ANNUAL REPORT

September 30, 2023

 

Biotech ETF BBH
Digital Transformation ETF DAPP
Energy Income ETF EINC
Environmental Services ETF EVX
Gaming ETF BJK
Green Infrastructure ETF RNEW
Pharmaceutical ETF PPH
Retail ETF RTH
Robotics ETF IBOT
Semiconductor ETF SMH
Video Gaming and eSports ETF ESPO

 

     
  800.826.2333 vaneck.com
 

 

 

President’s Letter 1
Management Discussion 3
Performance Comparison  
Biotech ETF 7
Digital Transformation ETF 8
Energy Income ETF 9
Environmental Services ETF 10
Gaming ETF 11
Green Infrastructure ETF 12
Pharmaceutical ETF 13
Retail ETF 14
Semiconductor ETF 15
Video Gaming and eSports ETF 16
About Fund Performance 17
Explanation of Expenses 18
Schedule of Investments  
Biotech ETF 20
Digital Transformation ETF 21
Energy Income ETF 22
Environmental Services ETF 23
Gaming ETF 24
Green Infrastructure ETF 26
Pharmaceutical ETF 28
Retail ETF 29
Robotics ETF 30
Semiconductor ETF 32
Video Gaming and eSports ETF 33
Statements of Assets and Liabilities 35
Statements of Operations 38
Statements of Changes in Net Assets 41
Financial Highlights  
Biotech ETF 47
Digital Transformation ETF 48
Energy Income ETF 49
Environmental Services ETF 50
Gaming ETF 51
Green Infrastructure ETF 52
Pharmaceutical ETF 53
Retail ETF 54
Robotics ETF 55
Semiconductor ETF 56
Video Gaming and eSports ETF 57
Notes to Financial Statements 58
Report of Independent Registered Public Accounting Firm 69
Tax Information 72
Board of Trustees and Officers 73
Approval of Investment Management Agreements 76

 

 

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)

 

Biotech

 

Biotech stocks performed positively overall in the 12 months period, with the VanEck Biotech ETF gaining 11.24%. Having hit a high in early-December 2022, biotech stocks essentially oscillated and moved sideways for the rest of the period, but ended the year up on its start. Larger companies were able to maintain the financial impetus they had achieved during COVID-19 and continued to grow. However, such growth proved more difficult for medium-size and small biotech companies.

 

By end-September 2022, the FDA had approved 26 “novel drugs”, 1 over the next three months a further 11 were added and the total tally for the year was 37. 2 By end-September 2023, up on the previous year at the same time, some 40 novel drugs had already been approved. 3

 

The three top positive contributions to the Fund’s performance came from: Amgen, Inc. (14.4% of Fund net assets), Gilead Sciences, Inc. (8.5% of Fund net assets) and Seagen, Inc. (4.9% of Fund net assets). The companies that detracted most from performance were: Illumina, Inc. (4.1% of Fund net assets), BioNTech SE (2.8% of Fund net assets) and Alnylam Pharmaceuticals, Inc. (2.7% of Fund net assets).

 

Digital Transformation

 

The VanEck Digital Transformation ETF registered a gain of 10.29% over the 12 month period. The somewhat lack luster, albeit positive, performance of broadly-based digital transformation stocks can be ascribed to both a lack of enthusiasm—crypto “fatigue”—and continuing negative sentiment in the underlying digital asset space. In addition, neither was helped by continuing scandals in the space, for example, starting in November 2022, that around FTX.

 

Rising interest rates also squeezed stocks, not least by raising the cost of capital and reducing the value of future earnings: a challenge for companies that might be both “early stage” and still unprofitable.

 

The three companies that contributed most to the Fund’s performance were: Applied Digital Corp. (5.6% of Fund net assets), Bit Digital, Inc. (4.9% of Fund net assets) and Riot Platforms, Inc. (5.6% of Fund net assets). The three companies that detracted most from performance were: Silvergate Capital Corp. (sold during the period), Argo Blockchain Plc (sold during the period) and Canaan, Inc. (4.9% of Fund net assets).

 

Energy Income

 

Robust energy commodity prices during the period under review benefited midstream energy companies, including MLPs (master limited partnerships). Despite volatility during the period, both crude oil and natural gas prices remained firm, as did demand. For example, having started the 12 month period at $75.88 a barrel, after a few hiccups on the way, West Texas Intermediate (WTI) ended the period just 19.65% higher at $90.79 a barrel.

 

For the 12 months ended September 30, 2023, the VanEck Energy Income ETF gained 18.70%. The three greatest contributors to performance were: Magellan Midstream Partners LP (acquired by another compay during the period), Targa Resources Corp. (4.6% of Fund net assets) and Energy Transfer LP (4.7% of Fund net assets). TC Energy Corp. (6.3% of Fund net assets), Enbridge, Inc. (8.1% of Fund net assets) and NextDecade Corp. (0.6% of Fund net assets) detracted the most from overall performance.

 

Environmental Services

 

The VanEck Environmental Services ETF had a roller coaster of a financial year, but ended the 12 month period under review with a gain of 10.24%. Having slowly, if erratically, made their way to a high toward the end of July, environmental stocks then fell through the end of September 2023, but remained in positive territory.

 

Themes in the sector during the 12 month period included the plastic debate and legislation, the demand for skilled labor (and the dearth of such workers) and the beneficial reuse of waste. In addition to corporations’ continuing commitment to ESG and sustainability, consolidation and M&A activity, together with funding

3

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

 

from infrastructure investment legislation passed in 2021 and 2022’s Inflation Reduction Act were beneficial for environmental services companies.

 

The three top positive contributions to the Fund’s performance came from: Ecolab, Inc. (10.3% of Fund net assets), Evoqua Water Technologies Corp. (acquired by another company during the period) and Clean Harbors, Inc. (3.5% of Fund net assets). The three companies that detracted most from performance were: Li-Cycle Holdings Corp. (1.7% of Fund net assets), Ambipar Emergency Response (sold during the period) and Darling Ingredients Inc. (3.3% of Fund net assets).

 

Gaming

 

The VanEck Gaming ETF posted a gain of 22.55% for the 12 month period. Having risen through to highs in the middle of July 2023, gaming stocks declined through the end of September 2023, but remained in positive territory.

 

In Macau, China, the world’s biggest gaming hub, in 2023, gross gaming revenue (“GGR”) recovery was “so sturdy that the metric could approach 90% of pre-coronavirus levels.” 4 In Nevada, during the 11 month period through the end of July 2023, the “gaming win” 5 for the majority of months were up year-on-year—ranging from 17.99% in January 2023 and 0.07% in August 2023. The most it was down was 7.62% in November 2022.6

 

The three top positive contributions to the Fund’s performance came from: Flutter Entertainment Plc (8.1% of Fund net assets), DraftKings, Inc. (5.7% of Fund net assets) and Evolution AB (6.6% of Fund net assets). The three companies that detracted most from performance were: Star Entertainment Group Ltd. (0.6% of Fund net assets), Kangwon Land, Inc. (0.8% of Fund net assets) and Galaxy Entertainment Group Ltd. (5.0% of Fund net assets).

 

Green Infrastructure

 

Over the period from inception (October 18, 2022) to September 30, 2023, the VanEck Green Infrastructure ETF lost 5.62%. While, as with environmental services stocks, green infrastructure stocks were helped both by funding from infrastructure investment legislation passed in 2021 and 2022’s Inflation Reduction Act, they faced a number of headwinds, not least high interest rates and, in particular, a tight labor market.

 

The three top positive contributions to the Fund’s performance came from: Tesla, Inc. (5.6% of Fund net assets), Quanta Services, Inc. (5.4% of Fund net assets) and First Solar, Inc. (4.5% of Fund net assets). The three companies that detracted most from performance were: Plug Power, Inc. (2.1% of Fund net assets), Enphase Energy, Inc. (3.5% of Fund net assets) and Lucid Group, Inc. (4.6% of Fund net assets).

 

Pharmaceutical

 

Despite a “tough year in the stock market” 7 in 2023, pharmaceutical stocks in the VanEck Pharmaceutical ETF had a positive 12 month period gaining 21.14% by September 30, 2023. Also as noted by The Wall Street Journal, while, on the one hand, “[s]urging demand for medications that treat Type 2 diabetes and help patients lose weight has driven a major rally on Wall Street,” 8 on the other “[d]rugmakers who sell Covid-19 vaccines and treatments have fared especially poorly.” 9

 

In addition, toward the end of the financial year, the prospect of forthcoming negotiations around drug pricing had started to cast a pall over the space.

 

The three top positive contributions to the Fund’s performance came from: Novo Nordisk A/S (5.8% of Fund net assets), Eli Lilly & Co. (7.5% of Fund net assets) and Sanofi (5.1% of Fund net assets). The three companies that detracted most from performance were: Catalent, Inc. (1.8% of Fund net assets), Pfizer, Inc. (4.8% of Fund net assets) and Bristol-Myers Squibb Co. (4.4% of Fund net assets).

4

 

 

Retail

 

After a slow first six months, and despite rising inflation, higher interest rates (which reduce the value of future earnings), retail losses worldwide and the fears of recession, in the second six months of the 12 month period retail stocks in the VanEck Retail ETF rose steadily and had gained 9.58% by September 30, 2023.

 

The three top positive contributions to the Fund’s performance came from: Amazon.com, Inc. (19.5% of Fund net assets), Walmart, Inc. (8.7% of Fund net assets) and The TJX Companies, Inc. (4.6% of Fund net assets). The three companies that detracted most from performance were: JD.com, Inc. (3.7% of Fund net assets), Dollar General Corp. (1.5% of Fund net assets) and CVS Health Corp. (5.0% of Fund net assets).

