SEMI-ANNUAL REPORT
March 31, 2023
(unaudited)

 

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
  Explanation of Expenses 3
  Schedule of Investments  
  Commodity Strategy ETF 5
  Durable High Dividend ETF 6
  Inflation Allocation ETF 8
  Long/Flat Trend ETF 10
  Morningstar ESG Moat ETF 11
  Morningstar Global Wide Moat ETF 13
  Morningstar International Moat ETF 16
  Morningstar SMID Moat ETF 19
  Morningstar Wide Moat ETF 21
  Social Sentiment ETF 23
  Statements of Assets and Liabilities 25
  Statements of Operations 28
  Statements of Changes in Net Assets 31
  Financial Highlights  
  Commodity Strategy ETF 36
  Durable High Dividend ETF 37
  Inflation Allocation ETF 38
  Long/Flat Trend ETF 39
  Morningstar ESG Moat ETF 40
  Morningstar Global Wide Moat ETF 41
  Morningstar International Moat ETF 42
  Morningstar SMID Moat ETF 43
  Morningstar Wide Moat ETF 44
  Social Sentiment ETF 45
  Notes to Financial Statements 46
  Funds’ Liquidity Risk Management Program 56

 

 

Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of March 31, 2023.

 

VANECK ETF TRUST

PRESIDENT’S LETTER

March 31, 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—are negative or muted. This is still 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 are facing, none of which is particularly positive for financial assets.

 

1. Monetary Policy: Tightening

 

Money supply exploded during the COVID–19 pandemic, but declined dramatically in 2022, to low levels. 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—one estimate indicates $330 billion net out by the end of last November. The Fed has only shrunk its balance sheet once before, so we are facing an unknown.

 

Commodity prices and the Consumer Price Index (“CPI”) receive much focus, but I think what the Fed is really fighting is 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. I think the Fed knows it can’t control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.

 

Services typically don’t reflect the price of commodities and, in 2022, we saw services inflation increase significantly. That’s not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.

 

2. Fiscal Tightening

 

A second bearish factor is that government spending is unlikely to increase this year. The Republicans, who won control of the House of Representatives, are looking to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation, so we’re unlikely to see another big stimulus spending bill regardless of who controls government.

 

3. Global Growth is at Low Levels

 

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, U.S. and China have been the two main pillars of global growth. While China has loosened its Draconian domestic COVID-19 restrictions, and I think there will be a growth surge, the growth may be more domestic and consumer-led, which may not stimulate global growth as much as it has in recent decades.

 

The range in China growth estimates is from low (1% to 3%) to “high” (4% to 5%). In coming years, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.

 

I don’t believe that we will escape these three dampeners on stock and bond returns in 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 is currently our favorite asset class to buy. (See What to Buy? Bonds. When? Now.1) Because of higher interest rates, bonds

1

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

 

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.

 

First Quarter 2023

 

My basic outlook hasn’t changed. There were two unexpected monetary stimuli in early 2023, but I think both are temporary. The first was the wave of money from Asia at year-end: Japanese bond buying of approximately $600 billion and Chinese money supply growth post-COVID-19. The second monetary stimulus was the credit the Fed provided to banks during the mini-bank crisis of March. I’m worried that the bank crisis will lead to a contraction of credit, but this is offset by China reopening. So, I don’t see these two monetary stimuli as significantly changing the “sideways” trajectory of 2023.

 

The only “new” thought is that, while I think the Fed won’t stimulate 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 in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended March 31, 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

 

April 7, 2023

 

PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights2”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

 

1 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.
2 https://www.vaneck.com/us/en/subscribe/.
2

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

 

Hypothetical $1,000 investment at beginning of period

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

 

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, October 1, 2022 to March 31, 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
October 1, 2022
  Ending
Account
Value
March 31, 2023
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
October 1, 2022 -
March 31, 2023(a)
Commodity Strategy ETF                          
Actual (b)   $1,000.00     $969.30       0.56   $1.53  
Hypothetical (c)   $1,000.00     $1,022.14       0.56 %   $2.82  
Durable High Dividend ETF                          
Actual   $1,000.00     $1,149.00       0.30 %   $1.61  
Hypothetical (c)   $1,000.00     $1,023.44       0.30 %   $1.51  
Inflation Allocation ETF                          
Actual   $1,000.00     $1,126.20       0.43 %   $2.28  
Hypothetical (c)   $1,000.00     $1,022.79       0.43 %   $2.17  
Long/Flat Trend ETF                          
Actual   $1,000.00     $1,089.50       0.68 %   $3.54  
Hypothetical (c)   $1,000.00     $1,021.54       0.68 %   $3.43  
Morningstar ESG Moat ETF                          
Actual   $1,000.00     $1,187.40       0.49 %   $2.67  
Hypothetical (c)   $1,000.00     $1,022.49       0.49 %   $2.47  
Morningstar Global Wide Moat ETF                          
Actual   $1,000.00     $1,195.20       0.52 %   $2.85  
Hypothetical (c)   $1,000.00     $1,022.34       0.52 %   $2.62  
Morningstar International Moat ETF                          
Actual   $1,000.00     $1,309.70       0.56 %   $3.22  
Hypothetical (c)   $1,000.00     $1,022.14       0.56 %   $2.82  
3

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

 

    Beginning
Account
Value
October 1, 2022
  Ending
Account
Value
March 31, 2023
    Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
October 1, 2022 -
March 31, 2023(a)
Morningstar SMID Moat ETF                          
Actual (d)   $1,000.00     $1,095.00       0.49   $2.50  
Hypothetical (c)   $1,000.00     $1,022.49       0.49 %   $2.47  
Morningstar Wide Moat ETF                          
Actual   $1,000.00     $1,246.60       0.47 %   $2.63  
Hypothetical (c)   $1,000.00     $1,022.59       0.47 %   $2.37  
Social Sentiment ETF                          
Actual   $1,000.00     $1,175.80       0.75 %   $4.07  
Hypothetical (c)   $1,000.00     $1,021.19       0.75 %   $3.78  

 

(a) Expenses are equal to the Fund’s annualized expense ratio (for the six months ended March 31, 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) Expenses are equal to the Fund’s annualized expense ratio (for the period from December 21, 2022 (commencement of operations) to March 31, 2023) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.
(c) Assumes annual return of 5% before expenses
(d) Expenses are equal to the Fund’s annualized expense ratio (for the period from October 5, 2022 (commencement of operations) to March 31, 2023) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.
4

VANECK COMMODITY STRATEGY ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

 

    Par
(000’s)
  Value  
Short-Term Investments: 94.4%      
United States Treasury Obligations: 94.4%    
United States Treasury Bill                
0.00%, 04/18/23 (a) ^    $ 8,898      $ 8,881,131  
0.00%, 04/25/23 (a) ^     9,400       9,374,071  
0.00%, 05/02/23 (a) ^     9,194       9,160,050  
0.00%, 07/11/23 ^     4,663       4,603,083  
              32,018,335  
Total Short-Term Investments: 94.4%
(Cost: $32,012,908)
      32,018,335  
Other assets less liabilities: 5.6%         1,906,598  
NET ASSETS: 100.0%           $ 33,924,933  

 

 

^ Zero Coupon Bond
(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 $5,416,928.

 

Futures Contracts

 

Reference Entity     Type   Number of
Contracts
  Expiration Date   Notional
Amount
  Value and
Unrealized
Appreciation/
(Depreciation)
Brent Crude Oil   Long   10   08/31/23   $ 787,100     $ 1,134  
Brent Crude Oil   Long   45   09/29/23     3,523,950       (48,997 )
Copper   Long   18   05/26/23     1,842,525       (41,075 )
Corn   Long   71   09/14/23     2,049,238       (102,593 )
Cotton No. 2   Long   4   12/06/23     166,840       1,666  
Gasoline RBOB   Long   50   09/29/23     4,790,519       68,875  
Gold   Long   18   06/28/23     3,575,160       191,449  
LME Nickel   Long   6   05/15/23     855,000       (104,195 )
LME Zinc   Long   14   05/15/23     1,025,413       (50,314 )
Low Sulfur Gasoil   Long   8   05/11/23     601,400       (50,264 )
Natural Gas   Long   7   08/29/23     192,500       (16,930 )
Natural Gas   Long   21   03/26/24     677,040       10,789  
NY Harbor ULSD   Long   29   04/28/23     3,191,891       (155,960 )
Soybean   Long   39   09/14/23     2,628,113       (126,284 )
Soybean Meal   Long   15   10/13/23     634,800       13,979  
Soybean Meal   Long   19   10/13/23     618,564       (60,421 )
Sugar No. 11   Long   53   04/28/23     1,320,760       180,970  
Sugar No. 11   Long   72   06/30/23     1,760,371       126,879  
WTI Crude Oil   Long   50   11/20/23     3,677,500       (61,687 )
WTI Crude Oil   Long   8   08/22/23     600,000       2,276  
LME Nickel   Short   6   05/15/23     855,000       (12,425 )
Net unrealized depreciation on futures contracts           $ (233,128 )

 

