SEMI-ANNUAL REPORT
March 31, 2022
(unaudited)

 

Inflation Allocation ETF RAAX®
Long/Flat Trend ETF LFEQ®
Morningstar Durable Dividend ETF DURA®
Morningstar ESG Moat ETF MOTE
Morningstar Global Wide Moat ETF MOTG
Morningstar International Moat ETF MOTI®
Morningstar Wide Moat ETF MOAT®
Social Sentiment ETF BUZZ

 

  800.826.2333 vaneck.com
     

 

 

President’s Letter 1
Explanation of Expenses 3
Schedule of Investments  
Inflation Allocation ETF 5
Long/Flat Trend ETF 7
Morningstar Durable Dividend ETF 8
Morningstar ESG Moat ETF 10
Morningstar Global Wide Moat ETF 12
Morningstar International Moat ETF 14
Morningstar Wide Moat ETF 17
Social Sentiment ETF 19
Statements of Assets and Liabilities 21
Statements of Operations 23
Statements of Changes in Net Assets 25
Financial Highlights
Inflation Allocation ETF 29
Long/Flat Trend ETF 30
Morningstar Durable Dividend ETF 31
Morningstar ESG Moat ETF 32
Morningstar Global Wide Moat ETF 33
Morningstar International Moat ETF 34
Morningstar Wide Moat ETF 35
Social Sentiment ETF 36
Notes to Financial Statements 37
Funds’ Liquidity Risk Management Program 45

 

 

Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of March 31, 2022.

     

VANECK ETF TRUST

PRESIDENT’S LETTER

March 31, 2022 (unaudited)

 

Dear Fellow Shareholders:

 

The world has certainly changed since I wrote you at the end of September 2021. Our market outlook then was: growth investments (including crypto) were overvalued, value (especially commodity equities) was attractive and the U.S. Federal Reserve (Fed) would tap the brakes and not slam them so as precipitate a recession. And that stocks would be “OK” in 2022. My view has not changed much.

 

The Economy

 

The global economy remains “hot”, fueled by the biggest stimulus seen since WWII. While commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, a key driver of persistent inflation. It tends to be longer-lasting and may affect long-term interest rates. I believe that the tight labor conditions we have today will persist, even as the economy slows down, and we won’t really know the answer to the inflation-persistency question until the second half of 2022.

 

While China has been a large driver of global growth over the past 20 years, its economy has slowed. The jury remains out on just how long China’s slow-down may last and its depth. The question, then, is will Chinese policymakers stimulate the economy if growth slows too much? And, if they do, will they stimulate enough to keep being a driver of global growth.

 

Turning to the Fed, the question revolves around its possible actions. Short term, markets do not like Fed uncertainty and may continue to correct. However, I do not think the Fed will hit the brakes too hard by raising rates further than they have already indicated. If market seizes up, though, we may see positive Fed statements and a relief rally. We live in an era in which the Fed keeps an eye on the financial markets. We still see little reason why that would change.

 

Multi-Year Investment Themes

 

We continue to focus on two multi-year investment themes.

 

Energy and crypto were two of the best performing assets in 2021 and are two of the most interesting multi-year investment themes.

 

The first theme is the energy transition away from fossil fuels. We see this not only as being driven by government policy, but also by innovation in the private sector. In our resources portfolios, we’re looking for disruptive companies in the sectors that need to be more energy efficient. One is agriculture (which emits about as much CO2 as the energy sector). AgTech businesses are embracing technology to modernize agriculture, leading to higher crop yields, safer crop chemicals and other innovations in food production to provide healthy diets for the world’s growing population.

 

As the economy and demand for commodities grows, increasing supply has become harder. This is in part due to environmental, social and governance (ESG) policies in place, causing “greenflation” and a multi-year trend of price pressure. Finding supply sources like new copper, lithium or gold mines is harder because of, to a certain extent, the environmental impact of these activities. I think this supply issue will continue to underpin commodity prices, and this is why I believe that commodity equities remain an interesting investment that people should have in their portfolios.

 

The second theme is crypto, in particular, the use of blockchain in a large variety of industries and most especially in the field of “smart contracts.” New open source database technology is enabling incredibly rapid adoption and at much lower cost than traditional companies using prior generation technology. The fintech revolution that goes hand in hand with crypto is something we find really exciting. Of course, as with all growth, there are some over-valued companies, but we think it’s another interesting multi-year trend that investors should consider.

 

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each the funds for the six month period ended March 31, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

1

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

 

 

Jan F. van Eck
CEO and President
VanEck ETF Trust

 

April 6, 2022

 

PS The investing outlook can change suddenly, as it certainly did in 2021. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

2

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

 

Hypothetical $1,000 investment at beginning of period

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

 

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, October 1, 2021 to March 31, 2022.

 

Actual Expenses

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”

 

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

    Beginning
Account
Value
October 1, 2021
  Ending
Account
Value
March 31, 2022
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
October 1, 2021 -
March 31, 2022(a)
 
Inflation Allocation ETF                  
Actual   $1,000.00   $1,193.90   0.55%   $3.01  
Hypothetical (b)   $1,000.00   $1,022.19   0.55%   $2.77  
Long/Flat Trend ETF                  
Actual   $1,000.00   $1,056.80   0.55%   $2.82  
Hypothetical (b)   $1,000.00   $1,022.19   0.55%   $2.77  
Morningstar Durable Dividend ETF                  
Actual   $1,000.00   $1,080.10   0.29%   $1.50  
Hypothetical (b)   $1,000.00   $1,023.49   0.29%   $1.46  
Morningstar ESG Moat ETF                  
Actual (c)   $1,000.00   $986.20   0.49%   $2.36  
Hypothetical (b)   $1,000.00   $1,022.49   0.49%   $2.47  
Morningstar Global Wide Moat ETF                  
Actual   $1,000.00   $1,006.60   0.52%   $2.60  
Hypothetical (b)   $1,000.00   $1,022.34   0.52%   $2.62  
Morningstar International Moat ETF                  
Actual   $1,000.00   $991.20   0.57%   $2.83  
Hypothetical (b)   $1,000.00   $1,022.09   0.57%   $2.87  
Morningstar Wide Moat ETF                  
Actual   $1,000.00   $1,029.10   0.46%   $2.33  
Hypothetical (b)   $1,000.00   $1,022.64   0.46%   $2.32  
3

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

 

    Beginning
Account
Value
October 1, 2021
  Ending
Account
Value
March 31, 2022
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
October 1, 2021 -
March 31, 2022(a)
 
Social Sentiment ETF                  
Actual   $1,000.00   $785.60   0.75%   $3.34  
Hypothetical (b)   $1,000.00   $1,021.19   0.75%   $3.78  
   
(a) Expenses are equal to the Fund’s annualized expense ratio (for the six months ended March 31, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
(b) Assumes annual return of 5% before expenses
(c) Expenses are equal to the Fund’s annualized expense ratio (for the period from October 6, 2021 (commencement of operations) to March 31, 2022) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.
4

VANECK INFLATION ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

 

    Number
of Shares
        Value  
EXCHANGE TRADED FUNDS: 99.9% (a)                
Energy Select Sector SPDR Fund †     51,657     $ 3,948,661  
First Trust NASDAQ Clean Edge Green Energy Index Fund     11,992       774,923  
Global X US Infrastructure Development ETF     138,748       3,923,793  
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF     963,612       16,998,116  
Invesco Solar ETF     9,336       704,495  
iShares Global Infrastructure ETF †     79,133       4,024,704  
iShares Gold Strategy ETF     12,081       713,016  
iShares Gold Trust     6,254       230,335  
iShares MSCI Global Metals & Mining Producers ETF     43,101       2,207,633  
Nuveen Short-Term REIT ETF     22,235       869,389  
Purpose Bitcoin ETF     173,029       1,475,937  
SPDR Gold MiniShares Trust     5,993       230,551  
SPDR S&P Oil & Gas Exploration & Production ETF †     26,808       3,607,016  
VanEck Agribusiness ETF † ‡     33,041       3,454,106  
VanEck Energy Income ETF ‡     69,323       4,478,827  
VanEck Gold Miners ETF ‡     104,187       3,995,571  
    Number
of Shares
        Value  
VanEck Junior Gold Miners ETF ‡     30,903     $ 1,448,424  
VanEck Low Carbon Energy ETF † ‡     10,254       1,488,234  
VanEck Merk Gold Shares     493,541       9,293,377  
VanEck Mortgage REIT Income ETF † ‡     37,986       648,801  
VanEck Oil Services ETF † ‡     9,440       2,667,272  
VanEck Steel ETF † ‡     36,387       2,468,494  
Vanguard Real Estate ETF †     91,657       9,932,869  
Total Exchange Traded Funds
(Cost: $73,731,970)
            79,584,544  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 9.4%
(Cost: $7,517,472)
               
