ANNUAL
REPORT December 31, 2022 |
Agribusiness ETF | MOO |
Future of Food ETF | YUMY |
Gold Miners ETF | GDX® |
Green Metals ETF | GMET |
Junior Gold Miners ETF | GDXJ® |
Low Carbon Energy ETF | SMOG |
Natural Resources ETF | HAP |
Oil Refiners ETF | CRAK |
Oil Services ETF | OIH |
Rare Earth/Strategic Metals ETF | REMX |
Steel ETF | SLX |
Uranium+Nuclear Energy ETF | NLR |
800.826.2333 | vaneck.com |
Certain information contained in this President’s Letter 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, 2022.
VANECK ETFs
December 31, 2022 (unaudited)
Dear Fellow Shareholders:
Back in July 2022, I said that Market Volatility Has One Final Act1. I think we’re still going through that final phase of U.S. Federal Reserve (“Fed”) tightening, and we don’t yet know the full impact on corporate profits or the real economy. But, unlike when this cycle started, long-term investors shouldn’t be hiding in cash. Instead, adjust your bond-stock mix. But bond prices have dropped significantly, and so, as you will see at the end of the letter, we are bullish bonds.
Discussion
To recap this cycle: stocks and bonds historically do not perform well when the Fed tightens monetary conditions, and that’s just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn’t create a great environment for financial assets. If we’re in the last, third act of the play, the third act may last a very long time.
There are three things investors are facing, none of which is particularly positive for financial assets.
1. | Monetary Policy: Tightening |
Money supply exploded during the COVID–19 pandemic, but declined dramatically in 2022, to low levels. This withdrawal of money supply is bad for stock and bond returns.
A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—one estimate indicates $330B net out by the end of last November. The Fed has only shrunk its balance sheet once before, so we are facing an unknown.
Commodity prices and the Consumer Price Index (“CPI”) receive much focus, but I think what the Fed is really fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. I think the Fed knows it can’t control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.
Services typically don’t reflect the price of commodities and, in 2022, we saw services inflation increase significantly. That’s not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.
2. | Fiscal Tightening |
A second bearish factor is that government spending is unlikely to increase this year. The Republicans, who won control of the House of Representatives, are looking to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation, so we’re unlikely to see another big stimulus spending bill regardless of who controls government.
3. | Global Growth is at Low Levels |
Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, U.S. and China have been the two main pillars of global growth. While China has loosened its Draconian domestic COVID-19 restrictions, and I think there will be a growth surge, the growth may be more domestic and consumer-led, which may not stimulate global growth as much as it has in recent decades.
The range in China growth estimates is from low (1% to 3%) to “high” (4% to 5%). In coming years, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.
I don’t believe that we will escape these three dampeners on stock and bond returns in 2023—higher interest rates, no government spending growth and tepid global growth. We will need upside corporate profitability surprises or high Chinese growth to substantially boost markets this year, in our view.
However, after the 2022 losses, bond investments are now offering attractive yields, so this is currently our favorite asset class to buy. (See What to Buy? Bonds. When? Now.)2 Because of higher interest rates, bonds
1 |
VANECK ETFs
PRESIDENT’S LETTER
(unaudited) (continued)
can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years
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 twelve month period ended December 31, 2022. 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, 2023
PS The investing outlook can change suddenly. 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 Market Volatility Has One Final Act, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/.
2 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.
2 |
VANECK ETFs
MANAGEMENT DISCUSSION
December 31, 2022 (unaudited)
Agribusiness
From its highest point towards the end of April, the VanEck Agribusiness ETF fell for most of the rest of the year and the Fund lost 7.95% for the 12 month period. Two sectors contributed positively to the Fund’s performance—the materials and industrial sectors, with companies in the chemicals segment of the materials sector contributing the most. The primary detractor from the Fund’s performance, however, was the healthcare sector, with those companies in the pharmaceuticals and healthcare equipment and supplies segments (involved in the wellbeing, health and safety of livestock, pets and also people), contributing most negatively. By far the greatest negative returns came from companies in the U.S., while the greatest positive returns came from those in Chile.
Future of Food
With market sentiment showing little favor to growth stocks, the VanEck Future of Food ETF had a disappointing year, losing 26.14% for the 12 month period. Only the industrial sector contributed positively to performance and then only minimally. The greatest detractors from performance were the materials and consumer staples sectors. By far the greatest negative returns came from companies in the U.S., while the greatest positive returns came from those in China.
The three top positive contributions to the Fund’s performance came from: Corteva (5.4% of Fund net assets†), Deere & Company (6.0% of Fund net assets†) and Valmont Industries (3.8% of Fund net assets†). The companies that detracted most from performance were: Oatly Group (1.3% of Fund net assets†), AppHarvest (0.6% of Fund net assets†) and Tattooed Chef (0.2% of Fund net assets†).
Gold Miners
The stocks of both major gold miners and their junior peers had a disappointing year. While persistent inflation might usually have been propitious, the U.S. Federal Reserve Bank’s raising of interest rates during the year was not. Perhaps affected more than generally by the many uncertainties that abounded in the market and the rising cost of materials, the junior gold miners (VanEck Junior Gold Miners ETF) posted a loss of 14.48% and larger gold miners (VanEck Gold Miners ETF) posted a loss of 8.87% for the 12 month period.
Among the larger mining stocks, companies in China and the Brazil contributed the most to performance. U.S. and Canadian companies detracted the most from performance. Among the juniors, Brazil and Turkey were the strongest contributors, while Canada detracted by far the most from performance.
The three top positive contributions to the VanEck Gold Miners ETF’s performance came from: Northern Star Resources (3.8% of Fund net assets†), Alamos Gold (1.7% of Fund net assets†) and Yamana Gold (2.3% of Fund net assets†). The companies that detracted most from performance were: Newmont Corporation (12.6% of Fund net assets†), Newcrest Mining (4.3% of Fund net assets†) and Evolution Mining (1.6% of Fund net assets†).
The three top positive contributions to the VanEck Junior Gold Miners ETF’s performance came from: Yamana Gold (6.0% of Fund net assets†), Koza Altin Isletmeleri (1.8% of Fund net assets†) and Alamos Gold (4.2% of Fund net assets†). The companies that detracted most from performance were: Pan American Silver (3.9% of Fund net assets†), Evolution Mining (3.4% of Fund net assets†) and Equinox Gold (0.9% of Fund net assets†).
Green Metals
The VanEck Green Metals ETF had a disappointing year, losing 16.99% for the 12 month period, not least reflecting the market’s continuing move away from growth stocks. The greatest positive returns came from companies in the Australia. However, their contributions were significantly counterbalanced by losses from Chinese companies operating across much of the spectrum of green metals.
The three top positive contributions to the Fund’s performance came from: Glencore (8.6% of Fund net assets†), Albemarle (5.8% of Fund net assets†) and Teck Resources (5.2% of Fund net assets†). The companies that detracted most from performance were: MMC Norilsk Nickel (sold by Fund by period end), China
3 |
VANECK ETFs
MANAGEMENT DISCUSSION (continued)
Northern Rare Earth (Group) High-Tech (2.5% of Fund net assets†) and Zhejiang Huayou Cobalt (3.2% of Fund net assets†).
Low Carbon Energy
While traditional energy stocks thrived in 2022, in contrast, reflecting amongst other things the market’s negative sentiment towards structural growth, the performance of low carbon energy stocks during the 12 month period was both volatile and disappointing, with the VanEck Low Carbon Energy ETF recording a loss of 29.52%. While companies in the information technology sector contributed the most positively to performance, their contributions, together with those in the other sectors contributing positively, were counterbalanced by the significant losses from companies in the consumer discretionary sector. Brazil and Spain were the best performing countries. Companies from China and the U.S. detracted by far the most from performance.
The three top positive contributions to the Fund’s performance came from: Enphase Energy (5.5% of Fund net assets†), First Solar (2.5% of Fund net assets†) and Vestas Wind Systems (5.7% of Fund net assets†). The companies that detracted most from performance were: Tesla (6.2% of Fund net assets†), NIO (2.9% of Fund net assets†) and XPeng (1.1% of Fund net assets†)
Natural Resources
Natural resources stocks had a volatile, but ultimately successful, year with the VanEck Natural Resources ETF gaining 7.10% over the 12 month period under review. During the year, stocks were helped by commodity prices remaining resilient. The energy sector contributed by far the most to performance, while the healthcare sector was the greatest detractor. U.S. companies contributed by far the most to performance, while Russian companies detracted the most.
The three top positive contributions to the Fund’s performance came from: Exxon Mobil (5.2% of Fund net assets†), Chevron (3.9% of Fund net assets†) and Deere & Company (5.9% of Fund net assets†). The companies that detracted most from performance were: Bayer (2.5% of Fund net assets†), Kubota (0.6% of Fund net assets†) and Gazprom (sold by the Fund by period end).
Oil Refiners
Benefiting from high traditional energy prices, oil refining stocks had a good year with the VanEck Oil Refiners ETF recording a gain of 18.50% over the 12 month period. Exposure to refiners in the U.S. contributed by far the most to the Fund’s total return. The only significant negative contributing countries were Taiwan and South Korea.
The three top positive contributions to the Fund’s performance came from: Marathon Petroleum (8.3% of Fund net assets†), Valero Energy (6.7% of Fund net assets†) and Phillips 66 (6.9% of Fund net assets†). The companies that detracted most from performance were: SK Innovation (4.3% of Fund net assets†), Formosa Petrochemical (4.3% of Fund net assets†) and Reliance Industries (7.5% of Fund net assets†).
Oil Services
On the back of a strong traditional energy sector and high crude oil prices, oil services stocks performed extremely well in 2022 and the VanEck Oil Services ETF ended the 12 month period up 66.14%. The oil service stocks in the U.S., with the largest average country weighting, contributed by far the most to performance and no countries detracted from performance.
The three top positive contributions to the Fund’s performance came from: Schlumberger (19.7% of Fund net assets†), Halliburton (11.7% of Fund net assets†) and Helmerich & Payne (4.5% of Fund net assets†). The companies that detracted from performance were: DMC Global (sold by the Fund by period end) and Core Laboratories (0.8% of Fund net assets†). Oil States International (0.6% of Fund net assets†) contributed least positively.
4 |
Rare Earth and Strategic Metals
The VanEck Rare Earth/Strategic Metals ETF had disappointing year in 2022, losing 30.68%. Despite firm lithium prices during the year, the Fund suffered from the continuing rotation in the market out of growth and into value stocks. The majority of the companies in the Fund’s portfolio contributed negatively to returns. And of those few companies contributing positively, those involved in the mining of lithium and/or production of lithium contributed the most. The greatest detractors from performance were three companies with mining operations and/or production involving rare earths and cobalt.
The three top positive contributions to the Fund’s performance came from: Pilbara Minerals (7.3% of Fund net assets†), Sigma Lithium (4.1% of Fund net assets†) and Eramet (2.5% of Fund net assets†). The companies that detracted most from performance were: China Northern Rare Earth (Group) High-Tech (7.5% of Fund net assets†), MP Materials (4.5% of Fund net assets†) and Zhejiang Huayou Cobalt (7.8% of Fund net assets†).
Steel
Strong demand and steel consumption, following the restrictions and lockdowns of 2021, resulted in the VanEck Steel ETF recording a gain of 13.87% for the 12 month period. The U.S., followed by Brazil, were the greatest contributors to performance. Only two countries, China and Luxembourg, detracted from performance and, then, only minimally.
The three top positive contributions to the Fund’s performance came from: Vale (12.3% of Fund net assets†), Tenaris (5.1% of Fund net assets†) and Steel Dynamics (5.0% of Fund net assets†). The companies that detracted most from performance were: Ternium (4.6% of Fund net assets†), Companhia Siderurgica Nacional (4.4% of Fund net assets†) and ArcelorMittal (4.8% of Fund net assets†).
Uranium+Nuclear Energy
Having had a volatile year, stocks in the VanEck Uranium+Nuclear Energy ETF recorded a gain of 2.10% for the 12 month period. Utilities companies were the greatest contributors to the Fund’s positive total return, with only the energy sector detracting from performance. Geographically, companies in the U.S contributed the most to performance, while those in Finland were the greatest detractors from performance.
The three top positive contributions to the Fund’s performance came from: Constellation Energy (6.4% of Fund net assets†), PG&E (6.1% of Fund net assets†) and Electricite de France (5.0% of Fund net assets†). The companies that detracted most from performance were: Fortum (4.5% of Fund net assets†), Dominion Energy (8.3% of Fund net assets†) and Endesa (4.4% of Fund net assets†).
†All Funds assets referenced are Total Net Assets as of December 31, 2022.
5 |
December 31, 2022 (unaudited)
Average Annual Total Return | ||||||||||||||||
Share Price | NAV | MVMOOTR1 | SPTR2 | |||||||||||||
One Year | (8.12 | )% | (7.95 | )% | (7.64 | )% | (18.11 | )% | ||||||||
Five Year | 8.45 | % | 8.47 | % | 8.61 | % | 9.42 | % | ||||||||
Ten Year | 6.98 | % | 6.96 | % | 7.21 | % | 12.56 | % |
1 | MVIS® Global Agribusiness Index (MVMOOTR) is a rules based index intended to give investors a means of tracking the overall performance of the companies in the global agribusiness segment which includes: agri-chemicals, animal health and fertilizers, seeds and traits, from farm/irrigation equipment and farm machinery, aquaculture and fishing, livestock, cultivation and plantations (including grain, oil palms, sugar cane, tobacco leafs, grapevines etc.) and trading of agricultural products. |
Index data prior to March 18, 2013 reflects that of the DAXglobal Agribusiness Index (DXAG). From March 18, 2013, forward, the index data reflects that of the MVIS® Global Agribusiness Index (MVMOOTR). 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 18 for more information.
6 |
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | ||||||||||||
Share Price | NAV | MSCI ACWI1 | ||||||||||
One Year | (26.21 | )% | (26.14 | )% | (18.36 | )% | ||||||
Life* | (23.20 | )% | (23.31 | )% | (14.00 | )% |
* | Inception of Fund: 11/30/21; First Day of Secondary Market Trading: 12/01/21. |
1 | MSCI All Country World Index (MSCI ACWI), (NDUEACWF) represents large- and mid-cap companies across developed and emerging market countries. The index covers approximately 85% of the global investable equity opportunity set. |
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 18 for more information.
7 |
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | ||||||||||||||||
Share Price | NAV | GDMNTR1 | SPTR2 | |||||||||||||
One Year | (9.05 | )% | (8.87 | )% | (8.63 | )% | (18.11 | )% | ||||||||
Five Year | 5.33 | % | 5.34 | % | 5.68 | % | 9.42 | % | ||||||||
Ten Year | (3.89 | )% | (3.87 | )% | (3.52 | )% | 12.56 | % |
1 | NYSE Arca Gold Miners Index (GDMNTR) is a modified market capitalization weighted index comprised of publicly traded companies involved in the mining for gold and silver. |
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 18 for more information.
8 |
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | ||||||||||||||||
Share Price | NAV | MVGMETTR1 | SPTR2 | |||||||||||||
One Year | (17.14 | )% | (16.99 | )% | (16.24 | )% | (18.11 | )% | ||||||||
Life* | (14.36 | )% | (14.58 | )% | (14.11 | )% | (14.61 | )% |
* | Inception of Fund: 11/9/21; First Day of Secondary Market Trading: 11/10/21. |
1 | MVIS® Global Clean-Tech Metals Index (MVGMETTR) is a global index that tracks the performance of “Green Metals Companies” which are involved in the production, refining, processing and recycling of green metals. “Green metals” are metals used in the applications, products and processes that enable the energy transition from fossil fuels to cleaner energy sources and technologies. |
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 18 for more information.
9 |
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | ||||||||||||||||
Share Price | NAV | MVGDXJTR1 | SPTR2 | |||||||||||||
One Year | (14.55 | )% | (14.48 | )% | (14.27 | )% | (18.11 | )% | ||||||||
Five Year | 1.83 | % | 1.77 | % | 2.27 | % | 9.42 | % | ||||||||
Ten Year | (6.61 | )% | (6.61 | )% | (6.33 | )% | 12.56 | % |
1 | MVIS® Global Junior Gold Miners Index (MVGDXJTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of small-capitalization companies that are involved primarily in the mining for gold and/or silver. |
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 18 for more information.
10 |
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | ||||||||||||||||
Share Price | NAV | MVSMOGTR1 | SPTR2 | |||||||||||||
One Year | (29.89 | )% | (29.52 | )% | (29.57 | )% | (18.11 | )% | ||||||||
Five Year | 13.18 | % | 13.31 | % | 13.93 | % | 9.42 | % | ||||||||
Ten Year | 13.69 | % | 13.67 | % | 13.98 | % | 12.56 | % |
1 | MVIS® Global Low Carbon Energy Index (MVSMOGTR) normally invests at least 80% of its total assets in stocks of low carbon energy companies. |
Index data prior to April 26, 2021 reflects that of the Ardour Global IndexSM (Extra Liquid) (AGIXLT). From April 26, 2021 forward, the index data reflects that of the MVIS® Global Low Carbon Energy Index (MVSMOGTR). 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 18 for more information.
11 |
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | ||||||||||||||||
Share Price | NAV | RVEIT1 | SPTR2 | |||||||||||||
One Year | 7.76 | % | 7.10 | % | 7.29 | % | (18.11 | )% | ||||||||
Five Year | 8.66 | % | 8.66 | % | 8.73 | % | 9.42 | % | ||||||||
Ten Year | 5.82 | % | 5.79 | % | 5.95 | % | 12.56 | % |
1 | VanEck® Natural Resources Index (RVEIT) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the production and distribution of commodities and commodity-related products and services. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000
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 18 for more information.
12 |
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | ||||||||||||||||
Share Price | NAV | MVCRAKTR1 | SPTR2 | |||||||||||||
One Year | 19.00 | % | 18.50 | % | 18.62 | % | (18.11 | )% | ||||||||
Five Year | 2.73 | % | 2.92 | % | 3.02 | % | 9.42 | % | ||||||||
Life* | 8.91 | % | 8.90 | % | 8.96 | % | 10.61 | % |
* | Inception of Fund: 8/18/15; First Day of Secondary Market Trading: 8/19/15. |
1 | MVIS® Global Oil Refiners Index (MVCRAKTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in crude oil refining which may include: gasoline, diesel, jet fuel, fuel oil, naphtha, and other petrochemicals. |
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 18 for more information.
13 |
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | ||||||||||||||||
Share Price | NAV | MVOIHTR1 | SPTR2 | |||||||||||||
One Year | 66.07 | % | 66.14 | % | 66.49 | % | (18.11 | )% | ||||||||
Five Year | (8.88 | )% | (8.86 | )% | (8.90 | )% | 9.42 | % | ||||||||
Ten Year | (7.33 | )% | (7.33 | )% | (7.44 | )% | 12.56 | % |
1 | MVIS® US Listed Oil Services 25 Index (MVOIHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the largest and the most liquid common stocks and depositary receipts of U.S. exchange-listed companies involved in oil services to the upstream oil sector. |
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 18 for more information.
14 |
VANECK RARE EARTH/STRATEGIC METALS ETF
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | ||||||||||||||||
Share Price | NAV | MVREMXTR1 | SPTR2 | |||||||||||||
One Year | (31.08 | )% | (30.68 | )% | (32.23 | )% | (18.11 | )% | ||||||||
Five Year | 0.81 | % | 1.07 | % | 0.21 | % | 9.42 | % | ||||||||
Ten Year | (3.95 | )% | (3.97 | )% | (4.49 | )% | 12.56 | % |
1 | MVIS® Global Rare Earth/Strategic Metals Index (MVREMXTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the rare earth and strategic metals segment. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000
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 18 for more information.
15 |
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | ||||||||||||||||
Share Price | NAV | STEEL1 | SPTR2 | |||||||||||||
One Year | 14.10 | % | 13.87 | % | 14.66 | % | (18.11 | )% | ||||||||
Five Year | 9.55 | % | 9.59 | % | 10.22 | % | 9.42 | % | ||||||||
Ten Year | 5.48 | % | 5.44 | % | 5.83 | % | 12.56 | % |
1 | NYSE Arca Steel Index (STEEL) is a modified market capitalization weighted index comprised of common stocks and ADRs of selected companies that are primarily involved in a variety of activities that are related to steel production. |
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 18 for more information.
16 |
VANECK URANIUM+NUCLEAR ENERGY ETF
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | ||||||||||||||||
Share Price | NAV | MVNLRTR1 | SPTR2 | |||||||||||||
One Year | 2.24 | % | 2.10 | % | 2.56 | % | (18.11 | )% | ||||||||
Five Year | 4.85 | % | 4.86 | % | 4.78 | % | 9.42 | % | ||||||||
Ten Year | 5.71 | % | 5.70 | % | 5.57 | % | 12.56 | % |
1 | MVIS® Global Uranium & Nuclear Energy Index (MVNLRTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in uranium and nuclear energy. |
Index data prior to March 24, 2014 reflects that of the DAXglobal® Nuclear Energy Index (DXNE). From March 24, 2014, forward, the index data reflects that of the MVIS® Global Uranium & Nuclear Energy Index (MVNLRTR). 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 18 for more information.
17 |
ABOUT FUND PERFORMANCE
(unaudited)
The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects, if applicable, temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.
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. Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made.
The Gold Miners Index and Steel Index are published by ICE Data Indices, LLC (ICE Data). The Agribusiness Index, Green Metal Index, Junior Gold Miners Index, Low Carbon Energy, Oil Refiners Index, Oil Services Index, Rare Earth/Strategic Metals Index and Uranium & Nuclear Energy Index are published by MarketVector Indexes GmbH (MarketVector), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The Natural Resources Index is published by S-Network Global Indexes, LLC (S-Network).
ICE Data, MarketVector and S-Network are referred to herein as the “Index Providers”. The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.
18 |
VANECK ETF TRUST
(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, 2022 to December 31, 2022.
