June 30, 2022
(unaudited)
|
SEMI-ANNUAL
REPORT June 30, 2022 (unaudited) |
| Agribusiness ETF | MOO® |
| Future of Food ETF | YUMY |
| Gold Miners ETF | GDX® |
| Green Metals ETF | GMET® |
| Junior Gold Miners ETF | GDXJ® |
| Low Carbon Energy ETF | SMOG® |
| Natural Resources ETF | HAP® |
| Oil Refiners ETF | CRAK® |
| Oil Services ETF | OIH® |
| Rare Earth/Strategic Metals ETF | REMX® |
| Steel ETF | SLX® |
| Uranium+Nuclear Energy ETF | NLR® |
| 800.826.2333 | vaneck.com |
Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of June 30, 2022.
PRESIDENT’S LETTER
June 30, 2022 (unaudited)
Dear Fellow Shareholders:
When will market volatility be over? The short answer: not yet. Financial tightening by central banks is never good for financial assets. And while the first half of 2022 has already been painful, we are only now, in midsummer, experiencing the onset of “quantitative tightening,” when the central banks stop buying bonds. This, to me, is the final act in this process and it may take a few months to work itself out. I am hoping that there are no implosions by major, indebted countries, or major dislocations in fixed income or banking markets.
The second signal that will imply less pressure on financial markets—stocks and bonds—is weaker labor markets, because only that, I believe, will slow wage pressure and therefore inflation. While there will likely be many minor signals and headlines, we may not have confirmation of cooling wage pressure until year-end or later.
For over a year, I’ve been saying that we would be in a better position to gauge inflation persistence in the second half of 2022, because only now would we know whether inflationary psychology had affected wages. Well, here we are. Despite a cooling U.S. economy, the labor market is still hot. There is a strong relationship between wages and inflation, which historically becomes more pronounced during periods of high inflation. Based on the fact that the record-setting spending stimulus has led to wage inflation, our view now is that inflation will be higher for longer.
Rising Correlation: Upward Pressure on Wages Leads to Upward Pressure on Inflation
While we expect to be in an elevated inflation regime for an extended period of time, there should be some temporary relief on the horizon from the negative wealth effect from declining asset values, a recent pullback in commodity prices and improving supply chains. But asset values can still fall further from here, commodity prices are still high by historical standards, and supply chain pressures are still at last summer’s levels.
Consumers are being squeezed from high inflation and more restrictive, yet still accommodative, monetary policy. We estimate the evisceration of over $40 trillion from the global stock, bond and crypto markets as a result of the current macro-economic conditions. That equates to nearly half of the world’s GDP!
Multi-Year Investment Themes: Resources Transition and Blockchain Disruption
So, we continue to focus on two multi-year investment themes.
Commodities have broken out of their prolonged bear market to reach record highs, driven by forces—primarily, the supply-demand imbalance—that have been in place even before Russia’s invasion of Ukraine. The Russia-Ukraine crisis has, however, accelerated efforts to reduce dependency on Russian energy supply in Europe, and part of that plan includes a shift towards renewable energy.
Commodity prices have more than doubled from their COVID-19 lows. Yet, the supply response across all industries has been limited due to the emphasis on capital discipline and environmental, social and governance constraints. If we are in the early stages of an economic slowdown, then it is very unlikely that we will see an increase in capital expenditures leading to additional supply. This should lead to a swift rebound in prices when economic growth resumes.
We still like commodity equities, particularly companies involved in green metals used in electric vehicle and clean energy components and, perhaps with a longer-term horizon, agribusiness companies looking to innovate for more efficient, climate-friendly and sustainable food production. Fears of global recession have hurt these investments, but I believe the longer-term trends will prevail.
The fallout from the Terra ecosystem’s collapse in May on the broader digital assets market cannot be understated. It caused major damage, and bankruptcies and liquidations of borrowing/lending firms are likely ahead, not to mention litigation from retail investors. Volatility is a given with crypto, with Bitcoin and Ethereum under the most pressure from their status as the “reserve” holdings for many in the crypto world. However, while I used to think Bitcoin’s drawdown risk was 90% back in 2017, I expected the drawdowns to
| 3 |
VANECK ETF TRUST
PRESIDENT’S LETTER
(unaudited) (continued)
be more muted in current times. This is because the underlying blockchain technology is being used to gain efficiency and reduce risk in the financial system, and I believe adoption will keep expanding.
Growth is Less Rich Relative to Value
For much of 2021, many growth stocks were very richly valued. At the end of 2021, the price-to-earnings (“P/E”) ratio of the Russell 1000 Growth Index was hovering around 40. By comparison, during that same period, the P/E ratio of the Russell 1000 Value Index was below 20. That equated to a valuation spread of roughly 20.
We hadn’t seen such a big dislocation between growth and value stocks since the tech bubble in the early 2000s. That is why, at the start of 2022, we said to wait to buy growth. We could be getting closer, but investors should be cautious. The current spread between the P/E ratios of growth and value stocks is over 11 and the long-term average is 8. If inflation remains persistently high, as we expect, then this spread may go even lower.
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each the funds for the six month period ended June 30, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.
Jan F.
van Eck
CEO and President
VanEck ETF Trust
July 12, 2022
PS The investing outlook can change suddenly, as it certainly did in 2021. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
| 4 |
EXPLANATION OF EXPENSES
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2022 to June 30, 2022.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value January 1, 2022 |
Ending Account Value June 30, 2022 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period January 1, 2022 - June 30, 2022(a) | |||||||||||||
| Agribusiness ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $907.80 | 0.52 | % | $ | 2.46 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,022.22 | 0.52 | % | $ | 2.61 | |||||||||
| Future of Food ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $772.00 | 0.70 | % | $ | 3.08 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.32 | 0.70 | % | $ | 3.51 | |||||||||
| Gold Miners ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $858.80 | 0.51 | % | $ | 2.35 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,022.27 | 0.51 | % | $ | 2.56 | |||||||||
| Green Metals ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $836.10 | 0.60 | % | $ | 2.73 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.82 | 0.60 | % | $ | 3.01 | |||||||||
| Junior Gold Miners ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $767.50 | 0.52 | % | $ | 2.28 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,022.22 | 0.52 | % | $ | 2.61 | |||||||||
| Low Carbon Energy ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $783.30 | 0.59 | % | $ | 2.61 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.87 | 0.59 | % | $ | 2.96 | |||||||||
| Natural Resources ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $956.80 | 0.49 | % | $ | 2.38 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,022.36 | 0.49 | % | $ | 2.46 | |||||||||
| 5 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
| Beginning Account Value January 1, 2022 |
Ending Account Value June 30, 2022 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period January 1, 2022 - June 30, 2022(a) | |||||||||||||
| Oil Refiners ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $1,093.60 | 0.60 | % | $ | 3.11 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.82 | 0.60 | % | $ | 3.01 | |||||||||
| Oil Services ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $1,259.40 | 0.35 | % | $ | 1.96 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,023.06 | 0.35 | % | $ | 1.76 | |||||||||
| Rare Earth/Strategic Metals ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $778.80 | 0.53 | % | $ | 2.34 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,022.17 | 0.53 | % | $ | 2.66 | |||||||||
| Steel ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $930.00 | 0.56 | % | $ | 2.68 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,022.02 | 0.56 | % | $ | 2.81 | |||||||||
| Uranium+Nuclear Energy ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $950.10 | 0.60 | % | $ | 2.90 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.82 | 0.60 | % | $ | 3.01 | |||||||||
| (a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended June 30, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period). |
| (b) | Assumes annual return of 5% before expenses |
| 6 |
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 99.8% | ||||||||
| Australia: 2.2% | ||||||||
| Incitec Pivot Ltd. # | 7,110,799 | $ | 16,302,467 | |||||
| Treasury Wine Estates Ltd. # | 2,515,439 | 19,652,280 | ||||||
| 35,954,747 | ||||||||
| Brazil: 2.5% | ||||||||
| Rumo SA | 4,678,700 | 14,288,087 | ||||||
| Yara International ASA (NOK) # | 640,453 | 26,753,990 | ||||||
| 41,042,077 | ||||||||
| Canada: 6.5% | ||||||||
| Nutrien Ltd. (USD) | 1,347,154 | 107,354,702 | ||||||
| Chile: 3.2% | ||||||||
| Sociedad Quimica y Minera de Chile SA (ADR) | 629,982 | 52,622,396 | ||||||
| China: 3.8% | ||||||||
| China Mengniu Dairy Co. Ltd. (HKD) # * | 6,802,000 | 34,098,820 | ||||||
| Wilmar International Ltd. (SGD) # | 9,431,551 | 27,403,966 | ||||||
| 61,502,786 | ||||||||
| Denmark: 1.0% | ||||||||
| Bakkafrost P/F (NOK) # | 195,665 | 12,572,241 | ||||||
| Schouw & Co. A/S # | 57,370 | 4,002,646 | ||||||
| 16,574,887 | ||||||||
| Germany: 8.3% | ||||||||
| Bayer AG # | 1,944,797 | 115,859,121 | ||||||
| K+S AG # | 844,268 | 20,498,650 | ||||||
| 136,357,771 | ||||||||
| Indonesia: 0.2% | ||||||||
| Golden Agri-Resources Ltd. (SGD) # | 20,697,645 | 3,719,434 | ||||||
| Israel: 1.4% | ||||||||
| ICL Group Ltd. (USD) † | 2,441,395 | 22,167,867 | ||||||
| Japan: 4.4% | ||||||||
| Kubota Corp. # † | 3,546,730 | 53,083,185 | ||||||
| Maruha Nichiro Corp. # | 165,300 | 3,108,197 | ||||||
| NH Foods Ltd. # | 359,300 | 11,240,043 | ||||||
| Nippon Suisan Kaisha Ltd. # | 951,000 | 4,015,211 | ||||||
| 71,446,636 | ||||||||
| Malaysia: 2.1% | ||||||||
| IOI Corp. Bhd # | 8,801,555 | 7,669,858 | ||||||
| Kuala Lumpur Kepong Bhd # | 1,670,670 | 8,312,716 | ||||||
| PPB Group Bhd | 2,393,480 | 8,612,727 | ||||||
| Sime Darby Plantation Bhd # | 10,716,100 | 10,530,565 | ||||||
| 35,125,866 | ||||||||
| Netherlands: 0.7% | ||||||||
| OCI NV # | 352,515 | 11,568,554 | ||||||
| Norway: 3.6% | ||||||||
| Leroy Seafood Group ASA # | 1,103,755 | 7,878,905 | ||||||
| Mowi ASA # | 1,505,460 | 34,321,665 | ||||||
| Salmar ASA # | 228,636 | 16,137,324 | ||||||
| 58,337,894 | ||||||||
| Russia: 0.0% | ||||||||
| PhosAgro PJSC (USD) (GDR) #∞ | 1,882 | 0 | ||||||
| PhosAgro PJSC (USD) (GDR) #∞ | 292,219 | 0 | ||||||
| 0 | ||||||||
| Number of Shares |
Value | |||||||
| Singapore: 0.8% | ||||||||
| Charoen Pokphand Indonesia Tbk PT (IDR) # | 31,825,900 | $ | 12,824,115 | |||||
| Sweden: 0.3% | ||||||||
| Oatly Group AB (ADR) * † | 1,226,866 | 4,244,956 | ||||||
| Switzerland: 0.6% | ||||||||
| Bucher Industries AG # | 29,383 | 10,227,125 | ||||||
| Taiwan: 0.4% | ||||||||
| Taiwan Fertilizer Co. Ltd. # | 3,294,000 | 7,081,867 | ||||||
| Thailand: 0.9% | ||||||||
| Charoen Pokphand Foods PCL (NVDR) # | 20,766,636 | 15,296,836 | ||||||
| United Kingdom: 3.2% | ||||||||
| CNH Industrial NV (USD) | 3,972,153 | 46,037,253 | ||||||
| Genus Plc # | 223,393 | 6,817,368 | ||||||
| 52,854,621 | ||||||||
| United States: 53.7% | ||||||||
| AGCO Corp. | 223,594 | 22,068,728 | ||||||
| Archer-Daniels-Midland Co. | 1,135,908 | 88,146,461 | ||||||
| Balchem Corp. | 85,007 | 11,028,808 | ||||||
| Beyond Meat, Inc. * † | 204,609 | 4,898,339 | ||||||
| Bunge Ltd. | 441,729 | 40,060,403 | ||||||
| CF Industries Holdings, Inc. | 570,496 | 48,908,622 | ||||||
| Corteva, Inc. | 1,771,014 | 95,882,698 | ||||||
| Darling Ingredients, Inc. * | 527,210 | 31,527,158 | ||||||
| Deere & Co. | 412,383 | 123,496,337 | ||||||
| Elanco Animal Health, Inc. * | 1,129,274 | 22,167,648 | ||||||
| FMC Corp. | 411,083 | 43,989,992 | ||||||
| Mosaic Co. | 1,197,573 | 56,561,373 | ||||||
| Neogen Corp. * | 294,866 | 7,103,322 | ||||||
| Pilgrim’s Pride Corp. * | 212,026 | 6,621,572 | ||||||
| Sanderson Farms, Inc. | 73,839 | 15,914,520 | ||||||
| Toro Co. | 345,949 | 26,219,475 | ||||||
| Tyson Foods, Inc. | 1,041,657 | 89,645,001 | ||||||
| Zoetis, Inc. | 854,716 | 146,917,133 | ||||||
| 881,157,590 | ||||||||
| Total Common Stocks (Cost: $1,674,219,592) |
1,637,462,727 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4% (Cost: $6,592,867) | ||||||||
| Money Market Fund: 0.4% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 6,592,867 | 6,592,867 | ||||||
| Total Investments: 100.2% (Cost: $1,680,812,459) |
1,644,055,594 | |||||||
| Liabilities in excess of other assets: (0.2)% | (3,297,607) | |||||||
| NET ASSETS: 100.0% | $ | 1,640,757,987 | ||||||
See Notes to Financial Statements
| 7 |
VANECK AGRIBUSINESS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| HKD | Hong Kong Dollar |
| IDR | Indonesian Rupiah |
| NOK | Norwegian Krone |
| NVDR | Non-Voting Depositary Receipt |
| SGD | Singapore Dollar |
| USD | United States Dollar |
| Footnotes: | |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $500,977,149 which represents 30.5% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $10,494,145. |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Consumer Staples | 31.9 | % | $ | 522,455,958 | ||||
| Health Care | 18.2 | 298,864,592 | ||||||
| Industrials | 18.1 | 295,420,191 | ||||||
| Materials | 31.8 | 520,721,986 | ||||||
| 100.0 | % | $ | 1,637,462,727 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 35,954,747 | $ | — | $ | 35,954,747 | ||||||||
| Brazil | 14,288,087 | 26,753,990 | — | 41,042,077 | ||||||||||||
| Canada | 107,354,702 | — | — | 107,354,702 | ||||||||||||
| Chile | 52,622,396 | — | — | 52,622,396 | ||||||||||||
| China | — | 61,502,786 | — | 61,502,786 | ||||||||||||
| Denmark | — | 16,574,887 | — | 16,574,887 | ||||||||||||
| Germany | — | 136,357,771 | — | 136,357,771 | ||||||||||||
| Indonesia | — | 3,719,434 | — | 3,719,434 | ||||||||||||
| Israel | 22,167,867 | — | — | 22,167,867 | ||||||||||||
| Japan | — | 71,446,636 | — | 71,446,636 | ||||||||||||
| Malaysia | 8,612,727 | 26,513,139 | — | 35,125,866 | ||||||||||||
| Netherlands | — | 11,568,554 | — | 11,568,554 | ||||||||||||
| Norway | — | 58,337,894 | — | 58,337,894 | ||||||||||||
| Russia | — | — | 0 | 0 | ||||||||||||
| Singapore | — | 12,824,115 | — | 12,824,115 | ||||||||||||
| Sweden | 4,244,956 | — | — | 4,244,956 | ||||||||||||
| Switzerland | — | 10,227,125 | — | 10,227,125 | ||||||||||||
| Taiwan | — | 7,081,867 | — | 7,081,867 | ||||||||||||
| Thailand | — | 15,296,836 | — | 15,296,836 | ||||||||||||
| United Kingdom | 46,037,253 | 6,817,368 | — | 52,854,621 | ||||||||||||
| United States | 881,157,590 | — | — | 881,157,590 | ||||||||||||
| Money Market Fund | 6,592,867 | — | — | 6,592,867 | ||||||||||||
| Total Investments | $ | 1,143,078,445 | $ | 500,977,149 | $ | 0 | $ | 1,644,055,594 | ||||||||
See Notes to Financial Statements
| 8 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 98.9% | ||||||||
| Brazil: 0.5% | ||||||||
| Yara International ASA (NOK) # | 345 | $ | 14,412 | |||||
| Canada: 4.0% | ||||||||
| Maple Leaf Foods, Inc. | 5,760 | 113,016 | ||||||
| China: 2.2% | ||||||||
| Vitasoy International Holdings Ltd. (HKD) # | 36,000 | 63,104 | ||||||
| Denmark: 7.0% | ||||||||
| Chr. Hansen Holding A/S # | 1,506 | 109,690 | ||||||
| Novozymes A/S # | 1,518 | 91,155 | ||||||
| 200,845 | ||||||||
| France: 2.4% | ||||||||
| Danone SA # | 1,221 | 68,216 | ||||||
| Germany: 3.0% | ||||||||
| Symrise AG # | 789 | 85,847 | ||||||
| Ireland: 3.1% | ||||||||
| Kerry Group Plc # | 921 | 88,834 | ||||||
| Isle of Man: 0.4% | ||||||||
| Agronomics Ltd. # * | 57,531 | 11,175 | ||||||
| Israel: 0.0% | ||||||||
| Else Nutrition Holdings, Inc. (CAD) * | 2,502 | 1,164 | ||||||
| Japan: 1.9% | ||||||||
| Kubota Corp. # | 3,600 | 53,880 | ||||||
| Mexico: 3.9% | ||||||||
| Orbia Advance Corp. SAB de CV | 48,210 | 112,450 | ||||||
| Netherlands: 0.8% | ||||||||
| Corbion NV # | 795 | 23,893 | ||||||
| Norway: 0.6% | ||||||||
| Atlantic Sapphire ASA # * † | 8,175 | 16,086 | ||||||
| Philippines: 0.9% | ||||||||
| Monde Nissin Corp. 144A # * | 110,700 | 26,198 | ||||||
| Sweden: 3.3% | ||||||||
| BioGaia AB # | 2,460 | 24,987 | ||||||
| Oatly Group AB (ADR) * † | 20,139 | 69,681 | ||||||
| 94,668 | ||||||||
| Switzerland: 8.0% | ||||||||
| Bucher Industries AG # | 162 | 56,386 | ||||||
| Givaudan SA # | 30 | 105,443 | ||||||
| Nestle SA # | 576 | 67,129 | ||||||
| 228,958 | ||||||||
| United States: 56.9% | ||||||||
| AgEagle Aerial Systems, Inc. * | 2,532 | 1,636 | ||||||
| Amyris, Inc. * † | 5,613 | 10,384 | ||||||
| AppHarvest, Inc. * † | 29,643 | 103,454 | ||||||
| Archer-Daniels-Midland Co. | 867 | 67,279 | ||||||
| Balchem Corp. | 231 | 29,970 | ||||||
| Ball Corp. | 1,383 | 95,109 | ||||||
| Benson Hill, Inc. * | 10,593 | 29,025 | ||||||
| Berry Global Group, Inc. * | 522 | 28,522 | ||||||
| Beyond Meat, Inc. * † | 1,632 | 39,070 | ||||||
| Bunge Ltd. | 1,239 | 112,365 | ||||||
| Number of Shares |
Value | |||||||
| United States (continued) | ||||||||
| Cadiz, Inc. * | 4,329 | $ | 10,087 | |||||
| Conagra Brands, Inc. | 1,188 | 40,677 | ||||||
| Corteva, Inc. | 3,291 | 178,175 | ||||||
| Deere & Co. | 375 | 112,301 | ||||||
| Ecolab, Inc. | 165 | 25,370 | ||||||
| FMC Corp. | 543 | 58,106 | ||||||
| Ginkgo Bioworks Holdings, Inc. * | 6,228 | 14,823 | ||||||
| GrowGeneration Corp. * † | 1,116 | 4,006 | ||||||
| Hydrofarm Holdings Group, Inc. * | 537 | 1,869 | ||||||
| Ingredion, Inc. | 1,533 | 135,149 | ||||||
| International Flavors & Fragrances, Inc. | 762 | 90,769 | ||||||
| John Bean Technologies Corp. | 399 | 44,058 | ||||||
| Kellogg Co. | 585 | 41,734 | ||||||
| Lindsay Corp. | 498 | 66,144 | ||||||
| Local Bounti Corp. * | 4,164 | 13,242 | ||||||
| Tattooed Chef, Inc. * † | 7,668 | 48,308 | ||||||
| Titan International, Inc. * | 2,535 | 38,279 | ||||||
| Trimble, Inc. * | 1,299 | 75,641 | ||||||
| Tyson Foods, Inc. | 456 | 39,243 | ||||||
| Valmont Industries, Inc. | 306 | 68,737 | ||||||
| 1,623,532 | ||||||||
| Total Common Stocks (Cost: $3,451,875) |
2,826,278 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.2% (Cost: $206,813) | ||||||||
| Money Market Fund: 7.2% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 206,813 | 206,813 | ||||||
| Total Investments: 106.1% (Cost: $3,658,688) |
3,033,091 | |||||||
| Liabilities in excess of other assets: (6.1)% | (173,122) | |||||||
| NET ASSETS: 100.0% | $ | 2,859,969 | ||||||
See Notes to Financial Statements
| 9 |
VANECK FUTURE OF FOOD ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Definitions: | |
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| HKD | Hong Kong Dollar |
| NOK | Norwegian Krone |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $906,435 which represents 31.7% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $210,454. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $26,198, or 0.9% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Consumer Discretionary | 0.1 | % | $ | 4,006 | ||||
| Consumer Staples | 41.8 | 1,182,974 | ||||||
| Financials | 0.4 | 11,175 | ||||||
| Health Care | 0.9 | 24,987 | ||||||
| Industrials | 15.7 | 443,290 | ||||||
| Information Technology | 2.7 | 75,641 | ||||||
| Materials | 38.0 | 1,074,119 | ||||||
| Utilities | 0.4 | 10,086 | ||||||
| 100.0 | % | $ | 2,826,278 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Brazil | $ | — | $ | 14,412 | $ | — | $ | 14,412 | ||||||||
| Canada | 113,016 | — | — | 113,016 | ||||||||||||
| China | — | 63,104 | — | 63,104 | ||||||||||||
| Denmark | — | 200,845 | — | 200,845 | ||||||||||||
| France | — | 68,216 | — | 68,216 | ||||||||||||
| Germany | — | 85,847 | — | 85,847 | ||||||||||||
| Ireland | — | 88,834 | — | 88,834 | ||||||||||||
| Isle of Man | — | 11,175 | — | 11,175 | ||||||||||||
| Israel | 1,164 | — | — | 1,164 | ||||||||||||
| Japan | — | 53,880 | — | 53,880 | ||||||||||||