Money Market Fund: 9.4%                
State Street Navigator Securities Lending Government Money Market Portfolio     7,517,472       7,517,472  
Total Investments: 109.3%
(Cost: $81,249,442)
            87,102,016  
Liabilities in excess of other assets: (9.3)%             (7,395,282)  
NET ASSETS: 100.0%           $ 79,706,734  


 

 

Footnotes:

(a) Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https:// www.sec.gov.
Security fully or partially on loan. Total market value of securities on loan is $18,993,329.
Affiliated issuer – as defined under the Investment Company Act of 1940.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Agribusiness        4.3 %          $ 3,454,106  
Digital Currency     1.8       1,475,937  
Diversified Commodities Futures     21.4       16,998,116  
Energy     14.3       11,395,140  
Global Metals and Mining     2.8       2,207,633  
Gold Bullion     15.0       11,915,702  
Gold Mining     5.0       3,995,572  
Industrials     4.9       3,923,793  
Oil Services     7.9       6,274,288  
Real Estate Investment Trusts     14.4       11,451,059  
Steel     3.1       2,468,494  
Utilities     5.1       4,024,704  
      100.0 %   $ 79,584,544  

 

See Notes to Financial Statements

5

VANECK INFLATION ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

Transactions in securities of affiliates for the period ended March 31, 2022:

 

    Value
9/30/2021
        Purchases       Sales
Proceeds
      Realized Gain
(Loss)
      Dividend
Income
      Net Change in
Unrealized
Appreciation
(Depreciation)
      Value
3/31/2022
VanEck Agribusiness ETF   $ 784,573     $ 2,579,485     $ (191,863 )   $ (2,828 )   $ 17,661     $ 284,739     $ 3,454,106  
VanEck Energy Income ETF     980,050       3,289,302       (255,004 )     (17,816 )     30,569       482,295       4,478,827  
VanEck Gold Miners ETF     687,476       2,943,145       (119,934 )     (25,048 )     25,551       509,932       3,995,571  
VanEck Junior Gold Miners ETF           1,463,858       (46,784 )     (7,707 )     10,559       39,057       1,448,424  
VanEck Low Carbon Energy ETF     398,697       1,180,559       (96,661 )     (13,251 )     3,493       18,890       1,488,234  
VanEck Mortgage REIT Income ETF     189,021       530,887       (48,292 )     (4,718 )     12,027       (18,097 )     648,801  
VanEck Oil Services ETF     480,310       1,874,454       (118,877 )     (15,438 )     8,069       446,823       2,667,272  
VanEck Steel ETF     488,167       1,783,342       (119,249 )     (16,073 )     61,126       332,307       2,468,494  
VanEck Vectors Unconventional Oil & Gas ETF     667,902       194,648       (951,584 )     249,119             (160,085 )      
    $ 4,676,196     $ 15,839,680     $ (1,948,248 )   $ 146,240     $ 169,055     $ 1,935,861     $ 20,649,729  

 

The summary of inputs used to value the Fund’s investments as of March 31, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Exchange Traded Funds   $ 79,584,544     $     $     $ 79,584,544  
Money Market Fund     7,517,472                   7,517,472  
Total Investments   $ 87,102,016     $     $     $ 87,102,016  

 

See Notes to Financial Statements

6

VANECK LONG/FLAT TREND ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

 

    Number
of Shares
    Value  
EXCHANGE TRADED FUND: 99.8% (a)
(Cost: $37,813,594)
               
Vanguard S&P 500 ETF     103,658          $ 43,035,692  
Total Investments: 99.8%
(Cost: $37,813,594)
            43,035,692  
Other assets less liabilities: 0.2%             93,143  
NET ASSETS: 100.0%           $ 43,128,835  

 

 

Footnotes:

(a) The underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https://www. sec.gov.

 

Summary of Investments by Sector                                   % of
Investments
  Value  
Exchanged Traded Fund   100.0%   $ 43,035,692  

 

The summary of inputs used to value the Fund’s investments as of March 31, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Exchange Traded Funds   $ 43,035,692     $     $     $ 43,035,692  

 

See Notes to Financial Statements

7

VANECK MORNINGSTAR DURABLE DIVIDEND ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

 

    Number
of Shares
        Value  
COMMON STOCKS: 99.4%                
Automobiles & Components: 0.1%                
Gentex Corp.     1,464   $ 42,705  
Banks: 4.9%                
JPMorgan Chase & Co.     22,331       3,044,162  
Capital Goods: 8.9%                
3M Co.     8,521       1,268,607  
Cummins, Inc.     1,500       307,665  
Donaldson Co., Inc.     771       40,038  
Eaton Corp. Plc     2,970       450,727  
Emerson Electric Co.     4,765       467,208  
Hubbell, Inc.     449       82,513  
Illinois Tool Works, Inc.     2,370       496,278  
Lincoln Electric Holdings, Inc.     358       49,336  
Lockheed Martin Corp.     2,175       960,045  
Masco Corp.     1,626       82,926  
MSC Industrial Direct Co., Inc.     657       55,983  
Raytheon Technologies Corp.     11,349       1,124,345  
Rockwell Automation, Inc.     684       191,541  
              5,577,212  
Consumer Durables & Apparel: 0.2%                
Garmin Ltd.     1,313       155,735  
Consumer Services: 4.4%                
McDonald’s Corp.     6,596       1,631,059  
Starbucks Corp.     9,264       842,746  
Wendy’s Co.     1,297       28,495  
Yum! Brands, Inc.     1,926       228,289  
              2,730,589  
Diversified Financials: 5.4%                
BlackRock, Inc.     1,243       949,863  
Blackstone, Inc.     8,790       1,115,803  
CME Group, Inc.     2,067       491,657  
Cohen & Steers, Inc.     212       18,209  
Evercore, Inc.     345       38,405  
Federated Hermes, Inc.     1,246       42,439  
Franklin Resources, Inc.     4,094       114,304  
Invesco Ltd.     4,225       97,429  
Janus Henderson Group Plc     2,971       104,044  
T Rowe Price Group, Inc.     2,557       386,593  
              3,358,746  
Energy: 2.7%                
Coterra Energy, Inc.     5,205       140,379  
Kinder Morgan, Inc.     42,015       794,503  
The Williams Companies, Inc.     22,553       753,496  
              1,688,378  
Food & Staples Retailing: 2.5%                
Sysco Corp.     4,379       357,545  
Walmart, Inc.     8,269       1,231,420  
              1,588,965  
Food, Beverage & Tobacco: 18.8%                
Altria Group, Inc.     46,644       2,437,149  
Campbell Soup Co.     2,568       114,456  
Conagra Brands, Inc.     6,823       229,048  
General Mills, Inc.     7,055       477,765  
J M Smucker Co.     1,184       160,325  
Mondelez International, Inc.     11,135       699,055  
PepsiCo, Inc.     13,711       2,294,947  
    Number
of Shares
        Value  
Food, Beverage & Tobacco (continued)                
Philip Morris International, Inc.     29,941     $ 2,812,658  
The Coca-Cola Co.     40,780       2,528,360  
              11,753,763  
Health Care Equipment & Services: 2.2%          
Medtronic Plc     11,717       1,300,001  
Quest Diagnostics, Inc.     821       112,362  
              1,412,363  
Household & Personal Products: 1.8%                
Colgate-Palmolive Co.     7,394       560,687  
Kimberly-Clark Corp.     4,537       558,777  
              1,119,464  
Insurance: 1.2%                
Allstate Corp.     2,826       391,429  
Travelers Cos, Inc.     1,843       336,772  
              728,201  
Materials: 2.2%                
Air Products and Chemicals, Inc.     2,139       534,558  
Amcor Plc     23,977       271,659  
International Flavors & Fragrances, Inc.     2,407       316,111  
PPG Industries, Inc.     1,642       215,217  
Sensient Technologies Corp.     317       26,612  
              1,364,157  
Media & Entertainment: 2.7%                
Comcast Corp.     36,158       1,692,917  
Pharmaceuticals, Biotechnology & Life Sciences: 16.6%          
Amgen, Inc.     6,471       1,564,817  
Bristol-Myers Squibb Co.     24,126       1,761,922  
Gilead Sciences, Inc.     22,060       1,311,467  
Johnson & Johnson     17,701       3,137,148  
Merck & Co., Inc.     31,575       2,590,729  
              10,366,083  
Semiconductors & Semiconductor Equipment: 7.4%          
Analog Devices, Inc.     3,653       603,402  
Broadcom, Inc.     3,760       2,367,597  
Skyworks Solutions, Inc.     982       130,881  
Texas Instruments, Inc.     8,543       1,567,470  
              4,669,350  
Software & Services: 1.0%                
Broadridge Financial Solutions, Inc.     703       109,464  
Paychex, Inc.     2,535       345,951  
Western Union Co.     7,767       145,554  
              600,969  
Technology Hardware & Equipment: 3.7%              
Cisco Systems, Inc.     41,025       2,287,554  
National Instruments Corp.     1,334       54,147  
              2,341,701  
Telecommunication Services: 4.6%                
Cogent Communications Holdings, Inc.     770       51,089  
Verizon Communications, Inc.     55,784       2,841,637  
              2,892,726  
Utilities: 8.1%                
American Electric Power Co., Inc.     5,925       591,137  