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, 2022 |
Ending Account Value December 31, 2022 |
Annualized Expense Ratio During Period |
Expenses
Paid During the Period July 1, 2022 - December 31, 2022(a) |
||||||
Agribusiness ETF | |||||||||
Actual | $1,000.00 | $1,014.00 | 0.54% | $2.74 | |||||
Hypothetical (b) | $1,000.00 | $1,022.48 | 0.54% | $2.75 | |||||
Future of Food ETF | |||||||||
Actual | $1,000.00 | $567.80 | 0.69% | $2.73 | |||||
Hypothetical (b) | $1,000.00 | $1,021.73 | 0.69% | $3.52 | |||||
Gold Miners ETF | |||||||||
Actual | $1,000.00 | $1,061.10 | 0.51% | $2.65 | |||||
Hypothetical (b) | $1,000.00 | $1,022.63 | 0.51% | $2.60 | |||||
Green Metals ETF | |||||||||
Actual | $1,000.00 | $992.80 | 0.66% | $3.32 | |||||
Hypothetical (b) | $1,000.00 | $1,021.88 | 0.66% | $3.36 | |||||
Junior Gold Miners ETF | |||||||||
Actual | $1,000.00 | $1,114.20 | 0.52% | $2.77 | |||||
Hypothetical (b) | $1,000.00 | $1,022.58 | 0.52% | $2.65 | |||||
Low Carbon Energy ETF | |||||||||
Actual | $1,000.00 | $899.80 | 0.65% | $3.11 | |||||
Hypothetical (b) | $1,000.00 | $1,021.93 | 0.65% | $3.31 | |||||
Natural Resources ETF | |||||||||
Actual | $1,000.00 | $1,119.40 | 0.50% | $2.67 | |||||
Hypothetical (b) | $1,000.00 | $1,022.68 | 0.50% | $2.55 |
19 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
Beginning Account Value July 1, 2022 |
Ending Account Value December 31, 2022 |
Annualized Expense Ratio During Period |
Expenses
Paid During the Period July 1, 2022 - December 31, 2022(a) |
||||||
Oil Refiners ETF | |||||||||
Actual | $1,000.00 | $1,083.50 | 0.61% | $3.20 | |||||
Hypothetical (b) | $1,000.00 | $1,022.13 | 0.61% | $3.11 | |||||
Oil Services ETF | |||||||||
Actual | $1,000.00 | $1,319.20 | 0.35% | $2.05 | |||||
Hypothetical (b) | $1,000.00 | $1,023.44 | 0.35% | $1.79 | |||||
Rare Earth/Strategic Metals ETF | |||||||||
Actual | $1,000.00 | $890.10 | 0.56% | $2.67 | |||||
Hypothetical (b) | $1,000.00 | $1,022.38 | 0.56% | $2.85 | |||||
Steel ETF | |||||||||
Actual | $1,000.00 | $1,224.50 | 0.56% | $3.14 | |||||
Hypothetical (b) | $1,000.00 | $1,022.38 | 0.56% | $2.85 | |||||
Uranium+Nuclear Energy ETF | |||||||||
Actual | $1,000.00 | $1,074.70 | 0.61% | $3.19 | |||||
Hypothetical (b) | $1,000.00 | $1,022.13 | 0.61% | $3.11 |
(a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2022), 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 |
20 |
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Australia: 2.7% | ||||||||
Incitec Pivot Ltd. | 6,506,955 | $ | 16,498,555 | |||||
Treasury Wine Estates Ltd. | 2,173,910 | 20,003,832 | ||||||
36,502,387 | ||||||||
Brazil: 3.0% | ||||||||
Rumo SA | 4,398,400 | 15,536,078 | ||||||
Yara International ASA (NOK) | 556,177 | 24,291,210 | ||||||
39,827,288 | ||||||||
Canada: 6.4% | ||||||||
Nutrien Ltd. (USD) | 1,174,736 | 85,790,970 | ||||||
Chile: 3.0% | ||||||||
Sociedad Quimica y Minera de Chile SA (ADR) | 510,650 | 40,770,296 | ||||||
China: 4.7% | ||||||||
China Mengniu Dairy Co. Ltd. (HKD) * | 5,806,000 | 26,181,572 | ||||||
Wilmar International Ltd. (SGD) | 11,754,451 | 36,570,356 | ||||||
62,751,928 | ||||||||
Denmark: 1.0% | ||||||||
Bakkafrost P/F (NOK) | 169,210 | 10,505,191 | ||||||
Schouw & Co. A/S | 48,955 | 3,674,604 | ||||||
14,179,795 | ||||||||
Germany: 7.7% | ||||||||
Bayer AG | 1,738,025 | 89,188,813 | ||||||
K+S AG | 720,494 | 14,161,275 | ||||||
103,350,088 | ||||||||
Indonesia: 0.2% | ||||||||
Golden Agri-Resources Ltd. (SGD) | 13,844,045 | 2,580,244 | ||||||
Israel: 1.2% | ||||||||
ICL Group Ltd. (USD) † | 2,135,390 | 15,609,701 | ||||||
Japan: 3.8% | ||||||||
Kubota Corp. † | 2,778,730 | 37,758,603 | ||||||
Maruha Nichiro Corp. | 125,800 | 2,380,984 | ||||||
NH Foods Ltd. | 282,800 | 7,853,297 | ||||||
Nissui Corp. | 882,300 | 3,655,156 | ||||||
51,648,040 | ||||||||
Malaysia: 2.4% | ||||||||
IOI Corp. Bhd | 7,477,155 | 6,881,065 | ||||||
Kuala Lumpur Kepong Bhd | 1,339,070 | 6,805,730 | ||||||
PPB Group Bhd | 2,034,980 | 8,056,765 | ||||||
Sime Darby Plantation Bhd | 9,372,500 | 9,904,065 | ||||||
31,647,625 | ||||||||
Netherlands: 0.8% | ||||||||
OCI NV | 300,832 | 10,723,331 | ||||||
Norway: 3.2% | ||||||||
Leroy Seafood Group ASA | 941,930 | 5,248,700 | ||||||
Mowi ASA | 1,576,792 | 26,721,164 | ||||||
Salmar ASA | 267,801 | 10,444,405 | ||||||
42,414,269 | ||||||||
Russia: 0.0% | ||||||||
PhosAgro PJSC ∞ | 97,916 | 0 | ||||||
PhosAgro PJSC (USD) (GDR) ∞ | 1,892 | 0 |
Number of Shares |
Value | |||||||
Russia (continued) | ||||||||
PhosAgro PJSC (USD) (GDR) ∞ | 1 | $ | 0 | |||||
0 | ||||||||
Singapore: 0.7% | ||||||||
Charoen Pokphand Indonesia Tbk PT (IDR) | 27,160,100 | 9,858,866 | ||||||
Switzerland: 0.8% | ||||||||
Bucher Industries AG | 25,080 | 10,460,379 | ||||||
Taiwan: 0.4% | ||||||||
Taiwan Fertilizer Co. Ltd. | 2,804,000 | 4,876,613 | ||||||
Thailand: 1.0% | ||||||||
Charoen Pokphand Foods PCL (NVDR) | 18,152,736 | 12,978,603 | ||||||
United Kingdom: 4.5% | ||||||||
CNH Industrial NV (USD) | 3,339,983 | 53,640,127 | ||||||
Genus Plc | 205,530 | 7,341,324 | ||||||
60,981,451 | ||||||||
United States: 52.4% | ||||||||
AGCO Corp. | 185,318 | 25,701,753 | ||||||
Archer-Daniels-Midland Co. | 812,902 | 75,477,951 | ||||||
Balchem Corp. | 72,580 | 8,862,744 | ||||||
Beyond Meat, Inc. * † | 187,151 | 2,303,829 | ||||||
Bunge Ltd. | 355,203 | 35,438,603 | ||||||
CF Industries Holdings, Inc. | 457,837 | 39,007,712 | ||||||
Corteva, Inc. | 1,296,004 | 76,179,115 | ||||||
Darling Ingredients, Inc. * | 476,716 | 29,837,655 | ||||||
Deere & Co. | 249,894 | 107,144,552 | ||||||
Elanco Animal Health, Inc. * | 999,984 | 12,219,805 | ||||||
FMC Corp. | 341,499 | 42,619,075 | ||||||
Mosaic Co. | 922,646 | 40,476,480 | ||||||
Neogen Corp. * | 594,119 | 9,048,432 | ||||||
Pilgrim’s Pride Corp. * | 160,193 | 3,801,380 | ||||||
Toro Co. | 298,101 | 33,745,033 | ||||||
Tyson Foods, Inc. | 861,121 | 53,604,782 | ||||||
Zoetis, Inc. | 733,520 | 107,497,356 | ||||||
702,966,257 | ||||||||
Total Common Stocks
(Cost: $1,421,100,928) |
1,339,918,131 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1% | ||||||||
Money Market Fund: 0.1%
(Cost: $1,586,727) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,586,727 | 1,586,727 | ||||||
Total Investments: 100.0%
(Cost: $1,422,687,655) |
1,341,504,858 | |||||||
Liabilities in excess of other assets: 0.0% | (481,849 | ) | ||||||
NET ASSETS: 100.0% | $ | 1,341,023,009 |
See Notes to Financial Statements
21 |
VANECK AGRIBUSINESS ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
HKD | Hong Kong Dollar |
IDR | Indonesian Rupiah |
NOK | Norwegian Krone |
NVDR | Non-Voting Depositary Receipt |
SGD | Singapore Dollar |
USD | United States Dollar |
Footnotes:
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $2,362,658. |
∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Materials | 31.3 | % | $ | 419,867,078 | ||||
Consumer Staples | 30.7 | 410,768,799 | ||||||
Industrials | 21.2 | 283,986,525 | ||||||
Health Care | 16.8 | 225,295,729 | ||||||
100.0 | % | $ | 1,339,918,131 |
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 36,502,387 | $ | — | $ | 36,502,387 | ||||||||
Brazil | — | 39,827,288 | — | 39,827,288 | ||||||||||||
Canada | 85,790,970 | — | — | 85,790,970 | ||||||||||||
Chile | 40,770,296 | — | — | 40,770,296 | ||||||||||||
China | — | 62,751,928 | — | 62,751,928 | ||||||||||||
Denmark | — | 14,179,795 | — | 14,179,795 | ||||||||||||
Germany | — | 103,350,088 | — | 103,350,088 | ||||||||||||
Indonesia | — | 2,580,244 | — | 2,580,244 | ||||||||||||
Israel | 15,609,701 | — | — | 15,609,701 | ||||||||||||
Japan | — | 51,648,040 | — | 51,648,040 | ||||||||||||
Malaysia | 8,056,765 | 23,590,860 | — | 31,647,625 | ||||||||||||
Netherlands | — | 10,723,331 | — | 10,723,331 | ||||||||||||
Norway | — | 42,414,269 | — | 42,414,269 | ||||||||||||
Russia | — | — | 0 | 0 | ||||||||||||
Singapore | — | 9,858,866 | — | 9,858,866 | ||||||||||||
Switzerland | — | 10,460,379 | — | 10,460,379 | ||||||||||||
Taiwan | — | 4,876,613 | — | 4,876,613 | ||||||||||||
Thailand | — | 12,978,603 | — | 12,978,603 | ||||||||||||
United Kingdom | 53,640,127 | 7,341,324 | — | 60,981,451 | ||||||||||||
United States | 702,966,257 | — | — | 702,966,257 | ||||||||||||
Money Market Fund | 1,586,727 | — | — | 1,586,727 | ||||||||||||
Total Investments | $ | 908,420,843 | $ | 433,084,015 | $ | 0 | $ | 1,341,504,858 |
See Notes to Financial Statements
22 |
SCHEDULE OF INVESTMENTS
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 95.9% | ||||||||
Brazil: 2.2% | ||||||||
Yara International ASA (NOK) | 1,385 | $ | 60,490 | |||||
Canada: 2.3% | ||||||||
Maple Leaf Foods, Inc. † | 1,650 | 29,774 | ||||||
Nutrien Ltd. (USD) | 450 | 32,864 | ||||||
62,638 | ||||||||
China: 2.7% | ||||||||
Vitasoy International Holdings Ltd. (HKD) | 36,000 | 74,002 | ||||||
Denmark: 6.8% | ||||||||
Chr. Hansen Holding A/S | 1,506 | 108,003 | ||||||
Novozymes A/S | 1,518 | 76,781 | ||||||
184,784 | ||||||||
France: 2.4% | ||||||||
Danone SA | 1,221 | 64,161 | ||||||
Germany: 3.2% | ||||||||
Symrise AG | 789 | 85,433 | ||||||
Ireland: 3.1% | ||||||||
Kerry Group Plc | 921 | 83,703 | ||||||
Isle of Man: 0.3% | ||||||||
Agronomics Ltd. * | 57,531 | 8,160 | ||||||
Israel: 0.0% | ||||||||
Else Nutrition Holdings, Inc. (CAD) * † | 2,502 | 1,016 | ||||||
Japan: 1.8% | ||||||||
Kubota Corp. | 3,600 | 48,918 | ||||||
Mexico: 3.2% | ||||||||
Orbia Advance Corp. SAB de CV | 48,210 | 85,350 | ||||||
Netherlands: 1.0% | ||||||||
Corbion NV | 795 | 27,116 | ||||||
Norway: 0.2% | ||||||||
Atlantic Sapphire ASA * † | 8,175 | 6,176 | ||||||
Philippines: 0.8% | ||||||||
Monde Nissin Corp. 144A | 110,700 | 22,088 | ||||||
Sweden: 2.0% | ||||||||
BioGaia AB | 2,460 | 19,726 | ||||||
Oatly Group AB (ADR) * † | 20,139 | 35,042 | ||||||
54,768 | ||||||||
Switzerland: 8.4% | ||||||||
Bucher Industries AG | 162 | 67,567 | ||||||
Givaudan SA | 30 | 91,833 | ||||||
Nestle SA | 576 | 66,494 | ||||||
225,894 |
Number of Shares |
Value | |||||||
United States: 55.5% | ||||||||
AgEagle Aerial Systems, Inc. * | 2,532 | $ | 886 | |||||
AppHarvest, Inc. * † | 29,643 | 16,819 | ||||||
Archer-Daniels-Midland Co. | 867 | 80,501 | ||||||
Balchem Corp. | 231 | 28,207 | ||||||
Ball Corp. | 1,383 | 70,727 | ||||||
Benson Hill, Inc. * | 10,593 | 27,012 | ||||||
Berry Global Group, Inc. | 522 | 31,544 | ||||||
Beyond Meat, Inc. * † | 1,192 | 14,674 | ||||||
Bunge Ltd. | 1,239 | 123,615 | ||||||
Cadiz, Inc. * † | 4,329 | 10,823 | ||||||
Conagra Brands, Inc. | 1,188 | 45,976 | ||||||
Corteva, Inc. | 2,471 | 145,245 | ||||||
Deere & Co. | 375 | 160,786 | ||||||
Ecolab, Inc. | 165 | 24,017 | ||||||
FMC Corp. | 543 | 67,766 | ||||||
Ginkgo Bioworks Holdings, Inc. * | 6,228 | 10,525 | ||||||
Ingredion, Inc. | 1,533 | 150,128 | ||||||
International Flavors & Fragrances, Inc. | 762 | 79,888 | ||||||
John Bean Technologies Corp. | 399 | 36,441 | ||||||
Kellogg Co. | 585 | 41,675 | ||||||
Lindsay Corp. | 498 | 81,099 | ||||||
Local Bounti Corp. * | 4,164 | 5,788 | ||||||
Tattooed Chef, Inc. * † | 4,148 | 5,102 | ||||||
Titan International, Inc. * | 2,535 | 38,836 | ||||||
Trimble, Inc. * | 1,299 | 65,677 | ||||||
Tyson Foods, Inc. | 456 | 28,386 | ||||||
Valmont Industries, Inc. | 306 | 101,185 | ||||||
1,493,328 | ||||||||
Total
Common Stocks (Cost: $3,257,054) |
2,588,025 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.7% | ||||||||
Money Market Fund:
2.7% (Cost: $73,186) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 73,186 | 73,186 | ||||||
Total Investments: 98.6%
(Cost: $3,330,240) |
2,661,211 | |||||||
Other assets less liabilities: 1.4% | 36,673 | |||||||
NET ASSETS: 100.0% | $ | 2,697,884 |
Definitions:
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
HKD | Hong Kong Dollar |
NOK | Norwegian Krone |
USD | United States Dollar |
See Notes to Financial Statements
23 |
VANECK FUTURE OF FOOD ETF
SCHEDULE OF INVESTMENTS
(continued)
Footnotes: | |
† | Security fully or partially on loan. Total market value of securities on loan is $104,114. |
* | 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 $22,088, or 0.8% of net assets. |
Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Materials | 39.6 | % | $ | 1,025,791 | ||||
Consumer Staples | 35.6 | 922,130 | ||||||
Industrials | 20.7 | 535,718 | ||||||
Information Technology | 2.6 | 65,677 | ||||||
Health Care | 0.8 | 19,726 | ||||||
Utilities | 0.4 | 10,823 | ||||||
Financials | 0.3 | 8,160 | ||||||
100.0 | % | $ | 2,588,025 |
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Brazil | $ | — | $ | 60,490 | $ | — | $ | 60,490 | ||||||||
Canada | 62,638 | — | — | 62,638 | ||||||||||||
China | — | 74,002 | — | 74,002 | ||||||||||||
Denmark | — | 184,784 | — | 184,784 | ||||||||||||
France | — | 64,161 | — | 64,161 | ||||||||||||
Germany | — | 85,433 | — | 85,433 | ||||||||||||
Ireland | — | 83,703 | — | 83,703 | ||||||||||||
Isle of Man | — | 8,160 | — | 8,160 | ||||||||||||
Israel | 1,016 | — | — | 1,016 | ||||||||||||
Japan | — | 48,918 | — | 48,918 | ||||||||||||
Mexico | 85,350 | — | — | 85,350 | ||||||||||||
Netherlands | — | 27,116 | — | 27,116 | ||||||||||||
Norway | — | 6,176 | — | 6,176 | ||||||||||||
Philippines | — | 22,088 | — | 22,088 | ||||||||||||
Sweden | 35,042 | 19,726 | — | 54,768 | ||||||||||||
Switzerland | — | 225,894 | — | 225,894 | ||||||||||||
United States | 1,493,328 | — | — | 1,493,328 | ||||||||||||
Money Market Fund | 73,186 | — | — | 73,186 | ||||||||||||
Total Investments | $ | 1,750,560 | $ | 910,651 | $ | — | $ | 2,661,211 |
See Notes to Financial Statements
24 |
SCHEDULE OF INVESTMENTS
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.1% | ||||||||
Australia: 13.3% | ||||||||
Capricorn Metals Ltd. * ‡ | 19,415,300 | $ | 60,639,778 | |||||
Evolution Mining Ltd. ‡ | 95,106,505 | 193,675,761 | ||||||
Gold Road Resources Ltd. † ‡ | 55,764,287 | 64,292,600 | ||||||
Newcrest Mining Ltd. | 36,969,087 | 516,336,077 | ||||||
Northern Star Resources Ltd. † ‡ | 60,084,266 | 447,846,466 | ||||||
OceanaGold Corp. (CAD) * † ‡ | 36,498,333 | 69,497,546 | ||||||
Perseus Mining Ltd. ‡ | 70,874,043 | 101,580,825 | ||||||
Regis Resources Ltd. † ‡ | 39,131,997 | 54,855,943 | ||||||
Silver Lake Resources Ltd. * ‡ | 48,187,172 | 39,070,300 | ||||||
West African Resources Ltd. * ‡ | 52,936,954 | 42,653,378 | ||||||
1,590,448,674 | ||||||||
Brazil: 8.3% | ||||||||
Wheaton Precious Metals Corp. (USD) | 18,136,792 | 708,785,831 | ||||||
Yamana Gold, Inc. (USD) ‡ | 49,807,520 | 276,431,736 | ||||||
985,217,567 | ||||||||
Burkina Faso: 0.5% | ||||||||
IAMGOLD Corp. (USD) * † ‡ | 24,825,934 | 64,050,910 | ||||||
Canada: 42.0% | ||||||||
Agnico Eagle Mines Ltd. (USD) | 18,295,883 | 951,202,957 | ||||||
Alamos Gold, Inc. (USD) ‡ | 20,347,023 | 205,708,403 | ||||||
Aya Gold & Silver, Inc. * † ‡ | 5,440,812 | 36,219,878 | ||||||
B2Gold Corp. (USD) † ‡ | 55,694,542 | 198,829,515 | ||||||
Barrick Gold Corp. (USD) | 70,705,926 | 1,214,727,809 | ||||||
Dundee Precious Metals, Inc. ‡ | 9,872,633 | 47,434,105 | ||||||
Endeavour Silver Corp. (USD) * † ‡ | 9,828,212 | 31,843,407 | ||||||
Equinox Gold Corp. (USD) * † ‡ | 15,810,646 | 51,858,919 | ||||||
First Majestic Silver Corp. (USD) † ‡ | 13,618,783 | 113,580,650 | ||||||
Fortuna Silver Mines, Inc. (USD) * † ‡ | 15,039,606 | 56,398,522 | ||||||
Franco-Nevada Corp. (USD) | 7,691,309 | 1,049,709,852 | ||||||
K92 Mining, Inc. * † ‡ | 12,076,502 | 68,361,763 | ||||||
Kinross Gold Corp. (USD) † ‡ | 65,092,456 | 266,228,145 | ||||||
New Gold, Inc. (USD) * ‡ | 35,362,806 | 34,655,550 | ||||||
Osisko Gold Royalties Ltd. (USD) † ‡ | 9,557,838 | 115,363,105 | ||||||
Pan American Silver Corp. (USD) ‡ | 10,911,292 | 178,290,511 | ||||||
Sandstorm Gold Ltd. (USD) † ‡ | 15,456,059 | 81,298,870 | ||||||
SilverCrest Metals, Inc. (USD) * † ‡ | 7,603,879 | 45,623,274 | ||||||
SSR Mining, Inc. (USD) ‡ | 10,708,019 | 167,794,658 | ||||||
Torex Gold Resources, Inc. * ‡ | 4,449,177 | 51,060,705 | ||||||
Wesdome Gold Mines Ltd. * ‡ | 7,384,974 | 40,768,741 | ||||||
5,006,959,339 |
Number of Shares |
Value | |||||||
China: 4.6% | ||||||||
Zhaojin Mining Industry Co. Ltd. (HKD) * † ‡ | 135,245,000 | $ | 149,510,918 | |||||
Zijin Mining Group Co. Ltd. (HKD) ‡ | 297,340,000 | 399,648,130 | ||||||
549,159,048 | ||||||||
Egypt: 0.7% | ||||||||
Centamin Plc (GBP) ‡ | 59,937,312 | 81,495,953 | ||||||
Kyrgyzstan: 0.5% | ||||||||
Centerra Gold, Inc. (CAD) ‡ | 11,406,803 | 59,014,494 | ||||||
Peru: 0.8% | ||||||||
Cia de Minas Buenaventura SAA (ADR) † ‡ | 13,149,730 | 97,965,488 | ||||||
South Africa: 5.2% | ||||||||
DRDGOLD Ltd. (ADR) † ‡ | 4,481,052 | 33,159,785 | ||||||
Gold Fields Ltd. (ADR) † ‡ | 46,198,984 | 478,159,484 | ||||||
Harmony Gold Mining Co. Ltd. (ADR) † ‡ | 32,034,009 | 108,915,631 | ||||||
620,234,900 | ||||||||
Tanzania: 3.5% | ||||||||
AngloGold Ashanti Ltd. (ADR) ‡ | 21,691,565 | 421,250,192 | ||||||
Turkey: 0.7% | ||||||||
Eldorado Gold Corp. (USD) * ‡ | 9,574,329 | 80,041,390 | ||||||
United Kingdom: 2.3% | ||||||||
Endeavour Mining Plc (CAD) † ‡ | 12,746,407 | 272,623,252 | ||||||
United States: 17.7% | ||||||||
Coeur Mining, Inc. * ‡ | 14,560,702 | 48,923,959 | ||||||
Hecla Mining Co. ‡ | 31,423,391 | 174,714,054 | ||||||
Newmont Corp. | 31,851,867 | 1,503,408,122 | ||||||
Royal Gold, Inc. ‡ | 3,402,236 | 383,500,043 | ||||||
2,110,546,178 | ||||||||
Total
Common Stocks (Cost: $12,022,894,396) |
11,939,007,385 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.0% | ||||||||
Money
Market Fund: 1.0% (Cost: $120,829,768) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 120,829,768 | 120,829,768 | ||||||
Total
Investments: 101.1% (Cost: $12,143,724,164) |
12,059,837,153 | |||||||
Liabilities in excess of other assets: (1.1)% | (125,793,555 | ) | ||||||
NET ASSETS: 100.0% | $ | 11,934,043,598 |
See Notes to Financial Statements
25 |
VANECK GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
GBP | British Pound |
HKD | Hong Kong Dollar |
USD | United States Dollar |
Footnotes:
‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $225,906,317. |
Summary of Investments by Sector | % of | |||||||
Excluding Collateral for Securities Loaned | Investments | Value | ||||||
Gold | 94.5 | % | $ | 11,302,337,088 | ||||
Silver | 5.1 | 591,047,023 | ||||||
Precious Metals & Minerals | 0.4 | 45,623,274 | ||||||
100.0 | % | $ | 11,939,007,385 |
See Notes to Financial Statements
26 |
Transactions in securities of affiliates for the period ended December 31, 2022 were as follows:
Net Change in | ||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||
Value | Sales | Realized Gain | Dividend | Appreciation | Value | |||||||||||||||||||||||
12/31/2021 | Purchases | Proceeds | (Loss) | Income | (Depreciation) | 12/31/2022 | ||||||||||||||||||||||
Alamos Gold, Inc. | $–(a) | $73,875,892 | $(50,671,182 | ) | $8,411,191 | $1,980,991 | $39,312,079 | $205,708,403 | ||||||||||||||||||||
AngloGold Ashanti Ltd. | –(a) | 190,954,945 | (119,069,001 | ) | 3,099,864 | 9,084,881 | (44,847,629 | ) | 421,250,192 | |||||||||||||||||||
Aya Gold & Silver, Inc. | –(a) | 15,914,527 | (10,562,557 | ) | (849,877 | ) | – | (3,634,438 | ) | 36,219,878 | ||||||||||||||||||
B2Gold Corp. | –(a) | 98,809,388 | (59,599,911 | ) | 4,765,179 | 8,582,209 | (30,390,800 | ) | 198,829,515 | |||||||||||||||||||
Capricorn Metals Ltd. | –(a) | 23,671,009 | (15,100,138 | ) | 974,011 | – | 10,021,790 | 60,639,778 | ||||||||||||||||||||
Centamin Plc | –(a) | 30,691,285 | (21,449,329 | ) | (3,741,765 | ) | 4,492,785 | 13,429,240 | 81,495,953 | |||||||||||||||||||
Centerra Gold, Inc. | –(a) | 53,323,860 | (46,803,411 | ) | (19,840,031 | ) | 3,047,773 | (30,007,563 | ) | 59,014,494 | ||||||||||||||||||
Cia de Minas Buenaventura SAA | –(a) | 51,379,755 | (30,618,936 | ) | (9,823,722 | ) | 958,770 | 4,097,104 | 97,965,488 | |||||||||||||||||||
Coeur Mining, Inc. | –(a) | 29,612,046 | (15,528,574 | ) | (8,241,029 | ) | – | (14,747,318 | ) | 48,923,959 | ||||||||||||||||||
DRDGOLD Ltd. | –(a) | 15,966,814 | (9,685,019 | ) | (2,968,018 | ) | 1,409,122 | (2,893,279 | ) | 33,159,785 | ||||||||||||||||||
Dundee Precious Metals, Inc. | –(a) | 25,131,009 | (16,250,600 | ) | 1,225,686 | 1,583,520 | (15,576,898 | ) | 47,434,105 | |||||||||||||||||||
Eldorado Gold Corp. | –(a) | 39,122,071 | (23,499,530 | ) | (8,473,101 | ) | – | (3,366,108 | ) | 80,041,390 | ||||||||||||||||||
Endeavour Mining Plc | –(a) | 134,400,455 | (89,163,876 | ) | 9,951,800 | 8,371,248 | (26,075,996 | ) | 272,623,252 | |||||||||||||||||||
Endeavour Silver Corp. | –(a) | 19,891,318 | (9,714,659 | ) | (2,502,879 | ) | – | (7,963,462 | ) | 31,843,407 | ||||||||||||||||||
Equinox Gold Corp. | –(a) | 44,244,431 | (23,443,964 | ) | (9,199,858 | ) | – | (50,504,810 | ) | 51,858,919 | ||||||||||||||||||
Evolution Mining Ltd. | –(a) | 109,906,932 | (63,256,454 | ) | (11,342,305 | ) | 3,791,177 | (84,300,525 | ) | 193,675,761 | ||||||||||||||||||
First Majestic Silver Corp. | –(a) | 68,786,735 | (37,539,554 | ) | (2,896,245 | ) | 351,509 | (42,077,210 | ) | 113,580,650 | ||||||||||||||||||