 

Robotics

 

Over the period from inception (April 5, 2023) to September 30, 2023, the VanEck Robotics ETF gained 2.18%. In general, in the robotics space, technology continued to be the main driver of advancements, making robots both more capable and more efficient.

 

Offering safe, versatile automation in manufacturing and with unique features and minimal programming, cobots (collaborative robots) showed themselves to be an area of particular interest and research. And, indeed, one championed by industry leaders. As costs continued to come down and labor became both more expensive and less available, adoption (and replacement with robots) continued to become more widespread.

 

The three top positive contributions to the Fund’s performance came from: NVIDIA Corp. (6.2% of Fund net assets), Denso Corp. (4.4% of Fund net assets) and Emerson Electric Co. (6.1% of Fund net assets). The three companies that detracted most from performance were: Keyence Corp. (4.2% of Fund net assets), Hexagon AB (2.3% of Fund net assets) and Fanuc Corp. (2.6% of Fund net assets)

 

Semiconductor

 

In stark contrast to its performance over the previous financial year, by September 30, 2023, the VanEck Semiconductor ETF had gained 58.49%.

 

Despite the semiconductor market continuing to suffer from the fallout resulting from the trade restrictions between the U.S. and China, the excitement and optimism around artificial intelligence (“AI”) was a significant tailwind and driver of performance.

 

The three top positive contributions to the Fund’s performance came from: NVIDIA Corp. (19.7% of Fund net assets), Broadcom, Inc. (6.5% of Fund net assets) and Taiwan Semiconductor Manufacturing Co., Ltd. (12.6% of Fund net assets). The only company that detracted from performance was: Qualcomm, Inc. (4.7% of Fund net assets). Qorvo, Inc. (0.4% of Fund net assets) and Universal Display Corp. (0.3% of Fund net assets) contributed the least.

 

Video Games and eSports

 

Video gaming and esports stocks performed positively over the 12 months period, with the VanEck Video Gaming and eSports ETF up 28.11%. In addition to a more encouraging macro-economic environment, the specifically semiconductor-related Fund companies faced fewer difficulties than they had been, for example, declining demand following a period of chip shortages. The market’s more benign attitude to tech stocks also helped. Two further drivers were the growth in AI and an increase in gaming revenues.

 

The three top positive contributions to the Fund’s performance came from: NVIDIA Corp. (7.8% of Fund net assets), Advanced Micro Devices, Inc. (6.9% of Fund net assets) and Tencent Holdings Ltd. (7.8% of Fund net assets). The three companies that detracted most from performance were: Embracer Group AB (sold during the period), Krafton, Inc. (1.9% of Fund net assets) and Sea Ltd. (5.3% of Fund net assets).

5

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

 

† All Fund assets referenced are Total Net Assets as of September 30, 2023.

 

Returns based on NAV.

 

1 Food & Drug Administration: New Drug Therapy Approvals 2022, October 2, 2023, https://www.fda.gov/drugs/new-drugs-fda-cders-new-molecular-entities-and-new-therapeutic-biological-products/novel-drug-approvals-2022 (Accessed October 2, 2023)

 

2 Ibid.

 

3 Food & Drug Administration: New Drug Therapy Approvals 2023, https://www.fda.gov/drugs/new-drugs-fda-cders-new-molecular-entities-and-new-therapeutic-biological-products/novel-drug-approvals-2023 (Accessed October 2, 2023)

 

4 Casino.org: Macau GGR Could Hit 90% of Pre-COVID Levels in 2023, Fully Recover Next Year, August 8, 2023, https://www.casino.org/news/macau-ggr-could-reach-90-of-pre-covid-levels-this-year/

 

5 Or “gross revenue,” defined (in short) as: the total of all:

 

(a) Cash received as winnings;

 

(b) Cash received in payment for credit extended by a licensee to a patron for purposes of gaming; and

 

(c) Compensation received for conducting any game, or any contest or tournament in conjunction with interactive gaming, in which the licensee is not party to a wager, less the total of all cash paid out as losses to patrons, those amounts paid to fund periodic payments and any other items made deductible as losses by NRS 463.3715. For the purposes of this section, cash or the value of noncash prizes awarded to patrons in a contest or tournament are not losses, except that losses in a contest or tournament conducted in conjunction with an inter-casino linked system may be deducted to the extent of the compensation received for the right to participate in that contest or tournament. For a full definition see Nevada Gaming Control Act, https://www.leg.state.nv.us/NRS/NRS-463.html#NRS463Sec0161

 

6 Nevada Gaming Control Board/Gaming Commission: Abbreviated Revenue Release, https://gaming.nv.gov/index.aspx?page=172

 

7 The Wall Street Journal: The Big Pharma Stock Trade: Weight Loss Is In, Covid-19 Is Out, September 26, 2023, https://www.wsj.com/finance/stocks/the-big-pharma-stock-trade-weight-loss-is-in-covid-19-is-out-88ef314f

 

8 Ibid.

 

9 Ibid.

6

VANECK BIOTECH ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVBBHTR1   SPTR2
One Year   11.13%   11.24%   11.37%   21.62%
Five Year   3.13%   3.11%   3.25%   9.92%
Ten Year   6.85%   6.84%   7.01%   11.91%
   
1 MVIS® US Listed Biotech 25 Index (MVBBHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the biotech industry.
   
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.

7

VANECK DIGITAL TRANSFORMATION ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVDAPPTR1   SPTR2
One Year   10.93%   10.29%   5.25%   21.62%
Life*   (51.27)%   (51.35)%   (52.87)%   3.16%
   
* Inception of Fund: 4/12/21; First Day of Secondary Market Trading: 4/13/21.
   
1 MVIS® Global Digital Assets Equity Index (MVDAPPTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the global digital asset segment.
   
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 17 for more information.

8

VANECK ENERGY INCOME ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVEINCTG1   SPTR2
One Year   19.15%   18.70%   19.61%   21.62%
Five Year   6.01%   5.90%   6.06%   9.92%
Ten Year   (5.99)%   (6.01)%   (6.22)%   11.91%
   
1 MVIS® North America Energy Infrastructure Index (MVEINCTG) is a rules-based, modified capitalization weighted, float adjusted index intended to give investors a means to track the overall performance of North American companies involved in the midstream energy segment, which includes MLPs and corporations involved in oil and gas storage and transportation.
   
  Index data prior to December 2, 2019 reflects that of the Solactive High Income MLP Index (the “MLP Index” or “YMLPTR”), a rules-based index designed to provide investors a means of tracking the performance of selected MLPs which are publicly traded on a U.S. securities exchange. All Index history reflects a blend of the performance of the aforementioned Indexes.
   
  VanEck Energy Income ETF (the “Fund”) is the successor to the Yorkville High Income MLP ETF pursuant to a reorganization that took place on February 22, 2016. Prior to that date, the Fund had no investment operations. Accordingly, for periods prior to that date, the Fund performance information is that of the Yorkville High Income MLP ETF.
   
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.

9

VANECK ENVIRONMENTAL SERVICES ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   AXENVTR1   SPTR2
One Year   10.08%   10.24%   9.92%   21.62%
Five Year   8.60%   8.60%   8.86%   9.92%
Ten Year   9.47%   9.46%   9.85%   11.91%
   
1 NYSE Arca Environmental Services Index (AXENVTR) is a rules based, modified equal dollar weighted index intended to give investors a means of tracking the overall performance of the common stocks and depositary receipts of U.S. exchange-listed companies involved in environmental services.
   
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.

10

VANECK GAMING ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVBJKTR1   SPTR2
One Year   22.52%   22.55%   23.03%   21.62%
Five Year   1.63%   1.70%   2.13%   9.92%
Ten Year   0.56%   0.59%   1.03%   11.91%
   
1 MVIS® Global Gaming Index (MVBJKTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the casino and gaming industry.
   
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.

11

VANECK GREEN INFRASTRUCTURE ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   IUGIMWT1   SPTR2
Life*   (5.59)%   (5.62)%   (5.48)%   17.14%
   
* Inception of Fund: 10/18/22; First Day of Secondary Market Trading: 10/19/22.
   
1 The Indxx US Green Infrastructure - MCAP Weighted Index (IUGIMWT) is a rules based, modified market capitalization weighted index intended to give investors a means of tracking the overall performance of companies engaged in business activities that seek to establish a sustainable infrastructure to facilitate the holistic use of green energy and positively impact the environment.
   
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 PHARMACEUTICAL ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVPPHTR1   SPTR2
One Year   21.22%   21.14%   20.49%   21.62%
Five Year   6.33%   6.31%   6.00%   9.92%
Ten Year   7.26%   7.24%   7.09%   11.91%
   
1 MVIS® US Listed Pharmaceutical 25 Index (MVPPHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the pharmaceutical industry.
   
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.

13

VANECK RETAIL ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVRTHTR1   SPTR2
One Year   9.47%   9.58%   9.57%   21.62%
Five Year   9.52%   9.51%   9.47%   9.92%
Ten Year   13.02%   13.02%   12.93%   11.91%
   
1 MVIS® US Listed Retail 25 Index (MVRTHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the retail industry.
   
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.

14

VANECK SEMICONDUCTOR ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVSMHTR1   SPTR2
One Year   58.48%   58.49%   58.56%   21.62%
Five Year   23.60%   23.61%   23.67%   9.92%
Ten Year   23.50%   23.50%   23.52%   11.91%
   
1 MVIS® US Listed Semiconductor 25 Index (MVSMHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the semiconductor industry.
   
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 VIDEO GAMING AND ESPORTS ETF

PERFORMANCE COMPARISON

September 30, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVESPOTR1   SPTR2
One Year   28.17%   28.11%   28.83%   21.62%
Life*   11.92%   11.95%   12.89%   10.80%
   
* Inception of Fund: 10/16/18; First Day of Secondary Market Trading: 10/17/18.
   