 

See Notes to Financial Statements

8

 

 

    Number
of Shares
        Value  
Utilities (continued)                
Avangrid, Inc.     999     $ 46,693  
Dominion Energy, Inc.     9,278       788,352  
Duke Energy Corp.     10,526       1,175,333  
NiSource, Inc.     4,358       138,584  
PPL Corp.     17,176       490,547  
Public Service Enterprise Group, Inc.     5,734       401,380  
Southern Co.     15,357       1,113,536  
WEC Energy Group, Inc.     3,464       345,742  
              5,091,304  
Total Common Stocks
(Cost: $58,996,227)
            62,219,490  
Total Investments: 99.4%
(Cost: $58,996,227)
            62,219,490  
Other assets less liabilities: 0.6%             371,053  
NET ASSETS: 100.0%           $ 62,590,543  


 

 

Summary of Investments by Sector   % of
 Investments
  Value  
Communication Services        7.3 %        $ 4,585,643  
Consumer Discretionary     4.7       2,929,029  
Consumer Staples     23.2       14,462,192  
Energy     2.7       1,688,378  
Financials     11.5       7,131,109  
Health Care     18.9       11,778,446  
Industrials     9.0       5,577,212  
Information Technology     12.3       7,612,020  
Materials     2.2       1,364,157  
Utilities     8.2       5,091,304  
      100.0 %   $ 62,219,490  

 

The summary of inputs used to value the Fund’s investments as of March 31, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 62,219,490     $     $     $ 62,219,490  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

9

VANECK MORNINGSTAR ESG MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

 

    Number
of Shares
        Value  
COMMON STOCKS: 99.7%                
Capital Goods: 2.4%                
Masco Corp.     364     $ 18,564  
Roper Technologies, Inc.     53       25,028  
              43,592  
Commercial & Professional Services: 2.3%          
Equifax, Inc.     85       20,154  
TransUnion     215       22,218  
              42,372  
Consumer Durables & Apparel: 3.6%                
NIKE, Inc.     185       24,894  
Polaris, Inc.     405       42,655  
              67,549  
Consumer Services: 5.9%                
McDonald’s Corp.     97       23,986  
Starbucks Corp.     431       39,208  
Yum! Brands, Inc.     396       46,938  
              110,132  
Diversified Financials: 14.3%                
American Express Co.     149       27,863  
BlackRock, Inc.     55       42,029  
CME Group, Inc.     112       26,640  
Intercontinental Exchange, Inc.     392       51,791  
S&P Global, Inc.     60       24,611  
State Street Corp.     306       26,659  
T Rowe Price Group, Inc.     123       18,596  
The Bank of New York Mellon Corp.     934       46,354  
              264,543  
Energy: 1.8%                
Cheniere Energy, Inc.     238       32,999  
Food & Staples Retailing: 1.9%                
Costco Wholesale Corp.     63       36,279  
Food, Beverage & Tobacco: 9.7%                
Constellation Brands, Inc.     213       49,058  
Kellogg Co.     405       26,118  
Mondelez International, Inc.     796       49,973  
PepsiCo, Inc.     151       25,274  
The Coca-Cola Co.     456       28,272  
              178,695  
Health Care Equipment & Services: 3.0%          
Medtronic Plc     191       21,191  
Veeva Systems, Inc. *     168       35,693  
              56,884  
Household & Personal Products: 1.2%                
Colgate-Palmolive Co.     292       22,142  
Materials: 2.2%                
Ecolab, Inc.     108       19,068  
International Flavors & Fragrances, Inc.     169       22,195  
              41,263  
Media & Entertainment: 8.6%                
Alphabet, Inc. *     18       50,064  
Comcast Corp.     935       43,777  
John Wiley & Sons, Inc.     858       45,500  
Walt Disney Co. *     135       18,517  
              157,858  
    Number
of Shares
        Value  
Pharmaceuticals, Biotechnology & Life Sciences: 5.7%          
Gilead Sciences, Inc.     360     $ 21,402  
Johnson & Johnson     153       27,116  
Merck & Co., Inc.     343       28,143  
Thermo Fisher Scientific, Inc.     48       28,351  
              105,012  
Retailing: 1.4%                
Lowe’s Companies, Inc.     127       25,678  
Semiconductors & Semiconductor Equipment: 11.6%          
Applied Materials, Inc.     339       44,680  
Intel Corp.     485       24,037  
KLA Corp.     137       50,150  
Lam Research Corp.     73       39,246  
Monolithic Power Systems, Inc.     67       32,541  
Texas Instruments, Inc.     131       24,036  
              214,690  
Software & Services: 19.5%                
Adobe, Inc. *     80       36,450  
Aspen Technology, Inc. *     340       56,227  
Blackbaud, Inc. *     320       19,158  
Intuit, Inc.     50       24,042  
Mastercard, Inc.     64       22,872  
Microsoft Corp.     166       51,179  
Salesforce.com, Inc. *     192       40,765  
ServiceNow, Inc. *     82       45,665  
Tyler Technologies, Inc. *     47       20,910  
Western Union Co.     995       18,646  
Workday, Inc. *     99       23,707  
              359,621  
Transportation: 4.6%                
CH Robinson Worldwide, Inc.     503       54,178  
Union Pacific Corp.     110       30,053  
              84,231  
Total Common Stocks
(Cost: $1,920,252)
            1,843,540  
Total Investments: 99.7%
(Cost: $1,920,252)
            1,843,540  
Other assets less liabilities: 0.3%             5,975  
NET ASSETS: 100.0%           $ 1,849,515  


 

See Notes to Financial Statements

10

 

 

 

Footnotes:

* Non-income producing

 

Summary of Investments by Sector   % of
Investments
  Value  
Communication Services       8.5 %        $ 157,857  
Consumer Discretionary     11.1       203,358  
Consumer Staples     12.9       237,117  
Energy     1.8       32,999  
Financials     14.3       264,544  
Health Care     8.8       161,897  
Industrials     9.3       170,195  
Information Technology     31.1       574,310  
Materials     2.2       41,263  
      100.0   $ 1,843,540  

 

The summary of inputs used to value the Fund’s investments as of March 31, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 1,843,540     $     $     $ 1,843,540  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

11

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

 