| Mexico | 112,450 | — | — | 112,450 | ||||||||||||
| Netherlands | — | 23,893 | — | 23,893 | ||||||||||||
| Norway | — | 16,086 | — | 16,086 | ||||||||||||
| Philippines | — | 26,198 | — | 26,198 | ||||||||||||
| Sweden | 69,681 | 24,987 | — | 94,668 | ||||||||||||
| Switzerland | — | 228,958 | — | 228,958 | ||||||||||||
| United States | 1,623,532 | — | — | 1,623,532 | ||||||||||||
| Money Market Fund | 206,813 | — | — | 206,813 | ||||||||||||
| Total Investments | $ | 2,126,656 | $ | 906,435 | $ | — | $ | 3,033,091 | ||||||||
See Notes to Financial Statements
| 10 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Australia: 11.6% | ||||||||
| Capricorn Metals Ltd. # * ‡ | 19,687,331 | $ | 42,487,061 | |||||
| Evolution Mining Ltd. # ‡ | 97,117,681 | 158,087,871 | ||||||
| Gold Road Resources Ltd. # † | 46,821,310 | 36,278,733 | ||||||
| Newcrest Mining Ltd. # | 35,065,821 | 497,673,693 | ||||||
| Northern Star Resources Ltd. # † ‡ | 61,731,493 | 288,473,625 | ||||||
| Perseus Mining Ltd. # ‡ | 72,027,268 | 77,857,838 | ||||||
| Ramelius Resources Ltd. # ‡ | 45,956,413 | 27,403,678 | ||||||
| Regis Resources Ltd. # ‡ | 39,990,097 | 35,481,219 | ||||||
| Silver Lake Resources Ltd. # * † ‡ | 49,282,866 | 40,811,473 | ||||||
| St Barbara Ltd. # † ‡ | 43,211,000 | 22,107,578 | ||||||
| West African Resources Ltd. # * ‡ | 54,096,883 | 44,866,999 | ||||||
| 1,271,529,768 | ||||||||
| Brazil: 7.5% | ||||||||
| Wheaton Precious Metals Corp. (USD) † | 16,106,760 | 580,326,563 | ||||||
| Yamana Gold, Inc. (USD) † ‡ | 50,918,364 | 236,770,392 | ||||||
| 817,096,955 | ||||||||
| Burkina Faso: 0.4% | ||||||||
| IAMGOLD Corp. (USD) * † ‡ | 25,372,336 | 40,849,461 | ||||||
| Canada: 42.2% | ||||||||
| Agnico Eagle Mines Ltd. (USD) † | 16,257,745 | 743,954,411 | ||||||
| Alamos Gold, Inc. (USD) ‡ | 20,776,734 | 145,852,673 | ||||||
| Aya Gold & Silver, Inc. * † ‡ | 5,561,021 | 28,280,397 | ||||||
| B2Gold Corp. (USD) ‡ | 55,979,176 | 189,769,407 | ||||||
| Barrick Gold Corp. (USD) | 63,480,430 | 1,122,968,807 | ||||||
| Dundee Precious Metals, Inc. ‡ | 10,113,349 | 50,255,101 | ||||||
| Endeavour Silver Corp. (USD) * † ‡ | 9,591,525 | 30,117,389 | ||||||
| Equinox Gold Corp. (USD) * † ‡ | 16,041,476 | 71,224,153 | ||||||
| First Majestic Silver Corp. (USD) † ‡ | 13,855,665 | 99,483,675 | ||||||
| Fortuna Silver Mines, Inc. (USD) * † ‡ | 15,480,256 | 43,963,927 | ||||||
| Franco-Nevada Corp. (USD) | 6,831,292 | 898,861,401 | ||||||
| GoGold Resources, Inc. * † ‡ | 15,637,870 | 24,851,842 | ||||||
| K92 Mining, Inc. * † ‡ | 12,017,310 | 72,386,138 | ||||||
| Karora Resources, Inc. * † | 8,225,883 | 21,171,310 | ||||||
| Kinross Gold Corp. (USD) ‡ | 68,834,660 | 246,428,083 | ||||||
| New Gold, Inc. (USD) * ‡ | 36,099,644 | 38,626,619 | ||||||
| OceanaGold Corp. * † ‡ | 37,310,998 | 71,443,207 | ||||||
| Osisko Gold Royalties Ltd. (USD) † ‡ | 9,789,421 | 98,873,152 | ||||||
| Pan American Silver Corp. (USD) ‡ | 11,153,447 | 219,388,302 | ||||||
| Sandstorm Gold Ltd. (USD) ‡ | 10,184,531 | 60,597,959 | ||||||
| Silvercorp Metals, Inc. (USD) ‡ | 9,383,532 | 23,271,159 | ||||||
| SSR Mining, Inc. (USD) ‡ | 11,265,715 | 188,137,441 | ||||||
| Torex Gold Resources, Inc. * ‡ | 4,546,643 | 35,035,181 | ||||||
| Number of Shares |
Value | |||||||
| Canada (continued) | ||||||||
| Victoria Gold Corp. * † ‡ | 3,391,383 | $ | 26,264,519 | |||||
| Wesdome Gold Mines Ltd. * † ‡ | 7,517,737 | 64,981,408 | ||||||
| 4,616,187,661 | ||||||||
| China: 4.5% | ||||||||
| Zhaojin Mining Industry Co. Ltd. (HKD) # * † ‡ | 138,255,500 | 119,437,639 | ||||||
| Zijin Mining Group Co. Ltd. (HKD) # ‡ | 303,956,000 | 369,872,999 | ||||||
| 489,310,638 | ||||||||
| Egypt: 0.5% | ||||||||
| Centamin Plc (GBP) # ‡ | 61,271,861 | 58,441,764 | ||||||
| Kyrgyzstan: 1.0% | ||||||||
| Centerra Gold, Inc. (CAD) ‡ | 15,759,198 | 106,653,590 | ||||||
| Peru: 0.8% | ||||||||
| Cia de Minas Buenaventura SAA (ADR) † ‡ | 13,442,510 | 88,720,566 | ||||||
| South Africa: 5.1% | ||||||||
| DRDGOLD Ltd. (ADR) † ‡ | 4,580,819 | 26,889,407 | ||||||
| Gold Fields Ltd. (ADR) † ‡ | 47,221,292 | 430,658,183 | ||||||
| Harmony Gold Mining Co. Ltd. (ADR) † ‡ | 32,665,205 | 102,242,092 | ||||||
| 559,789,682 | ||||||||
| Tanzania: 3.0% | ||||||||
| AngloGold Ashanti Ltd. (ADR) † ‡ | 22,165,662 | 327,830,141 | ||||||
| Turkey: 0.6% | ||||||||
| Eldorado Gold Corp. (USD) * † ‡ | 9,784,900 | 62,525,511 | ||||||
| United Kingdom: 2.5% | ||||||||
| Endeavour Mining Plc (CAD) † ‡ | 13,132,187 | 271,103,639 | ||||||
| United States: 20.3% | ||||||||
| Coeur Mining, Inc. * ‡ | 14,875,893 | 45,222,715 | ||||||
| Hecla Mining Co. ‡ | 28,560,255 | 111,956,200 | ||||||
| Newmont Corp. | 28,314,272 | 1,689,512,610 | ||||||
| Royal Gold, Inc. ‡ | 3,477,739 | 371,352,970 | ||||||
| 2,218,044,495 | ||||||||
| Total Common Stocks (Cost: $11,866,939,754) |
10,928,083,871 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.2% (Cost: $132,623,401) | ||||||||
| Money Market Fund: 1.2% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 132,623,401 | 132,623,401 | ||||||
| Total Investments: 101.2% (Cost: $11,999,563,155) |
11,060,707,272 | |||||||
| Liabilities in excess of other assets: (1.2)% | (127,719,756) | |||||||
| NET ASSETS: 100.0% | $ | 10,932,987,516 | ||||||
See Notes to Financial Statements
| 11 |
VANECK GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Definitions: | |
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,819,282,170 which represents 16.6% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $237,120,762. |
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of
Investments |
Value | ||||||
| Gold | 94.7 | % | $ | 10,346,770,981 | ||||
| Silver | 5.3 | 581,312,890 | ||||||
| 100.0 | % | $ | 10,928,083,871 | |||||
See Notes to Financial Statements
| 12 |
Transactions in securities of affiliates for the period ended June 30, 2022 were as follows:
| Value 12/31/2021 |
Purchases | Sales Proceeds |
Realized Gain (Loss) |
Dividend Income |
Net
Change in Unrealized Appreciation (Depreciation) |
Value 6/30/2022 | ||||||||
| Alamos Gold, Inc. | $–(a) | $48,097,734 | $(20,600,717) | $4,688,829 | $920,356 | $(21,113,596) | $145,852,673 | |||||||
| AngloGold Ashanti Ltd. | –(a) | 139,358,630 | (57,428,047) | 13,681,660 | 2,664,669 | (158,894,115) | 327,830,141 | |||||||
| Aya Gold & Silver, Inc. | –(a) | 10,929,923 | (4,681,366) | (200,878) | – | (13,119,505) | 28,280,397 | |||||||
| B2Gold Corp. | –(a) | 69,367,589 | (29,580,927) | 8,732,816 | 3,980,191 | (43,995,730) | 189,769,407 | |||||||
| Capricorn Metals Ltd. | –(a) | 16,206,472 | (6,764,851) | 970,096 | – | (8,997,762) | 42,487,061 | |||||||
| Centamin Plc | –(a) | 20,564,542 | (9,201,850) | (737,188) | 2,926,179 | (14,750,262) | 58,441,764 | |||||||
| Centerra Gold, Inc. | –(a) | 41,631,480 | (17,690,430) | 6,275,050 | 1,535,797 | (25,904,149) | 106,653,590 | |||||||
| Cia de Minas Buenaventura SAA | –(a) | 37,353,330 | (14,947,616) | (1,850,992) | 961,249 | (14,765,444) | 88,720,566 | |||||||
| Coeur Mining, Inc. | –(a) | 21,790,518 | (7,457,466) | (1,388,328) | – | (25,550,843) | 45,222,715 | |||||||
| DRDGOLD Ltd. | –(a) | 11,766,756 | (4,746,060) | (798,408) | 473,394 | (12,072,167) | 26,889,408 | |||||||
| Dundee Precious Metals, Inc. | –(a) | 17,564,171 | (7,917,177) | 2,240,955 | 794,942 | (14,537,756) | 50,255,101 | |||||||
| Eldorado Gold Corp. | –(a) | 29,441,831 | (11,848,759) | 1,295,675 | – | (32,621,294) | 62,525,511 | |||||||
| Endeavour Mining Plc | –(a) | 94,928,177 | (40,350,795) | 13,955,726 | 2,999,065 | (40,940,337) | 271,103,640 | |||||||
| Endeavour Silver Corp. | –(a) | 13,717,829 | (4,767,720) | (685,049) | – | (10,280,761) | 30,117,388 | |||||||
| Equinox Gold Corp. | –(a) | 34,583,230 | (13,620,512) | (1,378,504) | – | (39,123,181) | 71,224,153 | |||||||
| Evolution Mining Ltd. | –(a) | 86,489,494 | (35,317,059) | 3,636,549 | 1,735,631 | (139,389,226) | 158,087,871 | |||||||
| First Majestic Silver Corp. | –(a) | 51,075,906 | (18,368,763) | 4,116,996 | 176,286 | (64,647,388) | 99,483,675 | |||||||
| Fortuna Silver Mines, Inc. | –(a) | 17,520,949 | (7,092,184) | (1,039,615) | – | (16,214,057) | 43,963,927 | |||||||
| GoGold Resources, Inc. | –(a) | 11,600,686 | (3,979,391) | (490,654) | – | (11,790,682) | 24,851,842 | |||||||
| Gold Fields Ltd. | –(a) | 168,157,505 | (72,149,885) | 44,276,610 | 6,721,984 | (145,270,713) | 430,658,183 | |||||||
| Harmony Gold Mining Co. Ltd. | 113,149,948 | 42,491,665 | (16,997,086) | 3,111,347 | 859,324 | (39,513,782) | 102,242,092 | |||||||
| Hecla Mining Co. | –(a) | 50,654,106 | (19,685,445) | 6,536,687 | 317,467 | (50,987,126) | 111,956,200 | |||||||
| IAMGOLD Corp. | –(a) | 22,020,319 | (8,795,689) | (1,470,004) | – | (37,560,027) | 40,849,461 | |||||||
| K92 Mining, Inc. | –(a) | 25,373,226 | (9,642,667) | 465,117 | – | 190,178 | 72,386,138 | |||||||
| Kinross Gold Corp. | –(a) | 115,348,983 | (44,449,711) | 6,251,025 | 3,613,076 | (155,895,091) | 246,428,083 | |||||||
| New Gold, Inc. | –(a) | 17,274,615 | (7,053,161) | 1,706,758 | – | (18,908,932) | 38,626,619 | |||||||
| Northern Star Resources Ltd. | –(a) | 131,507,021 | (53,973,480) | 2,826,594 | 3,726,555 | (149,294,393) | 288,473,625 | |||||||
| OceanaGold Corp. | –(a) | 23,929,468 | (9,918,722) | 349,294 | – | 2,328,512 | 71,443,207 | |||||||
| Osisko Gold Royalties Ltd. | –(a) | 43,438,652 | (13,871,527) | 1,623,141 | 791,997 | (23,367,738) | 98,873,152 | |||||||
| Pan American Silver Corp. | –(a) | 83,984,182 | (34,662,410) | 10,100,706 | 2,377,915 | (74,535,386) | 219,388,302 | |||||||
| Perseus Mining Ltd. | –(a) | 35,266,368 | (10,804,647) | 4,852,804 | 318,052 | (16,277,852) | 77,857,838 | |||||||
| Ramelius Resources Ltd. | –(a) | 14,182,464 | (6,006,249) | (717,126) | – | (24,361,467) | 27,403,678 | |||||||
| Regis Resources Ltd. | –(a) | 17,248,116 | (7,212,386) | (836,082) | – | (21,649,254) | 35,481,219 | |||||||
| Royal Gold, Inc. | –(a) | 130,418,328 | (54,577,380) | 15,578,769 | 3,402,756 | (28,435,258) | 371,352,970 | |||||||
| Sandstorm Gold Ltd. | –(a) | 22,566,323 | (8,936,219) | 1,694,286 | 288,379 | (7,721,886) | 60,597,959 | |||||||
| Silver Lake Resources Ltd. | –(a) | 23,720,890 | (7,831,831) | 569,817 | – | (26,868,865) | 40,811,473 |
See Notes to Financial Statements
| 13 |
VANECK GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Transactions in securities of affiliates for the period ended June 30, 2022 were as follows: (continued)
| Value 12/31/2021 |
Purchases | Sales Proceeds |
Realized Gain (Loss) |
Dividend Income |
Net
Change in Unrealized Appreciation (Depreciation) |
Value 6/30/2022 | ||||||||
| Silvercorp Metals, Inc. | –(a) | 9,911,024 | (3,975,529) | (765,128) | 111,504 | (11,541,003) | 23,271,159 | |||||||
| SSR Mining, Inc. | –(a) | 69,300,586 | (28,622,996) | 13,517,010 | 1,419,919 | (33,454,096) | 188,137,440 | |||||||
| St Barbara Ltd. | –(a) | 16,011,209 | (4,621,449) | (732,030) | – | (22,396,479) | 22,107,578 | |||||||
| Torex Gold Resources, Inc. | –(a) | 15,647,266 | (6,381,304) | (830,573) | – | (13,262,775) | 35,035,181 | |||||||
| Victoria Gold Corp. | –(a) | 12,780,708 | (5,068,099) | (563,682) | – | (12,427,657) | 26,264,519 | |||||||
| Wesdome Gold Mines Ltd. | –(a) | 25,400,722 | (9,718,906) | 2,719,302 | – | (10,466,237) | 64,981,408 | |||||||
| West African Resources Ltd. | –(a) | 14,616,564 | (6,438,850) | (133,552) | – | (7,288,602) | 44,866,999 | |||||||
| Yamana Gold, Inc. | –(a) | 78,574,321 | (33,167,498) | 9,708,999 | 2,993,793 | 159,937 | 236,770,393 | |||||||
| Zhaojin Mining Industry Co. Ltd. | –(a) | 37,254,223 | (15,417,460) | (538,341) | – | (1,622,662) | 119,437,638 | |||||||
| Zijin Mining Group Co. Ltd. | –(a) | 122,588,302 | (51,646,796) | 36,802,412 | 8,608,268 | (43,982,454) | 369,872,999 | |||||||
| $113,149,948 | $2,143,656,403 | $(867,989,072) | $207,128,896 | $54,718,748 | $(1,683,119,363) | $5,337,336,343 |
| (a) | Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period. |
The summary of inputs used to value the Fund’s investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 1,271,529,768 | $ | — | $ | 1,271,529,768 | ||||||||
| Brazil | 817,096,955 | — | — | 817,096,955 | ||||||||||||
| Burkina Faso | 40,849,461 | — | — | 40,849,461 | ||||||||||||
| Canada | 4,616,187,661 | — | — | 4,616,187,661 | ||||||||||||
| China | — | 489,310,638 | — | 489,310,638 | ||||||||||||
| Egypt | — | 58,441,764 | — | 58,441,764 | ||||||||||||
| Kyrgyzstan | 106,653,590 | — | — | 106,653,590 | ||||||||||||
| Peru | 88,720,566 | — | — | 88,720,566 | ||||||||||||
| South Africa | 559,789,682 | — | — | 559,789,682 | ||||||||||||
| Tanzania | 327,830,141 | — | — | 327,830,141 | ||||||||||||
| Turkey | 62,525,511 | — | — | 62,525,511 | ||||||||||||
| United Kingdom | 271,103,639 | — | — | 271,103,639 | ||||||||||||
| United States | 2,218,044,495 | — | — | 2,218,044,495 | ||||||||||||
| Money Market Fund | 132,623,401 | — | — | 132,623,401 | ||||||||||||
| Total Investments | $ | 9,241,425,102 | $ | 1,819,282,170 | $ | — | $ | 11,060,707,272 | ||||||||
See Notes to Financial Statements
| 14 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.1% | ||||||||
| Australia: 15.1% | ||||||||
| Allkem Ltd. # * | 42,343 | $ | 301,717 | |||||
| Glencore Plc (GBP) # | 308,535 | 1,667,246 | ||||||
| IGO Ltd. # | 39,551 | 270,079 | ||||||
| Iluka Resources Ltd. # | 22,157 | 143,984 | ||||||
| Lynas Rare Earths Ltd. # * | 59,251 | 356,786 | ||||||
| OZ Minerals Ltd. # | 21,230 | 259,999 | ||||||
| Pilbara Minerals Ltd. # * | 179,907 | 285,093 | ||||||
| 3,284,904 | ||||||||
| Canada: 6.4% | ||||||||
| Hudbay Minerals, Inc. (USD) | 12,701 | 51,820 | ||||||
| Ivanhoe Mines Ltd. * | 33,443 | 192,110 | ||||||
| Lithium Americas Corp. (USD) * † | 8,027 | 161,584 | ||||||
| Teck Resources Ltd. (USD) | 32,904 | 1,005,875 | ||||||
| 1,411,389 | ||||||||
| Chile: 1.3% | ||||||||
| Lundin Mining Corp. (CAD) | 46,503 | 294,170 | ||||||
| China: 31.8% | ||||||||
| Beijing Easpring Material Technology Co. Ltd. # | 26,100 | 353,300 | ||||||
| Chengxin Lithium Group Co. Ltd. # | 53,600 | 484,364 | ||||||
| China Minmetals Rare Earth Co. Ltd. # | 43,900 | 205,355 | ||||||
| China Northern Rare Earth Group High-Tech Co. Ltd. # | 151,768 | 798,454 | ||||||
| Ganfeng Lithium Co. Ltd. # | 52,300 | 1,164,436 | ||||||
| GEM Co. Ltd. # | 324,800 | 441,838 | ||||||
| Inner Mongolia Xingye Mining Co. Ltd. # * | 74,000 | 78,570 | ||||||
| Jiangxi Copper Co. Ltd. # | 40,303 | 107,252 | ||||||
| MMG Ltd. (HKD) # * | 208,000 | 77,228 | ||||||
| Nanjing Hanrui Cobalt Co. Ltd. # | 15,900 | 137,865 | ||||||
| Ningbo Shanshan Co. Ltd. # | 82,200 | 364,999 | ||||||
| Shenghe Resources Holding Co. Ltd. # | 96,800 | 326,748 | ||||||
| Tongling Nonferrous Metals Group Co. Ltd. # | 494,800 | 241,449 | ||||||
| Western Mining Co. Ltd. # | 124,500 | 220,527 | ||||||
| Youngy Co. Ltd. # * | 14,700 | 338,278 | ||||||
| Yunnan Copper Co. Ltd. # | 78,600 | 133,633 | ||||||
| Yunnan Tin Co. Ltd. # | 71,000 | 177,972 | ||||||
| Zhejiang Huayou Cobalt Co. Ltd. # | 91,230 | 1,305,911 | ||||||
| 6,958,179 | ||||||||
| Germany: 0.7% | ||||||||
| Aurubis AG # | 2,348 | 159,835 | ||||||
| Japan: 2.9% | ||||||||
| Mitsubishi Materials Corp. # | 6,500 | 92,921 | ||||||
| Sumitomo Metal Mining Co. Ltd. # | 17,800 | 551,166 | ||||||
| 644,087 | ||||||||
| Liechtenstein: 1.8% | ||||||||
| Antofagasta Plc (GBP) # | 28,687 | 404,139 | ||||||
| Number of Shares |
Value | |||||||
| Mexico: 5.8% | ||||||||
| Grupo Mexico SAB de CV | 232,300 | $ | 958,756 | |||||
| Southern Copper Corp. (USD) | 6,345 | 316,044 | ||||||
| 1,274,800 | ||||||||
| Poland: 1.1% | ||||||||
| KGHM Polska Miedz SA # * | 8,655 | 230,500 | ||||||
| Russia: 0.0% | ||||||||
| MMC Norilsk Nickel PJSC (ADR) #∞ | 44,052 | 0 | ||||||
| South Africa: 13.5% | ||||||||
| Anglo American Platinum Ltd. # | 4,157 | 360,193 | ||||||
| Anglo American Plc (GBP) # | 41,425 | 1,477,416 | ||||||
| Impala Platinum Holdings Ltd. # | 45,040 | 496,224 | ||||||
| Northam Platinum Holdings Ltd. # * | 15,980 | 166,337 | ||||||
| Sibanye Stillwater Ltd. (ADR) † | 42,224 | 420,973 | ||||||
| 2,921,143 | ||||||||
| Sweden: 2.8% | ||||||||
| Boliden AB # | 19,183 | 612,425 | ||||||
| United States: 14.1% | ||||||||
| Albemarle Corp. | 6,675 | 1,394,941 | ||||||
| Freeport-McMoRan, Inc. | 43,199 | 1,264,002 | ||||||
| Livent Corp. * | 8,930 | 202,622 | ||||||
| MP Materials Corp. * | 6,888 | 220,967 | ||||||
| 3,082,532 | ||||||||
| Zambia: 2.8% | ||||||||
| First Quantum Minerals Ltd. (CAD) | 32,001 | 605,810 | ||||||
| Total Common Stocks (Cost: $26,464,481) |
21,883,913 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES
ON LOAN: 2.4% (Cost: $530,041) |
||||||||
| Money Market Fund: 2.4% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 530,041 | 530,041 | ||||||
| Total Investments: 102.5% (Cost: $26,994,522) |
22,413,954 | |||||||
| Liabilities in excess of other assets: (2.5)% | (540,221) | |||||||
| NET ASSETS: 100.0% | $ | 21,873,733 | ||||||
See Notes to Financial Statements
| 15 |
VANECK GREEN METALS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $14,794,239 which represents 67.6% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $496,178. |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Copper | 18.4 | % | $ | 4,016,834 | ||||
| Distillers & Vintners | 0.7 | 161,583 | ||||||
| Diversified Metals & Mining | 61.3 | 13,409,724 | ||||||
| Electrical Components & Equipment | 1.6 | 353,300 | ||||||
| Forest Products | 2.2 | 484,363 | ||||||
| Precious Metals & Minerals | 6.6 | 1,443,727 | ||||||
| Specialty Chemicals | 9.2 | 2,014,382 | ||||||
| 100.0 | % | $ | 21,883,913 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 3,284,904 | $ | — | $ | 3,284,904 | ||||||||
| Canada | 1,411,389 | — | — | 1,411,389 | ||||||||||||
| Chile | 294,170 | — | — | 294,170 | ||||||||||||
| China | — | 6,958,179 | — | 6,958,179 | ||||||||||||
| Germany | — | 159,835 | — | 159,835 | ||||||||||||
| Japan | — | 644,087 | — | 644,087 | ||||||||||||
| Liechtenstein | — | 404,139 | — | 404,139 | ||||||||||||
| Mexico | 1,274,800 | — | — | 1,274,800 | ||||||||||||
| Poland | — | 230,500 | — | 230,500 | ||||||||||||
| Russia | — | — | 0 | 0 | ||||||||||||
| South Africa | 420,973 | 2,500,170 | — | 2,921,143 | ||||||||||||
| Sweden | — | 612,425 | — | 612,425 | ||||||||||||
| United States | 3,082,532 | — | — | 3,082,532 | ||||||||||||
| Zambia | 605,810 | — | — | 605,810 | ||||||||||||
| Money Market Fund | 530,041 | — | — | 530,041 | ||||||||||||
| Total Investments | $ | 7,619,715 | $ | 14,794,239 | $ | 0 | $ | 22,413,954 | ||||||||
See Notes to Financial Statements
| 16 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 99.8% | ||||||||
| Australia: 14.3% | ||||||||
| Alkane Resources Ltd. # * † | 19,099,483 | $ | 8,148,737 | |||||
| Aurelia Metals Ltd. # * † | 57,101,617 | 10,019,763 | ||||||
| Australian Strategic Materials Ltd. # * | 1 | 2 | ||||||
| Bellevue Gold Ltd. # * † | 32,575,358 | 14,334,763 | ||||||
| Capricorn Metals Ltd. # * | 13,721,500 | 29,612,252 | ||||||
| Dacian Gold Ltd. # * † | 38,487,409 | 2,156,254 | ||||||
| De Grey Mining Ltd. # * † | 46,548,620 | 25,671,636 | ||||||
| Evolution Mining Ltd. # † | 68,578,861 | 111,632,465 | ||||||
| Firefinch Ltd. # * † | 54,525,312 | 7,498,867 | ||||||
| Gold Road Resources Ltd. # † | 38,644,561 | 29,943,112 | ||||||
| Kingsgate Consolidated Ltd. # * † | 10,131,276 | 9,271,284 | ||||||
| Perseus Mining Ltd. # | 59,457,120 | 64,270,143 | ||||||
| Ramelius Resources Ltd. # | 37,509,157 | 22,366,603 | ||||||
| Red 5 Ltd. # * † | 77,854,902 | 13,320,202 | ||||||
| Regis Resources Ltd. # † | 28,972,138 | 25,705,533 | ||||||
| Resolute Mining Ltd. # * | 41,301,708 | 6,394,172 | ||||||
| Silver Lake Resources Ltd. # * † | 38,416,352 | 31,812,840 | ||||||
| Silver Mines Ltd. # * † | 62,768,429 | 5,590,694 | ||||||
| St Barbara Ltd. # | 30,915,695 | 15,817,064 | ||||||
| West African Resources Ltd. # * | 40,680,616 | 33,739,784 | ||||||
| Westgold Resources Ltd. # † | 13,343,806 | 10,855,218 | ||||||
| 478,161,388 | ||||||||
| Brazil: 5.7% | ||||||||
| Yamana Gold, Inc. (USD) | 41,092,168 | 191,078,581 | ||||||
| Burkina Faso: 0.9% | ||||||||
| IAMGOLD Corp. (USD) * | 17,916,680 | 28,845,855 | ||||||
| Canada: 53.9% | ||||||||
| Alamos Gold, Inc. (USD) | 14,861,886 | 104,330,441 | ||||||
| Alexco Resource Corp. (USD) * † | 6,878,717 | 2,748,047 | ||||||
| Americas Gold & Silver Corp. (USD) * † | 7,895,119 | 5,435,000 | ||||||
| Argonaut Gold, Inc. * † | 11,257,211 | 3,927,086 | ||||||
| Arizona Metals Corp. * † | 4,393,970 | 13,386,800 | ||||||
| Artemis Gold, Inc. * † | 5,012,452 | 21,294,032 | ||||||
| Aya Gold & Silver, Inc. * † | 4,130,873 | 21,007,424 | ||||||
| B2Gold Corp. (USD) | 36,449,014 | 123,562,157 | ||||||
| Calibre Mining Corp. * † | 14,587,079 | 10,969,004 | ||||||
| Dakota Gold Corp. (USD) * † | 2,605,851 | 8,729,601 | ||||||
