ETF Research Center

VanEck Vectors-Gaming ETF seeks investment results that correspond to the price and yield performance of the S-Network Global Gaming Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Van Eck Associates Corp
Website	www.vaneck.com
Inception date	Jan 24, 2008
Assets (mns)	$26
Currency	USD
Expense ratio	66 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	42
Wgt avg mkt cap (mns)	$14,290
Large cap (>$10bn)	44.0%
Mid cap ($2-10bn)	50.5%
Small cap (<$2bn)	5.5%
Developed mkts	84.0%
Emerging mkts	16.0%

TOP TEN HOLDINGS
Total	54.8 %
LAS VEGAS SANDS CORP	8.0 %
GALAXY ENTERTAINMENT GROUP L	7.5 %
SANDS CHINA LTD	6.6 %
ARISTOCRAT LEISURE LTD	6.4 %
MGM MIRAGE	6.2 %
PADDY POWER PLC	4.5 %
VICI PROPERTIES INC	4.5 %
WYNN RESORTS LTD	4.3 %
GAMING AND LEISURE PROPERTIE	3.8 %
TABCORP HOLDINGS LIMITED	3.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	36.7 %
	HONG KONG	12.5 %
	AUSTRALIA	12.2 %
	MACAU	8.9 %
	BRITAIN	5.3 %
	IRELAND	4.5 %
	MALAYSIA	3.6 %
	JAPAN	3.4 %
	CANADA	2.8 %
	SINGAPORE	2.5 %

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.
19.4%	14.9%	0.6%	8.5%	1.9%

Market Correlations
versus...	Beta	R-squared
S&P500	1.15	48%
MSCI EAFE	1.25	48%
MSCI Emg. Mkts.	0.98	48%

Technical Indicators
Recent close	$40.30
30d moving avg.	$39.20
Annualized volatility	20.1%
Short interest (ETF)	1.2%
Relative strength (RSI)	75

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.3%
Bid/Ask (% of price)	0.46%
ADV underlying (mns)	$1,508

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

BJK

Expense:

66 bp

ALTAR Score™:

6.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH BJK
Ticker	Fund Name	Overlap¹ vs BJK (%)	Expense ratio (bp)	Savings vs BJK (bp)	ALTAR Score™ (%)	ALTAR vs BJK (%)
NETL	NETLease Corporate Real Estate	8.8	60	6	5.7	-0.7
ZHOK	SPDR Solactive Hong Kong	7.9	14	52	7.1	+0.7
EWH	iShares MSCI Hong Kong	7.5	48	18	7.2	+0.8
FLHK	Franklin FTSE Hong Kong	6.8	9	57	7.6	+1.2
PLCY	EventShares US Policy Alpha	5.5	75	-9	3.9	-2.5
RORE	Hartford Multifactor REIT	4.8	45	21	12.9	+6.6
RCD	Invesco S&P Equal Weight Consumer Discretionary	4.7	40	26	8.6	+2.2
IPO	Renaissance IPO	4.5	60	6	-0.7	-7.1
GCOW	Pacer Global Cash Cows Dividend	4.1	60	6	9.9	+3.6
JHMC	John Hancock Multifactor Consumer Discretionary	4.1	40	26	6.0	-0.4
SRET	Global X SuperDividend REIT	3.8	59	7	10.0	+3.7
EPP	iShares MSCI Pacific ex-Japan	3.7	48	18	6.4	+0.0
ICOW	Pacer Developed Markets Int'l Cash Cows 100	3.7	65	1	9.6	+3.2
EUDV	ProShares MSCI Europe Dividend Growers	3.7	55	11	6.4	+0.0
EDOG	ALPS Emerging Sector Dividend Dogs	3.6	60	6	9.3	+2.9
EWM	iShares MSCI Malaysia	3.6	47	19	7.1	+0.8
BBAX	JPMorgan BetaBuilders Developed Asia ex-Japan	3.6	19	47	6.6	+0.2
RFG	Invesco S&P Midcap 400 Pure Growth	3.6	35	31	3.8	-2.6
SCIX	Global X Scientific Beta Asia ex-Japan	3.6	38	28	6.2	-0.2
FPA	First Trust Asia Pac Ex-Japan AlphaDEX	3.5	80	-14	8.8	+2.4

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 Gaming
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.2	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	66	bp
Equals: ALTAR Score	6.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.44	CATEGORY AVERAGE	1.54

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.