    Number
of Shares
        Value  
COMMON STOCKS: 100.0%                
Australia: 5.5%                
Australia & New Zealand Banking Group Ltd. #     9,329     $ 191,837  
Brambles Ltd. #     24,422       180,864  
National Australia Bank Ltd. #     8,885       214,663  
Westpac Banking Corp. #     22,980       416,640  
              1,004,004  
Belgium: 1.0%                
Anheuser-Busch InBev SA #     3,021       181,665  
Brazil: 2.2%                
Ambev SA     124,600       403,800  
Canada: 2.2%                
Royal Bank of Canada     1,797       198,022  
Toronto-Dominion Bank     2,493       197,975  
              395,997  
China: 1.7%                
Inner Mongolia Yili Industrial Group Co. Ltd. #     29,800       172,486  
JD.com, Inc. (HKD) # *     5,100       144,951  
              317,437  
France: 4.0%                
Airbus SE # * †     2,954       358,517  
Safran SA #     1,497       177,269  
Sanofi #     1,837       188,901  
              724,687  
Germany: 1.9%                
Bayer AG #     2,910       200,193  
GEA Group AG # *     3,417       140,864  
              341,057  
Ireland: 2.2%                
Medtronic Plc (USD)     3,543       393,096  
Japan: 0.9%                
Japan Tobacco, Inc. #     9,900       169,576  
Netherlands: 1.0%                
ASML Holding NV #     281       188,857  
Sweden: 1.0%                
Assa Abloy AB #     7,049       191,162  
Switzerland: 4.9%                
Julius Baer Group Ltd. #     6,038       351,010  
Novartis AG #     2,117       186,622  
Roche Holding AG #     895       355,580  
              893,212  
Taiwan: 1.9%                
Taiwan Semiconductor Manufacturing Co. Ltd. #     17,000       348,730  
United Kingdom: 9.6%                
AstraZeneca Plc #     1,440       191,399  
BAE Systems Plc #     27,642       260,191  
British American Tobacco Plc #     9,254       389,530  
GlaxoSmithKline Plc #     8,493       184,182  
Imperial Brands Plc #     17,222       363,605  
Meggitt Plc # *     19,009       189,600  
Unilever Plc #     3,825       174,062  
              1,752,569  
    Number
of Shares
        Value  
United States: 60.0%                
3M Co.     1,065     $ 158,557  
Adobe, Inc. *     383       174,502  
Alphabet, Inc. *     128       356,013  
Altria Group, Inc.     3,882       202,835  
Amazon.com, Inc. *     116       378,154  
Applied Materials, Inc.     1,344       177,139  
Aspen Technology, Inc. *     1,238       204,728  
Berkshire Hathaway, Inc. *     626       220,922  
Biogen, Inc. *     790       166,374  
Blackbaud, Inc. *     2,268       135,785  
BlackRock, Inc.     249       190,278  
Comcast Corp.     3,851       180,304  
Compass Minerals International, Inc.     2,908       182,593  
Constellation Brands, Inc.     1,579       363,675  
Corteva, Inc.     3,959       227,563  
Emerson Electric Co.     3,885       380,924  
Equifax, Inc.     768       182,093  
Gilead Sciences, Inc.     5,552       330,066  
Intel Corp.     3,698       183,273  
Intercontinental Exchange, Inc.     1,362       179,947  
International Flavors & Fragrances, Inc.     1,430       187,802  
Kellogg Co.     5,712       368,367  
Lam Research Corp.     334       179,562  
Lockheed Martin Corp.     546       241,004  
Masco Corp.     5,932       302,532  
McDonald’s Corp.     1,495       369,684  
Merck & Co., Inc.     2,453       201,269  
Meta Platforms, Inc. *     539       119,852  
Microchip Technology, Inc.     2,438       183,191  
Microsoft Corp.     1,153       355,481  
Philip Morris International, Inc.     3,854       362,045  
Polaris, Inc.     3,289       346,398  
Roper Technologies, Inc.     780       368,339  
Salesforce.com, Inc. *     1,552       329,521  
ServiceNow, Inc. *     591       329,122  
T Rowe Price Group, Inc.     1,244       188,080  
Teradyne, Inc.     1,546       182,784  
The Bank of New York Mellon Corp.     3,312       164,375  
The Boeing Co. *     1,916       366,914  
The Coca-Cola Co.     3,235       200,570  
The Walt Disney Co. *     1,244       170,627  
TransUnion     1,823       188,389  
Tyler Technologies, Inc. *     413       183,740  
Veeva Systems, Inc. *     704       149,572  
Wells Fargo & Co.     7,215       349,639  
              10,964,584  
Total Common Stocks
(Cost: $15,939,393)
            18,270,433  
Total Investments: 100.0%
(Cost: $15,939,393)
            18,270,433  
Liabilities in excess of other assets: 0.0%             (7,555)  
NET ASSETS: 100.0%           $ 18,262,878  


 

See Notes to Financial Statements

12

 

 

 

Definitions:

HKD Hong Kong Dollar
USD United States Dollar

 

Footnotes:

# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $6,112,956 which represents 33.5% of net assets.
* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $340,555.

 

Summary of Investments by Sector   % of
Investments
  Value  
Communication Services        4.5 %        $ 826,796  
Consumer Discretionary     6.8       1,239,187  
Consumer Staples     17.3       3,179,730  
Financials     15.7       2,863,389  
Health Care     14.0       2,547,253  
Industrials     21.1       3,859,705  
Information Technology     17.3       3,156,414  
Materials     3.3       597,959  
       100.0 %     $ 18,270,433  

 

The summary of inputs used to value the Fund’s investments as of March 31, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Australia   $     $ 1,004,004     $     $ 1,004,004  
Belgium           181,665             181,665  
Brazil     403,800                   403,800  
Canada     395,997                   395,997  
China           317,437             317,437  
France           724,687             724,687  
Germany           341,057             341,057  
Ireland     393,096                   393,096  
Japan           169,576             169,576  
Netherlands           188,857             188,857  
Sweden           191,162             191,162  
Switzerland           893,212             893,212  
Taiwan           348,730             348,730  
United Kingdom           1,752,569             1,752,569  
United States     10,964,584                   10,964,584  
Total Investments   $ 12,157,477     $ 6,112,956     $     $ 18,270,433  

 

See Notes to Financial Statements

13

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

 

    Number
of Shares
        Value  
COMMON STOCKS: 98.8%                
Australia: 5.2%                
Brambles Ltd. #     108,977     $ 807,059  
Link Administration Holdings Ltd. #     232,893       900,030  
Pendal Group Ltd. # †     198,455       686,814  
Pinnacle Investment Management Group Ltd. #     109,641       859,718  
Westpac Banking Corp. #     53,548       970,854  
              4,224,475  
Belgium: 1.0%                
Anheuser-Busch InBev SA #     13,366       803,751  
Canada: 0.9%                
CI Financial Corp.     48,508       771,281  
China: 20.4%                
ANTA Sports Products Ltd. (HKD) #     122,200       1,516,258  
Bank of China Ltd. (HKD) #     2,357,000       940,802  
Beijing Enterprises Holdings Ltd. (HKD) #     235,000       741,818  
BOC Hong Kong Holdings Ltd. (HKD) #     484,000       1,821,630  
China Education Group Holdings Ltd. (HKD) # †     494,000       425,165  
China Resources Gas Group Ltd. (HKD) #     210,000       884,078  
CSPC Pharmaceutical Group Ltd. (HKD) #     804,000       921,483  
Innovent Biologics, Inc. (HKD) 144A # *     128,000       430,841  
JD.com, Inc. (HKD) # *     22,450       638,069  
NetEase, Inc. (HKD) #     85,900       1,550,250  
Samsonite International SA (HKD) 144A # *     855,300       1,914,100  
Shanghai Pharmaceuticals Holding Co. Ltd. (HKD) #     447,600       859,644  
Shenzhou International Group Holdings Ltd. (HKD) #     57,300       756,659  
Sinopharm Group Co. Ltd. (HKD) #     719,600       1,633,926  
Sun Hung Kai Properties Ltd. (HKD) #     70,000       833,025  
Sunny Optical Technology Group Co. Ltd. (HKD) #     41,300       656,058  
              16,523,806  
Denmark: 2.0%                
Danske Bank A/S #     94,953       1,588,706  
France: 10.0%                
Accor SA # *     25,619       830,200  
Airbus SE # * †     6,293       763,760  
Amundi SA 144A #     20,864       1,434,952  
Dassault Aviation SA #     8,297       1,317,818  
Safran SA #     6,625       784,510  
Sanofi #     8,044       827,174  
Sodexo SA #     9,858       806,845  
Thales SA #     10,336       1,301,924  
              8,067,183  
    Number
of Shares
        Value  
Germany: 6.6%                
BASF SE #     12,634     $ 725,074  
Bayer AG #     14,498       997,387  
Bayerische Motoren Werke AG #     16,787       1,459,084  
Fresenius SE & Co. KGaA #     23,078       852,245  
HeidelbergCement AG #     23,658       1,348,555  
              5,382,345  
Israel: 0.9%                
Nice Ltd. # *     3,517       769,222  
Italy: 2.5%                
Leonardo SpA # *     203,052       2,029,437  
Japan: 8.6%                
Asahi Group Holdings Ltd. #     21,900       800,007  
Japan Tobacco, Inc. #     44,000       753,673  
KDDI Corp. #     27,500       904,343  
MEIJI Holdings Co. Ltd. # †     13,300       723,454  
Mitsubishi Electric Corp. #     69,500       799,482  
Nippon Telegraph & Telephone Corp. #     28,900       842,182  
Rakuten Group, Inc. # †     84,700       667,976  
Taiyo Yuden Co. Ltd. # †     33,400       1,499,735  
              6,990,852  
Mexico: 3.4%                
Fomento Economico Mexicano SAB de CV     104,400       865,690  
Grupo Televisa SAB     792,300       1,857,785  
              2,723,475  
Netherlands: 3.7%                
ABN AMRO Bank NV 144A # †     113,314       1,455,372  
Akzo Nobel NV #     8,875       766,972  
ING Groep NV #     73,181       768,498  
              2,990,842  
Singapore: 3.3%                
CapitaLand Integrated Commercial Trust #     560,508       928,641  
Oversea-Chinese Banking Corp. Ltd. #     96,700       878,544  
Singapore Technologies Engineering Ltd. #     299,800       909,450  
              2,716,635  
South Korea: 4.1%                
KT Corp. #     59,615       1,746,151  
Samsung Electro-Mechanics Co. Ltd. #     11,452       1,541,954  
              3,288,105  
Spain: 2.9%                
Banco Santander SA #     480,583       1,643,400  
Industria de Diseno Textil SA #     30,575       670,544  
              2,313,944  
Sweden: 1.0%                
Swedbank AB # †     52,000       783,570  
Switzerland: 1.0%                
Julius Baer Group Ltd. #     14,517       843,925  
Taiwan: 4.3%                
MediaTek, Inc. #     44,000       1,369,303  
Taiwan Semiconductor Manufacturing Co. Ltd. #     76,000       1,559,027  