Summary of Investments by Sector   % of
Investments
  Value  
Government Activity     100.0 %      $ 32,018,335  

 

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
United States Treasury Obligations   $     $ 32,018,335     $     $ 32,018,335  
Other Financial Instruments:                                
Futures Contracts   $ (233,128)     $     $     $ (233,128)

 

See Notes to Financial Statements

5

VANECK DURABLE HIGH DIVIDEND ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.4%                
Banks: 8.2%                
Bank of America Corp.     116,626     $ 3,335,504  
JPMorgan Chase & Co.     34,185       4,454,647  
              7,790,151  
Capital Goods: 4.7%                
General Dynamics Corp.     3,148       718,405  
Honeywell International, Inc.     8,713       1,665,229  
MSC Industrial Direct Co., Inc.     1,073       90,132  
Raytheon Technologies Corp.     20,957       2,052,319  
              4,526,085  
Commercial & Professional Services: 0.9%          
Broadridge Financial Solutions, Inc.     1,426       209,009  
Paychex, Inc.     5,680       650,871  
              859,880  
Consumer Durables & Apparel: 0.3%          
Garmin Ltd.     2,820       284,594  
Consumer Services: 2.1%                
Starbucks Corp.     14,412       1,500,722  
Wendy’s Co.     3,127       68,106  
Yum! Brands, Inc.     3,241       428,071  
              1,996,899  
Consumer Staples Distribution & Retail: 0.7%          
Sysco Corp.     8,297       640,777  
Energy: 2.8%                
Kinder Morgan, Inc.     79,942       1,399,784  
The Williams Companies, Inc.     42,988       1,283,622  
              2,683,406  
Financial Services: 5.9%                
BlackRock, Inc.     2,739       1,832,720  
CME Group, Inc.     9,381       1,796,649  
Cohen & Steers, Inc.     485       31,021  
Evercore, Inc.     503       58,036  
Franklin Resources, Inc.     7,316       197,093  
Invesco Ltd.     12,407       203,475  
T Rowe Price Group, Inc.     6,008       678,303  
The Bank of New York Mellon Corp.     13,535       615,030  
Western Union Co.     19,397       216,276  
              5,628,603  
Food, Beverage & Tobacco: 12.1%                
Altria Group, Inc.     88,867       3,965,246  
Campbell Soup Co.     3,528       193,969  
Conagra Brands, Inc.     10,968       411,958  
Ingredion, Inc.     1,154       117,396  
Kellogg Co.     5,851       391,783  
Kraft Heinz Co.     20,959       810,485  
Mondelez International, Inc.     19,479       1,358,076  
Philip Morris International, Inc.     43,972       4,276,277  
              11,525,190  
Health Care Equipment & Services: 4.9%          
Abbott Laboratories     21,311       2,157,952  
Medtronic Plc     28,489       2,296,783  
Quest Diagnostics, Inc.     1,387       196,233  
              4,650,968  
Household & Personal Products: 2.6%        
Clorox Co.     2,414       381,991  
    Number
of Shares
    Value  
Household & Personal Products (continued)          
Colgate-Palmolive Co.     13,764     $ 1,034,365  
Kimberly-Clark Corp.     7,971       1,069,868  
              2,486,224  
Insurance: 1.1%                
American International Group, Inc.     10,457       526,615  
Travelers Cos, Inc.     3,045       521,943  
              1,048,558  
Materials: 0.9%                
Air Products and Chemicals, Inc.     3,129       898,680  
Pharmaceuticals, Biotechnology & Life Sciences: 15.2%  
Amgen, Inc.     11,698       2,827,991  
Gilead Sciences, Inc.     28,814       2,390,698  
Johnson & Johnson     30,762       4,768,110  
Pfizer, Inc.     111,765       4,560,012  
              14,546,811  
Semiconductors & Semiconductor Equipment: 7.6%  
Broadcom, Inc.     6,814       4,371,454  
Texas Instruments, Inc.     15,527       2,888,177  
              7,259,631  
Software & Services: 4.0%                
International Business Machines Corp.     29,346       3,846,967  
Technology Hardware & Equipment: 4.4%        
Cisco Systems, Inc.     80,119       4,188,221  
Telecommunication Services: 5.1%            
Cogent Communications Holdings, Inc.     1,534       97,746  
Verizon Communications, Inc.     123,328       4,796,226  
              4,893,972  
Transportation: 2.8%                
Norfolk Southern Corp.     3,427       726,524  
Union Pacific Corp.     9,930       1,998,512  
              2,725,036  
Utilities: 13.1%                
Alliant Energy Corp.     5,331       284,675  
Ameren Corp.     4,632       400,159  
American Electric Power Co., Inc.     11,708       1,065,311  
CenterPoint Energy, Inc.     10,245       301,818  
DTE Energy Co.     4,117       450,976  
Duke Energy Corp.     20,544       1,981,880  
Entergy Corp.     5,137       553,460  
Essential Utilities, Inc.     4,014       175,211  
Evergy, Inc.     5,745       351,134  
Exelon Corp.     20,907       875,794  
FirstEnergy Corp.     13,465       539,408  
Hawaiian Electric Industries, Inc.     2,470       94,848  
NiSource, Inc.     8,821       246,635  
OGE Energy Corp.     5,839       219,897  
Pinnacle West Capital Corp.     3,177       251,746  
PPL Corp.     15,069       418,768  


 

See Notes to Financial Statements

6

 

 

    Number
of Shares
    Value  
Utilities (continued)                
Public Service Enterprise Group, Inc.     11,493     $ 717,738  
Sempra Energy     6,113       924,041  
Southern Co.     28,887       2,009,957  
WEC Energy Group, Inc.     6,614       626,941  
              12,490,397  
Total Common Stocks
(Cost: $93,101,266)
            94,971,050  
Total Investments: 99.4%
(Cost: $93,101,266)
            94,971,050  
Other assets less liabilities: 0.6%             551,691  
NET ASSETS: 100.0%         $ 95,522,741  


 

 

Summary of Investments by Sector   % of
Investments
  Value  
Health Care          20.2 %       $ 19,197,779  
Information Technology     16.1       15,294,819  
Consumer Staples     15.4       14,652,191  
Financials     15.2       14,467,312  
Utilities     13.2       12,490,397  
Industrials     8.6       8,111,001  
Communication Services     5.2       4,893,972  
Energy     2.8       2,683,406  
Consumer Discretionary     2.4       2,281,493  
Materials     0.9       898,680  
      100.0 %   $ 94,971,050  

 

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 94,971,050     $     $     $ 94,971,050  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

7

VANECK INFLATION ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

 

    Number
of Shares
    Value  
EXCHANGE TRADED FUNDS: 99.8% (a)            
Energy Select Sector SPDR Fund †     78,991     $ 6,542,825  
Global X US Infrastructure Development ETF     116,739       3,309,551  
iShares Global Infrastructure ETF †     326,204       15,559,930  
iShares Gold Strategy ETF     4,367       258,213  
iShares Gold Trust     6,254       233,712  
iShares MSCI Global Metals & Mining Producers ETF †     67,930       2,901,970  
Nuveen Short-Term REIT ETF †     37,430       1,112,573  
SPDR Gold MiniShares Trust     5,993       234,386  
SPDR S&P Oil & Gas Exploration & Production ETF †     40,666       5,188,575  
VanEck Agribusiness ETF † ‡     51,089       4,437,591  
VanEck Commodity Strategy ETF ‡     524,412       25,378,341  
VanEck Energy Income ETF ‡     107,983       6,578,184  
VanEck Gold Miners ETF ‡     294,900       9,540,014  
VanEck Merk Gold Trust     1,262,887       24,121,142  
    Number
of Shares
    Value  
VanEck Mortgage REIT Income ETF † ‡     48,075     $ 543,248  
VanEck Oil Services ETF † ‡     13,743       3,808,598  
VanEck Steel ETF † ‡     58,041       3,699,533  
Vanguard Real Estate ETF †     100,649       8,357,893  
Total Exchange Traded Funds
(Cost: $125,275,491)
            121,806,279  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 11.2%    
Money Market Fund: 11.2%
(Cost: $13,621,763)
               
State Street Navigator Securities Lending Government Money Market Portfolio     13,621,763       13,621,763  
Total Investments: 111.0%
(Cost: $138,897,254)
            135,428,042  
Liabilities in excess of other assets: (11.0)%       (13,436,231)  
NET ASSETS: 100.0%           $ 121,991,811  


 

 

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 $27,582,056.
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          20.8 %        $ 25,378,342  
Gold Bullion     20.4       24,847,453  
Utilities     12.8       15,559,931  
Gold Mining     7.8       9,540,015  
Real Estate Investment Trusts     7.8       9,470,466  
Oil Services     7.3       8,997,173  
Exchange Traded Funds     5.8       7,121,431  
Energy     5.4       6,542,824  
Agribusiness     3.7       4,437,590  
Steel     3.1       3,699,533  
Industrials     2.7       3,309,551  
Global Metals and Mining     2.4       2,901,970  
      100.0 %   $ 121,806,279  

 

See Notes to Financial Statements

8

 

 

