ETF Research Center

The VanEck Vectors Oil Refiners ETF tracks an index of global stocks issued by firms that earn at least 50% of their revenue from oil refining. The index is market-cap-weighted.

FUND BASICS
Category	US Equities
Fund Sponsor	Van Eck
Website	www.vaneck.com
Inception date	Aug 18, 2015
Assets (mns)	$36
Currency	USD
Expense ratio	60 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	25
Wgt avg mkt cap (mns)	$28,338
Large cap (>$10bn)	59.6%
Mid cap ($2-10bn)	39.3%
Small cap (<$2bn)	1.1%
Developed mkts	62.0%
Emerging mkts	38.0%

TOP TEN HOLDINGS
Total	62.4 %
RELIANCE INDS-SPONS GDR 144A	8.8 %
PHILLIPS 66	8.5 %
MARATHON PETROLEUM	7.7 %
VALERO ENERGY CORP	7.3 %
NESTE OIL OYJ	6.1 %
OMV AG	5.3 %
JX HOLDINGS INC	5.2 %
GALP ENERGIA SGPS SA-B SHRS	4.8 %
POLSKI KONCERN NAFTOWY SA	4.6 %
HOLLYFRONTIER CORP	4.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	31.0 %
	JAPAN	10.3 %
	SOUTH KOREA	9.2 %
	INDIA	8.8 %
	POLAND	6.2 %
	FINLAND	6.1 %
	AUSTRIA	5.3 %
	PORTUGAL	4.8 %
	TAIWAN	4.2 %
	HUNGARY	3.9 %

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.
11.7%	-3.1%	--	--	16.0%

Market Correlations
versus...	Beta	R-squared
S&P500	1.07	50%
MSCI EAFE	1.26	58%
MSCI Emg. Mkts.	0.84	43%

Technical Indicators
Recent close	$29.88
30d moving avg.	$29.62
Annualized volatility	18.3%
Short interest (ETF)	0.0%
Relative strength (RSI)	66

Liquidity measures
Avg. volume (thou.)	28
Turnover	2.3%
Bid/Ask (% of price)	0.46%
ADV underlying (mns)	$1,611

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

CRAK

Expense:

60 bp

ALTAR Score™:

12.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CRAK
Ticker	Fund Name	Overlap¹ vs CRAK (%)	Expense ratio (bp)	Savings vs CRAK (bp)	ALTAR Score™ (%)	ALTAR vs CRAK (%)
IEO	iShares U.S. Oil & Gas Exploration & Production	25.0	42	18	3.3	-9.5
FTXN	First Trust Nasdaq Oil & Gas	19.6	60	0	2.7	-10.1
PXI	Invesco Dynamic Energy Sector	19.2	60	0	-0.7	-13.4
PXE	Invesco Dynamic Energy Exploration & Production	18.5	63	-3	1.2	-11.5
JHME	John Hancock Multifactor Energy	17.6	40	20	3.4	-9.3
RYE	Invesco S&P Equal Weight Energy ETF	16.7	40	20	3.6	-9.1
XLEY	Cushing Energy & MLP	16.0	65	-5	3.7	-9.0
FXN	First Trust Energy Alphadex	15.1	63	-3	4.6	-8.2
XOP	SPDR S&P Oil & Gas Exploration	14.3	35	25	3.6	-9.1
XLE	Energy Select Sector SPDR	14.0	13	47	4.5	-8.3
IYE	iShares DJ US Energy Sector	12.5	42	18	4.1	-8.7
VDE	Vanguard Energy ETF	12.3	10	50	3.9	-8.8
FENY	Fidelity MSCI Energy	12.1	8	52	4.1	-8.7
FILL	iShares MSCI Global Energy Producers	10.4	39	21	5.6	-7.1
IGE	iShares North American Natural Resources	9.5	46	14	4.1	-8.7
XLSY	Cushing Energy Supply Chain & MLP	8.9	65	-5	5.6	-7.2
IXC	iShares S&P Global Energy Sector	8.9	46	14	5.2	-7.6
SPVU	Invesco S&P 500 Value	8.2	13	47	11.0	-1.7
SPDV	AAM S&P 500 High Dividend Value	7.9	29	31	10.6	-2.1
EPOL	iShares MSCI Poland Investable	6.2	63	-3	9.8	-2.9

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 Oil Refiners
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	15.8	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	12.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.42	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.