ANNUAL REPORT
December 31, 2021

 

 

VANECK®

 

Africa Index ETF AFK®
Brazil Small-Cap ETF BRF®
China Growth Leaders ETF GLCN
ChiNext ETF CNXT®
Egypt Index ETF EGPT®
Indonesia Index ETF IDX®
Israel ETF ISRA
Russia ETF RSX®
Russia Small-Cap ETF RSXJ®
Vietnam ETF VNM®

 

     
  800.826.2333 vaneck.com
 

 

 

President’s Letter 1
Management Discussion 3
Performance Comparison  
Africa Index ETF 6
Brazil Small-Cap ETF 7
China Growth Leaders ETF 8
ChiNextETF 9
Egypt Index ETF 10
Indonesia Index ETF 11
Israel ETF 12
Russia ETF 13
Russia Small-Cap ETF 14
Vietnam ETF 15
About Fund Performance 16
Explanation of Expenses 17
Schedule of Investments  
Africa Index ETF 19
Brazil Small-Cap ETF 22
China Growth Leaders ETF 26
ChiNext ETF 31
Egypt Index ETF 34
Indonesia Index ETF 36
Israel ETF 38
Russia ETF 41
Russia Small-Cap ETF 43
Vietnam ETF 45
Statements of Assets and Liabilities 47
Statements of Operations 50
Statements of Changes in Net Assets 53
Financial Highlights  
Africa Index ETF 58
Brazil Small-Cap ETF 59
China Growth Leaders ETF 60
ChiNext ETF 61
Egypt Index ETF 62
Indonesia Index ETF 63
Israel ETF 64
Russia ETF 65
Russia Small-Cap ETF 66
Vietnam ETF 67
Notes to Financial Statements 68
Report of Independent Registered Public Accounting Firm 77
Tax Information 78
Board of Trustees and Officers 79
Approval of Investment Management Agreement 82

 

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. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of December 31, 2021.

 

VANECK ETF TRUST

PRESIDENT’S LETTER

December 31, 2021 (unaudited)

 

Dear Fellow Shareholders:

 

This letter addresses two topics: a review of the markets today and, second, two multi-year themes.

 

The Economy

 

In 2021, the year began with the global economy hurtling forward like a car at top speed. But in the fall, the Fed started reducing its stimulative policies, especially as inflation statistics hit multi-decade highs.

 

As this point, the markets face several points of uncertainty. The most important concern is: will the Fed “hit the brakes” too hard as it reduces stimulus measures? But also, since China has been a large driver of global growth over the past 20 years, how long will China’s slow-down last and how deep will it be? Will Chinese policymakers stimulate the economy if growth slows too much?

 

“Net net”, I think our economy and markets can handle the withdrawal of Fed stimulus. While market returns may underwhelm in 2022, there is no reason to sell and try to time the market.

 

I expect that inflation will persist because I believe that deflation over the past 20 years was primarily driven by the supply shock as China joined the world economy. As a counter-example, there was inflation in the 1970s, and do we think there was no technology applied in that decade?

 

We are still debating whether we have an inflation problem. And I continue to believe that only later this year will we know whether we have permanent inflation—after all the COVID-19 distortions are behind us.

 

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 this tends to be longer-lasting and may affect long-term interest rates. I believe that the tight labor conditions we have today will persist, even as the economy slows down.

 

If inflation doesn’t push rates higher, I don’t think the Fed will hit the brakes too hard by raising rates further than they have already indicated. Toward the end of last year, Bank of America released a research note 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. We still see little reason why that would change.

 

As to China, at the end of December 2021, the official purchasing managers’ indices (PMIs), our favorite indicators, showed signs of improvement for the second month in a row. This was a welcome development. But multiple growth headwinds remain: the small companies’ PMI sinking to 46.5 (the lowest since February 2020) was a firm reminder that the dovish policy tilt is justified, with more targeted support expected in the coming months. Despite this, though, 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 continue to focus 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.

 

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

1

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

 

to underpin commodity prices, and this is why I believe that commodity equities remain an interesting investment that people should have in their portfolios.

 

The second theme is the use of blockchain in a large variety of industries, but especially finance and entertainment. And especially in the field of “smart contracts.” 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. Of course there are some over-valued companies, but we think it’s another interesting multi-year trend that investors should consider.

 

We 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 12 month period ended December 31, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

 

 

 

Jan F. van Eck
CEO and President
VanEck ETF Trust

 

January 19, 2022

 

PS The investing outlook can change suddenly, as it certainly did in 2021. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

 

1 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 ETF TRUST

MANAGEMENT DISCUSSION

December 31, 2021 (unaudited)

 

Market Review

 

All funds were to some extent affected by the wide market recovery during the year as the effects of COVID-19 generally subsided globally. The remedial measures, both financial and fiscal, taken by central governments around the world in response to the pandemic (including the asset purchasing program of the U.S. Federal Reserve), continued to sustain recovery. By the end of 2021, the extent of the recovery varied considerably country by country and region by region.

 

Africa

 

The financial and materials sectors were the greatest positive contributors to the performance of the VanEck Africa Index ETF, which returned 3.69% for the 12 month period. The consumer discretionary sector was by far the greatest detractor from performance. Geographically, South Africa, with an average weight of over 30%, was the top contributor to Fund returns. It was followed by Morocco and Kenya. The greatest detractor from performance, by country, was a Germany-based consumer discretionary company operating in Nigeria and several other African countries.

 

Brazil

 

Having hit a high toward the end of June 2021, small-cap Brazilian stocks proceeded to drop significantly by the end of the year. While the country’s economy had contracted slightly in the second quarter, in the third quarter, on the back of a drop in agricultural production, the country slipped into recession.1 The VanEck Brazil Small-Cap ETF lost 21.38% over the 12 month period under review.

 

Four sectors contributed positively to performance, with the materials sector contributing the most. However, the negative contribution from the consumer discretionary sector alone, with the largest average sector weighting during the year, significantly offsetting all positive contributions to performance.

 

China

 

The VanEck ChiNext ETF and the VanEck China Growth Leaders ETF displayed divergent performances during the year. While the former gained 8.21%, the latter lost 14.67%.

 

The VanEck ChiNext ETF offers exposure to more consumer, new economy sector names, many of which have also tended to be non-state owned enterprises. The industrial sector, with the second largest average sector weighting during the year, was the greatest contributor to performance, followed by the information technology sector with the largest such weighting. The healthcare and consumer staples sectors detracted the most from performance.

 

On December 10, 2021, the Fund’s investment objective changed from seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the SME-ChiNext 100 Index to seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the ChiNext Index. The ChiNext Index tracks the 100 largest and most liquid stocks listed and trading on the ChiNext Market of the Shenzhen Stock Exchange.

 

While the information technology sector contributed the most positively to the performance of VanEck China Growth Leaders ETF, its, together with the financial and utilities sectors’ positive contributions, were easily outweighed by the negative contribution of the consumer discretionary sector alone, the greatest detractor from performance.

 

Egypt

 

Having hit a high in mid-February, thereafter, Egyptian stocks fell to a low in mid-April. Over the following eight and a half months, however, as the country continued to recover from the effects of the COVID-19 pandemic2, they succeeded in recouping much of this loss and the VanEck Egypt Index ETF ended 2021 gaining 8.36%.

3

VANECK ETF TRUST

MANAGEMENT DISCUSSION (unaudited) (continued)

 

The top three performing sectors were real estate, materials and communication services. Information technology and healthcare were the only two sectors to detract from performance. Small-cap companies, with the largest average weighting during the period under review, contributed the most to performance.

 

Indonesia

 

Indonesian stocks had somewhat of a roller coaster year in 2021. Having hit a high toward the end of January, they declined to a low at the end of July, only to claw their way back up, not least on the back of a third quarter current account surplus and improving economic output3. They ended the year slightly down with the VanEck Indonesia Index ETF registering a small loss of 1.65% for the 12 month period.

 

The greatest positive contribution to returns came from the communication services sector. The greatest negative contribution to returns came from the materials sector.

 

Israel

 

Following an excellent year in 2020, on an expected growth for the country of 7.1% for the year4, Israeli stocks performed well, once again, in 2021, with the VanEck Israel ETF gaining 10.20% in the 12 months period under review.

 

Over the period under review, the performance of the financial sector, with the second largest average weighting during 2021 made the greatest positive contribution to returns. The information technology sector, with the largest such weighting, detracted most from performance. Mid-cap companies made by far the greatest positive contribution to returns.

 

Russia

 

Russia’s economy rebounded strongly in 2021, recovering to above its pre-pandemic peak “with growth driven by a strong rebound in consumer demand5.” However, the VanEck Russia Small-Cap ETF and its peer investing in larger-cap Russian stocks, the VanEck Russia ETF recorded divergent returns. While the former ETF lost 3.28% for the year, the latter gained 18.74% over the same period.

 

Perhaps not surprisingly, the energy sector, which had the highest average weight in the portfolio, was by far the most significant contributor to performance of the VanEck Russia ETF and the communication services sector detracted the most. For the VanEck Russia Small-Cap ETF, the industrial sector were the most significant contributor to positive returns. The real estate sector was the greatest detractor from performance.

 

Vietnam

 

VanEck Vietnam ETF gained 22.52% in 2021. In contrast with most other Asia Markets, toward the end of November, the country’s benchmark stock index, the Vietnam Ho Chi Minh Stock Index, passed the 1,500 mark for the first time—a rise then of 36% on the year6. It proceeded to finish the year even higher.

 

Large-and mid-cap companies contributed the most to performance over the reporting period. Two sectors contributed the majority of positive returns: real estate and financial. Only the information technology and healthcare sectors detracted from performance.

 

* Returns based on the funds’ net asset values (NAVs).

 

All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the fund. An index’s performance is not illustrative of the fund’s performance. Indices are not securities in which investments can be made. Results reflect past performance and do not guarantee future results.

 

1 France24: Brazil’s economy enters recession, December 2, 2021, https://www.france24.com/en/live-news/20211202-brazil-s-economy-enters-recession

 

2 The National News: Egyptian stock exchange market capitalisation up 12% in 2021, December 14, 2021, https://www.thenationalnews. com/business/2021/12/14/egyptian-stock-exchange-market-capitalisation-up-12-in-2021/

 

3 Reuters: Asian FX fall as dollar firms, Indonesia shares hit record high, November 19, 2021, https://www.reuters.com/markets/stocks/asian-fx-fall-dollar-firms-indonesia-shares-hit-record-high-2021-11-19/

4

 

 

4 NASDAQ: Israel economy to grow 7.1% in 2021 amid post-COVID rebound–FinMin, November 15, 2021, https://www.nasdaq.com/articles/israel-economy-to-grow-7.1-in-2021-amid-post-covid-rebound-finmin-2021-11-15

 

5 The World Bank: Amidst Strong Economic Rebound in Russia, Risks Stemming from COVID-19 and Inflation Build, Says World Bank Report, December 1, 2021, https://www.worldbank.org/en/news/press-release/2021/12/01/amidst-strong-economic-rebound-in-russia-risks-stemming-from-covid-19-and-inflation-build-says-world-bank-report

 

6 Reuters: Vietnam stocks hit new milestone in record run, November 25, 2021, https://www.reuters.com/markets/stocks/vietnam-stocks-hit-new-milestone-record-run-2021-11-25/

5

VANECK AFRICA INDEX ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVAFKTR1   SPTR2
One Year   2.84%   3.69%   4.63%   28.71%
Five Year   3.98%   3.60%   4.83%   18.47%
Ten Year   0.69%   0.54%   1.83%   16.55%

 

1   MVIS® GDP Africa (MVAFKTR) Index is a rules-based, modified-capitalization-weighted, float-adjusted index and is intended to give investors a means of tracking the overall performance of the publicly traded companies in Africa.
   