| Discovery Silver Corp. * † | 10,486,047 | 9,348,389 | ||||||
| Dundee Precious Metals, Inc. | 6,085,719 | 30,241,063 | ||||||
| Endeavour Silver Corp. (USD) * | 7,917,188 | 24,859,970 | ||||||
| Equinox Gold Corp. (USD) * † | 12,239,773 | 54,344,592 | ||||||
| First Majestic Silver Corp. (USD) † | 10,089,313 | 72,441,267 | ||||||
| Fortuna Silver Mines, Inc. (USD) * † | 12,763,855 | 36,249,348 | ||||||
| Galiano Gold, Inc. (USD) * † | 6,011,340 | 2,416,559 | ||||||
| GCM Mining Corp. † | 4,001,590 | 10,888,469 | ||||||
| GoGold Resources, Inc. * † | 12,334,321 | 19,601,813 | ||||||
| Number of Shares |
Value | |||||||
| Canada (continued) | ||||||||
| Gold Royalty Corp. (USD) † | 4,832,752 | $ | 10,873,692 | |||||
| Gold Standard Ventures Corp. (USD) * † | 11,329,804 | 3,549,628 | ||||||
| GoldMining, Inc. (USD) * † | 6,581,114 | 6,292,861 | ||||||
| Great Panther Mining Ltd. (USD) * † | 20,504,237 | 2,530,223 | ||||||
| i-80 Gold Corp. * † | 5,953,889 | 10,708,184 | ||||||
| Jaguar Mining, Inc. † | 1,091,458 | 2,402,993 | ||||||
| K92 Mining, Inc. * † | 7,783,077 | 46,881,281 | ||||||
| Karora Resources, Inc. * | 6,035,088 | 15,532,767 | ||||||
| Kinross Gold Corp. (USD) | 51,763,966 | 185,314,998 | ||||||
| Liberty Gold Corp. * † | 12,441,442 | 5,304,696 | ||||||
| Lundin Gold, Inc. * † | 3,999,244 | 28,646,858 | ||||||
| MAG Silver Corp. (USD) * † | 3,375,774 | 41,083,170 | ||||||
| Marathon Gold Corp. * † | 8,439,718 | 8,636,325 | ||||||
| Maverix Metals, Inc. (USD) † | 2,505,816 | 10,900,300 | ||||||
| McEwen Mining, Inc. (USD) * † | 19,126,891 | 8,400,531 | ||||||
| Metalla Royalty & Streaming Ltd. (USD) * † | 1,948,606 | 9,411,767 | ||||||
| New Found Gold Corp. * † | 3,050,568 | 13,645,318 | ||||||
| New Gold, Inc. (USD) * | 25,851,507 | 27,661,112 | ||||||
| New Pacific Metals Corp. * † | 4,255,584 | 12,107,441 | ||||||
| Novagold Resources, Inc. (USD) * | 8,907,081 | 42,843,060 | ||||||
| Novo Resources Corp. * † | 9,798,889 | 3,342,386 | ||||||
| OceanaGold Corp. * | 27,715,533 | 53,069,783 | ||||||
| Orla Mining Ltd. * † | 6,713,745 | 18,320,386 | ||||||
| Osisko Gold Royalties Ltd. (USD) | 4,850,103 | 48,986,040 | ||||||
| Osisko Mining, Inc. * † | 10,883,948 | 25,818,738 | ||||||
| Pan American Silver Corp. (USD) † | 9,205,615 | 181,074,447 | ||||||
| Prime Mining Corp. * † | 3,712,189 | 4,690,777 | ||||||
| Sabina Gold & Silver Corp. * † | 19,459,736 | 15,990,790 | ||||||
| Sandstorm Gold Ltd. (USD) | 8,405,935 | 50,015,313 | ||||||
| Seabridge Gold, Inc. (USD) * † | 3,390,390 | 42,142,548 | ||||||
| Silvercorp Metals, Inc. (USD) † | 7,658,739 | 18,993,673 | ||||||
| SilverCrest Metals, Inc. (USD) * † | 5,530,207 | 33,789,565 | ||||||
| Skeena Resources Ltd. * † | 2,069,435 | 10,909,072 | ||||||
| SSR Mining, Inc. (USD) † | 7,955,190 | 132,851,673 | ||||||
| Sulliden Mining Capital, Inc. * | 1,689,990 | 98,259 | ||||||
| Torex Gold Resources, Inc. * | 2,961,392 | 22,819,672 | ||||||
| Victoria Gold Corp. * † | 1,785,205 | 13,825,496 | ||||||
| Wallbridge Mining Co. Ltd. * † | 29,582,989 | 4,357,353 | ||||||
| Wesdome Gold Mines Ltd. * | 5,815,210 | 50,265,198 | ||||||
| 1,799,869,436 | ||||||||
| China: 1.2% | ||||||||
| Real Gold Mining Ltd. (HKD) # *∞ | 19,287,400 | 0 | ||||||
See Notes to Financial Statements
| 17 |
VANECK JUNIOR GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||||
| China (continued) | ||||||||
| Zhaojin Mining Industry Co. Ltd. (HKD) # * † | 45,645,700 | $ | 39,432,897 | |||||
| 39,432,897 | ||||||||
| Egypt: 1.2% | ||||||||
| Centamin Plc (GBP) # | 40,457,125 | 38,588,444 | ||||||
| Indonesia: 1.9% | ||||||||
| Bumi Resources Minerals Tbk PT * | 3,910,353,300 | 64,571,030 | ||||||
| Jersey, Channel Islands: 0.1% | ||||||||
| Caledonia Mining Corp. Plc (USD) † | 424,011 | 4,642,920 | ||||||
| Kyrgyzstan: 1.6% | ||||||||
| Centerra Gold, Inc. (CAD) | 7,795,673 | 52,758,809 | ||||||
| Mexico: 4.2% | ||||||||
| Fresnillo Plc (GBP) # | 8,951,163 | 83,422,015 | ||||||
| Industrias Penoles SAB de CV † | 5,987,634 | 55,259,282 | ||||||
| 138,681,297 | ||||||||
| Peru: 2.3% | ||||||||
| Cia de Minas Buenaventura SAA (ADR) | 8,948,877 | 59,062,588 | ||||||
| Hochschild Mining Plc (GBP) # | 15,480,490 | 18,171,393 | ||||||
| 77,233,981 | ||||||||
| South Africa: 2.2% | ||||||||
| DRDGOLD Ltd. (ADR) | 2,100,468 | 12,329,747 | ||||||
| Harmony Gold Mining Co. Ltd. (ADR) † | 19,471,513 | 60,945,836 | ||||||
| 73,275,583 | ||||||||
| Number of Shares |
Value | |||||||
| Turkey: 1.9% | ||||||||
| Eldorado Gold Corp. (USD) * | 6,554,508 | $ | 41,883,306 | |||||
| Koza Altin Isletmeleri AS # * | 2,222,937 | 22,592,115 | ||||||
| 64,475,421 | ||||||||
| United Kingdom: 4.6% | ||||||||
| Endeavour Mining Plc # | 6,382,780 | 131,931,675 | ||||||
| Greatland Gold Plc # * † | 185,915,625 | 20,834,558 | ||||||
| 152,766,233 | ||||||||
| United States: 3.8% | ||||||||
| Aura Minerals, Inc. (BRL) (BDR) | 1,728,277 | 11,312,647 | ||||||
| Coeur Mining, Inc. * | 9,550,806 | 29,034,450 | ||||||
| Gatos Silver, Inc. * | 1,678,999 | 4,818,727 | ||||||
| Gold Resource Corp. | 4,034,729 | 6,576,608 | ||||||
| Hecla Mining Co. | 19,119,954 | 74,950,220 | ||||||
| 126,692,652 | ||||||||
| Total Common Stocks (Cost: $4,578,741,594) |
3,331,074,527 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES
ON LOAN: 2.8% (Cost: $92,878,949) |
||||||||
| Money Market Fund: 2.8% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 92,878,949 | 92,878,949 | ||||||
| Total Investments: 102.6% (Cost: $4,671,620,543) |
3,423,953,476 | |||||||
| Liabilities in excess of other assets: (2.6)% | (86,489,685) | |||||||
| NET ASSETS: 100.0% | $ | 3,337,463,791 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| BDR | Brazilian Depositary Receipt |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $833,134,485 which represents 25.0% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $131,657,663. |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Diversified Metals & Mining | 3.0 | % | $ | 102,460,724 | ||||
| Gold | 75.8 | 2,521,758,285 | ||||||
| Precious Metals & Minerals | 5.5 | 181,980,888 | ||||||
| Silver | 15.7 | 524,874,630 | ||||||
| 100.0 | % | $ | 3,331,074,527 | |||||
See Notes to Financial Statements
| 18 |
Transactions in securities of affiliates for the period ended June 30, 2022 were as follows:
| Value 12/31/2021 |
Purchases | Sales Proceeds |
Realized Gain (Loss) |
Dividend Income |
Net Change in Unrealized Appreciation (Depreciation) |
Value 6/30/2022 | |||||||||||||||||||||
| Silver Mines Ltd. | $10,965,205 | $1,087,842 | $(1,842,678) | $(388,872) | $– | $(4,230,803) | $–(a) | ||||||||||||||||||||
| Silvercorp Metals, Inc. | 35,008,409 | 3,276,309 | (9,053,615) | (5,061,125) | 97,595 | (5,176,306) | –(a) | ||||||||||||||||||||
| $45,973,614 | $4,364,151 | $(10,896,293) | $(5,449,997) | $97,595 | $(9,407,109) | $– | |||||||||||||||||||||
| (a) | Security held by the Fund, however not classified as an affiliate at the end of the reporting period. |
The summary of inputs used to value the Fund’s investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 478,161,388 | $ | — | $ | 478,161,388 | ||||||||
| Brazil | 191,078,581 | — | — | 191,078,581 | ||||||||||||
| Burkina Faso | 28,845,855 | — | — | 28,845,855 | ||||||||||||
| Canada | 1,799,869,436 | — | — | 1,799,869,436 | ||||||||||||
| China | — | 39,432,897 | 0 | 39,432,897 | ||||||||||||
| Egypt | — | 38,588,444 | — | 38,588,444 | ||||||||||||
| Indonesia | 64,571,030 | — | — | 64,571,030 | ||||||||||||
| Jersey, Channel Islands | 4,642,920 | — | — | 4,642,920 | ||||||||||||
| Kyrgyzstan | 52,758,809 | — | — | 52,758,809 | ||||||||||||
| Mexico | 55,259,282 | 83,422,015 | — | 138,681,297 | ||||||||||||
| Peru | 59,062,588 | 18,171,393 | — | 77,233,981 | ||||||||||||
| South Africa | 73,275,583 | — | — | 73,275,583 | ||||||||||||
| Turkey | 41,883,306 | 22,592,115 | — | 64,475,421 | ||||||||||||
| United Kingdom | — | 152,766,233 | — | 152,766,233 | ||||||||||||
| United States | 126,692,652 | — | — | 126,692,652 | ||||||||||||
| Money Market Fund | 92,878,949 | — | — | 92,878,949 | ||||||||||||
| Total Investments | $ | 2,590,818,991 | $ | 833,134,485 | $ | 0 | $ | 3,423,953,476 | ||||||||
See Notes to Financial Statements
| 19 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.2% | ||||||||
| Austria: 0.6% | ||||||||
| Verbund AG # | 13,767 | $ | 1,350,043 | |||||
| Brazil: 1.2% | ||||||||
| Centrais Eletricas Brasileiras SA (ADR) † | 142,630 | 1,265,128 | ||||||
| Cia Energetica de Minas Gerais (ADR) † | 523,975 | 1,058,429 | ||||||
| Cia Paranaense de Energia (ADR) | 73,132 | 465,120 | ||||||
| 2,788,677 | ||||||||
| Canada: 3.6% | ||||||||
| Ballard Power Systems, Inc. (USD) * † | 106,583 | 671,473 | ||||||
| Boralex, Inc. † | 38,037 | 1,264,411 | ||||||
| Brookfield Renewable Corp. (USD) | 44,716 | 1,592,337 | ||||||
| Canadian Solar, Inc. (USD) * † | 18,021 | 561,174 | ||||||
| Innergex Renewable Energy, Inc. † | 56,468 | 757,313 | ||||||
| Northland Power, Inc. † | 98,511 | 2,926,424 | ||||||
| TransAlta Renewables, Inc. † | 45,435 | 579,407 | ||||||
| 8,352,539 | ||||||||
| Chile: 0.3% | ||||||||
| Enel Americas SA (ADR) † | 164,387 | 747,961 | ||||||
| China: 23.9% | ||||||||
| BYD Co. Ltd. (HKD) # | 285,000 | 11,487,980 | ||||||
| China Everbright Environment Group Ltd. (HKD) # | 1,490,000 | 881,049 | ||||||
| China Longyuan Power Group Corp. Ltd. (HKD) # | 739,000 | 1,432,129 | ||||||
| Daqo New Energy Corp. (ADR) * | 23,785 | 1,697,773 | ||||||
| GCL Technology Holdings Ltd. (HKD) # * † | 8,766,000 | 4,249,641 | ||||||
| JinkoSolar Holding Co. Ltd. (ADR) * | 20,808 | 1,439,498 | ||||||
| Li Auto, Inc. (ADR) * | 265,646 | 10,176,898 | ||||||
| NIO, Inc. (ADR) * | 608,963 | 13,226,676 | ||||||
| Xinyi Solar Holdings Ltd. (HKD) # | 2,044,000 | 3,167,221 | ||||||
| XPeng, Inc. (ADR) * | 219,328 | 6,961,471 | ||||||
| 54,720,336 | ||||||||
| Denmark: 7.8% | ||||||||
| Orsted AS 144A # | 80,518 | 8,461,630 | ||||||
| ROCKWOOL International A/S # | 3,163 | 716,514 | ||||||
| Vestas Wind Systems A/S # | 408,344 | 8,662,924 | ||||||
| 17,841,068 | ||||||||
| France: 0.3% | ||||||||
| Neoen SA 144A # † | 21,419 | 805,501 | ||||||
| Germany: 1.4% | ||||||||
| Encavis AG # | 51,226 | 939,083 | ||||||
| Nordex SE # * | 45,634 | 390,541 | ||||||
| Siemens Gamesa Renewable Energy SA # * † | 95,673 | 1,799,545 | ||||||
| 3,129,169 | ||||||||
| Ireland: 1.1% | ||||||||
| Kingspan Group Plc # | 41,752 | 2,504,604 | ||||||
| Number of Shares |
Value | |||||||
| Italy: 6.7% | ||||||||
| Enel SpA # | 2,674,769 | $ | 14,634,025 | |||||
| ERG SpA # | 23,673 | 736,252 | ||||||
| 15,370,277 | ||||||||
| Japan: 0.3% | ||||||||
| Horiba Ltd. # | 15,784 | 672,467 | ||||||
| New Zealand: 1.6% | ||||||||
| Contact Energy Ltd. # | 289,073 | 1,306,495 | ||||||
| Mercury NZ Ltd. # † | 276,437 | 969,001 | ||||||
| Meridian Energy Ltd. # | 515,639 | 1,497,965 | ||||||
| 3,773,461 | ||||||||
| Norway: 0.5% | ||||||||
| NEL ASA # * † | 663,498 | 809,740 | ||||||
| Scatec ASA 144A # | 43,967 | 381,198 | ||||||
| 1,190,938 | ||||||||
| Portugal: 1.0% | ||||||||
| EDP Renovaveis SA # † | 102,212 | 2,408,751 | ||||||
| South Korea: 4.4% | ||||||||
| Hanwha Solutions Corp. # * | 45,592 | 1,334,975 | ||||||
| Samsung SDI Co. Ltd. # | 21,073 | 8,690,185 | ||||||
| 10,025,160 | ||||||||
| Spain: 8.3% | ||||||||
| Acciona SA # † | 10,507 | 1,931,384 | ||||||
| Atlantica Sustainable Infrastructure Plc (USD) | 24,410 | 787,467 | ||||||
| Iberdrola SA # | 1,567,926 | 16,285,365 | ||||||
| 19,004,216 | ||||||||
| Sweden: 2.0% | ||||||||
| Nibe Industrier AB # | 607,106 | 4,568,630 | ||||||
| Switzerland: 0.2% | ||||||||
| Landis+Gyr Group AG # | 9,105 | 476,493 | ||||||
| Taiwan: 0.3% | ||||||||
| Simplo Technology Co. Ltd. # | 72,000 | 617,900 | ||||||
| Thailand: 0.8% | ||||||||
| Energy Absolute PCL (NVDR) # | 762,100 | 1,758,899 | ||||||
| United Kingdom: 1.0% | ||||||||
| Ceres Power Holdings Plc # * † | 48,897 | 326,527 | ||||||
| ITM Power Plc # * † | 198,347 | 417,230 | ||||||
| Johnson Matthey Plc # | 66,252 | 1,558,607 | ||||||
| 2,302,364 | ||||||||
| United States: 32.9% | ||||||||
| Badger Meter, Inc. | 8,222 | 665,078 | ||||||
| Bloom Energy Corp. * † | 48,377 | 798,221 | ||||||
| EnerSys | 13,670 | 805,983 | ||||||
| Enphase Energy, Inc. * | 45,404 | 8,864,677 | ||||||
| First Solar, Inc. * | 29,034 | 1,978,086 | ||||||
| Fisker, Inc. * † | 56,135 | 481,077 | ||||||
| FuelCell Energy, Inc. * † | 126,421 | 474,079 | ||||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 28,858 | 1,092,564 | ||||||
| Installed Building Products, Inc. | 6,983 | 580,706 | ||||||
| Lucid Group, Inc. * † | 234,265 | 4,019,987 | ||||||
| NextEra Energy, Inc. | 245,193 | 18,992,650 | ||||||
| Nikola Corp. * † | 120,099 | 571,671 | ||||||
| Ormat Technologies, Inc. † | 12,410 | 972,323 | ||||||
| Owens Corning | 32,230 | 2,395,011 | ||||||
See Notes to Financial Statements
| 20 |
| Number of Shares |
Value | |||||||
| United States (continued) | ||||||||
| Plug Power, Inc. * † | 182,085 | $ | 3,017,148 | |||||
| Rivian Automotive, Inc. * | 152,009 | 3,912,712 | ||||||
| SolarEdge Technologies, Inc. * | 21,689 | 5,935,846 | ||||||
| Sunnova Energy International, Inc. * † | 26,834 | 494,551 | ||||||
| Sunrun, Inc. * | 68,862 | 1,608,616 | ||||||
| Tesla, Inc. * | 26,523 | 17,861,119 | ||||||
| 75,522,105 | ||||||||
| Total
Common Stocks (Cost: $254,029,091) |
229,931,559 | |||||||
| Number of Shares |
Value | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON
LOAN: 3.7% (Cost: $8,445,942) |
||||||||
| Money Market Fund: 3.7% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 8,445,942 | $ | 8,445,942 | |||||
| Total
Investments: 103.9% (Cost: $262,475,033) |
238,377,501 | |||||||
| Liabilities in excess of other assets: (3.9)% | (9,046,688) | |||||||
| NET ASSETS: 100.0% | $ | 229,330,813 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| HKD | Hong Kong Dollar |
| NVDR | Non-Voting Depositary Receipt |
| USD | United States Dollar |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $108,230,494 which represents 47.2% of net assets. |
| † | Security fully or partially on loan. Total market value of securities on loan is $26,411,462. |
| * | Non-income producing |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $9,648,329, or 4.2% of net assets. |
| Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Consumer Discretionary | 29.9 | % | $ | 68,708,626 | ||||
| Financials | 0.5 | 1,092,564 | ||||||
| Industrials | 13.7 | 31,419,506 | ||||||
| Information Technology | 16.9 | 39,016,039 | ||||||
| Materials | 1.3 | 2,893,581 | ||||||
| Utilities | 37.7 | 86,801,243 | ||||||
| 100.0 | % | $ | 229,931,559 | |||||
See Notes to Financial Statements
| 21 |
VANECK LOW CARBON ENERGY ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Austria | $ | — | $ | 1,350,043 | $ | — | $ | 1,350,043 | ||||||||
| Brazil | 2,788,677 | — | — | 2,788,677 | ||||||||||||
| Canada | 8,352,539 | — | — | 8,352,539 | ||||||||||||
| Chile | 747,961 | — | — | 747,961 | ||||||||||||
| China | 33,502,316 | 21,218,020 | — | 54,720,336 | ||||||||||||
| Denmark | — | 17,841,068 | — | 17,841,068 | ||||||||||||
| France | — | 805,501 | — | 805,501 | ||||||||||||
| Germany | — | 3,129,169 | — | 3,129,169 | ||||||||||||
| Ireland | — | 2,504,604 | — | 2,504,604 | ||||||||||||
| Italy | — | 15,370,277 | — | 15,370,277 | ||||||||||||
| Japan | — | 672,467 | — | 672,467 | ||||||||||||
| New Zealand | — | 3,773,461 | — | 3,773,461 | ||||||||||||
| Norway | — | 1,190,938 | — | 1,190,938 | ||||||||||||
| Portugal | — | 2,408,751 | — | 2,408,751 | ||||||||||||
| South Korea | — | 10,025,160 | — | 10,025,160 | ||||||||||||
| Spain | 787,467 | 18,216,749 | — | 19,004,216 | ||||||||||||
| Sweden | — | 4,568,630 | — | 4,568,630 | ||||||||||||
| Switzerland | — | 476,493 | — | 476,493 | ||||||||||||
| Taiwan | — | 617,900 | — | 617,900 | ||||||||||||
| Thailand | — | 1,758,899 | — | 1,758,899 | ||||||||||||
| United Kingdom | — | 2,302,364 | — | 2,302,364 | ||||||||||||
| United States | 75,522,105 | — | — | 75,522,105 | ||||||||||||
| Money Market Fund | 8,445,942 | — | — | 8,445,942 | ||||||||||||
| Total Investments | $ | 130,147,007 | $ | 108,230,494 | $ | — | $ | 238,377,501 | ||||||||
See Notes to Financial Statements
| 22 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 99.8% | ||||||||
| Argentina: 0.0% | ||||||||
| Cresud SACIF y A (ADR) * | 4,767 | $ | 24,026 | |||||
| Australia: 8.5% | ||||||||
| Alumina Ltd. # | 77,263 | 78,025 | ||||||
| Ampol Ltd. # | 4,198 | 98,710 | ||||||
| APA Group # † | 20,576 | 159,638 | ||||||
| Bega Cheese Ltd. # | 21,494 | 56,531 | ||||||
| BHP Group Ltd. # | 166,413 | 4,747,055 | ||||||
| BlueScope Steel Ltd. # | 15,727 | 172,638 | ||||||
| Costa Group Holdings Ltd. # | 35,167 | 69,279 | ||||||
| Elders Ltd. # | 12,098 | 104,929 | ||||||
| Evolution Mining Ltd. # | 59,641 | 97,083 | ||||||
| Fortescue Metals Group Ltd. # | 51,619 | 618,367 | ||||||
| Glencore Plc (GBP) # | 178,502 | 964,581 | ||||||
| GrainCorp Ltd. # | 18,246 | 119,692 | ||||||
| IGO Ltd. # | 20,911 | 142,793 | ||||||
| Inghams Group Ltd. # | 24,245 | 43,059 | ||||||
| Lynas Rare Earths Ltd. # * † | 29,368 | 176,842 | ||||||
| Newcrest Mining Ltd. # | 29,653 | 420,852 | ||||||
| Northern Star Resources Ltd. # † | 38,297 | 178,963 | ||||||
| Nufarm Ltd./Australia # | 21,423 | 75,262 | ||||||
| Origin Energy Ltd. # † | 30,714 | 121,462 | ||||||
| OZ Minerals Ltd. # † | 10,344 | 126,681 | ||||||
| Perseus Mining Ltd. # | 40,563 | 43,847 | ||||||
| Rio Tinto Plc (GBP) # | 34,495 | 2,057,511 | ||||||
| Rural Funds Group # | 28,917 | 49,950 | ||||||
| Santos Ltd. # | 56,679 | 286,290 | ||||||
| Select Harvests Ltd. # † | 8,961 | 29,007 | ||||||
| South32 Ltd. # | 142,007 | 383,345 | ||||||
| Tassal Group Ltd. # | 16,435 | 54,170 | ||||||
| Turquoise Hill Resources Ltd. (CAD) * | 3,241 | 86,631 | ||||||
| Washington H Soul Pattinson & Co. Ltd. # † | 4,005 | 64,979 | ||||||
| Woodside Energy Group Ltd. # † | 33,447 | 732,346 | ||||||
| 12,360,518 | ||||||||
| Austria: 0.3% | ||||||||
| Andritz AG # | 2,272 | 91,493 | ||||||
| Mayr Melnhof Karton AG # | 272 | 46,383 | ||||||
| OMV AG # | 2,479 | 116,311 | ||||||
| Verbund AG # | 1,485 | 145,625 | ||||||
| voestalpine AG # | 3,698 | 78,846 | ||||||
| 478,658 | ||||||||
| Brazil: 3.4% | ||||||||
| Adecoagro SA (USD) | 9,488 | 80,268 | ||||||
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 4,300 | 20,047 | ||||||
| BRF SA (ADR) * | 57,536 | 147,292 | ||||||
| Cia de Saneamento Basico do Estado de Sao Paulo (ADR) | 4,517 | 36,091 | ||||||
| Cia Siderurgica Nacional SA (ADR) † | 20,489 | 60,033 | ||||||
| Cosan SA | 15,200 | 52,900 | ||||||
| CSN Mineracao SA | 18,400 | 13,581 | ||||||
| Number of Shares |
Value | |||||||
| Brazil (continued) | ||||||||
| Dexco SA | 10,100 | $ | 19,063 | |||||
| Engie Brasil Energia SA | 2,300 | 18,164 | ||||||
| Gerdau SA (ADR) | 37,297 | 160,004 | ||||||
| Klabin SA | 35,550 | 137,320 | ||||||
| Minerva SA | 20,550 | 52,147 | ||||||
| Neoenergia SA | 7,900 | 22,539 | ||||||
| Petroleo Brasileiro SA (ADR) | 32,775 | 382,812 | ||||||
| Sao Martinho SA | 12,500 | 86,840 | ||||||
| SLC Agricola SA | 7,865 | 66,371 | ||||||
| Suzano SA | 23,300 | 221,396 | ||||||
| Vale SA (ADR) | 145,098 | 2,122,784 | ||||||
| Wheaton Precious Metals Corp. (USD) | 14,977 | 539,621 | ||||||
| Yamana Gold, Inc. (USD) | 31,549 | 146,703 | ||||||
| Yara International ASA (NOK) # | 12,308 | 514,149 | ||||||
| 4,900,125 | ||||||||
| British Virgin Islands: 0.1% | ||||||||
| Japfa Ltd. (SGD) # | 30,000 | 12,842 | ||||||
| Lee & Man Paper Manufacturing Ltd. (HKD) # | 37,100 | 15,946 | ||||||
| Nine Dragons Paper Holdings Ltd. (HKD) # | 48,757 | 41,336 | ||||||
| 70,124 | ||||||||
| Canada: 10.1% | ||||||||
| Agnico Eagle Mines Ltd. (USD) | 15,126 | 692,166 | ||||||
| Alamos Gold, Inc. | 13,020 | 91,143 | ||||||
| Algonquin Power & Utilities Corp. † | 8,882 | 119,120 | ||||||
| AltaGas Ltd. | 4,891 | 102,980 | ||||||
| ARC Resources Ltd. † | 12,012 | 151,134 | ||||||
| B2Gold Corp. † | 34,770 | 117,522 | ||||||
| Ballard Power Systems, Inc. * † | 3,149 | 19,847 | ||||||
| Barrick Gold Corp. (USD) | 58,486 | 1,034,617 | ||||||
| Boralex, Inc. † | 1,329 | 44,178 | ||||||
| Cameco Corp. (USD) | 13,096 | 275,278 | ||||||
| Canadian Natural Resources Ltd. (USD) | 20,069 | 1,077,304 | ||||||
| Canadian Solar, Inc. (USD) * † | 608 | 18,933 | ||||||
| Canadian Utilities Ltd. | 2,117 | 63,004 | ||||||
| Canfor Corp. * † | 1,892 | 32,928 | ||||||
| Cenovus Energy, Inc. | 25,148 | 477,441 | ||||||
| Emera, Inc. † | 4,601 | 215,078 | ||||||
| Enbridge, Inc. (USD) | 35,682 | 1,507,921 | ||||||
| Equinox Gold Corp. * † | 9,148 | 40,707 | ||||||
| Filo Mining Corp. * † | 2,661 | 36,719 | ||||||
| First Majestic Silver Corp. † | 7,554 | 54,051 | ||||||
| Franco-Nevada Corp. | 6,289 | 825,500 | ||||||
