ANNUAL REPORT
September 30, 2021

 

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

 

     
  800.826.2333 vaneck.com
 

 

 

President’s Letter 1
Management Discussion 3
Performance Comparison  
Inflation Allocation ETF 5
Long/Flat Trend ETF 6
Morningstar Durable Dividend ETF 7
Morningstar Global Wide Moat ETF 8
Morningstar International Moat ETF 9
Morningstar Wide Moat ETF 10
Social Sentiment ETF 11
About Fund Performance 12
Explanation of Expenses 13
Schedule of Investments  
Inflation Allocation ETF 15
Long/Flat Trend ETF 17
Morningstar Durable Dividend ETF 18
Morningstar Global Wide Moat ETF 20
Morningstar International Moat ETF 22
Morningstar Wide Moat ETF 25
Social Sentiment ETF 27
Statements of Assets and Liabilities 29
Statements of Operations 31
Statements of Changes in Net Assets 33
Financial Highlights  
Inflation Allocation ETF 37
Long/Flat Trend ETF 38
Morningstar Durable Dividend ETF 39
Morningstar Global Wide Moat ETF 40
Morningstar International Moat ETF 41
Morningstar Wide Moat ETF 42
Social Sentiment ETF 43
Notes to Financial Statements 44
Report of Independent Registered Public Accounting Firm 53
Tax Information 55
Board of Trustees and Officers 56
Approval of Investment Management Agreements 59

 

 

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, 2021.

 

VANECK ETFs

PRESIDENT’S LETTER

September 30, 2021
(unaudited)

 

Dear Fellow Shareholders:

 

This letter addresses two topics: first, the risks to the markets today and, second, two multi-year themes.

 

The Economy

 

When we think about financial markets, since the future remains unknown, we seek to identify potential scenarios. At the beginning of this year, the global economy was like a car hurtling forward at 200 miles per hour. Over the summer, we expected an orderly slowdown, asking only “What are the risks to Goldilocks?1 We thought the car could slow to 70 miles per hour without putting too much pressure on interest rates, driven by inflation, which would upset the financial markets. The markets today are pondering the question, “Are we hitting the brakes too hard?” I think not.

 

In the U.S., will the U.S. Federal Reserve (Fed) hit the brakes too hard? I don’t think so. First, while the financial markets are still debating whether we have an inflation problem, I don’t think we will know whether we have permanent inflation until late next year. It is true that we are talking about supply chain issues and labor market issues longer than the transitory camp would like. But while commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, since it tends to be longer-lasting and may affect long-term interest rates.

 

Second, if inflation doesn’t push rates higher, I don’t think the Fed will hit the brakes too hard by raising rates. Bank of America recently released a research note2 that said over half of the S&P 500® Index’s returns in the past decade can be attributed to the Fed’s balance sheet expansion, rather than earnings. We live in an era in which the Fed has an eye on the financial markets. Why would that change?

 

What about China? Will real estate or other factors like COVID-19 cause a recession? While China growth is becoming soggy, we think policy makers have all the tools, including liquidity moves, to avoid a crash.

 

Multi-Year Investment Themes

 

So what to do in your portfolio? We are focusing on two multi-year investment themes.

 

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

 

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

 

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

 

We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the twelve month period ended September, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

1

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

 

 

Jan F. van Eck
CEO and President
VanEck ETF Trust

 

October 18, 2021

 

1 A Goldilocks economy is an economy that is not so hot that it causes inflation and not so cold that it causes a recession.

2 Source: Bloomberg, https://www.bloomberg.com/news/articles/2021-09-08/bofa-s-subramanian-dumps-dire-stock-call-to-catch-up-with-rally

2

VANECK ETFs

MANAGEMENT DISCUSSION

September 30, 2021 (unaudited)

 

Market Review

 

Inflation Allocation

 

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

 

Over the 12 month period, the Fund returned +34.11%. Resources assets and, in particular, diversified commodities, contributed by far the most positively to the Fund’s total return. Financial assets, in the form, of gold and gold mining stocks detracted the most from performance, but, even then, not significantly.

 

Long/Flat Trend

 

VanEck Long/Flat Trend ETF (LFEQ®) returned +29.29% in the 12 month period ended September 30, 2021. The Fund takes a guided allocation approach designed to help investors manage risk in the U.S. equity market. The Fund seeks to track the Ned Davis Research CMG US Large Cap Long/Flat Index (NDRCMGLF) from Ned Davis Research (NDR), a world-renowned provider of institutional quality research. It is a rules-based index that follows a proprietary model developed by NDR and CMG Capital Management Group, Inc. (CMG).

 

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

 

The model’s long-term trend indicators remained bullish throughout the period under review and kept it fully invested, which allowed the Fund to fully participate in the market. The Fund’s allocation to equities remained unchanged over the 12 month period.2

 

Morningstar Durable Dividend

 

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

 

The Fund returned +17.89% over the 12 month period under review. The consumer staples, financial and health care sectors were the top contributors to performance. While not one sector detracted from performance for the period, the communications services, materials and energy sectors contributed the least to performance.

 

Morningstar Global Wide Moat

 

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

 

VanEck Morningstar Global Wide Moat ETF returned +22.99% for the 12 month period under review. The information technology, industrial and communication services sectors contributed most to performance. The utilities sector was the only sector to detract from performance and then only minimally. Companies in

3

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

 

the United States contributed by far the most to performance, while those in Belgium, Sweden and Taiwan detracted the most.

 

Morningstar International Moat

 

Launched over six years ago as a means to capture moat-based opportunities abroad, VanEck Morningstar International Moat ETF (MOTI®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® Global ex-US Moat Focus IndexSM (MGEUMFUN). The index is intended to track the overall performance of wide and narrow moat rated companies in developed and emerging markets outside the U.S. with sustainable competitive advantages at attractive prices according to Morningstar’s equity research team. The index contains at least 50 stocks that are reviewed each quarter.

 

For the 12 month period under review, the Fund returned +16.64%. The three sectors providing the greatest contributions to performance were: financial, communication services and energy. Only two sectors, consumer discretionary and utilities detracted from performance. While companies in Switzerland contributed the most to performance, those in the U.S. detracted the most.

 

Morningstar Wide Moat

 

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

 

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

 

The Fund returned +36.11% for the 12 month period under review. The primary drivers of performance were the Fund’s exposure to the financial, information technology and industrial sectors. Only one sector detracted from performance, utilities, and then only minimally.

 

Social Sentiment

 

Launched in March 2021 as a means of providing exposure to U.S. large cap stocks with the highest degree of positive social sentiment and bullish investor perception, based on content aggregated from online sources including social media, news articles, blog posts and other alternative datasets, VanEck Social Sentiment ETF (BUZZ) seeks to track, as closely as possible, before fees and expenses, the price and yield performance of the BUZZ NextGen AI US Sentiment Leaders Index (BUZZTR).

 

Over the period from inception to September 30, 2021, the Fund returned -1.38%. While the information technology sector contributed by far the most positively to performance, followed by the health care and communication services sectors, their aggregate contribution (together with those of the three other positively-contributing sectors) were outweighed by the negative contributions from the industrial, consumer discretionary, materials and energy sectors.

 

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

 

2 Allocations to equities (long) represented by the S&P 500® Index. The S&P 500 Index consists of 500 widely held U.S. common stocks covering the industrial, utility, financial and transportation sectors. Allocations to cash (flat) represented by the Solactive 13-week U.S. T-bill Index. The Solactive 13-week U.S. T-bill Index is a rules-based index mirroring the performance of the current U.S. 13-week T-bill.

 

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

 

4 Based on the Morningstar Wide Moat Focus Index versus the Morningstar US Market Index from the period 2/14/2007–9/30/2021.

4

VANECK INFLATION ALLOCATION ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

 

Average Annual Total Return
  Share Price NAV BCOMTR1
One Year 34.00% 34.11% 42.29%
Life* 2.90% 2.91% 5.19%

 

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

 

Hypothetical Growth of $10,000 (Since Inception)
     

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

 

 

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

 

See “About Fund Performance” on page 12 for more information.

5

VANECK LONG/FLAT TREND ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

 

Average Annual Total Return
  Share Price NAV NDRCMGLF1 SPTR2
One Year 29.15% 29.29% 30.00% 30.00%
Life* 13.89% 13.84% 14.54% 16.30%

 

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

 

Hypothetical Growth of $10,000 (Since Inception)
     

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

 

 

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

 

See “About Fund Performance” on page 12 for more information.

6

VANECK MORNINGSTAR DURABLE DIVIDEND ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

 

Average Annual Total Return
  Share Price NAV MSUSDVTU1 SPTR2
One Year 17.81% 17.89% 18.22% 30.00%
Life* 10.04% 9.99% 10.28% 19.78%

 

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

 

Hypothetical Growth of $10,000 (Since Inception)
     

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

 

 

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

 

See “About Fund Performance” on page 12 for more information.

7

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

 

Average Annual Total Return
  Share Price NAV MSGWMFNU1 SPTR2
One Year 22.96% 22.99% 23.61% 30.00%
Life* 17.81% 17.69% 18.00% 19.78%

 

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

 

Hypothetical Growth of $10,000 (Since Inception)
     

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

 

 

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

 

See “About Fund Performance” on page 12 for more information.

8

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

 

Average Annual Total Return
  Share Price NAV MGEUMFUN1 SPTR2
One Year 16.93% 16.64% 18.06% 30.00%
Five Year 6.93% 6.95% 7.69% 16.90%
Life* 4.64% 4.63% 5.36% 14.45%

 

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

 

Hypothetical Growth of $10,000 (Since Inception)
     

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

 

 

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

 

See “About Fund Performance” on page 12 for more information.