  Index data prior to June 21, 2013 reflects that of the Dow Jones Africa Titans 50 IndexSM. From June 21, 2013, forward, the index data reflects that of the MVIS® GDP Africa Index (MVAFKTR). All Index history reflects a blend of the performance of the aforementioned Indexes.
   
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
     
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

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

 

See “About Fund Performance” on page 16 for more information.

6

VANECK BRAZIL SMALL-CAP ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVBRFTR1   SPTR2
One Year   (20.41)%   (21.38)%   (20.47)%   28.71%
Five Year   3.68%   3.29%   4.03%   18.47%
Ten Year   (4.82)%   (4.85)%   (4.17)%   16.55%

 

1   MVIS® Brazil Small-Cap Index (MVBRFTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded small-capitalization companies that are incorporated in or doing substantial business in Brazil.
   
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
     
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

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

 

See “About Fund Performance” on page 16 for more information.

7

VANECK CHINA GROWTH LEADERS ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MGCNGRNR1   SPTR2
One Year   (14.39)%   (14.67)%   (14.31)%   28.71%
Five Year   6.42%   6.44%   9.31%   18.47%
Ten Year   5.45%   5.98%   8.31%   16.55%
   
1   The MarketGrader China All-Cap Growth Leaders Index (MGCNGRNR) is a modified market capitalization weighted, float adjusted index designed to track Chinese companies that the index provider has determined exhibit favorable fundamental characteristics according to the index provider’s proprietary scoring methodology.
   
  Index data as of October 31, 2018 for all periods presented reflect the CSI 300 Index (CSIH0749) stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate.
   
  Effective May 1, 2020, MGCNGRNR replaced CSIH0749 as the Fund’s benchmark index. All index history reflects a blend of the performance of the aforementioned Indexes.
   
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
     
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

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

 

See “About Fund Performance” on page 16 for more information.

8

VANECK CHINEXT ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   SZ9881071   CNI61092   SPTR3
One Year   9.08%   8.21%   9.12%   10.68%   28.71%
Five Year   13.08%   12.80%   15.11%   15.44%   18.47%
Life*   10.91%   10.91%   13.63%   13.85%   14.68%

 

*   Commencement of Fund: 7/23/14; First Day of Secondary Market Trading: 7/24/14.
   
1 The ChiNext Index (SZ988107) is a free-float adjusted index intended to track the performance of the 100 largest and most liquid stocks listed and trading on the ChiNext Market of the Shenzhen Stock Exchange. The ChiNext Index is comprised of China A-shares.
   
2 The SME-ChiNext Index (CNI6109) is a modified, free-float adjusted index intended to track the performance of the 100 largest and most liquid stocks listed and trading on the Small and Medium Enterprise (“SME”) Board and the ChiNext Board of the Shenzhen Stock Exchange. The SME-ChiNext Index is comprised of A-shares.
   
  Effective December 10, 2021, SZ988107 replaced CNI6109 as the Fund’s benchmark index. All index history reflects a blend of the performance of the aforementioned indexes.
   
  Index data as of October 1, 2015 for all periods presented reflect the CNI6109 stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate.
   
3 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 16 for more information.

9

VANECK EGYPT INDEX ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVEGPTTR1   SPTR2
One Year   11.24%   8.36%   10.80%   28.71%
Five Year   2.48%   2.73%   4.49%   18.47%
Ten Year   (0.86)%   (1.08)%   1.91%   16.55%

 

1 MVIS® Egypt Index (MVEGPTTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Egypt.
   
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
     
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

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

 

See “About Fund Performance” on page 16 for more information.

10

INDONESIA INDEX ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVIDXTR1   SPTR2
One Year   (2.60)%   (1.65)%   (1.66)%   28.71%
Five Year   0.42%   0.43%   0.67%   18.47%
Ten Year   (1.63)%   (1.59)%   (1.11)%   16.55%
   
1   MVIS® Indonesia Index (MVIDXTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Indonesia.
   
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
     
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

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

 

See “About Fund Performance” on page 16 for more information.

11

VANECK ISRAEL ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   BLSNTR1   SPTR2
One Year   9.99%   10.20%   10.88%   28.71%
Five Year   13.84%   13.85%   14.31%   18.47%
Life*   9.41%   9.42%   9.88%   16.02%

 

*   Commencement of Fund: 6/25/13; First Day of Secondary Market Trading: 6/26/13.
   
1 Bluestar Israel Global Index® (BLSNTR) is a rules based, modified capitalization, float adjusted weighted index comprised of equity securities, which may include depositary receipts, of publicly traded companies that are generally considered by the index provider to be Israeli 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 16 for more information.

12

VANECK RUSSIA ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVRSXTR1   SPTR2
One Year   16.72%   18.74%   19.18%   28.71%
Five Year   9.75%   9.98%   10.44%   18.47%
Ten Year   3.90%   4.05%   4.15%   16.55%

 

1   MVIS® Russia Index (MVRSXTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Russia.
   
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
     
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

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

 

See “About Fund Performance” on page 16 for more information.

13

VANECK RUSSIA SMALL-CAP ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVRSXJTR1   SPTR2
One Year   (1.65)%   (3.28)%   (2.66)%   28.71%
Five Year   1.96%   1.76%   2.41%   18.47%
Ten Year   (0.23)%   (0.28)%   0.14%   16.55%

 

1   MVIS® Russia Small-Cap Index (MVRSXJTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded small-capitalization companies that are incorporated in or doing substantial business in Russia.
   
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
     
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

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

 

See “About Fund Performance” on page 16 for more information.

14

VANECK VIETNAM ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVVNMTR1   SPTR2
One Year   22.04%   22.52%   24.12%   28.71%
Five Year   11.02%   11.27%   12.20%   18.47%
Ten Year   5.69%   5.62%   6.66%   16.55%

 

1   MVIS® Vietnam Index (MVVNMTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Vietnam.
   
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
     
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

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

 

See “About Fund Performance” on 16 for more information.

15

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 Africa Index, Brazil Small-Cap Index, Egypt Index, Indonesia Index, Russia Index, Russia Small-Cap Index, and Vietnam Index are published by MV Index Solutions GmbH (MVIS®), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The China Growth Leaders Index is published by MarketGrader.com Corp. (MarketGrader). The ChiNext Index is published by the Shenzhen Securities Information Co., Ltd. (Shenzhen Securities), which is a subsidiary of the Shenzhen Stock Exchange. The Israel Index is published by BlueStar Global Investors, LLC (BlueStar).

 

BlueStar, MarketGrader, MVIS®, and Shenzhen Securities are “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.

16

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, July 1, 2021 to December 31, 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
July 1, 2021
  Ending
Account
Value
December 31, 2021
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
July 1, 2021 -
December 31, 2021(a)
Africa Index ETF                
Actual   $1,000.00   $969.60   0.77%   $3.82
Hypothetical(b)   $1,000.00   $1,021.32   0.77%   $3.92
Brazil Small-Cap ETF                
Actual   $1,000.00   $681.70   0.60%   $2.54
Hypothetical(b)   $1,000.00   $1,022.18   0.60%   $3.06
China Growth Leaders ETF                
Actual   $1,000.00   $843.70   0.60%   $2.79
Hypothetical(b)   $1,000.00   $1,022.18   0.60%   $3.06
ChiNext ETF                
Actual   $1,000.00   $974.00   0.65%   $3.23
Hypothetical(b)   $1,000.00   $1,021.93   0.65%   $3.31
Egypt Index ETF                
Actual   $1,000.00   $1,101.00   1.04%   $5.51
Hypothetical(b)   $1,000.00   $1,019.96   1.04%   $5.30
Indonesia Index ETF                
Actual   $1,000.00   $1,114.10   0.57%   $3.04
Hypothetical(b)   $1,000.00   $1,022.33   0.57%   $2.91
Israel ETF                
Actual   $1,000.00   $1,034.50   0.59%   $3.03
Hypothetical(b)   $1,000.00   $1,022.23   0.59%   $3.01
17

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

 

    Beginning
Account
Value
July 1, 2021
  Ending
Account
Value
December 31, 2021
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
July 1, 2021 -
December 31, 2021(a)
Russia ETF                
Actual   $1,000.00   $974.90   0.54%   $2.69
Hypothetical(b)   $1,000.00   $1,022.48   0.54%   $2.75
Russia Small-Cap ETF                
Actual   $1,000.00   $953.70   0.76%   $3.74
Hypothetical(b)   $1,000.00   $1,021.37   0.76%   $3.87
Vietnam ETF                
Actual   $1,000.00   $1,038.60   0.60%   $3.08
Hypothetical(b)   $1,000.00   $1,022.18   0.60%   $3.06

 

(a)   Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 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).
(b) Assumes annual return of 5% before expenses
18

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.9%                
Australia: 4.8%                
AVZ Minerals Ltd. # * †     1,105,050     $ 622,227  
Paladin Energy Ltd. # *     1,373,753       883,767  
Sandfire Resources Ltd. #     275,053       1,320,539  
              2,826,533  
Burkina Faso: 0.6%                
IAMGOLD Corp. (USD) *     118,747       371,678  
                 
Canada: 4.7%                
B2Gold Corp. (USD)     30,491       119,830  
Barrick Gold Corp. (USD)     63,861       1,213,359  
Ivanhoe Mines Ltd. *     174,583       1,426,352  
              2,759,541  
China: 1.9%                
China Molybdenum Co. Ltd. (HKD) #     921,000       486,589  
Jinchuan Group International Resources Co. Ltd. (HKD) # †     3,741,000       652,449  
              1,139,038  
Egypt: 5.1%                
Centamin Plc (GBP) #     385,238       466,749  
Commercial International Bank Egypt SAE (USD) (GDR) *     771,629       2,546,376  
              3,013,125  
Germany: 2.0%                
Jumia Technologies AG (ADR) *     105,489       1,202,574  
                 
India: 0.9%                
MakeMyTrip Ltd. (USD) * †     19,545       541,592  
                 
Indonesia: 0.5%                
Golden Agri-Resources Ltd. (SGD) #     1,583,700       288,031  
                 
Kenya: 10.5%                
East African Breweries Ltd. *     447,800       653,001  
Equity Group Holdings Plc *     3,760,800       1,753,267  
Safaricom Plc #     11,343,300       3,799,302  
              6,205,570  
Morocco: 10.4%                
Attijariwafa Bank     54,245       2,854,645  
Bank of Africa     49,603       1,007,695  
Banque Centrale Populaire #     43,794       1,328,014  
Co. Sucrerie Marocaine et de Raffinage #     35,007       985,964  
              6,176,318  
Nigeria: 14.7%                
Guaranty Trust Holding Co. Plc #     40,371,498       2,335,326  
MTN Nigeria Communications Plc #     6,700,993       2,937,005  
Nestle Nigeria Plc #     369,684       1,280,203  
Zenith Bank Plc #     38,329,959       2,144,745  
              8,697,279  
Norway: 0.2%                
Scatec ASA 144A #     8,754       150,936  
                 