 

See Notes to Financial Statements

14

 

 

    Number
of Shares
        Value  
Taiwan (continued)                
Win Semiconductors Corp. #     61,000     $ 561,358  
              3,489,688  
United Kingdom: 14.1%                
British American Tobacco Plc #     40,724       1,714,200  
HSBC Holdings Plc #     252,205       1,726,637  
Imperial Brands Plc #     75,811       1,600,585  
Lloyds Banking Group Plc #     2,517,769       1,536,738  
Pearson Plc #     96,922       952,494  
Swire Properties Ltd. (HKD) #     309,800       765,764  
Vodafone Group Plc #     1,009,379       1,658,945  
WPP Plc #     111,993       1,469,123  
              11,424,486  
United States: 2.9%                
BRP, Inc. (CAD) †     12,443       1,019,707  
Yum China Holdings, Inc.     31,128       1,293,057  
              2,312,764  
Total Common Stocks
(Cost: $80,387,506)
            80,038,492  
    Number
of Shares
        Value  
PREFERRED SECURITIES: 0.9%
(Cost: $732,360)
               
Germany: 0.9%                
Henkel AG & Co. KGaA,  #     10,562     $ 711,023  
                 
Total Investments Before Collateral for Securities Loaned: 99.7%
(Cost: $81,119,866)
      80,749,515  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.1%
(Cost: $896,745)
         
Money Market Fund: 1.1%                
State Street Navigator Securities Lending Government Money Market Portfolio     896,745       896,745  
                 
Total Investments: 100.8%
(Cost: $82,016,611)
            81,646,260  
Liabilities in excess of other assets: (0.8)%       (664,499)  
NET ASSETS: 100.0%           $ 80,981,761  


 

 

 

Definitions:

CAD Canadian Dollar
HKD Hong Kong Dollar

 

Footnotes:

# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $74,941,995 which represents 92.5% of net assets.
Security fully or partially on loan. Total market value of securities on loan is $4,833,388.
* Non-income producing
144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $5,235,265, or 6.5% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Communication Services       13.6 %        $ 10,981,273  
Consumer Discretionary     14.8       11,997,664  
Consumer Staples     9.9       7,972,383  
Financials     23.2       18,711,440  
Health Care     8.0       6,522,701  
Industrials     10.8       8,713,440  
Information Technology     11.0       8,856,688  
Materials     3.5       2,840,601  
Real Estate     3.2       2,527,429  
Utilities     2.0       1,625,896  
      100.0 %     $ 80,749,515  

 

See Notes to Financial Statements

15

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

The summary of inputs used to value the Fund’s investments as of March 31, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Australia   $     $ 4,224,475     $     $ 4,224,475  
Belgium           803,751             803,751  
Canada     771,281                   771,281  
China           16,523,806             16,523,806  
Denmark           1,588,706             1,588,706  
France           8,067,183             8,067,183  
Germany           5,382,345             5,382,345  
Israel           769,222             769,222  
Italy           2,029,437             2,029,437  
Japan           6,990,852             6,990,852  
Mexico     2,723,475                   2,723,475  
Netherlands           2,990,842             2,990,842  
Singapore           2,716,635             2,716,635  
South Korea           3,288,105             3,288,105  
Spain           2,313,944             2,313,944  
Sweden           783,570             783,570  
Switzerland           843,925             843,925  
Taiwan           3,489,688             3,489,688  
United Kingdom           11,424,486             11,424,486  
United States     2,312,764                   2,312,764  
Preferred Securities *           711,023             711,023  
Money Market Fund     896,745                   896,745  
Total Investments   $ 6,704,265     $ 74,941,995     $     $ 81,646,260  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

16

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

 

    Number
of Shares
        Value  
COMMON STOCKS: 100.0%                
Banks: 2.4%                
Wells Fargo & Co.     3,551,066     $ 172,084,658  
Capital Goods: 10.2%                
3M Co.     587,332       87,441,988  
Boeing Co. *     943,560       180,691,740  
Emerson Electric Co.     1,911,618       187,434,145  
Honeywell International, Inc.     439,836       85,583,289  
Lockheed Martin Corp.     265,473       117,179,782  
Masco Corp.     1,591,255       81,154,005  
              739,484,949  
Commercial & Professional Services: 3.7%          
CoStar Group, Inc. *     1,510,044       100,584,031  
Equifax, Inc.     701,218       166,258,788  
              266,842,819  
Consumer Durables & Apparel: 2.4%          
Polaris, Inc. †     1,618,125       170,420,925  
Diversified Financials: 4.1%                
Berkshire Hathaway, Inc. *     304,346       107,406,747  
BlackRock, Inc.     124,201       94,910,678  
T Rowe Price Group, Inc.     619,982       93,735,079  
              296,052,504  
Energy: 1.8%                
Cheniere Energy, Inc.     910,675       126,265,089  
Food, Beverage & Tobacco: 12.7%                
Altria Group, Inc.     1,888,240       98,660,540  
Campbell Soup Co.     4,120,833       183,665,527  
Constellation Brands, Inc.     777,761       179,133,913  
Kellogg Co.     2,811,206       181,294,675  
Philip Morris International, Inc.     1,896,551       178,162,001  
The Coca-Cola Co.     1,573,533       97,559,046  
              918,475,702  
Health Care Equipment & Services: 7.6%          
Medtronic Plc     1,743,068       193,393,395  
Veeva Systems, Inc. *     798,936       169,741,942  
Zimmer Biomet Holdings, Inc.     1,475,302       188,691,126  
              551,826,463  
Materials: 5.6%                
Compass Minerals International, Inc. † ‡     3,208,892       201,486,329  
Corteva, Inc.     1,925,680       110,688,086  
Ecolab, Inc.     521,772       92,124,064  
              404,298,479  
Media & Entertainment: 6.9%                
Alphabet, Inc. *     62,951       175,088,764  
Comcast Corp.     1,873,320       87,708,843  
Meta Platforms, Inc. *     695,994       154,761,226  
Walt Disney Co. *     605,046       82,988,109  
              500,546,942  
Pharmaceuticals, Biotechnology & Life Sciences: 8.7%          
Biogen, Inc. *     809,742       170,531,665  
Bristol-Myers Squibb Co.     1,474,691       107,696,684  
Gilead Sciences, Inc.     2,735,373       162,617,925  
Merck & Co., Inc.     2,300,130       188,725,666  
              629,571,940  
    Number
of Shares
        Value  
Retailing: 6.2%                
Amazon.com, Inc. *     57,128     $ 186,234,424  
Etsy, Inc. * †     594,963       73,942,002  
MercadoLibre, Inc. *     158,857       188,957,224  
              449,133,650  
Semiconductors & Semiconductor Equipment: 7.5%          
Intel Corp.     3,606,542       178,740,222  
KLA Corp.     253,574       92,823,298  
Lam Research Corp.     166,445       89,482,496  
Microchip Technology, Inc.     1,214,770       91,277,818  
Teradyne, Inc.     770,491       91,095,151  
              543,418,985  
Software & Services: 18.8%          
Adobe, Inc. *     190,972       87,010,662  
Aspen Technology, Inc. *     602,192       99,584,491  
Blackbaud, Inc. *     2,541,975       152,188,043  
Guidewire Software, Inc. *     1,733,004       163,976,838  
Microsoft Corp.     568,064       175,139,812  
Salesforce.com, Inc. *     765,118       162,449,854  
ServiceNow, Inc. *     291,212       162,173,051  
Tyler Technologies, Inc. *     381,364       169,665,030  
Western Union Co.     10,078,382       188,868,879  
              1,361,056,660  
Utilities: 1.4%                
Dominion Energy, Inc.     1,199,736       101,941,568  
Total Common Stocks
(Cost: $7,044,236,259)
            7,231,421,333  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
(Cost: $261)
         
Money Market Fund: 0.0%                
State Street Navigator Securities Lending Government Money Market Portfolio     261       261  
Total Investments: 100.0%
(Cost: $7,044,236,520)
            7,231,421,594  
Other assets less liabilities: 0.0%             1,797,433  
NET ASSETS: 100.0%           $ 7,233,219,027  


 

See Notes to Financial Statements

17

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

 

Footnotes:

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $79,373,415.
Affiliated issuer – as defined under the Investment Company Act of 1940.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Communication Services        6.9 %        $ 500,546,942  
Consumer Discretionary     8.6       619,554,575  
Consumer Staples     12.7       918,475,702  
Energy     1.8       126,265,089  
Financials     6.5       468,137,162  
Health Care     16.3       1,181,398,403  
Industrials     13.9       1,006,327,768  
Information Technology     26.3       1,904,475,645  
Materials     5.6       404,298,479  
Utilities     1.4       101,941,568  
      100.0 %     $ 7,231,421,333  

