ETF Research Center

The Agribusiness ETF seeks to replicate, before fees and expenses, the performance of the DAXglobalSM Agribusiness Index. The Index tracks securities of companies involved in the agriculture business traded on leading global exchanges.

FUND BASICS
Category	Global Equities
Fund Sponsor	Van Eck Associates
Website	www.vaneck.com
Inception date	Sep 05, 2007
Assets (mns)	$607
Currency	USD
Expense ratio	54 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	51
Wgt avg mkt cap (mns)	$26,416
Large cap (>$10bn)	71.4%
Mid cap ($2-10bn)	26.9%
Small cap (<$2bn)	1.7%
Developed mkts	90.5%
Emerging mkts	9.5%

TOP TEN HOLDINGS
Total	53.7 %
ZOETIS INC	9.2 %
BAYER AG	8.4 %
DEERE & CO	7.3 %
IDEXX LABORATORIES INC	5.4 %
CORTEVA INC	4.8 %
TYSON FOODS INC-CL A	4.8 %
ARCHER-DANIELS-MIDLAND CO	4.4 %
KUBOTA CORP	3.7 %
MARINE HARVEST	2.9 %
TRACTOR SUPPLY COMPANY	2.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	53.2 %
	GERMANY	8.9 %
	NORWAY	6.0 %
	JAPAN	5.1 %
	BRITAIN	3.1 %
	MALAYSIA	2.9 %
	SINGAPORE	2.7 %
	AUSTRALIA	2.0 %
	BRAZIL	1.7 %
	HONG KONG	1.5 %

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.
-5.7%	6.6%	6.1%	6.5%	4.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.88	75%
MSCI EAFE	0.95	71%
MSCI Emg. Mkts.	0.68	63%

Technical Indicators
Recent close	$60.11
30d moving avg.	$66.56
Annualized volatility	12.4%
Short interest (ETF)	0.2%
Relative strength (RSI)	28

Liquidity measures
Avg. volume (thou.)	47
Turnover	0.5%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$2,624

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

MOO

Expense:

54 bp

ALTAR Score™:

5.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH MOO
Ticker	Fund Name	Overlap¹ vs MOO (%)	Expense ratio (bp)	Savings vs MOO (bp)	ALTAR Score™ (%)	ALTAR vs MOO (%)
VEGI	iShares MSCI Global Agriculture Producers ETF	46.5	39	15	6.1	+0.3
FTAG	First Trust Indxx Global Agriculture ETF	44.2	70	-16	6.6	+0.8
DIET	Defiance Next Gen Food & Agriculture ETF	35.2	30	24	5.0	-0.8
HAP	VanEck Vectors Natural Resources ETF	30.4	50	4	7.0	+1.2
GUNR	Flexshares Morningstar Global Upstream Natural Resources	22.4	46	8	6.7	+0.9
NANR	SPDR S&P North American Natural Resources ETF	15.3	35	19	4.8	-1.0
FTXG	First Trust Nasdaq Food & Beverage ETF	11.4	60	-6	6.2	+0.4
SOIL	Global X Fertilizers/Potash ETF	10.7	69	-15	5.4	-0.4
FXG	First Trust Consumer Staples AlphaDEX Fund	10.4	64	-10	7.6	+1.8
GNR	SPDR S&P Global Natural Resources ETF	10.2	40	14	7.5	+1.7
PAWZ	ProShares Pet Care ETF	10.0	50	4	2.8	-3.0
RTM	Invesco S&P 500 Equal Weight Materials ETF	9.8	40	14	6.7	+0.9
JHMS	John Hancock Multifactor Consumer Staples ETF	9.1	40	14	5.8	-0.0
IYM	iShares U.S. Basic Materials ETF	8.4	42	12	6.2	+0.4
GRES	IQ Global Resources ETF	8.3	77	-23	7.9	+2.1
XLB	Materials Select Sector SPDR Fund	7.6	13	41	6.6	+0.8
IHE	iShares U.S. Pharmaceuticals ETF	7.0	42	12	5.7	-0.1
PPH	VanEck Vectors Pharmaceutical ETF	7.0	36	18	10.1	+4.3
NORW	Global X MSCI Norway ETF	6.9	50	4	11.2	+5.4
ENOR	iShares MSCI Norway Capped ETF	6.9	53	1	11.1	+5.3

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

	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 Agribusiness ETF
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	9.9	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	54	bp
Equals: ALTAR Score	5.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	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.