South Africa: 32.9%                
Absa Group Ltd. #     53,840       514,471  
Anglo American Platinum Ltd. #     5,203       592,510  
Anglo American Plc (GBP) #     66,458       2,735,383  
    Number
of Shares
    Value  
South Africa (continued)                
Aspen Pharmacare Holdings Ltd. #     24,299     $ 341,357  
AVI Ltd.     23,603       109,290  
Bid Corp. Ltd. #     19,422       397,314  
Bidvest Group Ltd. #     21,611       256,240  
Capitec Bank Holdings Ltd.     7,775       993,700  
Clicks Group Ltd.     13,899       274,784  
Coronation Fund Managers Ltd.     19,602       64,529  
Discovery Ltd. # * †     34,199       307,855  
Exxaro Resources Ltd.     12,186       116,721  
FirstRand Ltd. #     246,234       937,945  
Foschini Group Ltd. *     11,130       86,404  
Gold Fields Ltd. (ADR)     57,207       628,705  
Growthpoint Properties Ltd.     240,316       231,432  
Harmony Gold Mining Co. Ltd. (ADR)     36,276       149,094  
Impala Platinum Holdings Ltd. #     56,049       789,430  
Investec Plc (GBP) #     46,808       258,239  
Life Healthcare Group Holdings Ltd.     80,856       121,740  
Mr Price Group Ltd. #     18,921       236,931  
MTN Group Ltd. # *     116,149       1,243,045  
MultiChoice Group Ltd. #     21,904       167,644  
Naspers Ltd. #     15,050       2,332,267  
Nedbank Group Ltd.     30,417       333,558  
Netcare Ltd. *     95,428       94,950  
Northam Platinum Holdings Ltd. *     16,299       213,950  
Old Mutual Ltd.     263,856       216,573  
Pepkor Holdings Ltd. 144A *     86,327       118,402  
Pick n Pay Stores Ltd.     24,426       80,303  
Rand Merchant Investment Holdings Ltd. #     60,087       170,336  
Remgro Ltd. #     39,047       321,254  
Resilient REIT Ltd.     26,906       100,729  
Sanlam Ltd. #     143,513       533,991  
Sasol Ltd. (ADR) * †     44,065       722,666  
Shoprite Holdings Ltd.     34,302       448,935  
Sibanye Stillwater Ltd. (ADR) †     49,180       616,717  
SPAR Group Ltd.     10,433       109,246  
Standard Bank Group Ltd. #     102,882       902,442  
Tiger Brands Ltd.     10,105       114,599  
Vodacom Group Ltd. #     34,292       289,003  
Woolworths Holdings Ltd. #     53,051       172,244  
              19,446,928  
Switzerland: 0.2%                
Mediclinic International Plc (GBP) # *     30,985       134,215  
                 
Tanzania: 2.3%                
AngloGold Ashanti Ltd. (ADR)     33,142       695,319  
Helios Towers Plc (GBP) * †     282,282       657,620  
              1,352,939  
United Arab Emirates: 3.7%                
Itissalat Al-Maghrib (MAD) #     143,912       2,167,761  
                 
United Kingdom: 1.7%                
Endeavour Mining Plc (CAD)     38,947       855,006  


 

See Notes to Financial Statements

19

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Number
of Shares
    Value  
United Kingdom (continued)            
Kumba Iron Ore Ltd. (ZAR) #     5,114     $ 147,252  
              1,002,258  
United States: 0.4%                
Royal Caribbean Cruises Ltd. *     2,980       229,162  
                 
Zambia: 2.4%                
First Quantum Minerals Ltd. (CAD)     59,270       1,420,340  
                 
Zimbabwe: 0.0%                
Cassava Smartech Zimbabwe Ltd. # *     32,900       6,744  
Delta Corp. Ltd. #     15,980       12,944  
              19,688  
Total Common Stocks
(Cost: $49,910,167)
            59,145,506  
    Number
of Shares
    Value  
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 0.3%

(Cost: $184,814)
 
Money Market Fund: 0.3%            
State Street Navigator Securities Lending Government Money Market Portfolio     184,814     $ 184,814  
                 
Total Investments: 100.2%
(Cost: $50,094,981)
            59,330,320  
Liabilities in excess of other assets: (0.2)%             (141,306)  
NET ASSETS: 100.0%           $ 59,189,014  


 

 

Definitions:

ADR American Depositary Receipt
CAD Canadian Dollar
GBP British Pound
GDR Global Depositary Receipt
HKD Hong Kong Dollar
MAD Moroccan Dirham
SGD Singapore Dollar
USD United States Dollar
ZAR South African Rand

 

Footnotes:

Security fully or partially on loan. Total market value of securities on loan is $2,131,645.
# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $35,650,663 which represents 60.2% of net assets.
* 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 $269,338, or 0.5% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Communication Services          19.0 %       $ 11,261,381  
Consumer Discretionary     8.3       4,919,576  
Consumer Staples     8.0       4,754,613  
Energy     1.7       1,000,488  
Financials     33.1       19,531,706  
Health Care     1.2       692,261  
Industrials     0.4       256,240  
Materials     27.5       16,246,144  
Real Estate     0.6       332,161  
Utilities     0.2       150,936  
      100.0 %   $ 59,145,506  

 

See Notes to Financial Statements

20

 

 

The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Australia   $     $ 2,826,533     $     $ 2,826,533  
Burkina Faso     371,678                   371,678  
Canada     2,759,541                   2,759,541  
China           1,139,038             1,139,038  
Egypt     2,546,376       466,749             3,013,125  
Germany     1,202,574                   1,202,574  
India     541,592                   541,592  
Indonesia           288,031             288,031  
Kenya     2,406,268       3,799,302             6,205,570  
Morocco     3,862,340       2,313,978             6,176,318  
Nigeria           8,697,279             8,697,279  
Norway           150,936             150,936  
South Africa     5,947,027       13,499,901             19,446,928  
Switzerland           134,215             134,215  
Tanzania     1,352,939                   1,352,939  
United Arab Emirates           2,167,761             2,167,761  
United Kingdom     855,006       147,252             1,002,258  
United States     229,162                   229,162  
Zambia     1,420,340                   1,420,340  
Zimbabwe           19,688             19,688  
Money Market Fund     184,814                   184,814  
Total Investments   $ 23,679,657     $ 35,650,663     $     $ 59,330,320  

 

See Notes to Financial Statements

21

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 88.8%                
Automobiles & Components: 1.1%                
Mahle-Metal Leve SA #     31,250     $ 171,989  
Tupy SA # *     49,250       175,874  
              347,863  
Capital Goods: 3.0%                
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA # *     249,050       292,518  
Armac Locacao Logistica E Servicos SA #     61,800       287,754  
Iochpe Maxion SA # *     87,402       239,910  
Portobello SA #     74,050       127,848  
              948,030  
Commercial & Professional Services: 1.3%    
Ambipar Participacoes e Empreendimentos SA #     35,800       270,315  
Boa Vista Servicos SA     142,500       153,501  
              423,816  
Consumer Durables & Apparel: 12.8%                
Arezzo Industria e Comercio SA #     43,750       601,446  
Construtora Tenda SA #     34,800       104,065  
Cury Construtora e Incorporadora SA #     75,900       95,073  
Cyrela Brazil Realty SA Empreendimentos e Participacoes #     224,150       632,258  
Direcional Engenharia SA #     65,800       149,709  
Even Construtora e Incorporadora SA #     89,550       105,587  
Ez Tec Empreendimentos e Participacoes SA #     123,552       452,107  
Grendene SA #     168,650       261,952  
Grupo de Moda Soma SA # *     337,984       770,380  
Guararapes Confeccoes SA # *     68,950       121,594  
MRV Engenharia e Participacoes SA #     204,050       439,026  
Vivara Participacoes SA #     78,650       358,439  
              4,091,636  
Consumer Services: 8.1%                
Afya Ltd. (USD) *     22,587       354,842  
Anima Holding SA # *     190,350       285,226  
Arco Platform Ltd. (USD) * †     12,756       266,473  
Arcos Dorados Holdings, Inc. (USD) * †     68,185       397,518  
BK Brasil Operacao e Assessoria a Restaurantes SA # *     116,350       124,374  
Cogna Educacao # *     1,296,300       568,564  
CVC Brasil Operadora e Agencia de Viagens SA # *     151,683       364,000  
MPM Corporeos SA #     103,250       153,707  
Ser Educacional SA 144A #     28,275       52,993  
              2,567,697  
Diversified Financials: 1.9%                
Banco Modal SA # *     82,000       158,093  
BR Advisory Partners Participacoes SA # *     36,650       95,127  
TC Traders Club SA # *     77,850       82,708  
    Number
of Shares
    Value  
Diversified Financials (continued)                
Vinci Partners Investments Ltd. (USD) †     25,871     $ 276,820  
              612,748  
Energy: 4.6%                
3R Petroleum Oleo e Gas SA # *     102,050       613,591  
AES Brasil Energia SA #     155,950       309,468  
Enauta Participacoes SA #     64,850       154,820  
Modec, Inc. #     16,000       191,637  
Petroreconcavo SA # *     60,600       203,007  
              1,472,523  
Food & Staples Retailing: 2.7%                
Cia Brasileira de Distribuicao (ADR) †     131,327       523,995  
Dimed SA Distribuidora da Medicamentos #     86,750       207,105  
Empreendimentos Pague Menos SA # *     72,100       120,760  
              851,860  
Food, Beverage & Tobacco: 8.8%                
Adecoagro SA (USD) * †     48,828       374,999  
BrasilAgro - Co. Brasileira de Propriedades Agricolas #     40,800       211,150  
Camil Alimentos SA # *     57,100       116,406  
Jalles Machado SA #     112,600       210,322  
Minerva SA #     218,900       417,047  
Sao Martinho SA #     132,350       816,124  
SLC Agricola SA #     61,200       494,859  
Tres Tentos Agroindustrial SA # *     100,350       174,445  
              2,815,352  
Health Care Equipment & Services: 5.1%    
Fleury SA #     193,800       624,397  
Hospital Mater Dei SA # *     51,900       125,682  
Instituto Hermes Pardini SA # *     31,950       110,342  
Odontoprev SA #     172,700       390,051  
Qualicorp Consultoria e Corretora de Seguros SA #     126,900       383,934  
              1,634,406  
Insurance: 2.0%                
IRB Brasil Resseguros SA # *     752,200       541,486  
Wiz Solucoes e Corretagem de Seguros SA #     62,400       88,816  
              630,302  
Materials: 4.2%                
Cia Brasileira de Aluminio # *     116,200       284,546  
ERO Copper Corp. * †     46,890       715,425  
Largo, Inc. (USD) * †     35,742       330,971  
              1,330,942  
Media & Entertainment: 1.7%                
Infracommerce CXAAS SA # *     96,550       301,822  
Meliuz SA 144A #     417,950       242,825  
              544,647  
Real Estate: 8.0%                
Aliansce Sonae Shopping Centers sa #     125,288       486,077  
BR Malls Participacoes SA # *     560,550       833,905  
BR Properties SA #     134,850       176,815  


 

See Notes to Financial Statements

22

 

 

