ANNUAL REPORT
September 30, 2023

 

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

 

     
  800.826.2333 vaneck.com
 

 

   
President’s Letter 1
Management Discussion 3
Performance Comparison  
Commodity Strategy ETF 7
Durable High Dividend ETF 8
Inflation Allocation ETF 9
Long/Flat Trend ETF 10
Morningstar ESG MoatETF 11
Morningstar Global Wide Moat ETF 12
Morningstar International Moat ETF 13
Morningstar SMID Moat ETF 14
Morningstar Wide Moat ETF 15
Social Sentiment ETF 16
About Fund Performance 17
Explanation of Expenses 18
Schedule of Investments  
Commodity Strategy ETF 20
Durable High Dividend ETF 21
Inflation Allocation ETF 23
Long/Flat Trend ETF 25
Morningstar ESG Moat ETF 26
Morningstar Global Wide Moat ETF 28
Morningstar International Moat ETF 30
Morningstar SMID Moat ETF 33
Morningstar Wide Moat ETF 35
Social Sentiment ETF 37
Statements of Assets and Liabilities 39
Statements of Operations 42
Statements of Changes in Net Assets 45
Financial Highlights  
Commodity Strategy ETF 50
Durable High Dividend ETF 51
Inflation Allocation ETF 52
Long/Flat Trend ETF 53
Morningstar ESG Moat ETF 54
Morningstar Global Wide Moat ETF 55
Morningstar International Moat ETF 56
Morningstar SMID Moat ETF 57
Morningstar Wide Moat ETF 58
Social Sentiment ETF 59
Notes to Financial Statements 60
Report of Independent Registered Public Accounting Firm 71
Tax Information 73
Board of Trustees and Officers 74
Approval of Investment Management Agreements 77

 

 

Certain information contained in this report 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. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of September 30, 2023.

 

VANECK ETFs

PRESIDENT’S LETTER

September 30, 2023 (unaudited)

 

Dear Fellow Shareholders:

 

Our outlook for financial markets in 2023 was “sideways.” The three major forces—monetary policy, government spending and economic growth—were negative or muted. This remains my view despite events in the last few months, discussed at the end of this letter.

 

Discussion

 

To recap this cycle: stocks and bonds historically do not perform well when the Fed tightens monetary conditions, and that’s just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn’t create a great environment for financial assets.

 

There are three things investors continue to face, none of which is particularly positive for financial assets.

 

1. Monetary Policy: Tightening

 

Money supply exploded during the COVID–19 pandemic, but it started shrinking in late 2022. This withdrawal of money supply is bad for stock and bond returns.

 

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just short of $8.1 trillion toward the end of September 2023.1

 

As we’ve been saying since the summer of 2022, when wage inflation was confirmed, what should drive the Fed is fighting wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. And this is the battle that is at full pitch—the labor market has remained strong.

 

While headline inflation is falling, we are still in the “higher for longer” camp. The Fed seems likely to continue holding, or even raising, interest rates and will probably continue to shrink its balance sheet. This is not supportive of stock or bond markets.

 

2. Fiscal Tightening

 

A second bearish factor is that government spending is unlikely to increase next year. The Republicans, in control of the House of Representatives, continue to look to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation. The debt ceiling compromise and the Supreme Court rejection of student debt relief continue this trend. But it is worth noting that environmental subsidies from the IRA bill are larger than expected.

 

3. Global Growth is at Low Levels

 

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, the U.S. and China have been the two main pillars of global growth. In China, the post-COVID-19 growth has been more domestic and consumer-led and still not enough to overcome the property sector malaise. In coming years, we will likely have to look to India, Indonesia and Africa to drive global growth.

 

I don’t believe that we will escape these three dampeners on stock and bond returns in what is left of 2023—higher interest rates, no government spending growth and tepid global growth. We will need upside corporate profitability surprises or high Chinese growth to substantially boost markets this year, in our view.

 

However, after the 2022 losses, bond investments are now offering attractive yields, so this has been our favorite asset class to buy and remains our preference. (See What to Buy? Bonds. When? Now.2) Because of higher interest rates, bonds can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.

1

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

 

Outlook

 

My basic outlook favoring bonds hasn’t changed, which is that they offer attractive risk-adjusted returns compared to equities given the headwinds discussed above. This has obviously not been true for long-term bonds, which have lost money as their interest rates increased almost to short-term rates.

 

This waning period of “yield curve inversion”—long-term interest rates lower than short-term rates—is unusual and, I think, about to end. If, and it’s a big “if”, government entities like the Fed are stepping back from the bond markets, then it makes sense for long-term rates to be higher because with greater risk should come greater return.

 

Further, yield curve inversion is present only about 10% of the time. It’s unusual. This is a good time to think about what investments might benefit from the end of this era. Perhaps some bank stocks? This outlook is discussed in a recent podcast, The Compound and Friends, Episode 113, released on October 13, 2023.

 

My final thought is that, while I think the Fed won’t lower short-term interest rates for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin).

 

We thank you for investing with VanEck. On the following pages, you will find a performance discussion and financial statements for each of the funds for the 12 month period ended September 30, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

 

 

Jan F. van Eck
CEO and President
VanEck ETF Trust

 

October 16, 2023

PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”.3 Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

 

1 U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, September 28, 2023, https://www.federalreserve.gov/releases/h41/20230928/
2 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/
3 https://www.vaneck.com/us/en/subscribe/
2

VANECK ETFs

MANAGEMENT DISCUSSION

September 30, 2023 (unaudited)

 

Market Review

 

Commodities

 

The VanEck Commodity Strategy ETF (PIT), launched on December 20, 2022, seeks to: (1) provide long-term capital appreciation by investing, primarily, in exchange-traded commodity futures contracts across the energy, precious metals, industrial metals, agriculture and livestock sectors; and (2) maximize risk-adjusted returns. The active investment strategy aims to outperform through commodity selection, roll yield enhancements, portfolio construction and risk management.

 

In the period since its launch on December 20, 2022 to September 30, 2023, the Fund gained 5.80% versus its benchmark, the Bloomberg Commodity Index Total Return, which lost 2.55%. The Fund outperformed due to good commodity selection (“allocation effect”), in the energy, agriculture, as well as industrial and precious metals segments of the portfolio. The selection effect, or placement on the futures curve, was a modest contributor to performance.

 

At the individual commodity level, the largest contributors to relative performance were underweight exposure and contract selection in natural gas, overweight exposure to sugar, and no exposure to wheat. The largest detractor from relative performance was underweight exposure to euro gas.

 

Durable High Dividend

 

The VanEck Durable High Dividend ETF (DURA) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® US Dividend Valuation IndexSM. The index is intended to track the overall performance of high dividend yielding U.S. companies with strong financial health and attractive valuations according to Morningstar.

 

The Fund gained 12.91% over the 12 month period under review. The Fund’s focus on high yielding companies with strong financial health proved beneficial as it faced both volatile and unsettled markets during the financial year.

 

The information technology sector was by far the greatest contributor to performance. It was followed by the healthcare and consumer staples sectors. The two sectors that detracted from performance during the period were utilities and communication services. The consumer discretionary sector, while contributing positively to performance, contributed the least.

 

Inflation Allocation

 

In its pursuit of long-term total return, the VanEck Inflation Allocation ETF (RAAX) seeks to maximize real returns, while seeking to reduce downside risk during sustained market declines. The Fund seeks to achieve this by allocating primarily to exchange-traded funds that provide exposure to real assets, which include commodities, real estate, natural resources, master limited partnerships (MLPs) and infrastructure. The Fund seeks to reduce downside risk by using a rules-based approach to determine when to allocate to cash and cash equivalents.

 

Over the 12 month period to September 30, 2023, the Fund gained 12.95%. The top performing segment of the portfolio was resource assets. This segment was led higher by its exposure to natural resource equities and commodities. The second highest performing segment of the portfolio was financial assets, as gold bullion and equities both generated solid returns during the period. Lastly, the income generating assets produced positive performance while experiencing dispersion across the sub-asset class mix. Specifically, infrastructure and MLPs both posted strong performance, while the negative impacts of higher interest rates and fears of an economic slowdown weighed heavily on publicly traded real estate.

 

Long/Flat Trend

 

The VanEck Long/Flat Trend ETF (LFEQ) gained 13.31% in the 12 month period ended September 30, 2023. The Fund takes a guided allocation approach designed to help investors manage risk in the U.S. equity market. The Fund seeks to track the Ned Davis Research CMG US Large Cap Long/Flat Index from Ned Davis

3

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

 

Research (NDR), a world-renowned provider of institutional quality research. It is a rules-based index that follows a proprietary model developed by NDR and CMG Capital Management Group, Inc. (CMG).

 

The model measures the overall health of the market through an evaluation of market breadth. In this case, market breadth refers to advancing and declining price trends and countertrends at the GICS®1 industry group level. The model computes a robust moving average score daily to capture multi-industry and multi-term trend and countertrend measures to gauge overall market health. It then calculates the score’s directional trend to see if it is improving or declining. Collectively, the score and its directional trend determine the equity allocation of either 100%, 50%, or 0%. At 0%, the allocation would be entirely to cash.

 

While over the 12 months ended September 30, 2023, the Fund (and model) was victim to a number of violent bear market rallies to the upside with big downside reversals and continuing volatility, it ended the period in positive territory.

 

The model (and Fund) entered 2023 with a 50/50 allocation to cash and equities after the model’s breadth2 score reached a low, which allowed for partial equity exposure. The beginning of 2023 started off strong as the market rallied the model and the Fund shifted to 100% equities as the breadth score moved back over the threshold of 50. However, broad markets became frothy causing the model’s breadth score to shift above and below the threshold of 50 triggering the Fund to shift subsequently between full equity and cash exposure four times and ending up 100% in equities in April of 2023 as markets stabilized. Most of this volatility was driven by continued concerns around interest rates, inflation and continued geopolitical risks.

 

Morningstar ESG Moat

 

The VanEck Morningstar ESG Moat ETF (MOTE) seeks to track as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® US Sustainability Moat Focus IndexSM. The index is a rules-based index intended to offer exposure to attractively priced U.S. companies with long-term competitive advantages, according to Morningstar, that have been screened for ESG risks.

 

Over the 12 month period to September 30, 2023, the Fund gained 16.97%. By far the largest positive contribution to performance came from the information technology sector. Thereafter, the financial and consumer discretionary sectors contributed the most. Only the materials and energy sectors detracted from performance. While still contributing positively, the consumer staples sector contributed the least positively to performance.

 

Morningstar Global Wide Moat

 

The VanEck Morningstar Global Wide Moat ETF (MOTG) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® Global Wide Moat Focus IndexSM. The index is intended to track the overall performance of global companies with sustainable competitive advantages, i.e., “moats,” and attractive valuations according to Morningstar’s equity research team. The index contains at least 50 stocks that are reviewed each quarter.