Fortuna Silver Mines, Inc. | –(a) | 24,495,443 | (15,480,815 | ) | (2,658,432 | ) | – | (746,507 | ) | 56,398,523 | ||||||||||||||||||
Gold Fields Ltd. | –(a) | 235,767,976 | (147,768,809 | ) | 40,998,789 | 14,715,196 | (86,483,138 | ) | 478,159,484 | |||||||||||||||||||
Gold Road Resources Ltd. | –(a) | 31,006,945 | (14,609,513 | ) | (361,266 | ) | 492,166 | 3,151,800 | 64,292,600 | |||||||||||||||||||
Harmony Gold Mining Co. Ltd. | 113,149,948 | 58,090,129 | (33,256,594 | ) | (2,757,961 | ) | 1,253,161 | (26,309,891 | ) | 108,915,631 | ||||||||||||||||||
Hecla Mining Co. | –(a) | 81,721,895 | (38,826,611 | ) | 5,228,955 | 624,751 | 1,151,837 | 174,714,054 | ||||||||||||||||||||
IAMGOLD Corp. | –(a) | 27,923,069 | (15,605,865 | ) | (8,660,258 | ) | – | (6,260,898 | ) | 64,050,910 | ||||||||||||||||||
K92 Mining, Inc. | –(a) | 36,067,974 | (19,722,625 | ) | (900,107 | ) | – | (3,083,763 | ) | 68,361,763 | ||||||||||||||||||
Kinross Gold Corp. | –(a) | 154,596,285 | (98,564,648 | ) | (15,740,934 | ) | 7,959,339 | (99,235,435 | ) | 266,228,145 | ||||||||||||||||||
New Gold, Inc. | –(a) | 22,284,564 | (12,598,485 | ) | (690,722 | ) | – | (19,947,146 | ) | 34,655,550 | ||||||||||||||||||
Northern Star Resources Ltd. | –(a) | 184,574,521 | (119,815,006 | ) | (12,313,509 | ) | 8,604,514 | 37,992,577 | 447,846,466 | |||||||||||||||||||
OceanaGold Corp. | –(a) | 33,851,367 | (20,936,200 | ) | (4,083,009 | ) | – | 5,910,732 | 69,497,545 | |||||||||||||||||||
Osisko Gold Royalties Ltd. | –(a) | 59,894,537 | (32,940,009 | ) | 168,372 | 1,558,409 | (2,810,419 | ) | 115,363,105 | |||||||||||||||||||
Pan American Silver Corp. | –(a) | 114,414,190 | (66,594,010 | ) | (1,238,264 | ) | 4,800,935 | (102,792,615 | ) | 178,290,511 | ||||||||||||||||||
Perseus Mining Ltd. | –(a) | 48,448,473 | (25,372,011 | ) | 7,289,689 | 1,145,960 | 6,393,509 | 101,580,825 | ||||||||||||||||||||
Regis Resources Ltd. | –(a) | 24,139,475 | (15,302,120 | ) | (7,332,452 | ) | 496,729 | 5,420,214 | 54,855,943 | |||||||||||||||||||
Royal Gold, Inc. | –(a) | 185,756,692 | (116,713,925 | ) | 9,601,492 | 4,600,527 | (3,512,728 | ) | 383,500,042 | |||||||||||||||||||
Sandstorm Gold Ltd. | –(a) | 60,518,144 | (15,842,822 | ) | 2,206,118 | 659,974 | (18,578,025 | ) | 81,298,870 | |||||||||||||||||||
Silver Lake Resources Ltd. | –(a) | 30,305,067 | (14,917,174 | ) | (2,958,766 | ) | – | (24,580,289 | ) | 39,070,300 | ||||||||||||||||||
SilverCrest Metals, Inc. | – | 48,320,708 | – | – | – | (2,697,434 | ) | 45,623,274 |
See Notes to Financial Statements
27 |
VANECK GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
Transactions in securities of affiliates for the period ended December 31, 2022 were as follows: (continued)
Net Change in | ||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||
Value | Sales | Realized Gain | Dividend | Appreciation | Value | |||||||||||||||||||||||
12/31/2021 | Purchases | Proceeds | (Loss) | Income | (Depreciation) | 12/31/2022 | ||||||||||||||||||||||
SSR Mining, Inc. | –(a) | 95,842,312 | (61,940,674 | ) | 8,104,586 | 3,039,411 | (41,608,502 | ) | 167,794,658 | |||||||||||||||||||
Torex Gold Resources, Inc. | –(a) | 21,142,480 | (13,485,519 | ) | (3,227,611 | ) | – | 6,768,788 | 51,060,705 | |||||||||||||||||||
Wesdome Gold Mines Ltd. | –(a) | 33,716,679 | (17,758,408 | ) | (1,109,157 | ) | – | (31,126,900 | ) | 40,768,741 | ||||||||||||||||||
West African Resources Ltd. | –(a) | 21,167,084 | (13,959,207 | ) | (1,121,314 | ) | – | (7,544,624 | ) | 42,653,378 | ||||||||||||||||||
Yamana Gold, Inc. | –(a) | 116,985,687 | (77,029,674 | ) | 11,948,220 | 5,965,522 | 43,032,869 | 276,431,736 | ||||||||||||||||||||
Zhaojin Mining Industry Co. Ltd. | –(a) | 55,866,545 | (37,340,930 | ) | (4,139,267 | ) | – | 35,362,692 | 149,510,918 | |||||||||||||||||||
Zijin Mining Group Co. Ltd. | –(a) | 174,750,590 | (116,779,097 | ) | 56,479,983 | 8,608,268 | (20,914,881 | ) | 399,648,130 | |||||||||||||||||||
$113,149,948 | $3,007,331,303 | $(1,805,117,446 | ) | $21,282,076 | $108,178,847 | $(642,574,000 | ) | $5,994,836,736 |
(a) | Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period. |
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 2 | Level 3 | |||||||||||||||
Level 1 | Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | 69,497,546 | $ | 1,520,951,128 | $ | — | $ | 1,590,448,674 | ||||||||
Brazil | 985,217,567 | — | — | 985,217,567 | ||||||||||||
Burkina Faso | 64,050,910 | — | — | 64,050,910 | ||||||||||||
Canada | 5,006,959,339 | — | — | 5,006,959,339 | ||||||||||||
China | — | 549,159,048 | — | 549,159,048 | ||||||||||||
Egypt | — | 81,495,953 | — | 81,495,953 | ||||||||||||
Kyrgyzstan | 59,014,494 | — | — | 59,014,494 | ||||||||||||
Peru | 97,965,488 | — | — | 97,965,488 | ||||||||||||
South Africa | 620,234,900 | — | — | 620,234,900 | ||||||||||||
Tanzania | 421,250,192 | — | — | 421,250,192 | ||||||||||||
Turkey | 80,041,390 | — | — | 80,041,390 | ||||||||||||
United Kingdom | 272,623,252 | — | — | 272,623,252 | ||||||||||||
United States | 2,110,546,178 | — | — | 2,110,546,178 | ||||||||||||
Money Market Fund | 120,829,768 | — | — | 120,829,768 | ||||||||||||
Total Investments | $ | 9,908,231,024 | $ | 2,151,606,129 | $ | — | $ | 12,059,837,153 |
See Notes to Financial Statements
28 |
SCHEDULE OF INVESTMENTS
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Australia: 17.2% | ||||||||
Allkem Ltd. * | 43,939 | $ | 331,549 | |||||
Glencore Plc (GBP) | 292,593 | 1,941,435 | ||||||
IGO Ltd. | 33,862 | 308,519 | ||||||
Iluka Resources Ltd. | 18,067 | 115,755 | ||||||
Lynas Rare Earths Ltd. * | 55,731 | 292,622 | ||||||
OZ Minerals Ltd. | 20,612 | 386,978 | ||||||
Pilbara Minerals Ltd. * | 206,573 | 521,020 | ||||||
3,897,878 | ||||||||
Canada: 7.3% | ||||||||
Hudbay Minerals, Inc. (USD) | 11,327 | 57,428 | ||||||
Ivanhoe Mines Ltd. * | 32,926 | 260,016 | ||||||
Lithium Americas Corp. (USD) * † | 7,619 | 144,380 | ||||||
Teck Resources Ltd. (USD) | 31,065 | 1,174,878 | ||||||
1,636,702 | ||||||||
Chile: 1.2% | ||||||||
Lundin Mining Corp. (CAD) | 42,933 | 263,311 | ||||||
China: 26.6% | ||||||||
Beijing Easpring Material Technology Co. Ltd. | 23,000 | 187,098 | ||||||
Chengxin Lithium Group Co. Ltd. | 52,600 | 283,639 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd. | 154,468 | 556,928 | ||||||
China Rare Earth Resources And Technology Co. Ltd. * | 43,100 | 204,288 | ||||||
Ganfeng Lithium Group Co. Ltd. | 97,020 | 972,040 | ||||||
GEM Co. Ltd. | 342,600 | 367,423 | ||||||
Inner Mongolia Xingye Mining Co. Ltd. * | 72,700 | 63,796 | ||||||
Jiangxi Copper Co. Ltd. | 109,503 | 274,827 | ||||||
MMG Ltd. (HKD) * | 204,000 | 51,962 | ||||||
Nanjing Hanrui Cobalt Co. Ltd. | 15,700 | 90,754 | ||||||
Ningbo Shanshan Co. Ltd. | 84,100 | 220,616 | ||||||
Shenghe Resources Holding Co. Ltd. | 87,400 | 176,172 | ||||||
Tianqi Lithium Corp. * | 81,200 | 925,272 | ||||||
Tongling Nonferrous Metals Group Co. Ltd. | 487,900 | 219,136 | ||||||
Western Mining Co. Ltd. | 122,300 | 179,276 | ||||||
Youngy Co. Ltd. * | 14,500 | 204,318 | ||||||
Yunnan Copper Co. Ltd. | 91,100 | 154,266 | ||||||
Yunnan Tin Co. Ltd. | 69,700 | 141,355 | ||||||
Zhejiang Huayou Cobalt Co. Ltd. | 90,230 | 722,225 | ||||||
5,995,391 | ||||||||
Germany: 0.8% | ||||||||
Aurubis AG | 2,307 | 187,231 | ||||||
Japan: 3.0% | ||||||||
Mitsubishi Materials Corp. | 6,200 | 97,455 | ||||||
Sumitomo Metal Mining Co. Ltd. | 17,100 | 597,664 | ||||||
695,119 |
Number of Shares |
Value | |||||||
Liechtenstein: 2.3% | ||||||||
Antofagasta Plc (GBP) | 28,185 | $ | 523,513 | |||||
Mexico: 5.2% | ||||||||
Grupo Mexico SAB de CV | 228,300 | 801,447 | ||||||
Southern Copper Corp. (USD) | 6,234 | 376,471 | ||||||
1,177,918 | ||||||||
Poland: 1.1% | ||||||||
KGHM Polska Miedz SA | 8,503 | 247,056 | ||||||
Russia: 0.0% | ||||||||
MMC Norilsk Nickel PJSC ∞ | 4,405 | 0 | ||||||
MMC Norilsk Nickel PJSC (ADR) ∞ | 2 | 0 | ||||||
0 | ||||||||
South Africa: 15.1% | ||||||||
Anglo American Platinum Ltd. | 4,083 | 340,278 | ||||||
Anglo American Plc (GBP) | 48,345 | 1,883,710 | ||||||
Impala Platinum Holdings Ltd. | 48,748 | 611,754 | ||||||
Northam Platinum Holdings Ltd. * | 13,371 | 147,093 | ||||||
Sibanye Stillwater Ltd. (ADR) † | 39,938 | 425,739 | ||||||
3,408,574 | ||||||||
Sweden: 2.4% | ||||||||
Boliden AB | 14,436 | 543,047 | ||||||
United States: 14.9% | ||||||||
Albemarle Corp. | 6,080 | 1,318,509 | ||||||
Freeport-McMoRan, Inc. | 43,757 | 1,662,766 | ||||||
Livent Corp. * | 9,993 | 198,561 | ||||||
MP Materials Corp. * | 7,679 | 186,446 | ||||||
3,366,282 | ||||||||
Zambia: 2.9% | ||||||||
First Quantum Minerals Ltd. (CAD) | 31,471 | 657,083 | ||||||
Total
Common Stocks (Cost: $26,809,490) |
22,599,105 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5% | ||||||||
Money
Market Fund: 2.5% (Cost: $555,578) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 555,578 | 555,578 | ||||||
Total
Investments: 102.5% (Cost: $27,365,068) |
23,154,683 | |||||||
Liabilities in excess of other assets: (2.5)% | (564,257 | ) | ||||||
NET ASSETS: 100.0% | $ | 22,590,426 |
See Notes to Financial Statements
29 |
VANECK GREEN METALS ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
GBP | British Pound |
HKD | Hong Kong Dollar |
USD | United States Dollar |
Footnotes:
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $537,745. |
∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
Summary of Investments by Sector | % of | |||||||
Excluding Collateral for Securities Loaned | Investments | Value | ||||||
Diversified Metals & Mining | 57.3 | % | $ | 12,987,908 | ||||
Copper | 22.0 | 4,952,638 | ||||||
Specialty Chemicals | 11.8 | 2,662,958 | ||||||
Precious Metals & Minerals | 6.8 | 1,524,864 | ||||||
Forest Products | 1.3 | 283,639 | ||||||
Electrical Components & Equipment | 0.8 | 187,098 | ||||||
100.0 | % | $ | 22,599,105 |
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 2 | Level 3 | |||||||||||||||
Level 1 | Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 3,897,878 | $ | — | $ | 3,897,878 | ||||||||
Canada | 1,636,702 | — | — | 1,636,702 | ||||||||||||
Chile | 263,311 | — | — | 263,311 | ||||||||||||
China | — | 5,995,391 | — | 5,995,391 | ||||||||||||
Germany | — | 187,231 | — | 187,231 | ||||||||||||
Japan | — | 695,119 | — | 695,119 | ||||||||||||
Liechtenstein | — | 523,513 | — | 523,513 | ||||||||||||
Mexico | 1,177,918 | — | — | 1,177,918 | ||||||||||||
Poland | — | 247,056 | — | 247,056 | ||||||||||||
Russia | — | — | 0 | 0 | ||||||||||||
South Africa | 572,832 | 2,835,742 | — | 3,408,574 | ||||||||||||
Sweden | — | 543,047 | — | 543,047 | ||||||||||||
United States | 3,366,282 | — | — | 3,366,282 | ||||||||||||
Zambia | 657,083 | — | — | 657,083 | ||||||||||||
Money Market Fund | 555,578 | — | — | 555,578 | ||||||||||||
Total Investments | $ | 8,229,706 | $ | 14,924,977 | $ | 0 | $ | 23,154,683 |
See Notes to Financial Statements
30 |
SCHEDULE OF INVESTMENTS
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Australia: 17.3% | ||||||||
Alkane Resources Ltd. * † | 20,039,365 | $ | 7,291,646 | |||||
Aurelia Metals Ltd. * † | 47,928,981 | 4,036,032 | ||||||
Australian Strategic Materials Ltd. * | 1 | 1 | ||||||
Bellevue Gold Ltd. * † | 32,567,485 | 25,159,453 | ||||||
Capricorn Metals Ltd. * | 13,616,557 | 42,528,572 | ||||||
Dacian Gold Ltd. * | 10,396,606 | 707,542 | ||||||
De Grey Mining Ltd. * † | 57,497,494 | 50,435,081 | ||||||
Evolution Mining Ltd. | 62,357,574 | 126,985,537 | ||||||
Firefinch Ltd. * †∞ | 54,133,739 | 1,651,986 | ||||||
Gold Road Resources Ltd. | 43,256,066 | 49,871,434 | ||||||
Kingsgate Consolidated Ltd. * † | 10,582,018 | 12,402,935 | ||||||
OceanaGold Corp. (CAD) * † | 26,946,669 | 51,309,942 | ||||||
Perseus Mining Ltd. | 54,946,610 | 78,752,697 | ||||||
Ramelius Resources Ltd. † | 41,687,243 | 26,547,588 | ||||||
Red 5 Ltd. * † | 89,492,618 | 12,631,046 | ||||||
Regis Resources Ltd. † | 28,157,845 | 39,472,177 | ||||||
Resolute Mining Ltd. * † | 40,260,968 | 5,422,644 | ||||||
Silver Lake Resources Ltd. * | 35,594,421 | 28,860,061 | ||||||
Silver Mines Ltd. * † | 61,790,031 | 8,482,951 | ||||||
St Barbara Ltd. * † | 27,348,096 | 14,560,589 | ||||||
Tietto Minerals Ltd. * | 39,456,992 | 18,920,412 | ||||||
West African Resources Ltd. * † | 39,109,128 | 31,511,757 | ||||||
Westgold Resources Ltd. * | 15,394,391 | 9,149,755 | ||||||
646,691,838 | ||||||||
Brazil: 6.0% | ||||||||
Yamana Gold, Inc. (USD) | 40,453,656 | 224,517,791 | ||||||
Burkina Faso: 1.1% | ||||||||
IAMGOLD Corp. (USD) * † | 16,048,740 | 41,405,749 | ||||||
Canada: 51.5% | ||||||||
Alamos Gold, Inc. (USD) | 15,586,887 | 157,583,428 | ||||||
Americas Gold & Silver Corp. (USD) * † | 8,810,882 | 5,007,224 | ||||||
Archer Exploration Corp. † | 1,728,768 | 382,767 | ||||||
Aris Mining Corp. † | 5,987,186 | 14,802,814 | ||||||
Arizona Metals Corp. * † | 4,732,977 | 15,055,265 | ||||||
Artemis Gold, Inc. * † | 6,188,753 | 20,051,386 | ||||||
Aya Gold & Silver, Inc. * † | 4,267,308 | 28,407,777 | ||||||
B2Gold Corp. (USD) | 36,463,444 | 130,174,495 | ||||||
Calibre Mining Corp. * † | 14,638,580 | 9,723,401 | ||||||
Dakota Gold Corp. (USD) * | 2,659,304 | 8,110,877 | ||||||
Discovery Silver Corp. * † | 10,910,792 | 11,031,983 | ||||||
Dundee Precious Metals, Inc. | 6,448,884 | 30,984,342 | ||||||
Endeavour Silver Corp. (USD) * | 8,163,600 | 26,450,064 | ||||||
Equinox Gold Corp. (USD) * † | 10,661,599 | 34,970,045 | ||||||
Filo Mining Corp. * † | 3,968,508 | 68,067,549 | ||||||
First Majestic Silver Corp. (USD) † | 10,313,105 | 86,011,296 | ||||||
Fortuna Silver Mines, Inc. (USD) * | 12,354,467 | 46,329,251 | ||||||
Gatos Silver, Inc. (USD) * † | 1,619,073 | 6,622,009 | ||||||
Gold Royalty Corp. (USD) † | 5,091,294 | 11,862,715 | ||||||
GoldMining, Inc. (USD) * † | 7,588,500 | 8,575,005 |
Number of Shares |
Value | |||||||
Canada (continued) | ||||||||
i-80 Gold Corp. * † | 6,319,054 | $ | 17,628,713 | |||||
K92 Mining, Inc. * † | 8,719,908 | 49,361,005 | ||||||
Karora Resources, Inc. * † | 6,951,833 | 23,857,724 | ||||||
Kinross Gold Corp. (USD) † | 48,059,033 | 196,561,445 | ||||||
Liberty Gold Corp. * † | 12,009,395 | 4,963,476 | ||||||
Lundin Gold, Inc. † | 4,052,501 | 39,569,422 | ||||||
MAG Silver Corp. (USD) * † | 3,498,318 | 54,678,710 | ||||||
Marathon Gold Corp. * † | 16,634,819 | 13,013,697 | ||||||
Maverix Metals, Inc. (USD) † | 2,537,226 | 11,874,218 | ||||||
McEwen Mining, Inc. (USD) * † | 1,882,870 | 11,033,618 | ||||||
Metalla Royalty & Streaming Ltd. (USD) * † | 1,936,937 | 9,510,361 | ||||||
New Found Gold Corp. * † | 3,073,245 | 12,361,478 | ||||||
New Gold, Inc. (USD) * | 25,130,809 | 24,628,193 | ||||||
New Pacific Metals Corp. * † | 4,272,862 | 9,460,560 | ||||||
Novagold Resources, Inc. (USD) * | 8,771,418 | 52,453,080 | ||||||
Orla Mining Ltd. * † | 8,953,193 | 36,210,559 | ||||||
Osisko Gold Royalties Ltd. (USD) † | 5,980,748 | 72,187,628 | ||||||
Osisko Mining, Inc. * † | 11,131,013 | 28,752,755 | ||||||
Pan American Silver Corp. (USD) † | 8,962,576 | 146,448,492 | ||||||
Prime Mining Corp. * † | 3,614,888 | 5,069,034 | ||||||
Sabina Gold & Silver Corp. * † | 17,898,928 | 17,569,338 | ||||||
Sandstorm Gold Ltd. (USD) | 10,847,613 | 57,058,444 | ||||||
Seabridge Gold, Inc. (USD) * † | 3,307,150 | 41,603,947 | ||||||
Silvercorp Metals, Inc. (USD) | 7,534,234 | 22,301,333 | ||||||
SilverCrest Metals, Inc. (USD) * † | 6,233,713 | 37,402,278 | ||||||
Skeena Resources Ltd. * † | 2,987,679 | 15,898,126 | ||||||
SSR Mining, Inc. (USD) | 7,512,649 | 117,723,210 | ||||||
Sulliden Mining Capital, Inc. * | 1,689,990 | 43,654 | ||||||
Torex Gold Resources, Inc. * † | 2,874,538 | 32,989,458 | ||||||
Victoria Gold Corp. * † | 1,727,478 | 9,115,811 | ||||||
Wallbridge Mining Co. Ltd. * † | 31,655,270 | 4,205,283 | ||||||
Wesdome Gold Mines Ltd. * † | 5,112,521 | 28,223,667 | ||||||
1,923,962,410 | ||||||||
China: 1.5% | ||||||||
Real Gold Mining Ltd. (HKD) *∞ | 19,287,400 | 2 | ||||||
Zhaojin Mining Industry Co. Ltd. (HKD) * | 51,147,200 | 56,542,311 | ||||||
56,542,313 | ||||||||
Egypt: 1.5% | ||||||||
Centamin Plc (GBP) | 39,830,678 | 54,157,234 | ||||||
Indonesia: 1.1% | ||||||||
Bumi Resources Minerals Tbk PT * | 3,865,578,800 | 39,501,202 |
See Notes to Financial Statements
31 |
VANECK JUNIOR GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares |
Value | |||||||
Jersey, Channel Islands: 0.2% | ||||||||
Caledonia Mining Corp. Plc (USD) | 478,502 | $ | 5,933,425 | |||||
Kyrgyzstan: 0.4% | ||||||||
Centerra Gold, Inc. (CAD) † | 3,180,351 | 16,453,936 | ||||||
Mexico: 3.5% | ||||||||
GoGold Resources, Inc. (CAD) * † | 12,029,531 | 19,265,716 | ||||||
Industrias Penoles SAB de CV * † | 8,934,663 | 109,881,145 | ||||||
129,146,861 | ||||||||
Peru: 2.1% | ||||||||
Cia de Minas Buenaventura SAA (ADR) † | 8,677,898 | 64,650,340 | ||||||
Hochschild Mining Plc (GBP) | 15,229,857 | 12,881,196 | ||||||
77,531,536 | ||||||||
South Africa: 2.3% | ||||||||
DRDGOLD Ltd. (ADR) † | 2,067,716 | 15,301,098 | ||||||
Harmony Gold Mining Co. Ltd. (ADR) † | 21,285,095 | 72,369,323 | ||||||
87,670,421 | ||||||||
Turkey: 3.2% | ||||||||
Eldorado Gold Corp. (USD) * † | 6,450,192 | 53,923,605 | ||||||
Koza Altin Isletmeleri AS | 2,188,282 | 66,050,905 | ||||||
119,974,510 |
Number of Shares |
Value | |||||||
United Kingdom: 4.0% | ||||||||
Endeavour Mining Plc | 6,117,166 | $ | 128,730,177 | |||||
Greatland Gold Plc * † | 218,243,297 | 21,001,996 | ||||||
149,732,173 | ||||||||
United States: 4.3% | ||||||||
Argonaut Gold, Inc. (CAD) * † | 28,755,854 | 11,035,864 | ||||||
Aura Minerals, Inc. (BRL) (BDR) | 1,646,773 | 9,304,278 | ||||||
Coeur Mining, Inc. * | 9,006,282 | 30,261,107 | ||||||
Gold Resource Corp. † | 4,016,780 | 6,145,673 | ||||||
Hecla Mining Co. | 18,849,171 | 104,801,391 | ||||||
161,548,313 | ||||||||
Total
Common Stocks (Cost: $4,422,392,574) |
3,734,769,712 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.2% | ||||||||
Money
Market Fund: 4.2% (Cost: $157,686,725) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 157,686,725 | 157,686,725 | ||||||
Total
Investments: 104.2% (Cost: $4,580,079,299) |
3,892,456,437 | |||||||
Liabilities in excess of other assets: (4.2)% | (155,445,365 | ) | ||||||
NET ASSETS: 100.0% | $ | 3,737,011,072 |
Definitions:
ADR | American Depositary Receipt |
BDR | Brazilian Depositary Receipt |
BRL | Brazilian Real |
CAD | Canadian Dollar |
GBP | British Pound |
HKD | Hong Kong Dollar |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $217,017,532. |
* | Non-income producing |
∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
Summary of Investments by Sector | % of | |||||||
Excluding Collateral for Securities Loaned | Investments | Value | ||||||
Gold | 76.8 | % | $ | 2,866,316,383 | ||||
Silver | 15.3 | 570,291,534 | ||||||
Precious Metals & Minerals | 4.2 | 156,837,438 | ||||||
Diversified Metals & Mining | 3.7 | 141,324,357 | ||||||
100.0 | % | $ | 3,734,769,712 |
See Notes to Financial Statements
32 |
Transactions in securities of affiliates for the period ended December 31, 2022 were as follows:
Net Change in | ||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||
Value | Sales | Realized Gain | Dividend | Appreciation | Value | |||||||||||||||||||||||
12/31/2021 | Purchases | Proceeds | (Loss) | Income | (Depreciation) | 12/31/2022 | ||||||||||||||||||||||
Silver Mines Ltd. | $10,965,205 | $1,932,563 | $(2,819,133 | ) | $(454,532 | ) | $– | $(1,141,152 | ) | $–(a) | ||||||||||||||||||
Silvercorp Metals, Inc. | 35,008,409 | 5,510,115 | (11,506,953 | ) | (5,735,376 | ) | 191,415 | (974,861 | ) | –(a) | ||||||||||||||||||
$45,973,614 | $7,442,678 | $(14,326,086 | ) | $(6,189,908 | ) | $191,415 | $(2,116,013 | ) | $– |
(a) | Security held by the Fund, however not classified as an affiliate at the end of the reporting period. |
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 2 | Level 3 | |||||||||||||||
Level 1 | Significant | Significant | ||||||||||||||
Quoted | Observable | Unobservable | ||||||||||||||
Prices | Inputs | Inputs | Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | 51,309,942 | $ | 593,729,910 | $ | 1,651,986 | $ | 646,691,838 | ||||||||
Brazil | 224,517,791 | — | — | 224,517,791 | ||||||||||||
Burkina Faso | 41,405,749 | — | — | 41,405,749 | ||||||||||||
Canada | 1,923,962,410 | — | — | 1,923,962,410 | ||||||||||||
China | — | 56,542,311 | 2 | 56,542,313 | ||||||||||||
Egypt | — | 54,157,234 | — | 54,157,234 | ||||||||||||
Indonesia | — | 39,501,202 | — | 39,501,202 | ||||||||||||
Jersey, Channel Islands | 5,933,425 | — | — | 5,933,425 | ||||||||||||
Kyrgyzstan | 16,453,936 | — | — | 16,453,936 | ||||||||||||
Mexico | 129,146,861 | — | — | 129,146,861 | ||||||||||||
Peru | 64,650,340 | 12,881,196 | — | 77,531,536 | ||||||||||||
South Africa | 87,670,421 | — | — | 87,670,421 | ||||||||||||
Turkey | 53,923,605 | 66,050,905 | — | 119,974,510 | ||||||||||||
United Kingdom | 21,001,996 | 128,730,177 | — | 149,732,173 | ||||||||||||
United States | 152,244,035 | 9,304,278 | — | 161,548,313 | ||||||||||||
Money Market Fund | 157,686,725 | — | — | 157,686,725 | ||||||||||||
Total Investments | $ | 2,929,907,236 | $ | 960,897,213 | $ | 1,651,988 | $ | 3,892,456,437 |
