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
 

 

 

President’s Letter 3
Explanation of Expenses 5
Schedule of Investments  
Agribusiness ETF 7
Future of Food ETF 9
Gold Miners ETF 11
Green Metals ETF 15
Junior Gold Miners ETF 17
Low Carbon Energy ETF 20
Natural Resources ETF 23
Oil Refiners ETF 31
Oil Services ETF 33
Rare Earth/Strategic Metals ETF 35
Steel ETF 37
Uranium+Nuclear Energy ETF 38
Statements of Assets and Liabilities 40
Statements of Operations 43
Statements of Changes in Net Assets 46
Financial Highlights  
Agribusiness ETF 52
Future of Food ETF 53
Gold Miners ETF 54
Green Metals ETF 55
Junior Gold Miners ETF 56
Low Carbon Energy ETF 57
Natural Resources ETF 58
Oil Refiners ETF 59
Oil Services ETF 60
Rare Earth/Strategic Metals ETF 61
Steel ETF 62
Uranium+Nuclear Energy ETF 63
Notes to Financial Statements 64
Approval of Investment Management Agreements 72
Funds’ Liquidity Risk Management Program 78

 

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.

 

VANECK ETF TRUST

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

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

 

Hypothetical $1,000 investment at beginning of period

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

 

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, 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

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

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

VANECK FUTURE OF FOOD ETF

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

VANECK GOLD MINERS ETF

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

VANECK GREEN METALS ETF

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

VANECK JUNIOR GOLD MINERS ETF

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

VANECK LOW CARBON ENERGY ETF

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

VANECK NATURAL RESOURCES ETF

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