ETF Research Center

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
Total	64.0 %
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 %

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	**	**	**	**	**	**	**
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 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	%

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.