| Innergex Renewable Energy, Inc. † | 1,857 | 24,905 | ||||||
| Ivanhoe Mines Ltd. * † | 18,704 | 107,443 | ||||||
| Kinross Gold Corp. (USD) | 42,622 | 152,587 | ||||||
| Lundin Gold, Inc. * | 2,480 | 17,764 | ||||||
| Maple Leaf Foods, Inc. | 6,033 | 118,373 | ||||||
| Methanex Corp. † | 963 | 36,707 | ||||||
See Notes to Financial Statements
| 23 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||||
| Canada (continued) | ||||||||
| Northland Power, Inc. | 2,974 | $ | 88,347 | |||||
| Novagold Resources, Inc. (USD) * | 7,522 | 36,181 | ||||||
| Nutrien Ltd. (USD) | 44,495 | 3,545,806 | ||||||
| Osisko Gold Royalties Ltd. † | 6,013 | 60,505 | ||||||
| Pan American Silver Corp. (USD) | 6,988 | 137,454 | ||||||
| Pembina Pipeline Corp. † | 9,724 | 342,992 | ||||||
| SSR Mining, Inc. (USD) | 6,981 | 116,583 | ||||||
| Stella-Jones, Inc. | 1,995 | 50,264 | ||||||
| Suncor Energy, Inc. (USD) | 25,215 | 884,290 | ||||||
| Sundial Growers, Inc. (USD) * † | 165,899 | 54,100 | ||||||
| TC Energy Corp. (USD) | 17,111 | 886,521 | ||||||
| Teck Resources Ltd. (USD) | 17,354 | 530,512 | ||||||
| Tourmaline Oil Corp. † | 5,502 | 285,475 | ||||||
| TransAlta Renewables, Inc. † | 1,411 | 17,994 | ||||||
| West Fraser Timber Co. Ltd. † | 2,357 | 180,473 | ||||||
| 14,672,847 | ||||||||
| Chile: 0.8% | ||||||||
| Empresas CMPC SA | 34,039 | 55,408 | ||||||
| Empresas Copec SA | 6,640 | 47,982 | ||||||
| Lundin Mining Corp. (CAD) | 20,319 | 128,535 | ||||||
| Sociedad Quimica y Minera de Chile SA (ADR) | 11,042 | 922,338 | ||||||
| 1,154,263 | ||||||||
| China: 1.9% | ||||||||
| Aluminum Corp. of China Ltd. (HKD) # | 122,500 | 46,048 | ||||||
| Angang Steel Co. Ltd. (HKD) # | 45,840 | 17,161 | ||||||
| Astra Agro Lestari Tbk PT (IDR) # | 31,000 | 20,405 | ||||||
| Beijing Enterprises Water Group Ltd. (HKD) # | 51,200 | 15,447 | ||||||
| China Coal Energy Co. Ltd. (HKD) # | 35,200 | 29,744 | ||||||
| China Gas Holdings Ltd. (HKD) # | 47,000 | 72,760 | ||||||
| China Hongqiao Group Ltd. (HKD) # † | 79,200 | 89,221 | ||||||
| China Longyuan Power Group Corp. Ltd. (HKD) # | 44,629 | 86,488 | ||||||
| China Petroleum & Chemical Corp. (HKD) # | 336,327 | 151,546 | ||||||
| China Resources Gas Group Ltd. (HKD) # | 15,500 | 72,251 | ||||||
| China Shenhua Energy Co. Ltd. (HKD) # | 59,491 | 170,634 | ||||||
| CMOC Group Ltd. (HKD) # * † | 119,000 | 66,449 | ||||||
| ENN Energy Holdings Ltd. (HKD) # | 13,300 | 219,828 | ||||||
| Hong Kong & China Gas Co. Ltd. (HKD) # | 190,605 | 205,700 | ||||||
| Jiangxi Copper Co. Ltd. (HKD) # | 35,400 | 48,407 | ||||||
| Number of Shares |
Value | |||||||
| China (continued) | ||||||||
| Kunlun Energy Co. Ltd. (HKD) # | 69,600 | $ | 57,074 | |||||
| Maanshan Iron & Steel Co. Ltd. (HKD) # † | 40,900 | 12,426 | ||||||
| PetroChina Co. Ltd. (HKD) # | 371,340 | 174,157 | ||||||
| Power Assets Holdings Ltd. (HKD) # | 24,300 | 153,085 | ||||||
| Shandong Chenming Paper Holdings Ltd. (HKD) # * | 11,900 | 4,532 | ||||||
| Shandong Gold Mining Co. Ltd. (HKD) 144A # | 22,800 | 39,591 | ||||||
| Sinofert Holdings Ltd. (HKD) # * † | 140,900 | 20,672 | ||||||
| United Tractors Tbk PT (IDR) # | 26,900 | 51,374 | ||||||
| Wilmar International Ltd. (SGD) # | 149,564 | 434,568 | ||||||
| Xinyi Solar Holdings Ltd. (HKD) # | 58,000 | 89,872 | ||||||
| Yankuang Energy Group Co. Ltd. (HKD) # * † | 25,300 | 79,145 | ||||||
| Zhaojin Mining Industry Co. Ltd. (HKD) # * | 59,100 | 51,056 | ||||||
| Zijin Mining Group Co. Ltd. (HKD) # | 188,461 | 229,331 | ||||||
| 2,708,972 | ||||||||
| Cyprus: 0.0% | ||||||||
| Novolipetsk Steel PJSC (USD) (GDR) #∞ | 2,691 | 0 | ||||||
| Czech Republic: 0.1% | ||||||||
| CEZ AS # | 2,748 | 123,722 | ||||||
| Denmark: 0.5% | ||||||||
| Bakkafrost P/F (NOK) # | 4,001 | 257,080 | ||||||
| Orsted AS 144A # | 2,500 | 262,725 | ||||||
| Vestas Wind Systems A/S # | 12,947 | 274,667 | ||||||
| 794,472 | ||||||||
| Egypt: 0.1% | ||||||||
| Abou Kir Fertilizers & Chemical Industries # | 23,261 | 28,055 | ||||||
| Centamin Plc (GBP) # | 38,012 | 36,256 | ||||||
| Egypt Kuwait Holding Co. SAE # | 36,970 | 40,856 | ||||||
| 105,167 | ||||||||
| Finland: 0.8% | ||||||||
| Kemira Oyj # | 3,197 | 39,103 | ||||||
| Metsa Board Oyj # | 5,211 | 43,537 | ||||||
| Neste Oyj # | 7,452 | 330,681 | ||||||
| Stora Enso Oyj # | 17,839 | 281,987 | ||||||
| UPM-Kymmene Oyj # | 16,393 | 501,464 | ||||||
| 1,196,772 | ||||||||
| France: 1.8% | ||||||||
| Electricite de France SA # | 7,409 | 60,711 | ||||||
| Eramet SA # | 265 | 27,683 | ||||||
| Neoen SA 144A # † | 580 | 21,812 | ||||||
| SunPower Corp. (USD) * † | 1,126 | 17,802 | ||||||
| TotalEnergies SE # | 42,294 | 2,220,917 | ||||||
| Veolia Environnement SA # * † | 8,971 | 219,384 | ||||||
See Notes to Financial Statements
| 24 |
| Number of Shares |
Value | |||||||
| France (continued) | ||||||||
| Voltalia SA # * | 378 | $ | 7,554 | |||||
| 2,575,863 | ||||||||
| Germany: 3.9% | ||||||||
| Aurubis AG # | 975 | 66,371 | ||||||
| Bayer AG # | 79,118 | 4,713,367 | ||||||
| E.ON SE # | 29,326 | 246,426 | ||||||
| Encavis AG # | 1,527 | 27,993 | ||||||
| K+S AG # | 15,414 | 374,249 | ||||||
| Nordex SE # * | 1,311 | 11,220 | ||||||
| Siemens Energy AG # | 7,424 | 109,156 | ||||||
| Siemens Gamesa Renewable Energy SA # * † | 2,971 | 55,882 | ||||||
| Suedzucker AG # | 4,769 | 77,034 | ||||||
| Uniper SE # | 1,418 | 21,140 | ||||||
| VERBIO Vereinigte BioEnergie AG # | 259 | 13,017 | ||||||
| 5,715,855 | ||||||||
| Greece: 0.0% | ||||||||
| Terna Energy SA # | 704 | 12,710 | ||||||
| Hungary: 0.0% | ||||||||
| MOL Hungarian Oil & Gas Plc # | 6,640 | 51,200 | ||||||
| India: 1.3% | ||||||||
| Reliance Industries Ltd. (USD) 144A (GDR) # * | 28,005 | 1,830,878 | ||||||
| Indonesia: 0.2% | ||||||||
| Adaro Energy Indonesia Tbk PT # | 247,900 | 47,741 | ||||||
| Golden Agri-Resources Ltd. (SGD) # | 475,619 | 85,470 | ||||||
| Indah Kiat Pulp & Paper Tbk PT # | 81,400 | 41,607 | ||||||
| Merdeka Copper Gold Tbk PT # * | 447,847 | 119,945 | ||||||
| Pabrik Kertas Tjiwi Kimia Tbk PT # | 39,400 | 17,081 | ||||||
| Perusahaan Perkebunan London Sumatra Indonesia Tbk PT # | 219,800 | 17,128 | ||||||
| Vale Indonesia Tbk PT # * | 65,300 | 24,850 | ||||||
| 353,822 | ||||||||
| Ireland: 0.2% | ||||||||
| Smurfit Kappa Group Plc (GBP) # | 8,157 | 273,703 | ||||||
| Israel: 0.4% | ||||||||
| Energix-Renewable Energies Ltd. # | 3,008 | 9,144 | ||||||
| Enlight Renewable Energy Ltd. # * | 12,080 | 23,063 | ||||||
| ICL Group Ltd. # | 57,771 | 526,347 | ||||||
| 558,554 | ||||||||
| Italy: 0.5% | ||||||||
| ACEA SpA # | 563 | 8,326 | ||||||
| Eni SpA # | 41,919 | 496,001 | ||||||
| ERG SpA # | 735 | 22,859 | ||||||
| Snam SpA # † | 34,338 | 179,720 | ||||||
| 706,906 | ||||||||
| Number of Shares |
Value | |||||||
| Japan: 2.8% | ||||||||
| Chubu Electric Power Co., Inc. # | 10,800 | $ | 108,609 | |||||
| Daio Paper Corp. # | 2,400 | 25,081 | ||||||
| ENEOS Holdings, Inc. # | 53,500 | 201,050 | ||||||
| Hitachi Metals Ltd. # * | 6,517 | 98,528 | ||||||
| Hokuto Corp. # | 1,500 | 21,376 | ||||||
| Idemitsu Kosan Co. Ltd. # | 3,400 | 81,117 | ||||||
| Inpex Corp. # † | 17,300 | 185,222 | ||||||
| JFE Holdings, Inc. # | 14,964 | 157,221 | ||||||
| Kubota Corp. # † | 75,400 | 1,128,496 | ||||||
| Kumiai Chemical Industry Co. Ltd. # | 5,700 | 46,382 | ||||||
| Kurita Water Industries Ltd. # † | 1,265 | 45,732 | ||||||
| Maruha Nichiro Corp. # | 3,036 | 57,087 | ||||||
| NH Foods Ltd. # | 6,100 | 190,827 | ||||||
| Nippon Sanso Holdings Corp. # | 2,700 | 43,175 | ||||||
| Nippon Steel Corp. # | 25,300 | 353,620 | ||||||
| Nippon Suisan Kaisha Ltd. # | 21,614 | 91,256 | ||||||
| Nissan Chemical Corp. # | 8,900 | 410,271 | ||||||
| Nisshin Seifun Group, Inc. # | 14,250 | 166,554 | ||||||
| Oji Holdings Corp. # | 23,776 | 102,873 | ||||||
| Sakata Seed Corp. # | 2,300 | 77,410 | ||||||
| Sumitomo Forestry Co. Ltd. # | 4,183 | 59,413 | ||||||
| Sumitomo Metal Mining Co. Ltd. # | 7,300 | 226,040 | ||||||
| Tokyo Gas Co. Ltd. # | 6,500 | 134,533 | ||||||
| 4,011,873 | ||||||||
| Kazakhstan: 0.0% | ||||||||
| NAC Kazatomprom JSC (USD) (GDR) # | 2,131 | 55,219 | ||||||
| Kyrgyzstan: 0.0% | ||||||||
| Centerra Gold, Inc. (CAD) | 7,306 | 49,445 | ||||||
| Liechtenstein: 0.1% | ||||||||
| Antofagasta Plc (GBP) # † | 11,343 | 159,799 | ||||||
| Luxembourg: 0.3% | ||||||||
| ArcelorMittal SA # | 19,114 | 427,616 | ||||||
| Malaysia: 0.5% | ||||||||
| Genting Plantations Bhd | 23,151 | 33,879 | ||||||
| HAP Seng Consolidated Bhd # | 42,100 | 68,111 | ||||||
| IOI Corp. Bhd # | 177,194 | 154,411 | ||||||
| Kuala Lumpur Kepong Bhd # | 32,178 | 160,107 | ||||||
| Petronas Dagangan Bhd # | 4,000 | 19,182 | ||||||
| Petronas Gas Bhd # | 11,900 | 44,371 | ||||||
| PPB Group Bhd | 35,500 | 127,744 | ||||||
| Press Metal Aluminium Holdings Bhd # | 94,800 | 102,560 | ||||||
| Ta Ann Holdings Bhd | 12,200 | 11,017 | ||||||
| 721,382 | ||||||||
| Mexico: 0.6% | ||||||||
| Fresnillo Plc (GBP) # | 5,872 | 54,725 | ||||||
| Gruma SAB de CV † | 15,065 | 166,175 | ||||||
| Grupo Mexico SAB de CV | 102,364 | 422,480 | ||||||
See Notes to Financial Statements
| 25 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||||
| Mexico (continued) | ||||||||
| Industrias Penoles SAB de CV | 4,132 | $ | 38,134 | |||||
| Southern Copper Corp. (USD) | 2,796 | 139,269 | ||||||
| 820,783 | ||||||||
| Netherlands: 0.5% | ||||||||
| OCI NV # | 7,297 | 239,467 | ||||||
| Tenaris SA (ADR) | 7,568 | 194,422 | ||||||
| Ternium SA (ADR) † | 6,453 | 232,889 | ||||||
| 666,778 | ||||||||
| Norway: 1.5% | ||||||||
| Aker BP ASA # † | 1,903 | 65,706 | ||||||
| Austevoll Seafood ASA # | 6,857 | 80,627 | ||||||
| Equinor ASA # | 18,363 | 637,920 | ||||||
| Mowi ASA # | 32,899 | 750,035 | ||||||
| NEL ASA # * † | 20,398 | 24,894 | ||||||
| Norsk Hydro ASA # | 44,209 | 249,077 | ||||||
| Salmar ASA # | 4,554 | 321,425 | ||||||
| 2,129,684 | ||||||||
| Peru: 0.0% | ||||||||
| Cia de Minas Buenaventura SAA (ADR) | 7,076 | 46,702 | ||||||
| Poland: 0.2% | ||||||||
| Grupa Azoty SA # * | 3,755 | 37,662 | ||||||
| KGHM Polska Miedz SA # * | 4,471 | 119,072 | ||||||
| Polski Koncern Naftowy ORLEN SA # | 5,123 | 78,414 | ||||||
| Polskie Gornictwo Naftowe i Gazownictwo SA # | 28,500 | 36,238 | ||||||
| 271,386 | ||||||||
| Portugal: 0.1% | ||||||||
| EDP Renovaveis SA # † | 3,174 | 74,799 | ||||||
| Galp Energia SGPS SA # | 8,694 | 101,486 | ||||||
| Navigator Co. SA # | 6,756 | 27,092 | ||||||
| 203,377 | ||||||||
| Russia: 0.0% | ||||||||
| Evraz Plc (GBP) #∞ | 10,824 | 0 | ||||||
| Gazprom PJSC (ADR) #∞ | 62,760 | 0 | ||||||
| LUKOIL PJSC (ADR) #∞ | 3,739 | 0 | ||||||
| MMC Norilsk Nickel PJSC (ADR) #∞ | 12,857 | 0 | ||||||
| Novatek PJSC (USD) (GDR) #∞ | 1,958 | 0 | ||||||
| PhosAgro PJSC (USD) (GDR) #∞ | 89 | 0 | ||||||
| PhosAgro PJSC (USD) (GDR) #∞ | 13,870 | 0 | ||||||
| Polyus PJSC (USD) (GDR) #∞ | 1,669 | 0 | ||||||
| Ros Agro Plc (USD) (GDR) #∞ | 4,076 | 0 | ||||||
| Rosneft Oil Co. PJSC (USD) (GDR) #∞ | 13,000 | 0 | ||||||
| Severstal PAO (USD) (GDR) #∞ | 4,118 | 0 | ||||||
| Surgutneftegas PJSC (ADR) #∞ | 37,143 | 0 | ||||||
| Tatneft PJSC (ADR) #∞ | 2,680 | 0 | ||||||
| 0 | ||||||||
| Number of Shares |
Value | |||||||
| Saudi Arabia: 0.0% | ||||||||
| S-Oil Corp. (KRW) # | 734 | $ | 58,503 | |||||
| Singapore: 0.3% | ||||||||
| Charoen Pokphand Indonesia Tbk PT (IDR) # | 581,100 | 234,152 | ||||||
| First Resources Ltd. # | 29,300 | 34,382 | ||||||
| Keppel Infrastructure Trust # | 53,400 | 21,896 | ||||||
| Olam Group Ltd. # * | 71,209 | 77,906 | ||||||
| 368,336 | ||||||||
| South Africa: 2.0% | ||||||||
| Anglo American Platinum Ltd. # | 1,850 | 160,298 | ||||||
| Anglo American Plc (GBP) # | 40,013 | 1,427,058 | ||||||
| Astral Foods Ltd. | 3,111 | 35,775 | ||||||
| Gold Fields Ltd. (ADR) | 29,590 | 269,861 | ||||||
| Harmony Gold Mining Co. Ltd. (ADR) | 18,013 | 56,381 | ||||||
| Impala Platinum Holdings Ltd. # | 28,222 | 310,933 | ||||||
| Northam Platinum Holdings Ltd. # * | 10,271 | 106,911 | ||||||
| Omnia Holdings Ltd. | 13,478 | 59,786 | ||||||
| Royal Bafokeng Platinum Ltd. † | 2,603 | 23,277 | ||||||
| Sasol Ltd. # * | 10,197 | 233,500 | ||||||
| Sibanye Stillwater Ltd. # | 91,134 | 224,758 | ||||||
| 2,908,538 | ||||||||
| South Korea: 0.6% | ||||||||
| Coway Co. Ltd. # | 712 | 35,228 | ||||||
| CS Wind Corp. # | 318 | 14,165 | ||||||
| Hyundai Steel Co. # | 2,720 | 67,466 | ||||||
| Korea Zinc Co. Ltd. # | 285 | 107,272 | ||||||
| POSCO Holdings, Inc. # | 2,436 | 434,429 | ||||||
| SK Innovation Co. Ltd. # | 939 | 139,401 | ||||||
| SK, Inc. # | 653 | 108,671 | ||||||
| 906,632 | ||||||||
| Spain: 1.1% | ||||||||
| Atlantica Sustainable Infrastructure Plc (USD) | 832 | 26,840 | ||||||
| Enagas SA # † | 4,154 | 91,653 | ||||||
| Iberdrola SA # | 109,998 | 1,142,501 | ||||||
| Repsol SA # † | 24,215 | 356,126 | ||||||
| 1,617,120 | ||||||||
| Sweden: 1.0% | ||||||||
| BillerudKorsnas AB # † | 4,452 | 52,111 | ||||||
| BillerudKorsnas AB * † | 1,284 | 15,036 | ||||||
| Boliden AB # | 8,811 | 281,295 | ||||||
| Epiroc AB # | 10,738 | 166,207 | ||||||
| Holmen AB # | 2,859 | 116,257 | ||||||
| Husqvarna AB # † | 33,042 | 243,127 | ||||||
| Lundin Energy MergerCo AB # * † | 3,324 | 135,148 | ||||||
| Orron Energy AB # † | 3,324 | 2,256 | ||||||
| SSAB AB # | 20,276 | 84,106 | ||||||
| Svenska Cellulosa AB SCA # | 18,982 | 284,714 | ||||||
| 1,380,257 | ||||||||
| Taiwan: 0.4% | ||||||||
| China Steel Corp. # | 408,472 | 391,112 | ||||||
See Notes to Financial Statements
| 26 |
| Number of Shares |
Value | |||||||
| Taiwan (continued) | ||||||||
| Formosa Petrochemical Corp. # | 19,920 | $ | 62,791 | |||||
| Taiwan Fertilizer Co. Ltd. # | 57,200 | 122,976 | ||||||
| 576,879 | ||||||||
| Tanzania: 0.1% | ||||||||
| AngloGold Ashanti Ltd. (ADR) | 13,888 | 205,404 | ||||||
| Thailand: 0.3% | ||||||||
| B Grimm Power PCL (NVDR) # | 12,400 | 12,296 | ||||||
| Energy Absolute PCL (NVDR) # | 14,300 | 33,004 | ||||||
| PTT Exploration & Production PCL (NVDR) # | 23,800 | 107,289 | ||||||
| PTT PCL (NVDR) # | 241,500 | 232,513 | ||||||
| SCG Packaging PCL (NVDR) # | 35,300 | 55,528 | ||||||
| 440,630 | ||||||||
| Turkey: 0.2% | ||||||||
| Eldorado Gold Corp. (USD) * | 6,074 | 38,813 | ||||||
| Eregli Demir ve Celik Fabrikalari TAS # | 55,227 | 89,798 | ||||||
| Gubre Fabrikalari TAS # * | 4,304 | 18,325 | ||||||
| Hektas Ticaret TAS # * | 58,177 | 103,384 | ||||||
| 250,320 | ||||||||
| Ukraine: 0.0% | ||||||||
| Kernel Holding SA (PLN) # | 3,181 | 13,505 | ||||||
| United Kingdom: 5.0% | ||||||||
| BP Plc # | 333,692 | 1,563,180 | ||||||
| Centrica Plc # * | 101,738 | 99,118 | ||||||
| Ceres Power Holdings Plc # * † | 1,413 | 9,436 | ||||||
| CNH Industrial NV (USD) | 79,618 | 922,773 | ||||||
| ContourGlobal Plc 144A # | 2,342 | 7,184 | ||||||
| DS Smith Plc # | 41,764 | 141,116 | ||||||
| Endeavour Mining Plc (CAD) | 6,104 | 126,012 | ||||||
| ITM Power Plc # * † | 5,025 | 10,570 | ||||||
| Kumba Iron Ore Ltd. (ZAR) # | 1,800 | 57,949 | ||||||
| Mondi Plc # | 15,067 | 266,815 | ||||||
| Pennon Group Plc # | 3,501 | 40,643 | ||||||
| Severn Trent Plc # | 3,077 | 101,918 | ||||||
| Shell Plc # | 132,317 | 3,437,834 | ||||||
| SSE Plc | 18,619 | 366,592 | ||||||
| United Utilities Group Plc # | 8,833 | 109,698 | ||||||
| 7,260,838 | ||||||||
| United States: 47.1% | ||||||||
| A.O. Smith Corp. | 1,702 | 93,064 | ||||||
| Advanced Drainage Systems, Inc. | 798 | 71,876 | ||||||
| AGCO Corp. | 4,923 | 485,900 | ||||||
| Alcoa Corp. | 6,001 | 273,526 | ||||||
| Ameresco, Inc. * † | 415 | 18,907 | ||||||
| American States Water Co. | 484 | 39,451 | ||||||
| American Vanguard Corp. | 2,212 | 49,438 | ||||||
| American Water Works Co., Inc. | 2,402 | 357,346 | ||||||
| Andersons, Inc. | 2,546 | 83,993 | ||||||
| Antero Resources Corp. * | 4,878 | 149,511 | ||||||
| APA Corp. | 6,111 | 213,274 | ||||||
| Number of Shares |
Value | |||||||
| United States (continued) | ||||||||
| Archer-Daniels-Midland Co. | 44,845 | $ | 3,479,972 | |||||
| Atmos Energy Corp. | 2,362 | 264,780 | ||||||
| Baker Hughes Co. | 17,170 | 495,698 | ||||||
| Boise Cascade Co. | 1,224 | 72,816 | ||||||
| Bunge Ltd. | 11,380 | 1,032,052 | ||||||
| Cal-Maine Foods, Inc. | 3,022 | 149,317 | ||||||
| CF Industries Holdings, Inc. | 16,528 | 1,416,946 | ||||||
| Cheniere Energy, Inc. | 4,436 | 590,121 | ||||||
| Chesapeake Energy Corp. † | 1,984 | 160,902 | ||||||
| Chevron Corp. | 34,610 | 5,010,836 | ||||||
| Clearway Energy, Inc. † | 1,039 | 36,199 | ||||||
| Cleveland-Cliffs, Inc. * | 15,687 | 241,109 | ||||||
| Commercial Metals Co. | 3,954 | 130,877 | ||||||
| ConocoPhillips | 22,830 | 2,050,362 | ||||||
| Continental Resources, Inc. | 2,431 | 158,866 | ||||||
| Corteva, Inc. | 58,530 | 3,168,814 | ||||||
| Coterra Energy, Inc. | 14,000 | 361,060 | ||||||
| Darling Ingredients, Inc. * | 12,882 | 770,344 | ||||||
| Deere & Co. | 22,483 | 6,732,984 | ||||||
| Devon Energy Corp. | 11,466 | 631,891 | ||||||
| Diamondback Energy, Inc. | 2,969 | 359,694 | ||||||
| Elanco Animal Health, Inc. * | 36,605 | 718,556 | ||||||
| EOG Resources, Inc. | 10,312 | 1,138,857 | ||||||
| EQT Corp. | 6,301 | 216,754 | ||||||
| Essential Utilities, Inc. | 3,344 | 153,322 | ||||||
| Evoqua Water Technologies Corp. * | 1,565 | 50,878 | ||||||
| Exxon Mobil Corp. | 74,437 | 6,374,785 | ||||||
| Farmland Partners, Inc. | 1,980 | 27,324 | ||||||
| First Solar, Inc. * | 1,240 | 84,481 | ||||||
| FMC Corp. | 10,037 | 1,074,059 | ||||||
| Franklin Electric Co., Inc. | 509 | 37,289 | ||||||
| Freeport-McMoRan, Inc. | 47,823 | 1,399,301 | ||||||
| Fresh Del Monte Produce, Inc. | 2,996 | 88,472 | ||||||
| FuelCell Energy, Inc. * † | 4,653 | 17,449 | ||||||
| Graphic Packaging Holding Co. | 9,664 | 198,112 | ||||||
| Halliburton Co. | 15,889 | 498,279 | ||||||
| Hecla Mining Co. | 17,534 | 68,733 | ||||||
| Hess Corp. | 4,911 | 520,271 | ||||||
| HF Sinclair Corp. | 2,831 | 127,848 | ||||||
| Howmet Aerospace, Inc. | 13,591 | 427,437 | ||||||
| Imperial Oil Ltd. | 3,536 | 166,581 | ||||||
| Ingredion, Inc. | 5,141 | 453,231 | ||||||
| International Paper Co. | 11,752 | 491,586 | ||||||
| Intrepid Potash, Inc. * | 746 | 33,786 | ||||||
| Itron, Inc. * | 589 | 29,114 | ||||||
| Kinder Morgan, Inc. | 34,750 | 582,410 | ||||||
| Lindsay Corp. | 875 | 116,218 | ||||||
| Louisiana-Pacific Corp. | 2,548 | 133,541 | ||||||
| LSB Industries, Inc. * | 6,564 | 90,977 | ||||||
| Marathon Oil Corp. | 12,658 | 284,552 | ||||||
| Marathon Petroleum Corp. | 9,839 | 808,864 | ||||||
| Matador Resources Co. | 1,913 | 89,127 | ||||||
| Mission Produce, Inc. * † | 3,299 | 47,011 | ||||||
| Mosaic Co. | 29,152 | 1,376,849 | ||||||
| National Fuel Gas Co. | 1,546 | 102,113 | ||||||
See Notes to Financial Statements
| 27 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||||
| United States (continued) | ||||||||
| New Fortress Energy, Inc. † | 1,312 | $ | 51,916 | |||||
| Newmont Corp. | 26,350 | 1,572,305 | ||||||
| NextEra Energy, Inc. | 25,966 | 2,011,326 | ||||||
| NiSource, Inc. | 7,076 | 208,671 | ||||||
| NOV, Inc. | 6,851 | 115,850 | ||||||
| Nucor Corp. | 8,747 | 913,274 | ||||||
| Occidental Petroleum Corp. | 16,504 | 971,756 | ||||||
| ONEOK, Inc. | 7,788 | 432,234 | ||||||
| Ormat Technologies, Inc. † | 741 | 58,057 | ||||||
| Ovintiv, Inc. | 4,511 | 199,341 | ||||||
| Packaging Corp. of America | 2,908 | 399,850 | ||||||
| PDC Energy, Inc. | 1,663 | 102,458 | ||||||
| Pentair Plc | 2,186 | 100,053 | ||||||
| PG&E Corp. * | 27,308 | 272,534 | ||||||
| Phillips 66 | 8,390 | 687,896 | ||||||
| Pilgrim’s Pride Corp. * | 3,732 | 116,550 | ||||||
| Pioneer Natural Resources Co. | 4,150 | 925,782 | ||||||
| Plug Power, Inc. * † | 6,799 | 112,659 | ||||||
| PotlatchDeltic Corp. | 2,131 | 94,169 | ||||||
| Primo Water Corp. | 2,065 | 27,630 | ||||||
| Range Resources Corp. * | 4,490 | 111,128 | ||||||
| Rayonier, Inc. | 4,568 | 170,752 | ||||||
| Reliance Steel & Aluminum Co. | 2,016 | 342,438 | ||||||
| Reliance Worldwide Corp. Ltd. (AUD) # † | 8,981 | 25,003 | ||||||
| Royal Gold, Inc. | 2,179 | 232,674 | ||||||
| Schlumberger NV | 24,893 | 890,174 | ||||||
| Scotts Miracle-Gro Co. | 3,223 | 254,585 | ||||||
| Seaboard Corp. | 21 | 81,534 | ||||||
| SJW Group | 352 | 21,968 | ||||||
| SolarEdge Technologies, Inc. * | 710 | 194,313 | ||||||
| Southern Co. | 18,717 | 1,334,709 | ||||||
| Number of Shares |
Value | |||||||
| United States (continued) | ||||||||
| Southwestern Energy Co. * | 15,925 | $ | 99,531 | |||||
| Steel Dynamics, Inc. | 5,856 | 387,374 | ||||||
| Sylvamo Corp. | 1,034 | 33,791 | ||||||
| Targa Resources Corp. | 3,941 | 235,160 | ||||||
| The Williams Companies, Inc. | 21,443 | 669,236 | ||||||
| Toro Co. | 8,449 | 640,350 | ||||||
| Tractor Supply Co. | 8,941 | 1,733,213 | ||||||
| Tyson Foods, Inc. | 22,846 | 1,966,127 | ||||||
| UGI Corp. | 3,659 | 141,274 | ||||||
| United States Steel Corp. | 8,479 | 151,859 | ||||||
| Valero Energy Corp. | 7,212 | 766,491 | ||||||