9

VANECK MORNINGSTAR WIDE MOAT ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

 

Average Annual Total Return
  Share Price NAV MWMFTR1 SPTR2
One Year 36.15% 36.11% 36.88% 30.00%
Five Year 18.14% 18.18% 18.74% 16.90%
Life* 16.07% 16.08% 16.65% 15.18%

 

  * Commencement of Fund: 4/24/12; First Day of Secondary Market Trading: 4/25/12.
     
  1 Morningstar® Wide Moat Focus IndexSM (MWMFTR) is a rules-based index intended to offer exposure to companies that Morningstar, Inc. determines have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors (“wide moat companies”).
     
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000 (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 12 for more information.

10

VANECK SOCIAL SENTIMENT ETF

PERFORMANCE COMPARISON

September 30, 2021 (unaudited)

 

Average Annual Total Return
  Share Price NAV BUZZTR1 SPTR2
Life* (1.36)% (1.38)% (1.12)% 12.22%

 

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

 

Hypothetical Growth of $10,000 (Since Inception)
     

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

 

 

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

 

See “About Fund Performance” on page 12 for more information.

11

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

 

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

 

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects 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.

 

The Morningstar® Global ex-US Moat Focus IndexSM, Morningstar® Global Wide Moat Focus IndexSM, Morningstar® US Dividend Valuation IndexSM and Morningstar® Wide Moat Focus IndexSM are published by Morningstar. The Morningstar name and logo are registered trademarks of Morningstar. Morningstar Global ex-US Moat Focus IndexSM, Morningstar Global Wide Moat Focus IndexSM, Morningstar® US Dividend Valuation IndexSM and Morningstar Wide Moat Focus IndexSM are service marks of Morningstar. The Ned Davis Research CMG US Large Cap Long/Flat Index is published by Ned Davis Research, Inc. (“NDR”). The BUZZ NextGen AI US Sentiment Leaders Index is published by BUZZ Holdings ULC.

 

Morningstar, NDR and BUZZ Holdings ULC 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.

12

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, 2021 to September 30, 2021.

 

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

 

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

 

    Beginning
Account
Value
April 1, 2021
  Ending
Account
Value
September 30,
2021
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
April 1, 2021 -
September 30,
2021*
Inflation Allocation ETF                
Actual   $1,000.00   $1,061.30   0.55%   $2.84
Hypothetical**   $1,000.00   $1,022.31   0.55%   $2.79
Long/Flat Trend ETF                
Actual   $1,000.00   $1,086.80   0.55%   $2.88
Hypothetical**   $1,000.00   $1,022.31   0.55%   $2.79
Morningstar Durable Dividend ETF                
Actual   $1,000.00   $1,027.70   0.29%   $1.47
Hypothetical**   $1,000.00   $1,023.61   0.29%   $1.47
Morningstar Global Wide Moat ETF                
Actual   $1,000.00   $1,046.40   0.52%   $2.67
Hypothetical**   $1,000.00   $1,022.46   0.52%   $2.64
Morningstar International Moat ETF                
Actual   $1,000.00   $942.10   0.57%   $2.78
Hypothetical**   $1,000.00   $1,022.21   0.57%   $2.89
Morningstar Wide Moat ETF                
Actual   $1,000.00   $1,059.30   0.46%   $2.37
Hypothetical**   $1,000.00   $1,022.76   0.46%   $2.33
13

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

 

    Beginning
Account
Value
April 1, 2021
  Ending
Account
Value
September 30,
2021
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
April 1, 2021 -
September 30,
2021*
Social Sentiment ETF                
Actual   $1,000.00   $1,021.30   0.75%   $3.80
Hypothetical**   $1,000.00   $1,021.31   0.75%   $3.80

 

* Expenses are equal to the Fund’s annualized expense ratio (for the six months ended September 30, 2021), 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).
** Assumes annual return of 5% before expenses
14

VANECK INFLATION ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2021

 

      Number
of Shares
      Value  
EXCHANGE TRADED FUNDS: 99.8% (a)          
Energy Select Sector SPDR Fund †     13,294   $ 692,484  
First Trust NASDAQ Clean Edge Green Energy Index Fund     3,126       195,688  
Global X US Infrastructure Development ETF     36,140       918,317  
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF †     171,308       3,606,034  
Invesco Solar ETF     2,437       194,838  
iShares Global Infrastructure ETF     20,431       937,783  
iShares Gold Strategy ETF     14,865       798,845  
iShares Gold Trust     6,254       208,946  
iShares MSCI Global Metals & Mining Producers ETF †     10,824       441,403  
Nuveen Short-Term REIT ETF     5,790       204,329  
Purpose Bitcoin ETF     48,131       395,637  
SPDR Gold MiniShares Trust     11,986       209,276  
VanEck Agribusiness ETF ‡     8,599       784,573  
VanEck Energy Income ETF ‡     18,068       980,050  
VanEck Gold Miners ETF † ‡     23,328       687,476  
VanEck Low Carbon Energy ETF † ‡     2,676       398,697  
VanEck Merk Gold Shares     35,943       614,266  
VanEck Mortgage REIT Income ETF ‡     9,938       189,021  
VanEck Oil Services ETF ‡     2,438       480,310  
VanEck Steel ETF ‡     8,842       488,167  
VanEck Vectors Unconventional Oil & Gas ETF ‡     4,688       667,902  
Vanguard Real Estate ETF †     23,876       2,430,099  
                 
Total Exchange Traded Funds
(Cost: $15,461,586)
            16,524,141  

 

SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%          
(Cost: $17,691)                
Money Market Fund: 0.1%                
State Street Navigator Securities Lending Government Money Market Portfolio     17,691       17,691  
Total Investments: 99.9%                
(Cost: $15,479,277)             16,541,832  
Other assets less liabilities: 0.1%             13,612  
NET ASSETS: 100.0%           $ 16,555,444  


 

 

Footnotes:

 

(a) Each underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https:// www.sec.gov.
   
Security fully or partially on loan. Total market value of securities on loan is $3,377,660.
   
Affiliated issuer – as defined under the Investment Company Act of 1940.

 

See Notes to Financial Statements

15

VANECK INFLATION ALLOCATION ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(continued)

 

Summary of Investments by Sector   % of      
Excluding Collateral for Securities Loaned   Investments   Value  
Agribusiness     4.7 %   $ 784,573  
Digital Currency     2.4       395,637  
Diversified Commodities Futures     21.8       3,606,034  
Energy     14.9       2,461,757  
Global Metals and Mining     2.7       441,403  
Gold Bullion     11.1       1,831,333  
Gold Mining     4.2       687,476  
Industrials     5.6       918,317  
Oil Services     2.9       480,310  
Real Estate Investment Trusts     17.1       2,823,449  
Steel     2.9       488,167  
Unconventional Oil & Gas     4.0       667,902  
Utilities     5.7       937,783  
      100.0 %   $ 16,524,141  

   

Transactions in securities of affiliates for the period ended September 30, 2021:

 

    Value
9/30/2020
    Purchases     Sales
Proceeds
    Realized Gain
(Loss)
    Dividend
Income
    Net Change in
Unrealized
Appreciation
(Depreciation)
  Value
9/30/2021
 
                                           
VanEck Agribusiness ETF   $ 659,441     $ 1,420,329     $ (1,448,848 )   $ 142,467     $ 10,276     $ 11,184     $ 784,573  
VanEck Energy Income ETF     404,867       1,229,347       (872,681 )     98,759 (a)     4,310       154,638 (b)     980,050  
VanEck Gold Miners ETF     473,870       1,161,596       (754,738 )     (42,071 )     3,812       (151,181 )     687,476  
VanEck Low Carbon Energy ETF     437,983       1,515,634       (1,515,848 )     76,468       431       (115,540 )     398,697  
VanEck Mortgage REIT Income ETF           210,303       (14,760 )     (126 )     1,176       (5,501 )(c)     189,021  
VanEck Oil Services ETF     244,277       726,252       (690,780 )     116,192       5,579       84,369       480,310  
VanEck Steel ETF     341,239       832,355       (829,734 )     125,857       10,835       18,450       488,167  
VanEck Vectors Coal ETF     349,211             (391,053 )     60,691             (18,849 )      
VanEck Vectors Unconventional Oil & Gas ETF     265,145       778,133       (717,536 )     132,856       6,883       209,304       667,902  
    $ 3,176,033     $ 7,873,949     $ (7,235,978 )   $ 711,093     $ 43,302     $ 186,874     $ 4,676,196  

 

(a) Includes Return of Capital distribution reclassification of $7,955.
(b) Includes Return of Capital distribution reclassification of $26,925.
(c) Includes Return of Capital distribution reclassification of $895.

 

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Exchange Traded Funds   $ 16,524,141     $     $     $ 16,524,141  
Money Market Fund     17,691                   17,691  
Total Investments   $ 16,541,832     $     $     $ 16,541,832  

 

See Notes to Financial Statements

16

VANECK LONG/FLAT TREND ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

 

    Number
of Shares
    Value  
EXCHANGE TRADED FUND: 99.8% (a)            
(Cost: $32,328,428)                
Vanguard S&P 500 ETF †     103,655     $ 40,881,532  
                 
Total Investments: 99.8%
(Cost: $32,328,428)
            40,881,532  
Other assets less liabilities: 0.2%             77,934  
NET ASSETS: 100.0%           $ 40,959,466  

 

 

Footnotes:

 

(a) The underlying fund’s shareholder reports and registration documents are available free of charge on the SEC’s website at https://www. sec.gov.
   
