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BIZD
VanEck Vectors BDC Income ETF

  • Fund Description

    The VanEck Vectors® BDC Income ETF (BIZD®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS® US Business Development Companies Index (MVBIZDTG), which tracks the overall performance of publicly traded business development companies.

  •  
      

    • Fund Ticker

      BIZD

    • Exchange

      NYSE Arca

    • Commencement

      02/11/2013

    • ETF Structure

      Physical

    • Administrator

      Van Eck Associates

    • Custodian

      Bank of New York Mellon

    • Index Ticker

      MVBIZDTG

    • Index Rebalancing

      Quarterly

  •  
    as of 09/21/18

    • 30-Day SEC Yield1

      8.47%

    • Total Net Assets

      $213.8M

    • Number of Holdings

      26

    • Options

      Expected

    • Gross Expense Ratio2

      9.49%

    • Net Expense Ratio/TER2

      9.41%

    • Distribution Frequency

      Quarterly

    • Next Distribution Date

      09/28/2018
    • Expenses Explained

  • Key Points

    • High Income Potential

    • Only ETF Offering Pure-Play Exposure to BDCs

    • BDCs Generate Income by Lending to, and Investing in, Private Companies that tend to be Below Investment Grade or Not Rated

  • Yield
    as of 09/21/18

    • 30-Day SEC Yield1

      8.47%

    • Distribution Yield1

      8.11%

    • 12-Month Yield1

      8.88%
     1 See Important Disclosure for definitions.

  • Fees & Expenses2

    • Management Fee

      0.40%

    • Other Expenses

      0.09%

    • Acquired Fund Fees and Expenses

      9.00%

    • Gross Expense Ratio

      9.49%

    • Fee Waivers and
      Expense Reimbursement

      -0.08%

    • Net Expense Ratio/TER2

      9.41%
    2Expenses for BIZD are capped contractually at 0.40% until September 1, 2019. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

  • Trading Information

    • Fund Ticker

      BIZD

    • Index Total Return Ticker

      MVBIZDTG

    • NAV

      BIZDNV

    • Intraday NAV (IIV)5

      BIZDIV

    • Shares Outstanding

      12,400,000

    • Estimated Cash

      BIZDEU

    • Total Cash

      BIZDTC

    • CUSIP

      92189F411

    • ISIN

      US92189F4110
    5See IIV Details. Source: Bloomberg

  • Prices as of 09/21/18

    NAV/
    Last Price     		Volume
    30-Day Avg./
    Last Trading Day     		Daily Change
    NAV/
    Last Price     		YTD Change
    NAV/
    Last Price     		Premium/
    Discount     		Prem/Discount
    Distribution Charts     		NAV &
    Prem/Discount
    History     		NAV
    Chart
    BIZD $17.24
    $17.26     		75,010
    36,818     		$0.00 / -0.01%
    $0.02 / +0.12%     		+11.03%
    +10.95%
    		 $0.02
    0.12%

  • View All IndicesView All ETFsPerformance History: Average Annual Total Returns* (%)

    1 MO3 MOYTD1 YR3 YR5 YR10 YRLIFE
    02/11/13
    BIZD (NAV)1.415.7112.0010.859.645.76--5.44
    BIZD (Share Price)1.765.7011.9810.709.595.81--5.47
    MVBIZDTG (Index)1.455.789.3611.189.605.85--5.56
    Performance Differential (NAV - Index)-0.04-0.072.64-0.330.04-0.09---0.12
    After Tax Held1.414.828.896.795.652.12--1.99
    After Tax Sold0.833.366.976.215.522.68--2.53
    Quarter End as of 06/30/18
    1 MO3 MOYTD1 YR3 YR5 YR10 YRLIFE
    02/11/13
    BIZD (NAV)-0.484.985.44-0.646.784.70--4.44
    BIZD (Share Price)-0.664.785.25-0.816.604.62--4.44
    MVBIZDTG (Index)-0.455.062.92-0.296.754.80--4.56
    Performance Differential (NAV - Index)-0.03-0.082.52-0.350.03-0.10---0.12
    After Tax Held-0.483.983.38-4.302.871.16--1.07
    After Tax Sold-0.282.923.19-0.503.381.96--1.84

    *Returns less than one year are not annualized.

    The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the ETF incurred all expenses and fees, investment returns would have been reduced. Investment returns and ETF share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

    The "Net Asset Value" (NAV) of a VanEck Vectors Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF 's intraday trading value. VanEck Vectors ETF investors should not expect to buy or sell shares at NAV.

    The "After Tax Held" represents total return after taxes on distributions and assumes shares have not been sold. "After Tax Sold" represents total return after taxes on distributions and the sale of Fund shares. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. After-tax returns are based on NAV.

  • Daily HoldingsTop 10 Holdings (%) as of 08/31/18

    Total Holdings: 26
    Holding Name
    Ticker
    		SharesMarket Value
    (US$)    		% of Net
    Assets
    Ares Capital Corp
    ARCC US
    2,399,675
    		41,898,32620.00
    Main Street Capital Corp
    MAIN US
    433,521
    		17,496,9088.35
    Prospect Capital Corp
    PSEC US
    2,251,747
    		16,888,1038.06
    Corporate Capital Trust Inc
    CCT US
    918,268
    		15,188,1537.25
    Fs Investment Corp
    FSIC US
    1,767,822
    		13,523,8386.46
    Hercules Capital Inc
    HTGC US
    752,446
    		10,173,0704.86
    Golub Capital Bdc Inc
    GBDC US
    471,165
    		8,999,2524.30
    Apollo Investment Corp
    AINV US
    1,515,137
    		8,393,8594.01
    Tcg Bdc Inc
    CGBD US
    467,803
    		7,947,9733.79
    Tpg Specialty Lending Inc
    TSLX US
    363,422
    		7,286,6113.48
    Top 10 Total (%)70.56
    These are not recommendations to buy or to sell any security. Securities and holdings may vary.

