ETF Research Center

VanEck Vectors BDC Income ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the VanEck Vectors US Business Development Companies Index. The Index is a rules based index intended to track the overall performance of publicly traded business development companies.

FUND BASICS
Category	Global Equities
Fund Sponsor	Van Eck Associates Corp
Website	www.vaneck.com
Inception date	Feb 11, 2013
Assets (mns)	$1,027
Currency	USD
Expense ratio	11 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Bank of New York Mellon/The
Weighting	Market Cap
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	28
Wgt avg mkt cap (mns)	$3,848
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	73.1%
Small cap (<$2bn)	26.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	79.3 %
ARES CAPITAL CORP	19.7 %
FS INVESTMENT CORP	12.6 %
OWL ROCK CAPITAL CORP.	12.5 %
BLACKSTONE SECURED LENDING FUND	10.3 %
GOLUB CAPITAL BDC INC	4.7 %
MAIN STREET CAPITAL CORP	4.6 %
HERCULES TECHNOLOGY GROWTH	4.5 %
TPG SPECIALTY LENDING, INC.	3.7 %
PROSPECT CAPITAL CORP	3.6 %
GOLDMAN SACHS BDC, INC	3.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	89.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
1.5%	23.0%	10.6%	7.2%	7.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.77	64%
MSCI EAFE	0.75	57%
MSCI Emg. Mkts.	0.53	30%

Technical Indicators
Recent close	$16.59
30d moving avg.	$15.85
Annualized volatility	17.0%
Short interest (ETF)	0.7%
Short interest (Underlying)	3.0%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	705
Turnover	1.1%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$224

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 14 potential alternatives to the VanEck BDC Income ETF ETF based on the alternatives' overlap in portfolio holdings with BIZD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

BIZD

Expense:

11 bp

ALTAR Score™:

12.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH BIZD
Ticker	Fund Name	Overlap¹ vs BIZD (%)	Expense ratio (bp)	Savings vs BIZD (bp)	ALTAR Score™ (%)	ALTAR vs BIZD (%)
PEX	ProShares Global Listed Private Equity ETF	48.1	81	-70	12.2	-0.1
KBWD	Invesco KBW High Dividend Yield Financial ETF	17.4	384	-373	8.5	-3.8
PSP	Invesco Global Listed Private Equity ETF	9.2	106	-95	9.1	-3.2
ISMD	Inspire Small/Mid Cap ETF	0.8	54	-43	6.1	-6.2
USVM	VictoryShares US Small Mid Cap Value Momentum ETF	0.6	25	-14	8.8	-3.4
USVT	US Value ETF	0.5	49	-38	11.3	-1.0
FYC	First Trust Small Cap Growth AlphaDEX Fund	0.4	71	-60	0.9	-11.4
FPX	First Trust US Equity Opportunities ETF	0.4	61	-50	0.6	-11.6
BFOR	ALPS Barron's 400 ETF	0.2	65	-54	6.6	-5.7
FYX	First Trust Small Cap Core AlphaDEX Fund	0.2	61	-50	7.2	-5.1
RNSC	Furst Trust Small Cap US Equity Select ETF	0.2	60	-49	8.4	-3.8
FAD	First Trust Multi Cap Growth AlphaDEX Fund	0.1	64	-53	2.1	-10.2
KRUZ	Unusual Whales Subversive Republican Trading ETF	0.1	75	-64	4.9	-7.3
NANC	Unusual Whales Subversive Democratic Trading ETF	0.0	75	-64	3.8	-8.5

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

	2019	2020	2021	2022	2023	2024E	2025E
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

	2023	2024E	2025E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

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

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.7	%
Divided by: Fwd. P/BV	0.9	x
Less: Expense ratio	11	bp
Equals: ALTAR Score	12.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	CATEGORY AVERAGE	1.50

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.