Security fully or partially on loan. Total market value of securities on loan is $6,769,482.

 

Summary of Investments by Sector     % of
Investments
    Value  
Exchanged Traded Fund     100.0 %   $ 40,881,532  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
  Value  
Exchange Traded Funds   $ 40,881,532   $   $   $ 40,881,532  

 

See Notes to Financial Statements

17

VANECK MORNINGSTAR DURABLE DIVIDEND ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.4%                
Automobiles & Components: 0.1%                
Gentex Corp.     1,201     $ 39,609  
Banks: 5.1%                
JPMorgan Chase & Co.     15,923       2,606,436  
Capital Goods: 7.7%                
3M Co.     5,832       1,023,050  
Emerson Electric Co.     3,755       353,721  
General Dynamics Corp.     1,646       322,665  
Honeywell International, Inc.     3,679       780,978  
Hubbell, Inc.     344       62,151  
L3Harris Technologies, Inc.     1,067       234,996  
Lincoln Electric Holdings, Inc.     284       36,576  
Lockheed Martin Corp.     2,319       800,287  
MSC Industrial Direct Co., Inc.     552       44,265  
Northrop Grumman Corp.     802       288,840  
              3,947,529  
Consumer Services: 4.0%                
McDonald’s Corp.     5,162       1,244,610  
Starbucks Corp.     5,749       634,172  
Yum! Brands, Inc.     1,441       176,249  
              2,055,031  
Diversified Financials: 3.0%                
BlackRock, Inc.     765       641,575  
CME Group, Inc.     2,084       403,004  
Cohen & Steers, Inc.     150       12,565  
Evercore, Inc.     246       32,883  
Federated Hermes, Inc.     1,023       33,248  
Franklin Resources, Inc.     3,092       91,894  
Janus Henderson Group Plc     1,913       79,064  
T Rowe Price Group, Inc.     1,327       261,021  
              1,555,254  
Energy: 1.3%                
The Williams Companies, Inc.     25,468       660,640  
Food & Staples Retailing: 1.8%                
Walmart, Inc.     6,539       911,406  
Food, Beverage & Tobacco: 16.5%                
Altria Group, Inc.     40,094       1,825,079  
Hormel Foods Corp.     2,047       83,927  
Keurig Dr Pepper, Inc.     3,369       115,085  
Mondelez International, Inc.     9,318       542,121  
PepsiCo, Inc.     11,705       1,760,549  
Philip Morris International, Inc.     23,116       2,191,166  
The Coca-Cola Co.     36,603       1,920,559  
              8,438,486  
Health Care Equipment & Services: 1.8%                
Medtronic Plc     7,577       949,777  
Household & Personal Products: 0.9%                
Colgate-Palmolive Co.     6,193       468,067  
Insurance: 1.9%                
Allstate Corp.     2,149       273,589  
Chubb Ltd.     2,483       430,751  
Travelers Cos, Inc.     1,743       264,953  
              969,293  
Materials: 1.2%                
Air Products and Chemicals, Inc.     1,506       385,702  
    Number
of Shares
    Value  
Materials (continued)                
International Flavors & Fragrances, Inc.     1,624     $ 217,161  
Valvoline, Inc.     932       29,060  
              631,923  
Media & Entertainment: 2.6%                
Comcast Corp.     23,416       1,309,657  
Pharmaceuticals, Biotechnology & Life Sciences: 20.3%          
AbbVie, Inc.     22,222       2,397,087  
Amgen, Inc.     5,733       1,219,123  
Bristol-Myers Squibb Co.     21,154       1,251,682  
Gilead Sciences, Inc.     15,541       1,085,539  
Johnson & Johnson     14,682       2,371,143  
Merck & Co., Inc.     27,593       2,072,510  
              10,397,084  
Semiconductors & Semiconductor Equipment: 5.0%              
Analog Devices, Inc.     2,830       473,968  
Qualcomm, Inc.     6,658       858,749  
Texas Instruments, Inc.     6,402       1,230,529  
              2,563,246  
Software & Services: 0.2%                
Western Union Co.     5,616       113,555  
Technology Hardware & Equipment: 4.0%                
Cisco Systems, Inc.     33,541       1,825,637  
Corning, Inc.     5,984       218,356  
              2,043,993  
Telecommunication Services: 10.0%                
AT&T, Inc.     96,794       2,614,406  
Cogent Communications Holdings, Inc.     557       39,458  
Verizon Communications, Inc.     45,615       2,463,666  
              5,117,530  
Transportation: 0.6%                
Norfolk Southern Corp.     1,286       307,675  
Utilities: 11.4%                
Alliant Energy Corp.     2,081       116,494  
Ameren Corp.     1,957       158,517  
American Electric Power Co., Inc.       5,219       423,678  
Atmos Energy Corp.     1,070       94,374  
Avangrid, Inc. (USD)     728       35,381  
Consolidated Edison, Inc.     4,417       320,630  
Dominion Energy, Inc.     9,405       686,753  
DTE Energy Co.     2,186       244,198  
Duke Energy Corp.     9,084       886,508  
NextEra Energy, Inc.     10,930       858,224  
NiSource, Inc.     4,356       105,546  
OGE Energy Corp.     2,893       95,353  
PPL Corp.     13,444       374,819  
Sempra Energy     3,230       408,595  
Southern Co.     13,116       812,798  


 

See Notes to Financial Statements

18

 

 

    Number
of Shares
    Value  
Utilities (continued)                
WEC Energy Group, Inc.     2,793     $ 246,343  
              5,868,211  
Total Common Stocks                
(Cost: $49,336,162)             50,954,402  
Total Investments: 99.4%                
(Cost: $49,336,162)             50,954,402  
Other assets less liabilities: 0.6%             282,770  
NET ASSETS: 100.0%           $ 51,237,172  


 

 

Definitions:

 

USD United States Dollar

 

Summary of Investments by Sector   % of
Investments
  Value  
Communication Services     12.6 %            $ 6,427,187  
Consumer Discretionary     4.1       2,094,640  
Consumer Staples     19.3       9,817,959  
Energy     1.3       660,640  
Financials     10.1       5,130,983  
Health Care     22.3       11,346,861  
Industrials     8.4       4,255,204  
Information Technology     9.2       4,720,794  
Materials     1.2       631,923  
Utilities     11.5       5,868,211  
      100.0 %   $ 50,954,402  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 50,954,402     $     $     $ 50,954,402  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

19

VANECK MORNINGSTAR GLOBAL WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.9%            
Argentina: 1.2%            
MercadoLibre, Inc. (USD) *     134     $ 225,040  
Australia: 3.8%                
Australia & New Zealand Banking Group Ltd. #     8,892       178,426  
National Australia Bank Ltd. #     9,510       187,391  
Westpac Banking Corp. #     19,988       369,341  
              735,158  
Belgium: 0.8%                
Anheuser-Busch InBev SA/NV #     2,585       146,690  
Canada: 4.0%                
Royal Bank of Canada     3,888       386,790  
Toronto-Dominion Bank     5,870       388,522  
              775,312  
China: 2.6%                
Tencent Holdings Ltd. (HKD) #     2,400       143,277  
Yum China Holdings, Inc. (USD)     6,212       360,979  
              504,256  
Denmark: 1.2%                
Novo Nordisk A/S #     2,351       226,749  
France: 4.0%                
Airbus SE # *     2,937       389,577  
Safran SA #     2,986       377,867  
              767,444  
Germany: 1.2%                
GEA Group AG # *     4,830       220,697  
Japan: 3.8%                
Hoshizaki Corp. #     2,000       181,451  
Japan Tobacco, Inc. #     10,100       197,406  
Nabtesco Corp. #     9,100       343,206  
              722,063  
Sweden: 0.8%                
Elekta AB # †     14,464       162,091  
Switzerland: 4.0%                
Julius Baer Group Ltd. #     5,959       395,532  
Novartis AG #     2,279       186,696  
Roche Holding AG #     516       188,143  
              770,371  
Taiwan: 1.9%                
Taiwan Semiconductor Manufacturing Co. Ltd. #     18,000       372,278  
United Kingdom: 8.5%                
AstraZeneca Plc #     1,756       211,778  
BAE Systems Plc #     26,089       197,739  
British American Tobacco Plc #     5,361       187,523  
GlaxoSmithKilne Plc #     10,047       189,753  
Imperial Brands Plc #     18,222       381,412  
Meggitt Plc # *     28,898       285,309  
Unilever Plc #     3,209       173,852  
              1,627,366  
United States: 62.1%                
3M Co.     989       173,490  
Alphabet, Inc. *     150       401,028  
Altria Group, Inc.     3,941       179,394  
Amazon.com, Inc. *     55       180,677  
    Number
of Shares
    Value  
United States (continued)            
Applied Materials, Inc.     1,501     $ 193,224  
Aspen Technology, Inc. *     1,387       170,324  
Bank of New York Mellon Corp.     3,785       196,214  
Berkshire Hathaway, Inc. *     1,417       386,756  
Biogen, Inc. *     624       176,586  
Blackbaud, Inc. *     5,447       383,196  
BlackRock, Inc.     217       181,989  
Boeing Co. *     949       208,723  
Bristol-Myers Squibb Co.     5,986       354,192  
Cheniere Energy, Inc. *     2,229       217,706  
Comcast Corp.     3,390       189,603  
Compass Minerals International, Inc.     6,327       407,459  
Constellation Brands, Inc.     1,760       370,814  
Corteva, Inc.     9,052       380,908  
Emerson Electric Co.     4,035       380,097  
Equifax, Inc.     728       184,490  
Facebook, Inc. *     1,120       380,117  
General Dynamics Corp.     981       192,305  
Gilead Sciences, Inc.     2,790       194,881  
Intel Corp.     3,743       199,427  
Intercontinental Exchange, Inc.     1,686       193,586  
Lam Research Corp.     344       195,788  
Masco Corp.     3,361       186,704  
McDonald’s Corp.     1,667       401,930  
Medtronic Plc     3,033       380,187  
Microchip Technology, Inc.     1,300       199,537  
Microsoft Corp.     1,407       396,661  
Pfizer, Inc.     4,312       185,459  
Philip Morris International, Inc.     3,906       370,250  
Polaris, Inc.     3,219       385,186  
Roper Technologies, Inc.     837       373,411  
Salesforce.com, Inc. *     798       216,434  
ServiceNow, Inc. *     670       416,921  
The Coca-Cola Co.     3,519       184,642  
Thermo Fisher Scientific, Inc.     395       225,675  
Tyler Technologies, Inc. *     415       190,340  
Veeva Systems, Inc. *     1,283       369,722  
Wells Fargo & Co.     9,221       427,947  
Western Union Co.     8,263       167,078  
Zimmer Biomet Holdings, Inc.     1,203       176,071  
              11,927,129  
Total Common Stocks
(Cost: $16,262,612)
            19,182,644  
Total Investments: 99.9%
(Cost: $16,262,612)
            19,182,644  
Other assets less liabilities: 0.1%             27,356  
NET ASSETS: 100.0%           $ 19,210,000  


