VanEck® Green Infrastructure ETF’s management team is rated Average, but a solid investment process still helps this strategy retain its Morningstar Medalist Rating of Bronze. The portfolio maintains a cost advantage over competitors, priced within the lowest fee quintile among peers.  

 The strategy's investment process inspires confidence and earns an Above Average Process Pillar rating. Independent of the rating, analysis of the strategy's portfolio shows it has maintained a significant overweight position in liquidity exposure and volatility exposure compared with category peers. High liquidity exposure is attributed to stocks with a high trading volume, lending managers more flexibility. And high volatility exposure is rooted in stocks that have a higher standard deviation of returns. The strategy’s management team earns an Average People Pillar rating. The strategy's parent organization earns the firm an Average Parent Pillar rating. People Pillar and Parent Pillar ratings for this strategy are indirectly assigned by a Morningstar analyst rather than algorithmically derived. Please see the notes following each pillar section for more details. The details of assigning methods can be found in each pillar section.

Analyst Rating

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Morningstar's evaluation of this security's process aims to determine the likelihood that it will outperform its Morningstar Category benchmark on a risk-adjusted basis over the long term. VanEck® Green Infrastructure ETF earns an Above Average Process Pillar rating. The main contributor to the rating is that this fund tracks an index. Historical data, such as Morningstar's Active/Passive Barometer, finds that passively managed funds have generally outperformed their active counterparts, especially over longer time horizons. The firm's five-year retention rate of 83% also contributes to the process. Lastly, the process is limited by its parent firm's subpar risk-adjusted performance, as shown by the firm's average 10-year Morningstar Rating of 2.6 stars. A lower star rating suggests that the firm has struggled to outperform on a risk-adjusted basis.

The investment strategy as stated in the fund's prospectus is:  The investment seeks to track as closely as possible, before fees and expenses, the price and yield performance of the Indxx US Green Infrastructure - MCAP Weighted Index.  The fund normally invests at least 80% of its total assets in securities of Green Infrastructure Companies. The index is a U.S. index that tracks the performance of Green Infrastructure Companies. “Green Infrastructure Companies” are companies that seek to positively impact the environment through the production, transmission, and or distribution of green energy and/or through the establishment of sustainable infrastructure to facilitate the use of green energy. The fund is non-diversified. 

 The portfolio is overweight in technology and consumer cyclical relative to the category average by 16.8 and 15.4 percentage points, respectively. The sectors with low exposure compared to category peers are utilities and real estate, underweight the average by 25.4 and 4.0 percentage points of assets, respectively. The portfolio is composed of 46 holdings and is relatively top-heavy. Of the strategy's assets, 53.4% are concentrated within the top 10 holdings, compared to the typical peer's 28.7%. And finally, in terms of portfolio turnover, on a year-over-year basis, 12% of the fund's holdings have changed, whether through increasing, decreasing, or changing a position.

Above Average

Process

VanEck’s team is good but unexceptional, earning the strategy an Average People Pillar rating. There are two managers listed on the fund: Peter Liao, Griffin Driscoll. Together, they manage a total of 13 strategies, with a Silver asset-weighted average Morningstar Medalist Rating, demonstrating their potential to deliver positive alpha relative to the category median in aggregate.  

 Note: This People Pillar rating is indirectly assigned by an analyst. Morningstar analysts evaluate the People Pillar for passive products at the brand level and may also differentiate by asset class. There is at least one other passive strategy at the firm that is covered by a Morningstar analyst, so the People Pillar rating of the fund is inherited from the rating that the Morningstar analyst assigned to investment vehicles under the same brand name.

Average

People

VanEck’s ownership structure and specialization make it unique among industry peers. The firm’s founding family and namesake still have control, and its product lineup still reflects its legacy as a specialist in niche market segments. VanEck earns an Average Parent Pillar rating. 

Founded by John van Eck in 1955, the firm staked its claim in the industry by capitalizing on burgeoning markets. Starting with the opening of Western Europe to U.S.-based investors in the wake of the Marshall Plan, VanEck’s largest and most successful products provide exposure to areas of the market that are off the beaten path, such as hard assets, emerging-markets debt, and below-investment-grade-rated corporate debt.

Through its history, VanEck has taken an opportunistic approach to product development. For instance, since 2018, VanEck has launched strategies that provide exposures ranging from international REITs to companies involved in video game development. Regardless of where their reach takes them, however, VanEck builds a case that the strategy will be relevant over the long term and that its risks must be easy to understand. However, not all its products catch on, and the firm has shuttered several offerings in the last decade. 

VanEck remains a privately held firm, wholly owned by CEO Jan van Eck and his family. Although this enables the firm to focus on the long term and the firm offers some employees participation in profits, the firm hasn’t used equity as a recruiting and retention tool and introduces some key-person risk in the executive suite.

Parent

Vaneck Green Infrastructure ETF

RNEW is passively managed to provide exposure to a narrow basket of US stocks that are focused on seven sub-themes tied to sustainable infrastructure trends. Holdings are selected and weighted based on modified market capitalization.

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