    Number
of Shares
    Value  
Real Estate (continued)                
FII BTG Pactual Corporate Office Fund #     19,050     $ 248,419  
Iguatemi SA *     132,652       430,345  
JHSF Participacoes SA #     211,950       211,751  
LOG Commercial Properties e Participacoes SA #     35,650       161,548  
              2,548,860  
Retailing: 1.7%                
C&A Modas Ltda # *     75,100       82,741  
Grupo SBF SA # *     80,950       325,668  
Lojas Quero Quero SA #     63,900       127,905  
              536,314  
Semiconductors & Semiconductor Equipment: 3.2%  
SMART Global Holdings, Inc. * †     14,379       1,020,765  
                 
Software & Services: 0.6%                
Clear Sale SA # *     50,350       79,975  
SONDA SA #     346,856       101,298  
              181,273  
Technology Hardware & Equipment: 0.6%                
Ituran Location and Control Ltd. (USD)     7,631       203,519  
                 
Telecommunication Services: 2.2%                
Brisanet Participacoes SA # *     80,250       71,332  
Oi SA # *     3,815,566       514,545  
Unifique Telecomunicacoes SA #     102,950       120,895  
              706,772  
Transportation: 6.2%                
EcoRodovias Infraestrutura e Logistica SA # *     192,390       252,147  
Gol Linhas Aereas Inteligentes SA (ADR) * †     67,698       409,573  
Hidrovias do Brasil SA # *     339,900       210,259  
Movida Participacoes SA # *     108,900       307,419  
Santos Brasil Participacoes SA #     546,950       627,742  
Sequoia Logistica e Transportes SA # *     71,350       179,875  
              1,987,015  
Utilities: 9.0%                
Alupar Investimento SA #     200,037       864,612  
Cia de Saneamento de Minas Gerais #     154,538       352,088  
Cia de Saneamento do Parana # *     245,600       844,578  
Light SA #     196,750       413,837  
Omega Energia SA *     172,903       392,679  
              2,867,794  
Total Common Stocks
(Cost: $34,169,486)
            28,324,134  
                 
PREFERRED SECURITIES: 9.4%                
Banks: 2.6%                
Banco ABC Brasil SA
6.30% # *
    58,570       166,347  
Banco do Estado do Rio Grande do Sul SA
6.55% #
    138,250       239,154  
    Number
of Shares
    Value  
Banks (continued)                
Banco Pan SA
1.03% #
    226,950     $ 432,309  
              837,810  
Capital Goods: 1.5%                
Marcopolo SA
3.37% # *
    344,359       187,869  
Randon SA Implementos e Participacoes
5.56% #
    145,300       282,274  
              470,143  
Information Technology: 1.4%                
Cia Ferro Ligas da Bahia
2.85% # *
    28,250       247,634  
Taurus Armas SA  # *     44,200       195,345  
              442,979  
Materials: 2.5%                
Unipar Carbocloro SA
5.06% #
    42,427       786,172  
                 
Utilities: 1.4%                
Cia Energetica de Sao Paulo
11.06% #
    116,600       449,684  
                 
Total Preferred Securities
(Cost: $2,585,716)
            2,986,788  
                 
CLOSED-END FUND: 1.4%
(Cost: $466,754)
               
CSHG Logistica FI Imobiliario     14,983       458,797  
                 
Total Investments Before Collateral for Securities Loaned: 99.6%
(Cost: $37,221,956)
            31,769,719  
                 
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 2.5%

(Cost: $785,056)
 
Money Market Fund: 2.5%                
State Street Navigator Securities Lending Government Money Market Portfolio     785,056       785,056  
Total Investments: 102.1%
(Cost: $38,007,012)
            32,554,775  
Liabilities in excess of other assets: (2.1)%             (667,958)  
NET ASSETS: 100.0%           $ 31,886,817  


 

See Notes to Financial Statements

23

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(continued)

 

 

Definitions:

ADR American 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 $25,459,497 which represents 79.8% of net assets.
* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $3,033,046.
   
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 $295,818, or 0.9% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Communication Services          3.9 %       $ 1,251,419  
Consumer Discretionary     25.2       8,002,307  
Consumer Staples     11.6       3,667,212  
Energy     4.6       1,472,523  
Financials     6.5       2,080,860  
Health Care     5.1       1,634,406  
Industrials     12.1       3,829,004  
Information Technology     5.8       1,848,536  
Materials     6.7       2,117,114  
Real Estate     8.1       2,548,860  
Utilities     10.4       3,317,478  
      100.0 %   $ 31,769,719  

 

See Notes to Financial Statements

24

 

 

The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Automobiles & Components   $     $ 347,863     $     $ 347,863  
Capital Goods           948,030             948,030  
Commercial & Professional Services     153,501       270,315             423,816  
Consumer Durables & Apparel           4,091,636             4,091,636  
Consumer Services     1,018,833       1,548,864             2,567,697  
Diversified Financials     276,820       335,928             612,748  
Energy           1,472,523             1,472,523  
Food & Staples Retailing     523,995       327,865             851,860  
Food, Beverage & Tobacco     374,999       2,440,353             2,815,352  
Health Care Equipment & Services           1,634,406             1,634,406  
Insurance           630,302             630,302  
Materials     1,046,396       284,546             1,330,942  
Media & Entertainment           544,647             544,647  
Real Estate     430,345       2,118,515             2,548,860  
Retailing           536,314             536,314  
Semiconductors & Semiconductor Equipment     1,020,765                   1,020,765  
Software & Services           181,273             181,273  
Technology Hardware & Equipment     203,519                   203,519  
Telecommunication Services           706,772             706,772  
Transportation     409,573       1,577,442             1,987,015  
Utilities     392,679       2,475,115             2,867,794  
Preferred Securities *           2,986,788             2,986,788  
Closed-End Fund     458,797                   458,797  
Money Market Fund     785,056                   785,056  
Total Investments   $ 7,095,278     $ 25,459,497     $     $ 32,554,775  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

25

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.9%                
Automobiles & Components: 0.8%                
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. #     3,878     $ 124,556  
Shandong Linglong Tyre Co. Ltd. #     16,100       92,586  
              217,142  
Capital Goods: 8.6%                
Beijing Bei Mo Gao Ke Friction Material Co. Ltd. #     5,800       109,822  
Beijing New Building Materials Plc #     24,500       138,187  
Dajin Heavy Industry Co. Ltd. #     6,100       37,101  
Fulongma Group Co. Ltd. #     6,800       15,361  
Guangdong Lingxiao Pump Industry Co. Ltd. #     5,600       24,623  
Guangzhou KDT Machinery Co. Ltd. #     6,300       31,844  
Hangzhou Zhongtai Cryogenic Technology Corp. #     4,200       15,437  
Jiangsu Hengli Hydraulic Co. Ltd. #     12,416       159,552  
Jiangsu Nanfang Bearing Co. Ltd. #     7,200       12,112  
Jingjin Equipment, Inc.     5,900       43,032  
Jinlei Technology Co. Ltd. #     6,400       58,248  
Nantong Jianghai Capacitor Co. Ltd. #     13,100       56,343  
Nanxing Machinery Co. Ltd. #     3,200       7,667  
NARI Technology Co. Ltd. #     66,620       419,848  
Ningbo Orient Wires & Cables Co. Ltd. #     9,900       79,764  
Ocean’s King Lighting Science & Technology Co. Ltd. #     11,000       28,275  
Sany Heavy Industry Co. Ltd. #     164,800       591,306  
Sichuan Kexin Mechanical and Electrical Equipment Co. Ltd. #     7,500       15,204  
Zhefu Holding Group Co. Ltd.     31,900       35,717  
Zhejiang Dingli Machinery Co. Ltd. #     6,002       75,738  
Zhuzhou Kibing Group Co. Ltd. #     50,800       136,938  
Zoomlion Heavy Industry Science and Technology Co. Ltd. #     166,000       187,334  
              2,279,453  
Commercial & Professional Services: 0.6%      
Shanghai M&G Stationery, Inc. #     10,500       106,499  
UE Furniture Co. Ltd. #     2,500       4,860  
Zhejiang Weiming Environment Protection Co. Ltd.     10,156       58,342  
              169,701  
Consumer Durables & Apparel: 3.4%          
Baoxiniao Holding Co. Ltd. #     28,000       22,173  
Biem.L.Fdlkk Garment Co. Ltd. #     10,700       42,881  
Chow Tai Seng Jewellery Co. Ltd. #     8,800       24,624  
Hangzhou Nbond Nonwovens Co. Ltd. #     1,300       2,728  
Hisense Home Appliances Group Co. Ltd. #     16,600       39,584  
    Number
of Shares
    Value  
Consumer Durables & Apparel (continued)      
Leshan Giantstar Farming & Husbandry Corp. Ltd.     4,200     $ 10,237  
Li Ning Co. Ltd. (HKD) #     65,000       713,167  
Markor International Home Furnishings Co. Ltd. # *     19,400       10,719  
Ningbo Peacebird Fashion Co. Ltd.     2,100       9,207  
Q Technology Group Co. Ltd. (HKD) # †     13,000       16,820  
Shanghai Yaoji Technology Co. Ltd. #     5,300       18,960  
              911,100  
Consumer Services: 0.1%                
Fu Shou Yuan International Group Ltd. (HKD) #     34,000       26,724  
                 
Diversified Financials: 1.8%                
360 DigiTech, Inc. (ADR)     3,467       79,498  
China Renaissance Holdings Ltd. (HKD) 144A # * †     5,100       9,666  
CSC Financial Co. Ltd. (HKD) 144A # †     156,000       170,810  
Hithink RoyalFlush Information Network Co. Ltd. #     9,224       209,694  
              469,668  
Energy: 0.6%                
Shaanxi Coal Industry Co. Ltd. #     80,100       153,945  
Shandong Sunway Chemical Group Co. Ltd. #     13,700       14,582  
              168,527  
Food, Beverage & Tobacco: 18.1%                
Angel Yeast Co. Ltd. #     14,300       135,770  
Anhui Yingjia Distillery Co. Ltd. #     5,100       55,816  
China Feihe Ltd. (HKD) 144A #     109,000       146,269  
Chongqing Brewery Co. Ltd. (CNY) # *     5,800       138,021  
COFCO Joycome Foods Ltd. (HKD) # * †     68,000       25,937  
Ganso Co. Ltd.     2,300       8,518  
Guangdong Guanghong Holdings Co. Ltd. #     7,000       6,940  
Hebei Chengde Lolo Co. #     18,600       31,746  
Jiangsu King’s Luck Brewery JSC Ltd. #     14,000       119,783  
JiuGui Liquor Co. Ltd. #     5,700       190,695  
Luzhou Laojiao Co. Ltd. #     19,828       792,093  
Muyuan Foods Co. Ltd. #     78,124       656,383  
Sanquan Food Co. Ltd. #     13,010       41,329  
Shandong Longda Meishi Co. Ltd. #     11,700       19,239  
Shanghai Bairun Investment Holding Group Co. Ltd. #     16,040       150,676  
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. #     10,495       520,828  
Sichuan Swellfun Co. Ltd. #     5,100       96,451  
Want Want China Holdings Ltd. (HKD) #     134,000       123,003  
Wuliangye Yibin Co. Ltd. #     42,030       1,471,465  


 

See Notes to Financial Statements

26

 

 