 

See Notes to Financial Statements

20

 

 

 

Definitions:

 

HKD Hong Kong Dollar
USD United States Dollar

 

Footnotes:

 

* Non-income producing
# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $5,894,184 which represents 30.7% of net assets.
Security fully or partially on loan. Total market value of securities on loan is $153,978.

 

Summary of Investments by Sector   % of
Investments
  Value  
Communication Services     5.8 %        $ 1,114,024  
Consumer Discretionary     8.1       1,553,813  
Consumer Staples     11.4       2,191,983  
Energy     1.1       217,706  
Financials     17.2       3,292,495  
Health Care     16.9       3,227,983  
Industrials     19.3       3,695,066  
Information Technology     16.1       3,101,207  
Materials     4.1       788,367  
      100.0 %   $ 19,182,644  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
 Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                              
Argentina   $ 225,040     $     $     $ 225,040  
Australia           735,158             735,158  
Belgium           146,690             146,690  
Canada     775,312                   775,312  
China     360,979       143,277             504,256  
Denmark           226,749             226,749  
France           767,444             767,444  
Germany           220,697             220,697  
Japan           722,063             722,063  
Sweden           162,091             162,091  
Switzerland           770,371             770,371  
Taiwan           372,278             372,278  
United Kingdom           1,627,366             1,627,366  
United States     11,927,129                   11,927,129  
Total Investments   $ 13,288,460     $ 5,894,184     $     $ 19,182,644  

 

See Notes to Financial Statements 

21

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESMENTS

September 30, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.1%            
Australia: 3.9%            
Link Administration Holdings Ltd. #     412,407   $ 1,292,175  
Telstra Corp. Ltd. #     280,784       786,132  
Westpac Banking Corp. #     37,396       691,009  
              2,769,316  
Belgium: 2.8%                
Anheuser-Busch InBev SA/NV #     22,265       1,263,467  
Proximus SADP #     35,551       705,856  
              1,969,323  
China: 13.3%                
Agricultural Bank of China Ltd. #     1,516,000       689,548  
ANTA Sports Products Ltd. (HKD) #     33,000       623,155  
Bank of China Ltd. (HKD) #     2,076,000       733,524  
BOC Hong Kong Holdings Ltd. (HKD) #     448,500       1,351,518  
China Education Group Holdings Ltd. (HKD) # †     333,000       574,398  
China Gas Holdings Ltd. (HKD) #     245,200       724,184  
China Resources Pharmaceutical Group Ltd. (HKD) 144A #     1,227,500       602,476  
Innovent Biologics, Inc. (HKD) 144A # *     86,500       833,016  
Shanghai Pharmaceuticals Holding Co. Ltd. (HKD) #     344,200       667,127  
Sinopharm Group Co. Ltd. (HKD) #     265,600       696,021  
Tencent Holdings Ltd. (HKD) #     9,500       567,138  
Yum China Holdings, Inc. (USD)     11,572       672,449  
Yutong Bus Co. Ltd. #     378,120       663,467  
              9,398,021  
Denmark: 2.0%                
Danske Bank A/S #     85,197       1,436,111  
France: 9.2%                
Accor SA # *     21,139       754,149  
Dassault Aviation SA #     12,800       1,439,582  
Safran SA #     5,936       751,178  
Sanofi #     14,523       1,398,766  
Sodexo SA # *     8,512       744,297  
Thales SA #     14,694       1,425,402  
              6,513,374  
Germany: 5.8%                
Bayerische Motoren Werke AG #     14,827       1,408,982  
Continental AG # *     10,816       1,174,778  
Fresenius SE & Co. KGaA #     28,216       1,351,263  
Vitesco Technologies Group AG *     2,067       122,197  
              4,057,220  
Hong Kong: 1.8%                
Sun Hung Kai Properties Ltd. #     99,500       1,242,391  
Italy: 2.9%                
Leonardo SpA # *     179,386       1,467,806  
    Number
of Shares
    Value  
Italy (continued)            
Telecom Italia SpA #     1,451,531   $ 567,858  
              2,035,664  
Japan: 3.3%                
Japan Tobacco, Inc. #     36,000       703,623  
KDDI Corp. #     23,800       781,604  
Murata Manufacturing Co.  Ltd. #     9,800       864,658  
              2,349,885  
Luxembourg: 3.9%                
Millicom International Cellular SA (SDR) # *     38,180       1,383,686  
Samsonite International SA (HKD) 144A # *     653,100       1,402,533  
              2,786,219  
Mexico: 1.3%                
America Movil SAB de CV     999,000       887,914  
Netherlands: 6.9%                
ABN AMRO Bank NV 144A # * †     112,737       1,627,341  
ING Groep NV # †     110,462       1,606,784  
Koninklijke KPN NV #     238,878       752,081  
Royal Dutch Shell Plc (GBP) #     38,723       861,775  
              4,847,981  
Singapore: 5.2%                
CapitaLand Integrated Commercial Trust #     1,007,308       1,500,161  
CapitaLand Investment Ltd. *     280,000       701,237  
Singapore Technologies Engineering Ltd. #     514,700       1,436,968  
              3,638,366  
South Korea: 3.1%                
KT Corp. #     25,461       696,341  
SK Telecom Co. Ltd. #     5,374       1,459,666  
              2,156,007  
Spain: 3.1%                
Banco Santander SA # *     394,788       1,430,806  
Telefonica SA # *     159,611       749,375  
              2,180,181  
Sweden: 3.4%                
Svenska Handelsbanken AB #     69,365       777,366  
Swedbank AB #     79,891       1,612,053  
              2,389,419  
Switzerland: 4.2%                
Credit Suisse Group AG #     74,800       738,032  
Dufry AG # *     14,120       792,444  
Roche Holding AG #     1,833       668,344  
Zurich Insurance Group AG #     1,847       754,547  
              2,953,367  
Taiwan: 4.8%                
MediaTek, Inc. #     22,000       708,124  
Taiwan Semiconductor Manufacturing Co. Ltd. #     67,000       1,385,700  
Win Semiconductors Corp. #     120,000       1,319,493  
              3,413,317  
United Kingdom: 18.3%                
British American Tobacco Plc #     19,051       666,388  
BT Group Plc # *     314,687       675,105  
GlaxoSmithKilne Plc #     35,703       674,304  


 

See Notes to Financial Statements

22

 

 

    Number
of Shares
    Value  
United Kingdom (continued)            
Hang Seng Bank Ltd. (HKD) #     39,800   $ 681,726  
HSBC Holdings Plc #     264,152       1,382,140  
Imperial Brands Plc #     67,968       1,422,665  
Lloyds Banking Group Plc #     2,423,005       1,509,192  
Meggitt Plc # *     113,222       1,117,836  
Smiths Group Plc #     35,556       686,102  
Swire Properties Ltd. (HKD) #     517,200       1,292,079  
Vodafone Group Plc #     855,041       1,302,026  
WPP Plc #     109,531       1,468,483  
              12,878,046  
    Number
of Shares
    Value  
United States: 0.9%            
MGM China Holdings Ltd. (HKD) # * †     448,800   $ 279,400  
Sands China Ltd. (HKD) # *     167,200       342,175  
              621,575  
Total Common Stocks
(Cost: $70,163,510)
            70,523,697  
Total Investments: 100.1%
(Cost: $70,163,510)
            70,523,697  
Liabilities in excess of other assets: (0.1)%             (86,868)  
NET ASSETS: 100.0%           $ 70,436,829  


 

 

Definitions:
GBP British Pound
HKD Hong Kong Dollar
SDR Swedish Depositary Receipt
USD United States Dollar

 

Footnotes:
# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $68,139,900 which represents 96.7% of net assets.
Security fully or partially on loan. Total market value of securities on loan is $3,438,469.
* Non-income producing
144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $4,465,366, or 6.3% of net assets.

