ETF Research Center

VanEck Vectors Vietnam ETF is an exchange traded fund incorporated in the USA. The Fund's objective is to replicate as closely as possible the price and yield performance of the VanEck Vectors Vietnam Index.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Van Eck Associates Corp
Website	www.vaneck.com
Inception date	Aug 11, 2009
Assets (mns)	$536
Currency	USD
Expense ratio	66 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	56
Wgt avg mkt cap (mns)	$7,513
Large cap (>$10bn)	5.9%
Mid cap ($2-10bn)	39.7%
Small cap (<$2bn)	48.4%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	56.9 %
VINGROUP JSC	12.7 %
VINHOMES JSC	7.5 %
MASAN GROUP CORP	6.9 %
HOA PHAT GROUP JSC	6.1 %
VIET NAM DAIRY PRODUCTS JSC	5.0 %
SAIGON SECURITIES INC	4.8 %
JSC BANK FOR FOREIGN TRADE	4.2 %
VIX SECURITIES JOINT STOCK COMPANY	3.9 %
VINCOM RETAIL JSC	2.9 %
VNDIRECT SECURITIES CORP.	2.7 %

TOP COUNTRY EXPOSURE
	VIETNAM	95.5 %

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.
51.8%	46.3%	4.9%	1.9%	-0.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.35	41%
MSCI EAFE	0.95	27%
MSCI Emg. Mkts.	0.88	27%

Technical Indicators
Recent close	$16.88
30d moving avg.	$18.18
Annualized volatility	27.1%
Short interest (ETF)	8.2%
Relative strength (RSI)	45

Liquidity measures
Avg. volume (thou.)	1,068
Turnover	3.4%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$179

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 4 potential alternatives to the VanEck Vietnam ETF ETF based on the alternatives' overlap in portfolio holdings with VNM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

VNM

Expense:

66 bp

ALTAR Score™:

6.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH VNM
Ticker	Fund Name	Overlap¹ vs VNM (%)	Expense ratio (bp)	Savings vs VNM (bp)	ALTAR Score™ (%)	ALTAR vs VNM (%)
VNAM	Global X MSCI Vietnam ETF	78.8	50	16	7.0	+0.2
MINV	Matthews Asia Innovators Active ETF	1.1	79	-13	6.8	+0.1
EMM	Global X Emerging Markets ex-China ETF	0.9	75	-9	7.1	+0.4
MEM	Matthews Emerging Markets Equity Active ETF	0.7	79	-13	7.2	+0.4

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	VanEck Vietnam ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	16.0	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	66	bp
Equals: ALTAR Score	6.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.66	CATEGORY AVERAGE	1.53

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.