ETF Research Center

VanEck Vectors Biotech ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the US Listed Biotech 25 Index.

FUND BASICS
Category	US Equities
Fund Sponsor	Van Eck Associates Corp
Website	www.vaneck.com
Inception date	Dec 21, 2011
Assets (mns)	$349
Currency	USD
Expense ratio	35 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	25
Wgt avg mkt cap (mns)	$48,022
Large cap (>$10bn)	77.7%
Mid cap ($2-10bn)	19.4%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	59.8 %
AMGEN INC	11.0 %
CELGENE CORP	7.1 %
GILEAD SCIENCES INC	6.8 %
BIOGEN IDEC INC	5.8 %
VERTEX PHARMACEUTICALS INC	5.4 %
ALLERGAN PLC	5.1 %
REGENERON PHARMACEUTICALS	5.1 %
ILLUMINA INC	4.7 %
INCYTE CORP	4.5 %
IQVIA HOLDINGS INC	4.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	85.2 %
	IRELAND	5.1 %
	CHINA	4.0 %
	NETHERLANDS	3.0 %
	SPAIN	2.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
14.2%	6.2%	2.1%	--	17.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.24	57%
MSCI EAFE	1.04	34%
MSCI Emg. Mkts.	0.83	35%

Technical Indicators
Recent close	$131.74
30d moving avg.	$123.94
Annualized volatility	19.8%
Short interest (ETF)	1.8%
Short interest (Underlying)	3.3%
Relative strength (RSI)	78

Liquidity measures
Avg. volume (thou.)	13
Turnover	0.5%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$4,817

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the VanEck Vectors Biotech ETF based on the alternatives' overlap in portfolio holdings with BBH. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

BBH

Expense:

35 bp

ALTAR Score™:

5.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH BBH
Ticker	Fund Name	Overlap¹ vs BBH (%)	Expense ratio (bp)	Savings vs BBH (bp)	ALTAR Score™ (%)	ALTAR vs BBH (%)
FBT	First Trust NYSE-ARCA Biotechnology	59.7	57	-22	-0.8	-6.2
IBB	iShares NASDAQ Biotechnology	58.5	47	-12	1.3	-4.2
PBE	Invesco Dynamic Biotechnology & Genome	40.1	57	-22	0.0	-5.4
IEIH	iShares Evolved U.S. Innovative Healthcare	37.5	18	17	4.9	-0.6
BBP	BioShares Biotech Products	37.3	79	-44	-3.9	-9.3
XBI	SPDR S&P Biotech ETF	27.9	35	0	-5.1	-10.5
GNOM	Global X Genomics & Biotechnology	26.3	68	-33	-6.4	-11.9
PJP	Invesco Dynamic Pharmaceuticals	25.7	56	-21	9.9	+4.5
LNGR	Global X Longevity Thematic	21.2	50	-15	3.7	-1.8
RYH	Invesco S&P Equal Weight Healthcare	18.7	40	-5	7.3	+1.9
IYH	iShares US Healthcare	17.7	43	-8	6.6	+1.1
JHMH	John Hancock Multifactor Health Care	17.1	40	-5	6.9	+1.5
BTEC	Principal Healthcare Innovators Index	17.1	42	-7	-4.6	-10.0
QQXT	First Trust NASDAQ-100 Ex-Tech	17.0	60	-25	6.1	+0.6
FXH	First Trust Health Care Alphadex	16.8	63	-28	7.4	+1.9
XLV	Health Care Select Sector SPDR	16.7	13	22	7.5	+2.1
FHLC	Fidelity MSCI Health Care	16.4	8	27	6.1	+0.6
VHT	Vanguard Health Care	16.2	10	25	6.1	+0.6
CNCR	Loncar Cancer Immunotherapy	15.0	79	-44	-3.9	-9.3
ARKG	ARK Genomic Revolution Multi-Sector	13.3	75	-40	-4.2	-9.6

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	VanEck Vectors Biotech
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	19.0	%
Divided by: Fwd. P/BV	3.3	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	5.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	CATEGORY AVERAGE	1.55

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.