1 MVIS® Global Video Gaming and eSports Index (MVESPOTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in video gaming and eSports.
   
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 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 ETFs

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.

 

MVBBHTR, MCDAPPTR, MVEINCTG, MVBJKTR, MVPPHTR, MVRTHTR, MVSMHTR and MVESPOTR are published by MarketVector Indexes GmbH (MarketVector), a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. AXENVTR is published by ICE Data Indices, LLC (ICE Data). IUGIMWT is published by Indxx.

 

MarketVector, ICE Data, Indxx and Solactive 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   Ending   Annualized   Expenses Paid
    Account   Account   Expense   During the Period
    Value   Value   Ratio   April 1, 2023 -
    April 1, 2023   September 30, 2023   During Period   September 30, 2023(a)
Biotech ETF                
Actual   $1,000.00   $961.30   0.35%   $1.72
Hypothetical (b)   $1,000.00   $1,023.31   0.35%   $1.78
Digital Transformation ETF                
Actual   $1,000.00   $1,174.10   0.51%   $2.78
Hypothetical (b)   $1,000.00   $1,022.51   0.51%   $2.59
Energy Income ETF                
Actual   $1,000.00   $1,086.70   0.46%   $2.41
Hypothetical (b)   $1,000.00   $1,022.76   0.46%   $2.33
Environmental Services ETF                
Actual   $1,000.00   $985.60   0.55%   $2.74
Hypothetical (b)   $1,000.00   $1,022.31   0.55%   $2.79
Gaming ETF                
Actual   $1,000.00   $897.80   0.77%   $3.66
Hypothetical (b)   $1,000.00   $1,021.21   0.77%   $3.90
Green Infrastructure ETF                
Actual   $1,000.00   $930.40   0.46%   $2.23
Hypothetical (b)   $1,000.00   $1,022.76   0.46%   $2.33
Pharmaceutical ETF                
Actual   $1,000.00   $1,041.90   0.36%   $1.84
Hypothetical (b)   $1,000.00   $1,023.26   0.36%   $1.83
18

 

 

    Beginning   Ending   Annualized   Expenses Paid
    Account   Account   Expense   During the Period
    Value   Value   Ratio   April 1, 2023 -
    April 1, 2023   September 30, 2023   During Period   September 30, 2023(a)
Retail ETF                
Actual   $1,000.00   $1,026.80   0.35%   $1.78
Hypothetical (b)   $1,000.00   $1,023.31   0.35%   $1.78
Robotics ETF                
Actual (c)   $1,000.00   $1,021.80   0.47%   $2.32
Hypothetical (b)   $1,000.00   $1,022.71   0.47%   $2.38
Semiconductor ETF                
Actual   $1,000.00   $1,101.20   0.35%   $1.84
Hypothetical (b)   $1,000.00   $1,023.31   0.35%   $1.78
Video Gaming and eSports ETF                
Actual   $1,000.00   $976.10   0.57%   $2.82
Hypothetical (b)   $1,000.00   $1,022.21   0.57%   $2.89
   
(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
(c) Expenses are equal to the Fund’s annualized expense ratio (for the period from April 6, 2023 (commencement of operations) to September 30, 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.
19

VANECK BIOTECH ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.9%            
China: 3.9%            
BeiGene Ltd. (ADR) *     98,066     $ 17,639,131  
Germany: 2.8%                
BioNTech SE (ADR) *     116,759       12,684,698  
Ireland: 4.5%                
ICON Plc (USD) *     81,772       20,136,355  
Switzerland: 0.7%                
CRISPR Therapeutics AG (USD) * †     71,392       3,240,483  
United States: 88.0%                
Alnylam Pharmaceuticals, Inc. *     69,704       12,344,578  
Amgen, Inc.     240,831       64,725,740  
Argenx SE (ADR) *     41,173       20,241,882  
Biogen, Inc. *     89,764       23,070,246  
BioMarin Pharmaceutical, Inc. *     155,071       13,720,682  
Bio-Techne Corp.     154,049       10,486,115  
    Number
of Shares
    Value  
United States (continued)            
Charles River Laboratories International, Inc. *     50,573     $ 9,911,297  
Exact Sciences Corp. *     146,538       9,996,822  
Gilead Sciences, Inc.     509,072       38,149,856  
Illumina, Inc. *     133,164       18,280,754  
Incyte Corp. *     153,888       8,890,110  
IQVIA Holdings, Inc. *     108,181       21,284,612  
Moderna, Inc. *     218,701       22,589,626  
Natera, Inc. *     111,612       4,938,831  
QIAGEN NV *     219,044       8,871,282  
Regeneron Pharmaceuticals, Inc. *     37,940       31,223,102  
Repligen Corp. * †     49,428       7,859,546  
Sarepta Therapeutics, Inc. *     94,574       11,464,260  
Seagen, Inc. *     103,373       21,930,582  
Vertex Pharmaceuticals, Inc. *     105,501       36,686,918  
              396,666,841  
Total Common Stocks
(Cost: $469,325,734)
            450,367,508  
Total Investments: 99.9%
(Cost: $469,325,734)
            450,367,508  
Other assets less liabilities: 0.1%           611,872  
NET ASSETS: 100.0%           $ 450,979,380  


 

 

Definitions:

 

ADR American Depositary Receipt
USD United States Dollar

 

Footnotes:

 

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $7,078,655.

 

 

Summary of Investments by Sector         % of
Investments
  Value  
Biotechnology     78.5 %        $ 353,537,547  
Life Sciences Tools & Services     21.5       96,829,961  
      100.0 %   $ 450,367,508  

 

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 *   $ 450,367,508     $     $     $ 450,367,508  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

20

VANECK DIGITAL TRANSFORMATION ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.2%            
Australia: 4.6%            
Iris Energy Ltd. (USD) *     537,173     $ 1,992,912  
Canada: 13.7%                
Bitfarms Ltd. (USD) *     1,740,050       1,861,854  
Hive Digital Technologies Ltd. (USD) *     641,077       1,974,517  
Hut 8 Mining Corp. (USD) *     1,068,451       2,083,479  
              5,919,850  
China: 4.9%                
Canaan, Inc. (ADR) * †     1,153,932       2,100,156  
                 
Germany: 8.8%                
Bitcoin Group SE     53,643       1,140,566  
Northern Data AG * †     110,076       2,686,860  
              3,827,426  
Singapore: 4.0%                
Bitdeer Technologies Group (USD) * †     179,896       1,734,197  
United States: 64.2%                
Applied Digital Corp. *     388,727       2,425,657  
Bakkt Holdings, Inc. * †     953,948       1,116,119  
Bit Digital, Inc. * †     992,064       2,123,017  
Block, Inc. *     67,616       2,992,684  
Cipher Mining, Inc. * †     682,120       1,589,340  
Cleanspark, Inc. *     581,379       2,215,054  
    Number
of Shares
    Value  
United States (continued)                
Coinbase Global, Inc. *     49,635     $ 3,726,596  
Galaxy Digital Holdings Ltd. (CAD) * †     612,678       2,261,289  
Marathon Digital Holdings, Inc. * †     262,587       2,231,990  
MicroStrategy, Inc. *     9,668       3,173,811  
Riot Platforms, Inc. *     260,085       2,426,593  
Terawulf, Inc. * †     1,177,611       1,483,790  
              27,765,940  
Total Common Stocks
(Cost: $47,361,507)
            43,340,481  
                 
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 21.6%          
Money Market Fund: 21.6%
(Cost: $9,346,580)
               
State Street Navigator Securities Lending Government Money Market Portfolio     9,346,580       9,346,580  
Total Investments: 121.8%
(Cost: $56,708,087)
            52,687,061  
Liabilities in excess of other assets: (21.8)%       (9,437,063)  
NET ASSETS: 100.0%           $ 43,249,998  


 

 

Definitions:

 

ADR American Depositary Receipt
CAD Canadian Dollar
USD United States Dollar

 

Footnotes:

 

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $9,129,530.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Information Technology     74.1 %       $ 32,103,227  
Financials     25.9       11,237,254  
      100.0 %   $ 43,340,481  

 

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   $ 1,992,912     $     $     $ 1,992,912  
Canada     5,919,850                   5,919,850  
China     2,100,156                   2,100,156  
Germany           3,827,426             3,827,426  
Singapore     1,734,197                   1,734,197  
United States     27,765,940                   27,765,940  
Money Market Fund     9,346,580                   9,346,580  
Total Investments   $ 48,859,635     $ 3,827,426     $     $ 52,687,061  

 

See Notes to Financial Statements

21

VANECK ENERGY INCOME ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 79.5%            
Energy: 79.5%            
Antero Midstream Corp.     94,722     $ 1,134,770  
Archrock, Inc.     26,489       333,761  
Cheniere Energy, Inc.     18,286       3,034,744  
DT Midstream, Inc.     30,460       1,611,943  
Enbridge, Inc.     89,067       2,956,134  
EnLink Midstream LLC     70,674       863,636  
Equitrans Midstream Corp.     104,763       981,629  
Gibson Energy, Inc.     53,420       764,183  
Hess Midstream LP     15,352       447,204  
Keyera Corp.     69,466       1,630,974  
Kinder Morgan, Inc.     133,399       2,211,755  
Kinetik Holdings, Inc.     7,121       240,334  
NextDecade Corp. *     43,783       224,169  
ONEOK, Inc.     48,842       3,098,048  
Pembina Pipeline Corp.     60,633       1,822,628  
Plains GP Holdings LP     59,230       954,788  
Shawcor Ltd. *     20,426       238,961  
Targa Resources Corp.     19,567       1,677,283  
TC Energy Corp.     67,603       2,326,219  
    Number
of Shares
    Value  
Energy (continued)            
The Williams Companies, Inc.     76,482     $ 2,576,679  
Total Common Stocks
(Cost: $29,221,539)
            29,129,842  
                 
