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)	$1,529
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	31
Wgt avg mkt cap (mns)	$4,159
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	69.1%
Small cap (<$2bn)	30.9%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	77.5 %
ARES CAPITAL CORP	18.9 %
UNITED STATES TREASURY BILL	17.0 %
OWL ROCK CAPITAL CORP.	11.4 %
BLACKSTONE SECURED LENDING FUND	9.6 %
GOLUB CAPITAL BDC INC	4.0 %
HERCULES TECHNOLOGY GROWTH	3.8 %
MAIN STREET CAPITAL CORP	3.8 %
FS INVESTMENT CORP	3.7 %
TPG SPECIALTY LENDING, INC.	3.0 %
MORGAN STANLEY DIRECT LENDING FUND	2.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	68.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru April 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
-8.4%	-3.3%	17.8%	7.7%	6.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.86	62%
MSCI EAFE	0.76	51%
MSCI Emg. Mkts.	0.49	22%

Technical Indicators
Recent close	$16.07
30d moving avg.	$15.27
Annualized volatility	18.0%
Short interest (ETF)	1.5%
Short interest (Underlying)	3.0%
Relative strength (RSI)	45

Liquidity measures
Avg. volume (thou.)	1,183
Turnover	1.2%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$309

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 22 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™:

11.1%

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	39.0	81	-70	10.6	-0.5
LBO	WHITEWOLF Publicly Listed Private Equity ETF	35.6	70	-59	8.4	-2.8
KBWD	Invesco KBW High Dividend Yield Financial ETF	15.6	384	-373	13.5	+2.3
PSP	Invesco Global Listed Private Equity ETF	7.7	106	-95	5.8	-5.3
MDLV	Morgan Dempsey Large Cap Value ETF	2.1	58	-47	7.6	-3.6
PEY	Invesco High Yield Equity Dividend Achievers ETF	2.0	52	-41	10.2	-1.0
COPY	Tweedy, Browne Insider + Value ETF	1.5	80	-69	12.6	+1.4
ISMD	Inspire Small/Mid Cap ETF	0.9	54	-43	6.1	-5.0
FNX	First Trust Mid Cap Core AlphaDEX Fund	0.6	60	-49	7.8	-3.3
FNY	First Trust Mid Cap Growth AlphaDEX Fund	0.5	70	-59	2.9	-8.3
QDF	FlexShares Quality Dividend Index Fund	0.5	37	-26	6.5	-4.6
QDEF	FlexShares Quality Dividend Defensive Index Fund	0.5	37	-26	6.2	-4.9
AFMC	First Trust Active Factor Mid Cap ETF	0.5	65	-54	8.7	-2.4
FNK	First Trust Mid Cap Value AlphaDEX Fund	0.4	70	-59	11.7	+0.5
FPX	First Trust US Equity Opportunities ETF	0.3	61	-50	1.1	-10.0
FAD	First Trust Multi Cap Growth AlphaDEX Fund	0.2	64	-53	2.3	-8.8
FAB	First Trust Multi Cap Value AlphaDEX Fund	0.1	67	-56	10.5	-0.7
GOP	Unusual Whales Subversive Republican Trading ETF	0.1	50	-39	6.1	-5.1
GINN	Goldman Sachs Innovate Equity ETF	0.1	52	-41	4.1	-7.0
AFSM	First Trust Active Factor Small Cap ETF	0.0	75	-64	7.7	-3.5
EBI	Longview Advantage ETF	0.0	35	-24	6.9	-4.3
PFM	Invesco Dividend Achievers ETF	0.0	53	-42	5.4	-5.7

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
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	14.7	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	11	bp
Equals: ALTAR Score	11.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.41	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.