| Watts Water Technologies, Inc. | 359 | 44,100 | ||||||
| Westrock Co. | 8,251 | 328,720 | ||||||
| Weyerhaeuser Co. | 23,656 | 783,487 | ||||||
| Xylem, Inc. | 2,380 | 186,068 | ||||||
| 68,380,463 | ||||||||
| Zambia: 0.2% | ||||||||
| First Quantum Minerals Ltd. (CAD) | 18,175 | 344,070 | ||||||
| Total Common
Stocks (Cost: $139,172,864) |
144,944,696 | |||||||
| SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 0.8% (Cost: $1,183,311) |
||||||||
| Money Market Fund: 0.8% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 1,183,311 | 1,183,311 | ||||||
| Total Investments: 100.6% (Cost: $140,356,175) |
146,128,007 | |||||||
| Liabilities in excess of other assets: (0.6)% | (886,426) | |||||||
| NET ASSETS: 100.0% | $ | 145,241,581 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| AUD | Australia Dollar |
| CAD | Canadian Dollar |
| GBP | British Pound |
| GDR | Global Depositary Receipt |
| HKD | Hong Kong Dollar |
| IDR | Indonesian Rupiah |
| KRW | Korean Won |
| NOK | Norwegian Krone |
| NVDR | Non-Voting Depositary Receipt |
| PLN | Polish Zloty |
| SGD | Singapore Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |
See Notes to Financial Statements
| 28 |
Footnotes:
| * | Non-income producing |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $52,294,915 which represents 36.0% of net assets. |
| † | Security fully or partially on loan. Total market value of securities on loan is $4,031,096. |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,162,190, or 1.5% of net assets. |
| Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Consumer Discretionary | 1.3 | % | $ | 1,827,853 | ||||
| Consumer Staples | 9.0 | 13,067,423 | ||||||
| Energy | 33.3 | 48,318,234 | ||||||
| Health Care | 3.8 | 5,486,023 | ||||||
| Industrials | 8.6 | 12,537,500 | ||||||
| Information Technology | 0.3 | 434,516 | ||||||
| Materials | 35.5 | 51,421,012 | ||||||
| Real Estate | 0.8 | 1,125,682 | ||||||
| Utilities | 7.4 | 10,726,453 | ||||||
| 100.0 | % | $ | 144,944,696 | |||||
See Notes to Financial Statements
| 29 |
VANECK NATURAL RESOURCES 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 | ||||||||||||||||
| Argentina | $ | 24,026 | $ | — | $ | — | $ | 24,026 | ||||||||
| Australia | 86,631 | 12,273,887 | — | 12,360,518 | ||||||||||||
| Austria | — | 478,658 | — | 478,658 | ||||||||||||
| Brazil | 4,385,976 | 514,149 | — | 4,900,125 | ||||||||||||
| British Virgin Islands | — | 70,124 | — | 70,124 | ||||||||||||
| Canada | 14,672,847 | — | — | 14,672,847 | ||||||||||||
| Chile | 1,154,263 | — | — | 1,154,263 | ||||||||||||
| China | — | 2,708,972 | — | 2,708,972 | ||||||||||||
| Cyprus | — | — | 0 | 0 | ||||||||||||
| Czech Republic | — | 123,722 | — | 123,722 | ||||||||||||
| Denmark | — | 794,472 | — | 794,472 | ||||||||||||
| Egypt | — | 105,167 | — | 105,167 | ||||||||||||
| Finland | — | 1,196,772 | — | 1,196,772 | ||||||||||||
| France | 17,802 | 2,558,061 | — | 2,575,863 | ||||||||||||
| Germany | — | 5,715,855 | — | 5,715,855 | ||||||||||||
| Greece | — | 12,710 | — | 12,710 | ||||||||||||
| Hungary | — | 51,200 | — | 51,200 | ||||||||||||
| India | — | 1,830,878 | — | 1,830,878 | ||||||||||||
| Indonesia | — | 353,822 | — | 353,822 | ||||||||||||
| Ireland | — | 273,703 | — | 273,703 | ||||||||||||
| Israel | — | 558,554 | — | 558,554 | ||||||||||||
| Italy | — | 706,906 | — | 706,906 | ||||||||||||
| Japan | — | 4,011,873 | — | 4,011,873 | ||||||||||||
| Kazakhstan | — | 55,219 | — | 55,219 | ||||||||||||
| Kyrgyzstan | 49,445 | — | — | 49,445 | ||||||||||||
| Liechtenstein | — | 159,799 | — | 159,799 | ||||||||||||
| Luxembourg | — | 427,616 | — | 427,616 | ||||||||||||
| Malaysia | 172,640 | 548,742 | — | 721,382 | ||||||||||||
| Mexico | 766,058 | 54,725 | — | 820,783 | ||||||||||||
| Netherlands | 427,311 | 239,467 | — | 666,778 | ||||||||||||
| Norway | — | 2,129,684 | — | 2,129,684 | ||||||||||||
| Peru | 46,702 | — | — | 46,702 | ||||||||||||
| Poland | — | 271,386 | — | 271,386 | ||||||||||||
| Portugal | — | 203,377 | — | 203,377 | ||||||||||||
| Russia | — | — | 0 | 0 | ||||||||||||
| Saudi Arabia | — | 58,503 | — | 58,503 | ||||||||||||
| Singapore | — | 368,336 | — | 368,336 | ||||||||||||
| South Africa | 445,080 | 2,463,458 | — | 2,908,538 | ||||||||||||
| South Korea | — | 906,632 | — | 906,632 | ||||||||||||
| Spain | 26,840 | 1,590,280 | — | 1,617,120 | ||||||||||||
| Sweden | 15,036 | 1,365,221 | — | 1,380,257 | ||||||||||||
| Taiwan | — | 576,879 | — | 576,879 | ||||||||||||
| Tanzania | 205,404 | — | — | 205,404 | ||||||||||||
| Thailand | — | 440,630 | — | 440,630 | ||||||||||||
| Turkey | 38,813 | 211,507 | — | 250,320 | ||||||||||||
| Ukraine | — | 13,505 | — | 13,505 | ||||||||||||
| United Kingdom | 1,415,377 | 5,845,461 | — | 7,260,838 | ||||||||||||
| United States | 68,355,460 | 25,003 | — | 68,380,463 | ||||||||||||
| Zambia | 344,070 | — | — | 344,070 | ||||||||||||
| Money Market Fund | 1,183,311 | — | — | 1,183,311 | ||||||||||||
| Total Investments | $ | 93,833,092 | $ | 52,294,915 | $ | 0 | $ | 146,128,007 | ||||||||
See Notes to Financial Statements
| 30 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.3% | ||||||||
| Australia: 4.7% | ||||||||
| Ampol Ltd. # | 110,744 | $ | 2,603,984 | |||||
| Austria: 4.5% | ||||||||
| OMV AG # | 52,736 | 2,474,296 | ||||||
| Finland: 6.8% | ||||||||
| Neste Oyj # | 85,644 | 3,800,441 | ||||||
| Greece: 1.4% | ||||||||
| Motor Oil Hellas Corinth Refineries SA # | 41,037 | 762,817 | ||||||
| Hungary: 4.2% | ||||||||
| MOL Hungarian Oil & Gas Plc # | 303,540 | 2,340,554 | ||||||
| India: 8.8% | ||||||||
| Reliance Industries Ltd. (USD) 144A (GDR) # * | 74,549 | 4,873,776 | ||||||
| Japan: 12.7% | ||||||||
| Cosmo Energy Holdings Co. Ltd. # | 53,700 | 1,478,875 | ||||||
| ENEOS Holdings, Inc. # | 845,900 | 3,178,846 | ||||||
| Idemitsu Kosan Co. Ltd. # | 100,168 | 2,389,797 | ||||||
| 7,047,518 | ||||||||
| Poland: 5.7% | ||||||||
| Grupa Lotos SA # | 52,296 | 804,609 | ||||||
| Polski Koncern Naftowy ORLEN SA # | 155,556 | 2,380,971 | ||||||
| 3,185,580 | ||||||||
| Portugal: 4.8% | ||||||||
| Galp Energia SGPS SA # | 229,739 | 2,681,759 | ||||||
| Number of Shares |
Value | |||||||
| Saudi Arabia: 3.2% | ||||||||
| S-Oil Corp. (KRW) # | 21,989 | $ | 1,752,615 | |||||
| South Korea: 6.7% | ||||||||
| HD Hyundai Co. Ltd. # | 26,069 | 1,197,770 | ||||||
| SK Innovation Co. Ltd. # | 17,137 | 2,544,114 | ||||||
| 3,741,884 | ||||||||
| Taiwan: 5.1% | ||||||||
| Formosa Petrochemical Corp. # | 907,000 | 2,859,016 | ||||||
| Thailand: 3.2% | ||||||||
| IRPC PCL (NVDR) # | 7,569,500 | 690,872 | ||||||
| Thai Oil PCL (NVDR) # | 755,700 | 1,102,585 | ||||||
| 1,793,457 | ||||||||
| Turkey: 2.3% | ||||||||
| Turkiye Petrol Rafinerileri AS # * | 82,643 | 1,302,308 | ||||||
| United States: 26.2% | ||||||||
| Delek US Holdings, Inc. * | 35,736 | 923,418 | ||||||
| HF Sinclair Corp. | 51,476 | 2,324,656 | ||||||
| Marathon Petroleum Corp. | 46,498 | 3,822,601 | ||||||
| PBF Energy, Inc. * | 33,307 | 966,569 | ||||||
| Phillips 66 | 38,678 | 3,171,209 | ||||||
| Valero Energy Corp. | 31,941 | 3,394,690 | ||||||
| 14,603,143 | ||||||||
| Total Common Stocks (Cost: $57,372,543) |
55,823,148 | |||||||
| Total Investments: 100.3% (Cost: $57,372,543) |
55,823,148 | |||||||
| Liabilities in excess of other assets: (0.3)% | (177,743) | |||||||
| NET ASSETS: 100.0% | $ | 55,645,405 | ||||||
Definitions:
| GDR | Global Depositary Receipt |
| KRW | Korean Won |
| 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 $41,220,005 which represents 74.1% of net assets. |
| * | Non-income producing |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $4,873,776, or 8.8% of net assets. |
| Summary of Investments by Sector | % of Investments |
Value | ||||||
| Energy | 100.0 | % | $ | 55,823,148 | ||||
See Notes to Financial Statements
| 31 |
VANECK OIL REFINERS 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 | ||||||||||||||||
| Australia | $ | — | $ | 2,603,984 | $ | — | $ | 2,603,984 | ||||||||
| Austria | — | 2,474,296 | — | 2,474,296 | ||||||||||||
| Finland | — | 3,800,441 | — | 3,800,441 | ||||||||||||
| Greece | — | 762,817 | — | 762,817 | ||||||||||||
| Hungary | — | 2,340,554 | — | 2,340,554 | ||||||||||||
| India | — | 4,873,776 | — | 4,873,776 | ||||||||||||
| Japan | — | 7,047,518 | — | 7,047,518 | ||||||||||||
| Poland | — | 3,185,580 | — | 3,185,580 | ||||||||||||
| Portugal | — | 2,681,759 | — | 2,681,759 | ||||||||||||
| Saudi Arabia | — | 1,752,615 | — | 1,752,615 | ||||||||||||
| South Korea | — | 3,741,884 | — | 3,741,884 | ||||||||||||
| Taiwan | — | 2,859,016 | — | 2,859,016 | ||||||||||||
| Thailand | — | 1,793,457 | — | 1,793,457 | ||||||||||||
| Turkey | — | 1,302,308 | — | 1,302,308 | ||||||||||||
| United States | 14,603,143 | — | — | 14,603,143 | ||||||||||||
| Total Investments | $ | 14,603,143 | $ | 41,220,005 | $ | — | $ | 55,823,148 | ||||||||
See Notes to Financial Statements
| 32 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 99.9% | ||||||||
| Netherlands: 5.1% | ||||||||
| Tenaris SA (ADR) † | 5,225,613 | $ | 134,245,998 | |||||
| United Kingdom: 4.8% | ||||||||
| TechnipFMC Plc (USD) * | 19,116,721 | 128,655,533 | ||||||
| United States: 90.0% | ||||||||
| Baker Hughes Co. | 7,000,251 | 202,097,246 | ||||||
| Cactus, Inc. | 2,776,221 | 111,798,420 | ||||||
| ChampionX Corp. | 6,284,327 | 124,743,891 | ||||||
| Core Laboratories NV † | 1,917,478 | 37,985,239 | ||||||
| DMC Global, Inc. * † | 557,791 | 10,056,972 | ||||||
| Dril-Quip, Inc. * | 1,585,264 | 40,899,811 | ||||||
| Expro Group Holdings NV * † | 3,877,580 | 44,669,722 | ||||||
| Halliburton Co. | 10,382,909 | 325,608,026 | ||||||
| Helix Energy Solutions Group, Inc. * ‡ | 7,877,907 | 24,421,512 | ||||||
| Helmerich & Payne, Inc. | 2,960,145 | 127,463,844 | ||||||
| Liberty Energy, Inc. * | 6,470,835 | 82,567,854 | ||||||
| Nabors Industries Ltd. * | 439,325 | 58,825,617 | ||||||
| NexTier Oilfield Solutions, Inc. * | 6,797,843 | 64,647,487 | ||||||
| NOV, Inc. | 8,332,469 | 140,902,051 | ||||||
| Oceaneering International, Inc. * | 4,830,533 | 51,590,092 | ||||||
| Number of Shares |
Value | |||||||
| United States (continued) | ||||||||
| Oil States International, Inc. * | 2,935,507 | $ | 15,910,448 | |||||
| Patterson-UTI Energy, Inc. | 8,072,580 | 127,223,861 | ||||||
| ProPetro Holding Corp. * | 4,159,374 | 41,593,740 | ||||||
| RPC, Inc. * † | 7,496,936 | 51,803,828 | ||||||
| Schlumberger NV | 14,294,800 | 511,182,047 | ||||||
| Select Energy Services, Inc. * ‡ | 5,465,947 | 37,277,758 | ||||||
| Transocean Ltd. * † | 33,146,248 | 110,377,006 | ||||||
| US Silica Holdings, Inc. * | 3,750,385 | 42,829,397 | ||||||
| 2,386,475,869 | ||||||||
| Total Common Stocks (Cost: $2,948,655,449) |
2,649,377,400 | |||||||
| SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 0.2% (Cost: $4,998,253) |
||||||||
| Money Market Fund: 0.2% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 4,998,253 | 4,998,253 | ||||||
| Total Investments: 100.1% (Cost: $2,953,653,702) |
2,654,375,653 | |||||||
| Liabilities in excess of other assets: (0.1)% | (1,809,202) | |||||||
| NET ASSETS: 100.0% | $ | 2,652,566,451 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $22,715,429. |
| * | Non-income producing |
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
| Summary of
Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Oil & Gas Drilling | 16.0 | % | $ | 423,890,328 | ||||
| Oil & Gas Equipment & Services | 84.0 | 2,225,487,072 | ||||||
| 100.0 | % | $ | 2,649,377,400 | |||||
See Notes to Financial Statements
| 33 |
VANECK OIL SERVICES ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
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 |
||||||||||||||||||||||
| Helix Energy Solutions Group, Inc. | $–(a) | $23,591,657 | $(17,997,087) | $(1,249,541) | $– | $(486,779) | $24,421,512 | |||||||||||||||||||||
| Nabors Industries Ltd. | 35,558,614 | 45,026,212 | (44,108,308) | 9,739,372 | – | 12,609,727 | –(b) | |||||||||||||||||||||
| Patterson-UTI Energy, Inc. | 100,436,962 | 100,932,945 | (156,209,791) | 46,009,705 | 876,747 | 36,054,040 | –(b) | |||||||||||||||||||||
| Select Energy Services, Inc. | 33,115,316 | 34,672,617 | (32,948,221) | 5,185,488 | – | (2,747,442) | 37,277,758 | |||||||||||||||||||||
| Transocean Ltd. | 89,632,915 | 93,218,184 | (87,048,753) | 8,518,554 | – | 6,056,106 | –(b) | |||||||||||||||||||||
| US Silica Holdings, Inc. | 36,741,836 | 36,814,141 | (38,945,177) | 7,945,357 | – | 273,240 | –(b) | |||||||||||||||||||||
| $295,485,643 | $334,255,756 | $(377,257,337) | $76,148,935 | $876,747 | $51,758,892 | $61,699,270 | ||||||||||||||||||||||
| (a) | Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period. |
| (b) | 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 * | $ | 2,649,377,400 | $ | — | $ | — | $ | 2,649,377,400 | ||||||||
| Money Market Fund | 4,998,253 | — | — | 4,998,253 | ||||||||||||
| Total Investments | $ | 2,654,375,653 | $ | — | $ | — | $ | 2,654,375,653 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 34 |
VANECK RARE EARTH/STRATEGIC METALS ETF
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.1% | ||||||||
| Australia: 38.1% | ||||||||
| Allkem Ltd. # * | 6,686,554 | $ | 47,645,346 | |||||
| Australian Strategic Materials Ltd. # * † | 2,404,968 | 5,723,318 | ||||||
| AVZ Minerals Ltd. # * † | 69,192,235 | 26,207,089 | ||||||
| Core Lithium Ltd. # * † | 38,856,555 | 25,589,603 | ||||||
| Iluka Resources Ltd. # | 4,903,193 | 31,862,659 | ||||||
| ioneer Ltd. # * † | 41,418,216 | 11,763,834 | ||||||
| Lake Resources NL # * † | 32,128,842 | 17,447,998 | ||||||
| Liontown Resources Ltd. # * † | 44,463,392 | 32,341,404 | ||||||
| Lynas Rare Earths Ltd. # * † | 8,642,574 | 52,042,146 | ||||||
| Pilbara Minerals Ltd. # * † | 29,662,303 | 47,004,932 | ||||||
| 297,628,329 | ||||||||
| Canada: 6.1% | ||||||||
| Lithium Americas Corp. (USD) * † | 1,597,936 | 32,166,452 | ||||||
| Standard Lithium Ltd. (USD) * † | 3,578,503 | 15,172,853 | ||||||
| 47,339,305 | ||||||||
| China: 35.6% | ||||||||
| China Northern Rare Earth Group High-Tech Co. Ltd. # | 11,740,459 | 61,766,787 | ||||||
| Ganfeng Lithium Co. Ltd. (HKD) 144A # † | 3,816,640 | 42,064,625 | ||||||
| Shenghe Resources Holding Co. Ltd. # | 16,258,987 | 54,882,065 | ||||||
| Xiamen Tungsten Co. Ltd. # | 12,202,471 | 39,447,200 | ||||||
| Zhejiang Huayou Cobalt Co. Ltd. # | 5,576,608 | 79,826,372 | ||||||
| 277,987,049 | ||||||||
| Number of Shares |
Value | |||||||
| France: 3.4% | ||||||||
| Eramet SA # | 253,870 | $ | 26,520,656 | |||||
| Netherlands: 2.5% | ||||||||
| AMG Advanced Metallurgical Group NV # | 775,597 | 19,885,000 | ||||||
| United States: 14.4% | ||||||||
| Livent Corp. * † | 1,332,433 | 30,232,905 | ||||||
| MP Materials Corp. * † | 1,098,484 | 35,239,367 | ||||||
| Piedmont Lithium, Inc. * | 398,045 | 14,492,818 | ||||||
| Tronox Holdings Plc | 1,957,328 | 32,883,110 | ||||||
| 112,848,200 | ||||||||
| Total Common Stocks (Cost: $660,408,617) |
782,208,539 | |||||||
| SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 4.8% (Cost: $37,136,036) |
||||||||
| Money Market Fund: 4.8% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 37,136,036 | 37,136,036 | ||||||
| Total Investments: 104.9% (Cost: $697,544,653) |
819,344,575 | |||||||
| Liabilities in excess of other assets: (4.9)% | (38,457,893) | |||||||
| NET ASSETS: 100.0% | $ | 780,886,682 | ||||||
Definitions:
| 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 $622,021,034 which represents 79.7% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $151,236,579. |
| 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 $42,064,625, or 5.4% of net assets. |
| Summary of
Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Materials | 100.0 | % | $ | 782,208,539 | ||||
See Notes to Financial Statements
| 35 |
VANECK RARE EARTH/STRATEGIC METALS 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 | ||||||||||||||||
| Australia | $ | — | $ | 297,628,329 | $ | — | $ | 297,628,329 | ||||||||
| Canada | 47,339,305 | — | — | 47,339,305 | ||||||||||||
| China | — | 277,987,049 | — | 277,987,049 | ||||||||||||
| France | — | 26,520,656 | — | 26,520,656 | ||||||||||||
| Netherlands | — | 19,885,000 | — | 19,885,000 | ||||||||||||
| United States | 112,848,200 | — | — | 112,848,200 | ||||||||||||
| Money Market Fund | 37,136,036 | — | — | 37,136,036 | ||||||||||||
| Total Investments | $ | 197,323,541 | $ | 622,021,034 | $ | — | $ | 819,344,575 | ||||||||
See Notes to Financial Statements
| 36 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 99.9% | ||||||||
| Australia: 12.8% | ||||||||
| Rio Tinto Plc (ADR) † | 192,812 | $ | 11,761,532 | |||||
| Brazil: 22.1% | ||||||||
| Cia Siderurgica Nacional SA (ADR) † | 1,315,022 | 3,853,015 | ||||||
| Gerdau SA (ADR) | 933,605 | 4,005,165 | ||||||
| Vale SA (ADR) | 846,527 | 12,384,690 | ||||||
| 20,242,870 | ||||||||
| China: 0.3% | ||||||||
| Huadi International Group Co. Ltd. (USD) * | 13,833 | 284,130 | ||||||
| Luxembourg: 5.4% | ||||||||
| ArcelorMittal SA (USD) † | 217,698 | 4,919,975 | ||||||
| Netherlands: 9.7% | ||||||||
| Tenaris SA (ADR) | 179,782 | 4,618,600 | ||||||
| Ternium SA (ADR) † | 118,995 | 4,294,529 | ||||||
| 8,913,129 | ||||||||
| South Korea: 4.8% | ||||||||
| POSCO Holdings, Inc. (ADR) | 98,080 | 4,366,521 | ||||||
| United States: 44.8% | ||||||||
| Allegheny Technologies, Inc. * | 129,652 | 2,944,397 | ||||||
| Carpenter Technology Corp. | 50,442 | 1,407,836 | ||||||
| Cleveland-Cliffs, Inc. * | 263,031 | 4,042,786 | ||||||
| Commercial Metals Co. | 124,892 | 4,133,925 | ||||||
| Gibraltar Industries, Inc. * | 34,265 | 1,327,769 | ||||||
| Number of Shares |
Value | |||||||
| United States (continued) | ||||||||
| Nucor Corp. | 66,033 | $ | 6,894,507 | |||||
| Olympic Steel, Inc. | 11,627 | 299,395 | ||||||
| Reliance Steel & Aluminum Co. | 26,467 | 4,495,685 | ||||||
| Ryerson Holding Corp. | 40,405 | 860,222 | ||||||
| Schnitzer Steel Industries, Inc. | 28,661 | 941,227 | ||||||
| Steel Dynamics, Inc. | 63,434 | 4,196,159 | ||||||
| SunCoke Energy, Inc. | 87,122 | 593,301 | ||||||
| TimkenSteel Corp. * | 48,721 | 911,570 | ||||||
| United States Steel Corp. | 227,245 | 4,069,958 | ||||||
| Warrior Met Coal, Inc. | 53,969 | 1,651,991 | ||||||
| Worthington Industries, Inc. | 52,367 | 2,309,385 | ||||||
| 41,080,113 | ||||||||
| Total Common Stocks (Cost: $126,333,978) |
91,568,270 | |||||||
| SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 4.6% (Cost: $4,204,063) |
||||||||
| Money Market Fund: 4.6% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 4,204,063 | 4,204,063 | ||||||
| Total Investments: 104.5% (Cost: $130,538,041) |
95,772,333 | |||||||
| Liabilities in excess of other assets: (4.5)% | (4,156,219) | |||||||
| NET ASSETS: 100.0% | $ | 91,616,114 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $20,875,188. |
| * | Non-income producing |
| Summary of
Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Energy | 5.0 | % | $ | 4,618,599 | ||||
| Industrials | 1.5 | 1,327,769 | ||||||
| Materials | 93.5 | 85,621,902 | ||||||
| 100.0 | % | $ | 91,568,270 | |||||
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 * | $ | 91,568,270 | $ | — | $ | — | $ | 91,568,270 | ||||||||
| Money Market Fund | 4,204,063 | — | — | 4,204,063 | ||||||||||||
| Total Investments | $ | 95,772,333 | $ | — | $ | — | $ | 95,772,333 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 37 |
VANECK URANIUM+NUCLEAR ENERGY ETF
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.2% | ||||||||
| Australia: 1.1% | ||||||||
| Paladin Energy Ltd. # * † | 1,264,362 | $ | 505,480 | |||||
| Canada: 6.8% | ||||||||
| Cameco Corp. (USD) | 89,741 | 1,886,356 | ||||||
| Denison Mines Corp. (USD) * † | 388,824 | 378,326 | ||||||
| NexGen Energy Ltd. (USD) * † | 230,513 | 827,541 | ||||||
| 3,092,223 | ||||||||
| China: 2.5% | ||||||||
| CGN Power Co. Ltd. (HKD) 144A # | 4,740,000 | 1,148,192 | ||||||
| Czech Republic: 4.2% | ||||||||
| CEZ AS # | 42,363 | 1,907,291 | ||||||
| Finland: 4.4% | ||||||||
| Fortum Oyj # | 130,248 | 1,963,984 | ||||||
| France: 4.9% | ||||||||
| Electricite de France SA # | 272,113 | 2,229,762 | ||||||
| Italy: 4.5% | ||||||||
| Endesa SA # † | 106,920 | 2,017,824 | ||||||
| Japan: 11.1% | ||||||||
| Kansai Electric Power Co., Inc. # | 234,100 | 2,314,270 | ||||||
| Kyushu Electric Power Co., Inc. # | 211,000 | 1,354,871 | ||||||
| Tokyo Electric Power Co. Holdings, Inc. # * | 320,600 | 1,339,409 | ||||||
| 5,008,550 | ||||||||
| Kazakhstan: 1.9% | ||||||||
| NAC Kazatomprom JSC (USD) (GDR) # | 33,169 | 859,485 | ||||||
| Number of Shares |
Value | |||||||
| South Korea: 4.6% | ||||||||
| Korea Electric Power Corp. (ADR) * † | 236,162 | $ | 2,073,502 | |||||
| United States: 54.2% | ||||||||
| BWX Technologies, Inc. | 23,326 | 1,285,029 | ||||||
| Constellation Energy Corp. | 49,191 | 2,816,677 | ||||||
| Dominion Energy, Inc. | 48,298 | 3,854,663 | ||||||