 

Transactions in securities of affiliates for the period ended March 31, 2022:

 

    Value
9/30/2021
    Purchases   Sales
Proceeds
  Realized Gain
(Loss)
  Dividend
Income
  Net Change in
Unrealized
Appreciation
(Depreciation)
  Value
3/31/2022
Compass Minerals International, Inc.   $ 173,938,089     $ 69,003,518     $ (38,911,698 )   $ (3,537,400 )   $ 895,459     $ 993,820     $ 201,486,329  

 

The summary of inputs used to value the Fund’s investments as of March 31, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 7,231,421,333     $     $     $ 7,231,421,333  
Money Market Fund     261                   261  
Total Investments   $ 7,231,421,594     $     $     $ 7,231,421,594  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

18

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

 

      Number
of Shares
          Value  
COMMON STOCKS: 100.3%                
Automobiles & Components: 5.4%                
Ford Motor Co.     100,797     $ 1,704,477  
QuantumScape Corp. *     22,515       450,075  
Tesla, Inc. *     3,314       3,571,166  
              5,725,718  
Banks: 2.5%                
Bank of America Corp.     16,681       687,591  
Citigroup, Inc.     10,629       567,589  
JPMorgan Chase & Co.     4,532       617,802  
Rocket Cos, Inc.     70,453       783,437  
              2,656,419  
Capital Goods: 4.6%                
Boeing Co. *     7,849       1,503,084  
ChargePoint Holdings, Inc. * †     21,970       436,764  
General Electric Co.     4,100       375,150  
Lockheed Martin Corp.     3,138       1,385,113  
Plug Power, Inc. * †     39,188       1,121,169  
              4,821,280  
Consumer Durables & Apparel: 1.4%          
Peloton Interactive, Inc. *     54,334       1,435,504  
Consumer Services: 5.8%                
Airbnb, Inc. *     5,399       927,332  
Carnival Corp. *     34,895       705,577  
DraftKings, Inc. *     157,972       3,075,715  
McDonald’s Corp.     1,902       470,327  
Norwegian Cruise Line Holdings Ltd. *     22,009       481,557  
Starbucks Corp.     4,157       378,162  
              6,038,670  
Diversified Financials: 6.4%                
Coinbase Global, Inc. *     8,578       1,628,619  
Morgan Stanley     5,132       448,537  
SoFi Technologies, Inc. * †     295,126       2,788,941  
Upstart Holdings, Inc. *     17,406       1,898,821  
              6,764,918  
Energy: 3.0%                
Devon Energy Corp.     6,129       362,408  
Exxon Mobil Corp.     13,107       1,082,507  
Marathon Oil Corp.     22,429       563,192  
Occidental Petroleum Corp.     23,140       1,312,964  
              3,321,071  
Food & Staples Retailing: 1.9%                
Costco Wholesale Corp.     1,067       614,432  
Walmart, Inc.     9,229       1,374,383  
              1,988,815  
Food, Beverage & Tobacco: 0.5%                
The Coca-Cola Co.     7,918       490,916  
Health Care Equipment & Services: 0.8%                
Teladoc Health, Inc. * †     11,655       840,675  
Materials: 1.0%                
Alcoa Corp.     4,477       403,064  
United States Steel Corp.     16,133       608,859  
              1,011,923  
Media & Entertainment: 18.0%                
Alphabet, Inc. *     562       1,563,119  
    Number
of Shares
        Value  
Media & Entertainment (continued)                
AMC Entertainment Holdings, Inc. *     181,276     $ 4,466,640  
Meta Platforms, Inc. *     14,227       3,163,516  
Netflix, Inc. *     2,330       872,795  
Roblox Corp. *     63,310       2,927,454  
Roku, Inc. *     21,651       2,712,221  
Snap, Inc. *     25,286       910,043  
Twitter, Inc. *     28,280       1,094,153  
Walt Disney Co. *     8,478       1,162,842  
              18,872,783  
Pharmaceuticals, Biotechnology & Life Sciences: 5.8%          
Moderna, Inc. *     17,004       2,929,109  
Novavax, Inc. *     28,663       2,111,030  
Pfizer, Inc.     19,561       1,012,673  
              6,052,812  
Retailing: 8.5%                
Amazon.com, Inc. *     947       3,087,173  
GameStop Corp. * †     27,616       4,600,272  
Macy’s, Inc.     21,517       524,154  
Target Corp.     2,026       429,958  
The Home Depot, Inc.     1,422       425,647  
              9,067,204  
Semiconductors & Semiconductor Equipment: 8.1%          
Advanced Micro Devices, Inc. *     26,086       2,852,243  
Enphase Energy, Inc. *     2,076       418,895  
Intel Corp.     23,598       1,169,517  
Micron Technology, Inc.     9,041       704,203  
NVIDIA Corp.     12,257       3,344,445  
              8,489,303  
Software & Services: 20.1%                
Affirm Holdings, Inc. * †     56,949       2,635,600  
Asana, Inc. *     9,696       387,549  
Block, Inc. *     16,948       2,298,149  
Cloudflare, Inc. *     3,817       456,895  
Crowdstrike Holdings, Inc. *     3,083       700,088  
Microsoft Corp.     4,375       1,348,856  
Oracle Corp.     5,796       479,503  
Palantir Technologies, Inc. *     233,963       3,212,312  
PayPal Holdings, Inc. *     27,152       3,140,129  
Salesforce.com, Inc. *     6,440       1,367,341  
Shopify, Inc. *     3,204       2,165,776  
Snowflake, Inc. *     6,538       1,498,052  
Trade Desk, Inc. *     6,184       428,242  
Zoom Video Communications, Inc. *     7,523       881,921  
              21,000,413  
Technology Hardware & Equipment: 3.3%          
Apple, Inc.     17,518       3,058,818  
Cisco Systems, Inc.     7,312       407,717  
              3,466,535  
Telecommunication Services: 0.9%          
AT&T, Inc.     39,412       931,306  
Transportation: 2.3%                
American Airlines Group, Inc. * †     47,999       875,982  
Uber Technologies, Inc. *     25,216       899,707  


 

See Notes to Financial Statements

19

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Number
of Shares
        Value  
Transportation (continued)                
United Airlines Holdings, Inc. *     12,595     $ 583,904  
              2,359,593  
Total Common Stocks
(Cost: $121,498,225)
            105,335,858  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.6%
(Cost: $3,815,936)
         
Money Market Fund: 3.6%                
State Street Navigator Securities Lending Government Money Market Portfolio     3,815,936       3,815,936  
Total Investments: 103.9%
(Cost: $125,314,161)
            109,151,794  
Liabilities in excess of other assets: (3.9)%             (4,072,993)  
NET ASSETS: 100.0%           $ 105,078,801  


 

 

Footnotes:

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $9,721,652.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Communication Services        18.8 %        $ 19,804,089  
Consumer Discretionary     21.1       22,267,097  
Consumer Staples     2.4       2,479,731  
Energy     3.2       3,321,071  
Financials     8.9       9,421,336  
Health Care     6.5       6,893,487  
Industrials     6.8       7,180,872  
Information Technology     31.3       32,956,251  
Materials     1.0       1,011,924  
      100.0 %     $ 105,335,858  

 

The summary of inputs used to value the Fund’s investments as of March 31, 2022 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 105,335,858     $     $     $ 105,335,858  
Money Market Fund     3,815,936                   3,815,936  
Total Investments   $ 109,151,794     $     $     $ 109,151,794  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

20

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2022 (unaudited)

 

    Inflation
Allocation ETF (a)
    Long/Flat Trend
ETF
    Morningstar
Durable Dividend
ETF
    Morningstar ESG
Moat ETF
 