Transactions in securities of affiliates for the period ended March 31, 2023 were as follows:

 

    Value
9/30/2022
    Purchases     Sales
Proceeds
    Realized Gain
(Loss)
    Dividend
Income
    Net Change in
Unrealized
Appreciation
(Depreciation)
    Value
3/31/2023
 
VanEck Agribusiness ETF     $5,199,181     $267,415     $(1,451,570)   $(89,446)   $110,114     $512,011     $4,437,591  
VanEck Commodity Strategy ETF      –       30,235,125       (4,356,276)     78,296             (578,804)     25,378,341  
VanEck Energy Income ETF     7,942,124       414,079       (2,444,085)     56,228*     68,643†     649,426‡       6,578,184  
VanEck Gold Miners ETF     5,563,085       3,836,548       (1,869,370)     2,718       141,516       2,007,033       9,540,014  
VanEck Junior Gold Miners ETF     2,324,276       134,867       (3,071,072)     (616,038)     14,023       1,227,967        
VanEck Mortgage REIT Income ETF           757,720       (131,367)     (5,227)     22,185       (77,878)     543,248  
VanEck Oil Services ETF     3,715,395       484,442       (1,642,768)     215,732       43,218       1,035,797       3,808,598  
VanEck Rare Earth/Strategic Metals ETF     2,488,401       129,208       (2,423,174)     (599,334)     34,512       404,899        
VanEck Steel ETF     3,321,251       203,979       (922,526)       106,621       194,876       990,208       3,699,533  
    $30,553,713     $36,463,383     $(18,312,208)   $(850,450)   $629,087     $6,170,659     $53,985,509  

 

* Includes Return of Capital distribution reclassification of $3,390.
Includes Return of Capital distribution reclassification of $39,588.
Includes Return of Capital distribution reclassification of $36,198.

 

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Exchange Traded Funds   $ 121,806,279     $     $     $ 121,806,279  
Money Market Fund     13,621,763                   13,621,763  
Total Investments   $ 135,428,042     $     $     $ 135,428,042  

 

See Notes to Financial Statements

9

VANECK LONG/FLAT TREND ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

 

    Par  
(000’s
)   Value  
SHORT-TERM INVESTMENT: 100.3%
(Cost: $23,559,068)
               
United States Treasury Obligations: 100.3%          
United States Treasury Bill 0.00%, 06/15/23     23,784,000     $ 23,560,400  
Total Investments: 100.3%
(Cost: $23,559,068)
            23,560,400  
Liabilities in excess of other assets: (0.3)%             (59,958)  
NET ASSETS: 100.0%           $ 23,500,442  


 

 

Summary of Investments by Sector   % of
Investments
  Value  
Government Activity          100.0 %        $ 23,560,400  

 

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
United States Treasury Obligations   $     $ 23,560,400     $     $ 23,560,400  

 

See Notes to Financial Statements

10

VANECK MORNINGSTAR ESG MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.9%                
Banks: 1.0%                
Bank of America Corp.     1,490     $ 42,614  
Capital Goods: 8.8%                
Allegion plc     447       47,708  
Emerson Electric Co.     1,087       94,721  
Masco Corp.     1,936       96,258  
Rockwell Automation, Inc.     430       126,184  
              364,871  
Commercial & Professional Services: 0.9%        
TransUnion     584       36,290  
Consumer Discretionary Distribution & Retail: 3.1%  
Lowe’s Companies, Inc.     255       50,992  
MercadoLibre, Inc. *     56       73,811  
              124,803  
Consumer Durables & Apparel: 3.8%                
NIKE, Inc.     419       51,386  
Polaris, Inc.     927       102,554  
              153,940  
Consumer Services: 2.6%                
Starbucks Corp.     479       49,878  
Yum! Brands, Inc.     420       55,474  
              105,352  
Consumer Staples Distribution & Retail: 1.2%    
Costco Wholesale Corp.     101       50,184  
Financial Services: 22.1%                
American Express Co.     315       51,959  
BlackRock, Inc.     69       46,169  
Charles Schwab Corp.     756       39,599  
CME Group, Inc.     507       97,101  
Intercontinental Exchange, Inc.     982       102,413  
MarketAxess Holdings, Inc.     177       69,258  
Mastercard, Inc.     145       52,694  
Moody’s Corp.     178       54,472  
Northern Trust Corp.     556       49,000  
S&P Global, Inc.     141       48,613  
State Street Corp.     1,282       97,035  
The Bank of New York Mellon Corp.     2,148       97,605  
Tradeweb Markets, Inc.     674       53,259  
Western Union Co.     3,544       39,516  
              898,693  
Food, Beverage & Tobacco: 8.0%                
Brown-Forman Corp.     732       47,046  
Constellation Brands, Inc.     397       89,678  
Kellogg Co.     1,321       88,454  
Mondelez International, Inc.     1,477       102,976  
              328,154  
Health Care Equipment & Services: 3.5%          
Medtronic Plc     1,147       92,471  
Zimmer Biomet Holdings, Inc.     393       50,776  
              143,247  
Household & Personal Products: 3.9%            
Clorox Co.     689       109,027  
Estee Lauder Cos, Inc.     210       51,757  
              160,784  
    Number
of Shares
    Value  
Materials: 1.0%            
International Flavors & Fragrances, Inc.     451     $ 41,474  
Media & Entertainment: 4.4%                
Alphabet, Inc. *     430       44,604  
Comcast Corp.     1,409       53,415  
John Wiley & Sons, Inc.     2,158       83,666  
              181,685  
                 
Pharmaceuticals, Biotechnology & Life Sciences: 4.0%  
Biogen, Inc. *     167       46,431  
Gilead Sciences, Inc.     773       64,136  
Thermo Fisher Scientific, Inc.     89       51,297  
              161,864  
Semiconductors & Semiconductor Equipment: 9.5%  
Analog Devices, Inc.     294       57,983  
Applied Materials, Inc.     956       117,425  
KLA Corp.     269       107,377  
Monolithic Power Systems, Inc.     112       56,060  
Teradyne, Inc.     501       53,863  
              392,708  
Software & Services: 18.3%                
Adobe, Inc. *     127       48,942  
Autodesk, Inc. *     252       52,456  
Blackbaud, Inc. *     865       59,945  
Fortinet, Inc. *     946       62,871  
Guidewire Software, Inc. *     579       47,507  
Intuit, Inc.     122       54,391  
Microsoft Corp.     383       110,419  
Palo Alto Networks, Inc. *     296       59,123  
Roper Technologies, Inc.     233       102,681  
ServiceNow, Inc. *     102       47,401  
Tyler Technologies, Inc. *     148       52,487  
VeriSign, Inc. *     249       52,621  
              750,844  
Technology Hardware & Equipment: 2.6%  
Cisco Systems, Inc.     1,013       52,955  
Keysight Technologies, Inc. *     336       54,257  
              107,212  
Transportation: 1.2%                
CH Robinson Worldwide, Inc.     508       50,480  
Total Common Stocks
(Cost: $3,811,165)
            4,095,199  
Total Investments: 99.9%
(Cost: $3,811,165)
            4,095,199  
Other assets less liabilities: 0.1%             5,948  
NET ASSETS: 100.0%           $ 4,101,147  


 

See Notes to Financial Statements

11

VANECK MORNINGSTAR ESG MOAT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

 

Footnotes:

 

* Non-income producing

 

Summary of Investments by Sector   % of
Investments
  Value  
Information Technology           30.5 %        $ 1,250,764  
Financials     23.0       941,307  
Consumer Staples     13.1       539,122  
Industrials     11.0       451,641  
Consumer Discretionary     9.5       384,095  
Health Care     7.5       305,111  
Communication Services     4.4       181,685  
Materials     1.0       41,474  
      100.0 %   $ 4,095,199  

 

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 4,095,199     $     $     $ 4,095,199  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