    Number
of Shares
    Value  
Food, Beverage & Tobacco (continued)          
Yihai International Holding Ltd. (HKD) # * †     14,000     $ 64,749  
              4,795,711  
Health Care Equipment & Services: 7.6%      
Aier Eye Hospital Group Co. Ltd. #     71,784       477,769  
Blue Sail Medical Co. Ltd. #     18,300       46,923  
Dian Diagnostics Group Co. Ltd. #     15,400       81,294  
Edan Instruments, Inc. #     13,000       28,815  
Guangzhou Kingmed Diagnostics Group Co. Ltd. #     7,900       138,087  
Guangzhou Wondfo Biotech Co. Ltd. #     8,830       54,678  
Intco Medical Technology Co. Ltd. #     15,400       139,637  
Jafron Biomedical Co. Ltd. #     18,250       153,365  
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. #     19,900       118,245  
Kangji Medical Holdings Ltd. (HKD) # †     10,000       10,194  
Lepu Medical Technology Beijing Co. Ltd. #     36,300       129,330  
Ningbo David Medical Device Co. Ltd. #     4,400       9,413  
Ovctek China, Inc. #     14,909       134,718  
Sansure Biotech, Inc.     4,655       43,190  
Shanghai Kindly Enterprise Development Group Co. Ltd. # *     7,500       25,596  
Shanghai ZJ Bio-Tech Co. Ltd. #     5,988       48,658  
Tibet Rhodiola Pharmaceutical Holding Co. #     2,300       18,925  
Tofflon Science & Technology Group Co. Ltd. #     8,800       69,998  
Winner Medical Co. Ltd. #     12,900       167,222  
Wuhan Easydiagnosis Biomedicine Co. Ltd.     1,000       11,637  
Zhejiang Gongdong Medical Technology Co. Ltd. #     3,500       78,747  
Zhende Medical Co. Ltd. #     2,600       21,018  
              2,007,459  
Household & Personal Products: 0.6%          
By-health Co. Ltd.     35,200       149,235  
Mingchen Health Co. Ltd.     2,800       17,344  
              166,579  
Industrials: 0.1%                
Sichuan Languang Justbon Services Group Co. Ltd. (HKD) #     3,300       22,921  
                 
Materials: 9.8%                
Anhui Conch Cement Co. Ltd. #     65,367       414,722  
Anhui Guangxin Agrochemical Co. Ltd. #     6,000       36,792  
Chengdu Guibao Science & Technology Co. Ltd. #     6,100       19,388  
China Nonferrous Mining Corp. Ltd. (HKD) #     31,000       12,362  
Chongqing Zaisheng Technology Corp. Ltd. #     11,400       22,260  
    Number
of Shares
    Value  
Materials (continued)                
Citic Pacific Special Steel Group Co. Ltd. #     40,270     $ 129,632  
City Development Environment Co. Ltd.     5,700       9,501  
CNSIG Inner Mongolia Chemical Industry Co. Ltd. #     12,700       32,892  
DeHua TB New Decoration Materials Co. Ltd. #     8,900       16,903  
Fangda Special Steel Technology Co. Ltd. #     28,000       34,370  
Fujian Green Pine Co. Ltd.     11,300       20,062  
Gansu Shangfeng Cement Co. Ltd. #     7,700       24,322  
Guangzhou Tinci Materials Technology Co. Ltd. #     21,950       395,740  
Hailir Pesticides and Chemicals Group Co. Ltd.     2,900       11,451  
HBIS Resources Co. Ltd. #     7,900       17,837  
Huafon Chemical Co. Ltd. #     143,400       235,537  
Huaxin Cement Co. Ltd. #     21,200       64,390  
Hunan Haili Chemical Industry Co. Ltd. #     10,870       14,679  
Jiangsu Huachang Chemical Co. Ltd. #     15,200       30,315  
Jiangsu Sopo Chemical Co. #     15,500       33,675  
Jiangsu Yangnong Chemical Co. Ltd. #     5,400       111,408  
Jiangxi Chenguang New Materials Co. Ltd.     3,900       24,354  
Jiangxi Wannianqing Cement Co. Ltd. #     11,400       21,927  
Jiangyin Hengrun Heavy Industries Co. ltd #     3,800       31,992  
Kingfa Sci & Tech Co. Ltd. #     44,900       88,826  
Lier Chemical Co. Ltd. #     7,500       39,847  
Luxi Chemical Group Co. Ltd. #     34,200       82,185  
Ningxia Building Materials Group Co. Ltd. #     6,500       12,299  
Shandong Bohui Paper Industrial Co. Ltd. #     7,500       12,210  
Shandong Head Co. Ltd. # *     5,820       56,324  
Shandong Hualu Hengsheng Chemical Co. Ltd. #     43,100       212,039  
Shangdong Lubei Chemical Co. Ltd. #     11,500       18,794  
Sichuan Anning Iron and Titanium Co. Ltd. #     5,300       35,258  
Tianjin You Fa Steel Pipe Group Stock Co. Ltd. #     42,500       65,487  
West China Cement Ltd. (HKD) #     62,000       11,056  
Xiamen Jihong Technology Co. Ltd.     7,100       23,704  
Zhejiang Double Arrow Rubber Co. Ltd. #     8,700       11,061  
Zhejiang JIULI Hi-tech Metals Co. Ltd. #     18,600       52,334  
Zhejiang Wansheng Co. Ltd. #     7,300       30,061  


 

See Notes to Financial Statements

27

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Number
of Shares
    Value  
Materials (continued)                
Zhejiang Xinan Chemical Industrial Group Co. Ltd. #     19,900     $ 78,366  
              2,596,362  
Media & Entertainment: 5.3%                
G-bits Network Technology Xiamen Co. Ltd. #     1,200       79,628  
Hangzhou Electronic Soul Network Technology Co. Ltd. #     2,300       10,863  
Shanghai Fengyuzhu Culture and Technology Co. Ltd.     3,800       16,254  
Tencent Holdings Ltd. (HKD) #     22,100       1,289,766  
              1,396,511  
Pharmaceuticals, Biotechnology & Life Sciences: 7.9%  
Beijing Hotgen Biotech Co. Ltd. #     1,189       21,634  
Changchun High & New Technology Industry Group, Inc. #     9,200       392,967  
China Medical System Holdings Ltd. (HKD) #     38,000       63,531  
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. #     10,200       54,972  
Chongqing Zhifei Biological Products Co. Ltd. #     33,600       658,104  
Daan Gene Co. Ltd.     27,800       87,697  
Guangdong Hybribio Biotech Co. Ltd. #     3,800       17,641  
Livzon Pharmaceutical Group, Inc. #     16,600       104,986  
Shandong Wohua Pharmaceutical Co. Ltd. #     7,700       8,971  
Shanghai Kehua Bio-Engineering Co. Ltd.     10,500       24,504  
Shenyang Xingqi Pharmaceutical Co. Ltd.     2,000       43,025  
Walvax Biotechnology Co. Ltd. #     33,700       297,042  
Xiamen Kingdomway Group Co. #     6,400       31,573  
Zhejiang Cheng Yi Pharmaceutical Co. Ltd.     3,600       9,188  
Zhejiang NHU Co. Ltd. #     38,860       190,182  
Zhejiang Orient Gene Biotech Co. Ltd. #     2,680       97,025  
              2,103,042  
Real Estate: 3.3%                
A-Living Smart City Services Co. Ltd. (HKD) 144A #     15,750       26,911  
Central China New Life Ltd. (HKD) # * †     12,000       7,735  
CIFI Ever Sunshine Services Group Ltd. (HKD) #     24,000       37,280  
Country Garden Services Holdings Co. Ltd. (HKD) #     55,000       330,268  
Evergrande Property Services Group Ltd. (HKD) 144A # * †   46,500       15,762  
Hefei Urban Construction Development Co. Ltd. #     10,800       13,185  
Logan Group Co. Ltd. (HKD)     42,000       32,108  
    Number
of Shares
    Value  
Real Estate (continued)                
Longfor Group Holdings Ltd. (HKD) 144A #     48,000     $ 226,440  
Powerlong Real Estate Holdings Ltd. (HKD) #     47,000       24,612  
Rongan Property Co. Ltd.     32,600       12,611  
Seazen Holdings Co. Ltd. #     20,300       93,101  
S-Enjoy Service Group Co. Ltd. (HKD) # *     9,000       12,926  
Shenzhen New Nanshan Holding Group Co. Ltd. #     40,000       19,640  
Shenzhen Properties & Resources Development Group Ltd. #     6,200       11,374  
Times Neighborhood Holdings Ltd. (HKD) # †     17,000       6,305  
              870,258  
Retailing: 9.3%                
Alibaba Group Holding Ltd. (ADR) *     8,298       985,719  
Easyhome New Retail Group Co. Ltd. #     98,800       80,163  
JD.com, Inc. (ADR) *     17,298       1,212,071  
Pop Mart International Group Ltd. (HKD) 144A #     4,600       26,420  
Vipshop Holdings Ltd. (ADR) *     19,668       165,211  
              2,469,584  
Semiconductors & Semiconductor Equipment: 8.6%  
Daqo New Energy Corp. (ADR) *     2,352       94,833  
Gigadevice Semiconductor Beijing, Inc. #     13,580       375,686  
LONGi Green Energy Technology Co. Ltd. #     107,136       1,452,819  
Shenzhen Sunmoon Microelectronics Co. Ltd. #     2,117       62,374  
Xinyi Solar Holdings Ltd. (HKD) #     142,000       241,119  
Yangzhou Yangjie Electronic Technology Co. Ltd. #     6,600       69,725  
              2,296,556  
Software & Services: 1.0%                
Chinasoft International Ltd. (HKD) # *     76,000       99,123  
Shanghai Baosight Software Co. Ltd. #     14,420       137,889  
Sichuan Jiuyuan Yinhai Software Co. Ltd. #     5,200       22,606  
              259,618  
Technology Hardware & Equipment: 10.8%          
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. #     3,900       109,974  
BYD Electronic International Co. Ltd. (HKD) # †     19,500       71,392  
Chongqing Chuanyi Automation Co. Ltd. #     12,300       40,989  
Cubic Sensor and Instrument Co. Ltd. #     2,215       62,464  
Eoptolink Technology, Inc. Ltd. #     11,223       69,237  


 

See Notes to Financial Statements

28

 

 

    Number
of Shares
    Value  
Technology Hardware & Equipment (continued)    
Goldenmax International Technology Ltd. #     6,400     $ 15,157  
Luxshare Precision Industry Co. Ltd. #     116,505       901,848  
Maxscend Microelectronics Co. Ltd. #     7,200       370,419  
Shanghai Friendess Electronic Technology Corp. Ltd. #     2,812       170,599  
Shenzhen H&T Intelligent Control Co. Ltd. #     26,300       113,525  
Shenzhen TVT Digital Technology Co. Ltd. #     5,600       9,241  
Sunny Optical Technology Group Co. Ltd. (HKD) #     22,200       703,288  
Suntront Techonology Co. Ltd. #     23,500       19,341  
Suzhou Etron Technologies Co. Ltd.     3,900       23,489  
VanJee Technology Co. Ltd. #     4,200       26,621  
Wuxi Xinje Electric Co. Ltd.     2,400       17,969  
ZheJiang Dali Technology Co. Ltd. #     13,760       42,720  
Zhuzhou Hongda Electronics Corp. Ltd. #     6,800       106,938  
              2,875,211  
    Number
of Shares
    Value  
Telecommunication Services: 0.0%          
BizConf Telecom Co. Ltd. #     2,600     $ 12,130  
                 
Transportation: 1.6%                
Anhui Expressway Co. Ltd. #     9,200       10,244  
COSCO SHIPPING Holdings Co. Ltd. # *     135,300       399,323  
Guangdong Provincial Expressway Development Co. Ltd. #   16,700       19,439  
              429,006  
Total Common Stocks
(Cost: $24,009,167)
            26,543,263  
                 
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 0.1%

(Cost: $17,714)
         
Money Market Fund: 0.1%                
State Street Navigator Securities Lending Government Money Market Portfolio     17,714       17,714  
Total Investments: 100.0%
(Cost: $24,026,881)
            26,560,977  
Other assets less liabilities: 0.0%             3,781  
NET ASSETS: 100.0%           $ 26,564,758  


 

 

Definitions:

ADR American Depositary Receipt
CNY Chinese Yuan
HKD Hong Kong 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 $23,263,555 which represents 87.6% of net assets.
* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $383,145.
   