MASTER LIMITED PARTNERSHIPS: 20.3%                
Energy: 20.3%                
Crestwood Equity Partners LP     12,119       354,481  
Energy Transfer LP     123,246       1,729,141  
Enterprise Products Partners LP     62,762       1,717,796  
Genesis Energy LP     12,491       128,907  
Holly Energy Partners LP     5,292       116,212  
MPLX LP     45,026       1,601,575  
NuStar Energy LP     11,702       204,083  
Plains All American Pipeline LP     59,674       914,206  
Western Midstream Partners LP     24,792       675,086  
Total Master Limited Partnerships
(Cost: $6,009,629)
            7,441,487  
Total Investments: 99.8%
(Cost: $35,231,168)
            36,571,329  
Other assets less liabilities: 0.2%             63,175  
NET ASSETS: 100.0%           $ 36,634,504  


 

 

Footnotes:

 

* Non-income producing

 

Summary of Investments by Sector         % of
Investments
  Value  
Energy     100.0 %        $ 36,571,329  

 

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 *   $ 29,129,842     $     $     $ 29,129,842  
Master Limited Partnerships *     7,441,487                   7,441,487  
Total Investments   $ 36,571,329     $     $     $ 36,571,329  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

22

VANECK ENVIRONMENTAL SERVICES ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.9%            
Canada: 5.0%                
GFL Environmental, Inc. (USD)     80,557     $ 2,558,490  
Li-Cycle Holdings Corp. (USD) * †     378,834       1,344,861  
              3,903,351  
United States: 94.9%                
ABM Industries, Inc.     67,585       2,704,076  
Aris Water Solutions, Inc. †     151,604       1,513,008  
Casella Waste Systems, Inc. *     33,074       2,523,546  
CECO Environmental Corp. *     101,599       1,622,536  
Clean Harbors, Inc. *     16,326       2,732,319  
Darling Ingredients, Inc. *     48,467       2,529,977  
Donaldson Co., Inc.     44,576       2,658,513  
Ecolab, Inc.     46,875       7,940,625  
Energy Recovery, Inc. *     120,237       2,550,227  
Heritage-Crystal Clean, Inc. *     60,670       2,751,385  
LanzaTech Global, Inc. *     334,967       1,564,296  
Montrose Environmental Group, Inc. *     85,803       2,510,596  
PureCycle Technologies, Inc. * †     465,106       2,609,245  
Republic Services, Inc.     55,314       7,882,798  
Schnitzer Steel Industries, Inc.     57,439       1,599,676  
    Number
of Shares
    Value  
United States (continued)            
Stericycle, Inc. *     61,133     $ 2,733,256  
STERIS Plc     12,042       2,642,256  
Tennant Co.     35,889       2,661,169  
Tetra Tech, Inc.     17,137       2,605,338  
Vertex Energy, Inc. * †     323,299       1,438,681  
Waste Connections, Inc.     58,239       7,821,498  
Waste Management, Inc.     51,553       7,858,739  
              73,453,760  
Total Common Stocks
(Cost: $79,727,163)
            77,357,111  
                 
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5%      
Money Market Fund: 2.5%
(Cost: $1,973,216)
               
State Street Navigator Securities Lending Government Money Market Portfolio     1,973,216       1,973,216  
Total Investments: 102.4%
(Cost: $81,700,379)
            79,330,327  
Liabilities in excess of other assets: (2.4)%             (1,891,231)  
NET ASSETS: 100.0%           $ 77,439,096  


 

 

Definitions:

 

USD United States Dollar

 

Footnotes:

 

Security fully or partially on loan. Total market value of securities on loan is $2,842,105.
* Non-income producing

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Industrials     75.8 %        $ 58,596,651  
Materials     15.7       12,149,546  
Health Care     3.4       2,642,256  
Consumer Staples     3.3       2,529,977  
Energy     1.8       1,438,681  
      100.0 %   $ 77,357,111  

 

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 *   $ 77,357,111     $     $     $ 77,357,111  
Money Market Fund     1,973,216                   1,973,216  
Total Investments   $ 79,330,327     $     $     $ 79,330,327  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

23

VANECK GAMING ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.1%            
Australia: 10.8%            
Aristocrat Leisure Ltd.     122,567     $ 3,214,440  
Lottery Corp. Ltd.     509,098       1,544,361  
Star Entertainment Group Ltd. *     267,420       104,500  
Star Entertainment Group Ltd. * †     441,243       172,426  
Tabcorp Holdings Ltd. †     607,647       367,549  
              5,403,276  
China: 6.7%                
Galaxy Entertainment Group Ltd. (HKD)     418,240       2,502,302  
Melco Resorts & Entertainment Ltd. (ADR) *     50,674       501,166  
SJM Holdings Ltd. (HKD) * †     825,500       323,505  
              3,326,973  
France: 2.3%                
La Francaise des Jeux SAEM 144A     35,308       1,148,418  
Greece: 1.9%                
OPAP SA     58,150       974,910  
Ireland: 8.1%                
Flutter Entertainment Plc *     24,683       4,032,258  
Japan: 1.6%                
Heiwa Corp. †     18,000       258,704  
Sankyo Co. Ltd.     12,179       558,955  
              817,659  
Malaysia: 4.4%                
Genting Bhd     689,700       611,893  
Genting Malaysia Bhd     908,598       483,096  
Genting Singapore Ltd. (SGD)     1,777,700       1,099,130  
              2,194,119  
Malta: 0.9%                
Kindred Group Plc (SEK) (SDR)     47,588       436,551  
                 
South Korea: 0.8%                
Kangwon Land, Inc.     34,963       391,224  
    Number
of Shares
    Value  
Sweden: 6.6%                
Evolution AB 144A     32,495     $ 3,297,562  
United Kingdom: 4.0%                
Entain Plc     130,096       1,476,069  
Playtech Plc *     92,065       507,912  
              1,983,981  
United States: 52.0%                
Boyd Gaming Corp.     18,489       1,124,686  
Caesars Entertainment, Inc. *     35,750       1,657,013  
Churchill Downs, Inc.     12,199       1,415,572  
DraftKings, Inc. *     97,195       2,861,421  
Gaming and Leisure Properties, Inc.     49,973       2,276,270  
International Game Technology Plc †     31,379       951,411  
Las Vegas Sands Corp. *     71,657       3,284,757  
Light & Wonder, Inc. *     16,889       1,204,692  
MGM Resorts International     55,560       2,042,386  
Penn Entertainment, Inc. *     25,459       584,284  
Sands China Ltd. (HKD) *     716,000       2,177,091  
VICI Properties, Inc.     138,457       4,029,099  
Wynn Macau Ltd. (HKD) * †     246,800       234,683  
Wynn Resorts Ltd.     23,203       2,144,189  
              25,987,554  
Total Common Stocks
(Cost: $64,453,731)
            49,994,485  
                 
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%          
Money Market Fund: 0.0%
(Cost: $193)
               
State Street Navigator Securities Lending Government Money Market Portfolio     193       193  
Total Investments: 100.1%
(Cost: $64,453,924)
            49,994,678  
Liabilities in excess of other assets: (0.1)%   (65,475)  
NET ASSETS: 100.0%           $ 49,929,203  


 

 

Definitions:

 

ADR American Depositary Receipt
HKD Hong Kong Dollar
SDR Swedish Depositary Receipt
SEK Swedish Krona
SGD Singapore Dollar

 

Footnotes:

 

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $1,644,613.
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 $4,445,980, or 8.9% of net assets.

 

See Notes to Financial Statements

24

 

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Consumer Discretionary     87.4 %   $ 43,689,116  
Real Estate     12.6       6,305,369  
      100.0 %   $ 49,994,485  

 

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   $     $ 5,403,276     $     $ 5,403,276  
China     501,166       2,825,807             3,326,973  
France           1,148,418             1,148,418  
Greece           974,910             974,910  
Ireland           4,032,258             4,032,258  
Japan           817,659             817,659  
Malaysia           2,194,119             2,194,119  
Malta           436,551             436,551  
South Korea           391,224             391,224  
Sweden           3,297,562             3,297,562  
United Kingdom     507,912       1,476,069             1,983,981  
United States     23,575,780       2,411,774             25,987,554  
Money Market Fund     193                   193  
Total Investments   $ 24,585,051     $ 25,409,627     $     $ 49,994,678  

 

