ETF Research Center

VanEck Vectors--Environment Services ETF seeks investment results that correspond to the price and yield of the performance of the Amex Environmental Services Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Van Eck Associates Corp
Website	www.vaneck.com
Inception date	Oct 16, 2006
Assets (mns)	$37
Currency	USD
Expense ratio	56 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian	Bank of New York Mellon
Weighting	Tiered
Index replication	Full
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	24
Wgt avg mkt cap (mns)	$13,183
Large cap (>$10bn)	40.2%
Mid cap ($2-10bn)	31.4%
Small cap (<$2bn)	28.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	62.1 %
STERIS PLC	9.9 %
REPUBLIC SERVICES INC	9.9 %
WASTE CONNECTIONS, INC.	9.7 %
WASTE MANAGEMENT INC	9.6 %
STERICYCLE INC	4.2 %
TENNECO INC	4.1 %
DARLING INTERNATIONAL INC	3.8 %
TENNANT CO	3.7 %
CLEAN HARBORS INC	3.6 %
DONALDSON CO INC	3.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	80.5 %
	IRELAND	10.0 %
	CANADA	9.7 %

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.
23.8%	14.0%	10.7%	11.3%	8.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.99	74%
MSCI EAFE	0.74	36%
MSCI Emg. Mkts.	0.44	20%

Technical Indicators
Recent close	$104.42
30d moving avg.	$103.10
Annualized volatility	13.9%
Short interest (ETF)	0.1%
Short interest (Underlying)	4.4%
Relative strength (RSI)	50

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.3%
Bid/Ask (% of price)	0.31%
ADV underlying (mns)	$665

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

EVX

Expense:

56 bp

ALTAR Score™:

5.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH EVX
Ticker	Fund Name	Overlap¹ vs EVX (%)	Expense ratio (bp)	Savings vs EVX (bp)	ALTAR Score™ (%)	ALTAR vs EVX (%)
AIRR	First Trust RBA American Industrial Renaissance	14.4	70	-14	5.2	-0.5
FIW	First Trust ISE Water	5.6	55	1	3.8	-1.9
DVOL	First Trust Dorsey Wright Momentum & Low Volatility	5.6	60	-4	4.6	-1.1
VSMV	VictoryShares US Multi-Factor Minimum Volatility	5.1	35	21	6.3	+0.6
XKII	SPDR Kensho Intelligent Structures	4.7	45	11	6.4	+0.7
PHO	Invesco Water Resources	4.4	60	-4	4.2	-1.5
VSL	Volshares Large Cap	4.0	65	-9	5.2	-0.5
PSCI	Invesco S&P Small Cap Industrials	4.0	29	27	6.5	+0.8
PSCC	Invesco S&P Small Cap Consumer Staples	3.8	29	27	4.9	-0.8
BUYN	USCF SummerHaven SHPEN Index	3.6	80	-24	5.7	+0.0
SPMV	Invesco S&P 500 Minimum Variance	3.6	10	46	6.1	+0.4
PRN	Invesco DWA Industrials Momentum	3.5	60	-4	4.2	-1.5
JHMI	John Hancock Multifactor Industrials	3.3	40	16	6.5	+0.8
FIDU	Fidelity Industrials	3.3	8	48	5.8	+0.1
DWAQ	Invesco DWA NASDAQ Momentum Portfolio	3.2	60	-4	0.6	-5.2
VIS	Vanguard Industrials	3.2	10	46	6.2	+0.5
BOUT	Innovator IBD Breakout Opportunities	3.1	80	-24	4.8	-0.9
LGLV	SPDR Russell 1000 Low Volatility	3.0	12	44	5.3	-0.4
DWMC	AdvisorShares Dorsey Wright Micro-Cap	3.0	125	-69	0.3	-5.4
USMV	iShares MSCI USA Minimum Volatility	2.8	15	41	5.3	-0.5

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 Environmental Services ETF
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	14.0	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	56	bp
Equals: ALTAR Score	5.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	CATEGORY AVERAGE	1.54

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.