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 $622,278, or 2.3% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Communication Services         5.3 %        $ 1,408,641  
Consumer Discretionary     13.6       3,624,551  
Consumer Staples     18.7       4,962,290  
Energy     0.6       168,527  
Financials     1.8       469,668  
Health Care     15.5       4,110,501  
Industrials     10.9       2,901,080  
Information Technology     20.5       5,431,385  
Materials     9.8       2,596,362  
Real Estate     3.3       870,258  
      100.0 %   $ 26,543,263  

 

See Notes to Financial Statements

29

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

(continued)

 

The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Automobiles & Components   $     $ 217,142     $     $ 217,142  
Capital Goods     78,749       2,200,704             2,279,453  
Commercial & Professional Services     58,342       111,359             169,701  
Consumer Durables & Apparel     19,444       891,656             911,100  
Consumer Services           26,724             26,724  
Diversified Financials     79,498       390,170             469,668  
Energy           168,527             168,527  
Food, Beverage & Tobacco     8,518       4,787,193             4,795,711  
Health Care Equipment & Services     54,827       1,952,632             2,007,459  
Household & Personal Products     166,579                   166,579  
Industrials           22,921             22,921  
Materials     89,072       2,507,290             2,596,362  
Media & Entertainment     16,254       1,380,257             1,396,511  
Pharmaceuticals, Biotechnology & Life Sciences     164,414       1,938,628             2,103,042  
Real Estate     44,719       825,539             870,258  
Retailing     2,363,001       106,583             2,469,584  
Semiconductors & Semiconductor Equipment     94,833       2,201,723             2,296,556  
Software & Services           259,618             259,618  
Technology Hardware & Equipment     41,458       2,833,753             2,875,211  
Telecommunication Services           12,130             12,130  
Transportation           429,006             429,006  
Money Market Fund     17,714                   17,714  
Total Investments   $ 3,297,422     $ 23,263,555     $     $ 26,560,977  

 

See Notes to Financial Statements

30

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.9%                
Capital Goods: 32.2%                
Contemporary Amperex Technology Co. Ltd. #     78,000     $ 7,201,096  
Eve Energy Co. Ltd. #     83,996       1,561,639  
Ginlong Technologies Co. Ltd. #     6,000       218,727  
JL Mag Rare-Earth Co. Ltd. #     25,200       178,105  
Qingdao TGOOD Electric Co. Ltd. #     42,100       164,614  
Shenzhen Inovance Technology Co. Ltd. #     116,085       1,253,570  
Shenzhen Yinghe Technology Co. Ltd. #     24,000       115,933  
Siasun Robot & Automation Co. Ltd. # *     78,900       138,623  
Sungrow Power Supply Co. Ltd. #     65,300       1,497,758  
Sunwoda Electronic Co. Ltd. #     72,000       477,594  
Suzhou Maxwell Technologies Co. Ltd. #     3,000       302,864  
Xi’an Triangle Defense Co. Ltd.     18,600       143,002  
              13,253,525  
Commercial & Professional Services: 1.3%          
Beijing Originwater Technology Co. Ltd. #     130,100       147,222  
Centre Testing International Group Co. Ltd. #     95,200       402,127  
              549,349  
Consumer Durables & Apparel: 1.0%          
Huali Industrial Group Co. Ltd. #     5,900       82,767  
Suzhou TA&A Ultra Clean Technology Co. Ltd. #     26,000       331,583  
              414,350  
Consumer Services: 0.6%                
Songcheng Performance Development Co. Ltd. #     99,021       223,223  
                 
Diversified Financials: 8.4%                
East Money Information Co. Ltd. #     535,217       3,127,137  
Hithink RoyalFlush Information Network Co. Ltd. #     13,700       311,449  
              3,438,586  
Food, Beverage & Tobacco: 3.5%                
Ligao Foods Co. Ltd.     2,700       56,080  
Three Squirrels, Inc. #     6,700       41,066  
Wens Foodstuffs Group Co. Ltd. #     323,460       980,600  
Yihai Kerry Arawana Holdings Co. Ltd. #     38,100       377,536  
              1,455,282  
Health Care Equipment & Services: 11.7%    
Aier Eye Hospital Group Co. Ltd. #     154,811       1,030,367  
Contec Medical Systems Co. Ltd.     8,500       54,202  
Dian Diagnostics Group Co. Ltd. #     31,400       165,755  
Guangzhou Wondfo Biotech Co. Ltd. #     16,500       102,176  
    Number
of Shares
    Value  
Health Care Equipment & Services (continued)      
Intco Medical Technology Co. Ltd. #     24,600     $ 223,056  
Jafron Biomedical Co. Ltd. #     28,900       242,863  
Lepu Medical Technology Beijing Co. Ltd. #     77,513       276,164  
Ovctek China, Inc. #     30,000       271,080  
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. #     28,500       1,707,076  
Shenzhen New Industries Biomedical Engineering Co. Ltd. #     18,700       129,413  
Sinocare, Inc. #     20,800       97,777  
Tofflon Science & Technology Group Co. Ltd. #     16,600       132,043  
Winner Medical Co. Ltd. #     7,100       92,037  
Winning Health Technology Group Co. Ltd. #     118,266       311,718  
              4,835,727  
Household & Personal Products: 0.9%          
By-health Co. Ltd.     58,600       248,442  
Yunnan Botanee Bio-Technology Group Co. Ltd.     4,300       130,020  
              378,462  
Materials: 5.1%                
Beijing Easpring Material Technology Co. Ltd. #     23,700       323,967  
CNGR Advanced Material Co. Ltd. #     3,500       83,327  
Huabao Flavours & Fragrances Co. Ltd.     8,200       61,703  
Nanjing Hanrui Cobalt Co. Ltd. #     14,800       186,733  
Shandong Sinocera Functional Material Co. Ltd. #     51,300       343,415  
Shenzhen Capchem Technology Co. Ltd. #     17,700       314,473  
Shenzhen Dynanonic Co. Ltd. # *     3,800       293,470  
Shenzhen Senior Technology Material Co. Ltd. #     43,700       252,622  
Weihai Guangwei Composites Co. Ltd. #     18,800       249,955  
              2,109,665  
Media & Entertainment: 2.3%                
Beijing Enlight Media Co. Ltd. #     74,442       150,502  
Bluefocus Intelligent Communications Group Co. Ltd. #     149,000       251,509  
Kunlun Tech Co. Ltd. #     51,300       187,104  
Mango Excellent Media Co. Ltd. #     39,770       357,830  
              946,945  
Pharmaceuticals, Biotechnology & Life Sciences: 12.7%  
Anhui Anke Biotechnology Group Co. Ltd. #     71,800       148,025  
Betta Pharmaceuticals Co. Ltd. #     16,600       208,405  
BGI Genomics Co. Ltd. #     15,700       216,933  
Boya Bio-pharmaceutical Group Co. Ltd. #     19,000       114,480  


 

See Notes to Financial Statements

31

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Number
of Shares
    Value  
Pharmaceuticals, Biotechnology & Life Sciences (continued)  
Chengdu Kanghua Biological Products Co. Ltd. #     2,400     $ 80,220  
Chongqing Zhifei Biological Products Co. Ltd. #     49,269       965,003  
Hainan Poly Pharm Co. Ltd. #     17,900       155,058  
Hangzhou Tigermed Consulting Co. Ltd. #     35,459       712,843  
Imeik Technology Development Co. Ltd. #     5,500       464,314  
Maccura Biotechnology Co. Ltd.     25,200       115,676  
PharmaBlock Sciences Nanjing, Inc. #     10,200       227,931  
Pharmaron Beijing Co. Ltd. #     16,200       360,365  
Shenzhen Kangtai Biological Products Co. Ltd. #     24,000       371,522  
Walvax Biotechnology Co. Ltd. #     107,500       947,539  
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. #     17,700       159,540  
              5,247,854  
Semiconductors & Semiconductor Equipment: 4.1%  
Ingenic Semiconductor Co. Ltd. #     12,800       269,999  
SG Micro Corp. #     9,600       466,830  
Shenzhen SC New Energy Technology Corp. #     14,500       260,942  
Yangling Metron New Material, Inc. #     5,600       68,401  
Yangzhou Yangjie Electronic Technology Co. Ltd. #     17,200       181,708  
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. #     39,800       434,686  
              1,682,566  
Software & Services: 4.3%                
Beijing E-Hualu Information Technology Co. Ltd. #     26,900       149,496  
Beijing Sinnet Technology Co. Ltd. #     74,800       174,701  
Hangzhou Dptech Technologies Co. Ltd. #     6,082       39,499  
Lakala Payment Co. Ltd. #     26,900       122,921  
    Number
of Shares
    Value  
Software & Services (continued)                
Longshine Technology Group Co. Ltd. #     24,100     $ 140,482  
NSFOCUS Technologies Group Co. Ltd. #     38,400       95,869  
Sangfor Technologies, Inc. #     15,500       465,835  
Thunder Software Technology Co. Ltd. #     20,700       450,165  
Wangsu Science & Technology Co. Ltd. #     137,800       144,970  
              1,783,938  
Technology Hardware & Equipment: 11.8%
Anker Innovations Technology Co. Ltd. #     9,100       146,743  
Chaozhou Three-Circle Group Co. Ltd. #     76,700       538,232  
Eoptolink Technology, Inc. Ltd. #     28,400       175,205  
Lens Technology Co. Ltd. #     131,268       474,554  
Leyard Optoelectronic Co. Ltd. #     127,400       205,501  
Maxscend Microelectronics Co. Ltd. #     13,788       709,361  
Sai Micro Electronics, Inc. #     24,200       93,556  
Shenzhen Everwin Precision Technology Co. Ltd. #     52,900       165,165  
Shenzhen Sunway Communication Co. Ltd. #     54,601       217,604  
Victory Giant Technology Huizhou Co. Ltd. #     33,300       158,568  
Wuhan Jingce Electronic Group Co. Ltd. #     12,600       143,591  
Wuhan Raycus Fiber Laser Technologies Co. Ltd. #     15,200       141,336  
Wuhu Token Science Co. Ltd. #     138,100       288,567  
Wuxi Lead Intelligent Equipment Co. Ltd. #     67,020       783,504  
Yealink Network Technology Corp. Ltd. #     20,900       267,727  
Zhongji Innolight Co. Ltd. #     32,800       219,431  
Zhuzhou Hongda Electronics Corp. Ltd. #     8,100       127,382  
              4,856,027  
Total Common Stocks
(Cost: $29,050,639)
            41,175,499  
                 
Total Investments: 99.9%
(Cost: $29,050,639)
            41,175,499  
Other assets less liabilities: 0.1%             23,811  
NET ASSETS: 100.0%           $ 41,199,310  


 

 