See Notes to Financial Statements

25

VANECK GREEN INFRASTRUCTURE ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.4%                
Automobiles & Components: 24.2%      
BorgWarner, Inc.     1,902     $ 76,784  
Lucid Group, Inc. * †     14,884       83,202  
Phinia, Inc.     380       10,180  
Rivian Automotive, Inc. * †     6,790       164,860  
Tesla, Inc. *     406       101,589  
              436,615  
Capital Goods: 18.4%                
Ameresco, Inc. *     277       10,681  
Array Technologies, Inc. *     1,224       27,161  
Bloom Energy Corp. * †     1,565       20,752  
Donaldson Co., Inc.     984       58,686  
Energy Recovery, Inc. *     457       9,693  
FuelCell Energy, Inc. * †     3,292       4,214  
Hyzon Motors, Inc. *     1,985       2,481  
Plug Power, Inc. * †     4,873       37,035  
Quanta Services, Inc.     520       97,276  
SES AI Corp. *     2,484       5,639  
Shoals Technologies Group, Inc. *     1,378       25,149  
SunPower Corp. * †     1,420       8,761  
Sunrun, Inc. *     1,750       21,980  
TPI Composites, Inc. * †     345       914  
              330,422  
Commercial & Professional Services: 18.9%  
Casella Waste Systems, Inc. *     413       31,512  
Clean Harbors, Inc. *     439       73,471  
Heritage-Crystal Clean, Inc. *     198       8,979  
Montrose Environmental Group, Inc. *     244       7,139  
Republic Services, Inc.     665       94,769  
Stericycle, Inc. *     750       33,533  
Waste Management, Inc.     587       89,482  
              338,885  
Energy: 11.0%                
Cheniere Energy, Inc.     648       107,541  
Clean Energy Fuels Corp. *     1,809       6,928  
Enviva, Inc.     550       4,109  
Gevo, Inc. * †     1,925       2,291  
Green Plains, Inc. *     483       14,538  
New Fortress Energy, Inc. †     1,664       54,546  
REX American Resources Corp. *     141       5,742  
Tellurian, Inc. * †     4,567       5,298  
              200,993  
    Number
of Shares
    Value  
Materials: 5.1%                
Ecolab, Inc.     539     $ 91,307  
Semiconductors & Semiconductor Equipment: 8.0%  
Enphase Energy, Inc. *     526       63,199  
First Solar, Inc. *     496       80,149  
              143,348  
Technology Hardware & Equipment: 1.2%  
Itron, Inc. *     369       22,354  
Utilities: 12.6%                
Altus Power, Inc. *     1,290       6,773  
Brookfield Renewable Corp.     1,398       33,468  
Clearway Energy, Inc.     669       14,156  
IDACORP, Inc.     411       38,490  
Montauk Renewables, Inc. *     1,166       10,622  
NextEra Energy Partners LP     721       21,414  
Northwestern Energy Group, Inc.     485       23,309  
Ormat Technologies, Inc.     484       33,841  
Southwest Gas Holdings, Inc.     579       34,977  
Sunnova Energy International, Inc. * †     944       9,884  
              226,934  
Total Common Stocks
(Cost: $1,919,472)
            1,790,858  
                 
MASTER LIMITED PARTNERSHIP: 0.5%
(Cost: $7,927)
               
Utilities: 0.5%                
Suburban Propane Partners LP     515       8,266  
                 
Total Investments Before Collateral for Securities Loaned: 99.9%
(Cost: $1,927,399)
      1,799,124  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.6%      
Money Market Fund: 7.6%
(Cost: $136,137)
               
State Street Navigator Securities Lending Government Money Market Portfolio     136,137       136,137  
Total Investments: 107.5%
(Cost: $2,063,536)
            1,935,261  
Liabilities in excess of other assets: (7.5)%       (134,258)  
NET ASSETS: 100.0%           $ 1,801,003  


 

 

Footnotes:

 

Security fully or partially on loan. Total market value of securities on loan is $371,984.
* Non-income producing

 

See Notes to Financial Statements

26

 

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Industrials     37.1 %   $ 669,307  
Consumer Discretionary     24.3       436,616  
Utilities     13.1       235,200  
Energy     11.2       200,993  
Information Technology     9.2       165,701  
Materials     5.1       91,307  
      100.0 %   $ 1,799,124  

 

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 *   $ 1,790,858     $     $     $ 1,790,858  
Master Limited Partnership *     8,266                   8,266  
Money Market Fund     136,137                   136,137  
Total Investments   $ 1,935,261     $     $     $ 1,935,261  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

27

VANECK PHARMACEUTICAL ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.8%                
Denmark: 5.8%                
Novo Nordisk A/S (ADR)     273,286     $ 24,852,629  
France: 5.1%                
Sanofi (ADR)     409,007       21,939,135  
Israel: 4.5%                
Teva Pharmaceutical Industries Ltd. (ADR) *     1,872,015       19,094,553  
Japan: 4.6%                
Takeda Pharmaceutical Co. Ltd. (ADR) †     1,278,300       19,775,301  
Switzerland: 5.2%                
Novartis AG (ADR) †     220,109       22,420,303  
United Kingdom: 14.6%                
AstraZeneca Plc (ADR)     321,589       21,778,007  
GSK Plc (ADR)     563,552       20,428,760  
Haleon Plc (ADR) †     2,470,295       20,577,557  
              62,784,324  
United States: 60.0%                
AbbVie, Inc.     147,973       22,056,855  
Bausch Health Cos, Inc. *     505,257       4,153,213  
Bristol-Myers Squibb Co.     324,985       18,862,129  
Catalent, Inc. *     174,699       7,954,046  
Cencora, Inc.     111,020       19,980,269  
Elanco Animal Health, Inc. *     526,836       5,921,637  
Eli Lilly & Co.     60,074       32,267,548  
    Number
of Shares
    Value  
United States (continued)                
Jazz Pharmaceuticals Plc *     84,390     $ 10,923,442  
Johnson & Johnson     167,169       26,036,572  
McKesson Corp.     47,153       20,504,482  
Merck & Co., Inc.     202,334       20,830,285  
Organon & Co.     303,179       5,263,187  
Patterson Companies, Inc.     112,105       3,322,792  
Perrigo Co. Plc     165,145       5,276,383  
Pfizer, Inc.     626,898       20,794,207  
Viatris, Inc.     1,603,379       15,809,317  
Zoetis, Inc.     103,778       18,055,296  
              258,011,660  
Total Common Stocks
(Cost: $461,858,668)
            428,877,905  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.2%      
Money Market Fund: 4.2%
(Cost: $18,206,223)
               
State Street Navigator Securities Lending Government Money Market Portfolio     18,206,223       18,206,223  
Total Investments: 104.0%
(Cost: $480,064,891)
            447,084,128  
Liabilities in excess of other assets: (4.0)%       (17,037,832)  
NET ASSETS: 100.0%           $ 430,046,296  


 

 

Definitions:

 

ADR American Depositary Receipt

 

Footnotes:

 

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $44,033,459.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Pharmaceuticals     79.9 %   $ 342,435,949  
Health Care Distributors     10.2       43,807,544  
Biotechnology     5.1       22,056,855  
Personal Care Products     4.8       20,577,557  
      100.0 %   $ 428,877,905  

 

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 *   $ 428,877,905     $     $     $ 428,877,905  
Money Market Fund     18,206,223                   18,206,223  
Total Investments   $ 447,084,128     $     $     $ 447,084,128  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

28

VANECK RETAIL ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.2%                
China: 3.7%                
JD.com, Inc. (ADR)     197,662     $ 5,757,894  
United States: 96.5%                
Amazon.com, Inc. *     237,624       30,206,763  
AutoZone, Inc. *     1,834       4,658,342  
Bath & Body Works, Inc.     20,011       676,372  
Best Buy Co., Inc.     21,779       1,512,987  
Cardinal Health, Inc.     24,955       2,166,593  
Cencora, Inc.     18,959       3,412,051  
Costco Wholesale Corp.     21,613       12,210,480  
CVS Health Corp.     110,473       7,713,225  
Dollar General Corp.     22,281       2,357,330  
Dollar Tree, Inc. *     19,997       2,128,681  
Lowe’s Companies, Inc.     35,021       7,278,765  
Lululemon Athletica, Inc. *     11,212       4,323,459  
McKesson Corp.     15,959       6,939,771  
    Number
of Shares
    Value  
United States (continued)                
O’Reilly Automotive, Inc. *     7,303     $ 6,637,405  
Ross Stores, Inc.     35,077       3,961,947  
Sysco Corp.     56,820       3,752,961  
Target Corp.     45,286       5,007,273  
The Home Depot, Inc.     45,290       13,684,826  
The Kroger Co.     75,989       3,400,508  
The TJX Companies, Inc.     79,738       7,087,113  
Tractor Supply Co. †     12,401       2,518,023  
Ulta Beauty, Inc. *     5,682       2,269,675  
Walgreens Boots Alliance, Inc.     77,218       1,717,328  
Walmart, Inc.     84,388       13,496,173  
              149,118,051  
Total Common Stocks
(Cost: $167,279,707)
            154,875,945  
Total Investments: 100.2%
(Cost: $167,279,707)
            154,875,945  
Liabilities in excess of other assets: (0.2)%       (306,633)  
NET ASSETS: 100.0%           $ 154,569,312  


 

 

Definitions:

 

ADR American Depositary Receipt

 

Footnotes:

 

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $2,404,518.

 

Summary of Investments by Sector   % of
Investments
  Value  
Consumer Discretionary     58.5 %   $ 90,573,571  
Consumer Staples     28.4       44,070,734  
Health Care     13.1       20,231,640  
      100.0 %   $ 154,875,945  

 

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 *   $ 154,875,945     $     $     $ 154,875,945  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