 

Benefiting from its focus on MOAT-rated companies and valuations, the Fund was provided with resilience in global markets and the VanEck Morningstar Global Wide Moat ETF gained 14.14% for the 12 month period under review.

 

By far the largest positive contribution to performance came from the information technology sector. Thereafter, the industrial and healthcare sectors contributed the most. The three sectors that detracted from performance were: materials, utilities and consumer discretionary. Companies in the U.S. contributed the most to performance, while those from Japan detracted the most therefrom.

 

Morningstar International Moat

 

Launched over eight years ago as a means to capture moat-based opportunities abroad, the VanEck Morningstar International Moat ETF (MOTI) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® Global ex-US Moat Focus IndexSM. The index is intended to track the overall performance of wide and narrow moat rated companies in developed and

4

 

 

emerging markets outside the U.S. with sustainable competitive advantages at attractive prices according to Morningstar’s Equity Research team. The index contains at least 50 stocks that are reviewed each quarter.

 

As with the VanEck Morningstar Global Wide Moat ETF, its focus on MOAT-rated companies and valuations, provided the Fund with resilience in the period’s choppy and volatile markets and, for the 12 month period under review, the Fund gained 22.81%.

 

The three sectors providing the greatest positive contribution to performance were the financial, information technology and consumer discretionary sectors. While only the real estate sector detracted from performance, the materials and consumer staples sectors contributed the least. Companies in the Netherlands and U.K. contributed the most to performance. Those in Luxembourg and Israel detracted the most, but then only minimally.

 

Morningstar SMID Moat

 

Launched on October 4, 2022, the VanEck Morningstar SMID Moat ETF (SMOT) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® US Small-Mid Cap Moat Focus IndexSM. The index is intended to track the overall performance of small- and mid-cap companies with sustainable competitive advantages and attractive valuations according to Morningstar’s Equity Research team.

 

In the period it traded from inception to September 30, 2023 (just less than a year) the Fund gained 9.49%. The information technology, industrial and consumer discretionary sectors contributed the most to performance. Only two sectors detracted from performance: healthcare and utilities. The real estate sector contributed the least positively to performance.

 

Morningstar Wide Moat

 

The VanEck Morningstar Wide Moat ETF (MOAT) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® Wide Moat Focus IndexSM. The index targets U.S. companies with sustainable competitive advantages, i.e., “moats,” and attractive valuations in the view of Morningstar’s team of more than 100 equity analysts.3

 

According to the forward-looking process of Morningstar’s Equity Research team, companies with moats have the potential to create above-average returns for longer periods of time. The index’s approach to investing in U.S. companies with wide economic moats when they are attractively priced has resulted in long-term outperformance versus the broad U.S. equity market.4

 

The Fund gained 27.98% over the 12 month period under review, helped, not least, by its focus on valuations and MOAT-rated companies. The primary drivers of performance were the Fund’s exposure to the information technology, industrial and communication services sectors with the information technology contributing by far the most. Only three sectors, utilities, materials and consumer staples, detracted from performance and, then, only minimally.

 

Social Sentiment

 

The VanEck Social Sentiment ETF (BUZZ) provides exposure to U.S. large cap stocks with the highest degree of positive social sentiment and bullish investor perception, based on content aggregated from online sources including social media, news articles, blog posts and other alternative datasets. The Fund seeks to track, as closely as possible, before fees and expenses, the price and yield performance of the BUZZ NextGen AI US Sentiment Leaders Index.

 

The positive momentum associated with the strong market in 2023 had a generally positive effect on the Fund’s portfolio companies and the VanEck Social Sentiment ETF gained 21.46% over the 12 month period.

 

The primary driver of performance was the Fund’s exposure to the information technology sector. This was followed by its exposures to the communication services and financial sectors. The healthcare, materials and industrial sectors detracted the most from performance.

5

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

 

Returns based on NAV.

 

1Global Industry Classification Standard (GICS®) is a widely accepted equity securities classification system developed by Morgan Stanley Capital International (MSCI) and Standard & Poor’s.

 

2 The breadth score is the composite of Ned Davis’s underlying macro indicators that determine the health of the economy in a specific set of sectors. This overall score helps determine what the overall health of the market is.

 

3 Equity analysts referred to are part of Morningstar’s Equity Research group which consists of various wholly-owned subsidiaries of Morningstar, Inc., including but not limited to, Morningstar Research Services LLC.

 

4 Based on the Morningstar Wide Moat Focus Index versus the Morningstar U.S. Market Index (The index targets 97% of the market capitalization of the U.S. stock market) from the period 2/14/2007 (inception of the index) to 9/30/2023.

6

VANECK COMMODITY STRATEGY ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   BCOMTR1  
Life*   5.79%   5.80% (2.55)%

 

* Inception of Fund: 12/20/22; First Day of Secondary Market Trading: 12/21/22.
   
1 The Bloomberg Commodity Index (BCOMTR) is the Fund’s broad-based benchmark index. BCOMTR is calculated on an excess return basis and reflects commodity futures price movements.

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 17 for more information.

7

VANECK DURABLE HIGH DIVIDEND ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MSUSDVTU1   SPTR2  
One Year   12.77%   12.91%   13.28%   21.62%
Life*   6.95%   6.97%   7.28%   11.93%

 

* Inception of Fund: 10/30/18; First Day of Secondary Market Trading: 10/31/18.
   
1 Morningstar® US Dividend Valuation IndexSM (MSUSDVTU) is a rules-based index intended to offer exposure to companies that Morningstar determines have a high dividend yield, strong financial health and an attractive uncertainty-adjusted valuation.
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 17 for more information.

8

VANECK INFLATION ALLOCATION ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   BCOMTR1  
One Year   13.14%   12.95%   (1.30)%
Five Year   3.74%   3.78%   6.13%
Life*   3.59%   3.61%   5.14%

 

* Inception of Fund: 4/9/18; First Day of Secondary Market Trading: 4/10/18.
   
1 The Bloomberg Commodity Index (BCOMTR) is the Fund’s broad-based benchmark index. BCOMTR is calculated on an excess return basis and reflects commodity futures price movements.

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 17 for more information.

9

VANECK LONG/FLAT TREND ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   NDRCMGLF1   SPTR2  
One Year   13.28%   13.31%   14.13%   21.62%  
Five Year   7.19%   7.18%   7.88%   9.92%  
Life*   8.18%   8.19%   8.89%   11.09%  

 

* Inception of Fund: 10/4/17; First Day of Secondary Market Trading: 10/5/17.
   
1 The Ned Davis Research CMG US Large Cap Long/Flat Index (the “NDR CMG Index”) (NDRCMGLF) is a rules-based index that follows a proprietary model developed by Ned Davis Research, Inc. in conjunction with CMG Capital Management Group, Inc. To help limit potential loss associated with adverse market conditions, the model produces trade signals to dictate the NDR CMG Index’s equity allocation ranging from 100% fully invested (i.e., “long”) to 100% in cash (i.e., “flat”). When the NDR CMG Index is long, or 100% fully invested, it will be allocated to the S&P 500 Index. When the NDR CMG Index is flat, or 100% cash, it will be allocated to the Solactive 13-week U.S. T-bill Index.
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 17 for more information. 

10

VANECK MORNINGSTAR ESG MOAT ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MSUSSMGU1   SPTR2  
One Year   16.93%   16.97%   17.54%   21.62%
Life*   (3.46)%   (3.47)%   (3.01)%   0.94%

 

* Inception of Fund: 10/5/21; First Day of Secondary Market Trading: 10/6/21.
   
1 Morningstar® US Sustainability Moat Focus IndexSM (MSUSSMGU) is a rules-based index intended to provide exposure to companies that Morningstar determines are attractively valued and have long-term competitive advantages while excluding those companies with high environmental, social and governance (“ESG”) risks.
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 17 for more information.

11

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MSGWMFNU1   SPTR2  
One Year   14.11%   14.14%   14.31%   21.62%
Life*   8.25%   8.29%   8.59%   11.93%

 

* Inception of Fund: 10/30/18; First Day of Secondary Market Trading: 10/31/18.
   
1 Morningstar® Global Wide Moat Focus IndexSM (MSGWMFNU) is a rules-based index intended to offer exposure to companies that Morningstar determines have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors.
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 17 for more information.

12

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MGEUMFUN1   SPTR2  
One Year   23.53%   22.81%   22.94%   21.62%
Five Year   1.50%   1.42%   2.00%   9.92%
Life*   2.99%   3.00%   3.68%   11.13%

 

* Inception of Fund: 7/13/15; First Day of Secondary Market Trading: 7/14/15.
   
1 Morningstar® Global ex-US Moat Focus IndexSM (MGEUMFUN) is a rules-based index intended to offer exposure to companies that Morningstar determines have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors (“wide and narrow moat companies”).
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 17 for more information.

13

VANECK MORNINGSTAR SMID MOAT ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MSUMMFGU1   SPTR2  
Life*   9.50%   9.49%   10.06%   15.02%

 

* Inception of Fund: 10/4/22; First Day of Secondary Market Trading: 10/5/22.
   
1 Morningstar® US Small-Mid Cap Moat Focus IndexSM (MSUMMFGU) is a rules-based index intended to offer exposure to small- and mid-cap companies that Morningstar determines have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors (“wide and narrow moat companies”).
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 17 for more information. 

14

VANECK MORNINGSTAR WIDE MOAT ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MWMFTR1   SPTR2  
One Year   28.00%   27.98%   28.61%   21.62%
Five Year   11.68%   11.68%   12.23%   9.92%
Ten Year   12.30%   12.32%   12.89%   11.91%

 

1 Morningstar® Wide Moat Focus IndexSM (MWMFTR) is a rules-based index intended to offer exposure to companies that Morningstar determines have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors (“wide moat companies”).
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000 (Ten Year)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 17 for more information.

15

VANECK SOCIAL SENTIMENT ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   BUZZTR1   SPTR2  
One Year   21.37%   21.46%   21.78%   21.62%
Life*   (16.99)%   (16.97)%   (16.68)%   5.69%

 

* Inception of Fund: 3/2/21; First Day of Secondary Market Trading: 3/3/21.
   
1 The BUZZ NextGen AI US Sentiment Leaders Index (BUZZTR) is designed to track the performance of a subset of U.S. companies which are selected by analyzing data from online sources to identify those companies which rank highest in terms of bullish perception and breadth of discussion.
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000 (Since Inception)

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 17 for more information.

16

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

 

The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.

 

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects, if applicable, temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

 

Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.

 

Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

 

MSUSDVTU, MSUSSMGU, MSGWMFNU, MGEUMFUN, MSUMMFGU, and MWMFTR are published by Morningstar. NDRCMGLF is published by Ned Davis Research, Inc. (“NDR”). BUZZTR is published by BUZZ Holdings ULC.

 

BCOMTR is a broad-based benchmark published by Bloomberg Index Services Ltd. (Bloomberg). SPTR is a broad-based benchmark published by S&P Dow Jones Indices (S&P).