 

Summary of Investments by Sector   % of
Investments
  Value  
Communication Services     18.1 %          $ 12,783,264  
Consumer Discretionary     12.6       8,890,956  
Consumer Staples     5.8       4,056,143  
Energy     1.2       861,775  
Financials     24.2       17,021,697  
Health Care     9.9       6,891,319  
Industrials     12.7       8,988,340  
Information Technology     7.8       5,570,151  
Real Estate     6.7       4,735,868  
Utilities     1.0       724,184  
      100.0 %   $ 70,523,697  

 

See Notes to Financial Statements

23

VANECK MORNINGSTAR INTERNATIONAL MOAT ETF

SCHEDULE OF INVESMENTS

(continued)

 

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                        
Australia   $     $ 2,769,316     $     $ 2,769,316  
Belgium           1,969,323             1,969,323  
China     672,449       8,725,572             9,398,021  
Denmark           1,436,111             1,436,111  
France           6,513,374             6,513,374  
Germany     122,197       3,935,023             4,057,220  
Hong Kong           1,242,391             1,242,391  
Italy           2,035,664             2,035,664  
Japan           2,349,885             2,349,885  
Luxembourg           2,786,219             2,786,219  
Mexico     887,914                   887,914  
Netherlands           4,847,981             4,847,981  
Singapore     701,237       2,937,129             3,638,366  
South Korea           2,156,007             2,156,007  
Spain           2,180,181             2,180,181  
Sweden           2,389,419             2,389,419  
Switzerland           2,953,367             2,953,367  
Taiwan           3,413,317             3,413,317  
United Kingdom           12,878,046             12,878,046  
United States           621,575             621,575  
Total Investments   $ 2,383,797     $ 68,139,900     $     $ 70,523,697  

 

See Notes to Financial Statements

24

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.9%                
Banks: 2.8%                
Wells Fargo & Co.     3,936,166     $ 182,677,464  
Capital Goods: 11.1%                
Boeing Co. *     754,533       165,951,988  
Emerson Electric Co.     830,345       78,218,499  
General Dynamics Corp.     437,749       85,811,936  
Lockheed Martin Corp.     458,065       158,078,232  
Masco Corp.     1,434,884       79,707,806  
Raytheon Technologies Corp.     1,033,051       88,801,064  
Roper Technologies, Inc.     177,448       79,164,876  
              735,734,401  
Commercial & Professional Services: 1.2%                
Equifax, Inc.     310,666       78,728,978  
Consumer Durables & Apparel: 2.5%                
Polaris, Inc.     1,374,108       164,425,763  
Consumer Services: 1.3%                
McDonald’s Corp.     352,848       85,075,181  
Diversified Financials: 3.7%                
Berkshire Hathaway, Inc. *     604,695       165,045,453  
Intercontinental Exchange, Inc.     719,858       82,654,096  
              247,699,549  
Energy: 2.8%                
Cheniere Energy, Inc. *     1,933,132       188,809,002  
Food, Beverage & Tobacco: 12.2%                
Altria Group, Inc.     3,446,983       156,906,666  
Campbell Soup Co.     1,989,983       83,201,189  
Constellation Brands, Inc.     751,423       158,317,312  
Kellogg Co.     2,618,279       167,360,394  
Philip Morris International, Inc.     1,667,253       158,038,912  
The Coca-Cola Co.     1,502,080       78,814,137  
              802,638,610  
Health Care Equipment & Services: 7.2%                
Cerner Corp.     1,040,412       73,369,854  
Medtronic Plc     1,294,635       162,282,497  
Veeva Systems, Inc. *     278,632       80,293,383  
Zimmer Biomet Holdings, Inc.     1,093,871       160,098,960  
              476,044,694  
Materials: 5.1%                
Compass Minerals                
International, Inc. ‡     2,700,902       173,938,089  
Corteva, Inc.     3,864,260       162,608,061  
              336,546,150  
Media & Entertainment: 6.3%                
Alphabet, Inc. *     64,009       171,129,342  
Comcast Corp.     1,447,231       80,943,630  
Facebook, Inc. *     478,073       162,253,195  
              414,326,167  
Pharmaceuticals, Biotechnology & Life Sciences: 12.3%          
Biogen, Inc. *     480,693       136,031,312  
Bristol-Myers Squibb Co.     2,555,261       151,194,793  
Gilead Sciences, Inc.     2,408,068       168,203,550  
Merck & Co., Inc.     2,213,253       166,237,433  
Pfizer, Inc.     2,119,999       91,181,157  
Thermo Fisher Scientific, Inc.     168,651       96,355,376  
              809,203,621  
    Number
of Shares
    Value  
Retailing: 2.4%                
Amazon.com, Inc. *     47,644     $ 156,512,446  
Semiconductors & Semiconductor                
Equipment: 6.3%                
Intel Corp.     3,070,627       163,603,007  
KLA Corp.     254,218       85,038,463  
Lam Research Corp.     146,711       83,500,566  
Microchip Technology, Inc.     554,854       85,164,540  
              417,306,576  
Software & Services: 19.0%                
Aspen Technology, Inc. *     1,255,760       154,207,328  
Blackbaud, Inc. *     2,325,163       163,575,217  
Guidewire Software, Inc. *     1,419,882       168,781,373  
Microsoft Corp.     600,653       169,336,094  
Salesforce.com, Inc. *     666,458       180,756,739  
ServiceNow, Inc. *     155,069       96,494,787  
Tyler Technologies, Inc. *     363,628       166,777,982  
Western Union Co.     7,514,577       151,944,747  
              1,251,874,267  
Transportation: 1.3%                
CH Robinson Worldwide, Inc.     960,714       83,582,118  
Utilities: 2.4%                
Dominion Energy, Inc.     2,175,280       158,838,946  
Total Common Stocks                
(Cost: $6,077,878,429)             6,590,023,933  
Total Investments: 99.9%                
(Cost: $6,077,878,429)             6,590,023,933  
Other assets less liabilities: 0.1%             9,193,451  
NET ASSETS: 100.0%           $ 6,599,217,384  


 

See Notes to Financial Statements  

25

VANECK MORNINGSTAR WIDE MOAT ETF

SCHEDULE OF INVESTMENTS

(continued)

 

 

Footnotes:

 

* Non-income producing
Affiliated issuer – as defined under the Investment Company Act of 1940.

 

Summary of Investments by Sector   % of
Investments
  Value  
Communication Services     6.3 %          $ 414,326,167  
Consumer Discretionary     6.2       406,013,390  
Consumer Staples     12.2       802,638,610  
Energy     2.9       188,809,002  
Financials     6.5       430,377,013  
Health Care     19.5       1,285,248,315  
Industrials     13.6       898,045,497  
Information Technology     25.3       1,669,180,843  
Materials     5.1       336,546,150  
Utilities     2.4       158,838,946  
      100.0%     $ 6,590,023,933  

 

Transactions in securities of affiliates for the period ended September 30, 2021:

 

    Value
9/30/2020
    Purchases     Sales
Proceeds
    Realized Gain
(Loss)
    Dividend
Income
    Net Change in
Unrealized
Appreciation
(Depreciation)
    Value
9/30/2021
 
Compass Minerals International, Inc.   $ –(a)     $ 123,593,866     $ (49,569,744)   $ (1,727,277)   $ 5,676,150     $ 5,480,356     $ 173,938,089  

 

(a) Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period.

 

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 6,590,023,933     $     $     $ 6,590,023,933  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

