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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 05/20/19

30-Day SEC Yield¹
9.01%
Total Net Assets
$208.6M
Number of Holdings
25
Options
Expected
Gross Expense Ratio²
9.49%
Net Expense Ratio/TER²
9.41%
Distribution Frequency
Quarterly
Next Distribution Date
06/28/2019
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 05/20/19

30-Day SEC Yield¹
9.01%
Distribution Yield¹
9.94%
12-Month Yield¹
9.43%

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
12,650,000
Estimated Cash
BIZDEU
Total Cash
BIZDTC
CUSIP
92189F411
ISIN
US92189F4110

⁵See IIV Details. Source: Bloomberg

Prices as of 05/20/19

	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	$16.49 $16.51	79,994 36,347	$0.05 / +0.31% $0.06 / +0.36%	+21.75% +23.41%	$0.02 0.10%

Performance History: Average Annual Total Returns* (%)
View All ETFs View All Indices

Month End as of 04/30/19
Quarter End as of 03/31/19

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 02/11/13
BIZD (NAV)	3.97	6.18	22.69	13.27	9.67	5.32	--	5.37
BIZD (Share Price)	3.84	6.51	24.41	13.46	9.70	5.30	--	5.39
MVBIZDTG (Index)	3.97	6.21	19.38	13.43	9.73	5.38	--	5.50
Performance Differential (NAV - Index)	0.00	-0.03	3.31	-0.16	-0.06	-0.06	--	-0.13
After Tax Held	2.93	5.12	20.10	8.90	5.64	1.50	--	1.78
After Tax Sold	2.34	3.65	13.30	7.65	5.59	2.26	--	2.42

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 02/11/13
BIZD (NAV)	-0.97	18.01	18.01	10.65	9.06	4.01	--	4.78
BIZD (Share Price)	-0.55	19.81	19.81	10.71	9.12	3.95	--	4.82
MVBIZDTG (Index)	-0.94	14.82	14.82	10.88	9.09	4.07	--	4.91
Performance Differential (NAV - Index)	-0.03	3.19	3.19	-0.23	-0.03	-0.06	--	-0.13
After Tax Held	-0.97	16.69	16.69	6.44	5.03	0.29	--	1.33
After Tax Sold	-0.57	10.57	10.57	6.14	5.13	1.31	--	2.05

*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.

Top 10 Holdings (%) as of 04/30/19 Daily Holdings

Total Holdings: 25

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to view
full data

	Holding Name	Ticker	Shares	Market Value (US$)	% of Net Assets
	Ares Capital Corp	ARCC US	2,328,947	41,921,046	20.27
	Fs Kkr Capital Corp	FSK US	3,454,704	21,868,276	10.57
	Main Street Capital Corp	MAIN US	406,722	16,053,317	7.76
	Prospect Capital Corp	PSEC US	2,025,717	13,673,590	6.61
	Hercules Capital Inc	HTGC US	758,004	9,846,472	4.76
	Golub Capital Bdc Inc	GBDC US	503,579	9,280,961	4.49
	Apollo Investment Corp	AINV US	526,890	8,235,291	3.98
	New Mountain Finance Corp	NMFC US	577,622	8,121,365	3.93
	Tpg Specialty Lending Inc	TSLX US	386,181	7,835,612	3.79
	Tcg Bdc Inc	CGBD US	507,030	7,585,169	3.67
Top 10 Total (%)					69.83

These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Sector Weightings (%) as of 04/30/19

Sector
% of Net Assets
■
Financial
98.3
■
Consumer, Non-cyclical
1.6
■
Other/Cash
0.1

Currency Exposure (%)

as of 04/30/19

U.S. Dollar
99.86
Other/Cash
0.14

Country Weightings (%) as of 04/30/19

Country
% of Net Assets
■
UNITED STATES
99.86
■
Other/Cash
0.14

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