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)	$100
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)	$288,911
Large cap (>$10bn)	98.1%
Mid cap ($2-10bn)	1.9%
Small cap (<$2bn)	0.0%
Developed mkts	96.8%
Emerging mkts	3.2%

TOP TEN HOLDINGS
Total	71.7 %
AMAZON.COM INC	20.7 %
HOME DEPOT INC	11.0 %
WAL-MART STORES INC	9.0 %
CVS CAREMARK CORP	5.0 %
COSTCO WHOLESALE CORP	5.0 %
LOWE'S COS INC	4.5 %
TJX COMPANIES INC	4.5 %
SYSCO CORP	4.2 %
TARGET CORP	4.1 %
WALGREENS BOOTS ALLIANCE INC	3.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.8 %
	CHINA	3.3 %

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.
29.1%	29.1%	12.6%	--	17.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.04	70%
MSCI EAFE	0.96	49%
MSCI Emg. Mkts.	0.56	29%

Technical Indicators
Recent close	$121.80
30d moving avg.	$120.42
Annualized volatility	15.0%
Short interest (ETF)	11.6%
Short interest (Underlying)	2.8%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	9
Turnover	1.1%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$13,261

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™:

5.5%

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	51.7	60	-25	6.7	+1.2
XLY	Consumer Discretionary Select Sector SPDR	48.7	13	22	5.3	-0.2
IEDI	iShares Evolved U.S. Discretionary Spending	48.4	18	17	4.8	-0.8
VCR	Vanguard Consumer Discretionary	41.8	10	25	5.1	-0.4
FDIS	Fidelity MSCI Consumer Discrettionary	41.6	8	27	5.1	-0.5
IYC	iShares DJ US Consumer Services	39.9	42	-7	4.8	-0.8
PMR	Invesco Dynamic Retail	29.5	63	-28	5.4	-0.2
JHMC	John Hancock Multifactor Consumer Discretionary	29.0	40	-5	5.6	+0.1
RXI	iShares S&P Global Consumer Discretionary	26.8	46	-11	6.4	+0.9
AMOM	Qraft AI-Enhanced U.S. Large Cap Momentum	23.5	75	-40	3.5	-2.0
ONLN	ProShares Online Retail	23.1	58	-23	2.0	-3.5
PEZ	Invesco DWA Consumer Discretionary Momentum	20.5	60	-25	4.2	-1.3
RWL	Invesco S&P 500 Revenue ETF	20.0	39	-4	7.2	+1.7
XLP	Consumer Staples Select Sector SPDR	19.1	13	22	5.3	-0.3
RCD	Invesco S&P Equal Weight Consumer Discretionary	19.1	40	-5	8.2	+2.6
XRT	SPDR S&P Retail	17.9	35	0	8.5	+3.0
FSTA	Fidelity MSCI Consumer Staples	17.7	8	27	5.3	-0.2
VDC	Vanguard Consumer Staples	17.5	10	25	5.3	-0.2
JHMS	John Hancock Multifactor Consumer Staples	17.1	40	-5	7.4	+1.8
ESGL	Invesco ESG Revenue ETF	15.1	40	-5	7.6	+2.0

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:

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	26.5	%
Divided by: Fwd. P/BV	4.5	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	5.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.43	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.