| Duke Energy Corp. | 35,490 | 3,804,883 | ||||||
| Energy Fuels, Inc. * † | 79,949 | 392,549 | ||||||
| Entergy Corp. | 24,858 | 2,800,005 | ||||||
| PG&E Corp. * | 223,913 | 2,234,652 | ||||||
| Pinnacle West Capital Corp. | 29,580 | 2,162,890 | ||||||
| PNM Resources, Inc. | 31,615 | 1,510,565 | ||||||
| Public Service Enterprise Group, Inc. | 51,112 | 3,234,367 | ||||||
| Uranium Energy Corp. * † | 123,064 | 379,037 | ||||||
| 24,475,317 | ||||||||
| Total Common Stocks (Cost: $43,888,335) |
45,281,610 | |||||||
| SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 5.1% (Cost: $2,312,067) |
||||||||
| Money Market Fund: 5.1% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 2,312,067 | 2,312,067 | ||||||
| Total Investments: 105.3% (Cost: $46,200,402) |
47,593,677 | |||||||
| Liabilities in excess of other assets: (5.3)% | (2,387,778) | |||||||
| NET ASSETS: 100.0% | $ | 45,205,899 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $4,794,155. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $15,640,568 which represents 34.6% of net assets. |
| * | Non-income producing |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $1,148,192, or 2.5% of net assets. |
| Summary of
Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Energy | 11.6 | % | $ | 5,228,775 | ||||
| Industrials | 2.8 | 1,285,029 | ||||||
| Utilities | 85.6 | 38,767,806 | ||||||
| 100.0 | % | $ | 45,281,610 | |||||
See Notes to Financial Statements
| 38 |
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 | $ | — | $ | 505,480 | $ | — | $ | 505,480 | ||||||||
| Canada | 3,092,223 | — | — | 3,092,223 | ||||||||||||
| China | — | 1,148,192 | — | 1,148,192 | ||||||||||||
| Czech Republic | — | 1,907,291 | — | 1,907,291 | ||||||||||||
| Finland | — | 1,963,984 | — | 1,963,984 | ||||||||||||
| France | — | 2,229,762 | — | 2,229,762 | ||||||||||||
| Italy | — | 2,017,824 | — | 2,017,824 | ||||||||||||
| Japan | — | 5,008,550 | — | 5,008,550 | ||||||||||||
| Kazakhstan | — | 859,485 | — | 859,485 | ||||||||||||
| South Korea | 2,073,502 | — | — | 2,073,502 | ||||||||||||
| United States | 24,475,317 | — | — | 24,475,317 | ||||||||||||
| Money Market Fund | 2,312,067 | — | — | 2,312,067 | ||||||||||||
| Total Investments | $ | 31,953,109 | $ | 15,640,568 | $ | — | $ | 47,593,677 | ||||||||
See Notes to Financial Statements
| 39 |
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2022 (unaudited)
| Agribusiness ETF | Future of Food ETF |
Gold Miners ETF | Green Metals ETF | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) | ||||||||||||||||
| Unaffiliated issuers (2) | $ | 1,637,462,727 | $ | 2,826,278 | $ | 5,590,747,528 | $ | 21,883,913 | ||||||||
| Affiliated issuers (3) | — | — | 5,337,336,343 | — | ||||||||||||
| Short-term investments held as collateral for securities loaned (4) | 6,592,867 | 206,813 | 132,623,401 | 530,041 | ||||||||||||
| Cash | 1,491,014 | 39,141 | 5,496,340 | 3,255 | ||||||||||||
| Cash denominated in foreign currency, at value (4) | — | — | 427 | 310,507 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | 4,322,161 | — | — | — | ||||||||||||
| Shares of beneficial interest sold | — | — | 22,780,112 | — | ||||||||||||
| Dividends and interest | 3,324,337 | 5,673 | 5,968,886 | 33,167 | ||||||||||||
| Prepaid expenses | 1,977 | — | 33,086 | — | ||||||||||||
| Total assets | 1,653,195,083 | 3,077,905 | 11,094,986,123 | 22,760,883 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | — | — | 22,774,792 | — | ||||||||||||
| Shares of beneficial interest redeemed | 4,327,318 | — | — | — | ||||||||||||
| Collateral for securities loaned | 6,592,867 | 206,813 | 132,623,401 | 530,041 | ||||||||||||
| Line of credit | — | — | — | 345,190 | ||||||||||||
| Due to Adviser | 743,767 | 1,679 | 5,035,770 | 11,919 | ||||||||||||
| Due to custodian | 86,243 | 9,444 | — | — | ||||||||||||
| Deferred Trustee fees | 482,141 | — | 1,159,710 | — | ||||||||||||
| Accrued expenses | 204,760 | — | 404,934 | — | ||||||||||||
| Total liabilities | 12,437,096 | 217,936 | 161,998,607 | 887,150 | ||||||||||||
| NET ASSETS | $ | 1,640,757,987 | $ | 2,859,969 | $ | 10,932,987,516 | $ | 21,873,733 | ||||||||
| Shares outstanding | 18,950,000 | 150,000 | 397,852,500 | 750,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 86.58 | $ | 19.07 | $ | 27.48 | $ | 29.16 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 2,361,508,464 | $ | 3,462,993 | $ | 22,619,205,540 | $ | 26,637,554 | ||||||||
| Total distributable earnings (loss) | (720,750,477 | ) | (603,024 | ) | (11,686,218,024 | ) | (4,763,821 | ) | ||||||||
| NET ASSETS | $ | 1,640,757,987 | $ | 2,859,969 | $ | 10,932,987,516 | $ | 21,873,733 | ||||||||
| (1) Value of securities on loan | $ | 10,494,145 | $ | 210,454 | $ | 237,120,762 | $ | 496,178 | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 1,674,219,592 | $ | 3,451,875 | $ | 5,127,851,154 | $ | 26,464,481 | ||||||||
| (3) Cost of investments - Affiliated issuers | $ | — | $ | — | $ | 6,739,088,600 | $ | — | ||||||||
| (4) Cost of short-term investments held as collateral for securities loaned | $ | 6,592,867 | $ | 206,813 | $ | 132,623,401 | $ | 530,041 | ||||||||
| (4) Cost of cash denominated in foreign currency | $ | — | $ | — | $ | 434 | $ | 364,932 | ||||||||
See Notes to Financial Statements
| 40 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2022 (unaudited)
| Junior Gold Miners ETF |
Low Carbon Energy ETF |
Natural Resources ETF |
Oil Refiners ETF | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) | ||||||||||||||||
| Unaffiliated issuers (2) | $ | 3,331,074,527 | $ | 229,931,559 | $ | 144,944,696 | $ | 55,823,148 | ||||||||
| Short-term investments held as collateral for securities loaned (3) | 92,878,949 | 8,445,942 | 1,183,311 | — | ||||||||||||
| Cash | 6,676,664 | 77 | 56,594 | — | ||||||||||||
| Cash denominated in foreign currency, at value (4) | 12,323 | 29,075 | 135,187 | 20 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | — | 61 | 4 | — | ||||||||||||
| Shares of beneficial interest sold | 25,014,475 | — | — | — | ||||||||||||
| Dividends and interest | 2,026,135 | 490,079 | 253,498 | 194,944 | ||||||||||||
| Prepaid expenses | 12,242 | 554 | — | 39 | ||||||||||||
| Total assets | 3,457,695,315 | 238,897,347 | 146,573,290 | 56,018,151 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | 25,025,806 | — | — | — | ||||||||||||
| Shares of beneficial interest redeemed | — | — | — | 3,262 | ||||||||||||
| Collateral for securities loaned | 92,878,949 | 8,445,942 | 1,183,311 | — | ||||||||||||
| Line of credit | — | 947,578 | — | 290,578 | ||||||||||||
| Due to Adviser | 1,569,834 | 95,641 | 63,769 | 20,528 | ||||||||||||
| Due to custodian | — | — | — | 2,500 | ||||||||||||
| Deferred Trustee fees | 303,345 | 15,511 | 14,855 | 772 | ||||||||||||
| Accrued expenses | 453,590 | 61,862 | 69,774 | 55,106 | ||||||||||||
| Total liabilities | 120,231,524 | 9,566,534 | 1,331,709 | 372,746 | ||||||||||||
| NET ASSETS | $ | 3,337,463,791 | $ | 229,330,813 | $ | 145,241,581 | $ | 55,645,405 | ||||||||
| Shares outstanding | 103,837,446 | 1,833,298 | 3,200,000 | 1,875,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 32.14 | $ | 125.09 | $ | 45.39 | $ | 29.68 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 9,149,811,626 | $ | 309,618,001 | $ | 187,419,909 | $ | 65,006,600 | ||||||||
| Total distributable earnings (loss) | (5,812,347,835 | ) | (80,287,188 | ) | (42,178,328 | ) | (9,361,195 | ) | ||||||||
| NET ASSETS | $ | 3,337,463,791 | $ | 229,330,813 | $ | 145,241,581 | $ | 55,645,405 | ||||||||
| (1) Value of securities on loan | $ | 131,657,663 | $ | 26,411,462 | $ | 4,031,096 | $ | — | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 4,578,741,594 | $ | 254,029,091 | $ | 139,172,864 | $ | 57,372,543 | ||||||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | 92,878,949 | $ | 8,445,942 | $ | 1,183,311 | $ | — | ||||||||
| (4) Cost of cash denominated in foreign currency | $ | 12,270 | $ | 28,998 | $ | 135,499 | $ | 20 | ||||||||
See Notes to Financial Statements
| 41 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2022 (unaudited)
| Oil Services ETF | Rare Earth/ Strategic Metals ETF |
Steel ETF | Uranium+Nuclear Energy ETF |
|||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) | ||||||||||||||||
| Unaffiliated issuers (2) | $ | 2,587,678,130 | $ | 782,208,539 | $ | 91,568,270 | $ | 45,281,610 | ||||||||
| Affiliated issuers (3) | 61,699,270 | — | — | — | ||||||||||||
| Short-term investments held as collateral for securities loaned (4) | 4,998,253 | 37,136,036 | 4,204,063 | 2,312,067 | ||||||||||||
| Cash | 1,002,606 | 1,067 | 286,815 | 30 | ||||||||||||
| Cash denominated in foreign currency, at value (4) | — | 1,037,727 | — | 118 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | 11,907,213 | — | 6,824,810 | — | ||||||||||||
| Dividends and interest | 3,326,682 | 524,432 | 175,083 | 216,266 | ||||||||||||
| Prepaid expenses | — | 1,007 | 252 | 45 | ||||||||||||
| Total assets | 2,670,612,154 | 820,908,808 | 103,059,293 | 47,810,136 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | — | — | 3,296,377 | — | ||||||||||||
| Shares of beneficial interest redeemed | 11,907,315 | — | 3,774,874 | — | ||||||||||||
| Collateral for securities loaned | 4,998,253 | 37,136,036 | 4,204,063 | 2,312,067 | ||||||||||||
| Line of credit | — | 2,432,145 | — | 191,966 | ||||||||||||
| Due to Adviser | 925,053 | 345,419 | 41,275 | 15,918 | ||||||||||||
| Deferred Trustee fees | 210,231 | 19,923 | 17,171 | 11,105 | ||||||||||||
| Accrued expenses | 4,851 | 88,603 | 109,419 | 73,181 | ||||||||||||
| Total liabilities | 18,045,703 | 40,022,126 | 11,443,179 | 2,604,237 | ||||||||||||
| NET ASSETS | $ | 2,652,566,451 | $ | 780,886,682 | $ | 91,616,114 | $ | 45,205,899 | ||||||||
| Shares outstanding | 11,400,543 | 8,974,987 | 1,850,000 | 866,632 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 232.67 | $ | 87.01 | $ | 49.52 | $ | 52.16 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 4,478,308,776 | $ | 974,748,946 | $ | 278,378,376 | $ | 127,644,919 | ||||||||
| Total distributable earnings (loss) | (1,825,742,325 | ) | (193,862,264 | ) | (186,762,262 | ) | (82,439,020 | ) | ||||||||
| NET ASSETS | $ | 2,652,566,451 | $ | 780,886,682 | $ | 91,616,114 | $ | 45,205,899 | ||||||||
| (1) Value of securities on loan | $ | 22,715,429 | $ | 151,236,579 | $ | 20,875,188 | $ | 4,794,155 | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 2,868,276,397 | $ | 660,408,617 | $ | 126,333,978 | $ | 43,888,335 | ||||||||
| (3) Cost of investments - Affiliated issuers | $ | 80,379,052 | $ | — | $ | — | $ | — | ||||||||
| (4) Cost of short-term investments held as collateral for securities loaned | $ | 4,998,253 | $ | 37,136,036 | $ | 4,204,063 | $ | 2,312,067 | ||||||||
| (4) Cost of cash denominated in foreign currency | $ | — | $ | 1,037,725 | $ | — | $ | 119 | ||||||||
See Notes to Financial Statements
| 42 |
STATEMENTS OF OPERATIONS
For the Period Ended June 30, 2022 (unaudited)
| Agribusiness ETF | Future of Food ETF |
Gold Miners ETF | Green Metals ETF | |||||||||||||
| Income: | ||||||||||||||||
| Dividends - unaffiliated issuers | $ | 23,246,400 | $ | 22,158 | $ | 84,157,474 | $ | 446,550 | ||||||||
| Dividends - affiliated issuers | — | — | 54,718,748 | — | ||||||||||||
| Interest | 672 | — | 20,692 | — | ||||||||||||
| Securities lending income | 566,547 | 6,270 | 699,331 | 974 | ||||||||||||
| Foreign taxes withheld | (2,336,743 | ) | (1,896 | ) | (12,321,958 | ) | (38,740 | ) | ||||||||
| Total income | 21,476,876 | 26,532 | 127,274,287 | 408,784 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 3,898,632 | 8,125 | 33,860,400 | 69,511 | ||||||||||||
| Professional fees | 26,063 | — | 26,005 | — | ||||||||||||
| Custody and accounting fees | 39,422 | — | 103,647 | — | ||||||||||||
| Reports to shareholders | 31,198 | — | 296,793 | — | ||||||||||||
| Trustees’ fees and expenses | 10,000 | — | 106,169 | — | ||||||||||||
| Registration fees | 2,968 | — | 9,848 | — | ||||||||||||
| Insurance | 10,232 | — | 72,654 | — | ||||||||||||
| Interest and taxes | 18,693 | 201 | 79,340 | 1,326 | ||||||||||||
| Other | 5,302 | — | 80,537 | — | ||||||||||||
| Total expenses | 4,042,510 | 8,326 | 34,635,393 | 70,837 | ||||||||||||
| Net investment income | 17,434,366 | 18,206 | 92,638,894 | 337,947 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments - unaffiliated issuers | (16,756,650 | ) | 1,274 | (416,907,077 | ) | (488,462 | ) | |||||||||
| Investments - affiliated issuers | — | — | (8,261 | ) | — | |||||||||||
| In-kind redemptions - unaffiliated issuers | 50,358,244 | — | 437,052,921 | 56,624 | ||||||||||||
| In-kind redemptions - affiliated issuers | — | — | 207,137,157 | — | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (143,112 | ) | 34 | (617,887 | ) | 30,981 | ||||||||||
| Net realized gain (loss) | 33,458,482 | 1,308 | 226,656,853 | (400,857 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments - unaffiliated issuers | (275,868,194 | ) | (660,671 | ) | (529,745,435 | ) | (4,827,265 | ) | ||||||||
| Investments - affiliated issuers | — | — | (1,683,119,363 | ) | — | |||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (72,816 | ) | 1,112 | (4,018 | ) | (60,225 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) | (275,941,010 | ) | (659,559 | ) | (2,212,868,816 | ) | (4,887,490 | ) | ||||||||
| Net Decrease in Net Assets Resulting from Operations | $ | (225,048,162 | ) | $ | (640,045 | ) | $ | (1,893,573,069 | ) | $ | (4,950,400 | ) | ||||
See Notes to Financial Statements
| 43 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended June 30, 2022 (unaudited)
| Junior Gold Miners ETF |
Low Carbon Energy ETF |
Natural Resources ETF |
Oil Refiners ETF | |||||||||||||
| Income: | ||||||||||||||||
| Dividends - unaffiliated issuers | $ | 21,176,080 | $ | 2,080,940 | $ | 2,931,962 | $ | 592,104 | ||||||||
| Dividends - affiliated issuers | 97,595 | — | — | — | ||||||||||||
| Interest | 12,000 | — | 34 | — | ||||||||||||
| Securities lending income | 1,045,221 | 398,562 | 24,353 | 191 | ||||||||||||
| Foreign taxes withheld | (2,161,407 | ) | (172,722 | ) | (142,491 | ) | (77,948 | ) | ||||||||
| Total income | 20,169,489 | 2,306,780 | 2,813,858 | 514,347 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 11,009,957 | 622,745 | 339,372 | 67,074 | ||||||||||||
| Professional fees | 29,515 | 41,620 | — | 23,574 | ||||||||||||
| Custody and accounting fees | 114,716 | 29,725 | — | 14,606 | ||||||||||||
| Reports to shareholders | 95,373 | 20,348 | — | 5,066 | ||||||||||||
| Trustees’ fees and expenses | 52,162 | 2,922 | — | 229 | ||||||||||||
| Registration fees | 9,745 | 2,969 | — | 2,968 | ||||||||||||
| Insurance | 34,287 | 4,394 | — | 764 | ||||||||||||
| Interest | 30,604 | 4,561 | 3,119 | 911 | ||||||||||||
| Other | 10,136 | 2,732 | — | 1,443 | ||||||||||||
| Total expenses | 11,386,495 | 732,016 | 342,491 | 116,635 | ||||||||||||
| Waiver of management fees | — | — | — | (36,577 | ) | |||||||||||
| Net expenses | 11,386,495 | 732,016 | 342,491 | 80,058 | ||||||||||||
| Net investment income | 8,782,994 | 1,574,764 | 2,471,367 | 434,289 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments - unaffiliated issuers | (61,727,399 | ) | (4,194,055 | ) | (5,671,583 | ) | (1,270,322 | ) | ||||||||
| Investments - affiliated issuers | (5,699,454 | ) | — | — | — | |||||||||||
| In-kind redemptions - unaffiliated issuers | 95,306,995 | 1,449,225 | 1,729,308 | 852,396 | ||||||||||||
| In-kind redemptions - affiliated issuers | 249,457 | — | — | — | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (294,262 | ) | (4,889 | ) | (54,731 | ) | (2,675 | ) | ||||||||
| Net realized gain (loss) | 27,835,337 | (2,749,719 | ) | (3,997,006 | ) | (420,601 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments - unaffiliated issuers | (1,037,055,647 | ) | (63,176,367 | ) | (10,290,184 | ) | (2,316,947 | ) | ||||||||
| Investments - affiliated issuers | (9,407,109 | ) | — | — | — | |||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (3,416 | ) | (14,645 | ) | (3,335 | ) | (6,177 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | (1,046,466,172 | ) | (63,191,012 | ) | (10,293,519 | ) | (2,323,124 | ) | ||||||||
| Net Decrease in Net Assets Resulting from Operations | $ | (1,009,847,841 | ) | $ | (64,365,967 | ) | $ | (11,819,158 | ) | $ | (2,309,436 | ) | ||||
See Notes to Financial Statements
| 44 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended June 30, 2022 (unaudited)
| Oil Services ETF | Rare Earth/ Strategic Metals ETF |
Steel ETF | Uranium+Nuclear Energy ETF |
|||||||||||||
| Income: | ||||||||||||||||
| Dividends - unaffiliated issuers | $ | 18,281,290 | $ | 4,328,194 | $ | 3,213,462 | $ | 740,030 | ||||||||
| Dividends - affiliated issuers | 876,747 | — | — | — | ||||||||||||
| Interest | 2,779 | 2,091 | 189 | 41 | ||||||||||||
| Securities lending income | 16,486 | 1,769,863 | 38,278 | 7,259 | ||||||||||||
| Foreign taxes withheld | (5,803 | ) | (314,248 | ) | (59,780 | ) | (63,712 | ) | ||||||||
| Total income | 19,171,499 | 5,785,900 | 3,192,149 | 683,618 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 5,692,661 | 2,353,734 | 311,699 | 107,169 | ||||||||||||
| Professional fees | — | 23,892 | 23,687 | 23,109 | ||||||||||||
| Custody and accounting fees | — | 60,174 | 9,877 | 13,891 | ||||||||||||
| Reports to shareholders | — | 32,269 | 11,293 | 4,994 | ||||||||||||
| Trustees’ fees and expenses | — | 5,764 | 1,399 | 390 | ||||||||||||
| Registration fees | — | 2,969 | 2,279 | 2,968 | ||||||||||||
| Insurance | — | 5,166 | 2,510 | 777 | ||||||||||||
| Interest | 9,290 | 7,347 | 3,562 | 943 | ||||||||||||
| Other | — | 3,679 | 677 | 1,280 | ||||||||||||
| Total expenses | 5,701,951 | 2,494,994 | 366,983 | 155,521 | ||||||||||||
| Waiver of management fees | — | — | (20,553 | ) | (25,974 | ) | ||||||||||
| Net expenses | 5,701,951 | 2,494,994 | 346,430 | 129,547 | ||||||||||||
| Net investment income | 13,469,548 | 3,290,906 | 2,845,719 | 554,071 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments - unaffiliated issuers | (48,599,624 | ) | (27,003,596 | ) | (2,058,408 | ) | 342,819 | |||||||||
| Investments - affiliated issuers | (4,732,806 | ) | — | — | — | |||||||||||
| In-kind redemptions - unaffiliated issuers | 295,406,470 | 39,828,883 | 3,403,413 | — | ||||||||||||
| In-kind redemptions - affiliated issuers | 80,881,741 | — | — | — | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (34,747 | ) | — | (12,302 | ) | ||||||||||
| Net realized gain | 322,955,781 | 12,790,540 | 1,345,005 | 330,517 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments - unaffiliated issuers | 96,547,351 | (242,922,935 | ) | (14,497,793 | ) | (3,224,601 | ) | |||||||||
| Investments - affiliated issuers | 51,758,892 | — | — | — | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (4,438 | ) | — | (1,151 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | 148,306,243 | (242,927,373 | ) | (14,497,793 | ) | (3,225,752 | ) | |||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 484,731,572 | $ | (226,845,927 | ) | $ | (10,307,069 | ) | $ | (2,341,164 | ) | |||||
See Notes to Financial Statements
| 45 |
STATEMENTS OF CHANGES IN NET ASSETS
| Agribusiness ETF | Future of Food ETF | |||||||||||||||
| Period Ended June 30, 2022 |
Year Ended December 31, 2021 |
Period Ended June 30, 2022 |
Period Ended December 31, 2021 (a) |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 17,434,366 | $ | 14,113,197 | $ | 18,206 | $ | 1,947 | ||||||||
| Net realized gain (loss) | 33,458,482 | 103,047,705 | 1,308 | (4 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) | (275,941,010 | ) | 99,471,560 | (659,559 | ) | 35,079 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | (225,048,162 | ) | 216,632,462 | (640,045 | ) | 37,022 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | — | (13,850,800 | ) | — | — | |||||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 810,798,923 | 459,439,465 | 1,030,333 | 2,432,659 | ||||||||||||
| Cost of shares redeemed | (127,700,547 | ) | (273,313,828 | ) | — | — | ||||||||||
| Increase in net assets resulting from share transactions | 683,098,376 | 186,125,637 | 1,030,333 | 2,432,659 | ||||||||||||
| Total increase in net assets | 458,050,214 | 388,907,299 | 390,288 | 2,469,681 | ||||||||||||
| Net Assets, beginning of period | 1,182,707,773 | 793,800,474 | 2,469,681 | — | ||||||||||||
| Net Assets, end of period | $ | 1,640,757,987 | $ | 1,182,707,773 | $ | 2,859,969 | $ | 2,469,681 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 7,950,000 | 5,250,000 | 50,000 | 100,000 | ||||||||||||
| Shares redeemed | (1,400,000 | ) | (3,050,000 | ) | — | — | ||||||||||
| Net increase | 6,550,000 | 2,200,000 | 50,000 | 100,000 | ||||||||||||
(a) For the period December 1, 2021 (commencement of operations) through December 31, 2021.