See Notes to Financial Statements
33 |
SCHEDULE OF INVESTMENTS
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Austria: 0.6% | ||||||||
Verbund AG | 13,182 | $ | 1,104,763 | |||||
Brazil: 2.9% | ||||||||
Centrais Eletricas Brasileiras SA (ADR) † | 551,877 | 4,376,385 | ||||||
Cia Energetica de Minas Gerais (ADR) † | 459,891 | 933,579 | ||||||
Cia Paranaense de Energia (ADR) | 70,023 | 503,465 | ||||||
5,813,429 | ||||||||
Canada: 3.0% | ||||||||
Ballard Power Systems, Inc. (USD) * † | 103,341 | 495,003 | ||||||
Boralex, Inc. † | 36,436 | 1,076,179 | ||||||
Canadian Solar, Inc. (USD) * † | 16,994 | 525,115 | ||||||
Innergex Renewable Energy, Inc. | 54,075 | 646,529 | ||||||
Northland Power, Inc. | 100,003 | 2,740,405 | ||||||
TransAlta Renewables, Inc. | 43,503 | 361,201 | ||||||
5,844,432 | ||||||||
Chile: 0.5% | ||||||||
Enel Americas SA | 7,869,905 | 1,048,459 | ||||||
China: 14.6% | ||||||||
BYD Co. Ltd. (HKD) | 295,500 | 7,250,254 | ||||||
China Everbright Environment Group Ltd. (HKD) | 1,427,000 | 635,454 | ||||||
China Longyuan Power Group Corp. Ltd. (HKD) | 708,000 | 860,692 | ||||||
Daqo New Energy Corp. (ADR) * | 22,773 | 879,265 | ||||||
GCL Technology Holdings Ltd. (HKD) * † | 8,286,000 | 2,090,833 | ||||||
JinkoSolar Holding Co. Ltd. (ADR) * † | 14,095 | 576,204 | ||||||
Li Auto, Inc. (ADR) * | 246,590 | 5,030,436 | ||||||
NIO, Inc. (ADR) * | 583,074 | 5,684,971 | ||||||
Xinyi Solar Holdings Ltd. (HKD) | 2,212,000 | 2,434,119 | ||||||
XPeng, Inc. (ADR) * † | 224,182 | 2,228,369 | ||||||
Zhejiang Leapmotor Technologies Ltd. (HKD) 144A * | 334,500 | 1,285,660 | ||||||
28,956,257 | ||||||||
Denmark: 9.6% | ||||||||
Orsted AS 144A | 77,095 | 6,948,767 | ||||||
ROCKWOOL International A/S | 3,097 | 722,826 | ||||||
Vestas Wind Systems A/S | 390,984 | 11,370,800 | ||||||
19,042,393 | ||||||||
France: 0.5% | ||||||||
Neoen SA 144A | 21,964 | 885,542 | ||||||
Germany: 0.8% | ||||||||
Encavis AG | 45,938 | 905,666 | ||||||
Nordex SE * | 50,962 | 715,096 | ||||||
1,620,762 |
Number of Shares |
Value | |||||||
Ireland: 1.2% | ||||||||
Kingspan Group Plc | 42,954 | $ | 2,318,744 | |||||
Italy: 7.3% | ||||||||
Enel SpA | 2,560,432 | 13,729,201 | ||||||
ERG SpA | 22,667 | 700,430 | ||||||
14,429,631 | ||||||||
Japan: 0.3% | ||||||||
Horiba Ltd. † | 15,084 | 650,439 | ||||||
New Zealand: 2.0% | ||||||||
Contact Energy Ltd. | 274,520 | 1,338,232 | ||||||
Mercury NZ Ltd. † | 271,130 | 954,135 | ||||||
Meridian Energy Ltd. | 515,447 | 1,707,857 | ||||||
4,000,224 | ||||||||
Norway: 0.6% | ||||||||
NEL ASA * † | 637,119 | 897,362 | ||||||
Scatec ASA 144A | 42,745 | 341,999 | ||||||
1,239,361 | ||||||||
Portugal: 1.1% | ||||||||
EDP Renovaveis SA | 97,867 | 2,150,105 | ||||||
South Korea: 5.2% | ||||||||
Hanwha Solutions Corp. * | 42,095 | 1,439,382 | ||||||
Samsung SDI Co. Ltd. * | 18,776 | 8,816,127 | ||||||
10,255,509 | ||||||||
Spain: 9.0% | ||||||||
Acciona SA | 10,060 | 1,845,824 | ||||||
Atlantica Sustainable Infrastructure Plc (USD) | 27,240 | 705,516 | ||||||
Iberdrola SA | 1,319,102 | 15,352,490 | ||||||
17,903,830 | ||||||||
Sweden: 2.8% | ||||||||
Nibe Industrier AB | 588,562 | 5,501,598 | ||||||
Switzerland: 0.3% | ||||||||
Landis+Gyr Group AG | 8,718 | 615,825 | ||||||
Taiwan: 0.3% | ||||||||
Simplo Technology Co. Ltd. | 69,000 | 638,765 | ||||||
Thailand: 1.0% | ||||||||
Energy Absolute PCL (NVDR) | 729,700 | 2,039,344 | ||||||
United Kingdom: 0.9% | ||||||||
Johnson Matthey Plc | 66,541 | 1,692,090 | ||||||
United States: 35.5% | ||||||||
Array Technologies, Inc. * | 42,318 | 818,007 | ||||||
Badger Meter, Inc. | 7,753 | 845,310 | ||||||
Bloom Energy Corp. * | 45,325 | 866,614 | ||||||
Brookfield Renewable Corp. | 46,323 | 1,275,735 | ||||||
EnerSys | 12,979 | 958,369 | ||||||
Enphase Energy, Inc. * | 40,904 | 10,837,924 | ||||||
First Solar, Inc. * | 33,019 | 4,945,916 | ||||||
Fisker, Inc. * † | 59,273 | 430,915 | ||||||
FuelCell Energy, Inc. * † | 137,185 | 381,374 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 27,559 | 798,660 | ||||||
Installed Building Products, Inc. | 5,945 | 508,892 | ||||||
Lucid Group, Inc. * † | 232,847 | 1,590,345 |
See Notes to Financial Statements
34 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
NextEra Energy, Inc. | 202,735 | $ | 16,948,646 | |||||
Nikola Corp. * † | 134,654 | 290,853 | ||||||
Ormat Technologies, Inc. † | 12,563 | 1,086,448 | ||||||
Owens Corning | 29,708 | 2,534,092 | ||||||
Plug Power, Inc. * † | 171,041 | 2,115,777 | ||||||
Rivian Automotive, Inc. * | 167,462 | 3,086,325 | ||||||
SolarEdge Technologies, Inc. * | 20,502 | 5,807,602 | ||||||
Sunnova Energy International, Inc. * † | 22,479 | 404,847 | ||||||
Sunrun, Inc. * | 66,873 | 1,606,289 | ||||||
Tesla, Inc. * | 99,352 | 12,238,179 | ||||||
70,377,119 | ||||||||
Total
Common Stocks (Cost: $241,046,477) |
198,128,621 |
Number of Shares |
Value | |||||||
RIGHTS: 0.0% (Cost: $0) |
||||||||
South Korea: 0.0% | ||||||||
Hanwha Solutions Corp., KRW 37,900.00, exp. 01/09/23 *∞ | 381 | $ | 286 | |||||
Total
Investments Before Collateral for Securities Loaned: 100.0% (Cost: $241,046,477) |
198,128,907 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.4% | ||||||||
Money
Market Fund: 4.4% (Cost: $8,687,734) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 8,687,734 | 8,687,734 | ||||||
Total
Investments: 104.4% (Cost: $249,734,211) |
206,816,641 | |||||||
Liabilities in excess of other assets: (4.4)% | (8,666,648 | ) | ||||||
NET ASSETS: 100.0% | $ | 198,149,993 |
Definitions:
ADR | American Depositary Receipt |
BRL | Brazilian Real |
HKD | Hong Kong Dollar |
NVDR | Non-Voting Depositary Receipt |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $12,648,560. |
* | Non-income producing |
¥ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
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 $9,461,968, or 4.8% of net assets. |
Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Utilities | 41.9 | % | $ | 82,972,726 | ||||
Information Technology | 20.0 | 39,663,443 | ||||||
Consumer Discretionary | 19.9 | 39,334,346 | ||||||
Industrials | 16.2 | 32,228,260 | ||||||
Materials | 1.6 | 3,131,472 | ||||||
Financials | 0.4 | 798,660 | ||||||
100.0 | % | $ | 198,128,907 |
See Notes to Financial Statements
35 |
VANECK LOW CARBON ENERGY ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Austria | $ | — | $ | 1,104,763 | $ | — | $ | 1,104,763 | ||||||||
Brazil | 5,813,429 | — | — | 5,813,429 | ||||||||||||
Canada | 5,844,432 | — | — | 5,844,432 | ||||||||||||
Chile | 1,048,459 | — | — | 1,048,459 | ||||||||||||
China | 14,399,245 | 14,557,012 | — | 28,956,257 | ||||||||||||
Denmark | — | 19,042,393 | — | 19,042,393 | ||||||||||||
France | — | 885,542 | — | 885,542 | ||||||||||||
Germany | — | 1,620,762 | — | 1,620,762 | ||||||||||||
Ireland | — | 2,318,744 | — | 2,318,744 | ||||||||||||
Italy | — | 14,429,631 | — | 14,429,631 | ||||||||||||
Japan | — | 650,439 | — | 650,439 | ||||||||||||
New Zealand | — | 4,000,224 | — | 4,000,224 | ||||||||||||
Norway | — | 1,239,361 | — | 1,239,361 | ||||||||||||
Portugal | — | 2,150,105 | — | 2,150,105 | ||||||||||||
South Korea | — | 10,255,509 | — | 10,255,509 | ||||||||||||
Spain | 705,516 | 17,198,314 | — | 17,903,830 | ||||||||||||
Sweden | — | 5,501,598 | — | 5,501,598 | ||||||||||||
Switzerland | — | 615,825 | — | 615,825 | ||||||||||||
Taiwan | — | 638,765 | — | 638,765 | ||||||||||||
Thailand | — | 2,039,344 | — | 2,039,344 | ||||||||||||
United Kingdom | — | 1,692,090 | — | 1,692,090 | ||||||||||||
United States | 70,377,119 | — | — | 70,377,119 | ||||||||||||
Rights * | — | — | 286 | 286 | ||||||||||||
Money Market Fund | 8,687,734 | — | — | 8,687,734 | ||||||||||||
Total Investments | $ | 106,875,934 | $ | 99,940,421 | $ | 286 | $ | 206,816,641 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
36 |
SCHEDULE OF INVESTMENTS
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.2% | ||||||||
Argentina: 0.1% | ||||||||
Bioceres Crop Solutions Corp. (USD) * | 1,531 | $ | 18,418 | |||||
YPF SA (ADR) * | 6,375 | 58,586 | ||||||
77,004 | ||||||||
Australia: 8.6% | ||||||||
Alumina Ltd. † | 69,103 | 71,060 | ||||||
Ampol Ltd. | 3,861 | 73,923 | ||||||
APA Group | 18,984 | 138,211 | ||||||
Bega Cheese Ltd. † | 16,107 | 42,360 | ||||||
BHP Group Ltd. | 149,476 | 4,611,946 | ||||||
BlueScope Steel Ltd. | 13,621 | 154,626 | ||||||
Costa Group Holdings Ltd. † | 27,342 | 50,885 | ||||||
Elders Ltd. † | 10,606 | 72,513 | ||||||
Evolution Mining Ltd. | 55,315 | 112,644 | ||||||
Fortescue Metals Group Ltd. † | 46,486 | 647,165 | ||||||
Glencore Plc (GBP) | 178,825 | 1,186,553 | ||||||
GrainCorp Ltd. | 15,624 | 78,456 | ||||||
IGO Ltd. † | 19,679 | 179,297 | ||||||
Inghams Group Ltd. | 21,074 | 40,696 | ||||||
Lynas Rare Earths Ltd. * † | 26,543 | 139,367 | ||||||
Newcrest Mining Ltd. | 27,280 | 381,012 | ||||||
Northern Star Resources Ltd. † | 34,681 | 258,500 | ||||||
Nufarm Ltd./Australia | 18,814 | 78,126 | ||||||
Origin Energy Ltd. | 27,758 | 144,707 | ||||||
OZ Minerals Ltd. † | 9,064 | 170,171 | ||||||
Perseus Mining Ltd. | 41,677 | 59,734 | ||||||
Rio Tinto Plc (GBP) | 30,968 | 2,168,745 | ||||||
Rural Funds Group | 25,416 | 41,553 | ||||||
Santos Ltd. | 50,940 | 249,539 | ||||||
South32 Ltd. | 134,257 | 366,623 | ||||||
Washington H Soul Pattinson & Co. Ltd. † | 3,729 | 69,683 | ||||||
Woodside Energy Group Ltd. † | 30,737 | 741,443 | ||||||
12,329,538 | ||||||||
Austria: 0.3% | ||||||||
Andritz AG | 2,147 | 122,531 | ||||||
Mayr Melnhof Karton AG | 259 | 41,717 | ||||||
OMV AG | 2,284 | 117,140 | ||||||
Verbund AG | 1,199 | 100,486 | ||||||
voestalpine AG | 3,300 | 87,153 | ||||||
469,027 | ||||||||
Brazil: 3.8% | ||||||||
Adecoagro SA (USD) † | 8,278 | 68,625 | ||||||
BrasilAgro - Co. Brasileira de Propriedades Agricolas | 3,750 | 21,032 | ||||||
BRF SA (ADR) * † | 50,851 | 80,345 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo (ADR) | 7,286 | 77,669 | ||||||
Cia Siderurgica Nacional SA (ADR) | 39,150 | 108,054 | ||||||
Cosan SA | 19,400 | 62,870 | ||||||
CSN Mineracao SA | 12,550 | 9,573 | ||||||
Engie Brasil Energia SA | 1,900 | 13,643 |
Number of Shares |
Value | |||||||
Brazil (continued) | ||||||||
Gerdau SA (ADR) | 32,519 | $ | 180,155 | |||||
Klabin SA | 33,800 | 127,686 | ||||||
Minerva SA | 18,650 | 45,771 | ||||||
Neoenergia SA | 6,300 | 18,498 | ||||||
Petroleo Brasileiro SA (ADR) | 60,309 | 642,291 | ||||||
Sao Martinho SA | 11,100 | 55,769 | ||||||
SLC Agricola SA | 6,865 | 60,886 | ||||||
Suzano SA | 23,700 | 218,824 | ||||||
Vale SA (ADR) | 141,087 | 2,394,246 | ||||||
Wheaton Precious Metals Corp. (USD) | 13,828 | 540,398 | ||||||
Yamana Gold, Inc. (USD) | 29,311 | 162,676 | ||||||
Yara International ASA (NOK) | 10,893 | 475,755 | ||||||
5,364,766 | ||||||||
British Virgin Islands: 0.0% | ||||||||
Lee & Man Paper Manufacturing Ltd. (HKD) | 34,500 | 15,130 | ||||||
Nine Dragons Paper Holdings Ltd. (HKD) | 45,957 | 41,784 | ||||||
56,914 | ||||||||
Canada: 8.9% | ||||||||
Agnico Eagle Mines Ltd. (USD) | 13,943 | 724,897 | ||||||
Alamos Gold, Inc. | 11,987 | 121,113 | ||||||
Algonquin Power & Utilities Corp. † | 7,278 | 47,376 | ||||||
AltaGas Ltd. † | 4,529 | 78,149 | ||||||
ARC Resources Ltd. † | 10,225 | 137,722 | ||||||
B2Gold Corp. † | 32,503 | 115,384 | ||||||
Ballard Power Systems, Inc. * † | 2,541 | 12,152 | ||||||
Barrick Gold Corp. (USD) | 53,637 | 921,484 | ||||||
Boralex, Inc. † | 1,076 | 31,781 | ||||||
Cameco Corp. (USD) | 12,738 | 288,770 | ||||||
Canadian Natural Resources Ltd. (USD) † | 18,303 | 1,016,366 | ||||||
Canadian Solar, Inc. (USD) * † | 538 | 16,624 | ||||||
Canadian Utilities Ltd. † | 1,937 | 52,394 | ||||||
Canfor Corp. * † | 1,768 | 27,806 | ||||||
Cenovus Energy, Inc. | 22,369 | 433,694 | ||||||
Emera, Inc. † | 4,346 | 165,988 | ||||||
Enbridge, Inc. (USD) | 32,790 | 1,282,089 | ||||||
Filo Mining Corp. * † | 2,478 | 42,503 | ||||||
First Majestic Silver Corp. † | 7,262 | 60,456 | ||||||
Franco-Nevada Corp. | 5,828 | 793,885 | ||||||
Innergex Renewable Energy, Inc. † | 1,615 | 19,309 | ||||||
Ivanhoe Mines Ltd. * † | 16,730 | 132,116 | ||||||
Kinross Gold Corp. (USD) | 38,111 | 155,874 | ||||||
Lundin Gold, Inc. | 2,668 | 26,051 | ||||||
Maple Leaf Foods, Inc. † | 5,260 | 94,916 | ||||||
Methanex Corp. | 739 | 27,958 | ||||||
Northland Power, Inc. | 2,600 | 71,248 | ||||||
Novagold Resources, Inc. (USD) * | 6,981 | 41,746 | ||||||
Nutrien Ltd. (USD) | 38,182 | 2,788,431 | ||||||
Osisko Gold Royalties Ltd. † | 5,618 | 67,667 |
See Notes to Financial Statements
37 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares |
Value | |||||||
Canada (continued) | ||||||||
Pan American Silver Corp. (USD) | 6,432 | $ | 105,099 | |||||
Pembina Pipeline Corp. † | 8,936 | 303,110 | ||||||
Sandstorm Gold Ltd. | 7,569 | 39,774 | ||||||
SNDL, Inc. (USD) * † | 16,794 | 35,099 | ||||||
SSR Mining, Inc. (USD) | 6,293 | 98,611 | ||||||
Stella-Jones, Inc. † | 1,878 | 67,250 | ||||||
Suncor Energy, Inc. (USD) | 22,119 | 701,836 | ||||||
TC Energy Corp. (USD) | 15,927 | 634,850 | ||||||
Teck Resources Ltd. (USD) | 14,844 | 561,400 | ||||||
Tourmaline Oil Corp. | 5,208 | 262,601 | ||||||
TransAlta Renewables, Inc. | 1,135 | 9,424 | ||||||
West Fraser Timber Co. Ltd. | 1,627 | 117,401 | ||||||
12,732,404 | ||||||||
Chile: 0.7% | ||||||||
Empresas CMPC SA | 32,253 | 53,603 | ||||||
Empresas Copec SA | 6,013 | 44,669 | ||||||
Lundin Mining Corp. (CAD) † | 19,397 | 118,963 | ||||||
Sociedad Quimica y Minera de Chile SA (ADR) | 10,120 | 807,981 | ||||||
1,025,216 | ||||||||
China: 1.5% | ||||||||
Aluminum Corp. of China Ltd. (HKD) | 112,000 | 47,398 | ||||||
Angang Steel Co. Ltd. (HKD) | 39,940 | 10,847 | ||||||
Astra Agro Lestari Tbk PT (IDR) | 27,700 | 14,277 | ||||||
Beijing Enterprises Water Group Ltd. (HKD) | 42,000 | 10,740 | ||||||
China Coal Energy Co. Ltd. (HKD) † | 32,200 | 26,146 | ||||||
China Gas Holdings Ltd. (HKD) | 43,600 | 63,192 | ||||||
China Hongqiao Group Ltd. (HKD) | 73,200 | 69,043 | ||||||
China Longyuan Power Group Corp. Ltd. (HKD) | 36,029 | 43,799 | ||||||
China Petroleum & Chemical Corp. (HKD) | 402,827 | 194,099 | ||||||
China Resources Gas Group Ltd. (HKD) | 14,400 | 53,723 | ||||||
China Shenhua Energy Co. Ltd. (HKD) | 54,591 | 157,269 | ||||||
CMOC Group Ltd. (HKD) * | 108,400 | 49,663 | ||||||
ENN Energy Holdings Ltd. (HKD) | 12,300 | 171,818 | ||||||
Hong Kong & China Gas Co. Ltd. (HKD) | 175,605 | 166,556 | ||||||
Jiangxi Copper Co. Ltd. (HKD) | 31,700 | 46,544 | ||||||
JinkoSolar Holding Co. Ltd. (ADR) * † | 532 | 21,748 | ||||||
Kunlun Energy Co. Ltd. (HKD) | 58,600 | 41,665 | ||||||
Maanshan Iron & Steel Co. Ltd. (HKD) † | 40,000 | 9,282 | ||||||
PetroChina Co. Ltd. (HKD) | 336,540 | 153,739 | ||||||
Power Assets Holdings Ltd. (HKD) | 21,900 | 119,702 | ||||||
Shandong Gold Mining Co. Ltd. (HKD) 144A | 21,150 | 39,085 |
Number of Shares |
Value | |||||||
China (continued) | ||||||||
United Tractors Tbk PT (IDR) | 24,500 | $ | 41,069 | |||||
Wilmar International Ltd. (SGD) | 73,164 | 227,627 | ||||||
Xinyi Solar Holdings Ltd. (HKD) | 48,000 | 52,820 | ||||||
Yankuang Energy Group Co. Ltd. (HKD) | 22,900 | 69,658 | ||||||
Zhaojin Mining Industry Co. Ltd. (HKD) * | 38,900 | 43,003 | ||||||
Zijin Mining Group Co. Ltd. (HKD) | 173,661 | 233,414 | ||||||
2,177,926 | ||||||||
Cyprus: 0.0% | ||||||||
Novolipetsk Steel PJSC (RUB) *∞ | 26,910 | 0 | ||||||
Czech Republic: 0.1% | ||||||||
CEZ AS | 2,528 | 86,009 | ||||||
Denmark: 0.5% | ||||||||
Bakkafrost P/F (NOK) | 3,514 | 218,162 | ||||||
Orsted AS 144A | 2,009 | 181,076 | ||||||
Vestas Wind Systems A/S | 10,439 | 303,593 | ||||||
702,831 | ||||||||
Egypt: 0.1% | ||||||||
Abou Kir Fertilizers & Chemical Industries | 20,394 | 32,016 | ||||||
Centamin Plc (GBP) | 35,066 | 47,679 | ||||||
79,695 | ||||||||
Finland: 0.9% | ||||||||
Kemira Oyj | 3,029 | 46,340 | ||||||
Metsa Board Oyj | 4,956 | 46,421 | ||||||
Neste Oyj | 6,838 | 314,405 | ||||||
Stora Enso Oyj | 17,021 | 239,270 | ||||||
UPM-Kymmene Oyj | 15,647 | 583,782 | ||||||
1,230,218 | ||||||||
France: 1.9% | ||||||||
Electricite de France SA | 5,579 | 71,411 | ||||||
Eramet SA | 239 | 21,442 | ||||||
Neoen SA 144A | 543 | 21,893 | ||||||
TotalEnergies SE † | 38,991 | 2,440,270 | ||||||
Veolia Environnement SA | 7,226 | 185,113 | ||||||
Voltalia SA * | 688 | 12,512 | ||||||
2,752,641 | ||||||||
Germany: 3.1% | ||||||||
Aurubis AG | 878 | 71,256 | ||||||
Bayer AG | 69,609 | 3,572,068 | ||||||
E.ON SE | 23,584 | 233,771 | ||||||
Encavis AG | 1,239 | 24,427 | ||||||
K+S AG | 13,564 | 266,600 | ||||||
Nordex SE * | 1,557 | 21,848 | ||||||
Siemens Energy AG | 6,869 | 128,588 | ||||||
Suedzucker AG | 4,262 | 74,161 | ||||||
VERBIO Vereinigte BioEnergie AG | 208 | 13,445 | ||||||
4,406,164 | ||||||||
Greece: 0.0% | ||||||||
Terna Energy SA | 562 | 12,236 |
See Notes to Financial Statements
38 |
Number of Shares |
Value | |||||||
Hungary: 0.0% | ||||||||
MOL Hungarian Oil & Gas Plc | 5,972 | $ | 41,374 | |||||
India: 1.1% | ||||||||
Reliance Industries Ltd. (USD) 144A (GDR) | 25,744 | 1,579,235 | ||||||
Indonesia: 0.3% | ||||||||
Adaro Energy Indonesia Tbk PT | 211,100 | 52,292 | ||||||
Aneka Tambang Tbk | 248,100 | 31,573 | ||||||
Golden Agri-Resources Ltd. (SGD) | 444,319 | 82,812 | ||||||
Indah Kiat Pulp & Paper Tbk PT | 77,100 | 43,200 | ||||||
Merdeka Copper Gold Tbk PT * | 412,047 | 108,860 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 37,900 | 17,156 | ||||||
Vale Indonesia Tbk PT * | 60,500 | 27,521 | ||||||
363,414 | ||||||||
Ireland: 0.2% | ||||||||
Smurfit Kappa Group Plc (GBP) | 7,799 | 285,958 | ||||||
Israel: 0.3% | ||||||||
Energix-Renewable Energies Ltd. | 2,717 | 8,530 | ||||||
Enlight Renewable Energy Ltd. * | 10,368 | 21,004 | ||||||
ICL Group Ltd. | 50,739 | 365,220 | ||||||
394,754 | ||||||||
Italy: 0.5% | ||||||||
ACEA SpA | 409 | 5,636 | ||||||
Eni SpA | 36,575 | 518,522 | ||||||
ERG SpA | 592 | 18,293 | ||||||
Snam SpA | 33,161 | 160,312 | ||||||
702,763 | ||||||||
Japan: 2.4% | ||||||||
Chubu Electric Power Co., Inc. | 10,000 | 102,852 | ||||||
Daio Paper Corp. | 2,300 | 17,552 | ||||||
ENEOS Holdings, Inc. | 45,600 | 154,457 | ||||||
Idemitsu Kosan Co. Ltd. | 3,200 | 74,517 | ||||||
Inpex Corp. † | 14,900 | 159,251 | ||||||
JFE Holdings, Inc. | 13,664 | 157,703 | ||||||
Kubota Corp. † | 66,000 | 896,837 | ||||||
Kumiai Chemical Industry Co. Ltd. | 4,900 | 33,395 | ||||||
Kurita Water Industries Ltd. † | 1,065 | 43,755 | ||||||
Maruha Nichiro Corp. | 2,436 | 46,106 | ||||||
NH Foods Ltd. | 5,500 | 152,734 | ||||||
Nihon Nohyaku Co. Ltd. † | 2,200 | 11,960 | ||||||
Nippon Sanso Holdings Corp. | 2,500 | 36,020 | ||||||
Nippon Steel Corp. | 22,600 | 390,040 | ||||||
Nissan Chemical Corp. | 7,800 | 338,319 | ||||||
Nisshin Seifun Group, Inc. | 12,750 | 159,386 | ||||||
Nissui Corp. | 19,214 | 79,599 | ||||||
Oji Holdings Corp. | 23,176 | 93,107 |
Number of Shares |
Value | |||||||
Japan (continued) | ||||||||
Sakata Seed Corp. | 2,000 | $ | 65,942 | |||||
Sumitomo Forestry Co. Ltd. † | 4,083 | 71,774 | ||||||
Sumitomo Metal Mining Co. Ltd. | 6,600 | 230,677 | ||||||
Tokyo Gas Co. Ltd. | 6,000 | 116,851 | ||||||
3,432,834 | ||||||||
Kazakhstan: 0.0% | ||||||||
NAC Kazatomprom JSC (USD) (GDR) | 1,914 | 53,752 | ||||||
Liechtenstein: 0.1% | ||||||||
Antofagasta Plc (GBP) | 10,126 | 188,082 | ||||||
Luxembourg: 0.3% | ||||||||
ArcelorMittal SA | 14,321 | 376,689 | ||||||
Malaysia: 0.5% | ||||||||
IOI Corp. Bhd | 159,194 | 146,503 | ||||||
Kuala Lumpur Kepong Bhd | 28,378 | 144,229 | ||||||
Petronas Dagangan Bhd | 3,700 | 19,319 | ||||||
Petronas Gas Bhd | 10,900 | 42,351 | ||||||
PPB Group Bhd | 32,300 | 127,880 | ||||||
Press Metal Aluminium Holdings Bhd | 100,100 | 110,906 | ||||||
QL Resources Bhd | 68,300 | 85,433 | ||||||
United Plantations BHD | 11,200 | 38,900 | ||||||
715,521 | ||||||||
Mexico: 0.6% | ||||||||
Fresnillo Plc (GBP) | 5,498 | 59,772 | ||||||
Gruma SAB de CV | 12,810 | 171,398 | ||||||
Grupo Mexico SAB de CV | 91,264 | 320,382 | ||||||
Industrias Penoles SAB de CV * | 5,732 | 70,494 | ||||||
Southern Copper Corp. (USD) | 2,520 | 152,183 | ||||||
774,229 | ||||||||
Netherlands: 0.7% | ||||||||
OCI NV † | 6,360 | 226,706 | ||||||
Tenaris SA (ADR) | 17,427 | 612,733 | ||||||
Ternium SA (ADR) † | 5,796 | 177,126 | ||||||
1,016,565 | ||||||||
Norway: 1.3% | ||||||||
Aker BP ASA | 6,448 | 199,320 | ||||||
Austevoll Seafood ASA | 6,144 | 55,109 | ||||||
Equinor ASA | 15,774 | 563,802 | ||||||
Mowi ASA | 28,525 | 483,400 | ||||||
NEL ASA * † | 16,589 | 23,365 | ||||||
Norsk Hydro ASA | 39,450 | 293,163 | ||||||
Salmar ASA | 5,917 | 230,767 | ||||||
Var Energi ASA † | 6,548 | 22,481 | ||||||
1,871,407 | ||||||||
Peru: 0.1% | ||||||||
Cia de Minas Buenaventura SAA (ADR) | 8,425 | 62,766 | ||||||
Poland: 0.2% | ||||||||
KGHM Polska Miedz SA | 4,027 | 117,005 | ||||||
Polski Koncern Naftowy ORLEN SA | 9,432 | 138,414 | ||||||
255,419 |
See Notes to Financial Statements
39 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares |
Value | |||||||
Portugal: 0.1% | ||||||||
EDP Renovaveis SA | 2,561 | $ | 56,264 | |||||