 

Morningstar, NDR, BUZZ Holdings ULC, Bloomberg, and S&P are referred to herein as the “Index Providers”. The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

17

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, April 1, 2023 to September 30, 2023.

 

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
April 1, 2023
  Ending
Account
Value
September 30, 2023
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
April 1, 2023 -
September 30, 2023(a)
Commodity Strategy ETF                
Actual   $1,000.00   $1,091.80   0.55%   $2.88
Hypothetical (b)   $1,000.00   $1,022.31   0.55%   $2.79
Durable High Dividend ETF                
Actual   $1,000.00   $982.60   0.30%   $1.49
Hypothetical (b)   $1,000.00   $1,023.56   0.30%   $1.52
Inflation Allocation ETF                
Actual   $1,000.00   $1,002.90   0.42%   $2.11
Hypothetical (b)   $1,000.00   $1,022.96   0.42%   $2.13
Long/Flat Trend ETF                
Actual   $1,000.00   $1,039.70   0.65%   $3.32
Hypothetical (b)   $1,000.00   $1,021.81   0.65%   $3.29
Morningstar ESG Moat ETF                
Actual   $1,000.00   $985.10   0.49%   $2.44
Hypothetical (b)   $1,000.00   $1,022.61   0.49%   $2.48
Morningstar Global Wide Moat ETF                
Actual   $1,000.00   $955.00   0.52%   $2.55
Hypothetical (b)   $1,000.00   $1,022.46   0.52%   $2.64
Morningstar International Moat ETF                
Actual   $1,000.00   $937.70   0.59%   $2.87
Hypothetical (b)   $1,000.00   $1,022.11   0.59%   $2.99
18

 

 

    Beginning
Account
Value
April 1, 2023
  Ending
Account
Value
September 30, 2023
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
April 1, 2023 -
September 30, 2023(a)
Morningstar SMID Moat ETF                
Actual   $1,000.00   $999.90   0.49%   $2.46
Hypothetical (b)   $1,000.00   $1,022.61   0.49%   $2.48
Morningstar Wide Moat ETF                
Actual   $1,000.00   $1,026.60   0.47%   $2.39
Hypothetical (b)   $1,000.00   $1,022.71   0.47%   $2.38
Social Sentiment ETF                
Actual   $1,000.00   $1,033.00   0.75%   $3.82
Hypothetical (b)   $1,000.00   $1,021.31   0.75%   $3.80

 

(a) Expenses are equal to the Fund’s annualized expense ratio (for the six months ended September 30, 2023), 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

19

VANECK COMMODITY STRATEGY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Par  
(000’s
)   Value  
Short-Term Investments: 94.3%                
United States Treasury Obligations: 94.3%  
United States Treasury Bill                
5.23%, 10/17/23 (a)   $ 4,601     $ 4,590,902  
5.30%, 10/24/23 (a)     4,714       4,698,815  
    Par  
(000’s
)   Value  
United States Treasury Obligations (continued)  
5.33%, 11/07/23 (a)   $ 8,893     $ 8,846,123  
5.35%, 12/05/23 (a)     6,880       6,815,034  
              24,950,874  
Total Short-Term Investments: 94.3%
(Cost: $24,947,939)
            24,950,874  
Other assets less liabilities: 5.7%             1,504,087  
NET ASSETS: 100.0%           $ 26,454,961  


 

 

Footnotes:

(a) All or a portion of these securities are held at the broker for futures collateral. Total value of securities held at the broker is $3,910,069.

 

Futures Contracts

 

Reference Entity   Type   Number of
Contracts
  Expiration Date   Notional
Amount
  Value and
Unrealized
Appreciation/
(Depreciation)
Brent Crude Oil   Long   39   12/28/23   $ 3,463,979     $ 41,863  
Copper   Long   23   12/27/23     2,149,063       (35,853 )
Corn   Long   37   09/13/24     931,013       (14,875 )
Gasoline RBOB   Long   26   11/30/23     2,565,763       (142,978 )
Gasoline RBOB   Long   8   09/30/24     749,314       (22,338 )
Gold 100 OZ   Long   17   12/27/23     3,172,370       (130,955 )
LME Zinc   Long   12   12/18/23     795,825       61,381  
Natural Gas   Long   19   03/26/24     569,050       (32,916 )
NY Harbor ULSD   Long   13   03/28/24     1,559,267       267,538  
NY Harbor ULSD   Long   11   11/30/23     1,458,904       100,953  
Soybean   Long   19   11/14/23     1,211,250       (29,795 )
Soybean   Long   10   09/13/24     637,750       (6,548 )
Soybean Meal   Long   7   03/14/24     262,500       (13,312 )
Soybean Oil   Long   6   01/12/24     198,792       (24,420 )
Sugar No. 11   Long   95   04/30/24     2,687,664       206,103  
WTI Crude Oil   Long   41   11/20/23     3,640,799       596,593  
Net unrealized appreciation/(depreciation) on futures contracts       $ 820,441  

 

Summary of Investments by Sector         % of
Investments
  Value  
Government     100.0 %       $ 24,950,874  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
United States Treasury Obligations   $     $ 24,950,874     $     $ 24,950,874  
                                 
Other Financial Instruments:                                
Futures Contracts   $ 820,441     $     $     $ 820,441  

 

See Notes to Financial Statements

20

VANECK DURABLE HIGH DIVIDEND ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.4%                
Banks: 5.1%                
JPMorgan Chase & Co.     29,938     $ 4,341,609  
Capital Goods: 5.5%                
Emerson Electric Co.     6,549       632,437  
General Dynamics Corp.     2,883       637,056  
Honeywell International, Inc.     8,027       1,482,908  
L3Harris Technologies, Inc.     2,734       476,044  
Lockheed Martin Corp.     3,467       1,417,864  
MSC Industrial Direct Co., Inc.     845       82,937  
              4,729,246  
Commercial & Professional Services: 0.7%          
Paychex, Inc.     4,845       558,774  
Consumer Durables & Apparel: 0.3%  
Garmin Ltd.     2,328       244,906  
Consumer Services: 4.2%                
McDonald’s Corp.     8,737       2,301,675  
Starbucks Corp.     13,725       1,252,681  
Wendy’s Co.     3,975       81,130  
              3,635,486  
Consumer Staples Distribution & Retail: 0.7%  
Albertsons Cos, Inc.     2,269       51,620  
Sysco Corp.     7,890       521,134  
              572,754  
Energy: 7.3%                
Chevron Corp.     26,014       4,386,481  
Diamondback Energy, Inc.     4,331       670,785  
Kinder Morgan, Inc.     71,786       1,190,212  
              6,247,478  
Financial Services: 4.9%                
BlackRock, Inc.     2,305       1,490,159  
CME Group, Inc.     7,384       1,478,424  
Cohen & Steers, Inc.     481       30,154  
Evercore, Inc.     408       56,255  
Federated Hermes, Inc.     1,455       49,281  
Franklin Resources, Inc.     7,036       172,945  
Invesco Ltd.     12,353       179,366  
T Rowe Price Group, Inc.     5,268       552,455  
Western Union Co.     15,045       198,293  
              4,207,332  
Food, Beverage & Tobacco: 17.6%  
Altria Group, Inc.     83,352       3,504,952  
Campbell Soup Co.     3,908       160,541  
Conagra Brands, Inc.     11,884       325,859  
General Mills, Inc.     10,710       685,333  
Hormel Foods Corp.     4,577       174,063  
Kellogg Co.     5,550       330,280  
Keurig Dr. Pepper, Inc.     11,029       348,186  
Kraft Heinz Co.     21,212       713,572  
Mondelez International, Inc.     16,266       1,128,860  
PepsiCo, Inc.     20,638       3,496,903  
Philip Morris International, Inc.     45,595       4,221,185  
              15,089,734  
Health Care Equipment & Services: 4.5%  
Abbott Laboratories     18,484       1,790,175  
Medtronic Plc     24,338       1,907,126  
    Number
of Shares
    Value  
Health Care Equipment & Services (continued)  
Quest Diagnostics, Inc.     1,303     $ 158,784  
              3,856,085  
Household & Personal Products: 1.9%                
Colgate-Palmolive Co.     11,804       839,382  
Kimberly-Clark Corp.     6,740       814,529  
              1,653,911  
Insurance: 1.2%                
American International Group, Inc.     8,745       529,947  
Travelers Cos, Inc.     2,947       481,274  
              1,011,221  
Materials: 0.9%                
Air Products and Chemicals, Inc.     2,759       781,901  
Media & Entertainment: 2.9%                
Comcast Corp.     56,396       2,500,599  
Pharmaceuticals, Biotechnology & Life Sciences: 18.2%  
Amgen, Inc.     9,705       2,608,316  
Bristol-Myers Squibb Co.     43,006       2,496,068  
Gilead Sciences, Inc.     26,892       2,015,286  
Johnson & Johnson     27,403       4,268,017  
Pfizer, Inc.     124,857       4,141,507  
              15,529,194  
Semiconductors & Semiconductor Equipment: 2.7%  
Texas Instruments, Inc.     14,481       2,302,624  
Technology Hardware & Equipment: 3.8%      
Cisco Systems, Inc.     60,007       3,225,976  
Transportation: 3.6%                
Norfolk Southern Corp.     3,282       646,324  
United Parcel Service, Inc.     15,481       2,413,024  
              3,059,348  
Utilities: 13.4%                
Alliant Energy Corp.     4,895       237,163  
Ameren Corp.     4,464       334,041  
American Water Works Co., Inc.     2,116       262,024  
CenterPoint Energy, Inc.     9,357       251,236  
CMS Energy Corp.     5,539       294,176  
DTE Energy Co.     4,134       410,424  
Duke Energy Corp.     19,246       1,698,652  
Essential Utilities, Inc.     4,281       146,967  
Exelon Corp.     19,110       722,167  
FirstEnergy Corp.     13,068       446,664  
New Jersey Resources Corp.     1,948       79,147  
NextEra Energy, Inc.     30,604       1,753,303  
OGE Energy Corp.     5,386       179,515  
Pinnacle West Capital Corp.     2,810       207,041  
PPL Corp.     15,184       357,735  
Public Service Enterprise Group, Inc.     10,099       574,734  
Sempra     11,432       777,719  
Southern Co.     24,596       1,591,853  
WEC Energy Group, Inc.     6,382       514,070  


 

See Notes to Financial Statements

21

VANECK DURABLE HIGH DIVIDEND ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Number
of Shares
    Value  
Utilities (continued)                
Xcel Energy, Inc.     10,694     $ 611,911  
              11,450,542  
Total Common Stocks
(Cost: $87,509,978)
            84,998,720  
Total Investments: 99.4%
(Cost: $87,509,978)
            84,998,720  
Other assets less liabilities: 0.6%           546,505  
NET ASSETS: 100.0%           $ 85,545,225  


 

 

