June 30, 2022
(unaudited)
|
SEMI-ANNUAL
REPORT June 30, 2022 (unaudited) |
| 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 June 30, 2022.
PRESIDENT’S LETTER
June 30, 2022 (unaudited)
Dear Fellow Shareholders:
When will market volatility be over? The short answer: not yet. Financial tightening by central banks is never good for financial assets. And while the first half of 2022 has already been painful, we are only now, in midsummer, experiencing the onset of “quantitative tightening,” when the central banks stop buying bonds. This, to me, is the final act in this process and it may take a few months to work itself out. I am hoping that there are no implosions by major, indebted countries, or major dislocations in fixed income or banking markets.
The second signal that will imply less pressure on financial markets—stocks and bonds—is weaker labor markets, because only that, I believe, will slow wage pressure and therefore inflation. While there will likely be many minor signals and headlines, we may not have confirmation of cooling wage pressure until year-end or later.
For over a year, I’ve been saying that we would be in a better position to gauge inflation persistence in the second half of 2022, because only now would we know whether inflationary psychology had affected wages. Well, here we are. Despite a cooling U.S. economy, the labor market is still hot. There is a strong relationship between wages and inflation, which historically becomes more pronounced during periods of high inflation. Based on the fact that the record-setting spending stimulus has led to wage inflation, our view now is that inflation will be higher for longer.
Rising Correlation: Upward Pressure on Wages Leads to Upward Pressure on Inflation
While we expect to be in an elevated inflation regime for an extended period of time, there should be some temporary relief on the horizon from the negative wealth effect from declining asset values, a recent pullback in commodity prices and improving supply chains. But asset values can still fall further from here, commodity prices are still high by historical standards, and supply chain pressures are still at last summer’s levels.
Consumers are being squeezed from high inflation and more restrictive, yet still accommodative, monetary policy. We estimate the evisceration of over $40 trillion from the global stock, bond and crypto markets as a result of the current macro-economic conditions. That equates to nearly half of the world’s GDP!
Multi-Year Investment Themes: Resources Transition and Blockchain Disruption
So, we continue to focus on two multi-year investment themes.
Commodities have broken out of their prolonged bear market to reach record highs, driven by forces—primarily, the supply-demand imbalance—that have been in place even before Russia’s invasion of Ukraine. The Russia-Ukraine crisis has, however, accelerated efforts to reduce dependency on Russian energy supply in Europe, and part of that plan includes a shift towards renewable energy.
Commodity prices have more than doubled from their COVID-19 lows. Yet, the supply response across all industries has been limited due to the emphasis on capital discipline and environmental, social and governance constraints. If we are in the early stages of an economic slowdown, then it is very unlikely that we will see an increase in capital expenditures leading to additional supply. This should lead to a swift rebound in prices when economic growth resumes.
We still like commodity equities, particularly companies involved in green metals used in electric vehicle and clean energy components and, perhaps with a longer-term horizon, agribusiness companies looking to innovate for more efficient, climate-friendly and sustainable food production. Fears of global recession have hurt these investments, but I believe the longer-term trends will prevail.
The fallout from the Terra ecosystem’s collapse in May on the broader digital assets market cannot be understated. It caused major damage, and bankruptcies and liquidations of borrowing/lending firms are likely ahead, not to mention litigation from retail investors. Volatility is a given with crypto, with Bitcoin and Ethereum under the most pressure from their status as the “reserve” holdings for many in the crypto world. However, while I used to think Bitcoin’s drawdown risk was 90% back in 2017, I expected the drawdowns to
| 3 |
VANECK ETF TRUST
PRESIDENT’S LETTER
(unaudited) (continued)
be more muted in current times. This is because the underlying blockchain technology is being used to gain efficiency and reduce risk in the financial system, and I believe adoption will keep expanding.
Growth is Less Rich Relative to Value
For much of 2021, many growth stocks were very richly valued. At the end of 2021, the price-to-earnings (“P/E”) ratio of the Russell 1000 Growth Index was hovering around 40. By comparison, during that same period, the P/E ratio of the Russell 1000 Value Index was below 20. That equated to a valuation spread of roughly 20.
We hadn’t seen such a big dislocation between growth and value stocks since the tech bubble in the early 2000s. That is why, at the start of 2022, we said to wait to buy growth. We could be getting closer, but investors should be cautious. The current spread between the P/E ratios of growth and value stocks is over 11 and the long-term average is 8. If inflation remains persistently high, as we expect, then this spread may go even lower.
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each the funds for the six month period ended June 30, 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
July 12, 2022
PS The investing outlook can change suddenly, as it certainly did in 2021. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
| 4 |
EXPLANATION OF EXPENSES
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2022 to June 30, 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 January 1, 2022 |
Ending Account Value June 30, 2022 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period January 1, 2022 - June 30, 2022(a) | |||||||||||||
| Agribusiness ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $907.80 | 0.52 | % | $ | 2.46 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,022.22 | 0.52 | % | $ | 2.61 | |||||||||
| Future of Food ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $772.00 | 0.70 | % | $ | 3.08 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.32 | 0.70 | % | $ | 3.51 | |||||||||
| Gold Miners ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $858.80 | 0.51 | % | $ | 2.35 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,022.27 | 0.51 | % | $ | 2.56 | |||||||||
| Green Metals ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $836.10 | 0.60 | % | $ | 2.73 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.82 | 0.60 | % | $ | 3.01 | |||||||||
| Junior Gold Miners ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $767.50 | 0.52 | % | $ | 2.28 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,022.22 | 0.52 | % | $ | 2.61 | |||||||||
| Low Carbon Energy ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $783.30 | 0.59 | % | $ | 2.61 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.87 | 0.59 | % | $ | 2.96 | |||||||||
| Natural Resources ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $956.80 | 0.49 | % | $ | 2.38 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,022.36 | 0.49 | % | $ | 2.46 | |||||||||
| 5 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
| Beginning Account Value January 1, 2022 |
Ending Account Value June 30, 2022 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period January 1, 2022 - June 30, 2022(a) | |||||||||||||
| Oil Refiners ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $1,093.60 | 0.60 | % | $ | 3.11 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.82 | 0.60 | % | $ | 3.01 | |||||||||
| Oil Services ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $1,259.40 | 0.35 | % | $ | 1.96 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,023.06 | 0.35 | % | $ | 1.76 | |||||||||
| Rare Earth/Strategic Metals ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $778.80 | 0.53 | % | $ | 2.34 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,022.17 | 0.53 | % | $ | 2.66 | |||||||||
| Steel ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $930.00 | 0.56 | % | $ | 2.68 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,022.02 | 0.56 | % | $ | 2.81 | |||||||||
| Uranium+Nuclear Energy ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $950.10 | 0.60 | % | $ | 2.90 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.82 | 0.60 | % | $ | 3.01 | |||||||||
| (a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended June 30, 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 |
| 6 |
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 99.8% | ||||||||
| Australia: 2.2% | ||||||||
| Incitec Pivot Ltd. # | 7,110,799 | $ | 16,302,467 | |||||
| Treasury Wine Estates Ltd. # | 2,515,439 | 19,652,280 | ||||||
| 35,954,747 | ||||||||
| Brazil: 2.5% | ||||||||
| Rumo SA | 4,678,700 | 14,288,087 | ||||||
| Yara International ASA (NOK) # | 640,453 | 26,753,990 | ||||||
| 41,042,077 | ||||||||
| Canada: 6.5% | ||||||||
| Nutrien Ltd. (USD) | 1,347,154 | 107,354,702 | ||||||
| Chile: 3.2% | ||||||||
| Sociedad Quimica y Minera de Chile SA (ADR) | 629,982 | 52,622,396 | ||||||
| China: 3.8% | ||||||||
| China Mengniu Dairy Co. Ltd. (HKD) # * | 6,802,000 | 34,098,820 | ||||||
| Wilmar International Ltd. (SGD) # | 9,431,551 | 27,403,966 | ||||||
| 61,502,786 | ||||||||
| Denmark: 1.0% | ||||||||
| Bakkafrost P/F (NOK) # | 195,665 | 12,572,241 | ||||||
| Schouw & Co. A/S # | 57,370 | 4,002,646 | ||||||
| 16,574,887 | ||||||||
| Germany: 8.3% | ||||||||
| Bayer AG # | 1,944,797 | 115,859,121 | ||||||
| K+S AG # | 844,268 | 20,498,650 | ||||||
| 136,357,771 | ||||||||
| Indonesia: 0.2% | ||||||||
| Golden Agri-Resources Ltd. (SGD) # | 20,697,645 | 3,719,434 | ||||||
| Israel: 1.4% | ||||||||
| ICL Group Ltd. (USD) † | 2,441,395 | 22,167,867 | ||||||
| Japan: 4.4% | ||||||||
| Kubota Corp. # † | 3,546,730 | 53,083,185 | ||||||
| Maruha Nichiro Corp. # | 165,300 | 3,108,197 | ||||||
| NH Foods Ltd. # | 359,300 | 11,240,043 | ||||||
| Nippon Suisan Kaisha Ltd. # | 951,000 | 4,015,211 | ||||||
| 71,446,636 | ||||||||
| Malaysia: 2.1% | ||||||||
| IOI Corp. Bhd # | 8,801,555 | 7,669,858 | ||||||
| Kuala Lumpur Kepong Bhd # | 1,670,670 | 8,312,716 | ||||||
| PPB Group Bhd | 2,393,480 | 8,612,727 | ||||||
