VanEck Vectors Semiconductors
ALTAR
Score™
5.7% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
23.0x P/Sales
ratio
5.9x
P/BV
ratio
5.4x Div.
yield
1.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
VanEck Vectors Semiconductor is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance results of the VanEck Vectors US Listed Semiconductor 25 Index.

FUND BASICS
Category US Equities
Fund Sponsor Van Eck Associates Corp
Website www.vaneck.com
Inception date Dec 21, 2011
Assets (mns) $1,849
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) $123,369
Large cap (>$10bn) 99.0%
Mid cap ($2-10bn) 1.0%
Small cap (<$2bn) 0.0%
Developed mkts 86.8%
Emerging mkts 13.2%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR-SP ADR 12.6 %
INTEL CORP 11.7 %
NVIDIA CORP 6.2 %
ADVANCED MICRO DEVICES 5.2 %
TEXAS INSTRUMENTS INC 4.8 %
MICRON TECHNOLOGY INC 4.8 %
ASML HOLDING NV-NY REG SHS 4.7 %
QUALCOMM INC 4.7 %
BROADCOM INC. 4.6 %
NXP SEMICONDUCTORS NV 4.6 %
Total 64.0 %

TOP COUNTRY EXPOSURE
UNITED STATES 74.0 %
TAIWAN 12.7 %
NETHERLANDS 9.3 %
SWITZERLAND 2.6 %
BERMUDA 1.3 %






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.
64.5% 64.5% 22.8% -- 23.1%

Market Correlations
versus... Beta R-squared
S&P500 1.48 65%
MSCI EAFE 1.44 51%
MSCI Emg. Mkts. 1.07 49%

Technical Indicators
Recent close $147.65
30d moving avg. $142.68
Annualized volatility 22.2%
Short interest (ETF) 134.0%
Short interest (Underlying) 2.9%
Relative strength (RSI) 70

Liquidity measures
Avg. volume (thou.) 3,196
Turnover 25.5%
Bid/Ask (% of price) 0.02%
ADV underlying (mns) $12,191

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: SMH Expense: 35 bp ALTAR Score™: 5.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SMH
Ticker Fund
Name
Overlap1
vs SMH
(%)
Expense
ratio
(bp)
Savings
vs SMH
(bp)
ALTAR
Score™
(%)
ALTAR
vs SMH
(%)
SOXX iShares PHLX SOX Semiconductor 77.3 46 -11 5.4 -0.3
PSI Invesco Dynamic Semiconductors 51.5 58 -23 5.3 -0.4
FTXL First Trust Nasdaq Semiconductor 49.7 60 -25 5.3 -0.5
QTEC First Trust NASDAQ 100 Tech 43.2 57 -22 5.2 -0.5
XSD SPDR S&P Semiconductors 38.7 35 0 4.1 -1.6
XNTK SPDR NYSE Technology 36.2 35 0 4.8 -1.0
JHMT John Hancock Multifactor Technology 30.7 40 -5 5.5 -0.2
BUL Pacer US Cash Cows Growth 30.6 60 -25 6.6 +0.9
TDIV First Trust NASDAQ Technology Dividend 28.3 50 -15 6.2 +0.5
DRIV Global X Autonomous & Electric Vehicles 24.5 68 -33 7.0 +1.3
QTUM Defiance Quantum 24.5 40 -5 5.5 -0.2
RYT Invesco S&P Equal Weight Technology 24.3 40 -5 6.0 +0.3
IDRV iShares Self-driving EV & Tech 23.6 47 -12 8.2 +2.5
FIVG Defiance Next Gen Connectivity ETF 23.2 30 5 5.2 -0.5
TDV ProShares S&P Technology Dividend Aristocrats 21.6 45 -10 5.0 -0.7
KARS KraneShares Electric Vehicles & Future Mobility Index 20.4 70 -35 6.0 +0.3
FXL First Trust Technology Alphadex 19.1 63 -28 5.2 -0.6
SPHB Invesco S&P 500 High Beta 19.0 25 10 6.5 +0.7
LVHB Elkhorn Lunt Low Vol/High Beta Tactical 18.9 52 -17 6.2 +0.5
IYW iShares US Technology 18.8 42 -7 4.7 -1.1

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 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 Semiconductors
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 27.3 %
Divided by: Fwd. P/BV 4.5 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 5.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.50 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.