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)	$18
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)	$23,887
Large cap (>$10bn)	60.8%
Mid cap ($2-10bn)	35.7%
Small cap (<$2bn)	3.5%
Developed mkts	63.5%
Emerging mkts	36.5%

TOP TEN HOLDINGS
Total	61.6 %
NESTE OIL OYJ	8.7 %
RELIANCE INDS-SPONS GDR 144A	8.1 %
MARATHON PETROLEUM	7.7 %
PHILLIPS 66	6.8 %
VALERO ENERGY CORP	6.2 %
JX HOLDINGS INC	5.6 %
OMV AG	4.6 %
FORMOSA PETROCHEMICAL CORP	4.6 %
GALP ENERGIA SGPS SA-B SHRS	4.6 %
SK ENERGY CO LTD	4.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	28.1 %
	JAPAN	11.3 %
	SOUTH KOREA	9.5 %
	FINLAND	8.7 %
	INDIA	8.1 %
	POLAND	6.0 %
	AUSTRIA	4.7 %
	TAIWAN	4.6 %
	PORTUGAL	4.6 %
	AUSTRALIA	4.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-10.9%	-11.2%	--	--	11.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.07	44%
MSCI EAFE	1.32	56%
MSCI Emg. Mkts.	0.91	46%

Technical Indicators
Recent close	$26.27
30d moving avg.	$27.31
Annualized volatility	19.5%
Short interest (ETF)	0.2%
Relative strength (RSI)	33

Liquidity measures
Avg. volume (thou.)	37
Turnover	5.3%
Bid/Ask (% of price)	0.47%
ADV underlying (mns)	$1,505

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 18 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™:

13.2%

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 (%)
FTXN	First Trust Nasdaq Oil & Gas	23.5	60	0	5.0	-8.2
IEO	iShares U.S. Oil & Gas Exploration & Production	21.2	42	18	4.3	-8.9
PXI	Invesco Dynamic Energy Sector	16.6	60	0	2.8	-10.5
PXE	Invesco Dynamic Energy Exploration & Production	15.6	63	-3	4.8	-8.4
FXN	First Trust Energy Alphadex	15.3	63	-3	6.0	-7.2
JHME	John Hancock Multifactor Energy	15.2	40	20	4.0	-9.2
XOP	SPDR S&P Oil & Gas Exploration & Production	13.3	35	25	4.8	-8.5
RYE	Invesco S&P Equal Weight Energy ETF	13.2	40	20	4.1	-9.2
XLE	Energy Select Sector SPDR	12.0	13	47	4.9	-8.3
IYE	iShares DJ US Energy Sector	10.9	42	18	4.5	-8.7
VDE	Vanguard Energy	10.8	10	50	4.5	-8.7
FENY	Fidelity MSCI Energy	10.6	8	52	4.5	-8.7
FILL	iShares MSCI Global Energy Producers	10.0	39	21	6.8	-6.4
IXC	iShares Global Energy	8.3	46	14	5.8	-7.5
IGE	iShares North American Natural Resources	7.8	46	14	4.5	-8.8
AMZA	InfraCap MLP	7.3	240	-180	5.0	-8.2
RDIV	Invesco S&P Ultra Dividend Revenue ETF	6.7	39	21	9.9	-3.3
EPOL	iShares MSCI Poland Investable	6.0	63	-3	10.0	-3.2

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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	14.6	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	60	bp
Equals: ALTAR Score	13.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	CATEGORY AVERAGE	1.56

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.