---|---|---|
| RSI (14) | 60.20 | NEUTRAL |
| Stochastic %K (14) | 64.01 | NEUTRAL |
| CCI (20) | 45.52 | NEUTRAL |
| Williams %R (14) | -35.99 | NEUTRAL |
| MACD (12,26,9) | 0.10 | BUY |
| ROC (10) | 14.23 | BUY |
| Momentum (10) | 2.39 | BUY |
| EMA (10) | 19.31 | SELL |
| SMA (10) | 19.84 | SELL |
| EMA (20) | 18.52 | BUY |
| SMA (20) | 18.07 | BUY |
| EMA (30) | 17.99 | BUY |
| SMA (30) | 17.56 | BUY |
| EMA (50) | 17.44 | BUY |
| SMA (50) | 16.77 | BUY |
| EMA (100) | 17.10 | BUY |
| SMA (100) | 16.66 | BUY |
| EMA (200) | 17.11 | BUY |
| SMA (200) | 17.48 | BUY |
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.
Background via Yahoo Finance — informational, not part of the verdict.
No real edge — avoid
Market structure by timeframe, read from real bars. A bias per timeframe rather than a forecast — timeframes disagreeing is information, not noise.
| Timeframe | Bias | Bars |
|---|---|---|
| 📅 Daily | RANGING | 44 |
| 🕐 1H | NEUTRAL | 15 |
| ⏱ 15-Min | RANGING | 60 |
| ⏲ 5-Min | BEARISH | 180 |
Rate of change and relative volume against this symbol's own recent history. Momentum describes what price has done; it is not a claim about what it will do.
How the rest of the sector moved over the same window. Context for a price move, never a cause of one.
Peer movement computing — it will appear here on its own.
The questions worth asking about any verdict on this page, answered plainly.
No. HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A fund marketed as Islamic still gets the same look-through as any other.
It is the share of the fund whose holdings HTR cannot cover far enough to rate. It is reported as unrated rather than counted as compliant, because a holding nobody screened should not look like one that passed.
It matters, and it is noted, but it does not replace the look-through. The board's judgement and the holdings screen are shown separately so you can see when they agree and when they do not.
When the fund files new holdings, and on a rolling basis besides. The date on the verdict above is the last time this fund was actually recomputed.
Open research, not a fatwa. HTR applies published screening standards to filings and publishes what they say, including when they disagree. Nothing here is financial advice or a recommendation to buy or sell. Verdicts can change when new filings land.
Same screen, different answers. Comparison is where the standards disagreeing becomes useful rather than confusing.
Peer screening computing — it will appear here on its own.
Insider transactions reported in the last ninety days. Insiders sell for reasons that have nothing to do with a view, so a sale on its own is not a signal.
NO DATA 0 buys · 0 sells
The weekly CFTC Commitments of Traders report for the broad market it tracks, not for this symbol. Positioning context for the tape — it says nothing about this company.
NEUTRAL report date 2026-10-06 · Asset managers net 906615 (+2612)
Plain-language summary of the evidence already on this page — the Sharia screen, structure, momentum, and order flow above. It explains the read; it doesn't make the call. Generated on demand (a live AI call), never run automatically.