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 $40,366,374 which represents 98.0% of net assets.
* Non-income producing

 

See Notes to Financial Statements

32

 

 

Summary of Investments by Sector           % of
Investments
  Value  
Communication Services     2.3 %   $ 946,945  
Consumer Discretionary     1.5       637,573  
Consumer Staples     4.4       1,833,744  
Financials     8.4       3,438,586  
Health Care     24.6       10,083,581  
Industrials     33.5       13,802,874  
Information Technology     20.2       8,322,531  
Materials     5.1       2,109,665  
      100.0 %   $ 41,175,499  

 

The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Capital Goods   $ 143,002     $ 13,110,523     $     $ 13,253,525  
Commercial & Professional Services           549,349             549,349  
Consumer Durables & Apparel           414,350             414,350  
Consumer Services           223,223             223,223  
Diversified Financials           3,438,586             3,438,586  
Food, Beverage & Tobacco     56,080       1,399,202             1,455,282  
Health Care Equipment & Services     54,202       4,781,525             4,835,727  
Household & Personal Products     378,462                   378,462  
Materials     61,703       2,047,962             2,109,665  
Media & Entertainment           946,945             946,945  
Pharmaceuticals, Biotechnology & Life Sciences     115,676       5,132,178             5,247,854  
Semiconductors & Semiconductor Equipment           1,682,566             1,682,566  
Software & Services           1,783,938             1,783,938  
Technology Hardware & Equipment           4,856,027             4,856,027  
Total Investments   $ 809,125     $ 40,366,374     $     $ 41,175,499  

 

See Notes to Financial Statements

33

VANECK EGYPT INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.1%                
Banks: 7.9%                
Commercial International Bank Egypt SAE (USD) (GDR) *     521,836     $ 1,722,059  
                 
Capital Goods: 4.7%                
ElSewedy Electric Co. #     1,634,557       1,020,143  
                 
Consumer Durables & Apparel: 2.7%          
Oriental Weavers #     1,051,157       579,973  
                 
Consumer Services: 6.3%                
Cairo Investment & Real Estate Development Co. SAE #     1,046,116       904,901  
Taaleem Management Services Co. SAE # *     1,361,259       452,160  
              1,357,061  
Diversified Financials: 7.4%                
Egyptian Financial Group-Hermes Holding Co. # *     872,411       820,404  
Egyptian Financial Group-Hermes Holding Co. (USD) (GDR) # *     268,183       507,724  
Pioneers Properties *     1,624,304       277,093  
              1,605,221  
Food, Beverage & Tobacco: 10.2%                
Eastern Co. SAE     2,107,501       1,438,091  
Juhayna Food Industries # *     1,602,276       781,161  
              2,219,252  
Health Care Equipment & Services: 6.6%
Cleopatra Hospital *     3,116,092       975,886  
Ibnsina Pharma SAE # *     1,716,724       442,987  
              1,418,873  
    Number
of Shares
    Value  
Materials: 17.9%                
Alexandria Mineral Oils Co. #     1,831,783     $ 426,951  
Centamin Plc (GBP) #     772,884       936,416  
Egypt Kuwait Holding Co. SAE (USD) # *     1,217,852       1,604,008  
Ezz Steel Co. SAE # *     594,412       564,692  
Sidi Kerir Petrochemicals Co. # *     714,841       353,898  
              3,885,965  
Real Estate: 24.0%                
Emaar Misr for Development SAE # *     2,386,107       450,549  
Heliopolis Housing #     1,514,881       646,486  
Medinet Nasr Housing     3,459,253       642,967  
Palm Hills Developments SAE #     5,993,490       758,973  
Real Estate Egyptian Consortium SAE # *     330,283       34,527  
Six of October Development & Investment #     751,058       690,553  
Talaat Moustafa Group #     2,059,863       1,185,189  
Zahraa El Maadi Investment & Development Co. SAE #     716,788       791,078  
              5,200,322  
Software & Services: 7.2%                
Fawry for Banking & Payment Technology Services SAE # *     1,923,165       1,569,131  
                 
Telecommunication Services: 5.2%          
Telecom Egypt Co. #     1,045,147       1,115,431  
                 
Total Common Stocks
(Cost: $17,816,179)
            21,693,431  
                 
Total Investments: 100.1%
(Cost: $17,816,179)
            21,693,431  
Liabilities in excess of other assets: (0.1)%       (22,372)  
NET ASSETS: 100.0%           $ 21,671,059  


 

 

Definitions:

GBP British Pound
GDR Global Depositary Receipt
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 $16,637,335 which represents 76.8% of net assets.

 

Summary of Investments by Sector          % of
Investments
  Value  
Communication Services     5.2 %   $ 1,115,431  
Consumer Discretionary     9.0       1,937,034  
Consumer Staples     10.2       2,219,252  
Financials     15.3       3,327,280  
Health Care     6.5       1,418,873  
Industrials     4.7       1,020,143  
Information Technology     7.2       1,569,131  
Materials     17.9       3,885,965  
Real Estate     24.0       5,200,322  
      100.0 %   $ 21,693,431  

 

See Notes to Financial Statements

34

 

 

The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Banks   $ 1,722,059     $     $     $ 1,722,059  
Capital Goods           1,020,143             1,020,143  
Consumer Durables & Apparel           579,973             579,973  
Consumer Services           1,357,061             1,357,061  
Diversified Financials     277,093       1,328,128             1,605,221  
Food, Beverage & Tobacco     1,438,091       781,161             2,219,252  
Health Care Equipment & Services     975,886       442,987             1,418,873  
Materials           3,885,965             3,885,965  
Real Estate     642,967       4,557,355             5,200,322  
Software & Services           1,569,131             1,569,131  
Telecommunication Services           1,115,431             1,115,431  
Total Investments   $ 5,056,096     $ 16,637,335     $     $ 21,693,431  

 

See Notes to Financial Statements

35

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.1%            
Automobiles & Components: 5.9%      
Astra International Tbk PT #     7,979,400     $ 3,193,772  
                 
Banks: 31.8%                
Bank Aladin Syariah Tbk PT # *     2,800,400       450,530  
Bank Central Asia Tbk PT #     8,310,800       4,256,379  
Bank Jago Tbk PT # *     2,051,300       2,300,834  
Bank Mandiri Persero Tbk PT #     7,012,202       3,462,480  
Bank Negara Indonesia Persero Tbk PT #     3,943,932       1,864,332  
Bank Neo Commerce Tbk PT #     1,995,000       369,052  
Bank Rakyat Indonesia Persero Tbk PT #     14,657,333       4,220,228  
Bank Syariah Indonesia Tbk PT # *     1,522,200       189,987  
              17,113,822  
Capital Goods: 1.5%                
Jardine Cycle & Carriage Ltd. (SGD) #     52,288       798,274  
                 
Diversified Financials: 0.6%                
BFI Finance Indonesia Tbk PT     3,883,400       320,154  
                 
Energy: 7.5%                
Adaro Energy Tbk PT #     8,455,700       1,340,961  
Banpu PCL (NVDR) #     3,362,629       1,069,154  
Bukit Asam Tbk PT #     2,071,000       394,228  
United Tractors Tbk PT #     788,869       1,224,781  
              4,029,124  
Food, Beverage & Tobacco: 9.1%                
Charoen Pokphand Indonesia Tbk PT #     3,814,700       1,589,915  
First Pacific Co. Ltd. (HKD) #     955,250       351,773  
Golden Agri-Resources Ltd. (SGD) #     1,811,800       329,516  
Gudang Garam Tbk PT #     244,100       524,189  
Indofood CBP Sukses Makmur Tbk PT #     1,171,500       715,547  
Indofood Sukses Makmur Tbk PT #     2,321,100       1,030,634  
Japfa Comfeed Indonesia Tbk PT #     2,790,000       336,301  
              4,877,875  
Health Care Equipment & Services: 0.8%
Mitra Keluarga Karyasehat Tbk PT #     2,862,297       454,094  
                 
Household & Personal Products: 1.6%
Unilever Indonesia Tbk PT #     3,025,600       872,525  
                 
Materials: 16.2%                
Aneka Tambang Tbk #     4,446,900       703,798  
Barito Pacific Tbk PT #     14,374,000       860,836  
Chandra Asri Petrochemical Tbk PT #     3,087,359       1,585,393  
Indah Kiat Pulp & Paper Tbk PT #     1,359,600       746,839  
Indocement Tunggal Prakarsa Tbk PT #     953,600       809,517  
Merdeka Copper Gold Tbk PT # *     6,539,400       1,790,074  
                 
    Number
of Shares
    Value  
Materials (continued)                
Nickel Mines Ltd. # †     731,349     $ 761,577  
Pabrik Kertas Tjiwi Kimia Tbk PT #     658,400       348,171  
Semen Indonesia Persero Tbk PT #     1,536,600       781,254  
Vale Indonesia Tbk PT #     1,103,200       363,297  
              8,750,756  
Media & Entertainment: 3.0%          
Elang Mahkota Teknologi Tbk PT # *     7,765,400       1,243,903  
Surya Citra Media Tbk PT # *     15,237,000       349,096  
              1,592,999  
Pharmaceuticals, Biotechnology & Life Sciences: 2.2%
Kalbe Farma Tbk PT     10,409,000       1,179,480  
                 
Real Estate: 2.6%                
Bumi Serpong Damai Tbk PT # *     4,813,300       341,008  
Ciputra Development Tbk PT #     4,612,095       313,904  
Lippo Karawaci Tbk PT *     17,242,900       170,584  
Pakuwon Jati Tbk PT # *     7,893,300       256,507  
Summarecon Agung Tbk PT # *     5,220,700       305,611  
              1,387,614  
Retailing: 2.2%                
Ace Hardware Indonesia Tbk PT #     3,627,000       325,423  
Bukalapak.com PT Tbk # *     28,334,900       857,640  
              1,183,063  
Telecommunication Services: 12.8%
Indosat Tbk PT #     603,400       263,173  
Sarana Menara Nusantara Tbk PT #     12,407,200       978,353  
Smartfren Telecom Tbk PT # *     50,498,800       308,517  
Telkom Indonesia Persero Tbk PT (ADR) †     132,372       3,837,464  
Tower Bersama Infrastructure Tbk PT #     5,270,700       1,092,075  
XL Axiata Tbk PT #     1,927,875       429,031  
              6,908,613  
Transportation: 1.3%                
Jasa Marga Persero Tbk PT # *     1,151,150       313,827  
Transcoal Pacific Tbk PT *     528,700       372,807  
              686,634  
Utilities: 1.0%                
Perusahaan Gas Negara Tbk PT # *     5,511,200       532,100  
                 
Total Common Stocks
(Cost: $59,801,449)
            53,880,899  
                 
Total Investments: 100.1%
(Cost: $59,801,449)
            53,880,899  
Liabilities in excess of other assets: (0.1)%   (56,681)  
NET ASSETS: 100.0%           $ 53,824,218  


 

See Notes to Financial Statements

36

 

 

 

Definitions:

ADR American Depositary Receipt
HKD Hong Kong Dollar
NVDR Non-Voting Depositary Receipt
SGD Singapore 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 $48,000,410 which represents 89.2% of net assets.
* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $180,650.