12

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.8%                
Argentina: 1.5%                
MercadoLibre, Inc. (USD) *     214     $ 282,065  
Australia: 4.8%                
ANZ Group Holdings Ltd.     22,712       350,675  
Brambles Ltd.     20,676       186,782  
Westpac Banking Corp.     24,059       350,971  
              888,428  
Belgium: 2.2%                
Anheuser-Busch InBev SA     6,035       403,015  
Brazil: 2.0%                
Ambev SA *     130,000       367,418  
Canada: 1.9%                
Royal Bank of Canada     1,912       182,603  
Toronto-Dominion Bank     2,838       169,754  
              352,357  
China: 4.3%                
Baidu, Inc. (HKD) *     10,250       193,122  
Tencent Holdings Ltd. (HKD)     4,100       200,363  
Yum China Holdings, Inc. (USD)     6,289       398,659  
              792,144  
Denmark: 1.1%                
Chr. Hansen Holding A/S     2,631       200,515  
France: 6.6%                
Airbus SE     2,925       391,387  
Safran SA     2,753       408,278  
Sanofi     3,849       418,285  
              1,217,950  
Germany: 3.3%                
Bayer AG     6,350       406,378  
GEA Group AG *     4,370       199,707  
              606,085  
Hong Kong: 1.0%                
Hong Kong Exchanges & Clearing Ltd.     4,300       190,595  
Japan: 4.8%                
Harmonic Drive Systems, Inc.     5,300       176,328  
Japan Tobacco, Inc.     9,000       189,662  
Kao Corp.     4,500       174,749  
Nabtesco Corp.     14,000       343,531  
              884,270  
Netherlands: 2.2%                
ASML Holding NV     604       412,335  
Sweden: 0.9%                
Elekta AB †     23,069       176,455  
Switzerland: 4.0%                
Barry Callebaut AG     184       390,451  
Novartis AG     2,177       200,195  
Roche Holding AG     556       159,116  
              749,762  
Taiwan: 1.1%                
Taiwan Semiconductor Manufacturing Co. Ltd.     12,000       210,295  
    Number
of Shares
    Value  
United Kingdom: 9.7%                
British American Tobacco Plc     9,318     $ 327,391  
Experian Plc     10,685       352,646  
GSK Plc     10,459       185,230  
Imperial Brands Plc     14,825       341,698  
London Stock Exchange Group Plc     4,063       395,550  
Unilever Plc     3,728       193,628  
              1,796,143  
United States: 48.4%                
3M Co.     1,466       154,091  
Allegion plc     1,591       169,807  
Applied Materials, Inc.     1,672       205,372  
Berkshire Hathaway, Inc. *     594       183,409  
Biogen, Inc. *     692       192,397  
Blackbaud, Inc. *     3,076       213,167  
BlackRock, Inc.     525       351,288  
Boeing Co. *     878       186,514  
Charles Schwab Corp.     2,245       117,593  
Comcast Corp.     5,217       197,776  
Constellation Brands, Inc.     1,601       361,650  
Dominion Energy, Inc.     3,028       169,296  
Ecolab, Inc.     1,139       188,539  
Emerson Electric Co.     4,010       349,431  
Equifax, Inc.     910       184,584  
Fortinet, Inc. *     6,304       418,964  
Gilead Sciences, Inc.     2,269       188,259  
Intercontinental Exchange, Inc.     1,777       185,323  
International Flavors & Fragrances, Inc.     1,752       161,114  
Intuit, Inc.     437       194,828  
John Wiley & Sons, Inc.     4,182       162,136  
Kellogg Co.     5,308       355,424  
Lam Research Corp.     369       195,614  
Masco Corp.     7,292       362,558  
Medtronic Plc     2,366       190,747  
Microchip Technology, Inc.     2,153       180,378  
Microsoft Corp.     731       210,747  
Philip Morris International, Inc.     1,824       177,384  
Polaris, Inc.     3,239       358,331  
Rockwell Automation, Inc.     698       204,828  
Roper Technologies, Inc.     847       373,264  
State Street Corp.     4,401       333,112  
Teradyne, Inc.     1,762       189,433  
The Bank of New York Mellon Corp.     3,654       166,038  
US Bancorp     8,245       297,232  
Wells Fargo & Co.     8,544       319,375  
Western Union Co.     13,680       152,532  
Zimmer Biomet Holdings, Inc.     2,928       378,298  
              8,980,833  
Total Common Stocks
(Cost: $16,930,675)
            18,510,665  


 

See Notes to Financial Statements

13

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Number
of Shares
    Value  
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.0%    
Money Market Fund: 1.0%
(Cost: $177,721)
               
State Street Navigator Securities Lending Government Money Market Portfolio     177,721     $ 177,721  
Total Investments: 100.8%
(Cost: $17,108,396)
            18,688,386  
Liabilities in excess of other assets: (0.8)%             (140,347)  
NET ASSETS: 100.0%           $ 18,548,039  


 

 

Definitions:
 
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 $167,628.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Financials          20.2 %        $ 3,746,050  
Industrials     19.8       3,670,473  
Consumer Staples     17.8       3,282,470  
Information Technology     15.1       2,804,397  
Health Care     13.5       2,495,360  
Consumer Discretionary     5.6       1,039,056  
Communication Services     4.1       753,397  
Materials     3.0       550,167  
Utilities     0.9       169,295  
      100.0 %   $ 18,510,665  

 

See Notes to Financial Statements

14

 

 

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Argentina   $ 282,065     $     $     $ 282,065  
Australia           888,428             888,428  
Belgium           403,015             403,015  
Brazil     367,418                   367,418  
Canada     352,357                   352,357  
China     398,659       393,485             792,144  
Denmark           200,515             200,515  
France           1,217,950             1,217,950  
Germany           606,085             606,085  
Hong Kong           190,595             190,595  
Japan           884,270             884,270  
Netherlands           412,335             412,335  
Sweden           176,455             176,455  
Switzerland           749,762             749,762  
Taiwan           210,295             210,295  
United Kingdom           1,796,143             1,796,143  
United States     8,980,833                   8,980,833  
Money Market Fund     177,721                   177,721  
Total Investments   $ 10,559,053     $ 8,129,333     $     $ 18,688,386  

 

See Notes to Financial Statements

15

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.2%                
Australia: 4.2%                
AGL Energy Ltd.     835,812     $ 4,517,514  
Aurizon Holdings Ltd. †     950,912       2,145,963  
WiseTech Global Ltd.     50,270       2,218,884  
              8,882,361  
Belgium: 2.1%                
Anheuser-Busch InBev SA     66,654       4,451,134  
Brazil: 1.1%                
Ambev SA *     785,200       2,219,203  
China: 28.8%                
Alibaba Group Holding Ltd. (HKD) *     191,500       2,425,425  
Anhui Conch Cement Co. Ltd.     448,047       1,842,306  
ANTA Sports Products Ltd. (HKD)     152,400       2,212,698  
ASMPT Ltd. (HKD)     498,300       4,942,099  
Baidu, Inc. (HKD) *     136,000       2,562,396  
Beijing Enterprises Holdings Ltd. (HKD)     578,000       2,080,539  
BOC Hong Kong Holdings Ltd. (HKD)     1,176,500       3,662,719  
China Education Group Holdings Ltd. (HKD)     1,866,000       1,796,005  
China Gas Holdings Ltd. (HKD)     2,845,000       4,005,549  
CLP Holdings Ltd. (HKD)     274,000       1,979,947  
Link REIT (HKD)     609,080       3,916,500  
NetEase, Inc. (HKD)     126,700       2,236,604  
Shanghai Junshi Biosciences Co. Ltd. *     200,069       1,397,508  
Shanghai Pharmaceuticals Holding Co. Ltd.     679,200       2,014,916  
Shanghai Pharmaceuticals Holding Co. Ltd. (HKD)     1,129,300       2,108,906  
Sino Biopharmaceutical Ltd. (HKD)     7,195,000       4,032,738  
Sinopharm Group Co. Ltd. (HKD)     1,452,000       4,387,579  
SJM Holdings Ltd. (HKD) * †     4,201,000       2,102,404  
Tencent Holdings Ltd. (HKD)     46,900       2,291,955  
WH Group Ltd. (HKD) 144A     6,884,500       4,104,145  
Yum China Holdings, Inc. (USD)     69,373       4,397,555  
              60,500,493  
Denmark: 2.0%                
Danske Bank A/S *     102,637       2,068,787  
Pandora A/S     22,429       2,156,938  
              4,225,725  
France: 8.1%                
Accor SA *     137,855       4,489,873  
Airbus SE     32,244       4,314,493  
Alstom SA     150,769       4,112,262  
Worldline SA 144A *     98,327       4,186,265  
              17,102,893  
Germany: 9.4%                
BASF SE     41,063       2,159,628  
    Number
of Shares
    Value  
Germany (continued)                
Bayer AG     33,910     $ 2,170,120  
Bayerische Motoren Werke AG     41,279       4,532,255  
Continental AG     25,335       1,901,750  
Fresenius SE & Co. KGaA     151,668       4,102,891  
HeidelbergCement AG     34,691       2,537,592  
Infineon Technologies AG     58,765       2,417,534  
              19,821,770  
Israel: 1.1%                
Nice Ltd. *     9,912       2,255,084  
Japan: 4.8%                
Kao Corp.     104,900       4,073,596  
MEIJI Holdings Co. Ltd. †     76,800       1,822,230  
Murata Manufacturing Co. Ltd.     37,400       2,273,957  
Nabtesco Corp. †     80,500       1,975,302  
              10,145,085  
Luxembourg: 1.0%                
Millicom International Cellular SA (SEK) (SDR) *     109,802       2,085,419  
Netherlands: 7.3%                
ABN AMRO Bank NV 144A     143,764       2,283,829  
Akzo Nobel NV     27,560       2,159,470  
ING Groep NV     308,500       3,670,128  
STMicroelectronics NV     92,150       4,918,919  
Universal Music Group NV †     89,313       2,265,896  
              15,298,242  
Singapore: 1.9%                
Oversea-Chinese Banking Corp. Ltd.     214,300       1,999,536  
United Overseas Bank Ltd.     84,100       1,888,056  
              3,887,592  
South Korea: 4.8%                
KT Corp.     162,347       3,670,611  
Samsung Electro-Mechanics Co. Ltd.     36,064       4,258,121  
SK Telecom Co. Ltd.     59,122       2,193,549  
              10,122,281  
Spain: 1.0%                
Cellnex Telecom SA 144A *     56,153       2,187,583  
Sweden: 1.0%                
Elekta AB †     265,245       2,028,859  
Switzerland: 2.8%                
Chugai Pharmaceutical Co. Ltd. (JPY)     73,100       1,800,757  
Dufry AG *     92,245       4,120,283  
              5,921,040  
Taiwan: 3.2%                
MediaTek, Inc.     91,000       2,359,276  
Taiwan Semiconductor Manufacturing Co. Ltd.     249,000       4,363,627  
              6,722,903  
United Kingdom: 14.6%                
BT Group Plc     1,381,230       2,493,796  
Experian Plc     55,486       1,831,249  
GSK Plc     235,714       4,174,529  