29

VANECK ROBOTICS ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.0%                
Austria: 1.3%                
ams-OSRAM AG (CHF) *     2,767     $ 12,954  
Andritz AG     435       21,952  
              34,906  
Canada: 0.8%                
ATS Corp. *     493       21,113  
China: 0.6%                
Hollysys Automation Technologies Ltd. (USD) *     781       15,495  
Finland: 0.6%                
Konecranes Oyj     507       16,831  
France: 4.3%                
Dassault Systemes SE     3,033       112,813  
Germany: 6.1%                
Duerr AG     532       14,416  
Jenoptik AG *     566       14,324  
Krones AG     149       15,356  
Siemens AG     832       119,069  
              163,165  
Israel: 1.1%                
Nano Dimension Ltd. (ADR) *†     5,453       14,832  
Nova Ltd. (USD) *     108       12,144  
              26,976  
Japan: 20.6%                
Amada Co. Ltd.     1,900       19,129  
Argo Graphics, Inc.     400       8,889  
Azbil Corp.     600       18,356  
Daifuku Co. Ltd.     1,500       28,356  
Daihen Corp.     400       13,554  
Denso Corp.     7,200       115,697  
FANUC Corp.     2,600       67,717  
Fuji Corp.     900       13,982  
Keyence Corp.     300       111,108  
Lasertec Corp.     100       15,574  
OKUMA Corp. †     300       13,194  
Omron Corp.     700       31,196  
Optex Group Co. Ltd.     1,100       11,915  
Renesas Electronics Corp. *     1,400       21,416  
Tokyo Electron Ltd.     200       27,358  
Yaskawa Electric Corp.     700       25,244  
              542,685  
Sweden: 2.3%                
Hexagon AB     7,235       61,923  
Switzerland: 7.1%                
ABB Ltd.     3,760       134,286  
Interroll Holding AG     6       16,396  
Kardex Holding AG     69       15,053  
STMicroelectronics N.V. (USD) †     518       22,357  
              188,092  
    Number
of Shares
    Value  
United Kingdom: 1.8%                
Renishaw Plc     332     $ 14,272  
TechnipFMC Plc (USD)     1,731       35,209  
              49,481  
United States: 53.4%                
3D Systems Corp. *     1,449       7,115  
Altair Engineering, Inc. *     282       17,642  
Ambarella, Inc. *     295       15,644  
Analog Devices, Inc.     267       46,749  
ANSYS, Inc. *     265       78,851  
Applied Materials, Inc.     398       55,103  
Aspen Technology, Inc. *     182       37,175  
Autodesk, Inc. *     656       135,732  
Cognex Corp.     731       31,024  
Emerson Electric Co.     1,677       161,947  
Globus Medical, Inc. *     315       15,640  
Intuitive Surgical, Inc. *     171       49,982  
KLA Corp.     76       34,858  
Lam Research Corp.     73       45,754  
Lattice Semiconductor Corp. *     183       15,725  
Lincoln Electric Holdings, Inc.     213       38,721  
Microchip Technology, Inc.     355       27,708  
Novanta, Inc. *     185       26,536  
NVIDIA Corp.     377       163,990  
ON Semiconductor Corp. *     270       25,097  
Onto Innovation, Inc. *     120       15,302  
Ouster, Inc. * †     2,281       11,496  
PTC, Inc. *     415       58,797  
Rockwell Automation, Inc.     345       98,625  
Silicon Laboratories, Inc. *     82       9,503  
Stratasys Ltd. *     831       11,310  
TE Connectivity Ltd.     186       22,977  
Teledyne Technologies, Inc. *     147       60,061  
Teradyne, Inc.     161       16,174  
Texas Instruments, Inc.     431       68,533  
              1,403,771  
Total Common Stocks
(Cost: $2,720,418)
            2,637,251  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.0%          
Money Market Fund: 1.0%
(Cost: $25,689)
               
State Street Navigator Securities Lending Government Money Market Portfolio     25,689       25,689  
Total Investments: 101.0%
(Cost: $2,746,107)
            2,662,940  
Liabilities in excess of other assets: (1.0)%       (27,647)  
NET ASSETS: 100.0%           $ 2,635,293  


 

See Notes to Financial Statements

30

 

 

 

Definitions:

 

ADR American Depositary Receipt
CHF Switzerland Franc
USD United States Dollar

 

Footnotes:

 

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $55,037.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Information Technology     59.1 %   $ 1,558,667  
Industrials     32.7       862,057  
Consumer Discretionary     4.4       115,697  
Health Care     2.5       65,621  
Energy     1.3       35,209  
      100.0 %   $ 2,637,251  

 

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                                
Austria   $     $ 34,906     $     $ 34,906  
Canada     21,113                   21,113  
China     15,495                   15,495  
Finland           16,831             16,831  
France           112,813             112,813  
Germany           163,165             163,165  
Israel     26,976                   26,976  
Japan           542,685             542,685  
Sweden           61,923             61,923  
Switzerland     22,357       165,735             188,092  
United Kingdom     49,481                   49,481  
United States     1,403,771                   1,403,771  
Money Market Fund     25,689                   25,689  
Total Investments   $ 1,564,882     $ 1,098,058     $     $ 2,662,940  

 

See Notes to Financial Statements

31

VANECK SEMICONDUCTOR ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.0%                
Netherlands: 7.9%                
ASML Holding N.V. (USD)     912,632     $ 537,229,953  
NXP Semiconductors N.V. (USD)     1,026,811       205,280,055  
              742,510,008  
Switzerland: 1.4%                
STMicroelectronics N.V. (USD) †     2,980,880       128,654,781  
Taiwan: 12.6%                
Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)     13,625,200       1,184,029,880  
United States: 78.1%                
Advanced Micro Devices, Inc. *     4,591,474       472,095,357  
Analog Devices, Inc.     2,256,659       395,118,424  
Applied Materials, Inc.     2,948,052       408,157,799  
Broadcom, Inc.     738,148       613,090,966  
Cadence Design Systems, Inc. *     1,156,648       271,002,626  
Intel Corp.     12,211,428       434,116,265  
KLA Corp.     619,145       283,977,046  
Lam Research Corp.     600,097       376,122,797  
Marvell Technology, Inc.     2,965,741       160,535,560  
Microchip Technology, Inc.     2,375,944       185,442,429  
Micron Technology, Inc.     4,422,314       300,850,021  
    Number
of Shares
    Value  
United States (continued)                
Monolithic Power Systems, Inc.     185,080     $ 85,506,960  
NVIDIA Corp.     4,264,724       1,855,112,293  
ON Semiconductor Corp. *     1,530,420       142,252,539  
Qorvo, Inc. *     395,321       37,741,296  
Qualcomm, Inc.     3,937,734       437,324,738  
Skyworks Solutions, Inc.     695,733       68,592,317  
Synopsys, Inc. *     647,228       297,058,235  
Teradyne, Inc.     546,173       54,868,540  
Texas Instruments, Inc.     2,687,158       427,284,994  
Universal Display Corp.     198,876       31,221,543  
              7,337,472,745  
Total Common Stocks
(Cost: $10,532,247,320)
            9,392,667,414  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2%      
Money Market Fund: 0.2%
(Cost: $18,281,891)
               
State Street Navigator Securities Lending Government Money Market Portfolio     18,281,891       18,281,891  
Total Investments: 100.2%
(Cost: $10,550,529,211)
            9,410,949,305  
Liabilities in excess of other assets: (0.2)%       (16,950,828)  
NET ASSETS: 100.0%           $ 9,393,998,477  


 

 

Definitions:

 

ADR American Depositary Receipt
USD United States Dollar

 

Footnotes:

 

Security fully or partially on loan. Total market value of securities on loan is $18,294,661.
* Non-income producing

 

   

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Semiconductors     76.3 %   $ 7,164,250,417  
Semiconductor Materials & Equipment     17.7       1,660,356,135  
Application Software     6.0       568,060,862  
      100.0 %   $ 9,392,667,414  

 

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 *   $ 9,392,667,414     $     $     $ 9,392,667,414  
Money Market Fund     18,281,891                   18,281,891  
Total Investments   $ 9,410,949,305     $     $     $ 9,410,949,305  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

32

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

September 30, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.1%                
Australia: 4.7%                
Aristocrat Leisure Ltd.     436,341     $ 11,443,473  
China: 15.7%                
Kingsoft Corp. Ltd. (HKD)     1,101,000       3,966,807  
NetEase, Inc. (ADR)     152,519       15,276,303  
Tencent Holdings Ltd. (HKD)     487,900       18,910,749  
              38,153,859  
France: 2.1%                
Ubisoft Entertainment SA * †     153,547       4,983,031  
Japan: 19.8%                
Bandai Namco Holdings, Inc.     500,400       10,193,043  
Capcom Co. Ltd.     245,500       8,848,689  
Konami Group Corp. †     119,600       6,314,925  
Nexon Co. Ltd.     356,600       6,381,137  
Nintendo Co. Ltd.     327,000       13,607,389  
Square Enix Holdings Co. Ltd.     79,600       2,731,451  
              48,076,634  
Poland: 1.2%                
CD Projekt SA †     100,650       2,878,163  
South Korea: 3.2%                
Krafton, Inc. *     40,369       4,505,970  
NCSoft Corp.     19,272       3,168,521  
              7,674,491  
Taiwan: 7.7%                
Micro-Star International Co. Ltd.     1,144,000       5,819,888  
    Number
of Shares
    Value  
Taiwan (continued)                
Sea Ltd. (ADR) *     292,306     $ 12,846,849  
              18,666,737  
United States: 45.7%                
Activision Blizzard, Inc.     179,858       16,840,104  
Advanced Micro Devices, Inc. *     163,189       16,779,093  
AppLovin Corp. *     211,004       8,431,720  
Electronic Arts, Inc.     105,359       12,685,224  
GameStop Corp. *     315,781       5,197,755  
NVIDIA Corp.     43,308       18,838,547  
Roblox Corp. * †     394,094       11,412,962  
Take-Two Interactive Software, Inc. *     81,325       11,417,217  
Unity Software, Inc. * †     291,783       9,159,068  
              110,761,690  
Total Common Stocks
(Cost: $270,337,698)
            242,638,078  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%      
Money Market Fund: 0.0%
(Cost: $86,333)
               
State Street Navigator Securities Lending Government Money Market Portfolio     86,333       86,333  
Total Investments: 100.1%
(Cost: $270,424,031)
            242,724,411  
Liabilities in excess of other assets: (0.1)%       (130,342)  
NET ASSETS: 100.0%           $ 242,594,069  


 

 

Definitions:

 

ADR American Depositary Receipt
HKD Hong Kong Dollar

 

Footnotes:

 

Security fully or partially on loan. Total market value of securities on loan is $27,484,980.
* Non-income producing

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Communication Services     64.6 %   $ 156,775,490  
Information Technology     24.4       59,028,317  
Consumer Discretionary     11.0       26,834,271  
      100.0 %   $ 242,638,078  

 

