ETF Research Center

CNXT tracks the ChiNext Index, which includes the 100 largest and most liquid stocks listed and trading on the ChiNext Market of the Shenzhen Stock Exchange. The ChiNext Index is comprised of China A-shares.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Van Eck Associates
Website	www.vaneck.com
Inception date	Jul 23, 2014
Assets (mns)	$96
Currency	USD
Expense ratio	65 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	100
Wgt avg mkt cap (mns)	$3,364
Large cap (>$10bn)	25.2%
Mid cap ($2-10bn)	68.9%
Small cap (<$2bn)	5.9%
Developed mkts	0.0%
Emerging mkts	100.0%

TOP TEN HOLDINGS
Total	54.8 %
CONTEMPORARY AMPEREX TECHN-A	15.9 %
ZHONGJI INNOLIGHT CO LTD-A	12.4 %
EOPTOLINK TECHNOLOGY INC., LTD. CL	8.4 %
EAST MONEY INFORMATION CO-A	4.2 %
SUZHOU TFC OPTICAL COMMUNI-A	2.7 %
CHAOZHOU THREE-CIRCLE GROU-A	2.4 %
VICTORY GIANT TECHNOLOGY -A	2.4 %
SUNGROW POWER SUPPLY CO LT-A	2.2 %
SHENZHEN INOVANCE TECHNOLO-A	2.1 %
HANGZHOU CHANGCHUAN TECHNOLOGY CO.	2.0 %

TOP COUNTRY EXPOSURE
	CHINA	89.9 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru September 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
2.9%	2.3%	-0.6%	4.3%	5.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.33	24%
MSCI EAFE	1.01	21%
MSCI Emg. Mkts.	0.87	39%

Technical Indicators
Recent close	$44.46
30d moving avg.	$51.39
Annualized volatility	37.7%
Short interest (ETF)	5.8%
Relative strength (RSI)	49

Liquidity measures
Avg. volume (thou.)	91
Turnover	4.2%
Bid/Ask (% of price)	0.26%
ADV underlying (mns)	$2,182

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 56 potential alternatives to the VanEck ChiNext ETF ETF based on the alternatives' overlap in portfolio holdings with CNXT. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

CNXT

Expense:

65 bp

ALTAR Score™:

3.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH CNXT
Ticker	Fund Name	Overlap¹ vs CNXT (%)	Expense ratio (bp)	Savings vs CNXT (bp)	ALTAR Score™ (%)	ALTAR vs CNXT (%)
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	1.8	75	-10	1.7	-1.8
CQQQ	Invesco China Technology ETF	1.7	70	-5	18.9	+15.4
TCHI	iShares MSCI China Multisector Tech ETF	1.6	59	6	16.6	+13.0
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	1.1	65	0	6.8	+3.3
BOTZ	Global X Robotics & Artificial Intelligence ETF	1.0	69	-4	2.1	-1.5
CNYA	iShares MSCI China A ETF	0.8	60	5	7.0	+3.5
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	0.7	32	33	16.3	+12.8
KURE	KraneShares MSCI All China Health Care Index ETF	0.5	65	0	2.4	-1.1
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	0.4	72	-7	2.8	-0.8
OBOR	KraneShares MSCI One Belt One Road Index ETF	0.4	79	-14	7.3	+3.8
FLCH	Franklin FTSE China ETF	0.4	19	46	19.9	+16.4
GXC	SPDR S & P China ETF	0.2	59	6	20.5	+17.0
ICLN	iShares Global Clean Energy ETF	0.2	41	24	2.2	-1.3
GMET	VanEck Green Metals ETF	0.2	63	2	0.8	-2.7
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	0.2	15	50	8.9	+5.4
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.2	32	33	7.6	+4.0
MCHI	iShares MSCI China ETF	0.1	59	6	22.3	+18.8
SCHE	Schwab Emerging Markets Equity ETF	0.1	11	54	9.5	+6.0
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.1	45	20	8.0	+4.4
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.1	58	7	8.6	+5.0
SPEM	SPDR Portfolio Emerging Markets ETF	0.1	7	58	9.5	+6.0
FLAX	Franklin FTSE Asia Ex Japan ETF	0.1	19	46	7.0	+3.5
GMF	SPDR S&P Emerging Asia Pacific ETF	0.1	49	16	8.6	+5.0
EEMA	iShares MSCI Emerging Markets Asia ETF	0.1	49	16	7.4	+3.9
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.1	36	29	7.5	+4.0
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	0.1	66	-1	7.3	+3.8
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.1	41	24	6.8	+3.3
DFAE	Dimensional Emerging Core Equity Market ETF	0.0	35	30	6.9	+3.4
BKF	iShares MSCI BIC ETF	0.0	69	-4	15.7	+12.2
BKEM	BNY Mellon Emerging Markets Equity ETF	0.0	11	54	24.1	+20.6
DEHP	Dimensional Emerging Markets High Profitability ETF	0.0	41	24	4.8	+1.3
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.0	38	27	6.9	+3.4
VWO	Vanguard FTSE Emerging Markets ETF	0.0	7	58	9.3	+5.7
AAXJ	iShares MSCI All Country Asia ex Japan ETF	0.0	70	-5	6.8	+3.2
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.0	33	32	6.7	+3.1
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF	0.0	30	35	7.9	+4.3
HEEM	iShares Currency Hedged MSCI Emerging Markets ETF	0.0	69	-4	7.6	+4.1
EEM	iShares MSCI Emerging Markets ETF	0.0	69	-4	7.7	+4.2
IEMG	iShares Core MSCI Emerging Markets ETF	0.0	9	56	8.1	+4.6
JHEM	John Hancock Multifactor Emerging Markets ETF	0.0	49	16	7.5	+3.9
CWI	SPDR MSCI ACWI ex-US ETF	0.0	30	35	6.4	+2.9
EMXF	iShares ESG Advanced MSCI EM ETF	0.0	16	49	6.6	+3.0
VEU	Vanguard FTSE All-World ex-US Index Fund	0.0	4	61	6.7	+3.2
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.0	41	24	5.9	+2.4
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.0	30	35	6.4	+2.9
VXUS	Vanguard Total International Stock ETF	0.0	5	60	6.6	+3.1
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	56	4.8	+1.3
VSGX	Vanguard ESG International Stock ETF	0.0	10	55	6.6	+3.0
LDEM	iShares ESG MSCI EM Leaders ETF	0.0	17	48	12.9	+9.3
IXUS	iShares Core MSCI Total International Stock ETF	0.0	7	58	6.6	+3.1
ACWX	iShares MSCI ACWI ex U.S. ETF	0.0	34	31	6.4	+2.8
ACWI	iShares MSCI ACWI ETF	0.0	32	33	4.6	+1.1
AQLT	iShares MSCI Global Quality Factor ETF	0.0	18	47	0.0	-3.5
VT	Vanguard Total World Stock ETF	0.0	6	59	5.0	+1.5
DFEV	Dimensional Emerging Markets Value ETF	0.0	43	22	9.1	+5.6
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.0	18	47	6.4	+2.9

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 ChiNext ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	18.7	%
Divided by: Fwd. P/BV	4.5	x
Less: Expense ratio	65	bp
Equals: ALTAR Score	3.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.43	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.