SVAL11

The Trend ETF U.S. Small Cap Value Fundo de Índice (SVAL11) is a Brazilian exchange-traded fund designed to provide exposure to U.S. small-cap value stocks through investments linked to the S&P SmallCap 600 Value Index. The ETF is administered by BNP Paribas Brasil S.A. and trades under the ticker SVAL11 on the B3.

Classified as an international equity ETF, the fund follows a passive management strategy. Its objective is to provide investors with exposure to U.S. small-cap companies exhibiting value characteristics through investments in the Vanguard S&P Small-Cap 600 Value ETF (VIOV).

Composition / Exposure profile

SVAL11 provides exposure primarily associated with:

• U.S. small-cap companies.

• Value-oriented equity strategies.

• Financial-sector businesses.

• Consumer discretionary companies.

• Industrial firms.

• Information technology companies.

• Materials-sector businesses.

• Factor-based investing.

The portfolio offers diversified exposure across multiple sectors of the U.S. economy, with notable allocations to financials, consumer discretionary, and industrial companies, alongside representation from technology, materials, and other industries.

The benchmark is designed to capture the so-called "value premium" within the small-cap universe by selecting companies that trade at relatively attractive valuations compared to their fundamentals.

Structure and costs

SVAL11 shares trade on the secondary market on the B3 during regular trading hours. Share creation and redemption occur through authorized participants, helping to align the ETF’s market price with its net asset value (NAV).

The fund charges a total management fee of approximately 0.40% per year, including both the local structure and the underlying international ETF.

SVAL11 does not apply a performance fee and does not provide recurring income distributions, as dividends and other proceeds received from underlying holdings are automatically reinvested and reflected in the ETF’s share value.

History and evolution of the ETF

The Trend ETF U.S. Small Cap Value Fundo de Índice was launched in 2022 with the objective of facilitating access to U.S. small-cap value strategies through the Brazilian stock exchange.

Since inception, the fund has become part of the growing segment of international factor-based ETFs available in Brazil, reflecting investor interest in diversification and exposure to risk factors such as value and size.

In recent years, SVAL11 has reflected fluctuations in the U.S. small-cap market, influenced by economic cycles, U.S. monetary-policy decisions, corporate earnings performance, and changes in valuation levels among smaller companies.

Additional Information

Trend ETF U.S. Small Cap Value Fundo de Índice (Brazil) is an exchange-traded fund (ETF), with assets under management totaling $46.38 million.

Over the past 12 months, Trend ETF U.S. Small Cap Value Fundo de Índice recorded a return of 27.65%, with its price trading between $119.68 and $157.40 during the same period.

The ETF is traded under the ticker SVAL11.