Summary of Investments by Sector         % of
Investments
  Value  
Health Care     22.8 %   $ 19,385,279  
Consumer Staples     20.4       17,316,399  
Utilities     13.5       11,450,542  
Financials     11.2       9,560,162  
Industrials     9.9       8,347,368  
Energy     7.3       6,247,478  
Information Technology     6.5       5,528,600  
Consumer Discretionary     4.6       3,880,392  
Communication Services     2.9       2,500,599  
Materials     0.9       781,901  
      100.0 %   $ 84,998,720  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 84,998,720     $     $     $ 84,998,720  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

22

VANECK INFLATION ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
EXCHANGE TRADED FUNDS: 99.2% (a)      
Energy Select Sector SPDR Fund     60,275     $ 5,448,257  
Global X US Infrastructure Development ETF †     86,489       2,627,536  
iShares Global Infrastructure ETF †     241,704       10,463,366  
iShares Gold Strategy ETF     6,574       363,333  
iShares Gold Trust     6,254       218,827  
iShares MSCI Global Metals & Mining Producers ETF †     50,330       2,001,121  
Nuveen Short-Term REIT ETF ‡     99,653       2,705,569  
SPDR Gold MiniShares Trust     5,993       219,703  
SPDR S&P Oil & Gas Exploration & Production ETF †     31,397       4,643,930  
VanEck Agribusiness ETF † ‡     37,839       2,977,929  
VanEck Commodity Strategy ETF ‡     397,929       21,047,500  
VanEck Energy Income ETF † ‡     79,997       5,204,557  
VanEck Gold Miners ETF ‡     191,680       5,158,109  
    Number
of Shares
    Value  
VanEck Merk Gold Trust     919,099     $ 16,442,681  
VanEck Oil Services ETF † ‡     10,769       3,715,736  
VanEck Steel ETF ‡     42,991       2,818,920  
Vanguard Real Estate ETF †     52,378       3,962,920  
Total Exchange Traded Funds
(Cost: $93,042,853)
            90,019,994  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN:13.2%          
Money Market Fund: 13.2%
(Cost: $11,948,436)
               
State Street Navigator Securities Lending Government Money Market Portfolio     11,948,436       11,948,436  
                 
Total Investments: 112.4%
(Cost: $104,991,289)
            101,968,430  
Liabilities in excess of other assets: (12.4)%       (11,316,291 )
NET ASSETS: 100.0%           $ 90,652,139  


 

 

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 $18,931,301.
Affiliated issuer – as defined under the Investment Company Act of 1940.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Diversified Commodities Futures     23.4 %   $ 21,047,500  
Gold Bullion     19.2       17,244,544  
Energy     11.8       10,652,814  
Utilities     11.6       10,463,366  
Oil Services     9.3       8,359,666  
Real Estate Investment Trusts     7.4       6,668,489  
Gold Mining     5.7       5,158,109  
Agribusiness     3.3       2,977,929  
Steel     3.2       2,818,920  
Industrials     2.9       2,627,536  
Global Metals and Mining     2.2       2,001,121  
      100.0 %   $ 90,019,994  

 

See Notes to Financial Statements

23

VANECK INFLATION ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(continued)

 

Transactions in securities of affiliates for the period ended September 30, 2023 were as follows:

 

    Value
9/30/2022
    Purchases     Sales
Proceeds
    Realized Gain
(Loss)
    Net Change in
Unrealized
Appreciation
(Depreciation)
    Value
9/30/2023
    Dividend
Income
 
Nuveen Short-Term REIT ETF     $–(a)     $ 2,692,684     $ (1,125,249)   $ (8,680)   $ (185,828)   $ 2,705,569     $ 76,876  
VanEck Agribusiness ETF     5,199,181       422,755       (2,700,051)       (251,569)     307,613       2,977,929       110,114  
VanEck Commodity Strategy ETF           31,832,145       (11,926,025)       (19,337)     1,160,717       21,047,500        
VanEck Energy Income ETF     7,942,124       663,520       (4,421,795)       106,796*     1,005,611†     5,204,557       164,166  
VanEck Gold Miners ETF     5,563,085       4,163,947       (5,567,651)       (115,938)     1,114,666       5,158,109       141,516  
VanEck Junior Gold Miners ETF     2,324,276       134,867       (3,071,072)       (616,038)     1,227,967             14,023  
VanEck Mortgage REIT Income ETF           768,446       (642,631)       (124,092)‡                 43,145  
VanEck Oil Services ETF     3,715,395       851,924       (2,837,725)       324,150       1,661,992       3,715,736       43,218  
VanEck Rare Earth/Strategic Metals ETF     2,488,401       129,208       (2,423,174)       (599,334)     404,899             34,512  
VanEck Steel ETF     3,321,251       339,065       (1,980,850)       171,352       968,102       2,818,920       194,877  
    $ 30,553,713     $ 41,998,561     $ (36,696,223)     $ (1,132,690)   $ 7,665,739     $ 43,628,320     $ 822,447  

 

(a) Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period.
* Includes Return of Capital distribution reclassification of $18,605.
Includes Return of Capital distribution reclassification of $73,094.
Includes Return of Capital distribution reclassification of $1,723.

 

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Exchange Traded Funds   $ 90,019,994     $     $     $ 90,019,994  
Money Market Fund     11,948,436                   11,948,436  
Total Investments   $ 101,968,430     $     $     $ 101,968,430  

 

See Notes to Financial Statements

24

VANECK LONG/FLAT TREND ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
EXCHANGE TRADED FUND: 99.9% (a)
(Cost: $23,654,592)
               
Vanguard S&P 500 ETF     62,160     $ 24,410,232  
                 
Total Investments: 99.9%
(Cost: $23,654,592)
            24,410,232  
Other assets less liabilities: 0.1%           18,736  
NET ASSETS: 100.0%           $ 24,428,968  


 

 

(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 %   $ 24,410,232  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Exchange Traded Funds   $ 24,410,232     $     $     $ 24,410,232  

 

See Notes to Financial Statements

25

VANECK MORNINGSTAR ESG MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.1%                
Automobiles & Components: 1.2%  
Harley-Davidson, Inc.     2,321     $ 76,732  
Banks: 1.0%                
Bank of America Corp.     2,384       65,274  
Capital Goods: 7.5%                
Allegion Plc     1,440       150,048  
Emerson Electric Co.     786       75,904  
Masco Corp.     1,555       83,115  
Rockwell Automation, Inc.     568       162,374  
              471,441  
Consumer Discretionary Distribution & Retail: 4.2%  
Etsy, Inc. *     937       60,511  
Lowe’s Companies, Inc.     388       80,642  
MercadoLibre, Inc. *     94       119,181  
              260,334  
Consumer Durables & Apparel: 2.3%  
Polaris, Inc.     1,422       148,087  
Consumer Services: 2.3%                
Starbucks Corp.     774       70,643  
Yum! Brands, Inc.     619       77,338  
              147,981  
Energy: 1.5%                
Cheniere Energy, Inc.     565       93,767  
Financial Services: 19.3%                
American Express Co.     522       77,877  
BlackRock, Inc.     231       149,339  
CME Group, Inc.     899       179,998  
Intercontinental Exchange, Inc.     1,514       166,570  
MarketAxess Holdings, Inc.     570       121,775  
Mastercard, Inc.     221       87,496  
Northern Trust Corp.     874       60,726  
State Street Corp.     2,075       138,942  
The Bank of New York Mellon Corp.     1,717       73,230  
Tradeweb Markets, Inc.     1,185       95,037  
Western Union Co.     5,579       73,531  
              1,224,521  
Food, Beverage & Tobacco: 8.5%  
Brown-Forman Corp.     1,266       73,036  
Campbell Soup Co.     1,780       73,122  
Constellation Brands, Inc.     665       167,134  
Kellogg Co.     2,312       137,587  
Mondelez International, Inc.     1,169       81,129  
              532,008  
Health Care Equipment & Services: 4.7%  
Medtronic Plc     1,002       78,517  
Veeva Systems, Inc. *     434       88,297  
Zimmer Biomet Holdings, Inc.     1,210       135,786  
              302,600  
Household & Personal Products: 2.9%  
Clorox Co.     1,056       138,399  
Estee Lauder Cos, Inc.     321       46,401  
              184,800  
Materials: 2.0%                
Ecolab, Inc.     468       79,279  
    Number
of Shares
    Value  
Materials (continued)                
International Flavors & Fragrances, Inc.     736     $ 50,173  
              129,452  
Media & Entertainment: 6.4%                
Alphabet, Inc. *     669       87,545  
Comcast Corp.     4,194       185,963  
John Wiley & Sons, Inc.     1,893       70,363  
Walt Disney Co. *     886       71,810  
              415,681  
Pharmaceuticals, Biotechnology & Life Sciences: 6.0%  
Agilent Technologies, Inc.     703       78,609  
Biogen, Inc. *     532       136,729  
Gilead Sciences, Inc.     1,078       80,785  
Thermo Fisher Scientific, Inc.     157       79,469  
              375,592  
Semiconductors & Semiconductor Equipment: 6.6%  
Analog Devices, Inc.     451       78,966  
Applied Materials, Inc.     722       99,961  
KLA Corp.     197       90,356  
Monolithic Power Systems, Inc.     166       76,692  
Teradyne, Inc.     787       79,062  
              425,037  
Software & Services: 18.9%                
Autodesk, Inc. *     817       169,045  
Blackbaud, Inc. *     1,321       92,893  
Fortinet, Inc. *     1,522       89,311  
Guidewire Software, Inc. *     1,132       101,880  
Intuit, Inc.     195       99,633  
Microsoft Corp.     321       101,356  
Palo Alto Networks, Inc. *     525       123,081  
Roper Technologies, Inc.     181       87,655  
Salesforce, Inc. *     399       80,909  
ServiceNow, Inc. *     155       86,639  
Tyler Technologies, Inc. *     211       81,476  
VeriSign, Inc. *     386       78,177  
              1,192,055  
Technology Hardware & Equipment: 3.7%
Cisco Systems, Inc.     3,243       174,344  
Keysight Technologies, Inc. *     508       67,213  
              241,557  
Transportation: 1.1%                
CH Robinson Worldwide, Inc.     806       69,421  
Total Common Stocks
(Cost: $6,438,008)
            6,356,340  
Total Investments: 100.1%
(Cost: $6,438,008)
            6,356,340  
Liabilities in excess of other assets: (0.1)%   (7,450)
NET ASSETS: 100.0%           $ 6,348,890  


 

See Notes to Financial Statements

26

 

 

 

 

Footnotes:
* Non-income producing

 

Summary of Investments by Sector         % of
Investments
  Value  
Information Technology     29.3 %   $ 1,858,648  
Financials     20.3       1,289,795  
Consumer Staples     11.3       716,808  
Health Care     10.7       678,193  
Consumer Discretionary     9.9       633,134  
Industrials     8.5       540,862  
Communication Services     6.5       415,681  
Materials     2.0       129,452  
Energy     1.5       93,767  
      100.0 %   $ 6,356,340  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 6,356,340     $     $     $ 6,356,340  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