Galp Energia SGPS SA | 7,957 | 107,024 | ||||||
Navigator Co. SA | 6,437 | 23,729 | ||||||
187,017 | ||||||||
Russia: 0.0% | ||||||||
Evraz Plc (GBP) *∞ | 10,824 | 0 | ||||||
Gazprom PJSC ∞ | 125,520 | 0 | ||||||
LUKOIL PJSC ∞ | 3,739 | 0 | ||||||
MMC Norilsk Nickel PJSC ∞ | 1,284 | 0 | ||||||
MMC Norilsk Nickel PJSC (ADR) ∞ | 17 | 0 | ||||||
Novatek PJSC ∞ | 19,580 | 0 | ||||||
PhosAgro PJSC ∞ | 4,623 | 0 | ||||||
PhosAgro PJSC (USD) (GDR) ∞ | 89 | 0 | ||||||
PhosAgro PJSC (USD) (GDR) ∞ | 1 | 0 | ||||||
Polyus PJSC (USD) (GDR) *∞ | 1,669 | 0 | ||||||
Ros Agro Plc (USD) (GDR) ∞ | 4,076 | 0 | ||||||
Rosneft Oil Co. PJSC ∞ | 13,000 | 0 | ||||||
Severstal PAO (USD) (GDR) *∞ | 4,118 | 0 | ||||||
Surgutneftegas PJSC ∞ | 371,430 | 0 | ||||||
Tatneft PJSC (ADR) ∞ | 2,680 | 0 | ||||||
0 | ||||||||
Saudi Arabia: 0.0% | ||||||||
S-Oil Corp. (KRW) | 667 | 44,392 | ||||||
Singapore: 0.2% | ||||||||
Charoen Pokphand Indonesia Tbk PT (IDR) | 516,800 | 187,593 | ||||||
First Resources Ltd. | 25,400 | 28,093 | ||||||
Keppel Infrastructure Trust | 43,500 | 17,523 | ||||||
Olam Group Ltd. | 61,709 | 67,249 | ||||||
300,458 | ||||||||
South Africa: 2.0% | ||||||||
African Rainbow Minerals Ltd. | 3,127 | 52,765 | ||||||
Anglo American Platinum Ltd. | 1,742 | 145,179 | ||||||
Anglo American Plc (GBP) | 37,328 | 1,454,445 | ||||||
Astral Foods Ltd. | 2,750 | 26,304 | ||||||
Gold Fields Ltd. (ADR) † | 27,320 | 282,762 | ||||||
Harmony Gold Mining Co. Ltd. (ADR) | 18,939 | 64,393 | ||||||
Impala Platinum Holdings Ltd. | 26,004 | 326,332 | ||||||
Northam Platinum Holdings Ltd. * | 9,117 | 100,295 | ||||||
Omnia Holdings Ltd. | 11,850 | 43,569 | ||||||
Royal Bafokeng Platinum Ltd. | 1,966 | 19,161 | ||||||
Sasol Ltd. | 9,416 | 150,057 | ||||||
Sibanye Stillwater Ltd. | 84,188 | 222,890 | ||||||
2,888,152 | ||||||||
South Korea: 0.6% | ||||||||
Coway Co. Ltd. * | 576 | 25,574 | ||||||
CS Wind Corp. | 253 | 13,878 | ||||||
Hyundai Steel Co. * | 2,452 | 59,765 |
Number of Shares |
Value | |||||||
South Korea (continued) | ||||||||
Korea Zinc Co. Ltd. * | 271 | $ | 121,449 | |||||
POSCO Holdings, Inc. | 2,123 | 464,622 | ||||||
SK Innovation Co. Ltd. * | 860 | 105,063 | ||||||
SK, Inc. | 590 | 88,507 | ||||||
878,858 | ||||||||
Spain: 1.1% | ||||||||
Atlantica Sustainable Infrastructure Plc (USD) | 694 | 17,975 | ||||||
Enagas SA † | 3,682 | 61,043 | ||||||
Iberdrola SA | 102,906 | 1,197,681 | ||||||
Repsol SA | 21,197 | 336,384 | ||||||
1,613,083 | ||||||||
Sweden: 0.8% | ||||||||
Billerud AB | 6,724 | 82,145 | ||||||
Boliden AB | 7,926 | 298,156 | ||||||
Epiroc AB | 9,887 | 180,299 | ||||||
Holmen AB | 2,730 | 108,664 | ||||||
Husqvarna AB | 29,145 | 204,999 | ||||||
SSAB AB | 18,130 | 94,579 | ||||||
Svenska Cellulosa AB SCA | 18,047 | 228,896 | ||||||
1,197,738 | ||||||||
Taiwan: 0.4% | ||||||||
China Steel Corp. | 340,472 | 329,913 | ||||||
Formosa Petrochemical Corp. | 18,920 | 49,387 | ||||||
Sinon Corp. | 28,000 | 33,152 | ||||||
Taiwan Fertilizer Co. Ltd. | 50,200 | 87,306 | ||||||
499,758 | ||||||||
Tanzania: 0.2% | ||||||||
AngloGold Ashanti Ltd. (ADR) | 12,829 | 249,139 | ||||||
Thailand: 0.3% | ||||||||
B Grimm Power PCL (NVDR) | 10,100 | 11,603 | ||||||
Energy Absolute PCL (NVDR) | 14,200 | 39,686 | ||||||
PTT Exploration & Production PCL (NVDR) | 21,700 | 110,510 | ||||||
PTT PCL (NVDR) | 222,400 | 213,412 | ||||||
SCG Packaging PCL (NVDR) | 34,000 | 55,916 | ||||||
431,127 | ||||||||
Turkey: 0.5% | ||||||||
Eldorado Gold Corp. (USD) * | 5,619 | 46,975 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 49,220 | 108,055 | ||||||
Gubre Fabrikalari TAS * | 3,665 | 51,746 | ||||||
Hektas Ticaret TAS * | 174,435 | 350,114 | ||||||
Iskenderun Demir ve Celik AS | 4,382 | 7,769 | ||||||
Koza Altin Isletmeleri AS | 1,402 | 42,318 | ||||||
Turkiye Petrol Rafinerileri AS * | 2,393 | 67,757 | ||||||
674,734 | ||||||||
United Kingdom: 5.0% | ||||||||
BP Plc | 287,177 | 1,648,703 | ||||||
Centrica Plc | 93,822 | 108,575 | ||||||
CNH Industrial NV (USD) | 67,794 | 1,088,772 | ||||||
DS Smith Plc | 39,946 | 153,317 | ||||||
Endeavour Mining Plc (CAD) | 5,588 | 119,517 | ||||||
Kumba Iron Ore Ltd. (ZAR) † | 1,653 | 47,677 | ||||||
Mondi Plc | 14,397 | 242,248 |
See Notes to Financial Statements
40 |
Number of Shares |
Value | |||||||
United Kingdom (continued) | ||||||||
Pennon Group Plc | 2,772 | $ | 29,654 | |||||
Severn Trent Plc | 2,501 | 79,502 | ||||||
Shell Plc | 112,444 | 3,154,026 | ||||||
SSE Plc | 17,053 | 348,973 | ||||||
United Utilities Group Plc | 7,135 | 84,825 | ||||||
7,105,789 | ||||||||
United States: 49.7% | ||||||||
A.O. Smith Corp. | 1,329 | 76,072 | ||||||
Advanced Drainage Systems, Inc. | 786 | 64,428 | ||||||
AGCO Corp. | 4,377 | 607,046 | ||||||
Alcoa Corp. | 5,178 | 235,444 | ||||||
Ameresco, Inc. * † | 338 | 19,313 | ||||||
American States Water Co. | 391 | 36,187 | ||||||
American Vanguard Corp. | 1,957 | 42,486 | ||||||
American Water Works Co., Inc. | 1,933 | 294,628 | ||||||
Andersons, Inc. | 2,223 | 77,783 | ||||||
Antero Resources Corp. * | 4,423 | 137,069 | ||||||
APA Corp. | 5,191 | 242,316 | ||||||
Archer-Daniels-Midland Co. | 38,679 | 3,591,345 | ||||||
ATI, Inc. * | 3,776 | 112,751 | ||||||
Atmos Energy Corp. | 2,265 | 253,839 | ||||||
Baker Hughes Co. | 16,157 | 477,116 | ||||||
Benson Hill, Inc. * † | 11,153 | 28,440 | ||||||
Boise Cascade Co. | 1,173 | 80,550 | ||||||
Bunge Ltd. | 10,523 | 1,049,880 | ||||||
California Water Service Group | 579 | 35,111 | ||||||
Cal-Maine Foods, Inc. | 2,733 | 148,812 | ||||||
CF Industries Holdings, Inc. | 13,833 | 1,178,572 | ||||||
Cheniere Energy, Inc. | 3,972 | 595,641 | ||||||
Chesapeake Energy Corp. † | 1,816 | 171,376 | ||||||
Chevron Corp. | 31,345 | 5,626,114 | ||||||
Chord Energy Corp. | 634 | 86,738 | ||||||
Civitas Resources, Inc. | 1,179 | 68,299 | ||||||
Clearway Energy, Inc. | 862 | 27,472 | ||||||
Cleveland-Cliffs, Inc. * † | 14,944 | 240,748 | ||||||
Commercial Metals Co. | 3,406 | 164,510 | ||||||
ConocoPhillips | 20,185 | 2,381,830 | ||||||
Corteva, Inc. | 50,541 | 2,970,800 | ||||||
Coterra Energy, Inc. | 12,504 | 307,223 | ||||||
Darling Ingredients, Inc. * | 11,235 | 703,199 | ||||||
Deere & Co. | 19,799 | 8,489,019 | ||||||
Devon Energy Corp. | 10,505 | 646,163 | ||||||
Diamondback Energy, Inc. | 2,697 | 368,896 | ||||||
Elanco Animal Health, Inc. * | 33,453 | 408,796 | ||||||
EOG Resources, Inc. | 9,491 | 1,229,274 | ||||||
EQT Corp. | 5,646 | 191,004 | ||||||
Essential Utilities, Inc. | 2,790 | 133,167 | ||||||
Evoqua Water Technologies Corp. * | 1,279 | 50,648 | ||||||
Exxon Mobil Corp. | 66,669 | 7,353,591 | ||||||
Farmland Partners, Inc. | 3,562 | 44,383 | ||||||
First Solar, Inc. * | 1,064 | 159,377 | ||||||
FMC Corp. | 8,880 | 1,108,224 | ||||||
Franklin Electric Co., Inc. | 412 | 32,857 | ||||||
Freeport-McMoRan, Inc. | 41,621 | 1,581,598 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Fresh Del Monte Produce, Inc. | 2,663 | $ | 69,744 | |||||
FuelCell Energy, Inc. * † | 4,315 | 11,996 | ||||||
Graphic Packaging Holding Co. | 9,152 | 203,632 | ||||||
Green Plains, Inc. * | 609 | 18,574 | ||||||
Halliburton Co. | 14,675 | 577,461 | ||||||
Hecla Mining Co. | 17,245 | 95,882 | ||||||
Hess Corp. | 4,510 | 639,608 | ||||||
HF Sinclair Corp. | 2,520 | 130,763 | ||||||
Howmet Aerospace, Inc. | 12,117 | 477,531 | ||||||
Imperial Oil Ltd. † | 2,979 | 145,196 | ||||||
Ingredion, Inc. | 4,476 | 438,335 | ||||||
International Paper Co. | 10,626 | 367,978 | ||||||
Intrepid Potash, Inc. * | 652 | 18,823 | ||||||
Itron, Inc. * | 477 | 24,160 | ||||||
Kinder Morgan, Inc. | 31,843 | 575,721 | ||||||
Lindsay Corp. | 772 | 125,720 | ||||||
Louisiana-Pacific Corp. | 2,125 | 125,800 | ||||||
LSB Industries, Inc. * | 3,935 | 52,335 | ||||||
Marathon Oil Corp. | 10,265 | 277,874 | ||||||
Marathon Petroleum Corp. | 7,583 | 882,585 | ||||||
Matador Resources Co. | 1,761 | 100,800 | ||||||
Mission Produce, Inc. * | 2,982 | 34,651 | ||||||
Mosaic Co. | 24,055 | 1,055,293 | ||||||
Murphy Oil Corp. | 2,399 | 103,181 | ||||||
Murphy USA, Inc. | 292 | 81,626 | ||||||
National Fuel Gas Co. | 1,417 | 89,696 | ||||||
New Fortress Energy, Inc. † | 1,273 | 54,001 | ||||||
Newmont Corp. | 24,300 | 1,146,960 | ||||||
NextEra Energy, Inc. | 21,080 | 1,762,288 | ||||||
NiSource, Inc. | 6,558 | 179,820 | ||||||
NOV, Inc. | 6,328 | 132,192 | ||||||
Nucor Corp. † | 7,523 | 991,607 | ||||||
Occidental Petroleum Corp. | 14,699 | 925,890 | ||||||
ONEOK, Inc. | 7,200 | 473,040 | ||||||
Ormat Technologies, Inc. † | 596 | 51,542 | ||||||
Ovintiv, Inc. | 4,010 | 203,347 | ||||||
Packaging Corp. of America | 2,730 | 349,194 | ||||||
PDC Energy, Inc. | 1,475 | 93,633 | ||||||
Pentair Plc | 1,747 | 78,580 | ||||||
PG&E Corp. * | 34,019 | 553,149 | ||||||
Phillips 66 | 7,646 | 795,796 | ||||||
Pilgrim’s Pride Corp. * | 2,818 | 66,871 | ||||||
Pioneer Natural Resources Co. | 3,727 | 851,210 | ||||||
Plug Power, Inc. * † | 5,513 | 68,196 | ||||||
PotlatchDeltic Corp. | 2,379 | 104,652 | ||||||
Primo Water Corp. | 1,650 | 25,641 | ||||||
Range Resources Corp. | 3,813 | 95,401 | ||||||
Rayonier, Inc. | 4,373 | 144,134 | ||||||
Reliance Steel & Aluminum Co. | 1,714 | 346,982 | ||||||
Reliance Worldwide Corp. Ltd. (AUD) | 7,197 | 14,332 | ||||||
Royal Gold, Inc. | 2,006 | 226,116 | ||||||
Schlumberger Ltd. | 22,950 | 1,226,907 | ||||||
Scotts Miracle-Gro Co. † | 2,881 | 139,988 |
See Notes to Financial Statements
41 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Seaboard Corp. | 18 | $ | 67,954 | |||||
SJW Group | 285 | 23,139 | ||||||
SolarEdge Technologies, Inc. * | 586 | 165,996 | ||||||
Southern Co. | 17,615 | 1,257,887 | ||||||
Southwestern Energy Co. * | 15,905 | 93,044 | ||||||
Steel Dynamics, Inc. | 4,873 | 476,092 | ||||||
SunPower Corp. * † | 886 | 15,975 | ||||||
Sylvamo Corp. | 1,129 | 54,858 | ||||||
Targa Resources Corp. | 3,595 | 264,232 | ||||||
The Williams Companies, Inc. | 19,710 | 648,459 | ||||||
Toro Co. | 7,351 | 832,133 | ||||||
Tractor Supply Co. | 7,797 | 1,754,091 | ||||||
Tyson Foods, Inc. | 19,969 | 1,243,070 | ||||||
UGI Corp. | 3,379 | 125,260 | ||||||
United States Steel Corp. | 6,832 | 171,142 | ||||||
Valero Energy Corp. | 6,226 | 789,830 | ||||||
Vital Farms, Inc. * | 1,788 | 26,677 | ||||||
Watts Water Technologies, Inc. | 286 | 41,822 | ||||||
Westrock Co. | 7,556 | 265,669 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Weyerhaeuser Co. | 22,098 | $ | 685,038 | |||||
Xylem, Inc. | 1,914 | 211,631 | ||||||
70,970,568 | ||||||||
Zambia: 0.2% | ||||||||
First Quantum Minerals Ltd. (CAD) | 16,392 | 342,249 | ||||||
Total
Common Stocks (Cost: $129,019,248) |
143,000,413 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4% | ||||||||
Money
Market Fund: 2.4% (Cost: $3,416,156) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 3,416,156 | 3,416,156 | ||||||
Total
Investments: 102.6% (Cost: $132,435,404) |
146,416,569 | |||||||
Liabilities in excess of other assets: (2.6)% | (3,733,076 | ) | ||||||
NET ASSETS: 100.0% | $ | 142,683,493 |
Definitions:
ADR | American Depositary Receipt |
AUD | Australia Dollar |
CAD | Canadian Dollar GBP British Pound |
GDR | Global Depositary Receipt |
HKD | Hong Kong Dollar |
IDR | Indonesian Rupiah |
KRW | Korean Won |
NOK | Norwegian Krone |
NVDR | Non-Voting Depositary Receipt |
RUB | Russian Ruble |
SGD | Singapore Dollar |
USD | United States Dollar |
ZAR | South African Rand |
Footnotes:
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $6,835,434. |
∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
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 $1,821,289, or 1.3% of net assets. |
See Notes to Financial Statements
42 |
Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Energy | 35.3 | % | $ | 50,538,808 | ||||
Materials | 34.7 | 49,605,957 | ||||||
Industrials | 10.1 | 14,426,972 | ||||||
Consumer Staples | 7.8 | 11,198,318 | ||||||
Utilities | 6.9 | 9,820,844 | ||||||
Health Care | 2.8 | 4,015,964 | ||||||
Consumer Discretionary | 1.4 | 1,933,065 | ||||||
Real Estate | 0.7 | 1,019,760 | ||||||
Information Technology | 0.3 | 440,725 | ||||||
100.0 | % | $ | 143,000,413 |
See Notes to Financial Statements
43 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Argentina | $ | 77,004 | $ | — | $ | — | $ | 77,004 | ||||||||
Australia | — | 12,329,538 | — | 12,329,538 | ||||||||||||
Austria | — | 469,027 | — | 469,027 | ||||||||||||
Brazil | 4,254,459 | 1,110,307 | — | 5,364,766 | ||||||||||||
British Virgin Islands | — | 56,914 | — | 56,914 | ||||||||||||
Canada | 12,732,404 | — | — | 12,732,404 | ||||||||||||
Chile | 1,025,216 | — | — | 1,025,216 | ||||||||||||
China | 21,748 | 2,156,178 | — | 2,177,926 | ||||||||||||
Cyprus | — | — | 0 | 0 | ||||||||||||
Czech Republic | 86,009 | — | — | 86,009 | ||||||||||||
Denmark | — | 702,831 | — | 702,831 | ||||||||||||
Egypt | — | 79,695 | — | 79,695 | ||||||||||||
Finland | — | 1,230,218 | — | 1,230,218 | ||||||||||||
France | — | 2,752,641 | — | 2,752,641 | ||||||||||||
Germany | — | 4,406,164 | — | 4,406,164 | ||||||||||||
Greece | — | 12,236 | — | 12,236 | ||||||||||||
Hungary | — | 41,374 | — | 41,374 | ||||||||||||
India | — | 1,579,235 | — | 1,579,235 | ||||||||||||
Indonesia | — | 363,414 | — | 363,414 | ||||||||||||
Ireland | — | 285,958 | — | 285,958 | ||||||||||||
Israel | — | 394,754 | — | 394,754 | ||||||||||||
Italy | — | 702,763 | — | 702,763 | ||||||||||||
Japan | — | 3,432,834 | — | 3,432,834 | ||||||||||||
Kazakhstan | — | 53,752 | — | 53,752 | ||||||||||||
Liechtenstein | — | 188,082 | — | 188,082 | ||||||||||||
Luxembourg | — | 376,689 | — | 376,689 | ||||||||||||
Malaysia | 232,632 | 482,889 | — | 715,521 | ||||||||||||
Mexico | 714,457 | 59,772 | — | 774,229 | ||||||||||||
Netherlands | 789,859 | 226,706 | — | 1,016,565 | ||||||||||||
Norway | — | 1,871,407 | — | 1,871,407 | ||||||||||||
Peru | 62,766 | — | — | 62,766 | ||||||||||||
Poland | — | 255,419 | — | 255,419 | ||||||||||||
Portugal | — | 187,017 | — | 187,017 | ||||||||||||
Russia | — | — | 0 | 0 | ||||||||||||
Saudi Arabia | — | 44,392 | — | 44,392 | ||||||||||||
Singapore | — | 300,458 | — | 300,458 | ||||||||||||
South Africa | 517,323 | 2,370,829 | — | 2,888,152 | ||||||||||||
South Korea | — | 878,858 | — | 878,858 | ||||||||||||
Spain | 17,975 | 1,595,108 | — | 1,613,083 | ||||||||||||
Sweden | — | 1,197,738 | — | 1,197,738 | ||||||||||||
Taiwan | — | 499,758 | — | 499,758 | ||||||||||||
Tanzania | 249,139 | — | — | 249,139 | ||||||||||||
Thailand | — | 431,127 | — | 431,127 | ||||||||||||
Turkey | 98,721 | 576,013 | — | 674,734 | ||||||||||||
United Kingdom | 1,208,289 | 5,897,500 | — | 7,105,789 | ||||||||||||
United States | 70,956,236 | 14,332 | — | 70,970,568 | ||||||||||||
Zambia | 342,249 | — | — | 342,249 | ||||||||||||
Money Market Fund | 3,416,156 | — | — | 3,416,156 | ||||||||||||
Total Investments | $ | 96,802,642 | $ | 49,613,927 | $ | 0 | $ | 146,416,569 |
See Notes to Financial Statements
44 |
SCHEDULE OF INVESTMENTS
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.1% | ||||||||
Australia: 3.2% | ||||||||
Ampol Ltd. † | 65,446 | $ | 1,253,043 | |||||
Austria: 4.6% | ||||||||
OMV AG | 34,788 | 1,784,178 | ||||||
Finland: 5.5% | ||||||||
Neste Oyj | 46,266 | 2,127,269 | ||||||
Greece: 1.6% | ||||||||
Motor Oil Hellas Corinth Refineries SA | 26,561 | 616,775 | ||||||
Hungary: 3.6% | ||||||||
MOL Hungarian Oil & Gas Plc | 200,038 | 1,385,871 | ||||||
India: 7.5% | ||||||||
Reliance Industries Ltd. (USD) 144A (GDR) | 47,661 | 2,923,706 | ||||||
Japan: 11.0% | ||||||||
Cosmo Energy Holdings Co. Ltd. | 22,200 | 584,497 | ||||||
ENEOS Holdings, Inc. | 577,900 | 1,957,474 | ||||||
Idemitsu Kosan Co. Ltd. | 75,268 | 1,752,727 | ||||||
4,294,698 | ||||||||
Poland: 5.4% | ||||||||
Polski Koncern Naftowy ORLEN SA | 144,860 | 2,125,808 | ||||||
Portugal: 4.8% | ||||||||
Galp Energia SGPS SA | 140,230 | 1,886,134 |
Number of Shares |
Value | |||||||
Saudi Arabia: 2.4% | ||||||||
S-Oil Corp. (KRW) | 14,233 | $ | 947,280 | |||||
South Korea: 6.7% | ||||||||
HD Hyundai Co. Ltd. | 20,661 | 935,069 | ||||||
SK Innovation Co. Ltd. * | 13,775 | 1,682,847 | ||||||
2,617,916 | ||||||||
Taiwan: 4.3% | ||||||||
Formosa Petrochemical Corp. | 638,000 | 1,665,388 | ||||||
Thailand: 3.3% | ||||||||
IRPC PCL (NVDR) | 4,899,400 | 426,727 | ||||||
Thai Oil PCL (NVDR) | 535,600 | 868,178 | ||||||
1,294,905 | ||||||||
Turkey: 4.1% | ||||||||
Turkiye Petrol Rafinerileri AS * | 56,396 | 1,596,825 | ||||||
United States: 32.1% | ||||||||
CVR Energy, Inc. | 12,709 | 398,300 | ||||||
Delek US Holdings, Inc. | 22,786 | 615,222 | ||||||
HF Sinclair Corp. | 33,499 | 1,738,263 | ||||||
Marathon Petroleum Corp. | 27,963 | 3,254,614 | ||||||
PBF Energy, Inc. | 29,181 | 1,190,001 | ||||||
Phillips 66 | 25,890 | 2,694,631 | ||||||
Valero Energy Corp. | 20,604 | 2,613,823 | ||||||
12,504,854 | ||||||||
Total Common Stocks (Cost: $39,000,463) |
39,024,650 | |||||||
Total Investments: 100.1% (Cost: $39,000,463) |
39,024,650 | |||||||
Liabilities in excess of other assets: (0.1)% | (32,935 | ) | ||||||
NET ASSETS: 100.0% | $ | 38,991,715 |
Definitions:
GDR | Global Depositary Receipt |
KRW | Korean Won |
NVDR | Non-Voting Depositary Receipt |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $56,309. |
* | 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 $2,923,706, or 7.5% of net assets. |
Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Energy | 100.0 | % | $ | 39,024,650 |
See Notes to Financial Statements
45 |
VANECK OIL REFINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 1,253,043 | $ | — | $ | 1,253,043 | ||||||||
Austria | — | 1,784,178 | — | 1,784,178 | ||||||||||||
Finland | — | 2,127,269 | — | 2,127,269 | ||||||||||||
Greece | — | 616,775 | — | 616,775 | ||||||||||||
Hungary | — | 1,385,871 | — | 1,385,871 | ||||||||||||
India | — | 2,923,706 | — | 2,923,706 | ||||||||||||
Japan | — | 4,294,698 | — | 4,294,698 | ||||||||||||
Poland | — | 2,125,808 | — | 2,125,808 | ||||||||||||
Portugal | — | 1,886,134 | — | 1,886,134 | ||||||||||||
Saudi Arabia | — | 947,280 | — | 947,280 | ||||||||||||
South Korea | — | 2,617,916 | — | 2,617,916 | ||||||||||||
Taiwan | — | 1,665,388 | — | 1,665,388 | ||||||||||||
Thailand | — | 1,294,905 | — | 1,294,905 | ||||||||||||
Turkey | — | 1,596,825 | — | 1,596,825 | ||||||||||||
United States | 12,504,854 | — | — | 12,504,854 | ||||||||||||
Total Investments | $ | 12,504,854 | $ | 26,519,796 | $ | — | $ | 39,024,650 |
See Notes to Financial Statements
46 |
SCHEDULE OF INVESTMENTS
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Bermuda: 4.6% | ||||||||
Valaris Ltd. (USD) * | 1,757,766 | $ | 118,860,137 | |||||
Netherlands: 5.0% | ||||||||
Tenaris SA (ADR) † | 3,685,033 | 129,565,760 | ||||||
United Kingdom: 4.4% | ||||||||
TechnipFMC Plc (USD) * | 9,354,759 | 114,034,512 | ||||||
United States: 86.0% | ||||||||
Baker Hughes Co. | 7,362,106 | 217,402,990 | ||||||
Cactus, Inc. | 1,940,081 | 97,508,471 | ||||||
ChampionX Corp. | 3,788,971 | 109,842,269 | ||||||
Core Laboratories NV † | 995,140 | 20,171,488 | ||||||
Dril-Quip, Inc. * | 824,981 | 22,414,734 | ||||||
Expro Group Holdings NV * † | 2,800,366 | 50,770,636 | ||||||
Halliburton Co. | 7,702,315 | 303,086,095 | ||||||
Helix Energy Solutions Group, Inc. * | 4,633,767 | 34,197,200 | ||||||
Helmerich & Payne, Inc. | 2,346,389 | 116,310,503 | ||||||
Liberty Energy, Inc. | 4,169,787 | 66,758,290 | ||||||
Nabors Industries Ltd. * | 345,754 | 53,546,922 | ||||||
NexTier Oilfield Solutions, Inc. * | 7,845,153 | 72,489,214 | ||||||
NOV, Inc. | 5,843,850 | 122,078,026 | ||||||
Oceaneering International, Inc. * | 3,012,233 | 52,683,955 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Oil States International, Inc. * | 2,133,219 | $ | 15,913,814 | |||||
Patterson-UTI Energy, Inc. | 6,617,669 | 111,441,546 | ||||||
ProPetro Holding Corp. * | 2,895,403 | 30,025,329 | ||||||
RPC, Inc. | 4,648,954 | 41,329,201 | ||||||
Schlumberger Ltd. | 9,542,602 | 510,147,503 | ||||||
Select Energy Services, Inc. | 3,274,911 | 30,260,178 | ||||||
Transocean Ltd. * † | 25,131,307 | 114,598,760 | ||||||
US Silica Holdings, Inc. * | 2,310,730 | 28,884,125 | ||||||
2,221,861,249 | ||||||||
Total
Common Stocks (Cost: $2,499,084,561) |
2,584,321,658 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9% | ||||||||
Money
Market Fund: 0.9% (Cost: $22,295,028) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 22,295,028 | 22,295,028 | ||||||
Total Investments: 100.9% (Cost: $2,521,379,589) |
2,606,616,686 | |||||||
Liabilities in excess of other assets: (0.9)% | (22,229,216 | ) | ||||||
NET ASSETS: 100.0% | $ | 2,584,387,470 |
Definitions:
ADR | American Depositary Receipt |
USD | United States Dollar |
Footnotes:
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $85,090,759. |
Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
%
of Investments |
Value | ||||||
Oil & Gas Equipment & Services | 80.1 | % | $ | 2,069,563,790 | ||||
Oil & Gas Drilling | 19.9 | 514,757,868 | ||||||
100.0 | % | $ | 2,584,321,658 |
See Notes to Financial Statements
47 |
VANECK OIL SERVICES ETF