26

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.0%                
Automobiles & Components: 6.1%                
Ford Motor Co. *     212,874     $ 3,014,296  
General Motors Co. *     29,890       1,575,502  
QuantumScape Corp. * †     41,618       1,021,306  
Tesla, Inc. *     8,175       6,339,550  
              11,950,654  
Banks: 3.2%                
Bank of America Corp.     27,013       1,146,702  
Citigroup, Inc.     14,155       993,398  
Rocket Cos, Inc.     149,334       2,395,317  
Wells Fargo & Co.     35,861       1,664,309  
              6,199,726  
Capital Goods: 9.5%                
Boeing Co. *     18,133       3,988,172  
General Electric Co.     8,739       900,379  
Lockheed Martin Corp.     7,750       2,674,525  
Plug Power, Inc. * †     244,252       6,238,196  
Virgin Galactic Holdings, Inc. *     172,558       4,365,717  
              18,166,989  
Consumer Durables & Apparel: 2.1%                
Lululemon Athletica, Inc. *     2,787       1,127,899  
Peloton Interactive, Inc. *     33,181       2,888,406  
              4,016,305  
Consumer Services: 5.4%                
Airbnb, Inc. *     12,904       2,164,646  
Carnival Corp. *     66,195       1,655,537  
DraftKings, Inc. * †     82,134       3,955,573  
Penn National Gaming, Inc. *     24,730       1,791,936  
Starbucks Corp.     6,408       706,866  
              10,274,558  
Diversified Financials: 0.4%                
Goldman Sachs Group, Inc.     2,191       828,264  
Energy: 0.8%                
Exxon Mobil Corp.     25,169       1,480,441  
Food & Staples Retailing: 1.0%                
Walmart, Inc.     13,335       1,858,632  
Food, Beverage & Tobacco: 0.4%                
Beyond Meat, Inc. * †     6,854       721,452  
Materials: 2.5%                
Barrick Gold Corp. (USD)     104,476       1,885,792  
Cleveland-Cliffs, Inc. * †     84,597       1,675,867  
United States Steel Corp.     49,072       1,078,112  
              4,639,771  
Media & Entertainment: 16.0%                
Activision Blizzard, Inc.     10,153       785,741  
Alphabet, Inc. *     741       1,981,078  
AMC Entertainment Holdings, Inc. *     127,159       4,839,672  
Facebook, Inc. *     9,311       3,160,060  
Netflix, Inc. *     5,602       3,419,125  
    Number
of Shares
    Value  
Media & Entertainment (continued)                
Pinterest, Inc. *     33,674     $ 1,715,690  
Roku, Inc. *     13,644       4,275,347  
Snap, Inc. *     23,053       1,702,925  
Spotify Technology SA (USD) *     3,378       761,199  
Twitter, Inc. *     37,126       2,242,039  
ViacomCBS, Inc.     48,511       1,916,670  
Walt Disney Co. *     23,811       4,028,107  
              30,827,653  
Pharmaceuticals, Biotechnology & Life                
Sciences: 10.3%                
AbbVie, Inc.     10,112       1,090,781  
Agilent Technologies, Inc.     13,812       2,175,804  
Johnson & Johnson     5,048       815,252  
Moderna, Inc. *     13,536       5,209,465  
Novavax, Inc. *     23,725       4,918,430  
Pfizer, Inc.     134,037       5,764,931  
              19,974,663  
Real Estate: 0.8%                
Opendoor Technologies, Inc. * †     78,643       1,614,541  
Retailing: 9.4%                
Amazon.com, Inc. *     1,766       5,801,381  
Chewy, Inc. * †     19,698       1,341,631  
GameStop Corp. *     30,975       5,435,183  
Macy’s, Inc.     94,457       2,134,728  
Target Corp.     10,702       2,448,297  
The Home Depot, Inc.     3,059       1,004,147  
              18,165,367  
Semiconductors & Semiconductor                
Equipment: 7.6%                
Advanced Micro Devices, Inc. *     58,119       5,980,445  
Intel Corp.     22,115       1,178,287  
Micron Technology, Inc.     23,903       1,696,635  
NVIDIA Corp.     27,819       5,762,984  
              14,618,351  
Software & Services: 19.6%                
BlackBerry Ltd. (USD) *     574,997       5,594,721  
C3.ai, Inc. * †     42,763       1,981,637  
Crowdstrike Holdings, Inc. *     8,459       2,079,053  
Digital Turbine, Inc. *     43,661       3,001,694  
DocuSign, Inc. *     4,864       1,252,140  
Microsoft Corp.     12,410       3,498,627  
Palantir Technologies, Inc. *     236,120       5,676,324  
PayPal Holdings, Inc. *     7,582       1,972,912  
Salesforce.com, Inc. *     6,859       1,860,298  
Shopify, Inc. (USD) *     693       939,556  
Snowflake, Inc. *     6,494       1,963,980  
Square, Inc. *     7,997       1,918,000  
Unity Software, Inc. *     13,101       1,654,001  
Visa, Inc.     6,385       1,422,259  


 

See Notes to Financial Statements

27

VANECK SOCIAL SENTIMENT ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Number
of Shares
    Value  
Software & Services (continued)                
Zoom Video Communications, Inc. *     12,241     $ 3,201,022  
              38,016,224  
Technology Hardware & Equipment: 2.9%                
Apple, Inc.     40,044       5,666,226  
Telecommunication Services: 0.8%                
AT&T, Inc.     56,234       1,518,880  
    Number
of Shares
    Value  
Transportation: 1.2%                
American Airlines Group, Inc. *     51,507     $ 1,056,924  
Uber Technologies, Inc. *     31,555       1,413,664  
              2,470,588  
Total Common Stocks
(Cost: $191,853,624)
            193,009,285  
Total Investments: 100.0%
(Cost: $191,853,624)
            193,009,285  
Liabilities in excess of other assets: 0.0%             (75,074)  
NET ASSETS: 100.0%           $ 192,934,211  


 

Definitions:
USD United States Dollar
   
Footnotes:
* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $17,589,466.

 

Summary of Investments by Sector   % of
Investments
  Value  
Communication Services     16.8 %          $ 32,346,532  
Consumer Discretionary     23.0       44,406,883  
Consumer Staples     1.4       2,580,084  
Energy     0.8       1,480,441  
Financials     3.6       7,027,990  
Health Care     10.3       19,974,664  
Industrials     10.7       20,637,578  
Information Technology     30.2       58,300,802  
Materials     2.4       4,639,770  
Real Estate     0.8       1,614,541  
      100.0 %   $ 193,009,285  

 

The summary of inputs used to value the Fund’s investments as of September 30, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 193,009,285     $       $       $ 193,009,285  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

28

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2021

 

    Inflation
Allocation ETF (a)
    Long/Flat Trend
ETF
    Morningstar
Durable Dividend
ETF
    Morningstar
Global Wide Moat
ETF
 
Assets:                                
Investments, at value (1)                                
Unaffiliated issuers (2)   $ 11,847,945     $ 40,881,532     $ 50,954,402     $ 19,182,644  
Affiliated issuers (3)     4,676,196                    
Short-term investments held as collateral for securities loaned (4)     17,691                    
Cash     81,213       20,999       218,812       65,220  
Cash denominated in foreign currency, at value (5)                       2,435  
Receivables:                                
Investment securities sold                       2,418  
Shares of beneficial interest sold     636,747                    
Due from Adviser     2,262                    
Dividends and interest     360       142,535       130,629       25,269  
Prepaid expenses     1,048       1,058             1,052  
Total assets     17,263,462       41,046,124       51,303,843       19,279,038  
Liabilities:                                
Payables:                                
Investment securities purchased     635,020                   2,424  
Collateral for securities loaned     17,691                    
Due to Adviser           26,216       11,890       7,778  
Deferred Trustee fees     430       1,140       624       212  
Accrued expenses     54,877       59,302       54,157       58,624  
Total liabilities     708,018       86,658       66,671       69,038  
NET ASSETS   $ 16,555,444     $ 40,959,466     $ 51,237,172     $ 19,210,000  
Shares outstanding     650,000       1,025,000       1,675,000       500,000  
Net asset value, redemption and offering price per share   $ 25.47     $ 39.96     $ 30.59     $ 38.42  
Net Assets consist of:                                
Aggregate paid in capital   $ 25,822,891     $ 35,198,129     $ 53,601,809     $ 15,294,841  
Total distributable earnings (loss)     (9,267,447)       5,761,337       (2,364,637)       3,915,159  
NET ASSETS   $ 16,555,444     $ 40,959,466     $ 51,237,172     $ 19,210,000  
(1) Value of securities on loan   $ 3,377,660     $ 6,769,482     $     $ 153,978  
(2) Cost of investments - Unaffiliated issuers   $ 10,997,164     $ 32,328,428     $ 49,336,162     $ 16,262,612  
(3) Cost of investments - Affiliated issuers   $ 4,464,422     $     $     $  
(4) Cost of short-term investments held as collateral for securities loaned   $ 17,691     $     $     $  
(5) Cost of cash denominated in foreign currency   $     $     $     $ 2,424  

 

(a) Consolidated Statement of Assets and Liabilities

 

See Notes to Financial Statements

29

VANECK ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2021

 

    Morningstar
International
Moat ETF
    Morningstar Wide
Moat ETF
    Social Sentiment
ETF
 
Assets:                        
Investments, at value (1)                        
Unaffiliated issuers (2)   $ 70,523,697     $ 6,416,085,844     $ 193,009,285  
Affiliated issuers (3)           173,938,089        
Cash     8,425       2,325,019       34,803  
Receivables:                        
Investment securities sold     872,514             1,844,710  
Shares of beneficial interest sold           3,709,826        
Dividends and interest     196,162       9,708,266       18,589  
Prepaid expenses     2,100       20,970        
Total assets     71,602,898       6,605,788,014       194,907,387  
Liabilities:                        
Payables:                        
Investment securities purchased     78,981       3,709,437        
Shares of beneficial interest redeemed                 1,842,896  
Line of credit     453,234              
Due to Adviser     24,345       2,508,452       130,280  
Due to custodian     533,098              
Deferred Trustee fees     2,055       128,457        
Accrued expenses     74,356       224,284        
Total liabilities     1,166,069       6,570,630       1,973,176  
NET ASSETS   $ 70,436,829     $ 6,599,217,384     $ 192,934,211  
Shares outstanding     2,100,000       90,050,000       7,825,000  
Net asset value, redemption and offering price per share   $ 33.54     $ 73.28     $ 24.66  
Net Assets consist of:                        
Aggregate paid in capital   $ 75,791,854     $ 6,396,435,130     $ 221,793,175  
Total distributable earnings (loss)     (5,355,025)       202,782,254       (28,858,964)  
NET ASSETS   $ 70,436,829     $ 6,599,217,384     $ 192,934,211  
(1) Value of securities on loan   $ 3,438,469     $     $ 17,589,466  
(2) Cost of investments - Unaffiliated issuers   $ 70,163,510     $ 5,919,881,233     $ 191,853,624  
(3) Cost of investments - Affiliated issuers   $     $ 157,997,196     $  

 

See Notes to Financial Statements

30

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2021

 

    Inflation
Allocation ETF (a)
    Long/Flat Trend
ETF
    Morningstar
Durable Dividend
ETF
    Morningstar
Global Wide Moat
ETF
 