 

See Notes to Financial Statements

16

 

 

    Number
of Shares
    Value  
United Kingdom (continued)                
HSBC Holdings Plc     594,197     $ 4,047,789  
Imperial Brands Plc     164,418       3,789,636  
Lloyds Banking Group Plc     6,883,818       4,056,673  
Smith & Nephew Plc     146,764       2,044,811  
Swire Properties Ltd. (HKD)     1,524,400       3,923,328  
WPP Plc     366,793       4,367,905  
              30,729,716  
United States: 1.0%                
BRP, Inc. (CAD) †     25,410       1,985,711  
Total Common Stocks
(Cost: $204,237,266)
            210,573,094  
    Number
of Shares
    Value  
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%          
Money Market Fund: 2.5%
(Cost: $5,155,874)
               
State Street Navigator Securities Lending Government Money Market Portfolio     5,155,874     $ 5,155,874  
Total Investments: 102.7%
(Cost: $209,393,140)
            215,728,968  
Liabilities in excess of other assets: (2.7)%   (5,622,477)  
NET ASSETS: 100.0%           $ 210,106,491  


 

 

Definitions:

 

CAD Canadian Dollar
HKD Hong Kong Dollar
JPY Japanese Yen
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 $6,997,413.
* 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 $12,761,822, or 6.1% of net assets.
   
Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Consumer Discretionary     15.3 %       $ 32,120,897  
Health Care     14.4       30,263,615  
Information Technology     14.2       30,007,499  
Financials     13.2       27,863,783  
Communication Services     12.5       26,355,714  
Consumer Staples     9.7       20,459,944  
Industrials     6.8       14,379,269  
Utilities     6.0       12,583,548  
Materials     4.1       8,698,997  
Real Estate     3.8       7,839,828  
      100.0 %   $ 210,573,094  

 

See Notes to Financial Statements

17

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

 

          Level 2     Level 3        
    Level 1     Significant     Significant        
    Quoted     Observable     Unobservable        
    Prices     Inputs     Inputs     Value  
Common Stocks                                
Australia   $     $ 8,882,361     $     $ 8,882,361  
Belgium           4,451,134             4,451,134  
Brazil     2,219,203                   2,219,203  
China     4,397,555       56,102,938             60,500,493  
Denmark           4,225,725             4,225,725  
France           17,102,893             17,102,893  
Germany           19,821,770             19,821,770  
Israel           2,255,084             2,255,084  
Japan           10,145,085             10,145,085  
Luxembourg     2,085,419                   2,085,419  
Netherlands           15,298,242             15,298,242  
Singapore           3,887,592             3,887,592  
South Korea           10,122,281             10,122,281  
Spain           2,187,583             2,187,583  
Sweden           2,028,859             2,028,859  
Switzerland           5,921,040             5,921,040  
Taiwan           6,722,903             6,722,903  
United Kingdom           30,729,716             30,729,716  
United States     1,985,711                   1,985,711  
Money Market Fund     5,155,874                   5,155,874  
Total Investments   $ 15,843,762     $ 199,885,206     $     $ 215,728,968  

 

See Notes to Financial Statements

18

VANECK MORNINGSTAR SMID MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.0%                
Automobiles & Components: 4.7%                
Adient Plc *     15,736     $ 644,548  
Aptiv Plc *     2,781       312,000  
BorgWarner, Inc.     13,863       680,812  
Gentex Corp.     22,823       639,729  
              2,277,089  
Banks: 2.0%                
Comerica, Inc.     9,689       420,696  
Huntington Bancshares, Inc.     22,539       252,437  
M&T Bank Corp.     2,315       276,805  
              949,938  
Capital Goods: 14.3%                
Allegion Plc     2,859       305,141  
Carrier Global Corp.     6,764       309,453  
Crane Holdings Co.     5,820       660,570  
Dover Corp.     4,320       656,381  
Fortive Corp.     9,472       645,706  
Fortune Brands Innovations, Inc.     5,359       314,734  
Graco, Inc.     4,476       326,793  
Ingersoll Rand, Inc.     11,081       644,693  
ITT, Inc.     7,378       636,721  
Masco Corp.     12,740       633,433  
Rockwell Automation, Inc.     1,147       336,587  
Sensata Technologies Holding Plc     13,551       677,821  
WESCO International, Inc.     4,261       658,495  
              6,806,528  
Commercial & Professional Services: 4.8%      
Broadridge Financial Solutions, Inc.     4,488       657,806  
Equifax, Inc.     3,194       647,871  
SS&C Technologies Holdings, Inc.     11,446       646,356  
Stericycle, Inc. *     7,063       308,017  
              2,260,050  
Consumer Discretionary Distribution & Retail: 8.7%  
Advance Auto Parts, Inc.     2,322       282,378  
Asbury Automotive Group, Inc. *     3,112       653,520  
Bath & Body Works, Inc.     8,304       303,760  
Best Buy Co., Inc.     4,010       313,863  
eBay, Inc.     14,872       659,871  
Etsy, Inc. *     2,876       320,185  
Group 1 Automotive, Inc.     3,009       681,298  
Lithia Motors, Inc.     1,359       311,116  
Nordstrom, Inc.     18,182       295,821  
Williams-Sonoma, Inc.     2,630       319,966  
              4,141,778  
Consumer Durables & Apparel: 6.1%          
Garmin Ltd.     6,578       663,852  
Hasbro, Inc.     5,356       287,564  
Mattel, Inc. *     18,171       334,528  
Polaris, Inc.     5,502       608,686  
Ralph Lauren Corp.     2,799       326,559  
Tapestry, Inc.     15,739       678,508  
              2,899,697  
    Number
of Shares
    Value  
Energy: 1.9%                
Equitrans Midstream Corp.     97,576     $ 563,989  
HF Sinclair Corp.     6,470       313,019  
              877,008  
Financial Services: 9.2%                
Carlyle Group, Inc.     9,400       291,964  
Discover Financial Services     6,052       598,180  
Evercore, Inc.     5,324       614,283  
Global Payments, Inc.     6,218       654,382  
SEI Investments Co.     10,683       614,807  
State Street Corp.     3,922       296,856  
The Bank of New York Mellon Corp.     13,427       610,123  
Tradeweb Markets, Inc.     4,548       359,383  
Western Union Co.     24,602       274,312  
              4,314,290  
Food, Beverage & Tobacco: 4.0%                
Boston Beer Co., Inc. *     1,840       604,808  
Ingredion, Inc.     6,433       654,429  
Kellogg Co.     9,290       622,058  
              1,881,295  
Health Care Equipment & Services: 5.9%        
Baxter International, Inc.     6,060       245,794  
DaVita, Inc. *     4,259       345,447  
ICU Medical, Inc. * †     2,103       346,911  
LivaNova Plc *     6,018       262,264  
ResMed, Inc.     2,919       639,232  
Veeva Systems, Inc. *     1,698       312,075  
Zimmer Biomet Holdings, Inc.     5,073       655,432  
              2,807,155  
Household & Personal Products: 0.7%          
Clorox Co.     2,109       333,728  
Materials: 9.0%                
Albemarle Corp.     2,510       554,810  
Celanese Corp.     5,646       614,793  
Dow, Inc.     11,853       649,781  
DuPont de Nemours, Inc.     8,944       641,911  
Eastman Chemical Co.     3,643       307,251  
International Flavors & Fragrances, Inc.     3,049       280,386  
Livent Corp. *     27,199       590,762  
LyondellBasell Industries NV     7,244       680,139  
              4,319,833  
Media & Entertainment: 7.6%                
Electronic Arts, Inc.     2,902       349,546  
Fox Corp.     19,253       655,565  
Live Nation Entertainment, Inc. *     4,391       307,370  
Omnicom Group, Inc.     3,874       365,473  
Paramount Global     16,816       375,165  
Pinterest, Inc. *     12,645       344,829  
Sirius XM Holdings, Inc.     56,708       225,131  
TripAdvisor, Inc. *     15,631       310,432  
Warner Music Group Corp.     19,524       651,516  
              3,585,027  
Pharmaceuticals, Biotechnology & Life Sciences: 3.2%  
Biogen, Inc. *     1,242       345,313  


 