Assets:                                
Investments, at value (1)                                
Unaffiliated issuers (2)   $ 58,934,815     $ 43,035,692     $ 62,219,490     $ 1,843,540  
Affiliated issuers (3)     20,649,729                    
Short-term investments held as collateral for securities loaned (4)     7,517,472                    
Cash     836,150       149,799       55,154       29,856  
Receivables:                                
Investment securities sold                 159,739        
Shares of beneficial interest sold     3,165,644                    
Due from Adviser                       11,676  
Dividends and interest     4,705             171,967       1,703  
Prepaid expenses     394       485              
Total assets     91,108,909       43,185,976       62,606,350       1,886,775  
Liabilities:                                
Payables:                                
Investment securities purchased     3,688,207                    
Collateral for securities loaned     7,517,472                    
Line of credit     140,719                    
Due to Adviser     17,537       11,615       15,183        
Deferred Trustee fees     453       1,189       624        
Accrued expenses     37,787       44,337             37,260  
Total liabilities     11,402,175       57,141       15,807       37,260  
NET ASSETS   $ 79,706,734     $ 43,128,835     $ 62,590,543     $ 1,849,515  
Shares outstanding     2,850,000       1,025,000       1,925,000       75,000  
Net asset value, redemption and offering price per share   $ 27.97     $ 42.08     $ 32.51     $ 24.66  
Net Assets consist of:                                
Aggregate paid in capital   $ 84,702,285     $ 34,806,086     $ 61,498,719     $ 1,899,350  
Total distributable earnings (loss)     (4,995,551 )     8,322,749       1,091,824       (49,835 )
NET ASSETS   $ 79,706,734     $ 43,128,835     $ 62,590,543     $ 1,849,515  
(1) Value of securities on loan   $ 18,993,329     $     $     $  
(2) Cost of investments - Unaffiliated issuers   $ 55,202,057     $ 37,813,594     $ 58,996,227     $ 1,920,252  
(3) Cost of investments - Affiliated issuers   $ 18,529,913     $     $     $  
(4) Cost of short-term investments held as collateral for securities loaned   $ 7,517,472     $     $     $  
   
(a) Consolidated Statement of Assets and Liabilities

 

See Notes to Financial Statements

21

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2022 (unaudited)

 

    Morningstar
Global Wide Moat
ETF
    Morningstar
International
Moat ETF
    Morningstar Wide
Moat ETF
    Social Sentiment
ETF
 
Assets:                                
Investments, at value (1)                                
Unaffiliated issuers (2)   $ 18,270,432     $ 80,749,515     $ 7,029,935,004     $ 105,335,858  
Affiliated issuers (3)                 201,486,329        
Short-term investments held as collateral for securities loaned (4)           896,745       261       3,815,936  
Cash           3,830             6,506  
Cash denominated in foreign currency, at value (5)     11,240       256,021              
Receivables:                                
Investment securities sold                       991,691  
Shares of beneficial interest sold                 7,568,284        
Dividends and interest     34,467       481,016       9,525,710       29,020  
Prepaid expenses     410       968       174,025        
Total assets     18,316,549       82,388,095       7,248,689,613       110,179,011  
Liabilities:                                
Payables:                                
Investment securities purchased                 7,564,188        
Shares of beneficial interest redeemed                       991,178  
Collateral for securities loaned           896,745       261       3,815,936  
Line of credit           437,609       5,037,230       229,508  
Due to Adviser     1,398       26,938       2,720,534       63,588  
Due to custodian     16,049                    
Deferred Trustee fees     236       2,142       137,949        
Accrued expenses     35,988       42,900       10,424        
Total liabilities     53,671       1,406,334       15,470,586       5,100,210  
NET ASSETS   $ 18,262,878     $ 80,981,761     $ 7,233,219,027     $ 105,078,801  
Shares outstanding     500,000       2,550,000       96,950,000       5,425,000  
Net asset value, redemption and offering price per share   $ 36.53     $ 31.76     $ 74.61     $ 19.37  
Net Assets consist of:                                
Aggregate paid in capital   $ 15,294,841     $ 91,236,886     $ 6,902,467,728     $ 167,654,328  
Total distributable earnings (loss)     2,968,037       (10,255,125 )     330,751,299       (62,575,527 )
NET ASSETS   $ 18,262,878     $ 80,981,761     $ 7,233,219,027     $ 105,078,801  
(1) Value of securities on loan   $ 340,555     $ 4,833,388     $ 79,373,415     $ 9,721,652  
(2) Cost of investments - Unaffiliated issuers   $ 15,939,392     $ 81,119,866     $ 6,859,684,642     $ 121,498,225  
(3) Cost of investments - Affiliated issuers   $     $     $ 184,551,617     $  
(4) Cost of short-term investments held as collateral for securities loaned   $     $ 896,745     $ 261     $ 3,815,936  
(5) Cost of cash denominated in foreign currency   $ 11,246     $ 255,265     $     $  

 

See Notes to Financial Statements

22

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended March 31, 2022 (unaudited)

 

    Inflation
Allocation ETF (a)
    Long/Flat Trend
ETF
    Morningstar
Durable Dividend
ETF
    Morningstar ESG
Moat ETF (b)
 
Income:                                
Dividends - unaffiliated issuers   $ 2,328,847     $ 309,050     $ 963,138     $ 12,540  
Dividends - affiliated issuers     169,055                    
Interest     32       25              
Securities lending income     17,013       299       15        
Total income     2,514,947       309,374       963,153       12,540  
Expenses:                                
Management fees     86,774       109,631       78,522       4,177  
Professional fees     33,713       27,668             24,081  
Custody and accounting fees     9,673       8,799             20,576  
Reports to shareholders     5,057       3,271             6,507  
Trustees’ fees and expenses     137       287             694  
Registration fees     2,137       2,872             2,691  
Insurance     717       751              
Interest and taxes     373       69       525        
Other     1,293       2,102             1,794  
Total expenses     139,874       155,450       79,047       60,520  
Waiver of management fees     (44,278 )     (34,787 )           (4,177 )
Expenses assumed by the Adviser                       (51,795 )
Net expenses     95,596       120,663       79,047       4,548  
Net investment income     2,419,351       188,711       884,106       7,992  
Net realized gain (loss) on:                                
Investments - unaffiliated issuers     (433,673 )           (958,330 )     (30,850 )
Investments - affiliated issuers     146,240                    
In-kind redemptions - unaffiliated issuers           5,878,718       2,762,483       53,538  
Net realized gain (loss)     (287,433 )     5,878,718       1,804,153       22,688  
Net change in unrealized appreciation (depreciation) on:                                
Investments - unaffiliated issuers     2,854,159       (3,331,006 )     1,605,023       (76,712 )
Investments - affiliated issuers     1,935,861                    
Net change in unrealized appreciation (depreciation)     4,790,020       (3,331,006 )     1,605,023       (76,712 )
Net Increase (Decrease) in Net Assets Resulting from Operations   $ 6,921,938     $ 2,736,423     $ 4,293,282     $ (46,032 )
   
(a) Consolidated Statement of Operations
(b) For the period October 6, 2021 (commencement of operations) through March 31, 2022.

 

See Notes to Financial Statements

23

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended March 31, 2022 (unaudited)

 

    Morningstar
Global Wide Moat
ETF
    Morningstar
International
Moat ETF
    Morningstar Wide
Moat ETF
    Social Sentiment
ETF
 
Income:                                
Dividends - unaffiliated issuers   $ 216,285     $ 1,980,787     $ 58,556,001     $ 424,472  
Dividends - affiliated issuers                 895,459        
Interest     19             1,952        
Securities lending income     333       9,098       13,287       24,981  
Foreign taxes withheld     (7,317 )     (101,876 )            
Total income     209,320       1,888,009       59,466,699       449,453  
Expenses:                                
Management fees     42,480       181,407       15,793,074       549,797  
Professional fees     24,943       30,271       25,706        
Custody and accounting fees     13,935       11,816       20,068        
Reports to shareholders     3,216       4,340       92,879        
Trustees’ fees and expenses     169       567       41,212        
Registration fees     1,651       587       33,139        
Insurance     722       1,492       20,862        
Interest and taxes     78       3,097       20,579       477  
Other     1,938       2,166       7,056        
Total expenses     89,132       235,743       16,054,575       550,274  
Waiver of management fees     (39,965 )     (29,470 )            
Net expenses     49,167       206,273       16,054,575       550,274  
Net investment income (loss)     160,153       1,681,736       43,412,124       (100,821 )
Net realized gain (loss) on:                                
Investments - unaffiliated issuers     587,525       (2,935,527 )     (50,706,198 )     (35,592,520 )
Investments - affiliated issuers                 (5,259,233 )      
In-kind redemptions - unaffiliated issuers           242,304       540,765,669       19,294,806  
In-kind redemptions - affiliated issuers                 1,721,833        
Foreign currency transactions and foreign denominated assets and liabilities     (1,197 )     (13,913 )            
Net realized gain (loss)     586,328       (2,707,136 )     486,522,071       (16,297,714 )
Net change in unrealized appreciation (depreciation) on:                                
Investments - unaffiliated issuers     (588,992 )     (730,538 )     (325,954,250 )     (17,318,028 )
Investments - affiliated issuers                 993,820        
Foreign currency transactions and foreign denominated assets and liabilities     (61 )     5,837              
Net change in unrealized appreciation (depreciation)     (589,053 )     (724,701 )     (324,960,430 )     (17,318,028 )
Net Increase (Decrease) in Net Assets Resulting from Operations   $ 157,428     $ (1,750,101 )   $ 204,973,765     $ (33,716,563 )

 