See Notes to Financial Statements
| 46 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Gold Miners ETF | Green Metals ETF | |||||||||||||||
| Period Ended June 30, 2022 |
Year Ended December 31, 2021 |
Period Ended June 30, 2022 |
Period Ended December 31, 2021 (a) |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income (loss) | $ | 92,638,894 | $ | 220,313,648 | $ | 337,947 | $ | (3,750 | ) | |||||||
| Net realized gain (loss) | 226,656,853 | 703,319,609 | (400,857 | ) | (61,930 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | (2,212,868,816 | ) | (2,479,630,293 | ) | (4,887,490 | ) | 252,259 | |||||||||
| Net increase (decrease) in net assets resulting from operations | (1,893,573,069 | ) | (1,555,997,036 | ) | (4,950,400 | ) | 186,579 | |||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | — | (224,002,317 | ) | — | — | |||||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 1,489,764,333 | 2,030,470,195 | 12,688,407 | 15,509,965 | ||||||||||||
| Cost of shares redeemed | (1,936,290,284 | ) | (3,480,902,948 | ) | (1,560,818 | ) | — | |||||||||
| Increase (decrease) in net assets resulting from share transactions | (446,525,951 | ) | (1,450,432,753 | ) | 11,127,589 | 15,509,965 | ||||||||||
| Total increase (decrease) in net assets | (2,340,099,020 | ) | (3,230,432,106 | ) | 6,177,189 | 15,696,544 | ||||||||||
| Net Assets, beginning of period | 13,273,086,536 | 16,503,518,642 | 15,696,544 | — | ||||||||||||
| Net Assets, end of period | $ | 10,932,987,516 | $ | 13,273,086,536 | $ | 21,873,733 | $ | 15,696,544 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 41,900,000 | 58,150,000 | 350,000 | 450,000 | ||||||||||||
| Shares redeemed | (58,850,000 | ) | (102,000,000 | ) | (50,000 | ) | — | |||||||||
| Net increase (decrease) | (16,950,000 | ) | (43,850,000 | ) | 300,000 | 450,000 | ||||||||||
(a) For the period November 10, 2021 (commencement of operations) through December 31, 2021.
See Notes to Financial Statements
| 47 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Junior Gold Miners ETF | Low Carbon Energy ETF | |||||||||||||||
| Period Ended June 30, 2022 |
Year Ended December 31, 2021 |
Period Ended June 30, 2022 |
Year Ended December 31, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 8,782,994 | $ | 43,598,687 | $ | 1,574,764 | $ | 1,432,887 | ||||||||
| Net realized gain (loss) | 27,835,337 | 171,809,877 | (2,749,719 | ) | 71,875,642 | |||||||||||
| Net change in unrealized appreciation (depreciation) | (1,046,466,172 | ) | (1,538,777,434 | ) | (63,191,012 | ) | (84,954,022 | ) | ||||||||
| Net decrease in net assets resulting from operations | (1,009,847,841 | ) | (1,323,368,870 | ) | (64,365,967 | ) | (11,645,493 | ) | ||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | — | (80,009,332 | ) | — | (1,340,155 | ) | ||||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 295,318,483 | 455,259,072 | — | 209,712,572 | ||||||||||||
| Cost of shares redeemed | (442,795,404 | ) | (872,059,989 | ) | (7,052,181 | ) | (166,136,494 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | (147,476,921 | ) | (416,800,917 | ) | (7,052,181 | ) | 43,576,078 | |||||||||
| Total increase (decrease) in net assets | (1,157,324,762 | ) | (1,820,179,119 | ) | (71,418,148 | ) | 30,590,430 | |||||||||
| Net Assets, beginning of period | 4,494,788,553 | 6,314,967,672 | 300,748,961 | 270,158,531 | ||||||||||||
| Net Assets, end of period | $ | 3,337,463,791 | $ | 4,494,788,553 | $ | 229,330,813 | $ | 300,748,961 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 7,500,000 | 9,850,000 | — | 1,300,000 | ||||||||||||
| Shares redeemed | (11,000,000 | ) | (18,900,000 | ) | (50,000 | ) | (1,050,000 | ) | ||||||||
| Net increase (decrease) | (3,500,000 | ) | (9,050,000 | ) | (50,000 | ) | 250,000 | |||||||||
See Notes to Financial Statements
| 48 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Natural Resources ETF | Oil Refiners ETF | |||||||||||||||
| Period Ended June 30, 2022 |
Year Ended December 31, 2021 |
Period Ended June 30, 2022 |
Year Ended December 31, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 2,471,367 | $ | 2,028,234 | $ | 434,289 | $ | 472,371 | ||||||||
| Net realized loss | (3,997,006 | ) | (664,371 | ) | (420,601 | ) | (1,182,181 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | (10,293,519 | ) | 12,884,685 | (2,323,124 | ) | 2,639,228 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | (11,819,158 | ) | 14,248,548 | (2,309,436 | ) | 1,929,418 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | — | (2,140,110 | ) | — | (470,018 | ) | ||||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 64,660,823 | 37,659,686 | 41,125,019 | 708,375 | ||||||||||||
| Cost of shares redeemed | (4,848,265 | ) | (4,695,212 | ) | (2,844,057 | ) | — | |||||||||
| Increase in net assets resulting from share transactions | 59,812,558 | 32,964,474 | 38,280,962 | 708,375 | ||||||||||||
| Total increase in net assets | 47,993,400 | 45,072,912 | 35,971,526 | 2,167,775 | ||||||||||||
| Net Assets, beginning of period | 97,248,181 | 52,175,269 | 19,673,879 | 17,506,104 | ||||||||||||
| Net Assets, end of period | $ | 145,241,581 | $ | 97,248,181 | $ | 55,645,405 | $ | 19,673,879 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 1,250,000 | 800,000 | 1,250,000 | 25,000 | ||||||||||||
| Shares redeemed | (100,000 | ) | (100,000 | ) | (100,000 | ) | — | |||||||||
| Net increase | 1,150,000 | 700,000 | 1,150,000 | 25,000 | ||||||||||||
See Notes to Financial Statements
| 49 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Oil Services ETF | Rare Earth/Strategic Metals ETF | |||||||||||||||
| Year Ended | Year Ended | |||||||||||||||
| Period Ended | December 31, | Period Ended | December 31, | |||||||||||||
| June 30, 2022 | 2021 | June 30, 2022 | 2021 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 13,469,548 | $ | 24,048,164 | $ | 3,290,906 | $ | 685,719 | ||||||||
| Net realized gain | 322,955,781 | 91,476,848 | 12,790,540 | 107,316,664 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 148,306,243 | (245,287,006 | ) | (242,927,373 | ) | 273,354,965 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | 484,731,572 | (129,761,994 | ) | (226,845,927 | ) | 381,357,348 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | — | (21,600,606 | ) | — | (54,350,856 | ) | ||||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 1,960,554,863 | 4,464,669,089 | 107,367,238 | 552,129,245 | ||||||||||||
| Cost of shares redeemed | (1,935,839,010 | ) | (2,893,608,272 | ) | (113,495,071 | ) | (187,397,855 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | 24,715,853 | 1,571,060,817 | (6,127,833 | ) | 364,731,390 | |||||||||||
| Total increase (decrease) in net assets | 509,447,425 | 1,419,698,217 | (232,973,760 | ) | 691,737,882 | |||||||||||
| Net Assets, beginning of period | 2,143,119,026 | 723,420,809 | 1,013,860,442 | 322,122,560 | ||||||||||||
| Net Assets, end of period | $ | 2,652,566,451 | $ | 2,143,119,026 | $ | 780,886,682 | $ | 1,013,860,442 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 7,450,000 | 21,100,000 | 1,050,000 | 6,200,000 | ||||||||||||
| Shares redeemed | (7,650,000 | ) | (14,200,000 | ) | (1,150,000 | ) | (2,050,000 | ) | ||||||||
| Net increase (decrease) | (200,000 | ) | 6,900,000 | (100,000 | ) | 4,150,000 | ||||||||||
See Notes to Financial Statements
| 50 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Steel ETF | Uranium+Nuclear Energy ETF | |||||||||||||||
| Period Ended June 30, 2022 |
Year Ended December 31, 2021 |
Period Ended June 30, 2022 |
Year Ended December 31, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 2,845,719 | $ | 8,722,425 | $ | 554,071 | $ | 697,092 | ||||||||
| Net realized gain (loss) | 1,345,005 | 34,079,900 | 330,517 | (675,324 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) | (14,497,793 | ) | (25,264,114 | ) | (3,225,752 | ) | 3,159,751 | |||||||||
| Net increase (decrease) in net assets resulting from operations | (10,307,069 | ) | 17,538,211 | (2,341,164 | ) | 3,181,519 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | — | (8,650,070 | ) | — | (700,021 | ) | ||||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 45,291,916 | 245,785,508 | 12,320,146 | 14,652,183 | ||||||||||||
| Cost of shares redeemed | (55,192,472 | ) | (219,740,003 | ) | — | — | ||||||||||
| Increase (decrease) in net assets resulting from share transactions | (9,900,556 | ) | 26,045,505 | 12,320,146 | 14,652,183 | |||||||||||
| Total increase (decrease) in net assets | (20,207,625 | ) | 34,933,646 | 9,978,982 | 17,133,681 | |||||||||||
| Net Assets, beginning of period | 111,823,739 | 76,890,093 | 35,226,917 | 18,093,236 | ||||||||||||
| Net Assets, end of period | $ | 91,616,114 | $ | 111,823,739 | $ | 45,205,899 | $ | 35,226,917 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 675,000 | 4,125,000 | 225,000 | 275,000 | ||||||||||||
| Shares redeemed | (925,000 | ) | (3,750,000 | ) | — | — | ||||||||||
| Net increase (decrease) | (250,000 | ) | 375,000 | 225,000 | 275,000 | |||||||||||
See Notes to Financial Statements
| 51 |
For a share outstanding throughout each period:
| Agribusiness ETF | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $95.38 | $77.82 | $68.59 | $57.11 | $61.63 | $51.38 | ||||||||||||||||||
| Net investment income (a) | 1.08 | 1.14 | 0.90 | 0.83 | 0.83 | 0.83 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (9.88) | 17.54 | 9.19 | 11.56 | (4.39) | 10.30 | ||||||||||||||||||
| Total from investment operations | (8.80) | 18.68 | 10.09 | 12.39 | (3.56) | 11.13 | ||||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (1.12) | (0.86) | (0.91) | (0.96) | (0.88) | ||||||||||||||||||
| Net asset value, end of period | $86.58 | $95.38 | $77.82 | $68.59 | $57.11 | $61.63 | ||||||||||||||||||
| Total return (b) | (9.22)% | (c) | 23.99 | % | 14.73 | % | 21.70 | % | (5.76) | % | 21.68 | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Expenses | 0.52% | (d) | 0.52 | % | 0.55 | % | 0.56 | % | 0.54 | % | 0.54 | % | ||||||||||||
| Expenses excluding interest | 0.52% | (d) | 0.52 | % | 0.55 | % | 0.56 | % | 0.54 | % | 0.53 | % | ||||||||||||
| Net investment income | 2.24% | (d) | 1.25 | % | 1.41 | % | 1.29 | % | 1.32 | % | 1.48 | % | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $1,641 | $1,183 | $794 | $717 | $757 | $854 | ||||||||||||||||||
| Portfolio turnover rate (e) | 15% | (c) | 17 | % | 13 | % | 21 | % | 16 | % | 22 | % | ||||||||||||
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 52 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| Future of Food ETF | ||||||||
| Period Ended June 30, 2022 |
Period Ended December 31, 2021(a) | |||||||
| (unaudited) | ||||||||
| Net asset value, beginning of period | $24.70 | $24.33 | ||||||
| Net investment income (b) | 0.17 | 0.02 | ||||||
| Net realized and unrealized gain (loss) on investments | (5.80) | 0.35 | ||||||
| Total from investment operations | (5.63) | 0.37 | ||||||
| Net asset value, end of period | $19.07 | $24.70 | ||||||
| Total return (c) | (22.80)% | (d) | 1.53% | (d) | ||||
| Ratios to average net assets | ||||||||
| Expenses | 0.70% | (e) | 0.69% | (e) | ||||
| Expenses excluding interest and taxes | 0.69% | (e) | 0.69% | (e) | ||||
| Net investment income | 1.56% | (e) | 0.93% | (e) | ||||
| Supplemental data | ||||||||
| Net assets, end of period (in millions) | $3 | $2 | ||||||
| Portfolio turnover rate (f) | 0% | (d) | 0% | (d) | ||||
| (a) | For the period December 1, 2021 (commencement of operations) through December 31, 2021. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 53 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| Gold Miners ETF | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $32.00 | $35.98 | $29.34 | $21.07 | $23.25 | $20.92 | ||||||||||||||||||
| Net investment income (a) | 0.23 | 0.52 | 0.21 | 0.19 | 0.14 | 0.10 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (4.75) | (3.97) | 6.62 | 8.27 | (2.21) | 2.41 | ||||||||||||||||||
| Total from investment operations | (4.52) | (3.45) | 6.83 | 8.46 | (2.07) | 2.51 | ||||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (0.53) | (0.19) | (0.19) | (0.11) | (0.18) | ||||||||||||||||||
| Net asset value, end of period | $27.48 | $32.00 | $35.98 | $29.34 | $21.07 | $23.25 | ||||||||||||||||||
| Total return (b) | (14.12)% | (c) | (9.56) | % | 23.30 | % | 40.15 | % | (8.92) | % | 11.99 | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Expenses | 0.51% | (d) | 0.51 | % | 0.51 | % | 0.52 | % | 0.52 | % | 0.53 | % | ||||||||||||
| Net investment income | 1.37% | (d) | 1.53 | % | 0.61 | % | 0.76 | % | 0.66 | % | 0.42 | % | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $10,933 | $13,273 | $16,504 | $12,999 | $10,576 | $7,575 | ||||||||||||||||||
| Portfolio turnover rate (e) | 11% | (c) | 15 | % | 13 | % | 14 | % | 15 | % | 12 | % | ||||||||||||
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 54 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| Green Metals ETF | ||||||||
| Period Ended June 30, 2022 |
Period Ended December 31, 2021(a) | |||||||
| (unaudited) | ||||||||
| Net asset value, beginning of period | $34.88 | $34.67 | ||||||
| Net investment income (loss) (b) | 0.48 | (0.01) | ||||||
| Net realized and unrealized gain (loss) on investments | (6.20) | 0.22 | ||||||
| Total from investment operations | (5.72) | 0.21 | ||||||
| Net asset value, end of period | $29.16 | $34.88 | ||||||
| Total return (c) | (16.39)% | (d) | 0.61% | (d) | ||||
| Ratios to average net assets | ||||||||
| Expenses | 0.60% | (e) | 0.60% | (e) | ||||
| Expenses excluding interest | 0.59% | (e) | 0.59% | (e) | ||||
| Net investment income (loss) | 2.87% | (e) | (0.30)% | (e) | ||||
| Supplemental data | ||||||||
| Net assets, end of period (in millions) | $22 | $16 | ||||||
| Portfolio turnover rate (f) | 17% | (d) | 10% | (d) | ||||
| (a) | For the period November 10, 2021 (commencement of operations) through December 31, 2021. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 55 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| Junior Gold Miners ETF | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $41.88 | $54.26 | $42.39 | $30.11 | $34.21 | $31.72 | ||||||||||||||||||
| Net investment income (a) | 0.08 | 0.39 | 0.22 | 0.08 | 0.14 | 0.05 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (9.82) | (12.02) | 12.51 | 12.36 | (4.10) | 2.45 | ||||||||||||||||||
| Total from investment operations | (9.74) | (11.63) | 12.73 | 12.44 | (3.96) | 2.50 | ||||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (0.75) | (0.86) | (0.16) | (0.14) | (0.01) | ||||||||||||||||||
| Net asset value, end of period | $32.14 | $41.88 | $54.26 | $42.39 | $30.11 | $34.21 | ||||||||||||||||||
| Total return (b) | (23.25)% | (c) | (21.44) | % | 30.07 | % | 41.31 | % | (11.58) | % | 7.89 | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Gross expenses | 0.52% | (d) | 0.52 | % | 0.52 | % | 0.53 | % | 0.53 | % | 0.55% | (e) | ||||||||||||
| Net expenses | 0.52% | (d) | 0.52 | % | 0.52 | % | 0.53 | % | 0.53 | % | 0.54% | (e) | ||||||||||||
| Net expenses excluding interest | 0.52% | (d) | 0.52 | % | 0.52 | % | 0.53 | % | 0.53 | % | 0.53% | (e) | ||||||||||||
| Net investment income | 0.40% | (d) | 0.84 | % | 0.46 | % | 0.24 | % | 0.45 | % | 0.16% | (e) | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $3,337 | $4,495 | $6,315 | $5,219 | $4,273 | $4,634 | ||||||||||||||||||
| Portfolio turnover rate (f) | 18% | (c) | 24 | % | 34 | % | 19 | % | 28 | % | 67 | % | ||||||||||||
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 56 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| Low Carbon Energy ETF | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $159.69 | $165.41 | $75.70 | $55.10 | $60.94 | $50.62 | ||||||||||||||||||
| Net investment income (a) | 0.85 | 0.78 | 0.16 | 0.05 | 0.26 | 1.12 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (35.45) | (5.79) | 89.64 | 20.55 | (5.76) | 9.97 | ||||||||||||||||||
| Total from investment operations | (34.60) | (5.01) | 89.80 | 20.60 | (5.50) | 11.09 | ||||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (0.71) | (0.09) | — | (0.34) | (0.77) | ||||||||||||||||||
| Net asset value, end of period | $125.09 | $159.69 | $165.41 | $75.70 | $55.10 | $60.94 | ||||||||||||||||||
| Total return (b) | (21.67)% | (c) | (3.02) | % | 118.65 | % | 37.38 | % | (9.02) | % | 21.90 | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Gross expenses | 0.59% | (d) | 0.55 | % | 0.64 | % | 0.65 | % | 0.65 | % | 0.67 | % | ||||||||||||
| Net expenses | 0.59% | (d) | 0.55 | % | 0.62 | % | 0.62 | % | 0.63 | % | 0.63 | % | ||||||||||||
| Net expenses excluding interest | 0.58% | (d) | 0.55 | % | 0.62 | % | 0.62 | % | 0.62 | % | 0.62 | % | ||||||||||||
| Net investment income | 1.26% | (d) | 0.49 | % | 0.16 | % | 0.08 | % | 0.44 | % | 1.94 | % | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $229 | $301 | $270 | $105 | $79 | $87 | ||||||||||||||||||
| Portfolio turnover rate (e) | 7% | (c) | 77 | % | 84 | % | 40 | % | 31 | % | 21 | % | ||||||||||||
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 57 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| Natural Resources ETF | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $47.44 | $38.65 | $37.10 | $32.20 | $37.09 | $32.31 | ||||||||||||||||||
| Net investment income (a) | 0.91 | 1.21 | 0.84 | 0.96 | 0.81 | 0.72 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (2.96) | 8.60 | 1.65(b) | 4.94 | (4.78) | 4.81 | ||||||||||||||||||
| Total from investment operations | (2.05) | 9.81 | 2.49 | 5.90 | (3.97) | 5.53 | ||||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (1.02) | (0.94) | (1.00) | (0.92) | (0.75) | ||||||||||||||||||
| Net asset value, end of period | $45.39 | $47.44 | $38.65 | $37.10 | $32.20 | $37.09 | ||||||||||||||||||
| Total return (c) | (4.32)% | (d) | 25.38 | % | 6.73 | % | 18.34 | % | (10.69) | % | 17.14 | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Gross expenses (e) | 0.49% | (f) | 0.78 | % | 0.90 | % | 0.79 | % | 0.72 | % | 0.80 | % | ||||||||||||
| Net expenses (e) | 0.49% | (f) | 0.49 | % | 0.49 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||
| Net expenses excluding interest (e) | 0.49% | (f) | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||||
| Net investment income | 3.57% | (f) | 2.63 | % | 2.59 | % | 2.70 | % | 2.21 | % | 2.09 | % | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $145 | $97 | $52 | $70 | $77 | $104 | ||||||||||||||||||
| Portfolio turnover rate (g) | 29% | (d) | 26 | % | 26 | % | 24 | % | 23 | % | 34 | % | ||||||||||||
| (a) | Calculated based upon average shares outstanding |
| (b) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Periods after December 31, 2021 reflect a unitary management fee structure. |
| (f) | Annualized |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 58 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| Oil Refiners ETF | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $27.14 | $25.01 | $29.01 | $26.95 | $30.40 | $20.86 | ||||||||||||||||||
| Net investment income (a) | 0.49 | 0.66 | 0.58 | 0.56 | 0.74 | 0.61 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | 2.05 | 2.12 | (3.92) | 1.91 | (3.54) | 9.38 | ||||||||||||||||||
| Total from investment operations | 2.54 | 2.78 | (3.34) | 2.47 | (2.80) | 9.99 | ||||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (0.65) | (0.64) | (0.41) | (0.52) | (0.37) | ||||||||||||||||||
| Net realized capital gains | — | — | — | — | (0.13) | (0.08) | ||||||||||||||||||
| Return of capital | — | — | (0.02) | — | — | — | ||||||||||||||||||
| Total distributions | — | (0.65) | (0.66) | (0.41) | (0.65) | (0.45) | ||||||||||||||||||
| Net asset value, end of period | $29.68 | $27.14 | $25.01 | $29.01 | $26.95 | $30.40 | ||||||||||||||||||
| Total return (b) | 9.36% | (c) | 11.10 | % | (11.50) | % | 9.19 | % | (9.22) | % | 47.91 | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Gross expenses | 0.87% | (d) | 1.02 | % | 1.29 | % | 1.03 | % | 0.72 | % | 2.71 | % | ||||||||||||
| Net expenses | 0.60% | (d) | 0.59 | % | 0.59 | % | 0.60 | % | 0.60 | % | 0.59 | % | ||||||||||||
| Net expenses excluding interest | 0.59% | (d) | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
| Net investment income | 3.24% | (d) | 2.32 | % | 2.56 | % | 1.97 | % | 2.32 | % | 2.43 | % | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $56 | $20 | $18 | $35 | $49 | $11 | ||||||||||||||||||
| Portfolio turnover rate (e) | 23% | (c) | 18 | % | 37 | % | 30 | % | 31 | % | 24 | % | ||||||||||||
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 59 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| Oil Services ETF(a) | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $184.74 | $153.90 | $265.47 | $280.60 | $520.40 | $667.20 | ||||||||||||||||||
| Net investment income (b) | 1.07 | 2.41 | 2.26 | 6.60 | 7.00 | 18.00 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | 46.86 | 30.24(c) | (111.94) | (15.93)(c) | (240.80) | (151.20) | ||||||||||||||||||
| Total from investment operations | 47.93 | 32.65 | (109.68) | (9.33) | (233.80) | (133.20) | ||||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (1.81) | (1.89) | (5.80) | (6.00) | (13.60) | ||||||||||||||||||
| Net asset value, end of period | $232.67 | $184.74 | $153.90 | $265.47 | $280.60 | $520.40 | ||||||||||||||||||
| Total return (d) | 25.94% | (e) | 21.18 | % | (41.31) | % | (3.35) | % | (44.93) | % | (19.95) | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Gross expenses (f) | 0.35% | (g) | 0.36 | % | 0.40 | % | 0.39 | % | 0.38 | % | 0.39 | % | ||||||||||||
| Net expenses (f) | 0.35% | (g) | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | ||||||||||||
| Net investment income | 0.83% | (g) | 1.21 | % | 1.68 | % | 2.28 | % | 1.44 | % | 3.36 | % | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $2,653 | $2,143 | $723 | $773 | $1,045 | $1,651 | ||||||||||||||||||
| Portfolio turnover rate (h) | 6% | (e) | 28 | % | 33 | % | 29 | % | 22 | % | 34 | % | ||||||||||||
| (a) | On April 15, 2020, the Fund effected a 1 for 20 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split. |
| (b) | Calculated based upon average shares outstanding |
| (c) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
| (d) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (e) | Not Annualized |
| (f) | Periods after December 31, 2021 reflect a unitary management fee structure. |
| (g) | Annualized |
| (h) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 60 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| Rare Earth/Strategic Metals ETF(a) | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $111.72 | $65.41 | $40.41 | $40.68 | $89.25 | $50.70 | ||||||||||||||||||
| Net investment income (b) | 0.36 | 0.08 | 0.58 | 0.90 | 1.98 | 1.32 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (25.07) | 52.12 | 24.95 | (0.54)(c) | (45.48) | 39.84 | ||||||||||||||||||
| Total from investment operations | (24.71) | 52.20 | 25.53 | 0.36 | (43.50) | 41.16 | ||||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (5.89) | (0.53) | (0.63) | (5.07) | (2.61) | ||||||||||||||||||
| Net asset value, end of period | $87.01 | $111.72 | $65.41 | $40.41 | $40.68 | $89.25 | ||||||||||||||||||
| Total return (d) | (22.12)% | (e) | 80.09 | % | 63.22 | % | 0.91 | % | (48.70) | % | 81.43 | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Gross expenses | 0.53% | (f) | 0.53 | % | 0.63 | % | 0.64 | % | 0.63 | % | 0.73 | % | ||||||||||||
| Net expenses | 0.53% | (f) | 0.53 | % | 0.59 | % | 0.60 | % | 0.59 | % | 0.61 | % | ||||||||||||
| Net expenses excluding interest | 0.53% | (f) | 0.53 | % | 0.57 | % | 0.57 | % | 0.57 | % | 0.57 | % | ||||||||||||
| Net investment income | 0.70% | (f) | 0.08 | % | 1.44 | % | 2.14 | % | 2.73 | % | 1.99 | % | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $781 | $1,014 | $322 | $193 | $93 | $182 | ||||||||||||||||||
| Portfolio turnover rate (g) | 21% | (e) | 74 | % | 70 | % | 64 | % | 68 | % | 57 | % | ||||||||||||
| (a) | On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split. |
| (b) | Calculated based upon average shares outstanding |
| (c) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
| (d) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (e) | Not Annualized |
| (f) | Annualized |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 61 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| Steel ETF | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $53.25 | $44.57 | $37.74 | $34.87 | $45.74 | $37.82 | ||||||||||||||||||
| Net investment income (a) | 1.36 | 3.19 | 0.71 | 1.16 | 1.30 | 0.92 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (5.09) | 9.25 | 6.95 | 2.75 | (9.99) | 8.12 | ||||||||||||||||||
| Total from investment operations | (3.73) | 12.44 | 7.66 | 3.91 | (8.69) | 9.04 | ||||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (3.76) | (0.77) | (1.04) | (2.18) | (1.12) | ||||||||||||||||||
| Return of capital | — | — | (0.06) | — | — | — | ||||||||||||||||||
| Total distributions | — | (3.76) | (0.83) | (1.04) | (2.18) | (1.12) | ||||||||||||||||||
| Net asset value, end of period | $49.52 | $53.25 | $44.57 | $37.74 | $34.87 | $45.74 | ||||||||||||||||||
| Total return (b) | (7.00)% | (c) | 27.91 | % | 20.57 | % | 11.02 | % | (18.94) | % | 23.86 | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Gross expenses | 0.59% | (d) | 0.56 | % | 0.95 | % | 0.71 | % | 0.61 | % | 0.62 | % | ||||||||||||
| Net expenses | 0.56% | (d) | 0.55 | % | 0.56 | % | 0.56 | % | 0.56 | % | 0.56 | % | ||||||||||||
| Net expenses excluding interest | 0.55% | (d) | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | 0.55 | % | ||||||||||||
| Net investment income | 4.56% | (d) | 5.48 | % | 2.31 | % | 3.11 | % | 2.80 | % | 2.25 | % | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $92 | $112 | $77 | $66 | $58 | $151 | ||||||||||||||||||
| Portfolio turnover rate (e) | 9% | (c) | 25 | % | 34 | % | 19 | % | 16 | % | 31 | % | ||||||||||||
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 62 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| Uranium+Nuclear Energy ETF | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $54.90 | $49.35 | $48.71 | $49.67 | $49.09 | $47.55 | ||||||||||||||||||
| Net investment income (a) | 0.70 | 1.44 | 0.89 | 1.07 | 1.30 | 1.35 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (3.44) | 5.20 | 0.85 | (0.85) | 1.22 | 2.57 | ||||||||||||||||||
| Total from investment operations | (2.74) | 6.64 | 1.74 | 0.22 | 2.52 | 3.92 | ||||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (1.09) | (1.10) | (1.18) | (1.94) | (2.38) | ||||||||||||||||||
| Net asset value, end of period | $52.16 | $54.90 | $49.35 | $48.71 | $49.67 | $49.09 | ||||||||||||||||||
| Total return (b) | (4.99)% | (c) | 13.48 | % | 3.59 | % | 0.44 | % | 5.15 | % | 8.27 | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Gross expenses | 0.73% | (d) | 0.89 | % | 1.25 | % | 0.93 | % | 0.85 | % | 0.89 | % | ||||||||||||
| Net expenses | 0.60% | (d) | 0.60 | % | 0.60 | % | 0.61 | % | 0.60 | % | 0.61 | % | ||||||||||||
| Net expenses excluding interest | 0.60% | (d) | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | ||||||||||||
| Net investment income | 2.59% | (d) | 2.70 | % | 1.97 | % | 2.13 | % | 2.58 | % | 2.67 | % | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $45 | $35 | $18 | $23 | $26 | $28 | ||||||||||||||||||
| Portfolio turnover rate (e) | 15% | (c) | 25 | % | 25 | % | 15 | % | 32 | % | 19 | % | ||||||||||||
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 63 |
NOTES TO FINANCIAL STATEMENTS
June 30, 2022 (unaudited)
Note 1—Fund Organization—VanEck ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
| Fund | Diversification Classification |
| Agribusiness ETF | Non-Diversified |
| Future of Food ETF | Non-Diversified |
| Gold Miners ETF | Non-Diversified |
| Green Metals ETF | Non-Diversified |
| Junior Gold Miners ETF | Non-Diversified |
| Low Carbon Energy ETF | Non-Diversified |
| Natural Resources ETF | Diversified |
| Oil Refiners ETF | Non-Diversified |
| Oil Services ETF | Non-Diversified |
| Rare Earth/Strategic Metals ETF | Non-Diversified |
| Steel ETF | Non-Diversified |
| Uranium+Nuclear Energy ETF | Non-Diversified |
Each Fund, except for Future of Food ETF, was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index. The Future of Food ETF is an actively managed ETF that seeks long-term capital appreciation and invests primarily in securities of companies engaged in Agri-Food technology and innovation.
