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)	$1,261
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	30
Wgt avg mkt cap (mns)	$3,757
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	66.6%
Small cap (<$2bn)	33.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	78.9 %
ARES CAPITAL CORP	21.9 %
BLACKSTONE SECURED LENDING FUND	15.4 %
FS INVESTMENT CORP	9.6 %
OWL ROCK CAPITAL CORP.	8.8 %
MAIN STREET CAPITAL CORP	4.7 %
GOLUB CAPITAL BDC INC	4.7 %
HERCULES TECHNOLOGY GROWTH	4.5 %
TPG SPECIALTY LENDING, INC.	3.6 %
PROSPECT CAPITAL CORP	3.0 %
GOLDMAN SACHS BDC, INC	2.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	84.7 %

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.
5.9%	17.6%	10.0%	7.8%	7.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.75	60%
MSCI EAFE	0.68	52%
MSCI Emg. Mkts.	0.51	28%

Technical Indicators
Recent close	$16.48
30d moving avg.	$16.24
Annualized volatility	16.8%
Short interest (ETF)	2.3%
Short interest (Underlying)	3.0%
Relative strength (RSI)	52

Liquidity measures
Avg. volume (thou.)	647
Turnover	0.9%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$225

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 17 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™:

11.9%

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	47.9	81	-70	11.7	-0.2
LBO	WHITEWOLF Publicly Listed Private Equity ETF	37.3	70	-59	8.1	-3.9
ERNZ	TrueShares Active Yield ETF	18.0	75	-64	10.9	-1.0
KBWD	Invesco KBW High Dividend Yield Financial ETF	17.0	384	-373	9.3	-2.6
PSP	Invesco Global Listed Private Equity ETF	8.3	106	-95	7.7	-4.2
ISMD	Inspire Small/Mid Cap ETF	0.7	54	-43	5.3	-6.6
USVM	VictoryShares US Small Mid Cap Value Momentum ETF	0.7	25	-14	7.2	-4.7
FNK	First Trust Mid Cap Value AlphaDEX Fund	0.6	70	-59	10.0	-1.9
FNX	First Trust Mid Cap Core AlphaDEX Fund	0.4	60	-49	6.8	-5.1
FPX	First Trust US Equity Opportunities ETF	0.2	61	-50	1.5	-10.5
FAB	First Trust Multi Cap Value AlphaDEX Fund	0.2	67	-56	8.6	-3.4
RNSC	Furst Trust Small Cap US Equity Select ETF	0.2	60	-49	6.8	-5.1
FNY	First Trust Mid Cap Growth AlphaDEX Fund	0.1	70	-59	2.7	-9.2
KRUZ	Unusual Whales Subversive Republican Trading ETF	0.1	75	-64	5.4	-6.5
PTL	Inspire 500 ETF	0.1	9	2	5.6	-6.3
FAD	First Trust Multi Cap Growth AlphaDEX Fund	0.0	64	-53	1.8	-10.1
AFSM	First Trust Active Factor Small Cap ETF	0.0	75	-64	6.3	-5.6

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

	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	11.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	CATEGORY AVERAGE	1.53

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.