Income:                                
Dividends - unaffiliated issuers   $ 61,889     $ 474,209     $ 1,634,573     $ 319,744  
Dividends - affiliated issuers     43,302                    
Interest     66       53             54  
Securities lending income     19,544       314       1,354       846  
Foreign taxes withheld                       (11,532)  
Total income     124,801       474,576       1,635,927       309,112  
Expenses:                                
Management fees     54,195       162,038       129,126       70,997  
Professional fees     68,314       54,615       51,682       53,203  
Custody and accounting fees     28,057       25,927       31,599       45,602  
Reports to shareholders     8,382       8,121       9,611       7,431  
IOPV fees     1,043       1,110       1,045       1,045  
Trustees’ fees and expenses     346       769       704       241  
Registration fees     8,122       6,082       5,655       4,253  
Insurance     1,800       2,003       2,873       1,689  
Interest     959       161       1,444       46  
Other     3,079       4,215       3,345       4,333  
Total expenses     174,297       265,041       237,084       188,840  
Waiver of management fees     (54,195)       (86,726)       (106,447)       (70,997)  
Expenses assumed by the Adviser     (59,111)                   (35,707)  
Net expenses     60,991       178,315       130,637       82,136  
Net investment income     63,810       296,261       1,505,290       226,976  
Net realized gain (loss) on:                                
Investments - unaffiliated issuers     410,893       54,124       (500,103)       832,212  
Investments - affiliated issuers     (24,557)                    
In-kind redemptions - unaffiliated issuers     1,033,816       1,913,600       4,195,283        
In-kind redemptions - affiliated issuers     735,650                    
Foreign currency transactions and foreign denominated assets and liabilities                       3  
Net realized gain     2,155,802       1,967,724       3,695,180       832,215  
Net change in unrealized appreciation (depreciation) on:                                
Investments - unaffiliated issuers     111,493       5,441,917       1,294,475       1,569,722  
Investments – affiliated issuers     186,874                    
Foreign currency transactions and foreign denominated assets and liabilities                       (31)
Net change in unrealized appreciation (depreciation)     298,367       5,441,917       1,294,475       1,569,691  
Net Increase in Net Assets Resulting from Operations   $ 2,517,979     $ 7,705,902     $ 6,494,945     $ 2,628,882  

 

(a) Consolidated Statement of Operations

 

See Notes to Financial Statements

31

VANECK ETF TRUST

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2021

 

    Morningstar
International
Moat ETF
    Morningstar Wide
Moat ETF
    Social Sentiment
ETF (a)
 
Income:                        
Dividends - unaffiliated issuers   $ 2,488,149     $ 90,744,979     $ 824,796  
Dividends - affiliated issuers           5,676,150        
Interest     0       2,528        
Securities lending income     23,303       2,346       30,896  
Foreign taxes withheld     (130,839)           (2,965)  
Total income     2,380,613       96,426,003       852,727  
Expenses:                        
Management fees     324,991       23,313,143       1,166,411  
Professional fees     60,567       79,967        
Custody and accounting fees     78,396       15,727        
Reports to shareholders     8,217       272,025        
IOPV fees     1,255       1,255        
Trustees’ fees and expenses     1,289       86,374        
Registration fees     4,011       74,971        
Insurance     3,711       44,824        
Interest     5,069       50,606       1,124  
Other     5,427       71,642        
Total expenses     492,933       24,010,534       1,167,535  
Waiver of management fees     (123,821)              
Net expenses     369,112       24,010,534       1,167,535  
Net investment income (loss)     2,011,501       72,415,469       (314,808)  
Net realized gain (loss) on:                        
Investments     3,563,449       (30,048,357)       (32,222,984)  
In-kind redemptions - unaffiliated issuers           819,750,653       38,789,347  
In-kind redemptions - affiliated issuers           (1,727,277)        
Foreign currency transactions and foreign denominated assets and liabilities     4,508              
Net realized gain     3,567,957       787,975,019       6,566,363  
Net change in unrealized appreciation (depreciation) on:                        
Investments - unaffiliated issuers     2,290,293       418,999,329       1,155,660  
Investments – affiliated issuers           5,480,356        
Foreign currency transactions and foreign denominated assets and liabilities     (12,252)              
Net change in unrealized appreciation (depreciation)     2,278,041       424,479,685       1,155,660  
Net Increase in Net Assets Resulting from Operations   $ 7,857,499     $ 1,284,870,173     $ 7,407,215  

 

(a) For the period March 3, 2021 (commencement of operations) through September 30, 2021.

 

See Notes to Financial Statements

32

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

September 30, 2021

 

    Inflation Allocation ETF (a)     Long/Flat Trend ETF  
    Year Ended
September 30,
2021
    Year Ended
September 30,
2020
    Year Ended
September 30,
2021
    Year Ended
September 30,
2020
 
                                 
Operations:                                
Net investment income   $ 63,810     $ 427,161     $ 296,261     $ 715,794  
Net realized gain (loss)     2,155,802       (7,397,492)       1,967,724       (675,324)  
Net change in unrealized appreciation (depreciation)     298,367       1,385       5,441,917       (1,380,712)  
Net increase (decrease) in net assets resulting from operations     2,517,979       (6,968,946)       7,705,902       (1,340,242)  
Distributions to shareholders from:                                
Distributable earnings     (870,000)       (700,005)       (625,013)       (1,000,040)  
Share transactions**:                                
Proceeds from sale of shares     22,438,966       7,646,301       10,130,756       18,877,077  
Cost of shares redeemed     (16,597,432)       (21,216,119)       (7,800,977)       (50,838,556)  
Increase (decrease) in net assets resulting from share transactions     5,841,534       (13,569,818)       2,329,779       (31,961,479)  
Total increase (decrease) in net assets     7,489,513       (21,238,769)       9,410,668       (34,301,761)  
Net Assets, beginning of year     9,065,931       30,304,700       31,548,798       65,850,559  
Net Assets, end of year   $ 16,555,444     $ 9,065,931     $ 40,959,466     $ 31,548,798  
**Shares of Common Stock Issued (no par value)                                
Shares sold     925,000       300,000       250,000       650,000  
Shares redeemed     (725,000)       (1,050,000)       (225,000)       (2,000,000)  
Net increase (decrease)     200,000       (750,000)       25,000       (1,350,000)  

 

(a) Consolidated Statement of Changes in Net Assets

 

See Notes to Financial Statements

33

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

September 30, 2021

 

    Morningstar Durable Dividend ETF     Morningstar Global Wide Moat ETF  
    Year Ended
September 30,
2021
    Year Ended
September 30,
2020
    Year Ended
September 30,
2021
    Year Ended
September 30,
2020
 
                                 
Operations:                                
Net investment income   $ 1,505,290     $ 943,919     $ 226,976     $ 122,187  
Net realized gain (loss)     3,695,180       (1,506,494)       832,215       207,702  
Net change in unrealized appreciation (depreciation)     1,294,475       253,694       1,569,691       908,233  
Net increase (decrease) in net assets resulting from operations     6,494,945       (308,881)       2,628,882       1,238,122  
Distributions to shareholders from:                                
Distributable earnings     (1,311,545)       (991,310)       (360,080)       (181,250)  
                                 
Share transactions**:                                
Proceeds from sale of shares     38,886,433       33,663,334       7,288,863       2,802,272  
Cost of shares redeemed     (25,634,055)       (17,916,809)              
Increase in net assets resulting from share transactions     13,252,378       15,746,525       7,288,863       2,802,272  
Total increase in net assets     18,435,778       14,446,334       9,557,665       3,859,144  
Net Assets, beginning of year     32,801,394       18,355,060       9,652,335       5,793,191  
Net Assets, end of year   $ 51,237,172     $ 32,801,394     $ 19,210,000     $ 9,652,335  
**Shares of Common Stock Issued (no par value)                                
Shares sold     1,300,000       1,250,000       200,000       100,000  
Shares redeemed     (850,000)       (675,000)              
Net increase     450,000       575,000       200,000       100,000  

 

See Notes to Financial Statements

34

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

September 30, 2021

 

    Morningstar International Moat ETF     Morningstar Wide Moat ETF  
    Year Ended
September 30,
2021
    Year Ended
September 30,
2020
    Year Ended
September 30,
2021
    Year Ended
September 30,
2020
 
                                 
Operations:                                
Net investment income   $ 2,011,501     $ 1,341,877     $ 72,415,469     $ 55,436,421  
Net realized gain (loss)     3,567,957       (5,136,388)       787,975,019       250,211,385  
Net change in unrealized appreciation (depreciation)     2,278,041       2,152,119       424,479,685       (32,450,558)  
Net increase (decrease) in net assets resulting from operations     7,857,499       (1,642,392)       1,284,870,173       273,197,248  
                                 
Distributions to shareholders from:                                
Distributable earnings     (1,260,000)       (2,750,000)       (58,997,340)       (43,002,000)  
                                 
Share transactions**:                                
Proceeds from sale of shares     12,422,953       7,963,287       4,832,747,019       2,395,475,138  
Cost of shares redeemed           (34,704,740)       (2,857,369,614)       (1,714,078,307)  
Increase (decrease) in net assets resulting from share transactions     12,422,953       (26,741,453)       1,975,377,405       681,396,831  
Total increase (decrease) in net assets     19,020,452       (31,133,845)       3,201,250,238       911,592,079  
Net Assets, beginning of year     51,416,377       82,550,222       3,397,967,146       2,486,375,067  
Net Assets, end of year   $ 70,436,829     $ 51,416,377     $ 6,599,217,384     $ 3,397,967,146  
**Shares of Common Stock Issued (no par value)                                
Shares sold     350,000       250,000       68,550,000       45,150,000  
Shares redeemed           (1,200,000)       (40,700,000)       (32,550,000)  
Net increase (decrease)     350,000       (950,000)       27,850,000       12,600,000  

 

See Notes to Financial Statements

35

VANECK ETF TRUST

STATEMENTS OF CHANGES IN NET ASSETS

September 30, 2021

 

    Social Sentiment
ETF
 
    Period Ended
September 30,
2021 (a)
 
         
Operations:        
Net investment loss   $ (314,808)  
Net realized gain     6,566,363  
Net change in unrealized appreciation (depreciation)     1,155,660  
Net increase in net assets resulting from operations     7,407,215  
         
Share transactions**:        
Proceeds from sale of shares     670,932,819  
Cost of shares redeemed     (485,405,823)  
Increase in net assets resulting from share transactions     185,526,996  
Total increase in net assets     192,934,211  
Net Assets, beginning of period      
Net Assets, end of period   $ 192,934,211  
         
**Shares of Common Stock Issued (no par value)        
Shares sold     27,525,000  
Shares redeemed     (19,700,000)  
Net increase     7,825,000  

 

(a) For the period March 3, 2021 (commencement of operations) through September 30, 2021.