See Notes to Financial Statements

33

VANECK VIDEO GAMING AND ESPORTS ETF

SCHEDULE OF INVESTMENTS

(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   $     $ 11,443,473     $     $ 11,443,473  
China     15,276,303       22,877,556             38,153,859  
France           4,983,031             4,983,031  
Japan           48,076,634             48,076,634  
Poland           2,878,163             2,878,163  
South Korea           7,674,491             7,674,491  
Taiwan     12,846,849       5,819,888             18,666,737  
United States     110,761,690                   110,761,690  
Money Market Fund     86,333                   86,333  
Total Investments   $ 138,971,175     $ 103,753,236     $     $ 242,724,411  

 

See Notes to Financial Statements

34

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2023

 

    Biotech ETF     Digital
Transformation
ETF
    Energy Income
ETF
    Environmental
Services ETF
 
Assets:                                
Investments, at value (1)                                
Unaffiliated issuers (2)   $ 450,367,508     $ 43,340,481     $ 36,571,329     $ 77,357,111  
Short-term investments held as collateral for securities loaned (3)           9,346,580             1,973,216  
Cash     804,510                   948,340  
Cash denominated in foreign currency, at value (4)           93       21,560        
Receivables:                                
Investment securities sold                       6,949,165  
Shares of beneficial interest sold           2,067,480             2,900,666  
Dividends and interest     8,577       125,903       75,865       183,277  
Federal and State income taxes                 18,570        
Prepaid expenses                       2,496  
Total assets     451,180,595       54,880,537       36,687,324       90,314,271  
Liabilities:                                
Payables:                                
Investment securities purchased           2,262,052             7,917,079  
Shares of beneficial interest redeemed                       2,897,192  
Collateral for securities loaned           9,346,580             1,973,216  
Due to Adviser     135,138       18,072       13,696       27,848  
Due to custodian           3,835       38,720        
Deferred Trustee fees     64,926                   3,895  
Accrued expenses     1,151             404       55,945  
Total liabilities     201,215       11,630,539       52,820       12,875,175  
NET ASSETS   $ 450,979,380     $ 43,249,998     $ 36,634,504     $ 77,439,096  
Shares outstanding     2,896,503       7,925,000       564,720       540,000  
Net asset value, redemption and offering price per share   $ 155.70     $ 5.46     $ 64.87     $ 143.41  
Net Assets consist of:                                
Aggregate paid in capital   $ 679,177,136     $ 122,590,765     $ 36,272,600     $ 99,639,332  
Total distributable earnings (loss)     (228,197,756 )     (79,340,767 )     361,904       (22,200,236 )
NET ASSETS   $ 450,979,380     $ 43,249,998     $ 36,634,504     $ 77,439,096  
(1) Value of securities on loan   $ 7,078,655     $ 9,129,530     $     $ 2,842,105  
(2) Cost of investments - Unaffiliated issuers   $ 469,325,734     $ 47,361,507     $ 35,231,168     $ 79,727,163  
(3) Cost of short-term investments held as collateral for securities loaned   $     $ 9,346,580     $     $ 1,973,216  
(4) Cost of cash denominated in foreign currency   $     $ 94     $ 21,629     $  

 

See Notes to Financial Statements

35

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2023

 

    Gaming ETF     Green
Infrastructure
ETF
    Pharmaceutical
ETF
    Retail ETF  
Assets:                                
Investments, at value (1)                                
Unaffiliated issuers (2)   $ 49,994,485     $ 1,799,124     $ 428,877,905     $ 154,875,945  
Short-term investments held as collateral for securities loaned (3)     193       136,137       18,206,223        
Cash           1,254       268,391        
Cash denominated in foreign currency, at value (4)     983,932                    
Receivables:                                
Investment securities sold                       240,644  
Dividends and interest     123,252       1,316       1,062,967       29,057  
Prepaid expenses     2,491                    
Other assets                 799        
Total assets     51,104,353       1,937,831       448,416,285       155,145,646  
Liabilities:                                
Payables:                                
Investment securities purchased     103,176                   447,837  
Collateral for securities loaned     193       136,137       18,206,223        
Line of credit     975,249                    
Due to Adviser     17,560       691       125,571       44,987  
Due to custodian                       73,251  
Deferred Trustee fees     9,250             36,037       10,259  
Accrued expenses     69,722             2,158        
Total liabilities     1,175,150       136,828       18,369,989       576,334  
NET ASSETS   $ 49,929,203     $ 1,801,003     $ 430,046,296     $ 154,569,312  
Shares outstanding     1,250,000       75,000       5,388,138       921,531  
Net asset value, redemption and offering price per share   $ 39.94     $ 24.01     $ 79.81     $ 167.73  
Net Assets consist of:                                
Aggregate paid in capital   $ 90,456,850     $ 1,967,072     $ 608,162,970     $ 195,128,877  
Total distributable earnings (loss)     (40,527,647 )     (166,069 )     (178,116,674 )     (40,559,565 )
NET ASSETS   $ 49,929,203     $ 1,801,003     $ 430,046,296     $ 154,569,312  
(1) Value of securities on loan   $ 1,644,613     $ 371,984     $ 44,033,459     $ 2,404,518  
(2) Cost of investments - Unaffiliated issuers   $ 64,453,731     $ 1,927,399     $ 461,858,668     $ 167,279,707  
(3) Cost of short-term investments held as collateral for securities loaned   $ 193     $ 136,137     $ 18,206,223     $  
(4) Cost of cash denominated in foreign currency   $ 1,019,661     $     $     $  

 

See Notes to Financial Statements

36

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2023

 

    Robotics ETF     Semiconductor
ETF (a)
    Video Gaming
and eSports ETF
 
Assets:                        
Investments, at value (1)                        
Unaffiliated issuers (2)   $ 2,637,251     $ 9,392,667,414     $ 242,638,078  
Short-term investments held as collateral for securities loaned (3)     25,689       18,281,891       86,333  
Cash           15,816        
Cash denominated in foreign currency, at value (4)     1,352              
Receivables:                        
Investment securities sold           115,547,968       144,738  
Shares of beneficial interest sold           259,725,330        
Dividends and interest     4,039       6,902,542       311,099  
Prepaid expenses                 3,995  
Total assets     2,668,331       9,793,140,961       243,184,243  
Liabilities:                        
Payables:                        
Investment securities purchased           259,747,319        
Shares of beneficial interest redeemed           115,537,763        
Collateral for securities loaned     25,689       18,281,891       86,333  
Line of credit           2,681,978       285,897  
Due to Adviser     1,048       2,781,652       100,189  
Due to custodian     6,301             10  
Deferred Trustee fees           97,455       11,570  
Accrued expenses           14,426       106,175  
Total liabilities     33,038       399,142,484       590,174  
NET ASSETS   $ 2,635,293     $ 9,393,998,477     $ 242,594,069  
Shares outstanding     75,000       64,791,874       4,700,000  
Net asset value, redemption and offering price per share   $ 35.14     $ 144.99     $ 51.62  
Net Assets consist of:                        
Aggregate paid in capital   $ 2,663,384     $ 11,411,235,252     $ 334,178,314  
Total distributable earnings (loss)     (28,091 )     (2,017,236,775 )     (91,584,245 )
NET ASSETS   $ 2,635,293     $ 9,393,998,477     $ 242,594,069  
(1) Value of securities on loan   $ 55,037     $ 18,294,661     $ 27,484,980  
(2) Cost of investments - Unaffiliated issuers   $ 2,720,418     $ 10,532,247,320     $ 270,337,698  
(3) Cost of short-term investments held as collateral for securities loaned   $ 25,689     $ 18,281,891     $ 86,333  
(4) Cost of cash denominated in foreign currency   $ 1,387     $     $  

 

(a) Shares outstanding and the Net asset value, redemption and offering price per share have been adjusted to reflect the 2 for 1 share split that occurred on May 5, 2023.

 

See Notes to Financial Statements

37

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2023

 

    Biotech ETF     Digital
Transformation
ETF
    Energy Income
ETF
    Environmental
Services ETF
 
Income:                                
Dividends   $ 3,854,084     $ 5,049     $ 983,575     $ 629,342  
Interest     12,061       8,161       488       11,622  
Securities lending income     15,463       1,125,198             395,896  
Foreign taxes withheld           (757 )     (83,604 )     (8,263 )
Total income     3,881,608       1,137,651       900,459       1,028,597  
Expenses:                                
Management fees     1,720,048       171,468       141,251       367,860  
Professional fees                       46,129  
Custody and accounting fees                       26,123  
Reports to shareholders                       19,116  
Trustees’ fees and expenses                       2,020  
Registration fees                       6,236  
Insurance                       3,961  
Interest     12,555       1,927       3,777       696  
Other                       731  
Total expenses     1,732,603       173,395       145,028       472,872  
Waiver of management fees                       (67,530 )
Net expenses     1,732,603       173,395       145,028       405,342  
Net investment income     2,149,005       964,256       755,431       623,255  
                                 
Net realized gain (loss) on:                                
Investments     (29,863,524 )     (30,735,200 )     1,546,628       (2,795,898 )
In-kind redemptions     43,634,399       2,117,658       1,515,851       5,522,474  
Foreign currency transactions and foreign denominated assets and liabilities           1,059       (1,163 )     (30 )
Net realized gain (loss)     13,770,875       (28,616,483 )     3,061,316       2,726,546  
                                 
Net change in unrealized appreciation (depreciation) on:                                
Investments     29,952,104       28,753,879       1,699,802       2,443,348  
Foreign currency translations and foreign denominated assets and liabilities           10       336        
Net change in unrealized appreciation (depreciation)     29,952,104       28,753,889       1,700,138       2,443,348  
Net Increase in Net Assets Resulting from Operations   $ 45,871,984     $ 1,101,662     $ 5,516,885     $ 5,793,149  

 

See Notes to Financial Statements

38

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2023

 