SCHEDULE OF INVESTMENTS
(continued)
Transactions in securities of affiliates for the period ended December 31, 2022 were as follows:
Value 12/31/2021 |
Purchases | Sales Proceeds |
Realized Gain (Loss) |
Dividend Income |
Net Change in Unrealized Appreciation (Depreciation) |
Value 12/31/2022 |
||||||||||||||||||||||
Nabors Industries Ltd. | $ | 35,558,614 | $ | 102,967,725 | $ | (114,228,645 | ) | $ | 18,500,081 | $ | – | $ | 10,749,147 | $ | –(a) | |||||||||||||
Patterson-UTI Energy, Inc. | 100,436,962 | 225,246,247 | (299,268,996 | ) | 70,752,928 | 1,612,186 | 14,274,405 | –(a) | ||||||||||||||||||||
Select Energy Services, Inc. | 33,115,316 | 67,744,637 | (81,005,304 | ) | 7,306,430 | 193,602 | 3,099,099 | –(a) | ||||||||||||||||||||
Transocean Ltd. | 89,632,915 | 200,188,179 | (219,535,903 | ) | 4,336,325 | – | 39,977,244 | –(a) | ||||||||||||||||||||
US Silica Holdings, Inc. | 36,741,836 | 74,550,959 | (94,946,982 | ) | 6,501,635 | – | 6,036,677 | –(a) | ||||||||||||||||||||
$ | 295,485,643 | $ | 670,697,747 | $ | (808,985,830 | ) | $ | 107,397,399 | $ | 1,805,788 | $ | 74,136,572 | $ | – |
(a) | Security held by the Fund, however not classified as an affiliate at the end of the reporting period. |
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks * | $ | 2,584,321,658 | $ | — | $ | — | $ | 2,584,321,658 | ||||||||
Money Market Fund | 22,295,028 | — | — | 22,295,028 | ||||||||||||
Total Investments | $ | 2,606,616,686 | $ | — | $ | — | $ | 2,606,616,686 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
48 |
VANECK RARE EARTH/STRATEGIC METALS ETF
SCHEDULE OF INVESTMENTS
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Australia: 39.5% | ||||||||
Allkem Ltd. * | 5,044,046 | $ | 38,060,672 | |||||
AVZ Minerals Ltd. * †∞ | 69,192,235 | 22,081,219 | ||||||
Core Lithium Ltd. * † | 29,698,271 | 20,414,470 | ||||||
Iluka Resources Ltd. | 4,191,159 | 26,852,710 | ||||||
ioneer Ltd. * † | 29,616,940 | 7,552,280 | ||||||
Lake Resources NL * † | 21,057,023 | 11,312,902 | ||||||
Liontown Resources Ltd. * † | 24,904,413 | 22,089,063 | ||||||
Lynas Rare Earths Ltd. * † | 7,411,002 | 38,912,279 | ||||||
Pilbara Minerals Ltd. * | 18,189,210 | 45,876,947 | ||||||
Sayona Mining Ltd. * † | 127,000,793 | 16,094,805 | ||||||
249,247,347 | ||||||||
Brazil: 4.1% | ||||||||
Sigma Lithium Corp. (USD) * † | 919,302 | 25,942,703 | ||||||
Canada: 5.3% | ||||||||
Lithium Americas Corp. (USD) * † | 1,359,857 | 25,769,290 | ||||||
Standard Lithium Ltd. (USD) * † | 2,605,702 | 7,686,821 | ||||||
33,456,111 | ||||||||
China: 31.4% | ||||||||
China Northern Rare Earth Group High-Tech Co. Ltd. | 13,205,811 | 47,612,983 | ||||||
Ganfeng Lithium Group Co. Ltd. (HKD) 144A † | 3,730,040 | 27,653,736 | ||||||
Shenghe Resources Holding Co. Ltd. | 15,116,287 | 30,469,804 | ||||||
Tianqi Lithium Corp. (HKD) * † | 1,870,000 | 13,333,646 |
Number of Shares |
Value | |||||||
China (continued) | ||||||||
Xiamen Tungsten Co. Ltd. | 10,462,424 | $ | 29,480,588 | |||||
Zhejiang Huayou Cobalt Co. Ltd. | 6,186,569 | 49,518,958 | ||||||
198,069,715 | ||||||||
France: 2.5% | ||||||||
Eramet SA † | 176,037 | 15,793,224 | ||||||
Netherlands: 3.2% | ||||||||
AMG Advanced Metallurgical Group NV | 552,746 | 20,369,478 | ||||||
United States: 13.9% | ||||||||
Livent Corp. * † | 1,572,938 | 31,254,278 | ||||||
MP Materials Corp. * | 1,167,888 | 28,356,321 | ||||||
Piedmont Lithium, Inc. * † | 241,954 | 10,650,815 | ||||||
Tronox Holdings Plc | 1,287,102 | 17,646,168 | ||||||
87,907,582 | ||||||||
Total
Common Stocks (Cost: $604,345,687) |
630,786,160 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.9% | ||||||||
Money
Market Fund: 6.9% (Cost: $43,492,601) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 43,492,601 | 43,492,601 | ||||||
Total
Investments: 106.8% (Cost: $647,838,288) |
674,278,761 | |||||||
Liabilities in excess of other assets: (6.8)% | (43,071,793 | ) | ||||||
NET ASSETS: 100.0% | $ | 631,206,968 |
Definitions:
HKD | Hong Kong Dollar |
USD | United States Dollar |
Footnotes:
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $151,605,612. |
∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
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 $27,653,736, or 4.4% of net assets. |
Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Materials | 100.0 | % | $ | 630,786,160 |
See Notes to Financial Statements
49 |
VANECK RARE EARTH/STRATEGIC METALS ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 227,166,128 | $ | 22,081,219 | $ | 249,247,347 | ||||||||
Brazil | 25,942,703 | — | — | 25,942,703 | ||||||||||||
Canada | 33,456,111 | — | — | 33,456,111 | ||||||||||||
China | — | 198,069,715 | — | 198,069,715 | ||||||||||||
France | — | 15,793,224 | — | 15,793,224 | ||||||||||||
Netherlands | — | 20,369,478 | — | 20,369,478 | ||||||||||||
United States | 87,907,582 | — | — | 87,907,582 | ||||||||||||
Money Market Fund | 43,492,601 | — | — | 43,492,601 | ||||||||||||
Total Investments | $ | 190,798,997 | $ | 461,398,545 | $ | 22,081,219 | $ | 674,278,761 |
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended December 31, 2022. Transfers in/out are assessed at the beginning of the year.
Common Stock | ||||
Balance as of December 31, 2021 | $ | — | ||
Realized gain (loss) | 5,246,629 | |||
Net change in unrealized appreciation (depreciation) | (18,982,804 | ) | ||
Purchases | 5,240,672 | |||
Sales | (23,774,958 | ) | ||
Transfers in/out of level 3 | 54,351,680 | |||
Balance as of December 31, 2022 | $ | 22,081,219 |
The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2022:
Value
as of December 31, 2022 |
Valuation Technique |
Unobservable Input Description(1) |
Unobservable Input |
Impact
to Valuation from an Increase in Input(2) | ||||||
Common Stock | ||||||||||
$22,081,219 | Market Approach | Market comparables | 20% | Increase | ||||||
Discount for lack of marketability | 25% | Decrease | ||||||||
(1) In determining certain of these inputs, management evaluates a variety of factors including economic condition, industry and market developments, market valuations of comparable companies and company specific developments.
(2) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.
See Notes to Financial Statements
50 |
SCHEDULE OF INVESTMENTS
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.1% | ||||||||
Australia: 11.6% | ||||||||
Rio Tinto Plc (ADR) † | 163,092 | $ | 11,612,151 | |||||
Brazil: 21.0% | ||||||||
Cia Siderurgica Nacional SA (ADR) | 1,679,819 | 4,636,300 | ||||||
Gerdau SA (ADR) | 774,846 | 4,292,647 | ||||||
Vale SA (ADR) | 704,634 | 11,957,639 | ||||||
20,886,586 | ||||||||
Canada: 0.7% | ||||||||
Algoma Steel Group, Inc. (USD) † | 101,865 | 645,824 | ||||||
Luxembourg: 5.1% | ||||||||
ArcelorMittal SA (USD) | 192,071 | 5,036,102 | ||||||
Netherlands: 9.9% | ||||||||
Tenaris SA (ADR) | 149,135 | 5,243,587 | ||||||
Ternium SA (ADR) | 152,870 | 4,671,707 | ||||||
9,915,294 | ||||||||
South Korea: 5.0% | ||||||||
POSCO Holdings, Inc. (ADR) † | 92,371 | 5,031,448 | ||||||
United States: 46.8% | ||||||||
ATI, Inc. * | 150,004 | 4,479,119 | ||||||
Carpenter Technology Corp. | 47,517 | 1,755,278 | ||||||
Cleveland-Cliffs, Inc. * † | 290,887 | 4,686,190 | ||||||
Commercial Metals Co. | 91,404 | 4,414,813 | ||||||
Gibraltar Industries, Inc. * | 30,378 | 1,393,743 | ||||||
Nucor Corp. † | 50,104 | 6,604,208 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Olympic Steel, Inc. | 10,917 | $ | 366,593 | |||||
Reliance Steel & Aluminum Co. | 21,878 | 4,428,982 | ||||||
Ryerson Holding Corp. | 36,304 | 1,098,559 | ||||||
Schnitzer Steel Industries, Inc. | 26,235 | 804,103 | ||||||
Steel Dynamics, Inc. | 48,408 | 4,729,462 | ||||||
SunCoke Energy, Inc. | 81,805 | 705,977 | ||||||
TimkenSteel Corp. * | 43,618 | 792,539 | ||||||
United States Steel Corp. | 176,045 | 4,409,927 | ||||||
Warrior Met Coal, Inc. | 50,664 | 1,755,001 | ||||||
Worthington Industries, Inc. | 85,792 | 4,264,720 | ||||||
46,689,214 | ||||||||
Total
Common Stocks (Cost: $116,358,302) |
99,816,619 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5% | ||||||||
Money
Market Fund: 2.5% (Cost: $2,476,643) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 2,476,643 | 2,476,643 | ||||||
Total
Investments: 102.6% (Cost: $118,834,945) |
102,293,262 | |||||||
Liabilities in excess of other assets: (2.6)% | (2,596,083 | ) | ||||||
NET ASSETS: 100.0% | $ | 99,697,179 |
Definitions:
ADR | American Depositary Receipt | |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $21,413,508. |
* | Non-income producing |
Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Materials | 93.3 | % | $ | 93,179,290 | ||||
Energy | 5.3 | 5,243,586 | ||||||
Industrials | 1.4 | 1,393,743 | ||||||
100.0 | % | $ | 99,816,619 |
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks * | $ | 99,816,619 | $ | — | $ | — | $ | 99,816,619 | ||||||||
Money Market Fund | 2,476,643 | — | — | 2,476,643 | ||||||||||||
Total Investments | $ | 102,293,262 | $ | — | $ | — | $ | 102,293,262 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
51 |
VANECK URANIUM+NUCLEAR ENERGY ETF
SCHEDULE OF INVESTMENTS
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Australia: 3.6% | ||||||||
Boss Energy Ltd. * | 379,815 | $ | 544,324 | |||||
Paladin Energy Ltd. * † | 3,027,671 | 1,422,987 | ||||||
1,967,311 | ||||||||
Canada: 13.1% | ||||||||
Cameco Corp. (USD) | 136,626 | 3,097,311 | ||||||
Denison Mines Corp. (USD) * † | 951,911 | 1,094,698 | ||||||
Global Atomic Corp. * † | 205,410 | 532,115 | ||||||
NexGen Energy Ltd. (USD) * † | 552,247 | 2,446,454 | ||||||
7,170,578 | ||||||||
China: 4.4% | ||||||||
CGN Power Co. Ltd. (HKD) 144A | 10,186,000 | 2,419,230 | ||||||
Czech Republic: 4.6% | ||||||||
CEZ AS | 74,137 | 2,522,335 | ||||||
Finland: 4.5% | ||||||||
Fortum Oyj | 146,966 | 2,440,265 | ||||||
France: 5.0% | ||||||||
Electricite de France SA | 211,332 | 2,705,042 | ||||||
Italy: 4.4% | ||||||||
Endesa SA | 127,436 | 2,394,547 | ||||||
Japan: 4.8% | ||||||||
Kyushu Electric Power Co., Inc. | 463,400 | 2,605,332 | ||||||
Jersey, Channel Islands: 1.4% | ||||||||
Yellow Cake Plc 144A * | 174,834 | 781,753 | ||||||
Kazakhstan: 4.1% | ||||||||
NAC Kazatomprom JSC (USD) (GDR) | 79,373 | 2,229,076 |
Number of Shares |
Value | |||||||
South Korea: 1.0% | ||||||||
KEPCO Engineering & Construction Co., Inc. * | 12,632 | $ | 543,736 | |||||
United States: 49.1% | ||||||||
BWX Technologies, Inc. | 40,393 | 2,346,025 | ||||||
Centrus Energy Corp. * † | 15,227 | 494,573 | ||||||
Constellation Energy Corp. | 40,547 | 3,495,557 | ||||||
Dominion Energy, Inc. | 73,770 | 4,523,576 | ||||||
Energy Fuels, Inc. * † | 168,356 | 1,045,491 | ||||||
Entergy Corp. | 29,851 | 3,358,238 | ||||||
PG&E Corp. * † | 205,292 | 3,338,048 | ||||||
PNM Resources, Inc. | 48,944 | 2,387,978 | ||||||
Public Service Enterprise Group, Inc. | 71,370 | 4,372,839 | ||||||
Uranium Energy Corp. * † | 356,571 | 1,383,495 | ||||||
26,745,820 | ||||||||
Total
Common Stocks (Cost: $50,848,094) |
54,525,025 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.8% | ||||||||
Money
Market Fund: 4.8% (Cost: $2,598,944) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 2,598,944 | 2,598,944 | ||||||
Total
Investments: 104.8% (Cost: $53,447,038) |
57,123,969 | |||||||
Liabilities in excess of other assets: (4.8)% | (2,642,084 | ) | ||||||
NET ASSETS: 100.0% | $ | 54,481,885 |
Definitions:
GDR | Global Depositary Receipt |
HKD | Hong Kong Dollar |
USD | United States Dollar |
Footnotes:
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $6,685,964. |
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 $3,200,983, or 5.9% of net assets. |
Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Utilities | 67.1 | % | $ | 36,562,986 | ||||
Energy | 25.2 | 13,758,409 | ||||||
Industrials | 6.7 | 3,671,515 | ||||||
Materials | 1.0 | 532,115 | ||||||
100.0 | % | $ | 54,525,025 |
See Notes to Financial Statements
52 |
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | |
|||||||||||||||
Australia | $ | — | $ | 1,967,311 | $ | — | $ | 1,967,311 | ||||||||
Canada | 7,170,578 | — | — | 7,170,578 | ||||||||||||
China | — | 2,419,230 | — | 2,419,230 | ||||||||||||
Czech Republic | 2,522,335 | — | — | 2,522,335 | ||||||||||||
Finland | — | 2,440,265 | — | 2,440,265 | ||||||||||||
France | — | 2,705,042 | — | 2,705,042 | ||||||||||||
Italy | — | 2,394,547 | — | 2,394,547 | ||||||||||||
Japan | — | 2,605,332 | — | 2,605,332 | ||||||||||||
Jersey, Channel Islands | — | 781,753 | — | 781,753 | ||||||||||||
Kazakhstan | — | 2,229,076 | — | 2,229,076 | ||||||||||||
South Korea | — | 543,736 | — | 543,736 | ||||||||||||
United States | 26,745,820 | — | — | 26,745,820 | ||||||||||||
Money Market Fund | 2,598,944 | — | — | 2,598,944 | ||||||||||||
Total Investments | $ | 39,037,677 | $ | 18,086,292 | $ | — | $ | 57,123,969 |
See Notes to Financial Statements
53 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2022
Agribusiness ETF | Future of Food ETF |
Gold Miners ETF | Green Metals ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 1,339,918,131 | $ | 2,588,025 | $ | 5,944,170,649 | $ | 22,599,105 | ||||||||
Affiliated issuers (3) | — | — | 5,994,836,736 | — | ||||||||||||
Short-term investments held as collateral for securities loaned (4) | 1,586,727 | 73,186 | 120,829,768 | 555,578 | ||||||||||||
Cash | 8,420 | 115,798 | 30,219 | 2,595 | ||||||||||||
Cash denominated in foreign currency, at value (5) | 386,727 | — | 740,914 | 308,524 | ||||||||||||
Receivables: | ||||||||||||||||
Dividends and interest | 2,224,696 | 5,688 | 3,983,224 | 10,884 | ||||||||||||
Prepaid expenses | 16,180 | — | 85,842 | — | ||||||||||||
Total assets | 1,344,140,881 | 2,782,697 | 12,064,677,352 | 23,476,686 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Collateral for securities loaned | 1,586,727 | 73,186 | 120,829,768 | 555,578 | ||||||||||||
Line of credit | 191,510 | — | 3,165,413 | 318,632 | ||||||||||||
Due to Adviser | 593,215 | 1,616 | 5,136,039 | 11,952 | ||||||||||||
Due to custodian | — | 10,011 | — | — | ||||||||||||
Deferred Trustee fees | 492,945 | — | 1,194,420 | — | ||||||||||||
Accrued expenses | 253,475 | — | 308,114 | 98 | ||||||||||||
Total liabilities | 3,117,872 | 84,813 | 130,633,754 | 886,260 | ||||||||||||
NET ASSETS | $ | 1,341,023,009 | $ | 2,697,884 | $ | 11,934,043,598 | $ | 22,590,426 | ||||||||
Shares outstanding | 15,600,000 | 150,000 | 416,002,500 | 800,000 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 85.96 | $ | 17.99 | $ | 28.69 | $ | 28.24 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 2,207,483,990 | $ | 3,462,993 | $ | 23,938,793,497 | $ | 28,042,618 | ||||||||
Total distributable earnings (loss) | (866,460,981 | ) | (765,109 | ) | (12,004,749,899 | ) | (5,452,192 | ) | ||||||||
NET ASSETS | $ | 1,341,023,009 | $ | 2,697,884 | $ | 11,934,043,598 | $ | 22,590,426 | ||||||||
(1) Value of securities on loan | $ | 2,362,658 | $ | 104,114 | $ | 225,906,317 | $ | 537,745 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 1,421,100,928 | $ | 3,257,054 | $ | 5,736,649,935 | $ | 26,809,490 | ||||||||
(3) Cost of investments - Affiliated issuers | $ | — | $ | — | $ | 6,286,244,461 | $ | — | ||||||||
(4) Cost of short-term investments held as collateral for securities loaned | $ | 1,586,727 | $ | 73,186 | $ | 120,829,768 | $ | 555,578 | ||||||||
(5) Cost of cash denominated in foreign currency | $ | 379,247 | $ | — | $ | 737,813 | $ | 401,840 |
See Notes to Financial Statements
54 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2022
Junior Gold Miners ETF |
Low Carbon Energy ETF |
Natural Resources ETF |
Oil Refiners ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 3,734,769,712 | $ | 198,128,907 | $ | 143,000,413 | $ | 39,024,650 | ||||||||
Short-term investments held as collateral for securities loaned (3) | 157,686,725 | 8,687,734 | 3,416,156 | — | ||||||||||||
Cash | 2,140,343 | 247 | 12,075 | — | ||||||||||||
Cash denominated in foreign currency, at value (4) | 345,817 | 1,744,264 | 346,397 | 389 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | 21,931 | — | ||||||||||||
Dividends and interest | 1,982,093 | 391,730 | 200,215 | 129,170 | ||||||||||||
Prepaid expenses | 34,532 | 4,130 | — | 2,023 | ||||||||||||
Total assets | 3,896,959,222 | 208,957,012 | 146,997,187 | 39,156,232 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Collateral for securities loaned | 157,686,725 | 8,687,734 | 3,416,156 | — | ||||||||||||
Line of credit | — | 1,890,841 | 758,166 | 109,158 | ||||||||||||
Due to Adviser | 1,597,577 | 89,650 | 60,030 | 13,186 | ||||||||||||
Due to custodian | — | — | — | 8 | ||||||||||||
Deferred Trustee fees | 313,116 | 16,099 | 14,855 | 843 | ||||||||||||
Accrued expenses | 350,732 | 122,695 | 64,487 | 41,322 | ||||||||||||
Total liabilities | 159,948,150 | 10,807,019 | 4,313,694 | 164,517 | ||||||||||||
NET ASSETS | $ | 3,737,011,072 | $ | 198,149,993 | $ | 142,683,493 | $ | 38,991,715 | ||||||||
Shares outstanding | 104,887,446 | 1,783,298 | 2,900,000 | 1,250,000 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 35.63 | $ | 111.11 | $ | 49.20 | $ | 31.19 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 9,295,287,113 | $ | 305,567,646 | $ | 182,795,853 | $ | 49,777,014 | ||||||||
Total distributable earnings (loss) | (5,558,276,041 | ) | (107,417,653 | ) | (40,112,360 | ) | (10,785,299 | ) | ||||||||
NET ASSETS | $ | 3,737,011,072 | $ | 198,149,993 | $ | 142,683,493 | $ | 38,991,715 | ||||||||
(1) Value of securities on loan | $ | 217,017,532 | $ | 12,648,560 | $ | 6,835,434 | $ | 56,309 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 4,422,392,574 | $ | 241,046,477 | $ | 129,019,248 | $ | 39,000,463 | ||||||||
(3) Cost of short-term investments held as collateral for securities loaned | $ | 157,686,725 | $ | 8,687,734 | $ | 3,416,156 | $ | — | ||||||||
(4) Cost of cash denominated in foreign currency | $ | 344,943 | $ | 1,732,481 | $ | 345,792 | $ | 387 |
See Notes to Financial Statements
55 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2022
Oil Services ETF | Rare Earth/ Strategic Metals ETF |
Steel ETF | Uranium+Nuclear Energy ETF |
|||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 2,584,321,658 | $ | 630,786,160 | $ | 99,816,619 | $ | 54,525,025 | ||||||||
Short-term investments held as collateral for securities loaned (3) | 22,295,028 | 43,492,601 | 2,476,643 | 2,598,944 | ||||||||||||
Cash | 7,241 | 12,367 | — | 23,046 | ||||||||||||
Cash denominated in foreign currency, at value (4) | — | 1,005,535 | — | 275 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | 5,474,482 | — | ||||||||||||
Shares of beneficial interest sold | 30,402,537 | — | 1,474,811 | — | ||||||||||||
Dividends and interest | 1,801,733 | 549,784 | 183,383 | 8,903 | ||||||||||||
Prepaid expenses | — | 9,320 | 2,506 | 1,139 | ||||||||||||
Total assets | 2,638,828,197 | 675,855,767 | 109,428,444 | 57,157,332 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 30,403,382 | — | 5,588,604 | — | ||||||||||||
Shares of beneficial interest redeemed | — | — | 1,454,822 | — | ||||||||||||
Collateral for securities loaned | 22,295,028 | 43,492,601 | 2,476,643 | 2,598,944 | ||||||||||||
Line of credit | 803,170 | 711,048 | — | — | ||||||||||||
Due to Adviser | 729,765 | 297,116 | 42,709 | 19,665 | ||||||||||||
Due to custodian | — | — | 73,486 | — | ||||||||||||
Deferred Trustee fees | 206,442 | 21,391 | 17,588 | 11,370 | ||||||||||||
Accrued expenses | 2,940 | 126,643 | 77,413 | 45,468 | ||||||||||||
Total liabilities | 54,440,727 | 44,648,799 | 9,731,265 | 2,675,447 | ||||||||||||
NET ASSETS | $ | 2,584,387,470 | $ | 631,206,968 | $ | 99,697,179 | $ | 54,481,885 | ||||||||
Shares outstanding | 8,500,543 | 8,274,987 | 1,725,000 | 991,632 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 304.03 | $ | 76.28 | $ | 57.80 | $ | 54.94 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 4,515,251,113 | $ | 963,175,098 | $ | 279,810,760 | $ | 135,999,032 | ||||||||
Total distributable earnings (loss) | (1,930,863,643 | ) | (331,968,130 | ) | (180,113,581 | ) | (81,517,147 | ) | ||||||||
NET ASSETS | $ | 2,584,387,470 | $ | 631,206,968 | $ | 99,697,179 | $ | 54,481,885 | ||||||||
(1) Value of securities on loan | $ | 85,090,759 | $ | 151,605,612 | $ | 21,413,508 | $ | 6,685,964 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 2,499,084,561 | $ | 604,345,687 | $ | 116,358,302 | $ | 50,848,094 | ||||||||
(3) Cost of short-term investments held as collateral for securities loaned | $ | 22,295,028 | $ | 43,492,601 | $ | 2,476,643 | $ | 2,598,944 | ||||||||
(4) Cost of cash denominated in foreign currency | $ | — | $ | 995,505 | $ | — | $ | 274 |
See Notes to Financial Statements
56 |
VANECK ETF TRUST
For the Year Ended December 31, 2022
Agribusiness ETF | Future of Food ETF |
Gold Miners ETF | Green Metals ETF |
|||||||||||||
Income: | ||||||||||||||||
Dividends - unaffiliated issuers | $ | 38,558,485 | $ | 42,643 | $ | 171,565,996 | $ | 727,935 | ||||||||
Dividends - affiliated issuers | — | — | 108,178,847 | — | ||||||||||||
Interest | 12,217 | 54 | 82,627 | — | ||||||||||||