See Notes to Financial Statements

19

VANECK MORNINGSTAR SMID MOAT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Number
of Shares
    Value  
Pharmaceuticals, Biotechnology & Life Sciences (continued)  
Incyte Corp. *     8,194     $ 592,180  
Ionis Pharmaceuticals, Inc. *     16,882       603,363  
              1,540,856  
Real Estate Investment Trusts: 0.6%          
Digital Realty Trust, Inc.     3,077       302,500  
Real Estate Management & Development: 1.8%    
CBRE Group, Inc. *     7,910       575,927  
Jones Lang LaSalle, Inc. *     1,944       282,833  
              858,760  
Semiconductors & Semiconductor Equipment: 4.2%  
Microchip Technology, Inc.     7,773       651,222  
Monolithic Power Systems, Inc.     1,424       712,768  
Skyworks Solutions, Inc.     2,841       335,181  
Teradyne, Inc.     3,153       338,979  
              2,038,150  
Software & Services: 7.2%                
Blackbaud, Inc. *     5,809       402,564  
Cognizant Technology Solutions Corp.     5,447       331,886  
Guidewire Software, Inc. *     4,258       349,369  
Manhattan Associates, Inc. *     2,512       388,983  
    Number
of Shares
    Value  
Software & Services (continued)                
Paycom Software, Inc. *     2,083     $ 633,253  
Splunk, Inc. *     3,265       313,048  
VeriSign, Inc. *     3,115       658,293  
Workday, Inc. *     1,778       367,228  
              3,444,624  
Technology Hardware & Equipment: 4.1%        
Corning, Inc.     18,555       654,620  
F5, Inc. *     2,037       296,771  
Littelfuse, Inc.     2,515       674,246  
Vontier Corp.     12,046       329,338  
              1,954,975  
Total Common Stocks
(Cost: $46,496,210)
            47,593,281  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%          
Money Market Fund: 0.0%
(Cost: $955)
               
State Street Navigator Securities Lending Government Money Market Portfolio     955       955  
Total Investments: 100.0%
(Cost: $46,497,165)
            47,594,236  
Other assets less liabilities: 0.0%             17,585  
NET ASSETS: 100.0%           $ 47,611,821  


 

 

Footnotes:

 

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $295,443.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Consumer Discretionary     19.6 %      $ 9,318,564  
Industrials     19.1       9,066,578  
Information Technology     15.6       7,437,750  
Financials     11.1       5,264,228  
Health Care     9.1       4,348,011  
Materials     9.1       4,319,834  
Communication Services     7.5       3,585,026  
Consumer Staples     4.7       2,215,023  
Real Estate     2.4       1,161,259  
Energy     1.8       877,008  
      100.0 %   $ 47,593,281  

 

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

 

          Level 2     Level 3        
    Level 1     Significant     Significant        
    Quoted     Observable     Unobservable        
    Prices     Inputs     Inputs     Value  
Common Stocks *   $ 47,593,281     $     $     $ 47,593,281  
Money Market Fund     955                   955  
Total Investments   $ 47,594,236     $     $     $ 47,594,236  
   
* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

20

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.9%                
Banks: 4.0%                
US Bancorp     4,055,057     $ 146,184,805  
Wells Fargo & Co.     4,189,440       156,601,267  
              302,786,072  
Capital Goods: 10.5%                
3M Co.     1,560,849       164,060,838  
Allegion Plc     804,207       85,833,013  
Boeing Co. *     461,681       98,074,895  
Emerson Electric Co.     1,971,249       171,774,638  
Masco Corp.     3,575,232       177,760,535  
Rockwell Automation, Inc.     332,485       97,567,723  
              795,071,642  
Commercial & Professional Services: 4.8%      
Equifax, Inc. †     902,798       183,123,546  
TransUnion     2,917,490       181,292,829  
              364,416,375  
Consumer Discretionary Distribution & Retail: 6.6%  
Amazon.com, Inc. *     1,948,550       201,265,729  
Etsy, Inc. *     1,501,356       167,145,964  
MercadoLibre, Inc. *     101,689       134,032,203  
              502,443,896  
Consumer Durables & Apparel: 2.3%          
Polaris, Inc.     1,586,791       175,546,688  
Consumer Services: 1.3%                
Domino’s Pizza, Inc.     295,539       97,489,450  
Financial Services: 8.2%                
Berkshire Hathaway, Inc. *     283,031       87,391,482  
BlackRock, Inc.     136,377       91,252,578  
Intercontinental Exchange, Inc.     1,747,868       182,285,154  
State Street Corp.     1,094,552       82,846,641  
Tradeweb Markets, Inc.     1,356,695       107,206,039  
Western Union Co.     6,512,934       72,619,214  
              623,601,108  
Food, Beverage & Tobacco: 3.6%          
Constellation Brands, Inc.     420,642       95,018,821  
Kellogg Co.     2,617,684       175,280,121  
              270,298,942  
Health Care Equipment & Services: 7.4%      
Medtronic Plc     2,306,667       185,963,493  
Veeva Systems, Inc. *     1,044,890       192,040,333  
Zimmer Biomet Holdings, Inc.     1,437,909       185,777,843  
              563,781,669  
Materials: 4.8%                
Ecolab, Inc.     1,158,517       191,769,319  
International Flavors & Fragrances, Inc.     1,885,219       173,364,739  
              365,134,058  
Media & Entertainment: 11.0%                
Alphabet, Inc. *     1,919,231       199,081,832  
Comcast Corp.     5,045,351       191,269,256  
Meta Platforms, Inc. *     1,206,933       255,797,380  
Walt Disney Co. *     1,872,959       187,539,385  
              833,687,853  
Pharmaceuticals, Biotechnology & Life Sciences: 4.9%  
Biogen, Inc. *     649,933       180,700,872  
    Number
of Shares
    Value  
Pharmaceuticals, Biotechnology & Life Sciences (continued)  
Gilead Sciences, Inc.     1,146,655     $ 95,137,966  
Pfizer, Inc.     2,299,259       93,809,767  
              369,648,605  
Semiconductors & Semiconductor Equipment: 7.9%  
Lam Research Corp.     372,483       197,460,688  
Microchip Technology, Inc.     1,088,044       91,156,326  
Monolithic Power Systems, Inc.     226,032       113,138,057  
Teradyne, Inc.     1,820,576       195,730,126  
              597,485,197  
Software & Services: 21.5%                
Adobe, Inc. *     516,168       198,915,662  
Fortinet, Inc. *     3,087,396       205,188,338  
Intuit, Inc.     221,392       98,703,195  
Microsoft Corp.     710,393       204,806,302  
Roper Technologies, Inc.     217,308       95,765,463  
Salesforce, Inc. *     1,166,488       233,040,973  
ServiceNow, Inc. *     420,181       195,266,514  
Tyler Technologies, Inc. *     539,935       191,482,549  
Workday, Inc. *     994,478       205,399,486  
              1,628,568,482  
Utilities: 1.1%                
Dominion Energy, Inc.     1,441,737       80,607,516  
Total Common Stocks
(Cost: $7,415,587,755)
            7,570,567,553  
Total Investments: 99.9%
(Cost: $7,415,587,755)
            7,570,567,553  
Other assets less liabilities: 0.1%       9,737,852  
NET ASSETS: 100.0%           $ 7,580,305,405  


 

See Notes to Financial Statements

21

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

 

Footnotes:

 

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $20,527,408.

 

Summary of Investments by Sector   % of
Investments
  Value  
Information Technology     29.4 %       $ 2,226,053,679  
Industrials     15.3       1,159,488,017  
Health Care     12.4       933,430,274  
Financials     12.2       926,387,180  
Communication Services     11.0       833,687,853  
Consumer Discretionary     10.2       775,480,034  
Materials     4.8       365,134,058  
Consumer Staples     3.6       270,298,942  
Utilities     1.1       80,607,516  
      100.0 %   $ 7,570,567,553  

 

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

 

          Level 2     Level 3        
    Level 1     Significant     Significant        
    Quoted     Observable     Unobservable        
    Prices     Inputs     Inputs     Value  
Common Stocks *   $ 7,570,567,553     $     $     $ 7,570,567,553  
   
* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

22

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.9%                
Automobiles & Components: 9.6%
Ford Motor Co.     77,751     $ 979,663  
Lucid Group, Inc. * †     202,243       1,626,034  
Rivian Automotive, Inc. * †     65,888       1,019,946  
Tesla, Inc. *     9,357       1,941,203  
              5,566,846  
Banks: 2.7%                
Bank of America Corp.     19,485       557,271  
JPMorgan Chase & Co.     7,579       987,619  
              1,544,890  
Capital Goods: 3.8%                
Boeing Co. *     3,354       712,490  
Caterpillar, Inc.     1,405       321,520  
General Electric Co.     3,418       326,761  
Lockheed Martin Corp.     711       336,111  
Plug Power, Inc. * †     41,527       486,696  
              2,183,578  
Consumer Discretionary Distribution & Retail: 7.4%  
Amazon.com, Inc. *     17,537       1,811,397  
GameStop Corp. * †     92,347       2,125,828  
The Home Depot, Inc.     1,169       344,995  
              4,282,220  
Consumer Services: 6.4%                
Airbnb, Inc. *     6,432       800,141  
Carnival Corp. * †     78,766       799,475  
DraftKings, Inc. *     74,062       1,433,840  
Norwegian Cruise Line Holdings Ltd. *     22,506       302,706  
Starbucks Corp.     3,262       339,672  
              3,675,834  
Consumer Staples Distribution & Retail: 3.0%      
Costco Wholesale Corp.     948       471,033  
Target Corp.     2,354       389,893  
Walmart, Inc.     6,165       909,029  
              1,769,955  
Energy: 3.9%                
Devon Energy Corp.     10,989       556,153  
Exxon Mobil Corp.     4,924       539,966  
Occidental Petroleum Corp.     13,687       854,479  
Southwestern Energy Co. *     61,495       307,475  
              2,258,073  
Financial Services: 8.1%                
Block, Inc. *     10,580       726,317  
Coinbase Global, Inc. *     27,851       1,881,892  
Goldman Sachs Group, Inc.     1,215       397,439  
Morgan Stanley     3,822       335,572  
PayPal Holdings, Inc. *     8,676       658,855  
Robinhood Markets, Inc. *     43,426       421,666  
Visa, Inc.     1,481       333,906  
              4,755,647  
Food, Beverage & Tobacco: 1.4%                
Altria Group, Inc.     6,463       288,379  
The Coca-Cola Co.     8,716       540,653  
              829,032  
Materials: 0.5%                
United States Steel Corp.     10,149       264,889  
    Number
of Shares
    Value  
Media & Entertainment: 15.3%                
Alphabet, Inc. *     17,527     $ 1,818,076  
Meta Platforms, Inc. *     8,906       1,887,538  
Netflix, Inc. *     2,413       833,643  
Paramount Global     25,805       575,710  
Roblox Corp. *     16,103       724,313  
Roku, Inc. *     11,798       776,544  
Snap, Inc. *     66,185       741,934  
Trade Desk, Inc. *     5,339       325,198  
Walt Disney Co. *     8,642       865,323  
Warner Bros Discovery, Inc. *     27,135       409,739  
              8,958,018  
Pharmaceuticals, Biotechnology & Life Sciences: 4.4%  
AbbVie, Inc.     2,359       375,953  
Agilent Technologies, Inc.     5,028       695,574  
Johnson & Johnson     2,425       375,875  
Moderna, Inc. *     3,785       581,300  
Pfizer, Inc.     14,215       579,972  
              2,608,674  
Real Estate Investment Trusts: 0.7%          
Medical Properties Trust, Inc.     46,757       384,343  
Semiconductors & Semiconductor Equipment: 11.0%  
Advanced Micro Devices, Inc. *     18,275       1,791,133  
Enphase Energy, Inc. *     2,248       472,709  
First Solar, Inc. *     1,515       329,513  
Intel Corp.     36,006       1,176,316  
Micron Technology, Inc.     6,958       419,846  
NVIDIA Corp.     6,905       1,918,002  
Qualcomm, Inc.     2,261       288,458  
              6,395,977  
Software & Services: 15.7%                
Cloudflare, Inc. *     14,899       918,672  
Crowdstrike Holdings, Inc. *     4,533       622,200  
Microsoft Corp.     5,874       1,693,474  
Palantir Technologies, Inc. *     210,397       1,777,855  
Palo Alto Networks, Inc. *     1,867       372,915  
Salesforce, Inc. *     4,121       823,293  
Shopify, Inc. *     24,042       1,152,573  
Snowflake, Inc. *     4,657       718,529  
Twilio, Inc. *     5,355       356,804  
Zoom Video Communications, Inc. *     4,971       367,059  
Zscaler, Inc. *     2,978       347,920  
              9,151,294  
Technology Hardware & Equipment: 3.8%          
Apple, Inc.     10,744       1,771,686  
Cisco Systems, Inc.     8,428       440,574  
              2,212,260  
Telecommunication Services: 0.7%          
Verizon Communications, Inc.     10,418       405,156  
Transportation: 1.5%                
American Airlines Group, Inc. *     24,279       358,115  


 

See Notes to Financial Statements

23

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Number
of Shares
    Value  
Transportation (continued)                
Uber Technologies, Inc. *     16,256     $ 515,315  
              873,430  
Total Common Stocks
(Cost: $55,438,520)
            58,120,116  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.2%          
Money Market Fund: 6.2%
(Cost: $3,584,301)
               
State Street Navigator Securities Lending Government Money Market Portfolio     3,584,301       3,584,301  
Total Investments: 106.1%
(Cost: $59,022,821)
            61,704,417  
Liabilities in excess of other assets: (6.1)%     (3,529,951)
NET ASSETS: 100.0%            $ 58,174,466  


 

 

Footnotes:

 

Security fully or partially on loan. Total market value of securities on loan is $5,774,869.
* Non-income producing
   
Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Information Technology     30.5 %      $ 17,759,529  
Consumer Discretionary     23.3       13,524,900  
Communication Services     16.1       9,363,174  
Financials     10.9       6,300,537  
Industrials     5.3       3,057,009  
Health Care     4.5       2,608,675  
Consumer Staples     4.4       2,598,988  
Energy     3.9       2,258,073  
Real Estate     0.7       384,342  
Materials     0.4       264,889  
      100.0 %   $ 58,120,116  

 

The summary of inputs used to value the Fund’s investments as of March 31, 2023 is as follows:

 

          Level 2     Level 3        
    Level 1     Significant     Significant        
    Quoted     Observable     Unobservable        
    Prices     Inputs     Inputs     Value  
Common Stocks *   $ 58,120,116     $     $     $ 58,120,116  
Money Market Fund     3,584,301                   3,584,301  
Total Investments   $ 61,704,417     $     $     $ 61,704,417  
   
* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

24

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2023 (unaudited)

 

    Commodity
Strategy ETF (a)
    Durable High
Dividend ETF
    Inflation
Allocation ETF (a)
    Long/Flat Trend
ETF
 
Assets:                                
Investments, at value (1)                                
Unaffiliated issuers (2)   $ 32,018,335     $ 94,971,050     $ 67,820,770     $ 23,560,400  
Affiliated issuers (3)                 53,985,509        
Short-term investments held as collateral for securities loaned (4)                 13,621,763        
Cash     1,325,927       165,689       165,422       907,576  
Cash on deposit with broker for futures contracts     578,090                    
Receivables:                                
Investment securities sold           173,582       627,821        
Shares of beneficial interest sold     4,849,020                    
Dividends and interest           236,907       75,268       31  
Prepaid expenses                 1,640       624  
Total assets     38,771,372       95,547,228       136,298,193       24,468,631  
Liabilities:                                
Payables:                                
Investment securities purchased     4,603,234                    
Shares of beneficial interest redeemed                 627,387        
Collateral for securities loaned                 13,621,763        
Line of credit                       879,794  
Due to Adviser     13,386       23,362       28,211       45,991  
Deferred Trustee fees           624       753       1,252  
Accrued expenses           501       28,268       41,152  
Variation margin on futures contracts     229,819                    
Total liabilities     4,846,439       24,487       14,306,382       968,189  
NET ASSETS   $ 33,924,933     $ 95,522,741     $ 121,991,811     $ 23,500,442  
Shares outstanding     700,000       3,050,000       4,825,000       650,000  
Net asset value, redemption and offering price per share   $ 48.46     $ 31.32     $ 25.28     $ 36.15  
Net Assets consist of:                                
Aggregate paid in capital   $ 34,677,152     $ 101,478,666     $ 144,548,710     $ 29,090,152  
Total distributable earnings (loss)     (752,219 )     (5,955,925 )     (22,556,899 )     (5,589,710 )
NET ASSETS   $ 33,924,933     $ 95,522,741     $ 121,991,811     $ 23,500,442  
(1) Value of securities on loan   $     $     $ 27,582,056     $  
(2) Cost of investments - Unaffiliated issuers   $ 32,012,908     $ 93,101,266     $ 69,293,141     $ 23,559,068  
(3) Cost of investments - Affiliated issuers   $     $     $ 55,982,350     $  
(4) Cost of short-term investments held as collateral for securities loaned   $     $     $ 13,621,763     $  
                                   
(a) Consolidated Statement of Assets and Liabilities

 

See Notes to Financial Statements

25

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2023 (unaudited)

 