| Sime Darby Plantation Bhd # | 10,716,100 | 10,530,565 | ||||||
| 35,125,866 | ||||||||
| Netherlands: 0.7% | ||||||||
| OCI NV # | 352,515 | 11,568,554 | ||||||
| Norway: 3.6% | ||||||||
| Leroy Seafood Group ASA # | 1,103,755 | 7,878,905 | ||||||
| Mowi ASA # | 1,505,460 | 34,321,665 | ||||||
| Salmar ASA # | 228,636 | 16,137,324 | ||||||
| 58,337,894 | ||||||||
| Russia: 0.0% | ||||||||
| PhosAgro PJSC (USD) (GDR) #∞ | 1,882 | 0 | ||||||
| PhosAgro PJSC (USD) (GDR) #∞ | 292,219 | 0 | ||||||
| 0 | ||||||||
| Number of Shares |
Value | |||||||
| Singapore: 0.8% | ||||||||
| Charoen Pokphand Indonesia Tbk PT (IDR) # | 31,825,900 | $ | 12,824,115 | |||||
| Sweden: 0.3% | ||||||||
| Oatly Group AB (ADR) * † | 1,226,866 | 4,244,956 | ||||||
| Switzerland: 0.6% | ||||||||
| Bucher Industries AG # | 29,383 | 10,227,125 | ||||||
| Taiwan: 0.4% | ||||||||
| Taiwan Fertilizer Co. Ltd. # | 3,294,000 | 7,081,867 | ||||||
| Thailand: 0.9% | ||||||||
| Charoen Pokphand Foods PCL (NVDR) # | 20,766,636 | 15,296,836 | ||||||
| United Kingdom: 3.2% | ||||||||
| CNH Industrial NV (USD) | 3,972,153 | 46,037,253 | ||||||
| Genus Plc # | 223,393 | 6,817,368 | ||||||
| 52,854,621 | ||||||||
| United States: 53.7% | ||||||||
| AGCO Corp. | 223,594 | 22,068,728 | ||||||
| Archer-Daniels-Midland Co. | 1,135,908 | 88,146,461 | ||||||
| Balchem Corp. | 85,007 | 11,028,808 | ||||||
| Beyond Meat, Inc. * † | 204,609 | 4,898,339 | ||||||
| Bunge Ltd. | 441,729 | 40,060,403 | ||||||
| CF Industries Holdings, Inc. | 570,496 | 48,908,622 | ||||||
| Corteva, Inc. | 1,771,014 | 95,882,698 | ||||||
| Darling Ingredients, Inc. * | 527,210 | 31,527,158 | ||||||
| Deere & Co. | 412,383 | 123,496,337 | ||||||
| Elanco Animal Health, Inc. * | 1,129,274 | 22,167,648 | ||||||
| FMC Corp. | 411,083 | 43,989,992 | ||||||
| Mosaic Co. | 1,197,573 | 56,561,373 | ||||||
| Neogen Corp. * | 294,866 | 7,103,322 | ||||||
| Pilgrim’s Pride Corp. * | 212,026 | 6,621,572 | ||||||
| Sanderson Farms, Inc. | 73,839 | 15,914,520 | ||||||
| Toro Co. | 345,949 | 26,219,475 | ||||||
| Tyson Foods, Inc. | 1,041,657 | 89,645,001 | ||||||
| Zoetis, Inc. | 854,716 | 146,917,133 | ||||||
| 881,157,590 | ||||||||
| Total Common Stocks (Cost: $1,674,219,592) |
1,637,462,727 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4% (Cost: $6,592,867) | ||||||||
| Money Market Fund: 0.4% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 6,592,867 | 6,592,867 | ||||||
| Total Investments: 100.2% (Cost: $1,680,812,459) |
1,644,055,594 | |||||||
| Liabilities in excess of other assets: (0.2)% | (3,297,607) | |||||||
| NET ASSETS: 100.0% | $ | 1,640,757,987 | ||||||
See Notes to Financial Statements
| 7 |
VANECK AGRIBUSINESS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (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: | |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $500,977,149 which represents 30.5% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $10,494,145. |
| ∞ | 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 | ||||||
| Consumer Staples | 31.9 | % | $ | 522,455,958 | ||||
| Health Care | 18.2 | 298,864,592 | ||||||
| Industrials | 18.1 | 295,420,191 | ||||||
| Materials | 31.8 | 520,721,986 | ||||||
| 100.0 | % | $ | 1,637,462,727 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 35,954,747 | $ | — | $ | 35,954,747 | ||||||||
| Brazil | 14,288,087 | 26,753,990 | — | 41,042,077 | ||||||||||||
| Canada | 107,354,702 | — | — | 107,354,702 | ||||||||||||
| Chile | 52,622,396 | — | — | 52,622,396 | ||||||||||||
| China | — | 61,502,786 | — | 61,502,786 | ||||||||||||
| Denmark | — | 16,574,887 | — | 16,574,887 | ||||||||||||
| Germany | — | 136,357,771 | — | 136,357,771 | ||||||||||||
| Indonesia | — | 3,719,434 | — | 3,719,434 | ||||||||||||
| Israel | 22,167,867 | — | — | 22,167,867 | ||||||||||||
| Japan | — | 71,446,636 | — | 71,446,636 | ||||||||||||
| Malaysia | 8,612,727 | 26,513,139 | — | 35,125,866 | ||||||||||||
| Netherlands | — | 11,568,554 | — | 11,568,554 | ||||||||||||
| Norway | — | 58,337,894 | — | 58,337,894 | ||||||||||||
| Russia | — | — | 0 | 0 | ||||||||||||
| Singapore | — | 12,824,115 | — | 12,824,115 | ||||||||||||
| Sweden | 4,244,956 | — | — | 4,244,956 | ||||||||||||
| Switzerland | — | 10,227,125 | — | 10,227,125 | ||||||||||||
| Taiwan | — | 7,081,867 | — | 7,081,867 | ||||||||||||
| Thailand | — | 15,296,836 | — | 15,296,836 | ||||||||||||
| United Kingdom | 46,037,253 | 6,817,368 | — | 52,854,621 | ||||||||||||
| United States | 881,157,590 | — | — | 881,157,590 | ||||||||||||
| Money Market Fund | 6,592,867 | — | — | 6,592,867 | ||||||||||||
| Total Investments | $ | 1,143,078,445 | $ | 500,977,149 | $ | 0 | $ | 1,644,055,594 | ||||||||
See Notes to Financial Statements
| 8 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 98.9% | ||||||||
| Brazil: 0.5% | ||||||||
| Yara International ASA (NOK) # | 345 | $ | 14,412 | |||||
| Canada: 4.0% | ||||||||
| Maple Leaf Foods, Inc. | 5,760 | 113,016 | ||||||
| China: 2.2% | ||||||||
| Vitasoy International Holdings Ltd. (HKD) # | 36,000 | 63,104 | ||||||
| Denmark: 7.0% | ||||||||
| Chr. Hansen Holding A/S # | 1,506 | 109,690 | ||||||
| Novozymes A/S # | 1,518 | 91,155 | ||||||
| 200,845 | ||||||||
| France: 2.4% | ||||||||
| Danone SA # | 1,221 | 68,216 | ||||||
| Germany: 3.0% | ||||||||
| Symrise AG # | 789 | 85,847 | ||||||
| Ireland: 3.1% | ||||||||
| Kerry Group Plc # | 921 | 88,834 | ||||||
| Isle of Man: 0.4% | ||||||||
| Agronomics Ltd. # * | 57,531 | 11,175 | ||||||
| Israel: 0.0% | ||||||||
| Else Nutrition Holdings, Inc. (CAD) * | 2,502 | 1,164 | ||||||
| Japan: 1.9% | ||||||||
| Kubota Corp. # | 3,600 | 53,880 | ||||||
| Mexico: 3.9% | ||||||||
| Orbia Advance Corp. SAB de CV | 48,210 | 112,450 | ||||||
| Netherlands: 0.8% | ||||||||
| Corbion NV # | 795 | 23,893 | ||||||
| Norway: 0.6% | ||||||||
| Atlantic Sapphire ASA # * † | 8,175 | 16,086 | ||||||
| Philippines: 0.9% | ||||||||
| Monde Nissin Corp. 144A # * | 110,700 | 26,198 | ||||||
| Sweden: 3.3% | ||||||||
| BioGaia AB # | 2,460 | 24,987 | ||||||
| Oatly Group AB (ADR) * † | 20,139 | 69,681 | ||||||
| 94,668 | ||||||||
| Switzerland: 8.0% | ||||||||
| Bucher Industries AG # | 162 | 56,386 | ||||||
| Givaudan SA # | 30 | 105,443 | ||||||
| Nestle SA # | 576 | 67,129 | ||||||
| 228,958 | ||||||||
| United States: 56.9% | ||||||||
| AgEagle Aerial Systems, Inc. * | 2,532 | 1,636 | ||||||
| Amyris, Inc. * † | 5,613 | 10,384 | ||||||
| AppHarvest, Inc. * † | 29,643 | 103,454 | ||||||
| Archer-Daniels-Midland Co. | 867 | 67,279 | ||||||
| Balchem Corp. | 231 | 29,970 | ||||||
| Ball Corp. | 1,383 | 95,109 | ||||||
| Benson Hill, Inc. * | 10,593 | 29,025 | ||||||
| Berry Global Group, Inc. * | 522 | 28,522 | ||||||
| Beyond Meat, Inc. * † | 1,632 | 39,070 | ||||||
| Bunge Ltd. | 1,239 | 112,365 | ||||||
| Number of Shares |
Value | |||||||
| United States (continued) | ||||||||
| Cadiz, Inc. * | 4,329 | $ | 10,087 | |||||
| Conagra Brands, Inc. | 1,188 | 40,677 | ||||||
| Corteva, Inc. | 3,291 | 178,175 | ||||||
| Deere & Co. | 375 | 112,301 | ||||||
| Ecolab, Inc. | 165 | 25,370 | ||||||
| FMC Corp. | 543 | 58,106 | ||||||
| Ginkgo Bioworks Holdings, Inc. * | 6,228 | 14,823 | ||||||
| GrowGeneration Corp. * † | 1,116 | 4,006 | ||||||
| Hydrofarm Holdings Group, Inc. * | 537 | 1,869 | ||||||
| Ingredion, Inc. | 1,533 | 135,149 | ||||||
| International Flavors & Fragrances, Inc. | 762 | 90,769 | ||||||
| John Bean Technologies Corp. | 399 | 44,058 | ||||||
| Kellogg Co. | 585 | 41,734 | ||||||
| Lindsay Corp. | 498 | 66,144 | ||||||
| Local Bounti Corp. * | 4,164 | 13,242 | ||||||
| Tattooed Chef, Inc. * † | 7,668 | 48,308 | ||||||
| Titan International, Inc. * | 2,535 | 38,279 | ||||||
| Trimble, Inc. * | 1,299 | 75,641 | ||||||
| Tyson Foods, Inc. | 456 | 39,243 | ||||||
| Valmont Industries, Inc. | 306 | 68,737 | ||||||
| 1,623,532 | ||||||||
| Total Common Stocks (Cost: $3,451,875) |
2,826,278 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.2% (Cost: $206,813) | ||||||||
| Money Market Fund: 7.2% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 206,813 | 206,813 | ||||||
| Total Investments: 106.1% (Cost: $3,658,688) |
3,033,091 | |||||||
| Liabilities in excess of other assets: (6.1)% | (173,122) | |||||||
| NET ASSETS: 100.0% | $ | 2,859,969 | ||||||
See Notes to Financial Statements
| 9 |
VANECK FUTURE OF FOOD ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Definitions: | |
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| HKD | Hong Kong Dollar |
| NOK | Norwegian Krone |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $906,435 which represents 31.7% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $210,454. |
| 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 $26,198, or 0.9% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Consumer Discretionary | 0.1 | % | $ | 4,006 | ||||
| Consumer Staples | 41.8 | 1,182,974 | ||||||
| Financials | 0.4 | 11,175 | ||||||
| Health Care | 0.9 | 24,987 | ||||||
| Industrials | 15.7 | 443,290 | ||||||
| Information Technology | 2.7 | 75,641 | ||||||
| Materials | 38.0 | 1,074,119 | ||||||
| Utilities | 0.4 | 10,086 | ||||||
| 100.0 | % | $ | 2,826,278 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Brazil | $ | — | $ | 14,412 | $ | — | $ | 14,412 | ||||||||
| Canada | 113,016 | — | — | 113,016 | ||||||||||||
| China | — | 63,104 | — | 63,104 | ||||||||||||
| Denmark | — | 200,845 | — | 200,845 | ||||||||||||
| France | — | 68,216 | — | 68,216 | ||||||||||||
| Germany | — | 85,847 | — | 85,847 | ||||||||||||
| Ireland | — | 88,834 | — | 88,834 | ||||||||||||
| Isle of Man | — | 11,175 | — | 11,175 | ||||||||||||
| Israel | 1,164 | — | — | 1,164 | ||||||||||||
| Japan | — | 53,880 | — | 53,880 | ||||||||||||
| Mexico | 112,450 | — | — | 112,450 | ||||||||||||
| Netherlands | — | 23,893 | — | 23,893 | ||||||||||||
| Norway | — | 16,086 | — | 16,086 | ||||||||||||
| Philippines | — | 26,198 | — | 26,198 | ||||||||||||
| Sweden | 69,681 | 24,987 | — | 94,668 | ||||||||||||
| Switzerland | — | 228,958 | — | 228,958 | ||||||||||||
| United States | 1,623,532 | — | — | 1,623,532 | ||||||||||||
| Money Market Fund | 206,813 | — | — | 206,813 | ||||||||||||
| Total Investments | $ | 2,126,656 | $ | 906,435 | $ | — | $ | 3,033,091 | ||||||||
See Notes to Financial Statements
| 10 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Australia: 11.6% | ||||||||
| Capricorn Metals Ltd. # * ‡ | 19,687,331 | $ | 42,487,061 | |||||
| Evolution Mining Ltd. # ‡ | 97,117,681 | 158,087,871 | ||||||
| Gold Road Resources Ltd. # † | 46,821,310 | 36,278,733 | ||||||
