VanEck Vectors Hard Asset Producers
ALTAR
Score™
5.4% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
16.7x P/Sales
ratio
0.9x
P/BV
ratio
1.6x Div.
yield
3.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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
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 %
Total 29.2 %

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 info ** ** ** ** ** ** **
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

Content on this tab for subscribers only

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 %
info 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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.