See Notes to Financial Statements

24

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Inflation Allocation ETF (a)     Long/Flat Trend ETF  
    Period Ended
March 31, 2022
    Year Ended
September 30,
2021
    Period Ended
March 31, 2022
    Year Ended
September 30,
2021
 
    (unaudited)           (unaudited)        
Operations:                                
Net investment income   $ 2,419,351     $ 63,810     $ 188,711     $ 296,261  
Net realized gain (loss)     (287,433 )     2,155,802       5,878,718       1,967,724  
Net change in unrealized appreciation (depreciation)     4,790,020       298,367       (3,331,006 )     5,441,917  
Net increase in net assets resulting from operations     6,921,938       2,517,979       2,736,423       7,705,902  
Distributions to shareholders from:                                
Distributable earnings     (2,650,042 )     (870,000 )     (175,010 )     (625,013 )
                                 
Share transactions*:                                
Proceeds from sale of shares     58,879,394       22,438,966       15,768,521       10,130,756  
Cost of shares redeemed           (16,597,432 )     (16,160,565 )     (7,800,977 )
Increase (decrease) in net assets resulting from share transactions     58,879,394       5,841,534       (392,044 )     2,329,779  
Total increase in net assets     63,151,290       7,489,513       2,169,369       9,410,668  
Net Assets, beginning of period     16,555,444       9,065,931       40,959,466       31,548,798  
Net Assets, end of period   $ 79,706,734     $ 16,555,444     $ 43,128,835     $ 40,959,466  
*Shares of Common Stock Issued (no par value)                                
Shares sold     2,200,000       925,000       375,000       250,000  
Shares redeemed           (725,000 )     (375,000 )     (225,000 )
Net increase     2,200,000       200,000             25,000  
   
(a) Consolidated Statement of Changes in Net Assets

 

See Notes to Financial Statements

25

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Morningstar Durable Dividend ETF     Morningstar ESG
Moat ETF
 
    Period Ended
March 31, 2022
    Year Ended
September 30,
2021
    Period Ended
March 31,
2022 (a)
 
    (unaudited)           (unaudited)  
Operations:                        
Net investment income   $ 884,106     $ 1,505,290     $ 7,992  
Net realized gain     1,804,153       3,695,180       22,688  
Net change in unrealized appreciation (depreciation)     1,605,023       1,294,475       (76,712 )
Net increase (decrease) in net assets resulting from operations     4,293,282       6,494,945       (46,032 )
Distributions to shareholders from:                        
Distributable earnings     (836,820 )     (1,311,545 )     (3,803 )
                         
Share transactions**:                        
Proceeds from sale of shares     22,137,759       38,886,433       2,555,392  
Cost of shares redeemed     (14,240,850 )     (25,634,055 )     (656,042 )
Increase in net assets resulting from share transactions     7,896,909       13,252,378       1,899,350  
Total increase in net assets     11,353,371       18,435,778       1,849,515  
Net Assets, beginning of period     51,237,172       32,801,394        
Net Assets, end of period   $ 62,590,543     $ 51,237,172     $ 1,849,515  
**Shares of Common Stock Issued (no par value)                        
Shares sold     700,000       1,300,000       100,000  
Shares redeemed     (450,000 )     (850,000 )     (25,000 )
Net increase     250,000       450,000       75,000  
   
(a) For the period October 6, 2021 (commencement of operations) through March 31, 2022.

 

See Notes to Financial Statements

26

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Morningstar Global Wide Moat ETF     Morningstar International Moat ETF  
    Period Ended
March 31, 2022
    Year Ended
September 30,
2021
    Period Ended
March 31, 2022
    Year Ended
September 30,
2021
 
    (unaudited)           (unaudited)        
Operations:                                
Net investment income   $ 160,153     $ 226,976     $ 1,681,736     $ 2,011,501  
Net realized gain (loss)     586,328       832,215       (2,707,136 )     3,567,957  
Net change in unrealized appreciation (depreciation)     (589,053 )     1,569,691       (724,701 )     2,278,041  
Net increase (decrease) in net assets resulting from operations     157,428       2,628,882       (1,750,101 )     7,857,499  
Distributions to shareholders from:                                
Distributable earnings     (1,104,550 )     (360,080 )     (3,150,000 )     (1,260,000 )
                                 
Share transactions**:                                
Proceeds from sale of shares           7,288,863       18,714,959       12,422,953  
Cost of shares redeemed                 (3,269,926 )      
Increase in net assets resulting from share transactions           7,288,863       15,445,033       12,422,953  
Total increase (decrease) in net assets     (947,122 )     9,557,665       10,544,932       19,020,452  
Net Assets, beginning of period     19,210,000       9,652,335       70,436,829       51,416,377  
Net Assets, end of period   $ 18,262,878     $ 19,210,000     $ 80,981,761     $ 70,436,829  
**Shares of Common Stock Issued (no par value)                                
Shares sold           200,000       550,000       350,000  
Shares redeemed                 (100,000 )      
Net increase           200,000       450,000       350,000  

 

See Notes to Financial Statements

27

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Morningstar Wide Moat ETF     Social Sentiment ETF  
    Period Ended
March 31, 2022
    Year Ended
September 30,
2021
    Period Ended
March 31, 2022
    Period Ended
September 30,
2021 (a)
 
    (unaudited)           (unaudited)        
Operations:                                
Net investment income (loss)   $ 43,412,124     $ 72,415,469     $ (100,821 )   $ (314,808 )
Net realized gain (loss)     486,522,071       787,975,019       (16,297,714 )     6,566,363  
Net change in unrealized appreciation (depreciation)     (324,960,430 )     424,479,685       (17,318,028 )     1,155,660  
Net increase (decrease) in net assets resulting from operations     204,973,765       1,284,870,173       (33,716,563 )     7,407,215  
Distributions to shareholders from:                                
Distributable earnings     (77,004,720 )     (58,997,340 )            
                                 
Share transactions*:                                
Proceeds from sale of shares     2,706,271,881       4,832,747,019       68,929,505       670,932,819  
Cost of shares redeemed     (2,200,239,283 )     (2,857,369,614 )     (123,068,352 )     (485,405,823 )
Increase (decrease) in net assets resulting from share transactions     506,032,598       1,975,377,405       (54,138,847 )     185,526,996  
Total increase (decrease) in net assets     634,001,643       3,201,250,238       (87,855,410 )     192,934,211  
Net Assets, beginning of period     6,599,217,384       3,397,967,146       192,934,211        
Net Assets, end of period   $ 7,233,219,027     $ 6,599,217,384     $ 105,078,801     $ 192,934,211  
*Shares of Common Stock Issued (no par value)                                
Shares sold     36,600,000       68,550,000       2,875,000       27,525,000  
Shares redeemed     (29,700,000 )     (40,700,000 )     (5,275,000 )     (19,700,000 )
Net increase (decrease)     6,900,000       27,850,000       (2,400,000 )     7,825,000  
   
(a) For the period March 3, 2021 (commencement of operations) through September 30, 2021.

 

See Notes to Financial Statements

28

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

 

    Inflation Allocation ETF(a)
          Year Ended September 30,      
    Period
Ended
March 31,
2022
  2021   2020   2019   Period
Ended
September
30,
2018(b)
    (unaudited)                        
Net asset value, beginning of period     $25.47       $20.15       $25.25       $25.39       $25.18  
Net investment income (c)     1.83       0.14       0.45       0.31       0.10  
Net realized and unrealized gain (loss) on investments     2.83       6.57       (4.94 )     (0.31 )     0.11  
Total from investment operations     4.66       6.71       (4.49 )           0.21  
Distributions from:                                        
Net investment income     (2.16 )     (1.39 )     (0.61 )     (0.14 )      
Net asset value, end of period     $27.97       $25.47       $20.15       $25.25       $25.39  
Total return (d)     19.39 %(e)     34.11 %     (18.32 )%     0.02 %     0.83 %(e)
                                         
Ratios to average net assets                                        
Gross expenses (f)     0.81 %(g)     1.60 %     1.12 %     0.93 %     1.57 %(g)
Net expenses (f)     0.55 %(g)     0.56 %     0.55 %     0.55 %     0.55 %(g)
Net expenses excluding interest and taxes (f)     0.55 %(g)     0.55 %     0.55 %     0.55 %     0.55 %(g)
Net investment income (f)     13.93 %(g)     0.58 %     1.97 %     1.23 %     0.78 %(g)
Supplemental data                                        
Net assets, end of period (in millions)     $80       $17       $9       $30       $15  
Portfolio turnover rate (h)     16 %(e)     76 %     195 %     449 %     130 %(e)
   
(a) Consolidated Financial Highlights
(b) For the period April 9, 2018 (commencement of operations) through September 30, 2018.
(c) Calculated based upon average shares outstanding
(d) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e) Not Annualized
(f) The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(g) Annualized
(h) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

29

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

 

    Long/Flat Trend ETF
          Year Ended September 30,