 

See Notes to Financial Statements

36

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

 

    Inflation Allocation ETF (a)  
       
    Year Ended September 30,     Period Ended  
                      September 30,  
    2021     2020     2019     2018(b)  
                                 
Net asset value, beginning of period     $20.15       $25.25       $25.39       $25.18  
Net investment income (c)     0.14       0.45       0.31       0.10  
Net realized and unrealized gain (loss) on investments     6.57       (4.94 )     (0.31 )     0.11  
Total from investment operations     6.71       (4.49 )           0.21  
Distributions from:                                
Net investment income     (1.39 )     (0.61 )     (0.14 )      
Net asset value, end of period     $25.47       $20.15       $25.25       $25.39  
Total return (d)     34.11 %     (18.32 )%     0.02 %     0.83% (e)
Ratios to average net assets                                
Gross expenses (f)     1.60 %     1.12 %     0.93 %     1.57% (g)
Net expenses (f)     0.56 %     0.55 %     0.55 %     0.55% (g)
Net expenses excluding interest expense (f)     0.55 %     0.55 %     0.55 %     0.55% (g)
Net investment income (f)     0.58 %     1.97 %     1.23 %     0.78% (g)
Supplemental data                                
Net assets, end of period (in millions)     $17       $9       $30       $15  
Portfolio turnover rate (h)     76 %     195 %     449 %     130% (e)

 

(a) Consolidated Financial Highlights
(b) For the period April 9, 2018 (commencement of operations) through September 30, 2018.
(c) Calculated based upon average shares outstanding
(d) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e) Not Annualized
(f) The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(g) Annualized
(h) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

37

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

 

    Long/Flat Trend ETF  
       
    Year Ended September 30,     Period Ended  
                      September 30,  
    2021     2020     2019     2018(a)  
                         
Net asset value, beginning of period     $31.55       $28.02       $28.24       $25.03  
Net investment income (b)     0.34       0.40       0.39       0.42  
Net realized and unrealized gain (loss) on investments     8.78       3.56 (c)     (0.35 )     2.89  
Total from investment operations     9.12       3.96       0.04       3.31  
Distributions from:                                
Net investment income     (0.71 )     (0.43 )     (0.26 )     (0.10 )
Net asset value, end of period     $39.96       $31.55       $28.02       $28.24  
Total return (d)     29.29 %     14.22 %     0.29 %     13.25% (e)
Ratios to average net assets                                
Gross expenses (f)     0.82 %     0.76 %     0.69 %     0.86% (g)
Net expenses (f)     0.55 %     0.55 %     0.57 %     0.56% (g)
Net expenses excluding interest expense (f)     0.55 %     0.55 %     0.55 %     0.55% (g)
Net investment income (f)     0.91 %     1.38 %     1.47 %     1.58% (g)
Supplemental data                                
Net assets, end of period (in millions)     $41       $32       $66       $52  
Portfolio turnover rate (h)     1 %     0 %     59 %     28% (e)

 

(a) For the period October 4, 2017 (commencement of operations) through September 30, 2018.
(b) Calculated based upon average shares outstanding
(c) The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(d) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e) Not Annualized
(f) The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds.
(g) Annualized
(h) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

38

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

 

    Morningstar Durable Dividend ETF  
       
    Year Ended September 30,     Period Ended  
                September 30,  
    2021     2020     2019(a)  
                   
Net asset value, beginning of period     $26.78       $28.24       $25.36  
Net investment income (b)     1.01       0.92       0.75  
Net realized and unrealized gain (loss) on investments     3.71       (1.28 )     2.62  
Total from investment operations     4.72       (0.36 )     3.37  
Distributions from:                        
Net investment income     (0.91 )     (0.90 )     (0.49 )
Net realized capital gains           (0.20 )      
Total distributions     (0.91 )     (1.10 )     (0.49 )
Net asset value, end of period     $30.59       $26.78       $28.24  
Total return (c)     17.89 %     (1.26 )%     13.41% (d)
Ratios to average net assets                        
Gross expenses     0.53 %     0.73 %     1.14% (e)
Net expenses     0.29 %     0.29 %     0.29% (e)
Net investment income     3.38 %     3.44 %     3.00% (e)
Supplemental data                        
Net assets, end of period (in millions)     $51       $33       $18  
Portfolio turnover rate (f)     50 %     67 %     94% (d)

 

(a) For the period October 30, 2018 (commencement of operations) through September 30, 2019.
(b) Calculated based upon average shares outstanding
(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d) Not Annualized
(e) Annualized
(f) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

39

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

 

    Morningstar Global Wide Moat ETF  
       
    Year Ended September 30,     Period Ended  
                September 30,  
    2021     2020     2019(a)  
                   
Net asset value, beginning of period     $32.17       $28.97       $25.30  
Net investment income (b)     0.54       0.46       0.47  
Net realized and unrealized gain on investments     6.74       3.47       3.31  
Total from investment operations     7.28       3.93       3.78  
Distributions from:                        
Net investment income     (0.43 )     (0.34 )     (0.11 )
Net realized capital gains     (0.60 )     (0.39 )      
Total distributions     (1.03 )     (0.73 )     (0.11 )
Net asset value, end of period     $38.42       $32.17       $28.97  
Total return (c)     22.99 %     13.70 %     15.01% (d)
Ratios to average net assets                        
Gross expenses     1.20 %     2.04 %     2.50% (e)
Net expenses     0.52 %     0.52 %     0.56% (e)
Net expenses excluding interest expense     0.52 %     0.52 %     0.52% (e)
Net investment income     1.44 %     1.54 %     1.86% (e)
Supplemental data                        
Net assets, end of period (in millions)     $19       $10       $6  
Portfolio turnover rate (f)     74 %     68 %     71% (d)

 

(a) For the period October 30, 2018 (commencement of operations) through September 30, 2019.
(b) Calculated based upon average shares outstanding
(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d) Not Annualized
(e) Annualized
(f) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

40

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

 

    Morningstar International Moat ETF  
    Year Ended September 30,  
    2021     2020     2019     2018     2017  
                               
Net asset value, beginning of year     $29.38       $30.57       $33.13       $35.49       $28.34  
Net investment income (a)     1.07       0.62       1.00       0.91       0.93  
Net realized and unrealized gain (loss) on investments     3.81       (0.56 )     (2.50 )     (1.27 )     6.59  
Total from investment operations     4.88       0.06       (1.50 )     (0.36 )     7.52  
Distributions from:                                        
Net investment income     (0.72 )     (1.25 )     (1.06 )     (0.98 )     (0.37 )
Net realized capital gains                       (1.02 )      
Total distributions     (0.72 )     (1.25 )     (1.06 )     (2.00 )     (0.37 )
Net asset value, end of year     $33.54       $29.38       $30.57       $33.13       $35.49  
Total return (b)     16.64 %     (0.14 )%     (4.25 )%     (1.14 )%     26.91 %
Ratios to average net assets                                        
Gross expenses     0.76 %     0.76 %     0.69 %     0.72 %     0.84 %
Net expenses     0.57 %     0.58 %     0.57 %     0.57 %     0.56 %
Net expenses excluding interest expense     0.56 %     0.56 %     0.56 %     0.56 %     0.56 %
Net investment income     3.09 %     2.10 %     3.26 %     2.67 %     2.92 %
Supplemental data                                        
Net assets, end of year (in millions)     $70       $51       $83       $89       $82  
Portfolio turnover rate (c)     110 %     94 %     85 %     112 %     129 %

 

(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

41

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

 

    Morningstar Wide Moat ETF  
    Year Ended September 30,  
    2021     2020     2019     2018     2017  
                               
Net asset value, beginning of year     $54.63       $50.13       $46.73       $40.33       $34.01  
Net investment income (a)     0.96       0.92       0.89       0.73       0.53  
Net realized and unrealized gain on investments     18.59       4.30       3.25       6.13       6.20  
Total from investment operations     19.55       5.22       4.14       6.86       6.73  
Distributions from:                                        
Net investment income     (0.90 )     (0.72 )     (0.74 )     (0.46 )     (0.41 )
Net asset value, end of year     $73.28       $54.63       $50.13       $46.73       $40.33  
Total return (b)     36.11 %     10.40 %     9.21 %     17.11 %     19.96 %
Ratios to average net assets                                        
Expenses     0.46 %     0.47 %     0.48 %     0.49 %     0.48 %
Net investment income     1.40 %     1.77 %     1.90 %     1.69 %     1.42 %
Supplemental data                                        
Net assets, end of year (in millions)     $6,599       $3,398       $2,486       $1,570       $1,286  
Portfolio turnover rate (c)     47 %     48 %     58 %     56 %     53 %

 

(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

42

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

 

    Social  
    Sentiment  
    ETF  
    Period  
    Ended