ETF Research Center

The VanEck Vectors Morningstar International Moat ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar Global ex-US Moat Focus Index

FUND BASICS
Category	International Equities
Fund Sponsor	Van Eck Associates
Website	www.vaneck.com
Inception date	Jul 13, 2015
Assets (mns)	$77
Currency	USD
Expense ratio	57 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Bank of New York Mellon
Weighting	Equal
Index replication	Full
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	72
Wgt avg mkt cap (mns)	$67,853
Large cap (>$10bn)	84.4%
Mid cap ($2-10bn)	15.6%
Small cap (<$2bn)	0.0%
Developed mkts	81.5%
Emerging mkts	18.5%

TOP TEN HOLDINGS
Total	22.2 %
TENCENT HOLDINGS LTD	2.4 %
SJM HOLDINGS LIMITED	2.4 %
ROCHE HOLDING AG-GENUSSCHEIN	2.3 %
ENBRIDGE INC	2.2 %
GRIFOLS, S.A. CLASS A	2.2 %
ABB LTD.	2.2 %
KBC GROEP NV	2.2 %
BAYER AG	2.2 %
SANDS CHINA LTD	2.1 %
CHINA CONSTRUCTION BANK-H	2.1 %

TOP COUNTRY EXPOSURE
	CHINA	16.3 %
	JAPAN	12.1 %
	BRITAIN	11.5 %
	HONG KONG	10.2 %
	SWITZERLAND	8.4 %
	GERMANY	6.7 %
	CANADA	6.2 %
	SINGAPORE	4.8 %
	SPAIN	4.1 %
	FRANCE	3.4 %

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.
-5.6%	1.9%	--	--	3.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.91	66%
MSCI EAFE	1.15	87%
MSCI Emg. Mkts.	0.86	84%

Technical Indicators
Recent close	$31.31
30d moving avg.	$31.73
Annualized volatility	13.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	46

Liquidity measures
Avg. volume (thou.)	21
Turnover	0.9%
Bid/Ask (% of price)	0.35%
ADV underlying (mns)	$9,347

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

MOTI

Expense:

57 bp

ALTAR Score™:

8.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH MOTI
Ticker	Fund Name	Overlap¹ vs MOTI (%)	Expense ratio (bp)	Savings vs MOTI (bp)	ALTAR Score™ (%)	ALTAR vs MOTI (%)
DOL	WisdomTree Int'l Large Cap Dividend	17.4	48	9	7.7	-0.5
IDY	Pacific Global International Equity Income	17.1	39	18	8.2	+0.1
CHIL	Global X MSCI China Large-Cap 50	15.4	29	28	9.4	+1.3
EFV	iShares MSCI EAFE Value	15.1	38	19	8.9	+0.8
DTH	WisdomTree DEFA Equity Income	15.0	58	-1	8.5	+0.4
VYMI	Vanguard Int'l High Dividend Yield	14.5	32	25	9.1	+1.0
FLIO	Franklin Liberty International Opportunities	14.5	60	-3	6.4	-1.7
GOAT	VanEck Vectors Morningstar Global Wide Moat	14.0	52	5	5.1	-3.0
RIDV	Invesco International Ultra Dividend Revenue ETF	13.9	42	15	9.2	+1.1
IVLU	iShares MSCI Int'l Developed Value Factor	13.9	30	27	10.5	+2.4
2800-HK	Tracker Fund of Hong Kong	13.9	9	48	9.2	+1.1
IDOG	ALPS International Sector Dividend Dogs	13.8	50	7	8.4	+0.3
IEV	iShares S&P Europe 350	13.8	59	-2	6.2	-1.9
DOO	WisdomTree Int'l Dividend Ex-Financials	13.7	58	-1	8.2	+0.0
MCHI	iShares MSCI China	13.4	59	-2	8.4	+0.3
BBEU	JPMorgan BetaBuilders Europe	13.3	9	48	6.7	-1.5
DBEU	Xtrackers Europe Hedged	13.2	45	12	6.1	-2.0
FLEE	Franklin FTSE Europe	13.1	9	48	6.7	-1.5
CID	Victory CEMP International High Div Volatility Wtd	13.1	45	12	9.0	+0.9
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	13.1	30	27	6.4	-1.8

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 Morningstar Int'l Moat
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	10.7	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	57	bp
Equals: ALTAR Score	8.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	CATEGORY AVERAGE	1.64

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.