| Newcrest Mining Ltd. # | 35,065,821 | 497,673,693 | ||||||
| Northern Star Resources Ltd. # † ‡ | 61,731,493 | 288,473,625 | ||||||
| Perseus Mining Ltd. # ‡ | 72,027,268 | 77,857,838 | ||||||
| Ramelius Resources Ltd. # ‡ | 45,956,413 | 27,403,678 | ||||||
| Regis Resources Ltd. # ‡ | 39,990,097 | 35,481,219 | ||||||
| Silver Lake Resources Ltd. # * † ‡ | 49,282,866 | 40,811,473 | ||||||
| St Barbara Ltd. # † ‡ | 43,211,000 | 22,107,578 | ||||||
| West African Resources Ltd. # * ‡ | 54,096,883 | 44,866,999 | ||||||
| 1,271,529,768 | ||||||||
| Brazil: 7.5% | ||||||||
| Wheaton Precious Metals Corp. (USD) † | 16,106,760 | 580,326,563 | ||||||
| Yamana Gold, Inc. (USD) † ‡ | 50,918,364 | 236,770,392 | ||||||
| 817,096,955 | ||||||||
| Burkina Faso: 0.4% | ||||||||
| IAMGOLD Corp. (USD) * † ‡ | 25,372,336 | 40,849,461 | ||||||
| Canada: 42.2% | ||||||||
| Agnico Eagle Mines Ltd. (USD) † | 16,257,745 | 743,954,411 | ||||||
| Alamos Gold, Inc. (USD) ‡ | 20,776,734 | 145,852,673 | ||||||
| Aya Gold & Silver, Inc. * † ‡ | 5,561,021 | 28,280,397 | ||||||
| B2Gold Corp. (USD) ‡ | 55,979,176 | 189,769,407 | ||||||
| Barrick Gold Corp. (USD) | 63,480,430 | 1,122,968,807 | ||||||
| Dundee Precious Metals, Inc. ‡ | 10,113,349 | 50,255,101 | ||||||
| Endeavour Silver Corp. (USD) * † ‡ | 9,591,525 | 30,117,389 | ||||||
| Equinox Gold Corp. (USD) * † ‡ | 16,041,476 | 71,224,153 | ||||||
| First Majestic Silver Corp. (USD) † ‡ | 13,855,665 | 99,483,675 | ||||||
| Fortuna Silver Mines, Inc. (USD) * † ‡ | 15,480,256 | 43,963,927 | ||||||
| Franco-Nevada Corp. (USD) | 6,831,292 | 898,861,401 | ||||||
| GoGold Resources, Inc. * † ‡ | 15,637,870 | 24,851,842 | ||||||
| K92 Mining, Inc. * † ‡ | 12,017,310 | 72,386,138 | ||||||
| Karora Resources, Inc. * † | 8,225,883 | 21,171,310 | ||||||
| Kinross Gold Corp. (USD) ‡ | 68,834,660 | 246,428,083 | ||||||
| New Gold, Inc. (USD) * ‡ | 36,099,644 | 38,626,619 | ||||||
| OceanaGold Corp. * † ‡ | 37,310,998 | 71,443,207 | ||||||
| Osisko Gold Royalties Ltd. (USD) † ‡ | 9,789,421 | 98,873,152 | ||||||
| Pan American Silver Corp. (USD) ‡ | 11,153,447 | 219,388,302 | ||||||
| Sandstorm Gold Ltd. (USD) ‡ | 10,184,531 | 60,597,959 | ||||||
| Silvercorp Metals, Inc. (USD) ‡ | 9,383,532 | 23,271,159 | ||||||
| SSR Mining, Inc. (USD) ‡ | 11,265,715 | 188,137,441 | ||||||
| Torex Gold Resources, Inc. * ‡ | 4,546,643 | 35,035,181 | ||||||
| Number of Shares |
Value | |||||||
| Canada (continued) | ||||||||
| Victoria Gold Corp. * † ‡ | 3,391,383 | $ | 26,264,519 | |||||
| Wesdome Gold Mines Ltd. * † ‡ | 7,517,737 | 64,981,408 | ||||||
| 4,616,187,661 | ||||||||
| China: 4.5% | ||||||||
| Zhaojin Mining Industry Co. Ltd. (HKD) # * † ‡ | 138,255,500 | 119,437,639 | ||||||
| Zijin Mining Group Co. Ltd. (HKD) # ‡ | 303,956,000 | 369,872,999 | ||||||
| 489,310,638 | ||||||||
| Egypt: 0.5% | ||||||||
| Centamin Plc (GBP) # ‡ | 61,271,861 | 58,441,764 | ||||||
| Kyrgyzstan: 1.0% | ||||||||
| Centerra Gold, Inc. (CAD) ‡ | 15,759,198 | 106,653,590 | ||||||
| Peru: 0.8% | ||||||||
| Cia de Minas Buenaventura SAA (ADR) † ‡ | 13,442,510 | 88,720,566 | ||||||
| South Africa: 5.1% | ||||||||
| DRDGOLD Ltd. (ADR) † ‡ | 4,580,819 | 26,889,407 | ||||||
| Gold Fields Ltd. (ADR) † ‡ | 47,221,292 | 430,658,183 | ||||||
| Harmony Gold Mining Co. Ltd. (ADR) † ‡ | 32,665,205 | 102,242,092 | ||||||
| 559,789,682 | ||||||||
| Tanzania: 3.0% | ||||||||
| AngloGold Ashanti Ltd. (ADR) † ‡ | 22,165,662 | 327,830,141 | ||||||
| Turkey: 0.6% | ||||||||
| Eldorado Gold Corp. (USD) * † ‡ | 9,784,900 | 62,525,511 | ||||||
| United Kingdom: 2.5% | ||||||||
| Endeavour Mining Plc (CAD) † ‡ | 13,132,187 | 271,103,639 | ||||||
| United States: 20.3% | ||||||||
| Coeur Mining, Inc. * ‡ | 14,875,893 | 45,222,715 | ||||||
| Hecla Mining Co. ‡ | 28,560,255 | 111,956,200 | ||||||
| Newmont Corp. | 28,314,272 | 1,689,512,610 | ||||||
| Royal Gold, Inc. ‡ | 3,477,739 | 371,352,970 | ||||||
| 2,218,044,495 | ||||||||
| Total Common Stocks (Cost: $11,866,939,754) |
10,928,083,871 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.2% (Cost: $132,623,401) | ||||||||
| Money Market Fund: 1.2% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 132,623,401 | 132,623,401 | ||||||
| Total Investments: 101.2% (Cost: $11,999,563,155) |
11,060,707,272 | |||||||
| Liabilities in excess of other assets: (1.2)% | (127,719,756) | |||||||
| NET ASSETS: 100.0% | $ | 10,932,987,516 | ||||||
See Notes to Financial Statements
| 11 |
VANECK GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Definitions: | |
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,819,282,170 which represents 16.6% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $237,120,762. |
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of
Investments |
Value | ||||||
| Gold | 94.7 | % | $ | 10,346,770,981 | ||||
| Silver | 5.3 | 581,312,890 | ||||||
| 100.0 | % | $ | 10,928,083,871 | |||||
See Notes to Financial Statements
| 12 |
Transactions in securities of affiliates for the period ended June 30, 2022 were as follows:
| Value 12/31/2021 |
Purchases | Sales Proceeds |
Realized Gain (Loss) |
Dividend Income |
Net
Change in Unrealized Appreciation (Depreciation) |
Value 6/30/2022 | ||||||||
| Alamos Gold, Inc. | $–(a) | $48,097,734 | $(20,600,717) | $4,688,829 | $920,356 | $(21,113,596) | $145,852,673 | |||||||
| AngloGold Ashanti Ltd. | –(a) | 139,358,630 | (57,428,047) | 13,681,660 | 2,664,669 | (158,894,115) | 327,830,141 | |||||||
| Aya Gold & Silver, Inc. | –(a) | 10,929,923 | (4,681,366) | (200,878) | – | (13,119,505) | 28,280,397 | |||||||
| B2Gold Corp. | –(a) | 69,367,589 | (29,580,927) | 8,732,816 | 3,980,191 | (43,995,730) | 189,769,407 | |||||||
| Capricorn Metals Ltd. | –(a) | 16,206,472 | (6,764,851) | 970,096 | – | (8,997,762) | 42,487,061 | |||||||
| Centamin Plc | –(a) | 20,564,542 | (9,201,850) | (737,188) | 2,926,179 | (14,750,262) | 58,441,764 | |||||||
| Centerra Gold, Inc. | –(a) | 41,631,480 | (17,690,430) | 6,275,050 | 1,535,797 | (25,904,149) | 106,653,590 | |||||||
| Cia de Minas Buenaventura SAA | –(a) | 37,353,330 | (14,947,616) | (1,850,992) | 961,249 | (14,765,444) | 88,720,566 | |||||||
| Coeur Mining, Inc. | –(a) | 21,790,518 | (7,457,466) | (1,388,328) | – | (25,550,843) | 45,222,715 | |||||||
| DRDGOLD Ltd. | –(a) | 11,766,756 | (4,746,060) | (798,408) | 473,394 | (12,072,167) | 26,889,408 | |||||||
| Dundee Precious Metals, Inc. | –(a) | 17,564,171 | (7,917,177) | 2,240,955 | 794,942 | (14,537,756) | 50,255,101 | |||||||
| Eldorado Gold Corp. | –(a) | 29,441,831 | (11,848,759) | 1,295,675 | – | (32,621,294) | 62,525,511 | |||||||
| Endeavour Mining Plc | –(a) | 94,928,177 | (40,350,795) | 13,955,726 | 2,999,065 | (40,940,337) | 271,103,640 | |||||||
| Endeavour Silver Corp. | –(a) | 13,717,829 | (4,767,720) | (685,049) | – | (10,280,761) | 30,117,388 | |||||||
| Equinox Gold Corp. | –(a) | 34,583,230 | (13,620,512) | (1,378,504) | – | (39,123,181) | 71,224,153 | |||||||
| Evolution Mining Ltd. | –(a) | 86,489,494 | (35,317,059) | 3,636,549 | 1,735,631 | (139,389,226) | 158,087,871 | |||||||
| First Majestic Silver Corp. | –(a) | 51,075,906 | (18,368,763) | 4,116,996 | 176,286 | (64,647,388) | 99,483,675 | |||||||
| Fortuna Silver Mines, Inc. | –(a) | 17,520,949 | (7,092,184) | (1,039,615) | – | (16,214,057) | 43,963,927 | |||||||
| GoGold Resources, Inc. | –(a) | 11,600,686 | (3,979,391) | (490,654) | – | (11,790,682) | 24,851,842 | |||||||
| Gold Fields Ltd. | –(a) | 168,157,505 | (72,149,885) | 44,276,610 | 6,721,984 | (145,270,713) | 430,658,183 | |||||||
| Harmony Gold Mining Co. Ltd. | 113,149,948 | 42,491,665 | (16,997,086) | 3,111,347 | 859,324 | (39,513,782) | 102,242,092 | |||||||
| Hecla Mining Co. | –(a) | 50,654,106 | (19,685,445) | 6,536,687 | 317,467 | (50,987,126) | 111,956,200 | |||||||
| IAMGOLD Corp. | –(a) | 22,020,319 | (8,795,689) | (1,470,004) | – | (37,560,027) | 40,849,461 | |||||||
| K92 Mining, Inc. | –(a) | 25,373,226 | (9,642,667) | 465,117 | – | 190,178 | 72,386,138 | |||||||
| Kinross Gold Corp. | –(a) | 115,348,983 | (44,449,711) | 6,251,025 | 3,613,076 | (155,895,091) | 246,428,083 | |||||||
| New Gold, Inc. | –(a) | 17,274,615 | (7,053,161) | 1,706,758 | – | (18,908,932) | 38,626,619 | |||||||
| Northern Star Resources Ltd. | –(a) | 131,507,021 | (53,973,480) | 2,826,594 | 3,726,555 | (149,294,393) | 288,473,625 | |||||||
| OceanaGold Corp. | –(a) | 23,929,468 | (9,918,722) | 349,294 | – | 2,328,512 | 71,443,207 | |||||||
| Osisko Gold Royalties Ltd. | –(a) | 43,438,652 | (13,871,527) | 1,623,141 | 791,997 | (23,367,738) | 98,873,152 | |||||||
| Pan American Silver Corp. | –(a) | 83,984,182 | (34,662,410) | 10,100,706 | 2,377,915 | (74,535,386) | 219,388,302 | |||||||
| Perseus Mining Ltd. | –(a) | 35,266,368 | (10,804,647) | 4,852,804 | 318,052 | (16,277,852) | 77,857,838 | |||||||
| Ramelius Resources Ltd. | –(a) | 14,182,464 | (6,006,249) | (717,126) | – | (24,361,467) | 27,403,678 | |||||||
| Regis Resources Ltd. | –(a) | 17,248,116 | (7,212,386) | (836,082) | – | (21,649,254) | 35,481,219 | |||||||
| Royal Gold, Inc. | –(a) | 130,418,328 | (54,577,380) | 15,578,769 | 3,402,756 | (28,435,258) | 371,352,970 | |||||||
| Sandstorm Gold Ltd. | –(a) | 22,566,323 | (8,936,219) | 1,694,286 | 288,379 | (7,721,886) | 60,597,959 | |||||||
| Silver Lake Resources Ltd. | –(a) | 23,720,890 | (7,831,831) | 569,817 | – | (26,868,865) | 40,811,473 |
See Notes to Financial Statements
| 13 |
VANECK GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Transactions in securities of affiliates for the period ended June 30, 2022 were as follows: (continued)
| Value 12/31/2021 |
Purchases | Sales Proceeds |
Realized Gain (Loss) |
Dividend Income |
Net
Change in Unrealized Appreciation (Depreciation) |
Value 6/30/2022 | ||||||||
| Silvercorp Metals, Inc. | –(a) | 9,911,024 | (3,975,529) | (765,128) | 111,504 | (11,541,003) | 23,271,159 | |||||||
| SSR Mining, Inc. | –(a) | 69,300,586 | (28,622,996) | 13,517,010 | 1,419,919 | (33,454,096) | 188,137,440 | |||||||
| St Barbara Ltd. | –(a) | 16,011,209 | (4,621,449) | (732,030) | – | (22,396,479) | 22,107,578 | |||||||
| Torex Gold Resources, Inc. | –(a) | 15,647,266 | (6,381,304) | (830,573) | – | (13,262,775) | 35,035,181 | |||||||
| Victoria Gold Corp. | –(a) | 12,780,708 | (5,068,099) | (563,682) | – | (12,427,657) | 26,264,519 | |||||||
| Wesdome Gold Mines Ltd. | –(a) | 25,400,722 | (9,718,906) | 2,719,302 | – | (10,466,237) | 64,981,408 | |||||||
| West African Resources Ltd. | –(a) | 14,616,564 | (6,438,850) | (133,552) | – | (7,288,602) | 44,866,999 | |||||||
