PPH
VanEck Pharmaceutical ETF
VanEck Vectors Pharmaceutical ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the US Listed Pharmaceutical 25 Index.
US
EQUITY
Passive
MANAGEMENT STYLE
36 bp
EXPENSES
$614.9 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Van Eck Associates Corp |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Dec 20, 2011 |
| Assets (mns) | $615 |
| Expense ratio | 36 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| ELI LILLY & CO | 12.5 % |
| NOVO-NORDISK A/S-SPONS ADR | 9.3 % |
| JOHNSON & JOHNSON | 6.3 % |
| MERCK & CO. INC. | 5.7 % |
| ABBVIE INC | 5.5 % |
| NOVARTIS AG-ADR | 5.0 % |
| ASTRAZENECA PLC-SPONS ADR | 4.9 % |
| PFIZER INC | 4.9 % |
| SANOFI-AVENTIS-ADR | 4.7 % |
| ZOETIS INC | 4.6 % |
Constituent Breakdown
| Number of holdings | 27 |
| Herfindahl-Hirschman Index | 628 |
| Wgt avg mkt cap (mns) | $278,954 |
| Large cap (>$10bn) | 91.0% |
| Mid cap ($2-10bn) | 3.7% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 57.1 % |
 |
DENMARK | 9.3 % |
 |
BRITAIN | 9.2 % |
 |
SWITZERLAND | 5.0 % |
 |
FRANCE | 4.7 % |
 |
JAPAN | 4.5 % |
 |
ISRAEL | 3.4 % |
 |
IRELAND | 1.5 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 10.7% | 15.9% | 10.0% | 9.0% | 10.8% | 5.7% | 9.6% | Volatility | 9.6% | 11.1% | 13.4% | 13.7% | 17.9% | 16.9% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.56 | 52% |
| MSCI EAFE | 0.61 | 58% |
| MSCI Emg Mkts | 0.36 | 21% |
Liquidity Measures
| Avg. volume (000) | 102 |
| Turnover | 1.5% |
| Avg. Bid/Ask (% of price) | 0.04% |
| ADV of underlying (mns) | $21,863 |
Technical Indicators
| Recent close | $92.63 |
| 30d moving avg. | $92.11 |
| Annualized volatility | 14.0% |
| Relative strength (RSI) | 62 |
| Short interest (ETF) | 21.7% |
| Short interest (underlying) | 1.7% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. PPH |
Expenses vs. PPH |
ALTAR Score™ vs. PPH |
|---|---|---|---|---|
| MEDX | Horizon Kinetics Medical ETF | 48.3% | +49 bp | -8.8% |
| IHE | iShares U.S. Pharmaceuticals ETF | 42.2% | +4 bp | -0.2% |
| XLV | Health Care Select Sector SPDR Fund | 38.8% | -27 bp | -1.6% |
| FTXH | First Trust Nasdaq Pharmaceuticals ETF | 38.7% | +24 bp | -0.3% |
| IYH | iShares U.S. Healthcare ETF | 36.8% | +4 bp | -2.5% |
| FHLC | Fidelity MSCI Health Care Index ETF | 35.4% | -28 bp | -2.9% |
| VHT | Vanguard Health Care ETF | 35.1% | -26 bp | -3.1% |
| PJP | Invesco Pharmaceuticals ETF | 29.5% | +21 bp | -0.8% |
| XPH | SPDR S&P Pharmaceuticals ETF | 28.6% | -1 bp | -3.2% |
| IXJ | iShares Global Healthcare ETF | 28.1% | +6 bp | -2.6% |
Risk and Returns: PPH vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
PPH
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
PPH
8.4%
Cat. Avg
5.7%
Fund Category: US
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 8.4% |
Recommendation
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
Category Overview
There are 899 funds in the US category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. PPH's ALTAR Score™ is approximately
1.1 standard deviations
above
the category average. This places PPH in the 86th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
PPH
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Passive US Equity ETFs |
| # of ETFs | 192 |
| Avg. Expense Ratio | 31.0 bp |
| Std. Deviation | 25.7 bp |
| PPH (36 bp) Percentile rank | 58 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| PPH | 36.0 | 3.6 | 39.6 |
| Peer Avg. | 29.8 | 6.8 | 36.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .