ETF Research Center

VanEck Vectors Retail ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the US Listed Retail 25 Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Van Eck Associates Corp
Website	www.vaneck.com
Inception date	Dec 21, 2011
Assets (mns)	$86
Currency	USD
Expense ratio	35 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	25
Wgt avg mkt cap (mns)	$265,081
Large cap (>$10bn)	98.0%
Mid cap ($2-10bn)	2.0%
Small cap (<$2bn)	0.0%
Developed mkts	97.4%
Emerging mkts	2.6%

TOP TEN HOLDINGS
Total	71.8 %
AMAZON.COM INC	19.2 %
HOME DEPOT INC	10.8 %
WAL-MART STORES INC	9.1 %
COSTCO WHOLESALE CORP	5.1 %
CVS CAREMARK CORP	5.0 %
LOWE'S COS INC	4.9 %
TJX COMPANIES INC	4.6 %
TARGET CORP	4.5 %
WALGREENS BOOTS ALLIANCE INC	4.4 %
SYSCO CORP	4.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.3 %
	CHINA	2.7 %

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.
23.8%	13.8%	14.2%	--	17.1%

Market Correlations
versus...	Beta	R-squared
S&P500	1.04	70%
MSCI EAFE	0.90	44%
MSCI Emg. Mkts.	0.56	28%

Technical Indicators
Recent close	$119.24
30d moving avg.	$116.54
Annualized volatility	15.1%
Short interest (ETF)	14.7%
Short interest (Underlying)	2.8%
Relative strength (RSI)	64

Liquidity measures
Avg. volume (thou.)	11
Turnover	1.5%
Bid/Ask (% of price)	0.05%
ADV underlying (mns)	$11,357

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

RTH

Expense:

35 bp

ALTAR Score™:

5.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH RTH
Ticker	Fund Name	Overlap¹ vs RTH (%)	Expense ratio (bp)	Savings vs RTH (bp)	ALTAR Score™ (%)	ALTAR vs RTH (%)
FTXD	First Trust Nasdaq Retail	55.3	60	-25	6.5	+0.7
IEDI	iShares Evolved U.S. Discretionary Spending	50.3	18	17	5.0	-0.8
XLY	Consumer Discretionary Select Sector SPDR	48.4	13	22	5.7	-0.1
IYC	iShares DJ US Consumer Services	43.7	42	-7	5.1	-0.7
FDIS	Fidelity MSCI Consumer Discrettionary	41.2	8	27	5.4	-0.4
VCR	Vanguard Consumer Discretionary	40.8	10	25	5.5	-0.2
JHMC	John Hancock Multifactor Consumer Discretionary	30.1	40	-5	6.0	+0.2
RXI	iShares S&P Global Consumer Discretionary	27.0	46	-11	6.8	+1.0
PMR	Invesco Dynamic Retail	26.0	63	-28	7.2	+1.4
AMOM	Qraft AI-Enhanced U.S. Large Cap Momentum	23.0	75	-40	3.7	-2.1
ONLN	ProShares Online Retail	21.8	58	-23	2.8	-2.9
XLP	Consumer Staples Select Sector SPDR	20.1	13	22	5.5	-0.2
RWL	Invesco S&P 500 Revenue ETF	20.0	39	-4	7.5	+1.8
RCD	Invesco S&P Equal Weight Consumer Discretionary	19.4	40	-5	8.4	+2.7
XRT	SPDR S&P Retail	19.3	35	0	8.9	+3.1
FSTA	Fidelity MSCI Consumer Staples	19.0	8	27	5.5	-0.2
VDC	Vanguard Consumer Staples	18.9	10	25	5.5	-0.2
JHMS	John Hancock Multifactor Consumer Staples	18.0	40	-5	7.7	+2.0
DIVO	Amplify YieldShares CWP Dividend & Option Income	15.5	49	-14	5.6	-0.2
ESGL	Invesco ESG Revenue ETF	14.8	40	-5	7.8	+2.1

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 Retail
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	26.4	%
Divided by: Fwd. P/BV	4.3	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	5.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	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.