ETF Research Center

CNXT tracks the ChiNext Index, which includes the 100 largest and most liquid stocks listed and trading on the ChiNext Market of the Shenzhen Stock Exchange. The ChiNext Index is comprised of China A-shares.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Van Eck Associates
Website	www.vaneck.com
Inception date	Jul 23, 2014
Assets (mns)	$15
Currency	USD
Expense ratio	65 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-End Investment Company
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	101
Wgt avg mkt cap (mns)	$1,317
Large cap (>$10bn)	22.5%
Mid cap ($2-10bn)	71.1%
Small cap (<$2bn)	6.4%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	93.2 %
CONTEMPORARY AMPEREX TECHNOLOGY CO	81.9 %
AIER EYE HOSPITAL GROUP CO., LTD.	2.1 %
CHONGQING ZHIFEI BIOLOGICAL PRODUC	1.9 %
EOPTOLINK TECHNOLOGY INC., LTD. CL	1.7 %
MAXSCEND MICROELECTRONICS COMPANY	1.3 %
HITHINK ROYALFLUSH INFORMATION NET	1.0 %
WALVAX BIOTECHNOLOGY CO., LTD. CLA	1.0 %
SHENZHEN NEW INDUSTRIES BIOMEDICAL	0.9 %
ISOFTSTONE INFORMATION TECHNOLOGY	0.8 %
BEIJING EASPRING MATERIAL TECHNOLO	0.7 %

TOP COUNTRY EXPOSURE
	CHINA	18.7 %

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.
-6.0%	-28.1%	-2.7%	--	-0.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.48	9%
MSCI EAFE	0.62	14%
MSCI Emg. Mkts.	0.82	25%

Technical Indicators
Recent close	$22.37
30d moving avg.	$24.96
Annualized volatility	28.8%
Short interest (ETF)	3.1%
Relative strength (RSI)	45

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.6%
Bid/Ask (% of price)	0.26%
ADV underlying (mns)	$1,872

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 46 potential alternatives to the VanEck ChiNext ETF ETF based on the alternatives' overlap in portfolio holdings with CNXT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

CNXT

Expense:

65 bp

ALTAR Score™:

4.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CNXT
Ticker	Fund Name	Overlap¹ vs CNXT (%)	Expense ratio (bp)	Savings vs CNXT (bp)	ALTAR Score™ (%)	ALTAR vs CNXT (%)
ASHS	Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	1.4	65	0	6.3	+2.0
CQQQ	Invesco China Technology ETF	0.7	70	-5	-5.7	-10.0
BKEM	BNY Mellon Emerging Markets Equity ETF	0.6	11	54	7.7	+3.4
RAYS	Global X Solar ETF	0.5	51	14	4.7	+0.4
GMET	VanEck Green Metals ETF	0.4	63	2	10.1	+5.8
CNYA	iShares MSCI China A ETF	0.4	60	5	8.7	+4.4
DMAT	Global X Disruptive Materials ETF	0.4	59	6	10.1	+5.8
WBAT	WisdomTree Battery Value Chain and Innovation Fund	0.3	45	20	4.9	+0.6
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	0.2	72	-7	2.2	-2.1
ICLN	iShares Global Clean Energy ETF	0.2	41	24	4.3	-0.0
GXC	SPDR S&P China ETF	0.2	59	6	9.1	+4.8
TCHI	iShares MSCI China Multisector Tech ETF	0.1	59	6	3.1	-1.3
SCHE	Schwab Emerging Markets Equity ETF	0.1	11	54	7.6	+3.3
MCHI	iShares MSCI China ETF	0.1	59	6	9.0	+4.7
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.1	33	32	7.2	+2.9
GMF	SPDR S&P Emerging Asia Pacific ETF	0.1	49	16	6.4	+2.1
ERTH	Invesco MSCI Sustainable Future ETF	0.1	62	3	3.7	-0.6
FLCH	Franklin FTSE China ETF	0.0	19	46	9.6	+5.3
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.0	15	50	7.1	+2.8
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.0	41	24	7.8	+3.5
BKF	iShares MSCI BIC ETF	0.0	69	-4	7.1	+2.8
GCLN	Goldman Sachs Bloomberg Clean Energy Equity ETF	0.0	45	20	6.3	+1.9
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.0	7	58	6.5	+2.2
DFAE	Dimensional Emerging Core Equity Market ETF	0.0	35	30	7.7	+3.4
SPEM	SPDR Portfolio Emerging Markets ETF	0.0	7	58	7.5	+3.2
AAXJ	iShares MSCI All Country Asia ex Japan ETF	0.0	70	-5	6.3	+2.0
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.0	38	27	8.3	+3.9
EEMA	iShares MSCI Emerging Markets Asia ETF	0.0	49	16	6.7	+2.4
VWO	Vanguard FTSE Emerging Markets ETF	0.0	8	57	7.6	+3.3
DEHP	Dimensional Emerging Markets High Profitability ETF	0.0	41	24	7.3	+3.0
IEMG	iShares Core MSCI Emerging Markets ETF	0.0	9	56	7.5	+3.2
LDEM	iShares ESG MSCI EM Leaders ETF	0.0	17	48	7.8	+3.5
EEM	iShares MSCI Emerging Markets ETF	0.0	69	-4	7.0	+2.7
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.0	58	7	10.2	+5.8
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	56	5.7	+1.4
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.0	30	35	7.8	+3.5
CWI	SPDR MSCI ACWI ex-US ETF	0.0	30	35	6.8	+2.5
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.0	36	29	7.5	+3.2
VSGX	Vanguard ESG International Stock ETF	0.0	12	53	6.8	+2.5
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	0.0	66	-1	7.2	+2.9
VXUS	Vanguard Total International Stock ETF	0.0	7	58	7.1	+2.8
VEU	Vanguard FTSE All-World ex-US Index Fund	0.0	8	57	7.2	+2.9
FLAX	Franklin FTSE Asia Ex Japan ETF	0.0	19	46	7.2	+2.9
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.0	20	45	5.6	+1.3
VT	Vanguard Total World Stock ETF	0.0	7	58	5.8	+1.5
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	0.0	65	0	8.9	+4.6

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

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.7	%
Divided by: Fwd. P/BV	3.0	x
Less: Expense ratio	65	bp
Equals: ALTAR Score	4.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.26	CATEGORY AVERAGE	1.39

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.