| Yamana Gold, Inc. | –(a) | 78,574,321 | (33,167,498) | 9,708,999 | 2,993,793 | 159,937 | 236,770,393 | |||||||
| Zhaojin Mining Industry Co. Ltd. | –(a) | 37,254,223 | (15,417,460) | (538,341) | – | (1,622,662) | 119,437,638 | |||||||
| Zijin Mining Group Co. Ltd. | –(a) | 122,588,302 | (51,646,796) | 36,802,412 | 8,608,268 | (43,982,454) | 369,872,999 | |||||||
| $113,149,948 | $2,143,656,403 | $(867,989,072) | $207,128,896 | $54,718,748 | $(1,683,119,363) | $5,337,336,343 |
| (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 June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 1,271,529,768 | $ | — | $ | 1,271,529,768 | ||||||||
| Brazil | 817,096,955 | — | — | 817,096,955 | ||||||||||||
| Burkina Faso | 40,849,461 | — | — | 40,849,461 | ||||||||||||
| Canada | 4,616,187,661 | — | — | 4,616,187,661 | ||||||||||||
| China | — | 489,310,638 | — | 489,310,638 | ||||||||||||
| Egypt | — | 58,441,764 | — | 58,441,764 | ||||||||||||
| Kyrgyzstan | 106,653,590 | — | — | 106,653,590 | ||||||||||||
| Peru | 88,720,566 | — | — | 88,720,566 | ||||||||||||
| South Africa | 559,789,682 | — | — | 559,789,682 | ||||||||||||
| Tanzania | 327,830,141 | — | — | 327,830,141 | ||||||||||||
| Turkey | 62,525,511 | — | — | 62,525,511 | ||||||||||||
| United Kingdom | 271,103,639 | — | — | 271,103,639 | ||||||||||||
| United States | 2,218,044,495 | — | — | 2,218,044,495 | ||||||||||||
| Money Market Fund | 132,623,401 | — | — | 132,623,401 | ||||||||||||
| Total Investments | $ | 9,241,425,102 | $ | 1,819,282,170 | $ | — | $ | 11,060,707,272 | ||||||||
See Notes to Financial Statements
| 14 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.1% | ||||||||
| Australia: 15.1% | ||||||||
| Allkem Ltd. # * | 42,343 | $ | 301,717 | |||||
| Glencore Plc (GBP) # | 308,535 | 1,667,246 | ||||||
| IGO Ltd. # | 39,551 | 270,079 | ||||||
| Iluka Resources Ltd. # | 22,157 | 143,984 | ||||||
| Lynas Rare Earths Ltd. # * | 59,251 | 356,786 | ||||||
| OZ Minerals Ltd. # | 21,230 | 259,999 | ||||||
| Pilbara Minerals Ltd. # * | 179,907 | 285,093 | ||||||
| 3,284,904 | ||||||||
| Canada: 6.4% | ||||||||
| Hudbay Minerals, Inc. (USD) | 12,701 | 51,820 | ||||||
| Ivanhoe Mines Ltd. * | 33,443 | 192,110 | ||||||
| Lithium Americas Corp. (USD) * † | 8,027 | 161,584 | ||||||
| Teck Resources Ltd. (USD) | 32,904 | 1,005,875 | ||||||
| 1,411,389 | ||||||||
| Chile: 1.3% | ||||||||
| Lundin Mining Corp. (CAD) | 46,503 | 294,170 | ||||||
| China: 31.8% | ||||||||
| Beijing Easpring Material Technology Co. Ltd. # | 26,100 | 353,300 | ||||||
| Chengxin Lithium Group Co. Ltd. # | 53,600 | 484,364 | ||||||
| China Minmetals Rare Earth Co. Ltd. # | 43,900 | 205,355 | ||||||
| China Northern Rare Earth Group High-Tech Co. Ltd. # | 151,768 | 798,454 | ||||||
| Ganfeng Lithium Co. Ltd. # | 52,300 | 1,164,436 | ||||||
| GEM Co. Ltd. # | 324,800 | 441,838 | ||||||
| Inner Mongolia Xingye Mining Co. Ltd. # * | 74,000 | 78,570 | ||||||
| Jiangxi Copper Co. Ltd. # | 40,303 | 107,252 | ||||||
| MMG Ltd. (HKD) # * | 208,000 | 77,228 | ||||||
| Nanjing Hanrui Cobalt Co. Ltd. # | 15,900 | 137,865 | ||||||
| Ningbo Shanshan Co. Ltd. # | 82,200 | 364,999 | ||||||
| Shenghe Resources Holding Co. Ltd. # | 96,800 | 326,748 | ||||||
| Tongling Nonferrous Metals Group Co. Ltd. # | 494,800 | 241,449 | ||||||
| Western Mining Co. Ltd. # | 124,500 | 220,527 | ||||||
| Youngy Co. Ltd. # * | 14,700 | 338,278 | ||||||
| Yunnan Copper Co. Ltd. # | 78,600 | 133,633 | ||||||
| Yunnan Tin Co. Ltd. # | 71,000 | 177,972 | ||||||
| Zhejiang Huayou Cobalt Co. Ltd. # | 91,230 | 1,305,911 | ||||||
| 6,958,179 | ||||||||
| Germany: 0.7% | ||||||||
| Aurubis AG # | 2,348 | 159,835 | ||||||
| Japan: 2.9% | ||||||||
| Mitsubishi Materials Corp. # | 6,500 | 92,921 | ||||||
| Sumitomo Metal Mining Co. Ltd. # | 17,800 | 551,166 | ||||||
| 644,087 | ||||||||
| Liechtenstein: 1.8% | ||||||||
| Antofagasta Plc (GBP) # | 28,687 | 404,139 | ||||||
| Number of Shares |
Value | |||||||
| Mexico: 5.8% | ||||||||
| Grupo Mexico SAB de CV | 232,300 | $ | 958,756 | |||||
| Southern Copper Corp. (USD) | 6,345 | 316,044 | ||||||
| 1,274,800 | ||||||||
| Poland: 1.1% | ||||||||
| KGHM Polska Miedz SA # * | 8,655 | 230,500 | ||||||
| Russia: 0.0% | ||||||||
| MMC Norilsk Nickel PJSC (ADR) #∞ | 44,052 | 0 | ||||||
| South Africa: 13.5% | ||||||||
| Anglo American Platinum Ltd. # | 4,157 | 360,193 | ||||||
| Anglo American Plc (GBP) # | 41,425 | 1,477,416 | ||||||
| Impala Platinum Holdings Ltd. # | 45,040 | 496,224 | ||||||
| Northam Platinum Holdings Ltd. # * | 15,980 | 166,337 | ||||||
| Sibanye Stillwater Ltd. (ADR) † | 42,224 | 420,973 | ||||||
| 2,921,143 | ||||||||
| Sweden: 2.8% | ||||||||
| Boliden AB # | 19,183 | 612,425 | ||||||
| United States: 14.1% | ||||||||
| Albemarle Corp. | 6,675 | 1,394,941 | ||||||
| Freeport-McMoRan, Inc. | 43,199 | 1,264,002 | ||||||
| Livent Corp. * | 8,930 | 202,622 | ||||||
| MP Materials Corp. * | 6,888 | 220,967 | ||||||
| 3,082,532 | ||||||||
| Zambia: 2.8% | ||||||||
| First Quantum Minerals Ltd. (CAD) | 32,001 | 605,810 | ||||||
| Total Common Stocks (Cost: $26,464,481) |
21,883,913 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES
ON LOAN: 2.4% (Cost: $530,041) |
||||||||
| Money Market Fund: 2.4% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 530,041 | 530,041 | ||||||
| Total Investments: 102.5% (Cost: $26,994,522) |
22,413,954 | |||||||
| Liabilities in excess of other assets: (2.5)% | (540,221) | |||||||
| NET ASSETS: 100.0% | $ | 21,873,733 | ||||||
See Notes to Financial Statements
| 15 |
VANECK GREEN METALS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $14,794,239 which represents 67.6% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $496,178. |
| ∞ | 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 | ||||||
| Copper | 18.4 | % | $ | 4,016,834 | ||||
| Distillers & Vintners | 0.7 | 161,583 | ||||||
| Diversified Metals & Mining | 61.3 | 13,409,724 | ||||||
| Electrical Components & Equipment | 1.6 | 353,300 | ||||||
| Forest Products | 2.2 | 484,363 | ||||||
| Precious Metals & Minerals | 6.6 | 1,443,727 | ||||||
| Specialty Chemicals | 9.2 | 2,014,382 | ||||||
| 100.0 | % | $ | 21,883,913 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 3,284,904 | $ | — | $ | 3,284,904 | ||||||||
| Canada | 1,411,389 | — | — | 1,411,389 | ||||||||||||
| Chile | 294,170 | — | — | 294,170 | ||||||||||||
| China | — | 6,958,179 | — | 6,958,179 | ||||||||||||
| Germany | — | 159,835 | — | 159,835 | ||||||||||||
| Japan | — | 644,087 | — | 644,087 | ||||||||||||
| Liechtenstein | — | 404,139 | — | 404,139 | ||||||||||||
| Mexico | 1,274,800 | — | — | 1,274,800 | ||||||||||||
| Poland | — | 230,500 | — | 230,500 | ||||||||||||
| Russia | — | — | 0 | 0 | ||||||||||||
| South Africa | 420,973 | 2,500,170 | — | 2,921,143 | ||||||||||||
| Sweden | — | 612,425 | — | 612,425 | ||||||||||||
| United States | 3,082,532 | — | — | 3,082,532 | ||||||||||||
| Zambia | 605,810 | — | — | 605,810 | ||||||||||||
| Money Market Fund | 530,041 | — | — | 530,041 | ||||||||||||
| Total Investments | $ | 7,619,715 | $ | 14,794,239 | $ | 0 | $ | 22,413,954 | ||||||||
See Notes to Financial Statements
| 16 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 99.8% | ||||||||
| Australia: 14.3% | ||||||||
| Alkane Resources Ltd. # * † | 19,099,483 | $ | 8,148,737 | |||||
| Aurelia Metals Ltd. # * † | 57,101,617 | 10,019,763 | ||||||
| Australian Strategic Materials Ltd. # * | 1 | 2 | ||||||
| Bellevue Gold Ltd. # * † | 32,575,358 | 14,334,763 | ||||||
| Capricorn Metals Ltd. # * | 13,721,500 | 29,612,252 | ||||||
| Dacian Gold Ltd. # * † | 38,487,409 | 2,156,254 | ||||||
| De Grey Mining Ltd. # * † | 46,548,620 | 25,671,636 | ||||||
| Evolution Mining Ltd. # † | 68,578,861 | 111,632,465 | ||||||
| Firefinch Ltd. # * † | 54,525,312 | 7,498,867 | ||||||
| Gold Road Resources Ltd. # † | 38,644,561 | 29,943,112 | ||||||
| Kingsgate Consolidated Ltd. # * † | 10,131,276 | 9,271,284 | ||||||
| Perseus Mining Ltd. # | 59,457,120 | 64,270,143 | ||||||
| Ramelius Resources Ltd. # | 37,509,157 | 22,366,603 | ||||||
| Red 5 Ltd. # * † | 77,854,902 | 13,320,202 | ||||||
| Regis Resources Ltd. # † | 28,972,138 | 25,705,533 | ||||||
| Resolute Mining Ltd. # * | 41,301,708 | 6,394,172 | ||||||
| Silver Lake Resources Ltd. # * † | 38,416,352 | 31,812,840 | ||||||
| Silver Mines Ltd. # * † | 62,768,429 | 5,590,694 | ||||||
| St Barbara Ltd. # | 30,915,695 | 15,817,064 | ||||||
| West African Resources Ltd. # * | 40,680,616 | 33,739,784 | ||||||
| Westgold Resources Ltd. # † | 13,343,806 | 10,855,218 | ||||||
| 478,161,388 | ||||||||
| Brazil: 5.7% | ||||||||
| Yamana Gold, Inc. (USD) | 41,092,168 | 191,078,581 | ||||||
| Burkina Faso: 0.9% | ||||||||
| IAMGOLD Corp. (USD) * | 17,916,680 | 28,845,855 | ||||||
| Canada: 53.9% | ||||||||
| Alamos Gold, Inc. (USD) | 14,861,886 | 104,330,441 | ||||||
| Alexco Resource Corp. (USD) * † | 6,878,717 | 2,748,047 | ||||||
| Americas Gold & Silver Corp. (USD) * † | 7,895,119 | 5,435,000 | ||||||
| Argonaut Gold, Inc. * † | 11,257,211 | 3,927,086 | ||||||
| Arizona Metals Corp. * † | 4,393,970 | 13,386,800 | ||||||
| Artemis Gold, Inc. * † | 5,012,452 | 21,294,032 | ||||||
| Aya Gold & Silver, Inc. * † | 4,130,873 | 21,007,424 | ||||||
| B2Gold Corp. (USD) | 36,449,014 | 123,562,157 | ||||||
| Calibre Mining Corp. * † | 14,587,079 | 10,969,004 | ||||||
| Dakota Gold Corp. (USD) * † | 2,605,851 | 8,729,601 | ||||||
| Discovery Silver Corp. * † | 10,486,047 | 9,348,389 | ||||||
| Dundee Precious Metals, Inc. | 6,085,719 | 30,241,063 | ||||||
| Endeavour Silver Corp. (USD) * | 7,917,188 | 24,859,970 | ||||||
| Equinox Gold Corp. (USD) * † | 12,239,773 | 54,344,592 | ||||||
| First Majestic Silver Corp. (USD) † | 10,089,313 | 72,441,267 | ||||||
| Fortuna Silver Mines, Inc. (USD) * † | 12,763,855 | 36,249,348 | ||||||
| Galiano Gold, Inc. (USD) * † | 6,011,340 | 2,416,559 | ||||||
| GCM Mining Corp. † | 4,001,590 | 10,888,469 | ||||||
| GoGold Resources, Inc. * † | 12,334,321 | 19,601,813 | ||||||
| Number of Shares |
Value | |||||||
| Canada (continued) | ||||||||
| Gold Royalty Corp. (USD) † | 4,832,752 | $ | 10,873,692 | |||||
| Gold Standard Ventures Corp. (USD) * † | 11,329,804 | 3,549,628 | ||||||
| GoldMining, Inc. (USD) * † | 6,581,114 | 6,292,861 | ||||||
| Great Panther Mining Ltd. (USD) * † | 20,504,237 | 2,530,223 | ||||||
| i-80 Gold Corp. * † | 5,953,889 | 10,708,184 | ||||||
| Jaguar Mining, Inc. † | 1,091,458 | 2,402,993 | ||||||
| K92 Mining, Inc. * † | 7,783,077 | 46,881,281 | ||||||