Securities lending income | 1,513,610 | 16,589 | 1,538,139 | 3,928 | ||||||||||||
Foreign taxes withheld | (4,051,067 | ) | (4,069 | ) | (24,829,881 | ) | (55,710 | ) | ||||||||
Total income | 36,033,245 | 55,217 | 256,535,728 | 676,153 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 7,590,170 | 17,856 | 60,561,304 | 134,921 | ||||||||||||
Professional fees | 45,817 | — | 47,241 | — | ||||||||||||
Custody and accounting fees | 122,851 | — | 182,704 | — | ||||||||||||
Reports to shareholders | 137,210 | — | 520,880 | — | ||||||||||||
Trustees’ fees and expenses | 40,970 | — | 274,827 | — | ||||||||||||
Registration fees | 5,937 | — | 19,670 | — | ||||||||||||
Insurance | 19,925 | — | 131,127 | — | ||||||||||||
Interest and taxes | 64,124 | 76 | 304,257 | 9,429 | ||||||||||||
Other | 8,526 | — | 33,981 | — | ||||||||||||
Total expenses | 8,035,530 | 17,932 | 62,075,991 | 144,350 | ||||||||||||
Net investment income | 27,997,715 | 37,285 | 194,459,737 | 531,803 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments - unaffiliated issuers | (49,355,667 | ) | (98,221 | ) | (629,322,970 | ) | (1,104,654 | ) | ||||||||
Investments - affiliated issuers | — | — | (243,269,510 | ) | — | |||||||||||
In-kind redemptions - unaffiliated issuers | 141,406,093 | — | 574,345,552 | 56,624 | ||||||||||||
In-kind redemptions - affiliated issuers | — | — | 264,551,586 | — | ||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (263,961 | ) | 1,114 | (1,451,705 | ) | 66,611 | ||||||||||
Net realized gain (loss) | 91,786,465 | (97,107 | ) | (35,147,047 | ) | (981,419 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments - unaffiliated issuers | (320,294,125 | ) | (704,103 | ) | (715,321,927 | ) | (4,457,081 | ) | ||||||||
Investments - affiliated issuers | — | — | (642,574,000 | ) | — | |||||||||||
Foreign currency translations and foreign denominated assets and liabilities | (19,979 | ) | 195 | 184 | (99,095 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (320,314,104 | ) | (703,908 | ) | (1,357,895,743 | ) | (4,556,176 | ) | ||||||||
Net Decrease in Net Assets Resulting from Operations | $ | (200,529,924 | ) | $ | (763,730 | ) | $ | (1,198,583,053 | ) | $ | (5,005,792 | ) |
See Notes to Financial Statements
57 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2022
Junior Gold Miners ETF |
Low Carbon Energy ETF |
Natural Resources ETF |
Oil Refiners ETF | |||||||||||||
Income: | ||||||||||||||||
Dividends - unaffiliated issuers | $ | 47,425,434 | $ | 3,732,762 | $ | 5,499,182 | $ | 1,590,094 | ||||||||
Dividends - affiliated issuers | 191,415 | — | — | — | ||||||||||||
Interest | 95,475 | — | 1,306 | 4 | ||||||||||||
Securities lending income | 2,053,791 | 688,553 | 49,184 | 682 | ||||||||||||
Foreign taxes withheld | (4,854,077 | ) | (324,728 | ) | (283,060 | ) | (149,481 | ) | ||||||||
Total income | 44,912,038 | 4,096,587 | 5,266,612 | 1,441,299 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 19,460,452 | 1,175,675 | 668,971 | 173,888 | ||||||||||||
Professional fees | 35,305 | 79,283 | — | 44,976 | ||||||||||||
Custody and accounting fees | 223,115 | 110,171 | — | 30,145 | ||||||||||||
Reports to shareholders | 167,327 | 42,842 | — | 4,557 | ||||||||||||
Trustees’ fees and expenses | 83,119 | 5,743 | — | 1,386 | ||||||||||||
Registration fees | 19,401 | 5,938 | — | 5,937 | ||||||||||||
Insurance | 59,397 | 7,170 | — | 2,184 | ||||||||||||
Interest and taxes | 32,243 | 12,788 | 12,025 | 5,710 | ||||||||||||
Other | 17,156 | 6,456 | — | 3,463 | ||||||||||||
Total expenses | 20,097,515 | 1,446,066 | 680,996 | 272,246 | ||||||||||||
Waiver of management fees | — | — | — | (61,342 | ) | |||||||||||
Net expenses | 20,097,515 | 1,446,066 | 680,996 | 210,904 | ||||||||||||
Net investment income | 24,814,523 | 2,650,521 | 4,585,616 | 1,230,395 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments - unaffiliated issuers | (302,421,091 | ) | (9,539,813 | ) | (7,695,444 | ) | (3,146,583 | ) | ||||||||
Investments - affiliated issuers | (6,528,287 | ) | — | — | — | |||||||||||
In-kind redemptions - unaffiliated issuers | 138,361,289 | 2,258,899 | 7,630,957 | 3,233,533 | ||||||||||||
In-kind redemptions - affiliated issuers | 338,379 | — | — | — | ||||||||||||
Capital gain distributions from investment companies | — | — | 44,954 | — | ||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (825,255 | ) | (25,979 | ) | (60,193 | ) | (24,850 | ) | ||||||||
Net realized gain (loss) | (171,074,965 | ) | (7,306,893 | ) | (79,726 | ) | 62,100 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments - unaffiliated issuers | (484,302,537 | ) | (81,996,405 | ) | (2,080,852 | ) | (743,365 | ) | ||||||||
Investments - affiliated issuers | (2,116,013 | ) | — | — | — | |||||||||||
Foreign currency translations and foreign denominated assets and liabilities | (1,825 | ) | 1,545 | (1,060 | ) | (1,718 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (486,420,375 | ) | (81,994,860 | ) | (2,081,912 | ) | (745,083 | ) | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (632,680,817 | ) | $ | (86,651,232 | ) | $ | 2,423,978 | $ | 547,412 |
See Notes to Financial Statements
58 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2022
Oil Services ETF | Rare Earth/ Strategic Metals ETF |
Steel ETF | Uranium+ Nuclear Energy ETF |
|||||||||||||
Income: | ||||||||||||||||
Dividends - unaffiliated issuers | $ | 31,762,476 | $ | 5,756,920 | $ | 5,705,645 | $ | 1,072,803 | ||||||||
Dividends - affiliated issuers | 1,805,788 | — | — | — | ||||||||||||
Interest | 58,085 | 15,205 | 2,245 | 805 | ||||||||||||
Securities lending income | 48,551 | 5,159,433 | 210,525 | 23,194 | ||||||||||||
Foreign taxes withheld | (10,362 | ) | (356,310 | ) | (140,916 | ) | (63,993 | ) | ||||||||
Total income | 33,664,538 | 10,575,248 | 5,777,499 | 1,032,809 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 9,982,726 | 4,261,430 | 547,396 | 237,947 | ||||||||||||
Professional fees | — | 39,622 | 35,008 | 36,971 | ||||||||||||
Custody and accounting fees | — | 118,791 | 2,610 | 27,338 | ||||||||||||
Reports to shareholders | — | 125,617 | 26,751 | 4,578 | ||||||||||||
Trustees’ fees and expenses | — | 20,714 | 2,313 | 1,126 | ||||||||||||
Registration fees | — | 5,937 | 4,145 | 5,937 | ||||||||||||
Insurance | — | 10,206 | 4,213 | 1,536 | ||||||||||||
Interest and taxes | 35,319 | 44,222 | 8,274 | 2,873 | ||||||||||||
Other | — | 5,586 | 1,345 | 2,443 | ||||||||||||
Total expenses | 10,018,045 | 4,632,125 | 632,055 | 320,749 | ||||||||||||
Waiver of management fees | — | — | (21,645 | ) | (32,334 | ) | ||||||||||
Net expenses | 10,018,045 | 4,632,125 | 610,410 | 288,415 | ||||||||||||
Net investment income | 23,646,493 | 5,943,123 | 5,167,089 | 744,394 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments - unaffiliated issuers | (141,003,204 | ) | (39,414,077 | ) | (7,471,454 | ) | (163,174 | ) | ||||||||
Investments - affiliated issuers | (13,690,756 | ) | — | — | — | |||||||||||
In-kind redemptions - unaffiliated issuers | 622,352,444 | 64,623,117 | 5,333,302 | 1,784,521 | ||||||||||||
In-kind redemptions - affiliated issuers | 121,088,155 | — | — | — | ||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | — | (147,858 | ) | — | (23,608 | ) | ||||||||||
Net realized gain (loss) | 588,746,639 | 25,061,182 | (2,138,152 | ) | 1,597,739 | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments - unaffiliated issuers | 458,684,816 | (338,282,384 | ) | 3,726,233 | (940,945 | ) | ||||||||||
Investments - affiliated issuers | 74,136,572 | — | — | — | ||||||||||||
Foreign currency translations and foreign denominated assets and liabilities | — | 5,270 | — | (761 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) | 532,821,388 | (338,277,114 | ) | 3,726,233 | (941,706 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,145,214,520 | $ | (307,272,809 | ) | $ | 6,755,170 | $ | 1,400,427 |
See Notes to Financial Statements
59 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Agribusiness ETF | Future of Food ETF | |||||||||||||||
Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Year Ended December 31, 2022 |
Period Ended December 31, 2021 (a) |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 27,997,715 | $ | 14,113,197 | $ | 37,285 | $ | 1,947 | ||||||||
Net realized gain (loss) | 91,786,465 | 103,047,705 | (97,107 | ) | (4 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (320,314,104 | ) | 99,471,560 | (703,908 | ) | 35,079 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (200,529,924 | ) | 216,632,462 | (763,730 | ) | 37,022 | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (28,899,290 | ) | (13,850,800 | ) | (38,400 | ) | — | |||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 815,012,259 | 459,439,465 | 1,030,333 | 2,432,659 | ||||||||||||
Cost of shares redeemed | (427,267,809 | ) | (273,313,828 | ) | — | — | ||||||||||
Increase in net assets resulting from share transactions | 387,744,450 | 186,125,637 | 1,030,333 | 2,432,659 | ||||||||||||
Total increase in net assets | 158,315,236 | 388,907,299 | 228,203 | 2,469,681 | ||||||||||||
Net Assets, beginning of period | 1,182,707,773 | 793,800,474 | 2,469,681 | — | ||||||||||||
Net Assets, end of period | $ | 1,341,023,009 | $ | 1,182,707,773 | $ | 2,697,884 | $ | 2,469,681 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 8,000,000 | 5,250,000 | 50,000 | 100,000 | ||||||||||||
Shares redeemed | (4,800,000 | ) | (3,050,000 | ) | — | — | ||||||||||
Net increase | 3,200,000 | 2,200,000 | 50,000 | 100,000 |
(a) | For the period December 1, 2021 (commencement of operations) through December 31, 2021. |
See Notes to Financial Statements
60 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Gold Miners ETF | Green Metals ETF | |||||||||||||||
Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Year Ended December 31, 2022 |
Period Ended December 31, 2021 (a) |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income (loss) | $ | 194,459,737 | $ | 220,313,648 | $ | 531,803 | $ | (3,750 | ) | |||||||
Net realized gain (loss) | (35,147,047 | ) | 703,319,609 | (981,419 | ) | (61,930 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (1,357,895,743 | ) | (2,479,630,293 | ) | (4,556,176 | ) | 252,259 | |||||||||
Net increase (decrease) in net assets resulting from operations | (1,198,583,053 | ) | (1,555,997,036 | ) | (5,005,792 | ) | 186,579 | |||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (197,981,341 | ) | (224,002,317 | ) | (580,000 | ) | — | |||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 3,035,577,589 | 2,030,470,195 | 14,040,492 | 15,509,965 | ||||||||||||
Cost of shares redeemed | (2,978,056,133 | ) | (3,480,902,948 | ) | (1,560,818 | ) | — | |||||||||
Increase (decrease) in net assets resulting from share transactions | 57,521,456 | (1,450,432,753 | ) | 12,479,674 | 15,509,965 | |||||||||||
Total increase (decrease) in net assets | (1,339,042,938 | ) | (3,230,432,106 | ) | 6,893,882 | 15,696,544 | ||||||||||
Net Assets, beginning of period | 13,273,086,536 | 16,503,518,642 | 15,696,544 | — | ||||||||||||
Net Assets, end of period | $ | 11,934,043,598 | $ | 13,273,086,536 | $ | 22,590,426 | $ | 15,696,544 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 102,100,000 | 58,150,000 | 400,000 | 450,000 | ||||||||||||
Shares redeemed | (100,900,000 | ) | (102,000,000 | ) | (50,000 | ) | — | |||||||||
Net increase (decrease) | 1,200,000 | (43,850,000 | ) | 350,000 | 450,000 |
(a) | For the period November 10, 2021 (commencement of operations) through December 31, 2021. |
See Notes to Financial Statements
61 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Junior Gold Miners ETF | Low Carbon Energy ETF | |||||||||||||||
Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 24,814,523 | $ | 43,598,687 | $ | 2,650,521 | $ | 1,432,887 | ||||||||
Net realized gain (loss) | (171,074,965 | ) | 171,809,877 | (7,306,893 | ) | 71,875,642 | ||||||||||
Net change in unrealized appreciation (depreciation) | (486,420,375 | ) | (1,538,777,434 | ) | (81,994,860 | ) | (84,954,022 | ) | ||||||||
Net decrease in net assets resulting from operations | (632,680,817 | ) | (1,323,368,870 | ) | (86,651,232 | ) | (11,645,493 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (19,233,209 | ) | (80,009,332 | ) | (2,600,048 | ) | (1,340,155 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 674,457,723 | 455,259,072 | — | 209,712,572 | ||||||||||||
Cost of shares redeemed | (780,321,178 | ) | (872,059,989 | ) | (13,347,688 | ) | (166,136,494 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | (105,863,455 | ) | (416,800,917 | ) | (13,347,688 | ) | 43,576,078 | |||||||||
Total increase (decrease) in net assets | (757,777,481 | ) | (1,820,179,119 | ) | (102,598,968 | ) | 30,590,430 | |||||||||
Net Assets, beginning of year | 4,494,788,553 | 6,314,967,672 | 300,748,961 | 270,158,531 | ||||||||||||
Net Assets, end of year | $ | 3,737,011,072 | $ | 4,494,788,553 | $ | 198,149,993 | $ | 300,748,961 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 19,250,000 | 9,850,000 | — | 1,300,000 | ||||||||||||
Shares redeemed | (21,700,000 | ) | (18,900,000 | ) | (100,000 | ) | (1,050,000 | ) | ||||||||
Net increase (decrease) | (2,450,000 | ) | (9,050,000 | ) | (100,000 | ) | 250,000 |
See Notes to Financial Statements
62 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Natural Resources ETF | Oil Refiners ETF | |||||||||||||||
Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 4,585,616 | $ | 2,028,234 | $ | 1,230,395 | $ | 472,371 | ||||||||
Net realized gain (loss) | (79,726 | ) | (664,371 | ) | 62,100 | (1,182,181 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (2,081,912 | ) | 12,884,685 | (745,083 | ) | 2,639,228 | ||||||||||
Net increase in net assets resulting from operations | 2,423,978 | 14,248,548 | 547,412 | 1,929,418 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (4,599,900 | ) | (2,140,110 | ) | (1,200,000 | ) | (470,018 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 74,958,129 | 37,659,686 | 41,125,018 | 708,375 | ||||||||||||
Cost of shares redeemed | (27,346,895 | ) | (4,695,212 | ) | (21,154,594 | ) | — | |||||||||
Increase in net assets resulting from share transactions | 47,611,234 | 32,964,474 | 19,970,424 | 708,375 | ||||||||||||
Total increase in net assets | 45,435,312 | 45,072,912 | 19,317,836 | 2,167,775 | ||||||||||||
Net Assets, beginning of year | 97,248,181 | 52,175,269 | 19,673,879 | 17,506,104 | ||||||||||||
Net Assets, end of year | $ | 142,683,493 | $ | 97,248,181 | $ | 38,991,715 | $ | 19,673,879 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 1,450,000 | 800,000 | 1,250,000 | 25,000 | ||||||||||||
Shares redeemed | (600,000 | ) | (100,000 | ) | (725,000 | ) | — | |||||||||
Net increase | 850,000 | 700,000 | 525,000 | 25,000 |
See Notes to Financial Statements
63 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Oil Services ETF | Rare Earth/Strategic Metals ETF | |||||||||||||||
Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 23,646,493 | $ | 24,048,164 | $ | 5,943,123 | $ | 685,719 | ||||||||
Net realized gain | 588,746,639 | 91,476,848 | 25,061,182 | 107,316,664 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 532,821,388 | (245,287,006 | ) | (338,277,114 | ) | 273,354,965 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 1,145,214,520 | (129,761,994 | ) | (307,272,809 | ) | 381,357,348 | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (23,400,039 | ) | (21,600,606 | ) | (9,819,927 | ) | (54,350,856 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 4,621,472,112 | 4,464,669,089 | 149,331,401 | 552,129,245 | ||||||||||||
Cost of shares redeemed | (5,302,018,149 | ) | (2,893,608,272 | ) | (214,892,139 | ) | (187,397,855 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | (680,546,037 | ) | 1,571,060,817 | (65,560,738 | ) | 364,731,390 | ||||||||||
Total increase (decrease) in net assets | 441,268,444 | 1,419,698,217 | (382,653,474 | ) | 691,737,882 | |||||||||||
Net Assets, beginning of year | 2,143,119,026 | 723,420,809 | 1,013,860,442 | 322,122,560 | ||||||||||||
Net Assets, end of year | $ | 2,584,387,470 | $ | 2,143,119,026 | $ | 631,206,968 | $ | 1,013,860,442 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 17,300,000 | 21,100,000 | 1,500,000 | 6,200,000 | ||||||||||||
Shares redeemed | (20,400,000 | ) | (14,200,000 | ) | (2,300,000 | ) | (2,050,000 | ) | ||||||||
Net increase (decrease) | (3,100,000 | ) | 6,900,000 | (800,000 | ) | 4,150,000 |
See Notes to Financial Statements
64 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Steel ETF | Uranium+Nuclear Energy ETF | |||||||||||||||
Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 5,167,089 | $ | 8,722,425 | $ | 744,394 | $ | 697,092 | ||||||||
Net realized gain (loss) | (2,138,152 | ) | 34,079,900 | 1,597,739 | (675,324 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | 3,726,233 | (25,264,114 | ) | (941,706 | ) | 3,159,751 | ||||||||||
Net increase in net assets resulting from operations | 6,755,170 | 17,538,211 | 1,400,427 | 3,181,519 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (5,238,962 | ) | (8,650,070 | ) | (1,100,017 | ) | (700,021 | ) | ||||||||
Return of capital | (11,016 | ) | — | — | — | |||||||||||
Total distributions | (5,249,978 | ) | (8,650,070 | ) | (1,100,017 | ) | (700,021 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 82,321,434 | 245,785,508 | 24,539,686 | 14,652,183 | ||||||||||||
Cost of shares redeemed | (95,953,186 | ) | (219,740,003 | ) | (5,585,128 | ) | — | |||||||||
Increase (decrease) in net assets resulting from share transactions | (13,631,752 | ) | 26,045,505 | 18,954,558 | 14,652,183 | |||||||||||
Total increase (decrease) in net assets | (12,126,560 | ) | 34,933,646 | 19,254,968 | 17,133,681 | |||||||||||
Net Assets, beginning of year | 111,823,739 | 76,890,093 | 35,226,917 | 18,093,236 | ||||||||||||
Net Assets, end of year | $ | 99,697,179 | $ | 111,823,739 | $ | 54,481,885 | $ | 35,226,917 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 1,300,000 | 4,125,000 | 450,000 | 275,000 | ||||||||||||
Shares redeemed | (1,675,000 | ) | (3,750,000 | ) | (100,000 | ) | — | |||||||||
Net increase (decrease) | (375,000 | ) | 375,000 | 350,000 | 275,000 |
See Notes to Financial Statements
65 |
VANECK ETF TRUST
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
66 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | For the period December 1, 2021 (commencement of operations) through December 31, 2021. |
(b) | Calculated based upon average shares outstanding |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Not Annualized |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
67 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
68 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | For the period November 10, 2021 (commencement of operations) through December 31, 2021. |
(b) | Calculated based upon average shares outstanding |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Not Annualized |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
69 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
70 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
71 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Periods after December 31, 2021 reflect a unitary management fee structure. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
72 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
73 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | On April 15, 2020, the Fund effected a 1 for 20 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split. |
(b) | Calculated based upon average shares outstanding |
(c) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
(d) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(e) | Periods after December 31, 2021 reflect a unitary management fee structure. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
74 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split. |
(b) | Calculated based upon average shares outstanding |
(c) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
(d) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
75 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
76 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
77 |
VANECK ETF TRUST
December 31, 2022
Note 1—Fund Organization—VanEck ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
Fund | Diversification Classification |
Agribusiness ETF | Non-Diversified |
Future of Food ETF | Non-Diversified |
Gold Miners ETF | Non-Diversified |
Green Metals ETF | Non-Diversified |
Junior Gold Miners ETF | Non-Diversified |
Low Carbon Energy ETF | Non-Diversified |
Natural Resources ETF | Diversified |
Oil Refiners ETF | Non-Diversified |
Oil Services ETF | Non-Diversified |
Rare Earth/Strategic Metals ETF | Non-Diversified |
Steel ETF | Non-Diversified |
Uranium+Nuclear Energy ETF | Non-Diversified |
Each Fund’s investment objective (except for Future of Food ETF) is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index which are listed in the table below.