Van Eck Associates Corporation (the “Adviser”) is the investment adviser for the Funds.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.
The following summarizes the Funds’ significant accounting policies.
| A. | Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of the Adviser |
| 64 |
| provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. | |
| Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. | |
| The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below: | |
| Level 1 — Quoted prices in active markets for identical securities. | |
| Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
| Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). | |
| A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. | |
| B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. |
| C. | Distributions to Shareholders— Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
| D. | Currency Translation— Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net |
| 65 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
| realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. | |
| E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
| F. | Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at June 30, 2022 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending). |
| G. | Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned. |
| The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. | |
| In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least May 1, 2023, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.
The management fee rates and expense limitations for the period ended June 30, 2022, are as follows:
| Fund | Management Fees |
Expense Limitations | ||||||
| Agribusiness ETF | 0.50 | % | 0.56 | % | ||||
| Gold Miners ETF | 0.50 | 0.53 | ||||||
| Junior Gold Miners ETF | 0.50 | 0.56 | ||||||
| Low Carbon Energy ETF | 0.50 | 0.62 | ||||||
| Oil Refiners ETF | 0.50 | 0.59 | ||||||
| Rare Earth/Strategic Metals ETF | 0.50 | 0.57 | ||||||
| Steel ETF | 0.50 | 0.55 | ||||||
| Uranium+Nuclear Energy ETF | 0.50 | 0.60 | ||||||
Refer to the Statements of Operations for amounts waived/assumed by the Adviser.
| 66 |
The Future of Food ETF, Green Metals ETF, and effective January 1, 2022, Natural Resources ETF and Oil Services ETF utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Fund, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses until at least May 1, 2023.
| Fund | Unitary Management Fee Rate | |||
| Future of Food ETF | 0.69 | % | ||
| Green Metals ETF | 0.59 | |||
| Natural Resources ETF | 0.49 | |||
| Oil Services ETF | 0.35 | |||
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
At June 30, 2022, the Adviser owned less than 1% of Gold Miners ETF.
Note 4—Capital Share Transactions—As of June 30, 2022, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
Note 5—Investments—For the period ended June 30, 2022, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
| In-Kind Capital Share Transactions | ||||||||||||||||
| Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
| Agribusiness ETF | $ | 259,651,183 | $ | 225,549,595 | $ | 787,392,182 | $ | 123,667,445 | ||||||||
| Future of Food ETF | 22,717 | 11,174 | 1,010,044 | — | ||||||||||||
| Gold Miners ETF | 1,592,222,953 | 1,423,657,146 | 1,488,762,364 | 1,935,272,692 | ||||||||||||
| Green Metals ETF | 7,816,665 | 4,040,251 | 8,713,626 | 1,052,995 | ||||||||||||
| Junior Gold Miners ETF | 768,990,356 | 757,070,609 | 292,426,056 | 441,142,842 | ||||||||||||
| Low Carbon Energy ETF | 20,643,919 | 18,810,600 | — | 6,709,067 | ||||||||||||
| Natural Resources ETF | 42,391,478 | 38,923,597 | 63,023,688 | 4,730,700 | ||||||||||||
| Oil Refiners ETF | 12,328,102 | 6,368,442 | 35,294,072 | 2,363,999 | ||||||||||||
| Oil Services ETF | 199,396,051 | 191,235,177 | 1,960,548,664 | 1,935,634,678 | ||||||||||||
| Rare Earth/Strategic Metals ETF | 199,896,106 | 197,042,031 | 82,590,677 | 85,930,486 | ||||||||||||
| Steel ETF | 13,451,892 | 10,696,594 | 45,271,598 | 55,172,480 | ||||||||||||
| Uranium+Nuclear Energy ETF | 7,110,301 | 6,342,280 | 12,314,489 | — | ||||||||||||
| 67 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Note 6—Income Taxes—As of June 30, 2022, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
| Fund | Tax Cost of Investments |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
| Agribusiness ETF | $1,687,567,610 | $95,662,441 | $(139,174,457) | $(43,512,016) | ||||||||||||
| Future of Food ETF | 3,658,688 | 37,908 | (663,505) | (625,597) | ||||||||||||
| Gold Miners ETF | 12,030,134,417 | 998,008,185 | (1,967,435,330) | (969,427,145) | ||||||||||||
| Green Metals ETF | 27,035,615 | 350,778 | (4,972,439) | (4,621,661) | ||||||||||||
| Junior Gold Miners ETF | 4,811,882,745 | 126,940,112 | (1,514,869,381) | (1,387,929,269) | ||||||||||||
| Low Carbon Energy ETF | 262,717,588 | 30,993,927 | (55,334,014) | (24,340,087) | ||||||||||||
| Natural Resources ETF | 140,504,253 | 15,330,634 | (9,706,880) | 5,623,754 | ||||||||||||
| Oil Refiners ETF | 57,614,816 | 1,225,667 | (3,017,335) | (1,791,668) | ||||||||||||
| Oil Services ETF | 2,954,907,018 | 52,375,330 | (352,906,695) | (300,531,365) | ||||||||||||
| Rare Earth/Strategic Metals ETF | 746,131,395 | 215,862,461 | (142,649,281) | 73,213,180 | ||||||||||||
| Steel ETF | 130,747,561 | – | (34,975,228) | (34,975,228) | ||||||||||||
| Uranium+Nuclear Energy ETF | 46,464,161 | 4,744,860 | (3,615,344) | 1,129,516 | ||||||||||||
The tax character of dividends paid to shareholders will be determined at the end of the current fiscal year.
At December 31, 2021, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
| Fund | Short-Term Capital Losses with No Expiration |
Long-Term Capital Losses with No Expiration |
Total | |||||||||
| Agribusiness ETF | $ | (175,905,265 | ) | $ | (551,654,085 | ) | $ | (727,559,350 | ) | |||
| Gold Miners ETF | (1,805,505,732 | ) | (9,236,573,744 | ) | (11,042,079,476 | ) | ||||||
| Green Metals ETF | (27,331 | ) | – | (27,331 | ) | |||||||
| Junior Gold Miners ETF | (1,648,480,658 | ) | (2,831,424,632 | ) | (4,479,905,290 | ) | ||||||
| Low Carbon Energy ETF | (7,146,828 | ) | (47,629,264 | ) | (54,776,092 | ) | ||||||
| Natural Resources ETF | (3,940,074 | ) | (42,329,314 | ) | (46,269,388 | ) | ||||||
| Oil Refiners ETF | (3,229,685 | ) | (4,344,872 | ) | (7,574,557 | ) | ||||||
| Oil Services ETF | (234,798,568 | ) | (1,626,627,490 | ) | (1,861,426,058 | ) | ||||||
| Rare Earth/Strategic Metals ETF | (35,999,127 | ) | (232,464,649 | ) | (268,463,776 | ) | ||||||
| Steel ETF | (13,384,193 | ) | (142,647,850 | ) | (156,032,043 | ) | ||||||
| Uranium+Nuclear Energy ETF | (13,930,669 | ) | (71,255,403 | ) | (85,186,072 | ) | ||||||
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended June 30, 2022, the Funds did not incur any interest or penalties.
Note 7—Principal Risks— Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the coronavirus
| 68 |
outbreak. Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.
Following Russia’s large-scale invasion of Ukraine on February 24, 2022, governments of the United States and many other countries have imposed economic sanctions on certain Russian individuals and Russian governmental, corporate and banking entities. A number of jurisdictions have also instituted broad sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. In response, the government of Russia has imposed capital controls to restrict movements of capital entering and exiting the country. As a result, the value and liquidity of Russian securities and its currency have experienced and may continue to experience significant declines and increased volatility. The Russian securities markets were closed for a period of time and were reopened on March 24, 2022, but significant trading limitations have remained. There is no assurance that these disruptions will not continue.
Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in a Fund could be heightened and the Fund’s investments (and thus a shareholder’s investment in a Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds of the Trust as directed by the Trustees.
The expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities. Effective January 1, 2022, Natural Resources ETF and Oil Services ETF converted to a unitary management fee structure. For these Funds, the liability of the Plan shown as “Deferred Trustee fees” in the Statements of Asset and Liabilities represents amounts accrued through December 31, 2021. Future of Food ETF and Green Metals ETF commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.
Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements
| 69 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at June 30, 2022 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of June 30, 2022:
| Fund | Market Value of Securities on Loan |
Cash Collateral |
Non-Cash Collateral |
Total Collateral | ||||||||||||
| Agribusiness ETF | $ | 10,494,145 | $ | 6,592,867 | $ | 4,451,660 | $ | 11,044,527 | ||||||||
| Future of Food ETF | 210,454 | 206,813 | 19,535 | 226,348 | ||||||||||||
| Gold Miners ETF | 237,120,762 | 132,623,401 | 124,926,066 | 257,549,467 | ||||||||||||
| Green Metals ETF | 496,178 | 530,041 | – | 530,041 | ||||||||||||
| Junior Gold Miners ETF | 131,657,663 | 92,878,949 | 58,368,936 | 151,247,885 | ||||||||||||
| Low Carbon Energy ETF | 26,411,462 | 8,445,942 | 19,238,105 | 27,684,047 | ||||||||||||
| Natural Resources ETF | 4,031,096 | 1,183,311 | 3,071,381 | 4,254,692 | ||||||||||||
| Oil Services ETF | 22,715,429 | 4,998,253 | 19,066,360 | 24,064,613 | ||||||||||||
| Rare Earth/Strategic Metals ETF | 151,236,579 | 37,136,036 | 129,123,344 | 166,259,380 | ||||||||||||
| Steel ETF | 20,875,188 | 4,204,063 | 18,029,129 | 22,233,192 | ||||||||||||
| Uranium+Nuclear Energy ETF | 4,794,155 | 2,312,067 | 2,759,968 | 5,072,035 | ||||||||||||
The following table presents money market fund investments held as collateral by type of security on loan as of June 30, 2022:
| Gross Amount
of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities | ||||
| Fund | Equity Securities | |||
| Agribusiness ETF | $ | 6,592,867 | ||
| Future of Food ETF | 206,813 | |||
| Gold Miners ETF | 132,623,401 | |||
| Green Metals ETF | 530,041 | |||
| Junior Gold Miners ETF | 92,878,949 | |||
| Low Carbon Energy ETF | 8,445,942 | |||
| Natural Resources ETF | 1,183,311 | |||
| Oil Services ETF | 4,998,253 | |||
| Rare Earth/Strategic Metals ETF | 37,136,036 | |||
| Steel ETF | 4,204,063 | |||
| Uranium+Nuclear Energy ETF | 2,312,067 | |||
| * | Remaining contractual maturity: overnight and continuous |
Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The participating Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates
| 70 |
in effect at the time of borrowings. During the period ended June 30, 2022, the following Funds borrowed under this Facility:
| Fund | Days Outstanding |
Average Daily Loan Balance |
Average Interest Rate | |||||||||
| Agribusiness ETF | 117 | $ | 2,598,092 | 1.87 | % | |||||||
| Gold Miners ETF | 51 | 27,486,139 | 1.91 | |||||||||
| Green Metals ETF | 167 | 384,424 | 1.76 | |||||||||
| Junior Gold Miners ETF | 25 | 18,046,532 | 2.34 | |||||||||
| Low Carbon Energy ETF | 117 | 650,429 | 1.88 | |||||||||
| Natural Resources ETF | 98 | 543,381 | 1.80 | |||||||||
| Oil Refiners ETF | 32 | 253,351 | 2.07 | |||||||||
| Oil Services ETF | 93 | 1,868,000 | 1.62 | |||||||||
| Rare Earth/Strategic Metals ETF | 98 | 1,136,405 | 1.79 | |||||||||
| Steel ETF | 48 | 725,627 | 1.79 | |||||||||
| Uranium+Nuclear Energy ETF | 85 | 156,326 | 2.12 | |||||||||
Outstanding loan balances as of June 30, 2022, if any, are reflected in the Statements of Assets and Liabilities.
Note 11—Share Split— The Board of Trustees approved a 1 for 20 reverse share split for Oil Services ETF, and 1 for 3 reverse share split for Rare Earth/Strategic Metals ETF and shares began trading on a split-adjusted basis on April 15, 2020. The Financial Highlights prior to April 15, 2020 have been adjusted to reflect these reverse share splits.
Note 12—Subsequent Event Review—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
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APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
June 30, 2022 (unaudited)
At a meeting held on June 7, 2022 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Africa Index ETF, Agribusiness ETF, Brazil Small-Cap ETF, China Growth Leaders ETF, ChiNext ETF, Digital India ETF, Egypt Index ETF, Gold Miners ETF, Green Metals ETF, India Growth Leaders ETF, Indonesia Index ETF, Israel ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Natural Resources ETF, Oil Refiners ETF, Oil Services ETF, Rare Earth/Strategic Metals ETF, Russia ETF, Russia Small-Cap ETF, Steel ETF, Uranium + Nuclear Energy ETF and Vietnam ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to each of VanEck China Growth Leaders ETF and ChiNext ETF (together, the “China Funds”). The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”
The Board’s approval of the Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 6, 2022. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Funds) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. They also considered the fact that each of the VanEck Digital India ETF and Green Metals ETF had only recently commenced operations and therefore each had a limited operational history that could be used for comparative purposes, since tracking error measurements and the performance comparisons provided by Broadridge were not available for each Fund. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. For these and other reasons, the Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds. The Trustees also considered the Adviser’s efforts to navigate significant regulatory restrictions and other operational challenges in managing the VanEck Russia ETF and Russia Small-Cap ETF during recent periods.
The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 6, 2022 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the China Funds), including the background and experience of the portfolio manager(s) and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser and the Sub-Adviser (with respect to the China Funds) provide under, the Agreements, including, where applicable, (i) (with respect to the VanEck Digital India ETF, Green Metals ETF, Natural Resources ETF and Oil Services ETF) (the “Unitary Funds”) the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) and (ii) (with respect to all other Funds) (the “Non-Unitary Funds”) the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds
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to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Funds and the Sub-Adviser’s experience with respect to Renminbi Qualified Foreign Institutional Investors Scheme funds. The Trustees also noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., Ltd., one of China’s largest asset management companies measured by fund assets under management.
The Trustees concluded that the Adviser, the Sub-Adviser (with respect to the China Funds) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying securities. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser and the Sub-Adviser (with respect to the China Funds) and the current status, as they understood it, of the Adviser’s and Sub-Adviser’s (with respect to the China Funds) compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that each Fund (except as noted) had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, each of the VanEck Gold Miners ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Rare Earth/Strategic Metals ETF and Steel ETF had management fees (after the effect of any applicable fee waiver) below the average and equal to the median of its respective peer group of funds, each of the VanEck Africa Index ETF, Agribusiness ETF, Oil Services ETF, Russia ETF and Vietnam ETF had management fees (after the effect of any applicable fee waiver) above the average and equal to the median of its respective peer group of funds, and each of the VanEck Digital India ETF, Green Metals ETF and Natural Resources ETF had management fees above the average and median of its respective peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, each of the VanEck Brazil Small-Cap ETF, Gold Miners ETF, Indonesia Index ETF and Oil Services ETF had a total expense ratio (after the effect of any applicable expense limitation) below the average and equal to the median of its respective peer group of funds, each of the VanEck Israel ETF and Vietnam ETF had a total expense ratio (after the effect of any applicable expense limitation) below the average and above the median of its respective peer group of funds, and Junior Gold Miners ETF had a total expense ratio (after the effect of any applicable expense limitation) equal to the average and above the median of its respective peer group of funds, each of ChiNext ETF, Digital India ETF, Green Metals ETF, India Growth Leaders ETF and Oil Refiners ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and equal to the median of its respective peer group of funds, and each of the VanEck Africa Index ETF, Egypt Index ETF, Russia Small-Cap ETF and Uranium + Nuclear Energy ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective peer group of funds. The Trustees reviewed the amount by which certain Funds’ management fees and/or total expense ratios (after the effect of any applicable fee waivers and/or expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. With respect to the VanEck Russia ETF and Russia Small-Cap ETF, the Trustees noted that the Adviser had voluntarily agreed to waive all of the Funds’ management fees beginning March 11, 2022 (although such waiver could be terminated at any time). The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.
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VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
June 30, 2022 (unaudited) (continued)
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds and the fact that the Sub-Adviser had not identified any such monetary benefits.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes in which certain of the Funds invest, potential variability in the net assets of the Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Adviser has capped expenses on each of the Non-Unitary Funds since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rates for the China Funds are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 6, 2022 meeting as part of their consideration of the Agreements.
In voting to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each Agreement is in the best interest of each Fund and such Fund’s shareholders.
VanEck Future of Food ETF
At a meeting held on June 7, 2022 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Future of Food ETF (the “Fund”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 6, 2022. At that meeting, the Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Fund and the Fund’s peer funds (certain other exchange-traded funds (“ETFs”)), information about the advisory services provided to the Fund and the personnel providing those services, and the profitability (or the absence of profitability) and the benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. In addition, as noted below, the Trustees reviewed certain performance information for the Fund which was not provided by Broadridge and which did not compare the Fund’s performance to the
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performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Fund.
The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 6, 2022 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Fund. The Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
In evaluating the performance of the Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing the Fund’s performance to that of certain other ETFs. The Trustees also considered information from the Adviser regarding the performance of the Fund against its benchmark and the Adviser’s statement that the Fund’s performance against its benchmark is more relevant than performance against its peer group, given the small number of funds with directly competing strategies. The Trustees noted that the Fund had underperformed its benchmark for the period since its inception on November 30, 2021 through December 31, 2021, a relatively short period. Based on the foregoing, the Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Fund’s expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that the Fund had management fees above the average and median of its peer group of funds. The Trustees also noted that the information provided showed that the Fund had a total expense ratio above the average and median of its peer group of funds. The Trustees reviewed the amount by which the Fund’s management fees and total expense ratio exceeded the average and median of its peer group and information provided by the Adviser providing context for these comparisons, including that the Fund is actively managed while the other funds in its peer group are passively managed. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Fund were reasonable in light of the performance of the Fund and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreement, received by the Adviser from serving as adviser to the Fund.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and the fact that the Adviser did not earn any profits from managing the Fund. The Trustees reviewed the Fund’s asset size and expense ratio and noted that the Investment Management Agreement does not include breakpoints in the advisory fee rates as asset levels in the Fund increase. The Trustees considered the potential variability in the net assets of the Fund and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Fund effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for the Fund is reasonable and appropriate in relation to the current asset size of the Fund and the other factors discussed above and that the advisory fee rate for the Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist.
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VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
June 30, 2022 (unaudited) (continued)
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 6, 2022 meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and the Fund’s shareholders.
VanEck Commodity Strategy ETF and VanEck Gold and Bitcoin Strategy ETF
At a meeting held on March 4, 2022 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck ETF® Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved the investment management agreements between the Trust and Van Eck Absolute Return Advisers Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Commodity Strategy ETF (formerly known as VanEck Commodities and Bitcoin Strategy ETF) and VanEck Gold and Bitcoin Strategy ETF (the “Funds”).
The Board’s approval of the Investment Management Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of the Funds’ proposed investment programs, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Meeting regarding the management of the Funds, information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Funds. The Trustees also considered the terms and scope of services that the Adviser would provide under each Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of each Fund (including any expenses of the Fund’s subsidiary and excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
The Trustees considered the benefits, other than the fees under the Investment Management Agreements, that the Adviser would receive from serving as adviser to the Funds. The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Funds to the Adviser because the Funds had not yet commenced operations. In addition, because the Funds had not yet commenced operations, the Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Funds by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Meeting as part of their consideration of the Investment Management Agreements.
In voting to approve the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreements are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees
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considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that the Investment Management Agreements are in the best interest of the Funds and the Funds’ shareholders.
At a meeting held on June 7, 2022 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreements between the Trust and Van Eck Absolute Return Advisers Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Commodity Strategy ETF (formerly known as VanEck Commodities and Bitcoin Strategy ETF) and VanEck Gold and Bitcoin Strategy ETF (each, a “Fund” and together, the “Funds”).
The Board’s approval of the Investment Management Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 6, 2022. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 6, 2022 meeting regarding the proposed management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Funds. In evaluating the terms of the Investment Management Agreements at the Renewal Meeting and the May 6, 2022 meeting, the Trustees considered the terms of, and scope of services that the Adviser would provide under, the Investment Management Agreements, including the Adviser’s agreement to pay all expenses of the Funds (inclusive of any expenses of the Funds’ subsidiaries), except for the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Funds’ portfolios.
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Funds to the Adviser because the Funds had not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Funds by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 6, 2022 meeting as part of their consideration of the Investment Management Agreements.
In voting to approve the continuation of the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreements are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each Investment Management Agreement is in the best interest of each Fund and such Fund’s shareholders.
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FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM
(unaudited)
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act, the Funds have implemented a Liquidity Risk Management Program (the “Program”). The Program outlines certain techniques, tools and arrangements employed for the assessment and management of Fund liquidity risk, and the terms, contents and frequency of reporting of certain issues to the Board. Liquidity is managed taking account of the Funds’ investment strategy, liquidity profile, and, importantly, the fact that for most funds redemptions are settled primarily as in-kind redemptions. In this regard, certain of the Funds qualify as “In-Kind ETFs” under the Liquidity Rule because they meet redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publish their portfolio holdings daily. In-Kind ETFs are exempt from the Liquidity Rule’s classification and highly liquid investment minimum (“HLIM”) provisions, discussed below.
Under the Program and in accordance with the Liquidity Rule, each Fund’s liquidity risk is assessed at least annually taking into consideration certain factors enumerated in the Liquidity Rule, as applicable. The Liquidity Rule calls for considering certain such factors under both normal and reasonably foreseeable stressed market conditions.
With respect to each Fund that does not qualify under the Liquidity Rule as an “In-Kind ETF,” the Liquidity Rule and the Program require that each portfolio holding be classified into one of four liquidity classification categories. The Liquidity Rule requires that such classification determinations be made taking into account relevant market, trading and investment-specific considerations as well as market depth. The relevant Funds utilize data from a third-party vendor to assist with these determinations.
Funds that do not qualify as “In-Kind ETFs” are also required to determine and periodically review an HLIM – a minimum percentage of Fund net assets that are to be invested in Highly Liquid Investments that are assets – and adopt certain related procedures. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.
The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2021 to December 31, 2021 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.
The Board reviewed a report (“Report”) prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. The Report noted that, during the Review Period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as “Highly Liquid Investments.” The Report also noted the effectiveness of the Funds’ liquidity risk management during such time. Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.
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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
| Investment Adviser: | VanEck Associates Corporation | |
| Distributor: | VanEck Securities Corporation | |
| 666 Third Avenue, New York, NY 10017 | ||
| vaneck.com | ||
| Account Assistance: | 800.826.2333 | NRSAR |
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