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BIZD
VanEck BDC Income ETF

Fund Description

The VanEck BDC Income ETF (BIZD^TM) 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
Inception Date
02/11/2013
ETF Structure
Physical
Administrator
Van Eck Associates
Index Ticker
MVBIZDTG
Index Rebalancing
Quarterly

as of 09/26/22

30-Day SEC Yield¹
10.55%
Total Net Assets
$468.7M
Number of Holdings
25
Options
Available
Gross Expense Ratio²
10.92%
Net Expense Ratio/TER²
10.92%
Distribution Frequency
Quarterly
Next Distribution Date
09/30/2022
Expenses Explained

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Fund FAQ

Key Points

High Income Potential⁶
Business Development Companies (BDCs) have proven an attractive alternative income source historically
Exposure to Private Credit
Target privately-held U.S. companies and thinly traded U.S. public companies which are generally difficult to access
Lending to Middle-Market Companies
BDCs generate income by lending to, and investing in, private companies that tend to be below investment grade or not rated

Yield
as of 09/26/22

30-Day SEC Yield¹
10.55%
Distribution Yield¹
11.78%
12-Month Yield¹
10.61%

¹See Important Disclosure for definitions.

Fees and Expenses²

Management Fee
0.40%
Other Expenses
0.01%
Acquired Fund Fees and Expenses
10.51%
Gross Expense Ratio
10.92%
Fee Waivers and
Expense Reimbursement
--
Net Expense Ratio/TER²
10.92%

²Van Eck Associates Corporation (the “Adviser”) will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs until at least September 1, 2023.

Trading Information

Fund Ticker
BIZD
Index Total Return Ticker
MVBIZDTG
NAV
BIZDNV
Intraday NAV (IIV)⁴
BIZDIV
Shares Outstanding
33,925,000
Estimated Cash
BIZDEU
Total Cash
BIZDTC
CUSIP
92189F411
ISIN
US92189F4110

⁴See IIV Details. Source: Bloomberg

Investment Professionals

Peter Liao, CFA

Portfolio Manager and Head of Equity ETFs
Oversees the Equity ETF Investment Management Team including development and management of index replication and optimization strategies
Joined VanEck in 2005
CFA charterholder; member of the CFA Society New York
BA, Mathematics and Economics, New York University

Griffin Driscoll

Analyst for Equity ETFs
Joined VanEck in 2018
Prior to joining VanEck, ETF Basket Operations Analyst at JPMorgan
BS, Finance, Providence College

Ralph Lasta

Analyst for Equity ETFs
Joined VanEck in 2019
Prior to VanEck, Intermediate Representative, Exchange Traded Funds at BNY Mellon.
BS, Accounting, Hunter College

Prices as of 09/26/22

	NAV/ Market Price	Volume 30-Day Avg./ Last Trading Day	Daily Change NAV/ Last Price	YTD Change NAV/ Last Price	Premium/ Discount			30-Day Median Bid Ask Spread	NAV Chart
BIZD	$13.81 $13.82	203,903 392,142	$-0.57 / -3.96% $-0.55 / -3.83%	-16.12% -15.94%	$0.01 0.04%			0.06%

Premium/Discount History as of 09/26/22

		Calendar Year 2021	3Q 2021	4Q 2021	1Q 2022	2Q 2022
	Days closed at a premium	183	47	46	41	29
BIZD	Days closed at NAV	24	3	5	3	13
	Days closed at a discount	45	14	13	18	20

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

Monthly Return

Month End as of 08/31/22
Quarter End as of 06/30/22

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 02/11/13
BIZD (NAV)	-0.15	0.77	-3.53	1.05	9.15	8.63	--	6.54
BIZD (Share Price)	-0.19	0.75	-3.28	1.01	9.14	8.58	--	6.54
MVBIZDTG(Index)	-0.15	0.86	-3.24	1.50	9.03	8.66	7.46	6.59
Performance Differential (NAV - Index)	0.00	-0.09	-0.29	-0.45	0.12	-0.03	--	-0.05

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 02/11/13
BIZD (NAV)	-6.65	-13.82	-10.64	-4.57	6.87	5.93	--	5.79
BIZD (Share Price)	-6.79	-14.02	-10.52	-4.73	6.84	5.88	--	5.79
MVBIZDTG (Index)	-6.69	-13.81	-10.49	-4.19	6.72	5.96	7.26	5.83
Performance Differential (NAV - Index)	0.04	-0.01	-0.15	-0.38	0.15	-0.03	--	-0.04

*Returns less than one year are not annualized.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.

The "Net Asset Value" (NAV) of a Fund 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. Investors should not expect to buy or sell shares at NAV.

Top 10 Holdings (%) as of 08/31/22 Daily Holdings

Total Holdings: 25

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full data

Holding Name	Ticker	Shares	Market Value (US$)	% of Net Assets
Ares Capital Corp	ARCC US	5,688,055	111,713,400	20.20
Fs Kkr Capital Corp	FSK US	3,594,040	77,559,383	14.03
Owl Rock Capital Corp	ORCC US	4,563,631	59,966,111	10.85
Main Street Capital Corp	MAIN US	663,129	27,679,004	5.01
Golub Capital Bdc Inc	GBDC US	1,830,965	25,468,723	4.61
Prospect Capital Corp	PSEC US	3,253,205	24,333,973	4.40
Blackstone Secured Lending Fund	BXSL US	1,007,278	23,882,561	4.32
Hercules Capital Inc	HTGC US	1,690,468	23,784,885	4.30
Goldman Sachs Bdc Inc	GSBD US	1,307,753	22,257,956	4.03
Sixth Street Specialty Lending Inc	TSLX US	989,264	18,627,841	3.37
Top 10 Total (%)				75.11

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

Sector Weightings (%) as of 08/31/22

Sector
% of Net Assets
■
Financial
95.7
■
Other/Cash
4.3

Currency Exposure (%)
as of 08/31/22

U.S. Dollar
99.99
Other/Cash
0.01

Country Weightings (%) as of 08/31/22

Country
% of Net Assets
■
United States
99.99
■
Other/Cash
0.01