27

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.1%                
Australia: 2.1%                
ANZ Group Holdings Ltd.     11,534     $ 189,898  
Westpac Banking Corp.     13,640       185,082  
              374,980  
Belgium: 2.0%                
Anheuser-Busch InBev SA     6,514       361,623  
Brazil: 1.9%                
Ambev SA *     126,900       332,386  
China: 6.0%                
Alibaba Group Holding Ltd. (HKD) *     15,700       170,203  
Baidu, Inc. (HKD) *     10,350       174,177  
Tencent Holdings Ltd. (HKD)     8,500       329,455  
Yum China Holdings, Inc. (USD)     6,812       379,565  
              1,053,400  
Denmark: 1.0%                
Chr. Hansen Holding A/S     2,763       169,291  
France: 6.3%                
Airbus SE     2,619       351,046  
Safran SA     2,420       379,774  
Sanofi     3,595       386,562  
              1,117,382  
Germany: 1.8%                
Bayer AG     3,433       165,102  
GEA Group AG     4,335       159,990  
              325,092  
Japan: 1.9%                
Daifuku Co. Ltd.     9,700       183,367  
Nabtesco Corp.     8,100       145,972  
              329,339  
Netherlands: 1.8%                
ASML Holding NV     545       321,324  
Singapore: 2.1%                
Singapore Exchange Ltd.     52,600       374,773  
Sweden: 4.0%                
Assa Abloy AB     16,506       360,677  
Elekta AB †     51,553       352,090  
              712,767  
Switzerland: 1.8%                
Barry Callebaut AG     97       154,346  
Roche Holding AG     617       168,543  
              322,889  
Taiwan: 1.9%                
Taiwan Semiconductor Manufacturing Co. Ltd.     21,000       342,431  
United Kingdom: 9.0%                
British American Tobacco Plc     5,816       182,682  
Experian Plc     10,261       335,736  
GSK Plc     10,718       194,001  
Imperial Brands Plc     17,055       346,112  
London Stock Exchange Group Plc     3,483       349,215  
Unilever Plc     3,706       183,392  
              1,591,138  
    Number
of Shares
    Value  
United States: 56.5%                
Agilent Technologies, Inc.     3,150     $ 352,233  
Allegion Plc     3,352       349,278  
Alphabet, Inc. *     1,562       204,403  
Berkshire Hathaway, Inc. *     563       197,219  
Biogen, Inc. *     699       179,650  
BlackRock, Inc.     538       347,812  
BRP, Inc. (CAD)     2,469       187,750  
Comcast Corp.     8,701       385,802  
Constellation Brands, Inc.     1,484       372,974  
Corteva, Inc.     3,369       172,358  
Ecolab, Inc.     2,067       350,150  
Emerson Electric Co.     4,036       389,756  
Equifax, Inc.     1,734       317,634  
Etsy, Inc. *     2,022       130,581  
Fortinet, Inc. *     2,961       173,751  
Gilead Sciences, Inc.     4,935       369,829  
Guidewire Software, Inc. *     2,639       237,510  
Harley-Davidson, Inc.     5,391       178,226  
Intercontinental Exchange, Inc.     1,726       189,894  
Kellogg Co.     2,891       172,043  
MarketAxess Holdings, Inc.     1,535       327,937  
Masco Corp.     3,195       170,773  
Medtronic Plc     2,283       178,896  
Microchip Technology, Inc.     2,274       177,486  
NIKE, Inc.     3,524       336,965  
Philip Morris International, Inc.     1,970       182,383  
Polaris, Inc.     3,304       344,079  
Rockwell Automation, Inc.     599       171,236  
Roper Technologies, Inc.     372       180,152  
RTX Corp.     2,207       158,838  
State Street Corp.     5,236       350,603  
Teradyne, Inc.     3,483       349,902  
The Bank of New York Mellon Corp.     8,453       360,520  
Tradeweb Markets, Inc.     2,724       218,465  
Tyler Technologies, Inc. *     487       188,050  
Veeva Systems, Inc. *     944       192,057  
Walt Disney Co. *     2,098       170,043  
Wells Fargo & Co.     9,080       371,009  
Zimmer Biomet Holdings, Inc.     2,776       311,523  
              9,999,770  
Total Common Stocks
(Cost: $17,766,155)
            17,728,585  
Total Investments: 100.1%
(Cost: $17,766,155)
            17,728,585  
Liabilities in excess of other assets: (0.1)%   (15,580)
NET ASSETS: 100.0%           $ 17,713,005  


 

See Notes to Financial Statements

28

 

 

 

 

Definitions:
 
CAD Canadian Dollar
HKD Hong Kong Dollar
USD United States Dollar

 

Footnotes:
* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $176,506.

 

Summary of Investments by Sector         % of
Investments
  Value  
Industrials     19.6 %   $ 3,474,078  
Financials     19.5       3,462,426  
Health Care     16.1       2,850,484  
Consumer Staples     12.9       2,287,942  
Information Technology     11.1       1,970,607  
Consumer Discretionary     9.8       1,727,367  
Communication Services     7.1       1,263,882  
Materials     3.9       691,799  
      100.0 %   $ 17,728,585  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Australia   $     $ 374,980     $     $ 374,980  
Belgium           361,623             361,623  
Brazil     332,386                   332,386  
China     379,565       673,835             1,053,400  
Denmark           169,291             169,291  
France           1,117,382             1,117,382  
Germany           325,092             325,092  
Japan           329,339             329,339  
Netherlands           321,324             321,324  
Singapore           374,773             374,773  
Sweden           712,767             712,767  
Switzerland           322,889             322,889  
Taiwan           342,431             342,431  
United Kingdom           1,591,138             1,591,138  
United States     9,999,770                   9,999,770  
Total Investments   $ 10,711,721     $ 7,016,864     $     $ 17,728,585  

 

See Notes to Financial Statements

29

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESMENTS

September 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.9%                
Australia: 3.0%                
AGL Energy Ltd. †     347,635     $ 2,397,076  
Aurizon Holdings Ltd. †     1,029,823       2,311,374  
WiseTech Global Ltd. †     52,872       2,203,098  
              6,911,548  
Belgium: 2.0%                
Anheuser-Busch InBev SA     84,422       4,686,670  
Brazil: 0.9%                
Ambev SA *     836,400       2,190,762  
China: 22.8%                
Alibaba Group Holding Ltd. (HKD) *     199,800       2,166,019  
Alibaba Health Information Technology Ltd. (HKD) *     3,974,000       2,455,059  
ANTA Sports Products Ltd. (HKD)     422,000       4,721,357  
ASMPT Ltd. (HKD)     237,100       2,112,233  
Beijing Enterprises Holdings Ltd. (HKD)     637,500       2,192,416  
China Education Group Holdings Ltd. (HKD)     5,623,000       4,556,227  
China Merchants Bank Co. Ltd.     515,700       2,351,825  
CSPC Pharmaceutical Group Ltd. (HKD)     2,830,000       2,069,464  
NetEase, Inc. (HKD)     246,000       4,932,038  
PDD Holdings, Inc. (ADR) *     31,337       3,073,220  
Shanghai Pharmaceuticals Holding Co. Ltd.     825,700       2,050,749  
Shenzhou International Group Holdings Ltd. (HKD)     239,400       2,276,342  
Sino Biopharmaceutical Ltd. (HKD)     5,117,000       1,841,667  
SJM Holdings Ltd. (HKD) * †     11,430,000       4,479,310  
Tencent Holdings Ltd. (HKD)     110,700       4,290,674  
Wharf Real Estate Investment Co. Ltd. (HKD)     571,000       2,200,344  
Yum China Holdings, Inc. (USD)     88,256       4,917,624  
              52,686,568  
Denmark: 2.4%                
Pandora A/S     52,860       5,463,401  
France: 4.6%                
Accor SA     69,974       2,356,873  
Alstom SA     174,694       4,157,876  
Eurofins Scientific SE     39,795       2,245,915  
Worldline SA 144A *     67,234       1,890,021  
              10,650,685  
Germany: 12.6%                
BASF SE     98,405       4,460,616  
Bayer AG     43,797       2,106,308  
Bayerische Motoren Werke AG     43,458       4,420,166  
Continental AG     64,341       4,527,145  
Delivery Hero SE 144A *     64,911       1,856,064  
Fresenius Medical Care AG & Co. KGaA     53,959       2,323,094  
    Number
of Shares
    Value  
Germany (continued)                
Fresenius SE & Co. KGaA     169,171     $ 5,261,943  
Infineon Technologies AG     126,477       4,194,955  
              29,150,291  
Israel: 0.9%                
Nice Ltd. *     12,136       2,073,871  
Japan: 3.3%                
Kao Corp.     129,700       4,814,257  
MEIJI Holdings Co. Ltd.     109,900       2,735,396  
              7,549,653  
Luxembourg: 2.0%                
Millicom International Cellular SA (SEK) (SDR) *     301,634       4,702,270  
Netherlands: 8.3%                
ABN AMRO Bank NV 144A     163,812       2,318,366  
Akzo Nobel NV     31,858       2,300,170  
ING Groep NV     359,200       4,740,997  
STMicroelectronics NV †     102,493       4,426,082  
Universal Music Group NV     207,545       5,423,814  
              19,209,429  
Singapore: 2.2%                
Oversea-Chinese Banking Corp. Ltd.     266,700       2,498,029  
United Overseas Bank Ltd.     120,400       2,511,561  
              5,009,590  
South Korea: 5.2%                
KT Corp.     203,297       5,005,962  
Samsung Electro-Mechanics Co. Ltd.     44,528       4,524,682  
SK Telecom Co. Ltd.     65,567       2,525,906  
              12,056,550  
Spain: 3.2%                
Banco Bilbao Vizcaya Argentaria SA     345,751       2,802,108  
Banco Santander SA     644,287       2,456,970  
Cellnex Telecom SA 144A *     62,484       2,176,402  
              7,435,480  
Sweden: 2.0%                
Elekta AB †     667,696       4,560,139  
Switzerland: 4.7%                
Dufry AG *     111,584       4,238,936  
Roche Holding AG     16,437       4,490,016  
Swatch Group AG     8,499       2,178,089  
              10,907,041  
Taiwan: 4.9%                
MediaTek, Inc.     209,000       4,778,337  
Sino-American Silicon Products, Inc.     474,000       2,311,667  
Taiwan Semiconductor Manufacturing Co. Ltd.     269,000       4,386,377  
              11,476,381  
United Kingdom: 13.9%                
Admiral Group Plc     90,383       2,612,998  
British American Tobacco Plc     76,587       2,405,617  
GSK Plc     136,706       2,474,442  
HSBC Holdings Plc     323,875       2,535,380  
Imperial Brands Plc     221,099       4,486,958  
Lloyds Banking Group Plc     8,945,628       4,809,101  


 

See Notes to Financial Statements

30

 

 

