ETF Research Center

The VanEck Vectors Morningstar Durable Dividend ETF tracks a dividend-weighted index of US firms that are screened for dividend yield, financial health, and valuation.

FUND BASICS
Category	US Equities
Fund Sponsor	VanEck
Website	www.vaneck.com
Inception date	Oct 30, 2018
Assets (mns)	$23
Currency	USD
Expense ratio	29 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Dividends
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	67
Wgt avg mkt cap (mns)	$184,131
Large cap (>$10bn)	98.7%
Mid cap ($2-10bn)	1.3%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	46.6 %
JPMORGAN CHASE & CO	5.3 %
JOHNSON & JOHNSON	5.1 %
INTEL CORP	4.8 %
PFIZER INC	4.8 %
AT&T INC	4.7 %
MERCK & CO. INC.	4.6 %
VERIZON COMMUNICATIONS INC	4.5 %
EXXON MOBIL CORP	4.5 %
CHEVRON CORP	4.2 %
PEPSICO INC	4.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.5 %
	IRELAND	1.6 %
	SWITZERLAND	0.5 %
	BRITAIN	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
26.5%	26.5%	--	--	15.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.85	97%
MSCI EAFE	1.03	85%
MSCI Emg. Mkts.	0.68	61%

Technical Indicators
Recent close	$30.05
30d moving avg.	$29.75
Annualized volatility	14.3%
Short interest (ETF)	0.0%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	11
Turnover	1.5%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$19,266

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

DURA

Expense:

29 bp

ALTAR Score™:

6.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DURA
Ticker	Fund Name	Overlap¹ vs DURA (%)	Expense ratio (bp)	Savings vs DURA (bp)	ALTAR Score™ (%)	ALTAR vs DURA (%)
HDV	iShares High Dividend	50.2	8	21	6.9	+0.4
OUSA	O'Shares FTSE U.S. Quality Dividend	45.9	48	-19	5.7	-0.8
JKF	iShares Morningstar Large Value	44.1	25	4	7.4	+0.9
VYM	Vanguard High Dividend Yield ETF	43.4	6	23	6.9	+0.4
OYLD	Invesco Russell 1000 Yield Factor ETF	40.0	19	10	6.8	+0.3
DJD	Invesco Dow Jones Industrial Average Dividend	38.4	7	22	7.0	+0.6
SCHD	Schwab US Dividend Equity	37.4	6	23	7.0	+0.5
SPHQ	Invesco S&P 500 Quality	37.2	15	14	5.4	-1.1
MGV	Vanguard Mega Cap 300 Value	35.8	7	22	6.8	+0.3
IWX	iShares Russell Top 200 Value	35.5	20	9	6.6	+0.1
DHS	WisdomTree Equity Income	35.1	38	-9	7.6	+1.1
ACIO	Aptus Collared Income Opportunity	34.6	79	-50	6.8	+0.3
SCHV	Schwab U.S. Large-Cap Value	33.7	4	25	6.6	+0.1
DLN	WisdomTree Large Cap Dividend	33.4	28	1	6.3	-0.2
DGRO	iShares Core Dividend Growth	33.1	8	21	6.1	-0.4
USDY	Pacific Global US Equity Income	33.0	29	0	7.1	+0.6
EDOW	First Trust Dow 30 Equal Weight	32.2	50	-21	5.9	-0.6
VTV	Vanguard Value ETF	31.3	4	25	6.9	+0.4
FDL	First Trust Morningstar Dividend Leaders	30.0	45	-16	8.3	+1.8
DGRW	WisdomTree US Dividend Growth	29.6	28	1	7.1	+0.6

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

	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 Morningstar Durable Dividend
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	18.5	%
Divided by: Fwd. P/BV	2.7	x
Less: Expense ratio	29	bp
Equals: ALTAR Score	6.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	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.