 

Summary of Investments by Sector          % of
Investments
  Value  
Communication Services     15.8 %   $ 8,501,612  
Consumer Discretionary     8.1       4,376,835  
Consumer Staples     10.6       5,750,400  
Energy     7.5       4,029,124  
Financials     32.4       17,433,976  
Health Care     3.0       1,633,574  
Industrials     2.8       1,484,908  
Materials     16.2       8,750,756  
Real Estate     2.6       1,387,614  
Utilities     1.0       532,100  
      100.0 %   $ 53,880,899  

 

The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Automobiles & Components   $     $ 3,193,772     $     $ 3,193,772  
Banks           17,113,822             17,113,822  
Capital Goods           798,274             798,274  
Diversified Financials     320,154                   320,154  
Energy           4,029,124             4,029,124  
Food, Beverage & Tobacco           4,877,875             4,877,875  
Health Care Equipment & Services           454,094             454,094  
Household & Personal Products           872,525             872,525  
Materials           8,750,756             8,750,756  
Media & Entertainment           1,592,999             1,592,999  
Pharmaceuticals, Biotechnology & Life Sciences     1,179,480                   1,179,480  
Real Estate     170,584       1,217,030             1,387,614  
Retailing           1,183,063             1,183,063  
Telecommunication Services     3,837,464       3,071,149             6,908,613  
Transportation     372,807       313,827             686,634  
Utilities           532,100             532,100  
Total Investments   $ 5,880,489     $ 48,000,410     $     $ 53,880,899  

 

See Notes to Financial Statements

37

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.8%                
Banks: 16.1%                
Bank Hapoalim BM #     348,166     $ 3,579,338  
Bank Leumi Le-Israel BM #     393,608       4,217,165  
First International Bank Of Israel Ltd. #     18,177       754,663  
Israel Discount Bank Ltd. #     355,968       2,387,414  
Mizrahi Tefahot Bank Ltd. #     51,887       1,995,985  
              12,934,565  
Capital Goods: 6.2%                
Ashtrom Group Ltd. #     9,578       259,077  
Elbit Systems Ltd. (USD) †     8,610       1,499,259  
Elco Ltd. #     2,126       155,924  
Electra Ltd. #     362       250,461  
Kornit Digital Ltd. (USD) *     13,525       2,059,181  
RADA Electronic Industries Ltd. (USD) *     16,630       156,654  
Shapir Engineering and Industry Ltd. #     30,069       265,372  
Shikun & Binui Ltd. # *     58,664       374,771  
              5,020,699  
Commercial & Professional Services: 0.4%
Danel Adir Yeoshua Ltd. #     1,328       299,858  
                 
Consumer Durables & Apparel: 0.9%          
Azorim-Investment Development & Construction Co. Ltd. # *     16,622       99,240  
Delta Galil Industries Ltd. #     2,618       179,796  
Electra Consumer Products 1970 Ltd. #     2,568       148,158  
Maytronics Ltd. #     13,000       320,319  
              747,513  
Consumer Services: 0.6%                
888 Holdings Plc #     82,350       338,139  
Fattal Holdings 1998 Ltd. # *     1,475       148,446  
              486,585  
Diversified Financials: 1.4%                
Altshuler Shaham Provident Funds & Pension Ltd. #     19,162       103,255  
Isracard Ltd. #     60,326       296,953  
Plus500 Ltd. (GBP) #     29,776       549,611  
Tel Aviv Stock Exchange Ltd. #     28,640       154,355  
              1,104,174  
Energy: 1.2%                
Delek Group Ltd. # *     3,282       268,822  
Energean Plc (GBP) *     28,592       331,111  
Oil Refineries Ltd. # *     589,290       168,570  
Paz Oil Co. Ltd. # *     1,651       205,072  
              973,575  
Food & Staples Retailing: 0.7%                
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. #     2,474       185,419  
Shufersal Ltd. #     40,861       339,715  
              525,134  
Food, Beverage & Tobacco: 0.5%                
Strauss Group Ltd. #     11,792       367,283  
    Number
of Shares
    Value  
Health Care Equipment & Services: 3.4%          
Inmode Ltd. *     17,533     $ 1,237,479  
Nano-X Imaging Ltd. (USD) *     12,076       175,585  
Novocure Ltd. * †     18,046       1,354,894  
              2,767,958  
Insurance: 3.4%                
Clal Insurance Enterprises Holdings Ltd. # *     20,068       513,221  
Harel Insurance Investments & Financial Services Ltd. #     40,425       458,390  
IDI Insurance Co. Ltd. #     2,673       97,259  
Lemonade, Inc. * †     14,437       607,942  
Menora Mivtachim Holdings Ltd. #     8,464       199,867  
Migdal Insurance & Financial Holdings Ltd. #     118,807       195,283  
Phoenix Holdings Ltd. #     48,414       624,692  
              2,696,654  
Materials: 2.6%                
ICL Group Ltd. (USD)     161,569       1,562,372  
Israel Corp. Ltd. # *     1,187       511,518  
              2,073,890  
Media & Entertainment: 1.9%                
Perion Network Ltd. (USD) *     9,854       236,989  
Playtika Holding Corp. *     32,861       568,167  
Taboola.com Ltd. (USD) *     69,810       543,122  
Tremor International Ltd. (GBP) *     27,613       207,198  
              1,555,476  
Pharmaceuticals, Biotechnology & Life Sciences: 3.6%
Compugen Ltd. (USD) *     21,306       91,616  
Taro Pharmaceutical Industries Ltd. (USD) *     2,922       146,421  
Teva Pharmaceutical Industries Ltd. (ADR) *     337,029       2,699,602  
              2,937,639  
Real Estate: 6.7%                
AFI Properties Ltd. #     3,056       202,323  
Airport City Ltd. # *     16,609       371,578  
Alony Hetz Properties & Investments Ltd. #     36,336       675,549  
Amot Investments Ltd. #     49,472       401,421  
Azrieli Group Ltd. #     12,657       1,206,273  
Big Shopping Centers Ltd. #     2,889       470,538  
Gav-Yam Lands Corp. Ltd. #     15,124       186,590  
Gazit-Globe Ltd. #     17,223       135,909  
Israel Canada T.R Ltd. #     25,876       166,239  
Isras Investment Co. Ltd. #     443       117,159  
Mega Or Holdings Ltd. #     3,724       170,530  
Melisron Ltd. # *     4,975       463,290  
Mivne Real Estate KD Ltd. #     89,442       384,068  
Property & Building Corp. Ltd. # *     686       98,230  
Summit Real Estate Holdings Ltd. # *     8,086       169,962  
YH Dimri Construction & Development Ltd. #     1,662       161,235  
              5,380,894  


 

See Notes to Financial Statements

38

 

 

    Number
of Shares
    Value  
Retailing: 4.1%                
Delek Automotive Systems Ltd. #     10,569     $ 149,466  
Fiverr International Ltd. (USD) * †     10,674       1,213,634  
Fox Wizel Ltd. #     1,905       341,718  
Global-e Online Ltd. (USD) * †     22,868       1,449,603  
Tadiran Group Ltd. #     1,097       152,860  
              3,307,281  
Semiconductors & Semiconductor Equipment: 9.1%
Camtek Ltd. (USD) * †     8,306       382,408  
CEVA, Inc. *     5,984       258,748  
Nova Ltd. (USD) * †     8,093       1,185,625  
SolarEdge Technologies, Inc. *     15,320       4,298,332  
Tower Semiconductor Ltd. (USD) *     29,304       1,162,783  
              7,287,896  
Software & Services: 29.2%                
Amdocs Ltd.     34,168       2,557,133  
Check Point Software Technologies Ltd. (USD) *     33,210       3,870,958  
Cognyte Software Ltd. (USD) *     16,594       260,028  
CyberArk Software Ltd. *     12,479       2,162,361  
Formula Systems 1985 Ltd. #     2,253       274,398  
Hilan Ltd. #     2,941       196,472  
ironSource Ltd. (USD) *     132,204       1,023,259  
JFrog Ltd. (USD) *     18,552       550,994  
LivePerson, Inc. *     15,353       548,409  
Magic Software Enterprises Ltd. (USD)     5,575       116,685  
Matrix IT Ltd. #     9,004       273,026  
Monday.com Ltd. (USD) *     4,926       1,520,755  
Nice Ltd. (ADR) * †     15,536       4,716,730  
One Software Technologies Ltd. #     6,117       121,477  
Payoneer Global, Inc. *     62,938       462,594  
Sapiens International Corp. NV (USD)     9,624       331,547  
Varonis Systems, Inc. *     26,128       1,274,524  
Verint Systems, Inc. *     15,950       837,534  
Wix.com Ltd. (USD) *     15,437       2,435,804  
              23,534,688  
Technology Hardware & Equipment: 2.1%          
AudioCodes Ltd. (USD) †     7,480       259,855  
    Number
of Shares
    Value  
Technology Hardware & Equipment (continued)
BATM Advanced Communications Ltd. (GBP) # †     80,596     $ 91,678  
Gilat Satellite Networks Ltd. (USD)     13,580       96,011  
Ituran Location and Control Ltd. (USD)     2,977       79,397  
Nano Dimension Ltd. (ADR) * †     81,756       310,673  
Radware Ltd. (USD) *     10,632       442,716  
Stratasys Ltd. *     15,380       376,656  
              1,656,986  
Telecommunication Services: 1.8%          
Bezeq The Israeli Telecommunication Corp. Ltd. # *     702,617       1,159,364  
Cellcom Israel Ltd. # *     22,248       124,547  
Partner Communications Co. Ltd. # *     22,786       184,978  
              1,468,889  
Transportation: 1.2%                
ZIM Integrated Shipping Services Ltd. (USD)     16,572       975,428  
                 
Utilities: 2.7%                
Energix-Renewable Energies Ltd. #     59,942       253,509  
Enlight Renewable Energy Ltd. # *     193,623       473,663  
Kenon Holdings Ltd. #     4,548       230,333  
OPC Energy Ltd. # *     19,213       214,908  
Ormat Technologies, Inc. †     12,520       992,836  
              2,165,249  
Total Common Stocks
(Cost: $52,034,741)
            80,268,314  
                 
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 3.0%

(Cost: $2,444,845)
       
Money Market Fund: 3.0%                
State Street Navigator Securities Lending Government Money Market Portfolio     2,444,845       2,444,845  
Total Investments: 102.8%
(Cost: $54,479,586)
            82,713,159  
Liabilities in excess of other assets: (2.8)%       (2,249,021)  
NET ASSETS: 100.0%           $ 80,464,138  


 

 

Definitions:

ADR American Depositary Receipt
GBP British Pound
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 $30,636,702 which represents 38.1% of net assets.
Security fully or partially on loan. Total market value of securities on loan is $9,924,266.
* Non-income producing

 

See Notes to Financial Statements

39

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

(continued)

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned        
  % of
Investments
  Value  
Communication Services     3.7 %   $ 3,024,365  
Consumer Discretionary     5.6       4,541,379  
Consumer Staples     1.1       892,417  
Energy     1.2       973,575  
Financials     20.9       16,735,393  
Health Care     7.1       5,705,597  
Industrials     7.9       6,295,985  
Information Technology     40.5       32,479,570  
Materials     2.6       2,073,890  
Real Estate     6.7       5,380,894  
Utilities     2.7       2,165,249  
      100.0 %   $ 80,268,314  

 

The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Banks   $     $ 12,934,565     $     $ 12,934,565  
Capital Goods     3,715,094       1,305,605             5,020,699  
Commercial & Professional Services           299,858             299,858  
Consumer Durables & Apparel           747,513             747,513  
Consumer Services           486,585             486,585