    Number
of Shares
    Value  
United Kingdom (continued)                
Smith & Nephew Plc     336,522     $ 4,177,967  
Swire Properties Ltd. (HKD)     2,104,200       4,375,642  
WPP Plc     472,137       4,207,966  
              32,086,071  
United States: 1.0%                
BRP, Inc. (CAD) †     31,154       2,369,040  
Total Common Stocks
(Cost: $243,136,191)
            231,175,440  
    Number
of Shares
    Value  
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 2.2%
         
Money Market Fund: 2.2%
(Cost: $5,019,136)
               
State Street Navigator Securities Lending Government Money Market Portfolio     5,019,136     $ 5,019,136  
Total Investments: 102.1%
(Cost: $248,155,327)
            236,194,576  
Liabilities in excess of other assets: (2.1)%   (4,837,100)
NET ASSETS: 100.0%           $ 231,357,476  


 

 

Definitions:

ADR American Depositary Receipt
CAD Canadian Dollar
HKD Hong Kong Dollar
SDR Swedish Depositary Receipt
SEK Swedish Krona
USD United States Dollar

 

Footnotes:

Security fully or partially on loan. Total market value of securities on loan is $13,990,964.
* 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 $8,240,853, or 3.6% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
   % of
Investments
         Value  
Consumer Discretionary          23.3 %      $ 53,599,813  
Health Care     14.5       33,601,703  
Communication Services     14.4       33,265,032  
Financials     13.6       31,527,356  
Information Technology     13.4       31,011,301  
Consumer Staples     10.3       23,774,719  
Materials     2.9       6,760,787  
Real Estate     2.8       6,575,986  
Industrials     2.8       6,469,250  
Utilities     2.0       4,589,493  
      100.0 %   $ 231,175,440  

 

See Notes to Financial Statements

31

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESMENTS

(continued)

 

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                            
Australia   $     $ 6,911,548     $     $ 6,911,548  
Belgium           4,686,670             4,686,670  
Brazil     2,190,762                   2,190,762  
China     7,990,844       44,695,724             52,686,568  
Denmark           5,463,401             5,463,401  
France           10,650,685             10,650,685  
Germany           29,150,291             29,150,291  
Israel           2,073,871             2,073,871  
Japan           7,549,653             7,549,653  
Luxembourg     4,702,270                   4,702,270  
Netherlands           19,209,429             19,209,429  
Singapore           5,009,590             5,009,590  
South Korea           12,056,550             12,056,550  
Spain           7,435,480             7,435,480  
Sweden           4,560,139             4,560,139  
Switzerland           10,907,041             10,907,041  
Taiwan           11,476,381             11,476,381  
United Kingdom           32,086,071             32,086,071  
United States     2,369,040                   2,369,040  
Money Market Fund     5,019,136                   5,019,136  
Total Investments   $ 22,272,052     $ 213,922,524     $     $ 236,194,576  

 

See Notes to Financial Statements

32

VANECK MORNINGSTAR SMID MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.9%                
Automobiles & Components: 6.8%      
Adient Plc *     66,967     $ 2,457,689  
Aptiv Plc *     25,575       2,521,439  
BorgWarner, Inc.     58,776       2,372,787  
Gentex Corp.     86,076       2,800,913  
Harley-Davidson, Inc.     74,146       2,451,267  
              12,604,095  
Capital Goods: 10.1%                
Allegion Plc     23,194       2,416,815  
Allison Transmission Holdings, Inc.     24,003       1,417,617  
Dover Corp.     17,800       2,483,278  
Fortive Corp.     34,711       2,574,168  
Fortune Brands Innovations,   Inc.     19,531       1,214,047  
ITT, Inc.     14,483       1,418,031  
Masco Corp.     45,719       2,443,681  
Sensata Technologies Holding   Plc     62,685       2,370,747  
WESCO International, Inc.     15,871       2,282,567  
              18,620,951  
Commercial & Professional Services: 7.3%          
Broadridge Financial Solutions, Inc.     8,167       1,462,301  
Ceridian HCM Holding, Inc. *     19,070       1,293,900  
Equifax, Inc.     12,001       2,198,343  
Paycom Software, Inc.     4,070       1,055,229  
Robert Half, Inc.     17,974       1,317,135  
SS&C Technologies Holdings,   Inc.     44,919       2,360,044  
Stericycle, Inc. *     27,515       1,230,196  
TransUnion     32,772       2,352,702  
              13,269,850  
Consumer Discretionary Distribution & Retail: 9.3%
Asbury Automotive Group, Inc. *     11,673       2,685,607  
Bath & Body Works, Inc.     68,329       2,309,520  
Best Buy Co., Inc.     33,910       2,355,728  
Burlington Stores, Inc. *     8,606       1,164,392  
CarMax, Inc. *     15,924       1,126,305  
eBay, Inc.     58,324       2,571,505  
Etsy, Inc. *     13,720       886,038  
Lithia Motors, Inc.     4,274       1,262,240  
Williams-Sonoma, Inc. †     19,863       3,086,709  
              17,448,044  
Consumer Durables & Apparel: 5.8%          
Brunswick Corp.     16,752       1,323,408  
Garmin Ltd.     24,909       2,620,427  
Hasbro, Inc.     17,809       1,177,887  
Polaris, Inc.     22,866       2,381,265  
Ralph Lauren Corp.     11,035       1,281,053  
Tapestry, Inc.     70,112       2,015,720  
              10,799,760  
Consumer Services: 3.6%                
Domino’s Pizza, Inc.     3,967       1,502,660  
DoorDash, Inc. *     33,661       2,675,040  
Expedia Group, Inc. *     11,981       1,234,882  
    Number
of Shares
    Value  
Consumer Services (continued)          
Wynn Resorts Ltd.     13,553     $ 1,252,433  
              6,665,015  
Consumer Staples Distribution & Retail: 0.7%          
The Kroger Co.     28,757       1,286,876  
Energy: 2.9%                
Equitrans Midstream Corp.     279,782       2,621,557  
HF Sinclair Corp.     50,857       2,895,288  
              5,516,845  
Financial Services: 11.4%                
Capital One Financial Corp.     24,613       2,388,692  
Discover Financial Services     25,470       2,206,466  
Evercore, Inc.     19,978       2,754,567  
Global Payments, Inc.     10,198       1,176,747  
Interactive Brokers Group, Inc.     13,910       1,204,050  
LPL Financial Holdings, Inc.     6,176       1,467,726  
MarketAxess Holdings, Inc.     10,625       2,269,925  
SEI Investments Co.     43,386       2,613,139  
The Bank of New York Mellon Corp.     58,443       2,492,594  
Tradeweb Markets, Inc.     18,488       1,482,738  
Western Union Co.     102,657       1,353,019  
              21,409,663  
Food, Beverage & Tobacco: 3.4%          
Boston Beer Co., Inc. *     7,451       2,902,387  
Ingredion, Inc.     25,098       2,469,643  
Kellogg Co.     19,618       1,167,467  
              6,539,497  
Health Care Equipment & Services: 4.9%          
DaVita, Inc. *     26,116       2,468,745  
Laboratory Corp. of America Holdings     5,530       1,111,807  
ResMed, Inc.     5,944       878,939  
Veeva Systems, Inc. *     12,245       2,491,245  
Zimmer Biomet Holdings, Inc.     19,225       2,157,430  
              9,108,166  
Materials: 6.4%                
Celanese Corp.     10,230       1,284,070  
Dow, Inc.     23,656       1,219,703  
DuPont de Nemours, Inc.     35,637       2,658,164  
Eastman Chemical Co.     15,701       1,204,581  
FMC Corp.     12,211       817,771  
LyondellBasell Industries NV     26,954       2,552,544  
O-I Glass, Inc. *     129,826       2,171,989  
              11,908,822  
Media & Entertainment: 8.1%                
Electronic Arts, Inc.     10,741       1,293,216  
Fox Corp.     79,992       2,495,750  
Live Nation Entertainment, Inc. *     30,857       2,562,365  
Omnicom Group, Inc.     16,199       1,206,502  
Pinterest, Inc. *     100,191       2,708,163  
Roblox Corp. * †     31,067       899,700  
Take-Two Interactive Software, Inc. *     9,369       1,315,314  
Warner Music Group Corp.     85,923       2,697,982  
              15,178,992  


 

See Notes to Financial Statements

33

VANECK MORNINGSTAR SMID MOAT ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Number
of Shares
    Value  
Pharmaceuticals, Biotechnology & Life Sciences: 6.5%          
Agilent Technologies, Inc.     21,786     $ 2,436,111  
Charles River Laboratories International, Inc. *     12,524       2,454,453  
Illumina, Inc. *     6,277       861,707  
Incyte Corp. *     41,089       2,373,712  
Ionis Pharmaceuticals, Inc. *     63,891       2,898,095  
IQVIA Holdings, Inc. *     6,059       1,192,108  
              12,216,186  
Real Estate Management & Development: 0.7%
CBRE Group, Inc. *     16,673       1,231,468  
Semiconductors & Semiconductor Equipment: 4.6%
Microchip Technology, Inc.     31,279       2,441,326  
NXP Semiconductors N.V.     6,547       1,308,876  
Skyworks Solutions, Inc.     24,426       2,408,159  
Teradyne, Inc.     24,091       2,420,182  
              8,578,543  
Software & Services: 2.1%                
Cognizant Technology                
Solutions Corp.     38,044       2,577,101  
Tyler Technologies, Inc. *     3,326       1,284,302  
              3,861,403  
    Number
of Shares
    Value  
Technology Hardware & Equipment: 4.6%          
Corning, Inc.     77,315   $ 2,355,788  
F5, Inc. *     8,574       1,381,614  
Littelfuse, Inc.     9,726       2,405,434  
Vontier Corp.     42,096       1,301,608  
Zebra Technologies Corp. *     4,766       1,127,302  
              8,571,746  
Utilities: 0.7%                
NiSource, Inc.     49,360       1,218,205  
Total Common Stocks
(Cost: $192,837,583)
            186,034,127  
                 
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 0.1%
     
Money Market Fund: 0.1%
(Cost: $106,378)
               
State Street Navigator Securities Lending Government Money Market Portfolio     106,378       106,378  
Total Investments: 100.0%
(Cost: $192,943,961)
            186,140,505  
Other assets less liabilities: 0.0%       28,288  
NET ASSETS: 100.0%           $ 186,168,793  


 

 

Footnotes:

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $3,770,577.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
    % of
Investments
         Value  
Consumer Discretionary          25.6 %       $ 47,516,915  
Industrials     17.1       31,890,799  
Financials     11.5       21,409,662  
Health Care     11.5       21,324,352  
Information Technology     11.3       21,011,692  
Communication Services     8.1       15,178,993  
Materials     6.4       11,908,821  
Consumer Staples     4.2       7,826,374  
Energy     3.0       5,516,846  
Real Estate     0.7       1,231,468  
Utilities     0.6       1,218,205  
      100.0 %   $ 186,034,127  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 186,034,127     $     $     $ 186,034,127  
Money Market Fund     106,378                   106,378  
Total Investments   $ 186,140,505     $     $     $ 186,140,505  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