    Gaming ETF     Green
Infrastructure
ETF (a)
    Pharmaceutical
ETF
    Retail ETF  
Income:                                
Dividends   $ 1,406,549     $ 15,960     $ 10,563,459     $ 1,960,645  
Interest     962       44       4,974       2,272  
Securities lending income     23,046       4,329       192,550       1,790  
Foreign taxes withheld     (42,483 )     (209 )     (370,319 )      
Total income     1,388,074       20,124       10,390,664       1,964,707  
Expenses:                                
Management fees     405,066       6,275       1,598,103       533,025  
Professional fees     47,053                    
Custody and accounting fees     50,378                    
Reports to shareholders     25,240                    
Trustees’ fees and expenses     3,364                    
Registration fees     4,116                    
Insurance     4,065                    
Interest     60,358       98       51,746       2,253  
Other     1,586                    
Total expenses     601,226       6,373       1,649,849       535,278  
Waiver of management fees     (14,282 )                  
Net expenses     586,944       6,373       1,649,849       535,278  
Net investment income     801,130       13,751       8,740,815       1,429,429  
                                 
Net realized gain (loss) on:                                
Investments     (4,235,560 )     (48,550 )     (25,289,886 )     (11,866,279 )
In-kind redemptions     7,274,812       78,046       54,604,739       6,316,345  
Foreign currency transactions and foreign denominated assets and liabilities     (34,610 )                  
Net realized gain (loss)     3,004,642       29,496       29,314,853       (5,549,934 )
                                 
Net change in unrealized appreciation (depreciation) on:                                
Investments     14,201,701       (128,274 )     54,260,353       17,476,048  
Foreign currency translations and foreign denominated assets and liabilities     33,275                    
Net change in unrealized appreciation (depreciation)     14,234,976       (128,274 )     54,260,353       17,476,048  
Net Increase (Decrease) in Net Assets Resulting from Operations   $ 18,040,748     $ (85,027 )   $ 92,316,021     $ 13,355,543  

 

(a) For the period October 19, 2022 (commencement of operations) through September 30, 2023.

 

See Notes to Financial Statements

39

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2023

 

    Robotics ETF (a)     Semiconductor
ETF
    Video Gaming
and eSports ETF
 
Income:                        
Dividends   $ 11,040     $ 102,705,831     $ 3,808,667  
Interest     7       82,427       1,955  
Securities lending income     81       81,160       370,373  
Foreign taxes withheld     (870 )     (5,284,183 )     (199,081 )
Total income     10,258       97,585,235       3,981,914  
Expenses:                        
Management fees     5,375       27,780,972       1,364,139  
Professional fees                 56,662  
Custody and accounting fees                 55,009  
Reports to shareholders                 78,624  
Trustees’ fees and expenses                 8,394  
Registration fees                 4,124  
Insurance                 10,979  
Interest           139,018       40,293  
Other                 2,726  
Total expenses     5,375       27,919,990       1,620,950  
Waiver of management fees                 (80,104 )
Net expenses     5,375       27,919,990       1,540,846  
Net investment income     4,883       69,665,245       2,441,068  
                         
Net realized gain (loss) on:                        
Investments     50,475       (449,434,421 )     (37,558,543 )
In-kind redemptions           1,395,219,575       9,877,330  
Foreign currency transactions and foreign denominated assets and liabilities     (244 )           (3,622 )
Net realized gain (loss)     50,231       945,785,154       (27,684,835 )
                         
Net change in unrealized appreciation (depreciation) on:                        
Investments     (83,167 )     2,291,380,472       92,967,698  
Foreign currency translations and foreign denominated assets and liabilities     (38 )           1,149  
Net change in unrealized appreciation (depreciation)     (83,205 )     2,291,380,472       92,968,847  
Net Increase (Decrease) in Net Assets Resulting from Operations   $ (28,091 )   $ 3,306,830,871     $ 67,725,080  

 

(a) For the period April 6, 2023 (commencement of operations) through September 30, 2023.

 

See Notes to Financial Statements

40

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Biotech ETF     Digital Transformation ETF  
    Year Ended
September 30,
2023
    Year Ended
September 30,
2022
    Year Ended
September 30,
2023
    Year Ended
September 30,
2022
 
Operations:                                
Net investment income   $ 2,149,005     $ 2,058,616     $ 964,256     $ 1,057,916  
Net realized gain (loss)     13,770,875       (52,444,228 )     (28,616,483 )     (43,624,089 )
Net change in unrealized appreciation (depreciation)     29,952,104       (130,892,741 )     28,753,889       (23,668,522 )
Net increase (decrease) in net assets resulting from operations     45,871,984       (181,278,353 )     1,101,662       (66,234,695 )
Distributions to shareholders from:                                
Distributable earnings     (2,299,941 )     (1,180,281 )           (4,600,120 )
                                 
Share transactions*:                                
Proceeds from sale of shares     146,025,652       91,504,466       16,892,224       61,030,371  
Cost of shares redeemed     (152,922,723 )     (84,861,837 )     (4,679,909 )     (5,876,037 )
Increase (decrease) in net assets resulting from share transactions     (6,897,071 )     6,642,629       12,212,315       55,154,334  
Total increase (decrease) in net assets     36,674,972       (175,816,005 )     13,313,977       (15,680,481 )
Net Assets, beginning of year     414,304,408       590,120,413       29,936,021       45,616,502  
Net Assets, end of year   $ 450,979,380     $ 414,304,408     $ 43,249,998     $ 29,936,021  
*Shares of Common Stock Issued (no par value)                                
Shares sold     900,000       575,000       2,650,000       4,675,000  
Shares redeemed     (950,000 )     (550,000 )     (775,000 )     (625,000 )
Net increase (decrease)     (50,000 )     25,000       1,875,000       4,050,000  

 

See Notes to Financial Statements

41

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Energy Income ETF     Environmental Services ETF  
    Year Ended
September 30,
2023
    Year Ended
September 30,
2022
    Year Ended
September 30,
2023
    Year Ended
September 30,
2022
 
Operations:                                
Net investment income   $ 755,431     $ 568,885     $ 623,255     $ 279,256  
Net realized gain     3,061,316       2,265,596       2,726,546       6,351,893  
Net change in unrealized appreciation (depreciation)     1,700,138       (1,867,199 )     2,443,348       (13,919,150 )
Net increase (decrease) in net assets resulting from operations     5,516,885       967,282       5,793,149       (7,288,001 )
Distributions to shareholders from:                                
Distributable earnings     (674,492 )     (502,535 )     (284,988 )     (200,016 )
Return of capital     (596,281 )     (607,866 )            
Total distributions     (1,270,773 )     (1,110,401 )     (284,988 )     (200,016 )
                                 
Share transactions*:                                
Proceeds from sale of shares     7,944,408       12,633,846       24,471,616       39,446,432  
Cost of shares redeemed     (6,231,606 )     (5,671,728 )     (20,455,468 )     (31,337,177 )
Increase in net assets resulting from share transactions     1,712,802       6,962,118       4,016,148       8,109,255  
Total increase in net assets     5,958,914       6,818,999       9,524,309       621,238  
Net Assets, beginning of year     30,675,590       23,856,591       67,914,787       67,293,549  
Net Assets, end of year   $ 36,634,504     $ 30,675,590     $ 77,439,096     $ 67,914,787  
*Shares of Common Stock Issued (no par value)                                
Shares sold     125,000       200,000       160,000       270,000  
Shares redeemed     (100,000 )     (100,000 )     (140,000 )     (220,000 )
Net increase     25,000       100,000       20,000       50,000  

 

See Notes to Financial Statements

42

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Gaming ETF     Green
Infrastructure
ETF
 
    Year Ended
September 30,
2023
    Year Ended
September 30,
2022
    Period Ended
September 30,
2023 (a)
 
Operations:                        
Net investment income   $ 801,130     $ 528,065     $ 13,751  
Net realized gain (loss)     3,004,642       (3,103,779 )     29,496  
Net change in unrealized appreciation (depreciation)     14,234,976       (29,429,928 )     (128,274 )
Net increase (decrease) in net assets resulting from operations     18,040,748       (32,005,642 )     (85,027 )
Distributions to shareholders from:                        
Distributable earnings     (424,958 )     (725,005 )     (3,000 )
                         
Share transactions*:                        
Proceeds from sale of shares     33,573,611       6,562,409       2,535,936  
Cost of shares redeemed     (61,822,546 )     (31,658,817 )     (646,906 )
Increase (decrease) in net assets resulting from share transactions     (28,248,935 )     (25,096,408 )     1,889,030  
Total increase (decrease) in net assets     (10,633,145 )     (57,827,055 )     1,801,003  
Net Assets, beginning of period     60,562,348       118,389,403        
Net Assets, end of period   $ 49,929,203     $ 60,562,348     $ 1,801,003  
*Shares of Common Stock Issued (no par value)                        
Shares sold     825,000       150,000       100,000  
Shares redeemed     (1,425,000 )     (750,000 )     (25,000 )
Net increase (decrease)     (600,000 )     (600,000 )     75,000  

 

(a) For the period October 19, 2022 (commencement of operations) through September 30, 2023.

 

See Notes to Financial Statements

43

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

 

    Pharmaceutical ETF     Retail ETF  
    Year Ended
September 30,
2023
    Year Ended
September 30,
2022
    Year Ended
September 30,
2023
    Year Ended
September 30,
2022
 
Operations:                                
Net investment income   $ 8,740,815     $ 7,412,381     $ 1,429,429     $ 1,698,794  
Net realized gain (loss)     29,314,853       14,321,637       (5,549,934 )     4,533,155  
Net change in unrealized appreciation (depreciation)     54,260,353       (79,556,497 )     17,476,048       (26,338,540 )
Net increase (decrease) in net assets resulting from operations     92,316,021       (57,822,479 )     13,355,543       (20,106,591 )
Distributions to shareholders from:                                
Distributable earnings     (8,998,067 )     (6,817,403 )     (1,700,040 )