| Karora Resources, Inc. * | 6,035,088 | 15,532,767 | ||||||
| Kinross Gold Corp. (USD) | 51,763,966 | 185,314,998 | ||||||
| Liberty Gold Corp. * † | 12,441,442 | 5,304,696 | ||||||
| Lundin Gold, Inc. * † | 3,999,244 | 28,646,858 | ||||||
| MAG Silver Corp. (USD) * † | 3,375,774 | 41,083,170 | ||||||
| Marathon Gold Corp. * † | 8,439,718 | 8,636,325 | ||||||
| Maverix Metals, Inc. (USD) † | 2,505,816 | 10,900,300 | ||||||
| McEwen Mining, Inc. (USD) * † | 19,126,891 | 8,400,531 | ||||||
| Metalla Royalty & Streaming Ltd. (USD) * † | 1,948,606 | 9,411,767 | ||||||
| New Found Gold Corp. * † | 3,050,568 | 13,645,318 | ||||||
| New Gold, Inc. (USD) * | 25,851,507 | 27,661,112 | ||||||
| New Pacific Metals Corp. * † | 4,255,584 | 12,107,441 | ||||||
| Novagold Resources, Inc. (USD) * | 8,907,081 | 42,843,060 | ||||||
| Novo Resources Corp. * † | 9,798,889 | 3,342,386 | ||||||
| OceanaGold Corp. * | 27,715,533 | 53,069,783 | ||||||
| Orla Mining Ltd. * † | 6,713,745 | 18,320,386 | ||||||
| Osisko Gold Royalties Ltd. (USD) | 4,850,103 | 48,986,040 | ||||||
| Osisko Mining, Inc. * † | 10,883,948 | 25,818,738 | ||||||
| Pan American Silver Corp. (USD) † | 9,205,615 | 181,074,447 | ||||||
| Prime Mining Corp. * † | 3,712,189 | 4,690,777 | ||||||
| Sabina Gold & Silver Corp. * † | 19,459,736 | 15,990,790 | ||||||
| Sandstorm Gold Ltd. (USD) | 8,405,935 | 50,015,313 | ||||||
| Seabridge Gold, Inc. (USD) * † | 3,390,390 | 42,142,548 | ||||||
| Silvercorp Metals, Inc. (USD) † | 7,658,739 | 18,993,673 | ||||||
| SilverCrest Metals, Inc. (USD) * † | 5,530,207 | 33,789,565 | ||||||
| Skeena Resources Ltd. * † | 2,069,435 | 10,909,072 | ||||||
| SSR Mining, Inc. (USD) † | 7,955,190 | 132,851,673 | ||||||
| Sulliden Mining Capital, Inc. * | 1,689,990 | 98,259 | ||||||
| Torex Gold Resources, Inc. * | 2,961,392 | 22,819,672 | ||||||
| Victoria Gold Corp. * † | 1,785,205 | 13,825,496 | ||||||
| Wallbridge Mining Co. Ltd. * † | 29,582,989 | 4,357,353 | ||||||
| Wesdome Gold Mines Ltd. * | 5,815,210 | 50,265,198 | ||||||
| 1,799,869,436 | ||||||||
| China: 1.2% | ||||||||
| Real Gold Mining Ltd. (HKD) # *∞ | 19,287,400 | 0 | ||||||
See Notes to Financial Statements
| 17 |
VANECK JUNIOR GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||||
| China (continued) | ||||||||
| Zhaojin Mining Industry Co. Ltd. (HKD) # * † | 45,645,700 | $ | 39,432,897 | |||||
| 39,432,897 | ||||||||
| Egypt: 1.2% | ||||||||
| Centamin Plc (GBP) # | 40,457,125 | 38,588,444 | ||||||
| Indonesia: 1.9% | ||||||||
| Bumi Resources Minerals Tbk PT * | 3,910,353,300 | 64,571,030 | ||||||
| Jersey, Channel Islands: 0.1% | ||||||||
| Caledonia Mining Corp. Plc (USD) † | 424,011 | 4,642,920 | ||||||
| Kyrgyzstan: 1.6% | ||||||||
| Centerra Gold, Inc. (CAD) | 7,795,673 | 52,758,809 | ||||||
| Mexico: 4.2% | ||||||||
| Fresnillo Plc (GBP) # | 8,951,163 | 83,422,015 | ||||||
| Industrias Penoles SAB de CV † | 5,987,634 | 55,259,282 | ||||||
| 138,681,297 | ||||||||
| Peru: 2.3% | ||||||||
| Cia de Minas Buenaventura SAA (ADR) | 8,948,877 | 59,062,588 | ||||||
| Hochschild Mining Plc (GBP) # | 15,480,490 | 18,171,393 | ||||||
| 77,233,981 | ||||||||
| South Africa: 2.2% | ||||||||
| DRDGOLD Ltd. (ADR) | 2,100,468 | 12,329,747 | ||||||
| Harmony Gold Mining Co. Ltd. (ADR) † | 19,471,513 | 60,945,836 | ||||||
| 73,275,583 | ||||||||
| Number of Shares |
Value | |||||||
| Turkey: 1.9% | ||||||||
| Eldorado Gold Corp. (USD) * | 6,554,508 | $ | 41,883,306 | |||||
| Koza Altin Isletmeleri AS # * | 2,222,937 | 22,592,115 | ||||||
| 64,475,421 | ||||||||
| United Kingdom: 4.6% | ||||||||
| Endeavour Mining Plc # | 6,382,780 | 131,931,675 | ||||||
| Greatland Gold Plc # * † | 185,915,625 | 20,834,558 | ||||||
| 152,766,233 | ||||||||
| United States: 3.8% | ||||||||
| Aura Minerals, Inc. (BRL) (BDR) | 1,728,277 | 11,312,647 | ||||||
| Coeur Mining, Inc. * | 9,550,806 | 29,034,450 | ||||||
| Gatos Silver, Inc. * | 1,678,999 | 4,818,727 | ||||||
| Gold Resource Corp. | 4,034,729 | 6,576,608 | ||||||
| Hecla Mining Co. | 19,119,954 | 74,950,220 | ||||||
| 126,692,652 | ||||||||
| Total Common Stocks (Cost: $4,578,741,594) |
3,331,074,527 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES
ON LOAN: 2.8% (Cost: $92,878,949) |
||||||||
| Money Market Fund: 2.8% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 92,878,949 | 92,878,949 | ||||||
| Total Investments: 102.6% (Cost: $4,671,620,543) |
3,423,953,476 | |||||||
| Liabilities in excess of other assets: (2.6)% | (86,489,685) | |||||||
| NET ASSETS: 100.0% | $ | 3,337,463,791 | ||||||
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 has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $833,134,485 which represents 25.0% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $131,657,663. |
| ∞ | 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 | ||||||
| Diversified Metals & Mining | 3.0 | % | $ | 102,460,724 | ||||
| Gold | 75.8 | 2,521,758,285 | ||||||
| Precious Metals & Minerals | 5.5 | 181,980,888 | ||||||
| Silver | 15.7 | 524,874,630 | ||||||
| 100.0 | % | $ | 3,331,074,527 | |||||
See Notes to Financial Statements
| 18 |
Transactions in securities of affiliates for the period ended June 30, 2022 were as follows:
| Value 12/31/2021 |
Purchases | Sales Proceeds |
Realized Gain (Loss) |
Dividend Income |
Net Change in Unrealized Appreciation (Depreciation) |
Value 6/30/2022 | |||||||||||||||||||||
| Silver Mines Ltd. | $10,965,205 | $1,087,842 | $(1,842,678) | $(388,872) | $– | $(4,230,803) | $–(a) | ||||||||||||||||||||
| Silvercorp Metals, Inc. | 35,008,409 | 3,276,309 | (9,053,615) | (5,061,125) | 97,595 | (5,176,306) | –(a) | ||||||||||||||||||||
| $45,973,614 | $4,364,151 | $(10,896,293) | $(5,449,997) | $97,595 | $(9,407,109) | $– | |||||||||||||||||||||
| (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 June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 478,161,388 | $ | — | $ | 478,161,388 | ||||||||
| Brazil | 191,078,581 | — | — | 191,078,581 | ||||||||||||
| Burkina Faso | 28,845,855 | — | — | 28,845,855 | ||||||||||||
| Canada | 1,799,869,436 | — | — | 1,799,869,436 | ||||||||||||
| China | — | 39,432,897 | 0 | 39,432,897 | ||||||||||||
| Egypt | — | 38,588,444 | — | 38,588,444 | ||||||||||||
| Indonesia | 64,571,030 | — | — | 64,571,030 | ||||||||||||
| Jersey, Channel Islands | 4,642,920 | — | — | 4,642,920 | ||||||||||||
| Kyrgyzstan | 52,758,809 | — | — | 52,758,809 | ||||||||||||
| Mexico | 55,259,282 | 83,422,015 | — | 138,681,297 | ||||||||||||
| Peru | 59,062,588 | 18,171,393 | — | 77,233,981 | ||||||||||||
| South Africa | 73,275,583 | — | — | 73,275,583 | ||||||||||||
| Turkey | 41,883,306 | 22,592,115 | — | 64,475,421 | ||||||||||||
| United Kingdom | — | 152,766,233 | — | 152,766,233 | ||||||||||||
| United States | 126,692,652 | — | — | 126,692,652 | ||||||||||||
| Money Market Fund | 92,878,949 | — | — | 92,878,949 | ||||||||||||
| Total Investments | $ | 2,590,818,991 | $ | 833,134,485 | $ | 0 | $ | 3,423,953,476 | ||||||||
See Notes to Financial Statements
| 19 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.2% | ||||||||
| Austria: 0.6% | ||||||||
| Verbund AG # | 13,767 | $ | 1,350,043 | |||||
| Brazil: 1.2% | ||||||||
| Centrais Eletricas Brasileiras SA (ADR) † | 142,630 | 1,265,128 | ||||||
| Cia Energetica de Minas Gerais (ADR) † | 523,975 | 1,058,429 | ||||||
| Cia Paranaense de Energia (ADR) | 73,132 | 465,120 | ||||||
| 2,788,677 | ||||||||
| Canada: 3.6% | ||||||||
| Ballard Power Systems, Inc. (USD) * † | 106,583 | 671,473 | ||||||
| Boralex, Inc. † | 38,037 | 1,264,411 | ||||||
| Brookfield Renewable Corp. (USD) | 44,716 | 1,592,337 | ||||||
| Canadian Solar, Inc. (USD) * † | 18,021 | 561,174 | ||||||
| Innergex Renewable Energy, Inc. † | 56,468 | 757,313 | ||||||
| Northland Power, Inc. † | 98,511 | 2,926,424 | ||||||
| TransAlta Renewables, Inc. † | 45,435 | 579,407 | ||||||
| 8,352,539 | ||||||||
| Chile: 0.3% | ||||||||
| Enel Americas SA (ADR) † | 164,387 | 747,961 | ||||||
| China: 23.9% | ||||||||
| BYD Co. Ltd. (HKD) # | 285,000 | 11,487,980 | ||||||
| China Everbright Environment Group Ltd. (HKD) # | 1,490,000 | 881,049 | ||||||
| China Longyuan Power Group Corp. Ltd. (HKD) # | 739,000 | 1,432,129 | ||||||
| Daqo New Energy Corp. (ADR) * | 23,785 | 1,697,773 | ||||||
| GCL Technology Holdings Ltd. (HKD) # * † | 8,766,000 | 4,249,641 | ||||||
| JinkoSolar Holding Co. Ltd. (ADR) * | 20,808 | 1,439,498 | ||||||
| Li Auto, Inc. (ADR) * | 265,646 | 10,176,898 | ||||||
| NIO, Inc. (ADR) * | 608,963 | 13,226,676 | ||||||
| Xinyi Solar Holdings Ltd. (HKD) # | 2,044,000 | 3,167,221 | ||||||
| XPeng, Inc. (ADR) * | 219,328 | 6,961,471 | ||||||
| 54,720,336 | ||||||||
| Denmark: 7.8% | ||||||||
| Orsted AS 144A # | 80,518 | 8,461,630 | ||||||
| ROCKWOOL International A/S # | 3,163 | 716,514 | ||||||
| Vestas Wind Systems A/S # | 408,344 | 8,662,924 | ||||||
| 17,841,068 | ||||||||
| France: 0.3% | ||||||||
| Neoen SA 144A # † | 21,419 | 805,501 | ||||||
| Germany: 1.4% | ||||||||
| Encavis AG # | 51,226 | 939,083 | ||||||
| Nordex SE # * | 45,634 | 390,541 | ||||||
| Siemens Gamesa Renewable Energy SA # * † | 95,673 | 1,799,545 | ||||||
| 3,129,169 | ||||||||
| Ireland: 1.1% | ||||||||
| Kingspan Group Plc # | 41,752 | 2,504,604 | ||||||
| Number of Shares |
Value | |||||||
| Italy: 6.7% | ||||||||
| Enel SpA # | 2,674,769 | $ | 14,634,025 | |||||
| ERG SpA # | 23,673 | 736,252 | ||||||
| 15,370,277 | ||||||||
| Japan: 0.3% | ||||||||
| Horiba Ltd. # | 15,784 | 672,467 | ||||||
| New Zealand: 1.6% | ||||||||
| Contact Energy Ltd. # | 289,073 | 1,306,495 | ||||||
| Mercury NZ Ltd. # † | 276,437 | 969,001 | ||||||
| Meridian Energy Ltd. # | 515,639 | 1,497,965 | ||||||
| 3,773,461 | ||||||||
| Norway: 0.5% | ||||||||
| NEL ASA # * † | 663,498 | 809,740 | ||||||
| Scatec ASA 144A # | 43,967 | 381,198 | ||||||
| 1,190,938 | ||||||||
| Portugal: 1.0% | ||||||||
| EDP Renovaveis SA # † | 102,212 | 2,408,751 | ||||||
| South Korea: 4.4% | ||||||||
| Hanwha Solutions Corp. # * | 45,592 | 1,334,975 | ||||||
| Samsung SDI Co. Ltd. # | 21,073 | 8,690,185 | ||||||
| 10,025,160 | ||||||||
| Spain: 8.3% | ||||||||
| Acciona SA # † | 10,507 | 1,931,384 | ||||||
| Atlantica Sustainable Infrastructure Plc (USD) | 24,410 | 787,467 | ||||||
| Iberdrola SA # | 1,567,926 | 16,285,365 | ||||||
| 19,004,216 | ||||||||
| Sweden: 2.0% | ||||||||
| Nibe Industrier AB # | 607,106 | 4,568,630 | ||||||
| Switzerland: 0.2% | ||||||||
| Landis+Gyr Group AG # | 9,105 | 476,493 | ||||||
| Taiwan: 0.3% | ||||||||
| Simplo Technology Co. Ltd. # | 72,000 | 617,900 | ||||||