34

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.9%                
Banks: 6.4%                
Bank of America Corp.     4,809,789     $ 131,692,023  
US Bancorp     8,083,941       267,255,089  
Wells Fargo & Co.     6,755,544       276,031,528  
              674,978,640  
Capital Goods: 11.2%                
3M Co.     2,653,930       248,460,927  
Allegion Plc     2,495,245       260,004,529  
Emerson Electric Co.     1,578,886       152,473,021  
Honeywell International, Inc.     759,299       140,272,897  
Masco Corp.     4,918,263       262,881,157  
RTX Corp.     1,677,634       120,739,319  
              1,184,831,850  
Commercial & Professional Services: 4.6%      
Equifax, Inc.     1,291,223       236,526,229  
TransUnion     3,525,665       253,107,491  
              489,633,720  
Consumer Discretionary Distribution & Retail: 3.3%
Amazon.com, Inc. *     1,035,031       131,573,141  
Etsy, Inc. *     3,398,297       219,462,020  
              351,035,161  
Consumer Durables & Apparel: 3.5%          
NIKE, Inc.     2,624,980       251,000,587  
Polaris, Inc.     1,166,413       121,470,250  
              372,470,837  
Consumer Services: 1.5%                
Domino’s Pizza, Inc.     425,742       161,266,812  
Financial Services: 12.8%                
Berkshire Hathaway, Inc. *     409,852       143,571,156  
BlackRock, Inc.     201,816       130,472,026  
Charles Schwab Corp.     5,023,632       275,797,397  
Intercontinental Exchange, Inc.     2,490,190       273,970,704  
MarketAxess Holdings, Inc.     1,142,999       244,190,306  
The Bank of New York Mellon   Corp.     3,152,130       134,438,344  
Tradeweb Markets, Inc.     1,983,200       159,052,640  
              1,361,492,573  
Food, Beverage & Tobacco: 3.8%          
Campbell Soup Co.     3,408,751       140,031,491  
Kellogg Co.     4,467,289       265,848,369  
              405,879,860  
Health Care Equipment & Services: 7.1%          
Medtronic Plc     3,286,527       257,532,256  
    Number
of Shares
    Value  
Health Care Equipment & Services (continued)
Veeva Systems, Inc. *     1,316,991     $ 267,941,819  
Zimmer Biomet Holdings, Inc.     2,069,302       232,217,070  
              757,691,145  
Household & Personal Products: 2.2%          
Estee Lauder Cos, Inc.     1,596,451       230,766,992  
Materials: 7.3%                
Corteva, Inc.     5,227,338       267,430,612  
Ecolab, Inc.     1,537,608       260,470,795  
International Flavors & Fragrances, Inc.     3,698,650       252,136,971  
              780,038,378  
Media & Entertainment: 7.9%          
Alphabet, Inc. *     2,179,143       285,162,653  
Comcast Corp.     6,467,154       286,753,608  
Walt Disney Co. *     3,257,482       264,018,916  
              835,935,177  
Pharmaceuticals, Biotechnology & Life Sciences: 12.8%
Agilent Technologies, Inc.     2,344,127       262,120,281  
Amgen, Inc.     617,958       166,082,392  
Biogen, Inc. *     1,003,462       257,899,769  
Gilead Sciences, Inc.     3,673,166       275,267,060  
Pfizer, Inc.     7,651,160       253,788,977  
Waters Corp. *     523,417       143,526,176  
              1,358,684,655  
Semiconductors & Semiconductor Equipment: 3.7%          
Microchip Technology, Inc.     1,728,337       134,896,703  
Teradyne, Inc.     2,591,973       260,389,607  
              395,286,310  
Software & Services: 10.5%          
Fortinet, Inc. *     2,251,318       132,107,340  
Guidewire Software, Inc. *     1,921,847       172,966,230  
Microsoft Corp.     420,859       132,886,229  
Roper Technologies, Inc.     283,025       137,063,347  
Salesforce, Inc. *     1,280,453       259,650,260  
Tyler Technologies, Inc. *     713,284       275,427,484  
              1,110,100,890  
Technology Hardware & Equipment: 1.3%      
Keysight Technologies, Inc. *     1,045,674       138,353,127  
Total Common Stocks
(Cost: $10,972,533,574)
            10,608,446,127  
Total Investments: 99.9%
(Cost: $10,972,533,574)
 
 
 
 
 
 
 
 
 
 
 
 
 
10,608,446,127
 
 
Other assets less liabilities: 0.1%       9,148,471  
NET ASSETS: 100.0%           $ 10,617,594,598  


 

 

Footnotes:

* Non-income producing

 

See Notes to Financial Statements

35

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

(continued)

 

Summary of Investments by Sector                 % of
Investments
        Value  
Health Care          19.9 %         $ 2,116,375,800  
Financials     19.2       2,036,471,213  
Industrials     15.8       1,674,465,570  
Information Technology     15.5       1,643,740,327  
Consumer Discretionary     8.3       884,772,810  
Communication Services     7.9       835,935,177  
Materials     7.4       780,038,378  
Consumer Staples     6.0       636,646,852  
      100.0 %   $ 10,608,446,127  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

 

   

Level 1

Quoted

Prices

   

Level 2

Significant

Observable

Inputs

   

Level 3

Significant

Unobservable

Inputs

    Value  
Common Stocks *   $ 10,608,446,127     $     $     $ 10,608,446,127  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

36

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.4%                
Automobiles & Components: 10.4%          
Ford Motor Co.     71,784     $ 891,557  
General Motors Co.     19,054       628,210  
Lucid Group, Inc. * †     266,117       1,487,594  
Rivian Automotive, Inc. * †     48,074       1,167,237  
Tesla, Inc. *     6,380       1,596,404  
              5,771,002  
Banks: 3.4%                
Bank of America Corp.     18,248       499,630  
Citigroup, Inc.     10,201       419,567  
JPMorgan Chase & Co.     3,846       557,747  
NU Holdings Ltd. *     50,665       367,321  
              1,844,265  
Capital Goods: 3.6%                
3M Co.     3,070       287,413  
Boeing Co. *     3,069       588,266  
Plug Power, Inc. * †     91,608       696,221  
RTX Corp.     5,526       397,706  
              1,969,606  
Consumer Discretionary Distribution & Retail: 6.4%          
Amazon.com, Inc. *     12,169       1,546,923  
Chewy, Inc. *     20,509       374,494  
GameStop Corp. *     96,074       1,581,378  
              3,502,795  
Consumer Durables & Apparel: 0.7%          
NIKE, Inc.     3,781       361,539  
Consumer Services: 3.2%                
Airbnb, Inc. *     3,150       432,212  
Carnival Corp. *     30,643       420,422  
DraftKings, Inc. *     30,642       902,100  
              1,754,734  
Consumer Staples Distribution & Retail: 4.9%      
Dollar General Corp.     3,728       394,422  
Target Corp.     9,052       1,000,880  
Walgreens Boots Alliance, Inc.     17,609       391,624  
Walmart, Inc.     5,555       888,411  
              2,675,337  
Energy: 2.4%                
Exxon Mobil Corp.     4,522       531,697  
Occidental Petroleum Corp.     6,625       429,830  
Transocean Ltd. *     39,098       320,995  
              1,282,522  
Financial Services: 12.5%                
Block, Inc. *     12,027       532,315  
Charles Schwab Corp.     5,836       320,396  
Coinbase Global, Inc. *     20,600       1,546,648  
Goldman Sachs Group, Inc.     1,232       398,638  
PayPal Holdings, Inc. *     27,328       1,597,595  
Robinhood Markets, Inc. *     64,181       629,616  
SoFi Technologies, Inc. * †     194,590       1,554,774  
Visa, Inc.     1,529       351,685  
              6,931,667  
Health Care Equipment & Services: 0.7%          
CVS Health Corp.     5,547       387,292  
Media & Entertainment: 14.9%                
Alphabet, Inc. *     11,514       1,506,722  
    Number
of Shares
    Value  
Media & Entertainment (continued)          
Meta Platforms, Inc. *     5,477     $ 1,644,250  
Netflix, Inc. *     2,331       880,186  
Paramount Global     40,322       520,154  
Roblox Corp. * †     20,595       596,431  
Roku, Inc. *     7,708       544,108  
Snap, Inc. *     57,305       510,588  
Walt Disney Co. *     20,846       1,689,568  
Warner Bros Discovery, Inc. *     29,359       318,839  
              8,210,846  
Pharmaceuticals, Biotechnology & Life Sciences: 5.5%
Agilent Technologies, Inc.     4,946       553,062  
Apellis Pharmaceuticals, Inc. *     10,601       403,262  
Eli Lilly & Co.     756       406,070  
Johnson & Johnson     2,509       390,777  
Moderna, Inc. *     4,713       486,806  
Pfizer, Inc.     25,625       849,981  
              3,089,958  
Semiconductors & Semiconductor Equipment: 9.7%
Advanced Micro Devices, Inc. *     16,515       1,698,072  
Broadcom, Inc.     421       349,674  
Enphase Energy, Inc. *     4,606       553,411  
Intel Corp.     21,291       756,895  
NVIDIA Corp.     3,864       1,680,801  
Qualcomm, Inc.     2,701       299,973  
              5,338,826  
Software & Services: 13.3%                
Crowdstrike Holdings, Inc. *     2,402       402,047  
Microsoft Corp.     3,786       1,195,430  
Oracle Corp.     5,457       578,005  
Palantir Technologies, Inc. *     111,247       1,779,953  
Palo Alto Networks, Inc. *     2,091       490,214  
Salesforce, Inc. *     2,168       439,627  
Shopify, Inc. *     20,207       1,102,696  
Snowflake, Inc. *     3,170       484,281  
Unity Software, Inc. *     15,175       476,343  
Zoom Video Communications, Inc. *     6,030       421,738  
              7,370,334  
Technology Hardware & Equipment: 4.6%      
Apple, Inc.     10,021       1,715,695  
Cisco Systems, Inc.     7,082       380,728  
Super Micro Computer, Inc. *     1,527       418,734  
              2,515,157  
Telecommunication Services: 1.5%          
AT&T, Inc.     34,727       521,600  
Verizon Communications, Inc.     10,577       342,801  
              864,401  
Transportation: 1.7%                
American Airlines Group, Inc. *     28,158       360,704  
Uber Technologies, Inc. *     11,737       539,785  
              900,489  
Total Common Stocks
(Cost: $55,176,651)
            54,770,770  


 

See Notes to Financial Statements

37

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Number
of Shares
    Value  
MASTER LIMITED PARTNERSHIP: 0.6%
(Cost: $300,484)
         
Energy: 0.6%                
Energy Transfer LP     23,160     $ 324,935  
                 
Total Investments Before Collateral for Securities Loaned: 100.0%
(Cost: $55,477,135)
  55,095,705  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.6%      
Money Market Fund: 2.6%
(Cost: $1,423,473)
               