    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)   $ 4,095,199     $ 18,510,665     $ 210,573,094     $ 47,593,281  
Short-term investments held as collateral for securities loaned (3)           177,721       5,155,874       955  
Cash     24,423       14,639       4,997       13,784  
Cash denominated in foreign currency, at value (4)           8,211       300,820        
Receivables:                                
Shares of beneficial interest sold                       1,396,800  
Due from Adviser     5,655       986              
Dividends and interest     3,779       35,550       446,380       48,766  
Prepaid expenses     474       534       1,171        
Total assets     4,129,530       18,748,306       216,482,336       49,053,586  
Liabilities:                                
Payables:                                
Investment securities purchased                       1,396,568  
Shares of beneficial interest redeemed           30       18,599        
Collateral for securities loaned           177,721       5,155,874       955  
Line of credit                 1,108,710        
Due to Adviser                 82,631       11,142  
Deferred Trustee fees     6       275       2,260       10  
Accrued expenses     28,377       22,241       7,771       33,090  
Total liabilities     28,383       200,267       6,375,845       1,441,765  
NET ASSETS   $ 4,101,147     $ 18,548,039     $ 210,106,491     $ 47,611,821  
Shares outstanding     175,000       550,000       6,600,000       1,675,000  
Net asset value, redemption and offering price per share   $ 23.44     $ 33.72     $ 31.83     $ 28.42  
Net Assets consist of:                                
Aggregate paid in capital   $ 4,024,476     $ 16,918,301     $ 225,454,102     $ 46,672,369  
Total distributable earnings (loss)     76,671       1,629,738       (15,347,611 )     939,452  
NET ASSETS   $ 4,101,147     $ 18,548,039     $ 210,106,491     $ 47,611,821  
(1) Value of securities on loan   $     $ 167,628     $ 6,997,413     $ 295,443  
(2) Cost of investments - Unaffiliated issuers   $ 3,811,165     $ 16,930,675     $ 204,237,266     $ 46,496,210  
(3) Cost of short-term investments held as collateral for securities loaned   $     $ 177,721     $ 5,155,874     $ 955  
(4) Cost of cash denominated in foreign currency   $     $ 8,221     $ 296,988     $  
                                   

See Notes to Financial Statements

26

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2023 (unaudited)

 

    Morningstar Wide
Moat ETF
    Social Sentiment
ETF
 
Assets:                
Investments, at value (1)                
Unaffiliated issuers (2)   $ 7,570,567,553     $ 58,120,116  
Short-term investments held as collateral for securities loaned (3)           3,584,301  
Cash     11,709,031       54,261  
Receivables:                
Investment securities sold           728,474  
Shares of beneficial interest sold     32,991,882        
Dividends and interest     7,519,598       35,522  
Prepaid expenses     31,454        
Total assets     7,622,819,518       62,522,674  
Liabilities:                
Payables:                
Investment securities purchased     39,466,037        
Shares of beneficial interest redeemed           727,855  
Collateral for securities loaned           3,584,301  
Due to Adviser     2,757,345       36,052  
Deferred Trustee fees     150,734        
Accrued expenses     139,997        
Total liabilities     42,514,113       4,348,208  
NET ASSETS   $ 7,580,305,405     $ 58,174,466  
Shares outstanding     102,650,000       3,900,000  
Net asset value, redemption and offering price per share   $ 73.85     $ 14.92  
Net Assets consist of:                
Aggregate paid in capital   $ 8,200,674,088     $ 157,573,854  
Total distributable earnings (loss)     (620,368,683 )     (99,399,388 )
NET ASSETS   $ 7,580,305,405     $ 58,174,466  
(1) Value of securities on loan   $ 20,527,408     $ 5,774,869  
(2) Cost of investments - Unaffiliated issuers   $ 7,415,587,755     $ 55,438,520  
(3) Cost of short-term investments held as collateral for securities loaned   $     $ 3,584,301  

 

See Notes to Financial Statements

27

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended March 31, 2023 (unaudited)

 

    Commodity
Strategy ETF (a)
(b)
    Durable High
Dividend ETF
    Inflation
Allocation ETF (a)
    Long/Flat Trend
ETF
 
Income:                                
Dividends - unaffiliated issuers   $     $ 1,611,873     $ 823,693     $ 77,062  
Dividends - affiliated issuers                 629,087        
Interest     334,711             5,642       246,508  
Securities lending income           3,779       96,577       4,002  
Total income     334,711       1,615,652       1,554,999       327,572  
Expenses:                                
Management fees     41,823       127,827       338,140       72,985  
Professional fees                 21,003       18,375  
Custody and accounting fees                 13,254       12,206  
Reports to shareholders                 6,829       4,947  
Trustees’ fees and expenses                 9,042       1,426  
Registration fees                 9,367       3,096  
Insurance                 2,997       1,058  
Interest and taxes     561       5,768       296       18,375  
Other                 1,171       799  
Total expenses     42,384       133,595       402,099       133,267  
Waiver of management fees                 (112,265 )     (34,608 )
Net expenses     42,384       133,595       289,834       98,659  
Net investment income     292,327       1,482,057       1,265,165       228,913  
                                 
Net realized gain (loss) on:                                
Investments - unaffiliated issuers     87       (3,348,017 )     (4,856,544 )     361,074  
Investments - affiliated issuers                 (1,300,398 )      
In-kind redemptions - unaffiliated issuers           3,290,012       565,578       2,308,554  
In-kind redemptions - affiliated issuers                 449,948        
Futures     (816,942 )                  
Net realized gain (loss)     (816,855 )     (58,005 )     (5,141,416 )     2,669,628  
                                 
Net change in unrealized appreciation (depreciation) on:                                
Investments - unaffiliated issuers     5,437       8,857,490       13,845,798       (16,932 )
Investments - affiliated issuers                 6,170,659        
Futures     (233,128 )                  
Net change in unrealized appreciation (depreciation)     (227,691 )     8,857,490       20,016,457       (16,932 )
Net Increase (Decrease) in Net Assets Resulting from Operations   $ (752,219 )   $ 10,281,542     $ 16,140,206     $ 2,881,609  
   
(a) Consolidated Statement of Operations
(b) For the period December 21, 2022 (commencement of operations) through March 31, 2023.

 

See Notes to Financial Statements

28

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended March 31, 2023 (unaudited)

 

    Morningstar ESG
Moat ETF
    Morningstar
Global Wide
Moat ETF
    Morningstar
International
Moat ETF
    Morningstar
SMID Moat
ETF (a)
 
Income:                                
Dividends   $ 36,157     $ 238,542     $ 794,630     $ 274,532  
Interest     166       387             83  
Securities lending income           430       4,624       1,459  
Foreign taxes withheld           (9,249 )     (42,978 )      
Total income     36,323       230,110       756,276       276,074  
Expenses:                                
Management fees     8,661       39,557       253,356       65,575  
Professional fees     19,527       22,385       21,082       27,132  
Custody and accounting fees     9,445       17,508       25,524       15,925  
Reports to shareholders     1,772       5,109       5,395       4,512  
Trustees’ fees and expenses     723       771       537       560  
Registration fees     2,755       1,816       2,534       2,424  
Insurance     944       991       2,051        
Interest           139       2,046        
Other     248       830       768       502  
Total expenses     44,075       89,106       313,293       116,630  
Waiver of management fees     (8,661 )     (39,557 )     (27,488 )     (45,227 )
Expenses assumed by the Adviser     (25,984 )     (3,700 )            
Net expenses     9,430       45,849       285,805       71,403  
Net investment income     26,893       184,261       470,471       204,671  
                                 
Net realized gain (loss) on:                                
Investments     (252,797 )     (545,396 )     (4,606,847 )     (1,829,174 )
In-kind redemptions     94,888       547,451       (638,811 )     1,532,895  
Foreign currency transactions and foreign denominated assets and liabilities           (301 )     67,588        
Net realized gain (loss)     (157,909 )     1,754       (5,178,070 )     (296,279 )
                                 
Net change in unrealized appreciation (depreciation) on:                                
Investments     705,334       3,029,949       18,795,702       1,097,070  
Foreign currency translations and foreign denominated assets and liabilities           655       19,479        
Net change in unrealized appreciation (depreciation)     705,334       3,030,604       18,815,181       1,097,070  
Net Increase in Net Assets Resulting from Operations   $ 574,318     $ 3,216,619     $ 14,107,582     $ 1,005,462  
   
(a) For the period October 5, 2022 (commencement of operations) through March 31, 2023.

 

See Notes to Financial Statements

29

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Period Ended March 31, 2023 (unaudited)

 

    Morningstar
Wide Moat ETF
    Social Sentiment
ETF
 
Income:                
Dividends   $ 48,936,589     $ 312,817  
Interest     172,535       524  
Securities lending income     419,582       101,941  
Foreign taxes withheld           (149 )
Total income     49,528,706       415,133  
Expenses:                
Management fees     15,023,839       217,057  
Professional fees     20,269       145,295  
Custody and accounting fees     20,158        
Reports to shareholders     160,177        
Trustees’ fees and expenses     35,300        
Registration fees     26,376        
Insurance     34,071        
Interest and taxes     253,001       346  
Other     24,006        
Total expenses     15,597,197       362,698  
Reimbursement from the Adviser           (47,782 )
Reimbursement from insurance proceeds           (97,513 )
Net expenses     15,597,197       217,403  
Net investment income     33,931,509       197,730  
                 
Net realized gain (loss) on:                
Investments     (298,190,050 )     (12,044,579 )
In-kind redemptions     352,148,715       4,828,625  
Foreign currency transactions and foreign denominated assets and liabilities           (5 )
Net realized gain (loss)     53,958,665       (7,215,959 )
                 
Net change in unrealized appreciation (depreciation) on:                
Investments     1,330,984,661       15,336,111  
Net change in unrealized appreciation (depreciation)     1,330,984,661       15,336,111  
Net Increase