VanEck Vectors Mortgage REIT
ALTAR
Score™
11.0% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
14.4x P/Sales
ratio
4.1x
P/BV
ratio
0.9x Div.
yield
10.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
VanEck Vectors Mortgage REIT Income ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to replicate, as closely as possible, before fees and expenses, the price and yield performance of the VanEck Vectors Mortgage REIT Index.

FUND BASICS
Category US Equities
Fund Sponsor Van Eck Associates Corp
Website www.vaneck.com
Inception date Aug 17, 2011
Assets (mns) $203
Currency USD
Expense ratio 42 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 25
Wgt avg mkt cap (mns) $3,780
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 55.0%
Small cap (<$2bn) 45.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ANNALY CAPITAL MANAGEMENT IN 13.2 %
AGNC INVESTMENT CORP. 9.2 %
STARWOOD PROPERTY TRUST INC 6.9 %
NEW RESIDENTIAL INVESTMENT 6.1 %
TWO HARBORS INVESTMENT CORP. 5.2 %
CHIMERA INVESTMENT CORPORATION 5.0 %
CAPITAL TRUST-CL A 4.8 %
MFA FINANCIAL INC 4.6 %
INVESCO MORTGAGE CAPITAL 4.6 %
PENNYMAC MORTGAGE INVESTMENT 4.2 %
Total 63.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 99.4 %










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.
15.8% 9.6% 7.7% -- 9.4%

Market Correlations
versus... Beta R-squared
S&P500 0.57 29%
MSCI EAFE 0.52 20%
MSCI Emg. Mkts. 0.34 14%

Technical Indicators
Recent close $23.56
30d moving avg. $23.35
Annualized volatility 12.9%
Short interest (ETF) 0.1%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 43
Turnover 0.5%
Bid/Ask (% of price) 0.12%
ADV underlying (mns) $669

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: MORT Expense: 42 bp ALTAR Score™: 11.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH MORT
Ticker Fund
Name
Overlap1
vs MORT
(%)
Expense
ratio
(bp)
Savings
vs MORT
(bp)
ALTAR
Score™
(%)
ALTAR
vs MORT
(%)
REM iShares Mortgage Real Estate Capped 82.5 48 -6 10.9 -0.1
SRET Global X SuperDividend REIT 54.0 59 -17 10.0 -1.1
KBWD Invesco KBW High Dividend Financial 32.4 242 -200 10.5 -0.6
SDIV Global X Superdividend 21.2 58 -16 11.2 +0.1
XSHD Invesco S&P SmallCap High Div Low Volatility 19.4 30 12 8.3 -2.7
DIV Global X SuperDividend US ETF 14.2 45 -3 7.7 -3.3
ROOF IQ US Real Estate Small Cap 13.9 70 -28 8.5 -2.6
XSLV Invesco S&P SmallCap Low Volatility 9.3 25 17 6.9 -4.2
FDVV Fidelity Core Dividend 7.9 29 13 7.4 -3.7
VFMV Vanguard U.S. Minimum Volatility 7.9 13 29 5.4 -5.6
SMMV iShares Edge MSCI Min Vol USA Small-Cap 7.6 20 22 5.1 -5.9
PSCF Invesco S&P Small Cap Financials 7.2 29 13 8.7 -2.3
SMLV SPDR Russell 2000 Low Volatility 6.5 12 30 6.7 -4.4
USVM USAA MSCI USA Small Cap Value Momentum Blend Index 6.4 24 18 6.6 -4.5
AUSF Global X Adaptive U.S. Factor 4.9 27 15 8.2 -2.9
PXSG Invesco Fundamental Pure Small Growth 4.7 39 3 4.7 -6.4
FDRR Fidelity Dividend for Rising Rates 4.6 29 13 7.8 -3.3
IYR iShares U.S. Real Estate 4.3 42 0 5.7 -5.3
DDIV First Trust Dorsey Wright Momentum & Dividend 4.2 60 -18 6.6 -4.4
LVL Invesco S&P Global Dividend Opportunities 3.9 64 -22 6.8 -4.3

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%.

Content on this tab for subscribers only**

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 Mortgage REIT
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 10.3 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 42 bp
Equals: ALTAR Score 11.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.51 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.
 

 

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.