State Street Navigator Securities Lending Government Money Market Portfolio     1,423,473       1,423,473  
Total Investments: 102.6%
(Cost: $56,900,608)
            56,519,178  
Liabilities in excess of other assets: (2.6)%   (1,434,241)
NET ASSETS: 100.0%           $ 55,084,937  


 

 

Footnotes:

Security fully or partially on loan. Total market value of securities on loan is $4,138,414.
* Non-income producing

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
        % of
Investments
         Value  
Information Technology           27.7 %       $ 15,224,318  
Consumer Discretionary     20.7       11,390,071  
Communication Services     16.5       9,075,245  
Financials     15.9       8,775,934  
Health Care     6.3       3,477,249  
Industrials     5.2       2,870,095  
Consumer Staples     4.8       2,675,337  
Energy     2.9       1,607,456  
      100.0 %   $ 55,095,705  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2023 is as follows:

 

   

Level 1

Quoted

Prices

   

Level 2

Significant

Observable

Inputs

   

Level 3

Significant

Unobservable

Inputs

    Value  
Common Stocks *   $ 54,770,770     $     $     $ 54,770,770  
Master Limited Partnership *     324,935                   324,935  
Money Market Fund     1,423,473                   1,423,473  
Total Investments   $ 56,519,178     $     $     $ 56,519,178  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

38

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2023

 

    Commodity
Strategy ETF (a)
    Durable High
Dividend ETF
    Inflation
Allocation ETF (a)
    Long/Flat Trend
ETF
 
Assets:                                
Investments, at value (1)                                
Unaffiliated issuers (2)   $ 24,950,874     $ 84,998,720     $ 46,391,674     $ 24,410,232  
Affiliated issuers (3)                 43,628,320        
Short-term investments held as collateral for securities loaned (4)                 11,948,436        
Cash     681,250       148,268       657,895        
Cash on deposit with broker for futures contracts     10,718                    
Receivables:                                
Investment securities sold           199,028       1,528        
Dividends and interest           223,372       46,859       92,774  
Due from custodian     1,505                    
Prepaid expenses                 2,491       1,009  
Variation margin on futures contracts     822,696                    
Total assets     26,467,043       85,569,388       102,677,203       24,504,015  
Liabilities:                                
Payables:                                
Collateral for securities loaned                 11,948,436        
Due to Adviser     12,082       21,667       20,545       9,257  
Due to custodian                       17,592  
Deferred Trustee fees           624       833       1,284  
Accrued expenses           1,872       55,250       46,914  
Total liabilities     12,082       24,163       12,025,064       75,047  
NET ASSETS   $ 26,454,961     $ 85,545,225     $ 90,652,139     $ 24,428,968  
Shares outstanding     500,000       2,825,000       3,575,000       650,000  
Net asset value, redemption and offering price per share   $ 52.91     $ 30.28     $ 25.36     $ 37.58  
Net Assets consist of:                                
Aggregate paid in capital   $ 24,904,494     $ 101,901,198     $ 113,868,096     $ 31,392,199  
Total distributable earnings (loss).     1,550,467       (16,355,973 )     (23,215,957 )     (6,963,231 )
NET ASSETS   $ 26,454,961     $ 85,545,225     $ 90,652,139     $ 24,428,968  
(1) Value of securities on loan   $     $     $ 18,931,301     $  
(2) Cost of investments - Unaffiliated issuers   $ 24,947,939   $ 87,509,978     $ 48,589,821     $ 23,654,592  
(3) Cost of investments - Affiliated issuers   $     $     $ 44,453,032     $  
(4) Cost of short-term investments held as collateral for securities loaned   $     $     $ 11,948,436     $  
   
(a) Consolidated Statement of Assets and Liabilities

 

See Notes to Financial Statements

39

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2023

 

    Morningstar ESG
Moat ETF
    Morningstar
Global Wide Moat
ETF
    Morningstar
International
Moat ETF
    Morningstar SMID
Moat ETF
 
Assets:                                
Investments, at value (1)                                
Unaffiliated issuers (2)   $ 6,356,340     $ 17,728,585     $ 231,175,440     $ 186,034,127  
Short-term investments held as collateral for securities loaned (3)                 5,019,136       106,378  
Cash     28,475             26,789       91,848  
Cash denominated in foreign currency, at value (4)           4,824       374,872        
Receivables:                                
Investment securities sold           61,936       6,669        
Due from Adviser     3,092                    
Dividends and interest     5,377       23,043       613,614       153,575  
Prepaid expenses     992       1,003       3,980       2,495  
Total assets     6,394,276       17,819,391       237,220,500       186,388,423  
Liabilities:                                
Payables:                                
Collateral for securities loaned                 5,019,136       106,378  
Line of credit                 685,752        
Due to Adviser           1,447       90,278       68,803  
Due to custodian           50,744              
Deferred Trustee fees     9       292       2,429       51  
Accrued expenses     45,377       53,903       65,429       44,398  
Total liabilities     45,386       106,386       5,863,024       219,630  
NET ASSETS   $ 6,348,890     $ 17,713,005     $ 231,357,476     $ 186,168,793  
Shares outstanding     275,000       550,000       7,750,000       6,550,000  
Net asset value, redemption and offering price per share   $ 23.09     $ 32.21     $ 29.85     $ 28.42  
Net Assets consist of:                                
Aggregate paid in capital   $ 6,848,649     $ 17,701,628     $ 261,549,272     $ 198,414,087  
Total distributable earnings (loss).     (499,759 )     11,377       (30,191,796 )     (12,245,294 )
NET ASSETS   $ 6,348,890     $ 17,713,005     $ 231,357,476     $ 186,168,793  
(1) Value of securities on loan   $     $ 176,506     $ 13,990,964     $ 3,770,577  
(2) Cost of investments - Unaffiliated issuers   $ 6,438,008     $ 17,766,155     $ 243,136,191     $ 192,837,583  
(3) Cost of short-term investments held as collateral for securities loaned   $     $     $ 5,019,136     $ 106,378  
(4) Cost of cash denominated in foreign currency   $     $ 4,822     $ 376,594     $  

 

See Notes to Financial Statements

40

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2023

 

    Morningstar Wide
Moat ETF
    Social Sentiment
ETF
 
Assets:                
Investments, at value (1)                
Unaffiliated issuers (2)   $ 10,608,446,127     $ 55,095,705  
Short-term investments held as collateral for securities loaned (3)           1,423,473  
Cash     2,360,711       17,821  
Receivables:                
Shares of beneficial interest sold     11,371,924        
Dividends and interest     11,295,049       7,140  
Prepaid expenses     27,305        
Total assets     10,633,501,116       56,544,139  
Liabilities:                
Payables:                
Investment securities purchased     11,371,170        
Collateral for securities loaned           1,423,473  
Due to Adviser     4,036,435       35,729  
Deferred Trustee fees     158,863        
Accrued expenses     340,050        
Total liabilities     15,906,518       1,459,202  
NET ASSETS   $ 10,617,594,598     $ 55,084,937  
Shares outstanding     140,050,000       3,575,000  
Net asset value, redemption and offering price per share   $ 75.81     $ 15.41  
Net Assets consist of:                
Aggregate paid in capital   $ 12,268,734,658     $ 162,635,149  
Total distributable earnings (loss)     (1,651,140,060 )     (107,550,212 )
NET ASSETS   $ 10,617,594,598     $ 55,084,937  
(1) Value of securities on loan   $     $ 4,138,414  
(2) Cost of investments - Unaffiliated issuers   $ 10,972,533,574     $ 55,477,135  
(3) Cost of short-term investments held as collateral for securities loaned   $     $ 1,423,473  

 

See Notes to Financial Statements

41

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2023

 

    Commodity
Strategy ETF (a)
(b)
    Durable High
Dividend ETF
    Inflation
Allocation ETF (a)
    Long/Flat Trend
ETF
 
Income:                                
Dividends - unaffiliated issuers   $     $ 3,407,713     $ 1,286,492     $ 289,925  
Dividends - affiliated issuers                 822,447        
Interest     1,069,026       3,714       15,690       314,558  
Securities lending income           3,780       145,929       4,040  
Total income     1,069,026       3,415,207       2,270,558       608,523  
Expenses:                                
Management fees     119,666       265,758       594,907       146,854  
Professional fees                 49,716       43,422  
Custody and accounting fees                 23,776       19,282  
Reports to shareholders                 30,199       12,226  
Trustees’ fees and expenses                 4,713       776  
Registration fees                 22,565       6,246  
Insurance                 5,370       1,976  
Interest           10,963       378       32,770  
Taxes     561                    
Other                 470       209  
Total expenses     120,227       276,721       732,094       263,761  
Waiver of management fees                 (226,801 )     (69,451 )
Net expenses     120,227       276,721       505,293       194,310  
Net investment income     948,799       3,138,486       1,765,265       414,213  
                                 
                                 
Net realized gain (loss) on:                                
Investments - unaffiliated issuers     51       (6,170,862 )     (5,446,152 )     356,499  
Investments - affiliated issuers                 (1,646,518 )      
In-kind redemptions - unaffiliated issuers           7,562,823       442,128       2,694,643  
In-kind redemptions - affiliated issuers                 513,828        
Futures     (240,912 )                  
Net realized gain (loss)     (240,861 )     1,391,961       (6,136,714 )     3,051,142  
                                 
Net change in unrealized appreciation (depreciation) on:                                
Investments - unaffiliated issuers     2,935       4,476,449       12,797,071       737,376  
Investments - affiliated issuers                 7,665,739        
Futures     820,441                    
Net change in unrealized appreciation (depreciation)     823,376       4,476,449       20,462,810       737,376  
Net Increase in Net Assets Resulting from Operations   $ 1,531,314     $ 9,006,896     $ 16,091,361     $ 4,202,731  
   
(a) Consolidated Statement of Operations
(b) For the period December 21, 2022 (commencement of operations) through September 30, 2023.

 

See Notes to Financial Statements

42

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2023

 

    Morningstar ESG
Moat ETF
    Morningstar
Global Wide
Moat ETF
    Morningstar
International
Moat ETF
    Morningstar
SMID Moat
ETF (a)
 
Income:                        
Dividends   $ 78,815     $ 489,155     $ 6,160,473     $ 1,235,970  
Interest     1,462       708       7,661       1,880  
Securities lending income           1,626       37,967       5,961  
Foreign taxes withheld           (25,008 )     (461,051 )     (1,001 )
Total income     80,277       466,481       5,745,050       1,242,810  
Expenses:                                
Management fees     20,723       85,127       837,255       312,440  
Professional fees     42,425       51,962       49,780       49,253  
Custody and accounting fees     24,022       47,281       99,487       27,567  
Reports to shareholders     4,784       12,389       13,581       9,202  
Trustees’ fees and expenses     76       475       1,718       2,281  
Registration fees     7,156       4,453       5,912       5,737  
Insurance     1,710       1,819       4,385       729