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)	$49
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)	$1,350
Large cap (>$10bn)	37.9%
Mid cap ($2-10bn)	59.8%
Small cap (<$2bn)	2.3%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	92.9 %
CONTEMPORARY AMPEREX TECHNOLOGY CO	82.5 %
EOPTOLINK TECHNOLOGY INC., LTD. CL	2.3 %
AIER EYE HOSPITAL GROUP CO., LTD.	1.9 %
HITHINK ROYALFLUSH INFORMATION NET	1.6 %
CHONGQING ZHIFEI BIOLOGICAL PRODUC	1.0 %
MAXSCEND MICROELECTRONICS COMPANY	0.9 %
WALVAX BIOTECHNOLOGY CO., LTD. CLA	0.7 %
EMPYREAN TECHNOLOGY CO., LTD. CLAS	0.7 %
SHENZHEN NEW INDUSTRIES BIOMEDICAL	0.6 %
ISOFTSTONE INFORMATION TECHNOLOGY	0.6 %

TOP COUNTRY EXPOSURE
	CHINA	16.3 %

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.
18.2%	16.7%	3.0%	0.9%	2.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.44	4%
MSCI EAFE	0.56	7%
MSCI Emg. Mkts.	1.07	24%

Technical Indicators
Recent close	$29.68
30d moving avg.	$29.01
Annualized volatility	37.9%
Short interest (ETF)	8.7%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	66
Turnover	4.0%
Bid/Ask (% of price)	0.26%
ADV underlying (mns)	$2,820

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 50 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™:

4.1%

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	6.2	+2.1
CQQQ	Invesco China Technology ETF	0.6	70	-5	-7.9	-12.0
RAYS	Global X Solar ETF	0.5	51	14	6.9	+2.8
GMET	VanEck Green Metals ETF	0.5	63	2	10.7	+6.6
TCHI	iShares MSCI China Multisector Tech ETF	0.4	59	6	1.9	-2.2
KURE	KraneShares MSCI All China Health Care Index ETF	0.3	65	0	4.3	+0.2
CNYA	iShares MSCI China A ETF	0.3	60	5	8.0	+3.9
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	0.2	65	0	7.9	+3.8
ICLN	iShares Global Clean Energy ETF	0.2	41	24	6.0	+1.9
GXC	SPDR S&P China ETF	0.2	59	6	8.3	+4.2
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	0.1	32	33	6.1	+2.0
SCHE	Schwab Emerging Markets Equity ETF	0.1	11	54	7.1	+3.0
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.1	45	20	11.0	+6.9
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.1	65	0	8.2	+4.1
FLCH	Franklin FTSE China ETF	0.1	19	46	8.8	+4.7
ERTH	Invesco MSCI Sustainable Future ETF	0.1	62	3	3.6	-0.5
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.1	33	32	8.2	+4.1
NUEM	Nuveen ESG Emerging Markets Equity ETF	0.1	36	29	6.5	+2.4
MCHI	iShares MSCI China ETF	0.0	59	6	8.4	+4.3
DEHP	Dimensional Emerging Markets High Profitability ETF	0.0	41	24	5.0	+0.9
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.0	41	24	7.4	+3.3
SPEM	SPDR Portfolio Emerging Markets ETF	0.0	7	58	7.3	+3.2
GMF	SPDR S&P Emerging Asia Pacific ETF	0.0	49	16	6.1	+2.0
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.0	7	58	6.7	+2.6
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.0	38	27	7.8	+3.7
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.0	32	33	6.2	+2.1
FLAX	Franklin FTSE Asia Ex Japan ETF	0.0	19	46	6.9	+2.8
DFAE	Dimensional Emerging Core Equity Market ETF	0.0	35	30	7.3	+3.2
EEMA	iShares MSCI Emerging Markets Asia ETF	0.0	49	16	6.5	+2.4
VWO	Vanguard FTSE Emerging Markets ETF	0.0	8	57	6.9	+2.8
LDEM	iShares ESG MSCI EM Leaders ETF	0.0	17	48	7.6	+3.5
EMXF	iShares ESG Advanced MSCI EM ETF	0.0	16	49	6.8	+2.7
IEMG	iShares Core MSCI Emerging Markets ETF	0.0	9	56	7.5	+3.4
EEM	iShares MSCI Emerging Markets ETF	0.0	69	-4	6.9	+2.8
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.0	30	35	8.0	+3.9
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	0.0	66	-1	10.0	+5.9
BKF	iShares MSCI BIC ETF	0.0	69	-4	6.9	+2.8
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	0.0	20	45	6.8	+2.7
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.0	58	7	10.2	+6.1
BKEM	BNY Mellon Emerging Markets Equity ETF	0.0	11	54	8.4	+4.3
VSGX	Vanguard ESG International Stock ETF	0.0	12	53	6.8	+2.7
CWI	SPDR MSCI ACWI ex-US ETF	0.0	30	35	6.9	+2.8
AAXJ	iShares MSCI All Country Asia ex Japan ETF	0.0	70	-5	6.2	+2.1
VXUS	Vanguard Total International Stock ETF	0.0	7	58	7.2	+3.1
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	56	5.4	+1.3
VEU	Vanguard FTSE All-World ex-US Index Fund	0.0	8	57	7.3	+3.2
DFEV	Dimensional Emerging Markets Value ETF	0.0	43	22	11.1	+7.0
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.0	36	29	7.8	+3.7
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.0	18	47	7.0	+2.9
VT	Vanguard Total World Stock ETF	0.0	7	58	5.5	+1.4

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

	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	15.1	%
Divided by: Fwd. P/BV	3.2	x
Less: Expense ratio	65	bp
Equals: ALTAR Score	4.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.42	CATEGORY AVERAGE	1.48

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.