  • Sector Weightings (%) as of 08/31/18

    • Sector

      % of Net Assets
    • ■

      Financial

      98.9
    • ■

      Consumer, Non-cyclical

      1.5
    • ■

      Other/Cash

      -0.4

  • Currency Exposure (%)
    as of 08/31/18

    • U.S. Dollar

      100.43

    • Other/Cash

      -0.43

  • Country Weightings (%) as of 08/31/18

    • Country

      % of Net Assets
    • ■

      UNITED STATES

      100.43
    • ■

      Other/Cash

      -0.43
Web Access Notice: VanEck is committed to ensuring accessibility of its website for investors and potential investors, including those with disabilities. If you have difficulty accessing any feature or functionality on the VanEck website, please feel free to call us at 800.826.2333 or email us at info@vaneck.com for assistance.
 

  • Important Disclosure

    VanEck only serves professional clients in countries where the funds are registered or where funds can be sold in accordance with local private placement rules.

    130-Day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons among funds. It is based on the most recent 30-day period. This yield figure reflects the interest earned during the period after deducting the Fund's expenses for the period. It does not reflect the yield an investor would have received if they had held the Fund over the last twelve months assuming the most recent NAV. Distributions may vary from time to time. In the absence of temporary expense waivers or reimbursements, the 30-Day SEC Yield for VanEck Vectors BDC Income ETF would have been 8.41% on 09/21/2018. The Distribution Yield is the annual yield an investor would receive if the most recent Fund distribution stayed the same going forward. The yield represents a single distribution from the Fund and does not represent the total return of the Fund.  The yield is calculated by annualizing the most recent distribution and dividing by the Fund NAV from the as-of date. The 12-Month Yield is the yield an investor would have received if they had held the fund over the last 12 months assuming the most recent NAV. The 12-month yield is calculated by summing any income distributions over the past 12 months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past 12 months. Yield information reflects temporary waivers of expenses and/or fees. Yields would have been reduced had these fees/expenses been included.

    2BIZD Fees & Expenses: Van Eck Associates Corporation (the "Adviser") has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding 0.40% of the Fund's average daily net assets per year until at least September 1, 2019. During such time, the expense limitation is expected to continue until the Fund's Board of Trustees acts to discontinue all or a portion of such expense limitation. TER, or Total Expense Ratio, is also referred to as "Net Expense Ratio".

    3Morningstar Ratings : If applicable, when the ETF is rated three stars or more for any given period. ©Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

    4IIV is an abbreviation for the intraday indicative value of an ETF's Shares (and is also known as the Indicative Optimized Portfolio Value or IOPV), and is disseminated every 15 seconds during regular trading hours. The IIV is based on the current market value of the securities and/or cash required to be deposited in exchange for a Creation Unit. The IIV does not necessarily reflect the precise composition of the current portfolio of securities held by the Fund at a particular point in time or the best possible valuation of the current portfolio. Therefore, the IIV should not be viewed as a "real-time" update of the Fund's NAV, which is computed only once a day. The Fund is not involved in, or responsible for, the calculation or dissemination of the IIV and makes no warranty as to its accuracy.

    6The S&P 500® Index consists of 500 widely held common stocks covering industrial, utility, financial and transportation sector; as an Index, it is unmanaged and is not a security in which investments can be made.

    Business Development Companies (BDC) invest in private companies and thinly traded securities of public companies, including debt instruments of such companies. Generally, little public information exists for private and thinly traded companies and there is a risk that investors may not be able to make fully informed investment decisions. Less mature and smaller private companies involve greater risk than well-established and larger publicly traded companies. Investing in debt involves risk that the issuer may default on its payments or declare bankruptcy and debt may not be rated by a credit rating agency. Many debt investments in which a BDC may invest will not be rated by a credit rating agency and will be below investment grade quality. These investments have predominantly speculative characteristics with respect to an issuer's capacity to make payments of interest and principal. BDCs may not generate income at all times. Additionally, limitations on asset mix and leverage may prohibit the way that BDCs raise capital. The Fund and its affiliates may not own in excess of 25% of a BDC's outstanding voting securities which may limit the Fund's ability to fully replicate its index. An investment in the Fund may be subject to risks which include, among others, investment restrictions, financial services, small- and medium-capitalization companies, equity securities, market, operational, index tracking, authorized participant concentration, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, issuer-specific changes and concentration risks, all of which may adversely affect the Fund.

    MVIS US Business Development Companies Index is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. The VanEck Vectors BDC Income ETF is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.

    The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Van Eck Associates Corporation. Copyright © 2018 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

    The "Net Asset Value" (NAV) of a VanEck Vectors Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF's intraday trading value. VanEck Vectors ETF investors should not expect to buy or sell shares at NAV.

    Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called "creation units" and otherwise can be bought and sold only through exchange trading. Shares may trade at a premium or discount to their NAV in the secondary market. You will incur brokerage expenses when trading Fund shares in the secondary market. Past performance is no guarantee of future results. Returns for actual Fund investments may differ from what is shown because of differences in timing, the amount invested, and fees and expenses.

    Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus , which contains this and other information, call 800.826.2333 or visit vaneck.com/etfs . Please read the prospectus and summary prospectus carefully before investing.

    This content is published in the United States for residents of specified countries. Investors are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this content. Nothing in this content should be considered a solicitation to buy or an offer to sell shares of any investment in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction, nor is it intended as investment, tax, financial, or legal advice. Investors should seek such professional advice for their particular situation and jurisdiction.

     

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