Net Asset Value(s)

Snapshot of VanEck UCITS fund NAVs as of 2026-01-20 listing ISINs, shares in issue, total NAV and NAV per share for multiple funds. Largest fund by net asset value on the list is VANECK MORN DM DIV LEADERS (ISIN NL0011683594) with total NAV ~5.188 billion and NAV per share 48.4626; VANECK WRLD EQ WEIGHT SCREENED (NL0010408704) shows ~1.181 billion NAV and NAV per share 37.6178, while other notable entries include VANECK AEX UCITS ETF (NL0009272749) NAV per share 99.1928 and VANECK GLOBAL REAL ESTATE (NL0009690239) NAV per share 38.5663. The file is a routine NAV reporting table useful for portfolio valuation and fund-level liquidity/positioning checks.

Analysis

Market structure: Large AUM concentration in VANECK MORN DM DIV LEADERS (NL0011683594, ~€5.19bn) and WRLD EQ WEIGHT SCREENED (NL0010408704, ~€1.18bn) signals investor preference for high-liquidity dividend and de‑concentration strategies; smaller niche funds (Global RE NL0009690239, ~€317m) are more vulnerable to stress and fee compression. Demand for iBoxx credit ETFs (NL0009690247, NL0010273801) implies carry-seeking within EUR credit — that supports spread compression short-term but raises convexity risk if macro shocks hit.

Risk assessment: Tail risks include redemption-driven fire sales in smaller ETFs (real estate) and regulatory reclassification of screened/ESG products; a 1–3 month shock (ECB surprise hike or US dislocation) could widen iBoxx corporate spreads >150bps and force liquidity mismatches. Hidden dependency: primary market AP access and repo lines underpin ETF liquidity — loss of AP functionality would amplify NAV vs. market price gaps in days. Catalysts to watch in 0–90 days: weekly ETF flow >5% AUM, iBoxx spread move >75–150bps, and ECB press conferences.

Trade implications: Tactical overweight dividend/liquid equity ETFs and short illiquid real‑estate exposure: establish 2–3% long in NL0011683594 for 3–6 months to capture carry and liquidity premium; trim Global RE NL0009690239 by 30–50% and hedge remaining exposure with a 3‑month put spread (buy 0–10% OTM put, sell 15% OTM). Overweight NL0009690247 (iBoxx EUR Corporates) by 2% vs NL0009690254 (iBoxx EUR Sov Div 1‑10) underweight by 2% to harvest credit carry while limiting duration; pair trade: long NL0010408704 (WRLD EQ WEIGHT SCREENED) 2% / short NL0009272749 (AEX UCITS ETF) 2% for de‑concentration exposure over 3–9 months.

Contrarian angles: The market understates liquidity and repricing risk in smaller VanEck RE and multi‑asset funds — a 10–15% drawdown in NL0009690239 should be a buyzone for patient capital given long‑run property value anchoring. Equal‑weight screened products may be underpriced vs cap‑weighted if factor rotation (value, small) reasserts in next 6–12 months; consider a 1% tactical overweight in NL0010731816 (EUR EQ WEIGHT SCREENED) as convex optionality against mega‑cap mean reversion.

Key Decisions for Investors

• Establish a 2–3% long position in VANECK MORN DM DIV LEADERS (ISIN NL0011683594) for a 3–6 month horizon to capture liquidity and dividend carry — reduce if weekly outflows exceed 5% of AUM or iBoxx corporate spreads widen >150bps.
• Reduce exposure to VANECK GLOBAL REAL ESTATE (ISIN NL0009690239) by 30–50% within 1 month and hedge remaining exposure with a 3‑month put spread (buy 10% OTM put / sell 15% OTM put) sized to cover 50% of residual position.
• Overweight iBoxx EUR Corporates (ISIN NL0009690247) by ~2% of portfolio vs a 2% underweight in iBoxx EUR Sov Div 1‑10 (ISIN NL0009690254) to harvest carry while capping duration; trim if spreads tighten <75bps from current levels.
• Execute a relative‑value pair: long WRLD EQ WEIGHT SCREENED (ISIN NL0010408704) 2% and short VANECK AEX UCITS ETF (ISIN NL0009272749) 2% over 3–9 months to exploit de‑concentration vs domestic cap concentration; unwind if AEX outperforms by >8% in 4 weeks.
• Set an opportunistic buy rule: allocate 1% to NL0009690239 on any 10–15% drawdown, but only after verifying weekly AP/creation activity remains >€5m and iBoxx spreads have stabilized for 2 consecutive weeks.