Fund | Index |
Agribusiness ETF | MVIS® Global Agribusiness Index |
Gold Miners ETF | NYSE® Arca® Gold Miners Index® |
Green Metals ETF | MVIS® Global Clean-Tech Metals Index |
Junior Gold Miners ETF | MVIS® Global Junior Gold Miners Index |
Low Carbon Energy ETF | MVIS Global Low Carbon Energy Index |
Natural Resources ETF | VanEck® Natural Resources Index |
Oil Refiners ETF | MVIS® Global Oil Refiners Index |
Oil Services ETF | MVIS® US Listed Oil Services 25 Index |
Rare Earth/Strategic Metals ETF | MVIS® Global Rare Earth/Strategic Metals Index |
Steel ETF | NYSE® Arca® Steel Index |
Uranium+Nuclear Energy ETF | MVIS® Global Uranium & Nuclear Energy Index |
Each Fund, except for Future of Food ETF, was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index. The Future of Food ETF is an actively managed ETF that seeks long-term capital appreciation and invests primarily in securities of companies engaged in Agri-Food technology and innovation.
Van Eck Associates Corporation (the “Adviser”) is the investment adviser for the Funds.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.
The following summarizes the Funds’ significant accounting policies.
78 |
A. | Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. The Board of Trustees (“Trustees”) has designated the Adviser as valuation designee under Rule 2a-5 to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements of Rule 2a-5. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. |
Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. | |
The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below: | |
Level 1 — Quoted prices in active markets for identical securities. | |
Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). | |
A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that |
79 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. | |
B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income to and net realized capital gains, if any, its shareholders. Therefore, no federal income tax provision is required. |
C. | Distributions to Shareholders— Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
D. | Currency Translation— Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. |
E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
F. | Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at December 31, 2022 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending). |
G. | Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned. |
The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. | |
In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |
80 |
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least May 1, 2023, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.
The management fee rates and expense limitations for the year ended December 31, 2022, are as follows:
Fund | Management Fees |
Expense Limitations | |||||
Agribusiness ETF | 0.50 | % | 0.56 | % | |||
Gold Miners ETF | 0.50 | 0.53 | |||||
Junior Gold Miners ETF | 0.50 | 0.56 | |||||
Low Carbon Energy ETF | 0.50 | 0.62 | |||||
Oil Refiners ETF | 0.50 | 0.59 | |||||
Rare Earth/Strategic Metals ETF | 0.50 | 0.57 | |||||
Steel ETF | 0.50 | 0.55 | |||||
Uranium+Nuclear Energy ETF | 0.50 | 0.60 |
Refer to the Statements of Operations for amounts waived/assumed by the Adviser.
The Future of Food ETF, Green Metals ETF, and effective January 1, 2022, Natural Resources ETF and Oil Services ETF utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Fund, (excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) until at least May 1, 2023.
Fund | Unitary Management Fee Rate | |||
Future of Food ETF | 0.69 | % | ||
Green Metals ETF | 0.59 | |||
Natural Resources ETF | 0.49 | |||
Oil Services ETF | 0.35 |
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
Note 4—Capital Share Transactions—As of December 31, 2022, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of a designated portfolio of securities (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
81 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Note 5—Investments—For the year ended December 31, 2022, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
In-Kind Capital Share Transactions | ||||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
Agribusiness ETF | $ | 370,691,690 | $ | 363,136,073 | $ | 791,451,604 | $ | 412,761,108 | ||||||||
Future of Food ETF | 113,069 | 196,838 | 1,010,044 | — | ||||||||||||
Gold Miners ETF | 2,085,463,737 | 2,003,946,143 | 3,033,538,853 | 2,976,076,243 | ||||||||||||
Green Metals ETF | 10,936,938 | 7,205,499 | 9,717,579 | 1,052,995 | ||||||||||||
Junior Gold Miners ETF | 1,056,470,980 | 1,043,124,305 | 669,450,439 | 777,563,862 | ||||||||||||
Low Carbon Energy ETF | 38,338,475 | 38,891,761 | — | 12,716,520 | ||||||||||||
Natural Resources ETF | 51,659,410 | 50,256,297 | 73,085,654 | 26,672,143 | ||||||||||||
Oil Refiners ETF | 16,278,619 | 13,662,910 | 35,294,072 | 17,896,659 | ||||||||||||
Oil Services ETF | 464,729,649 | 467,952,304 | 4,622,353,818 | 5,301,418,049 | ||||||||||||
Rare Earth/Strategic Metals ETF | 339,182,853 | 361,569,499 | 115,125,115 | 161,670,708 | ||||||||||||
Steel ETF | 22,035,365 | 22,044,856 | 82,300,213 | 95,927,769 | ||||||||||||
Uranium+Nuclear Energy ETF | 24,939,501 | 24,987,059 | 24,435,290 | 5,563,677 |
Note 6—Income Taxes—As of December 31, 2022, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
Fund | Tax Cost of Investments |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
Agribusiness ETF | $1,438,873,414 | $127,086,797 | $(224,455,353) | $(97,368,556) | ||||||||||||
Future of Food ETF | 3,330,240 | 182,677 | (851,706) | (669,029) | ||||||||||||
Gold Miners ETF | 12,178,172,195 | 1,316,474,066 | (1,434,809,108) | (118,335,042) | ||||||||||||
Green Metals ETF | 27,522,624 | 1,387,757 | (5,755,698) | (4,367,941) | ||||||||||||
Junior Gold Miners ETF | 4,723,704,855 | 254,802,471 | (1,086,050,890) | (831,248,419) | ||||||||||||
Low Carbon Energy ETF | 250,114,134 | 25,951,974 | (69,249,467) | (43,297,493) | ||||||||||||
Natural Resources ETF | 132,942,945 | 23,842,868 | (10,369,244) | 13,473,624 | ||||||||||||
Oil Refiners ETF | 39,297,869 | 3,241,709 | (3,514,928) | (273,219) | ||||||||||||
Oil Services ETF | 2,522,062,130 | 156,412,100 | (71,857,544) | 84,554,556 | ||||||||||||
Rare Earth/Strategic Metals ETF | 670,488,697 | 120,228,978 | (116,438,914) | 3,790,064 | ||||||||||||
Steel ETF | 120,075,385 | 2,949,457 | (20,731,580) | (17,782,123) | ||||||||||||
Uranium+Nuclear Energy ETF | 54,399,192 | 6,051,796 | (3,327,019) | 2,724,777 |
At December 31, 2022, the components of total distributable earnings (losses) on a tax basis, for each Fund, were as follows:
Fund | Undistributed Ordinary Income |
(Accumulated Capital Losses)/ Undistributed Capital Gains |
Qualified Late- Year Losses* |
Other Temporary Differences |
Unrealized Appreciation (Depreciation) |
Total Distributable Earnings (Loss) | ||||||||||||||||||
Agribusiness ETF | $8,907,800 | $(777,475,372) | $– | $(492,946) | $(97,400,463) | $(866,460,981) | ||||||||||||||||||
Future of Food ETF | 1,942 | (98,221) | – | – | (668,830) | (765,109) | ||||||||||||||||||
Gold Miners ETF | 2,319,299 | (11,887,543,299) | – | (1,194,419) | (118,331,480) | (12,004,749,899) | ||||||||||||||||||
Green Metals ETF | 22,198 | (1,012,917) | – | – | (4,461,473) | (5,452,192) | ||||||||||||||||||
Junior Gold Miners ETF | 45,171,638 | (4,771,882,069) | – | (313,117) | (831,252,493) | (5,558,276,041) | ||||||||||||||||||
Low Carbon Energy ETF | 76,644 | (64,185,450) | – | (16,099) | (43,292,748) | (107,417,653) | ||||||||||||||||||
Natural Resources ETF | 278,230 | (53,849,293) | – | (14,855) | 13,473,558 | (40,112,360) | ||||||||||||||||||
Oil Refiners ETF | 4,851 | (10,513,424) | – | (842) | (275,884) | (10,785,299) | ||||||||||||||||||
Oil Services ETF | 246,455 | (2,015,454,422) | – | (210,231) | 84,554,555 | (1,930,863,643) | ||||||||||||||||||
Rare Earth/Strategic Metals ETF | – | (323,294,394) | (12,451,331) | (21,392) | 3,798,987 | (331,968,130) | ||||||||||||||||||
Steel ETF | – | (162,313,871) | – | (17,587) | (17,782,123) | (180,113,581) |
82 |
Fund | Undistributed Ordinary Income |
(Accumulated Capital Losses)/ Undistributed Capital Gains |
Qualified Late- Year Losses* |
Other Temporary Differences |
Unrealized Appreciation (Depreciation) |
Total Distributable Earnings (Loss) | ||||||||||||||||||
Uranium+Nuclear Energy ETF | 1,103,738 | (85,333,578 | ) | – | (11,370 | ) | 2,724,063 | (81,517,147 | ) |
* | Qualified late year losses incurred after October 31, 2022 are deemed to arise on January 1, 2023. |
The tax character of dividends paid to shareholders was follows:
December 31, 2022 | December 31, 2021 |
|||||||||||
Fund | Ordinary Income |
Return of Capital |
Ordinary Income |
|||||||||
Agribusiness ETF | $28,899,290 | $– | $13,850,800 | |||||||||
Future of Food ETF | 38,400 | – | – | |||||||||
Gold Miners ETF | 197,981,341 | – | 224,002,317 | |||||||||
Green Metals ETF | 580,000 | – | – | |||||||||
Junior Gold Miners ETF | 19,233,209 | – | 80,009,332 | |||||||||
Low Carbon Energy ETF | 2,600,048 | – | 1,340,155 | |||||||||
Natural Resources ETF | 4,599,900 | – | 2,140,110 | |||||||||
Oil Refiners ETF | 1,200,000 | – | 470,018 | |||||||||
Oil Services ETF | 23,400,039 | – | 21,600,606 | |||||||||
Rare Earth/Strategic Metals ETF | 9,819,927 | – | 54,350,856 | |||||||||
Steel ETF | 5,238,962 | 11,016 | 8,650,070 | |||||||||
Uranium+Nuclear Energy ETF | 1,100,017 | – | 700,021 |
At December 31, 2022, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
Fund | Short-Term Capital Losses with No Expiration |
Long-Term Capital Losses with No Expiration |
Total | |||||||||
Agribusiness ETF | $ | (222,942,771 | ) | $ | (554,532,601 | ) | $ | (777,475,372 | ) | |||
Future of Food ETF | (98,221 | ) | – | (98,221 | ) | |||||||
Gold Miners ETF | (2,025,014,743 | ) | (9,862,528,556 | ) | (11,887,543,299 | ) | ||||||
Green Metals ETF | (975,397 | ) | (37,520 | ) | (1,012,917 | ) | ||||||
Junior Gold Miners ETF | (1,682,967,033 | ) | (3,088,915,036 | ) | (4,771,882,069 | ) | ||||||
Low Carbon Energy ETF | (9,742,287 | ) | (54,443,163 | ) | (64,185,450 | ) | ||||||
Natural Resources ETF | (10,260,864 | ) | (43,588,429 | ) | (53,849,293 | ) | ||||||
Oil Refiners ETF | (5,157,696 | ) | (5,355,728 | ) | (10,513,424 | ) | ||||||
Oil Services ETF | (306,893,389 | ) | (1,708,561,033 | ) | (2,015,454,422 | ) | ||||||
Rare Earth/Strategic Metals ETF | (75,995,355 | ) | (247,299,039 | ) | (323,294,394 | ) | ||||||
Steel ETF | (16,288,914 | ) | (146,024,957 | ) | (162,313,871 | ) | ||||||
Uranium+Nuclear Energy ETF | (13,904,116 | ) | (71,429,462 | ) | (85,333,578 | ) |
During the year ended December 31, 2022, as a result of permanent book to tax differences, primarily due to the tax treatment of gains/losses from securities redeemed in-kind and earnings attributable to the redemption of shares, the Funds incurred differences that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.
Fund | Increase (Decrease) in Total Distributable Earnings (Loss) |
Increase (Decrease) in Aggregate Paid in Capital | ||||||
Agribusiness ETF | $ | (141,329,451) | $ | 141,329,451 | ||||
Gold Miners ETF | (815,540,550) | 815,540,550 | ||||||
Green Metals ETF | (52,979) | 52,979 |
83 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Fund | Increase (Decrease) in Total Distributable Earnings (Loss) |
Increase (Decrease) in Aggregate Paid in Capital | ||||||
Junior Gold Miners ETF | (103,862,021) | 103,862,021 | ||||||
Low Carbon Energy ETF | (2,245,152) | 2,245,152 | ||||||
Natural Resources ETF | (7,577,268) | 7,577,268 | ||||||
Oil Refiners ETF | (3,080,951) | 3,080,951 | ||||||
Oil Services ETF | (742,204,227) | 742,204,227 | ||||||
Rare Earth/Strategic Metals ETF | (47,859,056) | 47,859,056 | ||||||
Steel ETF | (5,174,596) | 5,174,596 | ||||||
Uranium+Nuclear Energy ETF | (1,719,701) | 1,719,701 |
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2022, the Funds did not incur any interest or penalties.
Note 7—Principal Risks— Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the recent coronavirus outbreak. Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.
Following Russia’s large-scale invasion of Ukraine on February 24, 2022, governments of the United States and many other countries have imposed economic sanctions on certain Russian individuals and Russian governmental, corporate and banking entities. A number of jurisdictions have also instituted broad sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. In response, the government of Russia has imposed capital controls to restrict movements of capital entering and exiting the country. As a result, the value and liquidity of Russian securities and its currency have experienced significant declines and increased volatility. The Russian securities markets were closed for a period of time and were reopened on March 24, 2022, but trading limitations have remained. There is no assurance that these disruptions will not continue.
Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in a Fund could be heightened and the Fund’s investments (and thus a shareholder’s investment in a Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.
84 |
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which a Trustee can elect to defer receipt of trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds of the Trust as directed by the Trustees.
The expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities. Effective January 1, 2022, Natural Resources ETF and Oil Services ETF converted to a unitary management fee structure. For these Funds, the liability of the Plan shown as “Deferred Trustee fees” in the Statements of Asset and Liabilities represents amounts accrued through December 31, 2021. Future of Food ETF and Green Metals ETF commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.
Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 2022 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of December 31, 2022:
Fund | Market Value of Securities on Loan |
Cash Collateral |
Non-Cash Collateral |
Total Collateral | ||||||||||||
Agribusiness ETF | $ | 2,362,658 | $ | 1,586,727 | $ | 896,541 | $ | 2,483,268 | ||||||||
Future of Food ETF | 104,114 | 73,186 | 41,499 | 114,685 | ||||||||||||
Gold Miners ETF | 225,906,317 | 120,829,768 | 116,912,708 | 237,742,476 | ||||||||||||
Green Metals ETF | 537,745 | 555,578 | – | 555,578 | ||||||||||||
Junior Gold Miners ETF | 217,017,532 | 157,686,725 | 73,589,682 | 231,276,407 | ||||||||||||
Low Carbon Energy ETF | 12,648,560 | 8,687,734 | 4,446,192 | 13,133,926 | ||||||||||||
Natural Resources ETF | 6,835,434 | 3,416,156 | 3,906,333 | 7,322,489 | ||||||||||||
Oil Refiners ETF | 56,309 | – | 59,354 | 59,354 | ||||||||||||
Oil Services ETF | 85,090,759 | 22,295,028 | 64,849,902 | 87,144,930 | ||||||||||||
Rare Earth/Strategic Metals ETF | 151,605,612 | 43,492,601 | 119,970,195 | 163,462,796 | ||||||||||||
Steel ETF | 21,413,508 | 2,476,643 | 19,599,094 | 22,075,737 | ||||||||||||
Uranium+Nuclear Energy ETF | 6,685,964 | 2,598,944 | 4,328,301 | 6,927,245 |
85 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2022:
Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities | ||||
Fund | Equity Securities | |||
Agribusiness ETF | $ | 1,586,727 | ||
Future of Food ETF | 73,186 | |||
Gold Miners ETF | 120,829,768 | |||
Green Metals ETF | 555,578 | |||
Junior Gold Miners ETF | 157,686,725 | |||
Low Carbon Energy ETF | 8,687,734 | |||
Natural Resources ETF | 3,416,156 | |||
Oil Services ETF | 22,295,028 | |||
Rare Earth/Strategic Metals ETF | 43,492,601 | |||
Steel ETF | 2,476,643 | |||
Uranium+Nuclear Energy ETF | 2,598,944 |
* | Remaining contractual maturity: overnight and continuous |
Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility
(the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2022, the following Funds borrowed under this Facility:
Fund | Days Outstanding | Average Daily Loan Balance |
Average Interest Rate | |||||||||
Agribusiness ETF | 266 | $2,247,817 | 3.32 | % | ||||||||
Gold Miners ETF | 179 | 17,532,281 | 3.77 | |||||||||
Green Metals ETF | 346 | 352,335 | 3.04 | |||||||||
Junior Gold Miners ETF | 26 | 17,755,677 | 2.39 | |||||||||
Low Carbon Energy ETF | 237 | 601,011 | 3.07 | |||||||||
Natural Resources ETF | 244 | 502,629 | 3.41 | |||||||||
Oil Refiners ETF | 168 | 231,444 | 3.69 | |||||||||
Oil Services ETF | 204 | 1,868,091 | 3.20 | |||||||||
Rare Earth/Strategic Metals ETF | 209 | 1,894,947 | 3.03 | |||||||||
Steel ETF | 113 | 634,847 | 3.20 | |||||||||
Uranium+Nuclear Energy ETF | 140 | 182,893 | 2.66 |
Outstanding loan balances as of December 31, 2022, if any, are reflected in the Statements of Assets and Liabilities.
Note 11—Share Split— In 2020, the Board of Trustees approved a 1 for 20 reverse share split for Oil Services ETF, and 1 for 3 reverse share split for Rare Earth/Strategic Metals ETF. On April 15, 2020, shares began trading on a split-adjusted basis. The Financial Highlights prior to April 15, 2020 have been adjusted to reflect these reverse share splits.
86 |
VANECK ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of VanEck ETF Trust and Shareholders of each of the twelve funds listed in the table below.
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (twelve of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2022, the related statements of operations and of changes in net assets for the year ended December 31, 2022, including the related notes, and the financial highlights for the year ended December 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for the year ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.
Funds | ||
VanEck Agribusiness ETF | VanEck Natural Resources ETF | |
VanEck Future of Food ETF | VanEck Oil Refiners ETF | |
VanEck Gold Miners ETF | VanEck Oil Services ETF | |
VanEck Green Metals ETF | VanEck Rare Earth/Strategic Metals ETF | |
VanEck Junior Gold Miners ETF | VanEck Steel ETF | |
VanEck Low Carbon Energy ETF | VanEck Uranium+Nuclear Energy ETF |
The financial statements of the Funds as of and for the year or period ended December 31, 2021, and the financial highlights for each of the periods ended on or prior to December 31, 2021 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated February 28, 2022, expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
New York, New York
February 27, 2023
87 |
VANECK ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)
We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.
88 |
VANECK ETF TRUST
(unaudited)
The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2022:
Fund | Ordinary Income Amount Paid Per Share |
Qualified Dividend Income for Individuals* |
Dividends Qualifying for the Dividend Received Deduction for Corporations* |
Foreign Source Income* |
Foreign Taxes Paid Per Share** | |||||||||||||||
Agribusiness ETF | $1.8466 | 78.76 | % | 27.84 | % | – | % | $– | ||||||||||||
Future of Food ETF | 0.2560 | 100.00 | 48.43 | – | – | |||||||||||||||
Gold Miners ETF | 0.4762 | 100.00 | 32.93 | 72.14 | 0.0558 | |||||||||||||||
Green Metals ETF | 0.7250 | 100.00 | 8.60 | 83.68 | 0.0696 | |||||||||||||||
Junior Gold Miners ETF | 0.1825 | 100.00 | 2.60 | 100.00 | – | |||||||||||||||
Low Carbon Energy ETF | 1.4580 | 100.00 | 17.11 | 86.16 | 0.1650 | |||||||||||||||
Natural Resources ETF | 1.6140 | 100.00 | 32.53 | 0.26 | – | |||||||||||||||
Oil Refiners ETF | 0.9600 | 100.00 | 25.28 | 79.69 | 0.1161 | |||||||||||||||
Oil Services ETF | 2.8887 | 100.00 | 83.55 | – | – | |||||||||||||||
Rare Earth/Strategic Metals ETF | 1.1867 | 0.75 | – | 1.36 | – | |||||||||||||||
Steel ETF | 2.8767 | 71.67 | 12.30 | 1.31 | – | |||||||||||||||
Uranium+Nuclear Energy ETF | 1.1093 | 73.96 | 37.08 | 10.16 | 0.0645 |
Fund | Return of Capital Per Share*** | |||
Steel ETF | $0.0061 |
* Expressed as a percentage of the cash distribution grossed up for foreign taxes.
** The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments.
*** A return of capital is not considered taxable income to shareholders. The portion of a distribution which is a dividend is includable in gross income while the portion of the distribution which is not a dividend shall be applied against and reduces the adjusted basis of the stock. Accordingly, shareholders who received these distributions should not include these amounts in taxable income, but instead should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid.
Please consult your tax advisor for proper treatment of this information.
89 |
VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
December 31, 2022 (unaudited)
Name,
Address1 and Year of Birth |
Position(s)
Held with the Trust |
Term of
Office2 and Length of Time Served |
Principal
Occupation(s) During Past Five Years |
Number of
Portfolios in Fund Complex3 Overseen |
Other Directorships
Held By Trustee During Past Five Years | |||||
Independent Trustees | ||||||||||
David H. Chow, 1957*† | Trustee Chairperson | Since 2006 2008 to 2022 |
Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 69 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020. | |||||
Laurie A. Hesslein, 1959*† | Trustee | Since 2019 | Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 69 | Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. | |||||
R. Alastair Short, 1953*† | Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 81 | Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds. | |||||
Peter J. Sidebottom, 1962*† | Chairperson Trustee | Since 2022 Since 2012 |
Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021. | 69 | Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016. | |||||
Richard D. Stamberger, 1959*† | Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020. | 81 | Director, Food and Friends, Inc., 2013 to present. | |||||
Interested Trustee | ||||||||||
Jan F. van Eck, 19635 | Trustee, Chief Executive Officer and President | Trustee (Since 2006); Chief Executive Officer and President (Since 2009) |
Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | 81 | Director, National Committee on US-China Relations. |
1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
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4 | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
5 | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
* | Member of the Audit Committee. |
† | Member of the Nominating and Corporate Governance Committee. |
Officer’s Name,
Address1 and Year of Birth |
Position(s)
Held with the Trust |
Term of
Office2 And Length of Time Served |
Principal Occupation(s) During Past Five Years | |||
Officer Information | ||||||
Matthew A. Babinsky, 1983 | Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. | |||
Russell G. Brennan, 1964 | Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. | |||
Charles T. Cameron, 1960 | Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. | |||
John J. Crimmins, 1957 | Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting
Officer (Since 2012); Treasurer (Since 2009) |
Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. | |||
Susan Curry, 1966 | Assistant Vice President | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc. | |||
Eduardo Escario, 1975 | Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. | |||
F. Michael Gozzillo, 1965 | Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. | |||
Laura Hamilton, 1977 | Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. | |||
Nicholas Jackson, 1974 | Assistant Vice President | Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. | |||
Laura I. Martínez, 1980 | Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) |
Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. | |||
Matthew McKinnon, 1970 | Assistant Vice President | Since 2018 | Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. | |||
Lisa A. Moss, 1965 | Assistant Vice President and Assistant Secretary | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP; Assistant General Counsel, Fred Alger Management, Inc. | |||
Arian Neiron, 1979 | Vice President | Since 2018 | CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. |
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VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
(unaudited) (continued)
James Parker, 1969 | Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. | |||
Adam Phillips, 1970 | Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. | |||
Philipp Schlegel, 1974 | Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. | |||
Jonathan R. Simon, 1974 | Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer
(Since 2014) |
Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. | |||
Andrew Tilzer, 1972 | Assistant Vice President | Since 2021 | Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC. |
1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
2 | Officers are elected yearly by the Trustees. |
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VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
December 31, 2022
VanEck Commodity Index ETF and VanEck Robotics ETF
At a meeting held on December 1, 2022 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved the investment management agreements (the “Investment Management Agreements”) between the Trust and each of Van Eck Absolute Return Advisers Corporation and Van Eck Associates Corporation (together, the “Advisers”) with respect to the VanEck Commodity Index ETF and VanEck Robotics ETF (the “Funds”), respectively.
The Board’s approval of the Investment Management Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In advance of the Meeting, the Trustees received materials from the Advisers, including expense information for other funds. The Advisers provided the Trustees with information regarding, among other things, the various aspects of the Funds’ proposed investment programs, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Advisers at the Meeting regarding the management of the Funds, information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Advisers, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Funds. The Trustees also considered the terms and scope of services that the applicable Adviser would provide under each Investment Management Agreement, including such Adviser’s agreement to pay all of the direct expenses of each Fund (with respect to the Investment Management Agreement for VanEck Commodity Index ETF, inclusive of any subsidiary expenses) excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses.
The Trustees considered the benefits, other than the fees under the Investment Management Agreements, that the Advisers would receive from serving as advisers to the Funds. The Trustees did not consider historical information about the cost of the services provided by the Advisers or the profitability of the Funds to the Advisers because the Funds had not yet commenced operations. In addition, because the Funds had not yet commenced operations, the Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Funds by the Advisers, although they concluded that the nature, quality, and extent of the services to be provided by the Advisers were appropriate based on the Trustees’ knowledge of the Advisers and their personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Meeting as part of their consideration of the Investment Management Agreements.
In voting to approve the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreements are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that the Investment Management Agreements are in the best interest of the Funds and the Funds’ shareholders.
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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
Investment Adviser: | VanEck Associates Corporation | |
Distributor: | VanEck Securities Corporation | |
666 Third Avenue, New York, NY 10017 | ||
vaneck.com | ||
Account Assistance: | 800.826.2333 | NRAR |