ETF Research Center

VanEck Vectors - Hard Assets Producers ETF seeks investment results that correspond to the price and yield of the Rogers - Van Eck Hard Assets Producers Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Van Eck Funds
Website	www.vaneck.com
Inception date	Sep 03, 2008
Assets (mns)	$82
Currency	USD
Expense ratio	50 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	301
Wgt avg mkt cap (mns)	$50,982
Large cap (>$10bn)	74.7%
Mid cap ($2-10bn)	21.1%
Small cap (<$2bn)	3.1%
Developed mkts	85.9%
Emerging mkts	14.1%

TOP TEN HOLDINGS
Total	29.2 %
DEERE & CO	7.0 %
EXXON MOBIL CORP	3.6 %
TYSON FOODS INC-CL A	3.3 %
ARCHER-DANIELS-MIDLAND CO	3.2 %
CHEVRON CORP	2.7 %
KUBOTA CORP	2.3 %
BHP BILLITON LTD	2.1 %
TOTAL SA	1.7 %
FMC CORP	1.6 %
RIO TINTO PLC	1.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	43.0 %
	BRITAIN	8.4 %
	CANADA	7.4 %
	JAPAN	5.6 %
	AUSTRALIA	5.1 %
	RUSSIA	3.3 %
	NORWAY	2.7 %
	FRANCE	2.3 %
	BRAZIL	2.2 %
	SOUTH AFRICA	1.5 %

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.
18.4%	18.4%	4.4%	3.3%	3.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.87	65%
MSCI EAFE	1.03	75%
MSCI Emg. Mkts.	0.74	67%

Technical Indicators
Recent close	$37.10
30d moving avg.	$36.99
Annualized volatility	13.1%
Short interest (ETF)	5.3%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	17
Turnover	0.8%
Bid/Ask (% of price)	0.22%
ADV underlying (mns)	$16,170

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the VanEck Vectors Hard Asset Producers ETF based on the alternatives' overlap in portfolio holdings with HAP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

HAP

Expense:

50 bp

ALTAR Score™:

5.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH HAP
Ticker	Fund Name	Overlap¹ vs HAP (%)	Expense ratio (bp)	Savings vs HAP (bp)	ALTAR Score™ (%)	ALTAR vs HAP (%)
GUNR	Flexshares Global Upstream Natural Resources	45.8	46	4	5.6	+0.2
GNR	SPDR S&P Global Nat. Resources	40.3	40	10	6.1	+0.7
GRES	Index IQ Global Resources	32.0	77	-27	5.6	+0.2
MOO	VanEck Vectors Agribusiness ETF	30.1	54	-4	5.9	+0.4
VEGI	iShares MSCI Global Agriculture Producers	26.4	39	11	6.5	+1.1
IGE	iShares North American Natural Resources	22.9	46	4	3.8	-1.6
IXC	iShares Global Energy	22.7	46	4	4.9	-0.5
NANR	SPDR S&P N. American Nat. Resources	20.7	35	15	3.8	-1.6
FILL	iShares MSCI Global Energy Producers	20.6	39	11	5.5	+0.1
FTAG	First Trust Indxx Global Agriculture	19.2	70	-20	8.2	+2.8
MXI	iShares S&P Global Materials	16.8	46	4	6.5	+1.1
DIET	Defiance Next Gen Food & Agriculture	16.5	30	20	5.4	0.0
DEW	WisdomTree Global Equity Income	16.3	58	-8	8.0	+2.6
IYE	iShares DJ US Energy Sector	14.8	42	8	3.8	-1.6
FENY	Fidelity MSCI Energy	14.7	8	42	3.8	-1.6
VDE	Vanguard Energy	14.7	10	40	3.8	-1.7
JHME	John Hancock Multifactor Energy	14.7	40	10	3.1	-2.4
XLE	Energy Select Sector SPDR	14.3	13	37	4.2	-1.2
RYE	Invesco S&P Equal Weight Energy ETF	14.1	40	10	3.2	-2.3

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 Hard Asset Producers
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	8.7	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	5.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	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.