| Thailand: 0.8% | ||||||||
| Energy Absolute PCL (NVDR) # | 762,100 | 1,758,899 | ||||||
| United Kingdom: 1.0% | ||||||||
| Ceres Power Holdings Plc # * † | 48,897 | 326,527 | ||||||
| ITM Power Plc # * † | 198,347 | 417,230 | ||||||
| Johnson Matthey Plc # | 66,252 | 1,558,607 | ||||||
| 2,302,364 | ||||||||
| United States: 32.9% | ||||||||
| Badger Meter, Inc. | 8,222 | 665,078 | ||||||
| Bloom Energy Corp. * † | 48,377 | 798,221 | ||||||
| EnerSys | 13,670 | 805,983 | ||||||
| Enphase Energy, Inc. * | 45,404 | 8,864,677 | ||||||
| First Solar, Inc. * | 29,034 | 1,978,086 | ||||||
| Fisker, Inc. * † | 56,135 | 481,077 | ||||||
| FuelCell Energy, Inc. * † | 126,421 | 474,079 | ||||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 28,858 | 1,092,564 | ||||||
| Installed Building Products, Inc. | 6,983 | 580,706 | ||||||
| Lucid Group, Inc. * † | 234,265 | 4,019,987 | ||||||
| NextEra Energy, Inc. | 245,193 | 18,992,650 | ||||||
| Nikola Corp. * † | 120,099 | 571,671 | ||||||
| Ormat Technologies, Inc. † | 12,410 | 972,323 | ||||||
| Owens Corning | 32,230 | 2,395,011 | ||||||
See Notes to Financial Statements
| 20 |
| Number of Shares |
Value | |||||||
| United States (continued) | ||||||||
| Plug Power, Inc. * † | 182,085 | $ | 3,017,148 | |||||
| Rivian Automotive, Inc. * | 152,009 | 3,912,712 | ||||||
| SolarEdge Technologies, Inc. * | 21,689 | 5,935,846 | ||||||
| Sunnova Energy International, Inc. * † | 26,834 | 494,551 | ||||||
| Sunrun, Inc. * | 68,862 | 1,608,616 | ||||||
| Tesla, Inc. * | 26,523 | 17,861,119 | ||||||
| 75,522,105 | ||||||||
| Total
Common Stocks (Cost: $254,029,091) |
229,931,559 | |||||||
| Number of Shares |
Value | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON
LOAN: 3.7% (Cost: $8,445,942) |
||||||||
| Money Market Fund: 3.7% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 8,445,942 | $ | 8,445,942 | |||||
| Total
Investments: 103.9% (Cost: $262,475,033) |
238,377,501 | |||||||
| Liabilities in excess of other assets: (3.9)% | (9,046,688) | |||||||
| NET ASSETS: 100.0% | $ | 229,330,813 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| HKD | Hong Kong Dollar |
| NVDR | Non-Voting Depositary Receipt |
| USD | United States Dollar |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $108,230,494 which represents 47.2% of net assets. |
| † | Security fully or partially on loan. Total market value of securities on loan is $26,411,462. |
| * | 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 $9,648,329, or 4.2% of net assets. |
| Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Consumer Discretionary | 29.9 | % | $ | 68,708,626 | ||||
| Financials | 0.5 | 1,092,564 | ||||||
| Industrials | 13.7 | 31,419,506 | ||||||
| Information Technology | 16.9 | 39,016,039 | ||||||
| Materials | 1.3 | 2,893,581 | ||||||
| Utilities | 37.7 | 86,801,243 | ||||||
| 100.0 | % | $ | 229,931,559 | |||||
See Notes to Financial Statements
| 21 |
VANECK LOW CARBON ENERGY ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Austria | $ | — | $ | 1,350,043 | $ | — | $ | 1,350,043 | ||||||||
| Brazil | 2,788,677 | — | — | 2,788,677 | ||||||||||||
| Canada | 8,352,539 | — | — | 8,352,539 | ||||||||||||
| Chile | 747,961 | — | — | 747,961 | ||||||||||||
| China | 33,502,316 | 21,218,020 | — | 54,720,336 | ||||||||||||
| Denmark | — | 17,841,068 | — | 17,841,068 | ||||||||||||
| France | — | 805,501 | — | 805,501 | ||||||||||||
| Germany | — | 3,129,169 | — | 3,129,169 | ||||||||||||
| Ireland | — | 2,504,604 | — | 2,504,604 | ||||||||||||
| Italy | — | 15,370,277 | — | 15,370,277 | ||||||||||||
| Japan | — | 672,467 | — | 672,467 | ||||||||||||
| New Zealand | — | 3,773,461 | — | 3,773,461 | ||||||||||||
| Norway | — | 1,190,938 | — | 1,190,938 | ||||||||||||
| Portugal | — | 2,408,751 | — | 2,408,751 | ||||||||||||
| South Korea | — | 10,025,160 | — | 10,025,160 | ||||||||||||
| Spain | 787,467 | 18,216,749 | — | 19,004,216 | ||||||||||||
| Sweden | — | 4,568,630 | — | 4,568,630 | ||||||||||||
| Switzerland | — | 476,493 | — | 476,493 | ||||||||||||
| Taiwan | — | 617,900 | — | 617,900 | ||||||||||||
| Thailand | — | 1,758,899 | — | 1,758,899 | ||||||||||||
| United Kingdom | — | 2,302,364 | — | 2,302,364 | ||||||||||||
| United States | 75,522,105 | — | — | 75,522,105 | ||||||||||||
| Money Market Fund | 8,445,942 | — | — | 8,445,942 | ||||||||||||
| Total Investments | $ | 130,147,007 | $ | 108,230,494 | $ | — | $ | 238,377,501 | ||||||||
See Notes to Financial Statements
| 22 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 99.8% | ||||||||
| Argentina: 0.0% | ||||||||
| Cresud SACIF y A (ADR) * | 4,767 | $ | 24,026 | |||||
| Australia: 8.5% | ||||||||
| Alumina Ltd. # | 77,263 | 78,025 | ||||||
| Ampol Ltd. # | 4,198 | 98,710 | ||||||
| APA Group # † | 20,576 | 159,638 | ||||||
| Bega Cheese Ltd. # | 21,494 | 56,531 | ||||||
| BHP Group Ltd. # | 166,413 | 4,747,055 | ||||||
| BlueScope Steel Ltd. # | 15,727 | 172,638 | ||||||
| Costa Group Holdings Ltd. # | 35,167 | 69,279 | ||||||
| Elders Ltd. # | 12,098 | 104,929 | ||||||
| Evolution Mining Ltd. # | 59,641 | 97,083 | ||||||
| Fortescue Metals Group Ltd. # | 51,619 | 618,367 | ||||||
| Glencore Plc (GBP) # | 178,502 | 964,581 | ||||||
| GrainCorp Ltd. # | 18,246 | 119,692 | ||||||
| IGO Ltd. # | 20,911 | 142,793 | ||||||
| Inghams Group Ltd. # | 24,245 | 43,059 | ||||||
| Lynas Rare Earths Ltd. # * † | 29,368 | 176,842 | ||||||
| Newcrest Mining Ltd. # | 29,653 | 420,852 | ||||||
| Northern Star Resources Ltd. # † | 38,297 | 178,963 | ||||||
| Nufarm Ltd./Australia # | 21,423 | 75,262 | ||||||
| Origin Energy Ltd. # † | 30,714 | 121,462 | ||||||
| OZ Minerals Ltd. # † | 10,344 | 126,681 | ||||||
| Perseus Mining Ltd. # | 40,563 | 43,847 | ||||||
| Rio Tinto Plc (GBP) # | 34,495 | 2,057,511 | ||||||
| Rural Funds Group # | 28,917 | 49,950 | ||||||
| Santos Ltd. # | 56,679 | 286,290 | ||||||
| Select Harvests Ltd. # † | 8,961 | 29,007 | ||||||
| South32 Ltd. # | 142,007 | 383,345 | ||||||
| Tassal Group Ltd. # | 16,435 | 54,170 | ||||||
| Turquoise Hill Resources Ltd. (CAD) * | 3,241 | 86,631 | ||||||
| Washington H Soul Pattinson & Co. Ltd. # † | 4,005 | 64,979 | ||||||
| Woodside Energy Group Ltd. # † | 33,447 | 732,346 | ||||||
| 12,360,518 | ||||||||
| Austria: 0.3% | ||||||||
| Andritz AG # | 2,272 | 91,493 | ||||||
| Mayr Melnhof Karton AG # | 272 | 46,383 | ||||||
| OMV AG # | 2,479 | 116,311 | ||||||
| Verbund AG # | 1,485 | 145,625 | ||||||
| voestalpine AG # | 3,698 | 78,846 | ||||||
| 478,658 | ||||||||
| Brazil: 3.4% | ||||||||
| Adecoagro SA (USD) | 9,488 | 80,268 | ||||||
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 4,300 | 20,047 | ||||||
| BRF SA (ADR) * | 57,536 | 147,292 | ||||||
| Cia de Saneamento Basico do Estado de Sao Paulo (ADR) | 4,517 | 36,091 | ||||||
| Cia Siderurgica Nacional SA (ADR) † | 20,489 | 60,033 | ||||||
| Cosan SA | 15,200 | 52,900 | ||||||
| CSN Mineracao SA | 18,400 | 13,581 | ||||||
| Number of Shares |
Value | |||||||
| Brazil (continued) | ||||||||
| Dexco SA | 10,100 | $ | 19,063 | |||||
| Engie Brasil Energia SA | 2,300 | 18,164 | ||||||
| Gerdau SA (ADR) | 37,297 | 160,004 | ||||||
| Klabin SA | 35,550 | 137,320 | ||||||
| Minerva SA | 20,550 | 52,147 | ||||||
| Neoenergia SA | 7,900 | 22,539 | ||||||
| Petroleo Brasileiro SA (ADR) | 32,775 | 382,812 | ||||||
| Sao Martinho SA | 12,500 | 86,840 | ||||||
| SLC Agricola SA | 7,865 | 66,371 | ||||||
| Suzano SA | 23,300 | 221,396 | ||||||
| Vale SA (ADR) | 145,098 | 2,122,784 | ||||||
| Wheaton Precious Metals Corp. (USD) | 14,977 | 539,621 | ||||||
| Yamana Gold, Inc. (USD) | 31,549 | 146,703 | ||||||
| Yara International ASA (NOK) # | 12,308 | 514,149 | ||||||
| 4,900,125 | ||||||||
| British Virgin Islands: 0.1% | ||||||||
| Japfa Ltd. (SGD) # | 30,000 | 12,842 | ||||||
| Lee & Man Paper Manufacturing Ltd. (HKD) # | 37,100 | 15,946 | ||||||
| Nine Dragons Paper Holdings Ltd. (HKD) # | 48,757 | 41,336 | ||||||
| 70,124 | ||||||||
| Canada: 10.1% | ||||||||
| Agnico Eagle Mines Ltd. (USD) | 15,126 | 692,166 | ||||||
| Alamos Gold, Inc. | 13,020 | 91,143 | ||||||
| Algonquin Power & Utilities Corp. † | 8,882 | 119,120 | ||||||
| AltaGas Ltd. | 4,891 | 102,980 | ||||||
| ARC Resources Ltd. † | 12,012 | 151,134 | ||||||
| B2Gold Corp. † | 34,770 | 117,522 | ||||||
| Ballard Power Systems, Inc. * † | 3,149 | 19,847 | ||||||
| Barrick Gold Corp. (USD) | 58,486 | 1,034,617 | ||||||
| Boralex, Inc. † | 1,329 | 44,178 | ||||||
| Cameco Corp. (USD) | 13,096 | 275,278 | ||||||
| Canadian Natural Resources Ltd. (USD) | 20,069 | 1,077,304 | ||||||
| Canadian Solar, Inc. (USD) * † | 608 | 18,933 | ||||||
| Canadian Utilities Ltd. | 2,117 | 63,004 | ||||||
| Canfor Corp. * † | 1,892 | 32,928 | ||||||
| Cenovus Energy, Inc. | 25,148 | 477,441 | ||||||
| Emera, Inc. † | 4,601 | 215,078 | ||||||
| Enbridge, Inc. (USD) | 35,682 | 1,507,921 | ||||||
| Equinox Gold Corp. * † | 9,148 | 40,707 | ||||||
| Filo Mining Corp. * † | 2,661 | 36,719 | ||||||
| First Majestic Silver Corp. † | 7,554 | 54,051 | ||||||
| Franco-Nevada Corp. | 6,289 | 825,500 | ||||||
| Innergex Renewable Energy, Inc. † | 1,857 | 24,905 | ||||||
| Ivanhoe Mines Ltd. * † | 18,704 | 107,443 | ||||||
| Kinross Gold Corp. (USD) | 42,622 | 152,587 | ||||||
| Lundin Gold, Inc. * | 2,480 | 17,764 | ||||||
| Maple Leaf Foods, Inc. | 6,033 | 118,373 | ||||||
| Methanex Corp. † | 963 | 36,707 | ||||||
See Notes to Financial Statements
| 23 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||||
| Canada (continued) | ||||||||
| Northland Power, Inc. | 2,974 | $ | 88,347 | |||||
| Novagold Resources, Inc. (USD) * | 7,522 | 36,181 | ||||||
| Nutrien Ltd. (USD) | 44,495 | 3,545,806 | ||||||
| Osisko Gold Royalties Ltd. † | 6,013 | 60,505 | ||||||
| Pan American Silver Corp. (USD) | 6,988 | 137,454 | ||||||
| Pembina Pipeline Corp. † | 9,724 | 342,992 | ||||||
| SSR Mining, Inc. (USD) | 6,981 | 116,583 | ||||||
| Stella-Jones, Inc. | 1,995 | 50,264 | ||||||
| Suncor Energy, Inc. (USD) | 25,215 | 884,290 | ||||||
| Sundial Growers, Inc. (USD) * † | 165,899 | 54,100 | ||||||
| TC Energy Corp. (USD) | 17,111 | 886,521 | ||||||
| Teck Resources Ltd. (USD) | 17,354 | 530,512 | ||||||
| Tourmaline Oil Corp. † | 5,502 | 285,475 | ||||||
| TransAlta Renewables, Inc. † | 1,411 | 17,994 | ||||||
| West Fraser Timber Co. Ltd. † | 2,357 | 180,473 | ||||||
| 14,672,847 | ||||||||
| Chile: 0.8% | ||||||||
| Empresas CMPC SA | 34,039 | 55,408 | ||||||
| Empresas Copec SA | 6,640 | 47,982 | ||||||
| Lundin Mining Corp. (CAD) | 20,319 | 128,535 | ||||||
| Sociedad Quimica y Minera de Chile SA (ADR) | 11,042 | 922,338 | ||||||
| 1,154,263 | ||||||||
| China: 1.9% | ||||||||
| Aluminum Corp. of China Ltd. (HKD) # | 122,500 | 46,048 | ||||||
| Angang Steel Co. Ltd. (HKD) # | 45,840 | 17,161 | ||||||
| Astra Agro Lestari Tbk PT (IDR) # | 31,000 | 20,405 | ||||||
| Beijing Enterprises Water Group Ltd. (HKD) # | 51,200 | 15,447 | ||||||
| China Coal Energy Co. Ltd. (HKD) # | 35,200 | 29,744 | ||||||
| China Gas Holdings Ltd. (HKD) # | 47,000 | 72,760 | ||||||
| China Hongqiao Group Ltd. (HKD) # † | 79,200 | 89,221 | ||||||
| China Longyuan Power Group Corp. Ltd. (HKD) # | 44,629 | 86,488 | ||||||
| China Petroleum & Chemical Corp. (HKD) # | 336,327 | 151,546 | ||||||
| China Resources Gas Group Ltd. (HKD) # | 15,500 | 72,251 | ||||||
| China Shenhua Energy Co. Ltd. (HKD) # | 59,491 | 170,634 | ||||||
| CMOC Group Ltd. (HKD) # * † | 119,000 | 66,449 | ||||||
| ENN Energy Holdings Ltd. (HKD) # | 13,300 | 219,828 | ||||||
| Hong Kong & China Gas Co. Ltd. (HKD) # | 190,605 | 205,700 | ||||||
| Jiangxi Copper Co. Ltd. (HKD) # | 35,400 | 48,407 | ||||||
| Number of Shares |
Value | |||||||
| China (continued) | ||||||||
| Kunlun Energy Co. Ltd. (HKD) # | 69,600 | $ | 57,074 | |||||
| Maanshan Iron & Steel Co. Ltd. (HKD) # † | 40,900 | 12,426 | ||||||
| PetroChina Co. Ltd. (HKD) # | 371,340 | 174,157 | ||||||
| Power Assets Holdings Ltd. (HKD) # | 24,300 | 153,085 | ||||||
| Shandong Chenming Paper Holdings Ltd. (HKD) # * | 11,900 | 4,532 | ||||||
| Shandong Gold Mining Co. Ltd. (HKD) 144A # | 22,800 | 39,591 | ||||||
| Sinofert Holdings Ltd. (HKD) # * † | 140,900 | 20,672 | ||||||
| United Tractors Tbk PT (IDR) # | 26,900 | 51,374 | ||||||
| Wilmar International Ltd. (SGD) # | 149,564 | 434,568 | ||||||
| Xinyi Solar Holdings Ltd. (HKD) # | 58,000 | 89,872 | ||||||
| Yankuang Energy Group Co. Ltd. (HKD) # * † | 25,300 | 79,145 | ||||||
| Zhaojin Mining Industry Co. Ltd. (HKD) # * | 59,100 | 51,056 | ||||||
| Zijin Mining Group Co. Ltd. (HKD) # | 188,461 | 229,331 | ||||||
| 2,708,972 | ||||||||
| Cyprus: 0.0% | ||||||||
| Novolipetsk Steel PJSC (USD) (GDR) #∞ | 2,691 | 0 | ||||||
| Czech Republic: 0.1% | ||||||||
| CEZ AS # | 2,748 | 123,722 | ||||||
| Denmark: 0.5% | ||||||||
| Bakkafrost P/F (NOK) # | 4,001 | 257,080 | ||||||
| Orsted AS 144A # | 2,500 | 262,725 | ||||||
| Vestas Wind Systems A/S # | 12,947 | 274,667 | ||||||
| 794,472 | ||||||||
| Egypt: 0.1% | ||||||||
| Abou Kir Fertilizers & Chemical Industries # | 23,261 | 28,055 | ||||||
| Centamin Plc (GBP) # | 38,012 | 36,256 | ||||||
| Egypt Kuwait Holding Co. SAE # | 36,970 | 40,856 | ||||||
| 105,167 | ||||||||
| Finland: 0.8% | ||||||||
| Kemira Oyj # | 3,197 | 39,103 | ||||||
| Metsa Board Oyj # | 5,211 | 43,537 | ||||||
| Neste Oyj # | 7,452 | 330,681 | ||||||
| Stora Enso Oyj # | 17,839 | 281,987 | ||||||
| UPM-Kymmene Oyj # | 16,393 | 501,464 | ||||||
| 1,196,772 | ||||||||
| France: 1.8% | ||||||||
| Electricite de France SA # | 7,409 | 60,711 | ||||||
| Eramet SA # | 265 | 27,683 | ||||||
| Neoen SA 144A # † | 580 | 21,812 | ||||||
| SunPower Corp. (USD) * † | 1,126 | 17,802 | ||||||
| TotalEnergies SE # | 42,294 | 2,220,917 | ||||||
| Veolia Environnement SA # * † | 8,971 | 219,384 | ||||||
See Notes to Financial Statements
| 24 |
| Number of Shares |
Value | |||||||
| France (continued) | ||||||||
| Voltalia SA # * | 378 | $ | 7,554 | |||||
| 2,575,863 | ||||||||
| Germany: 3.9% | ||||||||
| Aurubis AG # | 975 | 66,371 | ||||||
| Bayer AG # | 79,118 | 4,713,367 | ||||||
| E.ON SE # | 29,326 | 246,426 | ||||||
| Encavis AG # | 1,527 | 27,993 | ||||||
| K+S AG # | 15,414 | 374,249 | ||||||
| Nordex SE # * | 1,311 | 11,220 | ||||||
| Siemens Energy AG # | 7,424 | 109,156 | ||||||
| Siemens Gamesa Renewable Energy SA # * † | 2,971 | 55,882 | ||||||
| Suedzucker AG # | 4,769 | 77,034 | ||||||
| Uniper SE # | 1,418 | 21,140 | ||||||
| VERBIO Vereinigte BioEnergie AG # | 259 | 13,017 | ||||||
| 5,715,855 | ||||||||
| Greece: 0.0% | ||||||||
| Terna Energy SA # | 704 | 12,710 | ||||||
| Hungary: 0.0% | ||||||||
| MOL Hungarian Oil & Gas Plc # | 6,640 | 51,200 | ||||||
| India: 1.3% | ||||||||
| Reliance Industries Ltd. (USD) 144A (GDR) # * | 28,005 | 1,830,878 | ||||||
| Indonesia: 0.2% | ||||||||
| Adaro Energy Indonesia Tbk PT # | 247,900 | 47,741 | ||||||
| Golden Agri-Resources Ltd. (SGD) # | 475,619 | 85,470 | ||||||
| Indah Kiat Pulp & Paper Tbk PT # | 81,400 | 41,607 | ||||||
| Merdeka Copper Gold Tbk PT # * | 447,847 | 119,945 | ||||||
| Pabrik Kertas Tjiwi Kimia Tbk PT # | 39,400 | 17,081 | ||||||
| Perusahaan Perkebunan London Sumatra Indonesia Tbk PT # | 219,800 | 17,128 | ||||||
| Vale Indonesia Tbk PT # * | 65,300 | 24,850 | ||||||
| 353,822 | ||||||||
| Ireland: 0.2% | ||||||||
| Smurfit Kappa Group Plc (GBP) # | 8,157 | 273,703 | ||||||
| Israel: 0.4% | ||||||||
| Energix-Renewable Energies Ltd. # | 3,008 | 9,144 | ||||||
| Enlight Renewable Energy Ltd. # * | 12,080 | 23,063 | ||||||
| ICL Group Ltd. # | 57,771 | 526,347 | ||||||
| 558,554 | ||||||||
| Italy: 0.5% | ||||||||
| ACEA SpA # | 563 | 8,326 | ||||||
| Eni SpA # | 41,919 | 496,001 | ||||||
| ERG SpA # | 735 | 22,859 | ||||||
| Snam SpA # † | 34,338 | 179,720 | ||||||
| 706,906 | ||||||||
| Number of Shares |
Value | |||||||
| Japan: 2.8% | ||||||||
| Chubu Electric Power Co., Inc. # | 10,800 | $ | 108,609 | |||||
| Daio Paper Corp. # | 2,400 | 25,081 | ||||||
| ENEOS Holdings, Inc. # | 53,500 | 201,050 | ||||||
| Hitachi Metals Ltd. # * | 6,517 | 98,528 | ||||||
| Hokuto Corp. # | 1,500 | 21,376 | ||||||
| Idemitsu Kosan Co. Ltd. # | 3,400 | 81,117 | ||||||
| Inpex Corp. # † | 17,300 | 185,222 | ||||||
| JFE Holdings, Inc. # | 14,964 | 157,221 | ||||||
| Kubota Corp. # † | 75,400 | 1,128,496 | ||||||
| Kumiai Chemical Industry Co. Ltd. # | 5,700 | 46,382 | ||||||
| Kurita Water Industries Ltd. # † | 1,265 | 45,732 | ||||||
| Maruha Nichiro Corp. # | 3,036 | 57,087 | ||||||
| NH Foods Ltd. # | 6,100 | 190,827 | ||||||
| Nippon Sanso Holdings Corp. # | 2,700 | 43,175 | ||||||
| Nippon Steel Corp. # | 25,300 | 353,620 | ||||||
| Nippon Suisan Kaisha Ltd. # | 21,614 | 91,256 | ||||||
| Nissan Chemical Corp. # | 8,900 | 410,271 | ||||||
| Nisshin Seifun Group, Inc. # | 14,250 | 166,554 | ||||||
| Oji Holdings Corp. # | 23,776 | 102,873 | ||||||
| Sakata Seed Corp. # | 2,300 | 77,410 | ||||||
| Sumitomo Forestry Co. Ltd. # | 4,183 | 59,413 | ||||||
| Sumitomo Metal Mining Co. Ltd. # | 7,300 | 226,040 | ||||||
| Tokyo Gas Co. Ltd. # | 6,500 | 134,533 | ||||||
| 4,011,873 | ||||||||
| Kazakhstan: 0.0% | ||||||||
| NAC Kazatomprom JSC (USD) (GDR) # | 2,131 | 55,219 | ||||||
| Kyrgyzstan: 0.0% | ||||||||
| Centerra Gold, Inc. (CAD) | 7,306 | 49,445 | ||||||
| Liechtenstein: 0.1% | ||||||||
| Antofagasta Plc (GBP) # † | 11,343 | 159,799 | ||||||
| Luxembourg: 0.3% | ||||||||
| ArcelorMittal SA # | 19,114 | 427,616 | ||||||
| Malaysia: 0.5% | ||||||||
| Genting Plantations Bhd | 23,151 | 33,879 | ||||||
| HAP Seng Consolidated Bhd # | 42,100 | 68,111 | ||||||
| IOI Corp. Bhd # | 177,194 | 154,411 | ||||||
| Kuala Lumpur Kepong Bhd # | 32,178 | 160,107 | ||||||
| Petronas Dagangan Bhd # | 4,000 | 19,182 | ||||||
| Petronas Gas Bhd # | 11,900 | 44,371 | ||||||
| PPB Group Bhd | 35,500 | 127,744 | ||||||
| Press Metal Aluminium Holdings Bhd # | 94,800 | 102,560 | ||||||
| Ta Ann Holdings Bhd | 12,200 | 11,017 | ||||||
| 721,382 | ||||||||
| Mexico: 0.6% | ||||||||
| Fresnillo Plc (GBP) # | 5,872 | 54,725 | ||||||
| Gruma SAB de CV † | 15,065 | 166,175 | ||||||
| Grupo Mexico SAB de CV | 102,364 | 422,480 | ||||||
See Notes to Financial Statements
| 25 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||||
| Mexico (continued) | ||||||||
| Industrias Penoles SAB de CV | 4,132 | $ | 38,134 | |||||
| Southern Copper Corp. (USD) | 2,796 | 139,269 | ||||||
| 820,783 | ||||||||
| Netherlands: 0.5% | ||||||||
| OCI NV # | 7,297 | 239,467 | ||||||
| Tenaris SA (ADR) | 7,568 | 194,422 | ||||||
| Ternium SA (ADR) † | 6,453 | 232,889 | ||||||
| 666,778 | ||||||||
| Norway: 1.5% | ||||||||
| Aker BP ASA # † | 1,903 | 65,706 | ||||||
| Austevoll Seafood ASA # | 6,857 | 80,627 | ||||||
| Equinor ASA # | 18,363 | 637,920 | ||||||
| Mowi ASA # | 32,899 | 750,035 | ||||||
| NEL ASA # * † | 20,398 | 24,894 | ||||||
| Norsk Hydro ASA # | 44,209 | 249,077 | ||||||
| Salmar ASA # | 4,554 | 321,425 | ||||||
| 2,129,684 | ||||||||
| Peru: 0.0% | ||||||||
| Cia de Minas Buenaventura SAA (ADR) | 7,076 | 46,702 | ||||||
| Poland: 0.2% | ||||||||
| Grupa Azoty SA # * | 3,755 | 37,662 | ||||||
| KGHM Polska Miedz SA # * | 4,471 | 119,072 | ||||||
| Polski Koncern Naftowy ORLEN SA # | 5,123 | 78,414 | ||||||
| Polskie Gornictwo Naftowe i Gazownictwo SA # | 28,500 | 36,238 | ||||||
| 271,386 | ||||||||
| Portugal: 0.1% | ||||||||
| EDP Renovaveis SA # † | 3,174 | 74,799 | ||||||
| Galp Energia SGPS SA # | 8,694 | 101,486 | ||||||
| Navigator Co. SA # | 6,756 | 27,092 | ||||||
| 203,377 | ||||||||
| Russia: 0.0% | ||||||||
| Evraz Plc (GBP) #∞ | 10,824 | 0 | ||||||
| Gazprom PJSC (ADR) #∞ | 62,760 | 0 | ||||||
| LUKOIL PJSC (ADR) #∞ | 3,739 | 0 | ||||||
| MMC Norilsk Nickel PJSC (ADR) #∞ | 12,857 | 0 | ||||||
| Novatek PJSC (USD) (GDR) #∞ | 1,958 | 0 | ||||||
| PhosAgro PJSC (USD) (GDR) #∞ | 89 | 0 | ||||||
| PhosAgro PJSC (USD) (GDR) #∞ | 13,870 | 0 | ||||||
| Polyus PJSC (USD) (GDR) #∞ | 1,669 | 0 | ||||||
| Ros Agro Plc (USD) (GDR) #∞ | 4,076 | 0 | ||||||
| Rosneft Oil Co. PJSC (USD) (GDR) #∞ | 13,000 | 0 | ||||||
| Severstal PAO (USD) (GDR) #∞ | 4,118 | 0 | ||||||
| Surgutneftegas PJSC (ADR) #∞ | 37,143 | 0 | ||||||
| Tatneft PJSC (ADR) #∞ | 2,680 | 0 | ||||||
| 0 | ||||||||
| Number of Shares |
Value | |||||||
| Saudi Arabia: 0.0% | ||||||||
| S-Oil Corp. (KRW) # | 734 | $ | 58,503 | |||||
| Singapore: 0.3% | ||||||||
| Charoen Pokphand Indonesia Tbk PT (IDR) # | 581,100 | 234,152 | ||||||
| First Resources Ltd. # | 29,300 | 34,382 | ||||||
| Keppel Infrastructure Trust # | 53,400 | 21,896 | ||||||
| Olam Group Ltd. # * | 71,209 | 77,906 | ||||||
| 368,336 | ||||||||
| South Africa: 2.0% | ||||||||
| Anglo American Platinum Ltd. # | 1,850 | 160,298 | ||||||
| Anglo American Plc (GBP) # | 40,013 | 1,427,058 | ||||||
| Astral Foods Ltd. | 3,111 | 35,775 | ||||||
| Gold Fields Ltd. (ADR) | 29,590 | 269,861 | ||||||
| Harmony Gold Mining Co. Ltd. (ADR) | 18,013 | 56,381 | ||||||
| Impala Platinum Holdings Ltd. # | 28,222 | 310,933 | ||||||
| Northam Platinum Holdings Ltd. # * | 10,271 | 106,911 | ||||||
| Omnia Holdings Ltd. | 13,478 | 59,786 | ||||||
| Royal Bafokeng Platinum Ltd. † | 2,603 | 23,277 | ||||||
| Sasol Ltd. # * | 10,197 | 233,500 | ||||||
| Sibanye Stillwater Ltd. # | 91,134 | 224,758 | ||||||
| 2,908,538 | ||||||||
| South Korea: 0.6% | ||||||||
| Coway Co. Ltd. # | 712 | 35,228 | ||||||
| CS Wind Corp. # | 318 | 14,165 | ||||||
| Hyundai Steel Co. # | 2,720 | 67,466 | ||||||
| Korea Zinc Co. Ltd. # | 285 | 107,272 | ||||||
| POSCO Holdings, Inc. # | 2,436 | 434,429 | ||||||
| SK Innovation Co. Ltd. # | 939 | 139,401 | ||||||
| SK, Inc. # | 653 | 108,671 | ||||||
| 906,632 | ||||||||
| Spain: 1.1% | ||||||||
| Atlantica Sustainable Infrastructure Plc (USD) | 832 | 26,840 | ||||||
| Enagas SA # † | 4,154 | 91,653 | ||||||
| Iberdrola SA # | 109,998 | 1,142,501 | ||||||
| Repsol SA # † | 24,215 | 356,126 | ||||||
| 1,617,120 | ||||||||
| Sweden: 1.0% | ||||||||
| BillerudKorsnas AB # † | 4,452 | 52,111 | ||||||
| BillerudKorsnas AB * † | 1,284 | 15,036 | ||||||
| Boliden AB # | 8,811 | 281,295 | ||||||
| Epiroc AB # | 10,738 | 166,207 | ||||||
| Holmen AB # | 2,859 | 116,257 | ||||||
| Husqvarna AB # † | 33,042 | 243,127 | ||||||
| Lundin Energy MergerCo AB # * † | 3,324 | 135,148 | ||||||
| Orron Energy AB # † | 3,324 | 2,256 | ||||||
| SSAB AB # | 20,276 | 84,106 | ||||||
| Svenska Cellulosa AB SCA # | 18,982 | 284,714 | ||||||
| 1,380,257 | ||||||||
| Taiwan: 0.4% | ||||||||
| China Steel Corp. # | 408,472 | 391,112 | ||||||
See Notes to Financial Statements
| 26 |
| Number of Shares |
Value | |||||||
| Taiwan (continued) | ||||||||
| Formosa Petrochemical Corp. # | 19,920 | $ | 62,791 | |||||
| Taiwan Fertilizer Co. Ltd. # | 57,200 | 122,976 | ||||||
| 576,879 | ||||||||
| Tanzania: 0.1% | ||||||||
| AngloGold Ashanti Ltd. (ADR) | 13,888 | 205,404 | ||||||
| Thailand: 0.3% | ||||||||
| B Grimm Power PCL (NVDR) # | 12,400 | 12,296 | ||||||
| Energy Absolute PCL (NVDR) # | 14,300 | 33,004 | ||||||
| PTT Exploration & Production PCL (NVDR) # | 23,800 | 107,289 | ||||||
| PTT PCL (NVDR) # | 241,500 | 232,513 | ||||||
| SCG Packaging PCL (NVDR) # | 35,300 | 55,528 | ||||||
| 440,630 | ||||||||
| Turkey: 0.2% | ||||||||
| Eldorado Gold Corp. (USD) * | 6,074 | 38,813 | ||||||
| Eregli Demir ve Celik Fabrikalari TAS # | 55,227 | 89,798 | ||||||
| Gubre Fabrikalari TAS # * | 4,304 | 18,325 | ||||||
| Hektas Ticaret TAS # * | 58,177 | 103,384 | ||||||
| 250,320 | ||||||||
| Ukraine: 0.0% | ||||||||
| Kernel Holding SA (PLN) # | 3,181 | 13,505 | ||||||
| United Kingdom: 5.0% | ||||||||
| BP Plc # | 333,692 | 1,563,180 | ||||||
| Centrica Plc # * | 101,738 | 99,118 | ||||||
| Ceres Power Holdings Plc # * † | 1,413 | 9,436 | ||||||
| CNH Industrial NV (USD) | 79,618 | 922,773 | ||||||
| ContourGlobal Plc 144A # | 2,342 | 7,184 | ||||||
| DS Smith Plc # | 41,764 | 141,116 | ||||||
| Endeavour Mining Plc (CAD) | 6,104 | 126,012 | ||||||
| ITM Power Plc # * † | 5,025 | 10,570 | ||||||
| Kumba Iron Ore Ltd. (ZAR) # | 1,800 | 57,949 | ||||||
| Mondi Plc # | 15,067 | 266,815 | ||||||
| Pennon Group Plc # | 3,501 | 40,643 | ||||||
| Severn Trent Plc # | 3,077 | 101,918 | ||||||
| Shell Plc # | 132,317 | 3,437,834 | ||||||
| SSE Plc | 18,619 | 366,592 | ||||||
| United Utilities Group Plc # | 8,833 | 109,698 | ||||||
| 7,260,838 | ||||||||
| United States: 47.1% | ||||||||
| A.O. Smith Corp. | 1,702 | 93,064 | ||||||
| Advanced Drainage Systems, Inc. | 798 | 71,876 | ||||||
| AGCO Corp. | 4,923 | 485,900 | ||||||
| Alcoa Corp. | 6,001 | 273,526 | ||||||
| Ameresco, Inc. * † | 415 | 18,907 | ||||||
| American States Water Co. | 484 | 39,451 | ||||||
| American Vanguard Corp. | 2,212 | 49,438 | ||||||
| American Water Works Co., Inc. | 2,402 | 357,346 | ||||||
| Andersons, Inc. | 2,546 | 83,993 | ||||||
| Antero Resources Corp. * | 4,878 | 149,511 | ||||||
| APA Corp. | 6,111 | 213,274 | ||||||
| Number of Shares |
Value | |||||||
| United States (continued) | ||||||||
| Archer-Daniels-Midland Co. | 44,845 | $ | 3,479,972 | |||||
| Atmos Energy Corp. | 2,362 | 264,780 | ||||||
| Baker Hughes Co. | 17,170 | 495,698 | ||||||
| Boise Cascade Co. | 1,224 | 72,816 | ||||||
| Bunge Ltd. | 11,380 | 1,032,052 | ||||||
| Cal-Maine Foods, Inc. | 3,022 | 149,317 | ||||||
| CF Industries Holdings, Inc. | 16,528 | 1,416,946 | ||||||
| Cheniere Energy, Inc. | 4,436 | 590,121 | ||||||
| Chesapeake Energy Corp. † | 1,984 | 160,902 | ||||||
| Chevron Corp. | 34,610 | 5,010,836 | ||||||
| Clearway Energy, Inc. † | 1,039 | 36,199 | ||||||
| Cleveland-Cliffs, Inc. * | 15,687 | 241,109 | ||||||
| Commercial Metals Co. | 3,954 | 130,877 | ||||||
| ConocoPhillips | 22,830 | 2,050,362 | ||||||
| Continental Resources, Inc. | 2,431 | 158,866 | ||||||
| Corteva, Inc. | 58,530 | 3,168,814 | ||||||
| Coterra Energy, Inc. | 14,000 | 361,060 | ||||||
| Darling Ingredients, Inc. * | 12,882 | 770,344 | ||||||
| Deere & Co. | 22,483 | 6,732,984 | ||||||
| Devon Energy Corp. | 11,466 | 631,891 | ||||||
| Diamondback Energy, Inc. | 2,969 | 359,694 | ||||||
| Elanco Animal Health, Inc. * | 36,605 | 718,556 | ||||||
| EOG Resources, Inc. | 10,312 | 1,138,857 | ||||||
| EQT Corp. | 6,301 | 216,754 | ||||||
| Essential Utilities, Inc. | 3,344 | 153,322 | ||||||
| Evoqua Water Technologies Corp. * | 1,565 | 50,878 | ||||||
| Exxon Mobil Corp. | 74,437 | 6,374,785 | ||||||
| Farmland Partners, Inc. | 1,980 | 27,324 | ||||||
| First Solar, Inc. * | 1,240 | 84,481 | ||||||
| FMC Corp. | 10,037 | 1,074,059 | ||||||
| Franklin Electric Co., Inc. | 509 | 37,289 | ||||||
| Freeport-McMoRan, Inc. | 47,823 | 1,399,301 | ||||||
| Fresh Del Monte Produce, Inc. | 2,996 | 88,472 | ||||||
| FuelCell Energy, Inc. * † | 4,653 | 17,449 | ||||||
| Graphic Packaging Holding Co. | 9,664 | 198,112 | ||||||
| Halliburton Co. | 15,889 | 498,279 | ||||||
| Hecla Mining Co. | 17,534 | 68,733 | ||||||
| Hess Corp. | 4,911 | 520,271 | ||||||
| HF Sinclair Corp. | 2,831 | 127,848 | ||||||
| Howmet Aerospace, Inc. | 13,591 | 427,437 | ||||||
| Imperial Oil Ltd. | 3,536 | 166,581 | ||||||
| Ingredion, Inc. | 5,141 | 453,231 | ||||||
| International Paper Co. | 11,752 | 491,586 | ||||||
| Intrepid Potash, Inc. * | 746 | 33,786 | ||||||
| Itron, Inc. * | 589 | 29,114 | ||||||
| Kinder Morgan, Inc. | 34,750 | 582,410 | ||||||
| Lindsay Corp. | 875 | 116,218 | ||||||
| Louisiana-Pacific Corp. | 2,548 | 133,541 | ||||||
| LSB Industries, Inc. * | 6,564 | 90,977 | ||||||
| Marathon Oil Corp. | 12,658 | 284,552 | ||||||
| Marathon Petroleum Corp. | 9,839 | 808,864 | ||||||
| Matador Resources Co. | 1,913 | 89,127 | ||||||
| Mission Produce, Inc. * † | 3,299 | 47,011 | ||||||
| Mosaic Co. | 29,152 | 1,376,849 | ||||||
| National Fuel Gas Co. | 1,546 | 102,113 | ||||||
See Notes to Financial Statements
| 27 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||||
| United States (continued) | ||||||||
| New Fortress Energy, Inc. † | 1,312 | $ | 51,916 | |||||
| Newmont Corp. | 26,350 | 1,572,305 | ||||||
| NextEra Energy, Inc. | 25,966 | 2,011,326 | ||||||
| NiSource, Inc. | 7,076 | 208,671 | ||||||
| NOV, Inc. | 6,851 | 115,850 | ||||||
| Nucor Corp. | 8,747 | 913,274 | ||||||
| Occidental Petroleum Corp. | 16,504 | 971,756 | ||||||
| ONEOK, Inc. | 7,788 | 432,234 | ||||||
| Ormat Technologies, Inc. † | 741 | 58,057 | ||||||
| Ovintiv, Inc. | 4,511 | 199,341 | ||||||
| Packaging Corp. of America | 2,908 | 399,850 | ||||||
| PDC Energy, Inc. | 1,663 | 102,458 | ||||||
| Pentair Plc | 2,186 | 100,053 | ||||||
| PG&E Corp. * | 27,308 | 272,534 | ||||||
| Phillips 66 | 8,390 | 687,896 | ||||||
| Pilgrim’s Pride Corp. * | 3,732 | 116,550 | ||||||
| Pioneer Natural Resources Co. | 4,150 | 925,782 | ||||||
| Plug Power, Inc. * † | 6,799 | 112,659 | ||||||
| PotlatchDeltic Corp. | 2,131 | 94,169 | ||||||
| Primo Water Corp. | 2,065 | 27,630 | ||||||
| Range Resources Corp. * | 4,490 | 111,128 | ||||||
| Rayonier, Inc. | 4,568 | 170,752 | ||||||
| Reliance Steel & Aluminum Co. | 2,016 | 342,438 | ||||||
| Reliance Worldwide Corp. Ltd. (AUD) # † | 8,981 | 25,003 | ||||||
| Royal Gold, Inc. | 2,179 | 232,674 | ||||||
| Schlumberger NV | 24,893 | 890,174 | ||||||
| Scotts Miracle-Gro Co. | 3,223 | 254,585 | ||||||
| Seaboard Corp. | 21 | 81,534 | ||||||
| SJW Group | 352 | 21,968 | ||||||
| SolarEdge Technologies, Inc. * | 710 | 194,313 | ||||||
| Southern Co. | 18,717 | 1,334,709 | ||||||
| Number of Shares |
Value | |||||||
| United States (continued) | ||||||||
| Southwestern Energy Co. * | 15,925 | $ | 99,531 | |||||
| Steel Dynamics, Inc. | 5,856 | 387,374 | ||||||
| Sylvamo Corp. | 1,034 | 33,791 | ||||||
| Targa Resources Corp. | 3,941 | 235,160 | ||||||
| The Williams Companies, Inc. | 21,443 | 669,236 | ||||||
| Toro Co. | 8,449 | 640,350 | ||||||
| Tractor Supply Co. | 8,941 | 1,733,213 | ||||||
| Tyson Foods, Inc. | 22,846 | 1,966,127 | ||||||
| UGI Corp. | 3,659 | 141,274 | ||||||
| United States Steel Corp. | 8,479 | 151,859 | ||||||
| Valero Energy Corp. | 7,212 | 766,491 | ||||||
| Watts Water Technologies, Inc. | 359 | 44,100 | ||||||
| Westrock Co. | 8,251 | 328,720 | ||||||
| Weyerhaeuser Co. | 23,656 | 783,487 | ||||||
| Xylem, Inc. | 2,380 | 186,068 | ||||||
| 68,380,463 | ||||||||
| Zambia: 0.2% | ||||||||
| First Quantum Minerals Ltd. (CAD) | 18,175 | 344,070 | ||||||
| Total Common
Stocks (Cost: $139,172,864) |
144,944,696 | |||||||
| SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 0.8% (Cost: $1,183,311) |
||||||||
| Money Market Fund: 0.8% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 1,183,311 | 1,183,311 | ||||||
| Total Investments: 100.6% (Cost: $140,356,175) |
146,128,007 | |||||||
| Liabilities in excess of other assets: (0.6)% | (886,426) | |||||||
| NET ASSETS: 100.0% | $ | 145,241,581 | ||||||
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 |
| PLN | Polish Zloty |
| SGD | Singapore Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |
See Notes to Financial Statements
| 28 |
Footnotes:
| * | Non-income producing |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $52,294,915 which represents 36.0% of net assets. |
| † | Security fully or partially on loan. Total market value of securities on loan is $4,031,096. |
| ∞ | 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 $2,162,190, or 1.5% of net assets. |
| Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Consumer Discretionary | 1.3 | % | $ | 1,827,853 | ||||
| Consumer Staples | 9.0 | 13,067,423 | ||||||
| Energy | 33.3 | 48,318,234 | ||||||
| Health Care | 3.8 | 5,486,023 | ||||||
| Industrials | 8.6 | 12,537,500 | ||||||
| Information Technology | 0.3 | 434,516 | ||||||
| Materials | 35.5 | 51,421,012 | ||||||
| Real Estate | 0.8 | 1,125,682 | ||||||