ANNUAL REPORT
December 31, 2021

 

VANECK®    
     
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
 

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President’s Letter   2
Performance Comparison    
Agribusiness ETF   6
Gold Miners ETF   7
Junior Gold Miners ETF   8
Low Carbon Energy ETF   9
Natural Resources ETF   10
Oil Refiners ETF   11
Oil Services ETF   12
Rare Earth/Strategic Metals ETF   13
Steel ETF   14
Uranium + Nuclear Energy ETF   15
About Fund Performance   16
Explanation of Expenses   17
Schedule of Investments    
Agribusiness ETF   19
Future of Food ETF   21
Gold Miners ETF   23
Green Metals ETF   27
Junior Gold Miners ETF   29
Low Carbon Energy ETF   32
Natural Resources ETF   35
Oil Refiners ETF   42
Oil Services ETF   44
Rare Earth/Strategic Metals ETF   46
Steel ETF   48
Uranium+Nuclear Energy ETF   49
Statements of Assets and Liabilities   51
Statements of Operations   54
Statements of Changes in Net Assets   57
Financial Highlights    
Agribusiness ETF   63
Future of Food ETF   64
Gold Miners ETF   65
Green Metals ETF   66
Junior Gold Miners ETF   67
Low Carbon Energy ETF   68
Natural Resources ETF   69
Oil Refiners ETF   70
Oil Services ETF   71
Rare Earth/Strategic Metals ETF   72
Steel ETF   73
Uranium+Nuclear Energy ETF   74
Notes to Financial Statements   75
Report of Independent Registered Public Accounting Firm   84
Tax Information   86
Board of Trustees and Officers   87
Approval of Investment Management Agreements   90

 

 

Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of December 31, 2021.

 

VANECK ETFs

PRESIDENT’S LETTER

December 31, 2021 (unaudited)

 

Dear Fellow Shareholders:

 

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

 

The Economy

 

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

 

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

 

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

 

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

 

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

 

It is true that we are talking about supply chain issues and labor market issues longer than the transitory camp would like. But, while commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, since this tends to be longer-lasting and may affect long-term interest rates. I believe that the tight labor conditions we have today will persist, even as the economy slows down.

 

If inflation doesn’t push rates higher, I don’t think the Fed will hit the brakes too hard by raising rates further than they have already indicated. Toward the end of last year, Bank of America released a research note1 that said over half of the S&P 500® Index’s returns in the past decade can be attributed to the Fed’s balance sheet expansion, rather than earnings. We live in an era in which the Fed has an eye on the financial markets. We still see little reason why that would change.

 

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

 

Multi-Year Investment Themes

 

So what to do in your portfolio? We continue to focus on two multi-year investment themes.

 

The first theme is the energy transition away from fossil fuels. We see this not only as being driven by government policy, but also by innovation in the private sector. In our resources portfolios, we’re looking for disruptive companies in the sectors that need to be more energy efficient. One is agriculture (which emits about as much CO2 as the energy sector). AgTech businesses are embracing technology to modernize agriculture, leading to higher crop yields, safer crop chemicals and other innovations in food production to provide healthy diets for the world’s growing population.

 

As the economy grows and demand for commodities grows, increasing supply has become harder. This is in part due to environmental, social and governance (ESG) policies in place, causing “greenflation” and a multi-year trend of price pressure. Finding supply sources like new copper, lithium or gold mines is harder because of, to a certain extent, the environmental impact of these activities. I think this supply issue will continue

2

 

 

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

 

The second theme is the use of blockchain in a large variety of industries, but especially finance and entertainment. And especially in the field of “smart contracts.” New open source database technology is enabling incredibly rapid adoption and at much lower cost than traditional companies using prior generation technology. The fintech revolution that goes hand in hand with crypto is something we find really exciting. Of course there are some over-valued companies, but we think it’s another interesting multi-year trend that investors should consider.

 

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the 12 month period ended December 31, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

 

 

Jan F. van Eck

CEO and President

VanEck ETF Trust

 

July 20, 2021

 

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.

 

1Source: Bloomberg, https://www.bloomberg.com/news/articles/2021-09-08/bofa-s-subramanian-dumps-dire-stock-call-to-catch-up-with-rally

3

VANECK ETFs

MANAGEMENT DISCUSSION

December 31, 2021 (unaudited)

 

Market Review

 

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

 

Agribusiness

 

From its lowest point at the very start of the year, the VanEck Agribusiness ETF rose steadily throughout most of the year and Fund gained 23.99% for the 12 month period. All sectors contributed to the Fund’s positive performance, with the primary drivers being companies in the materials and healthcare sectors. In the former, they were in the chemicals segment. In the latter, they were those in the pharmaceuticals and healthcare equipment and supplies segments (involved in the wellbeing, health and safety of livestock, pets and also people). Companies in the consumer discretionary sector contributed the least. By far the greatest positive returns came from companies in the U.S., while the greatest negative returns came from those in Malaysia and Sweden.

 

Gold Miners

 

The stocks of both major gold miners and their junior peers had both an uneven and disappointing year. This was despite market and economic conditions that might usually have been thought of as propitious, in particular persistent inflation—whether or not considered to be “transitory”. Perhaps affected more than generally by the many uncertainties that abounded in the market, the junior gold miners (VanEck Junior Gold Miners ETF) posted a loss of 21.44% and larger gold miners (VanEck Gold Miners ETF) posted a loss of 9.56% for the 12 month period.

 

Among the larger mining stocks, companies in South Africa and the U.S. contributed the most to performance. Canadian companies, with the largest average country weighting during the year, detracted by far the most from performance.

 

Among the juniors, Indonesia was the strongest contributor, while Canada detracted by far the most from performance.

 

Low Carbon Energy

 

The performance of low carbon energy stocks during the 12 month period was both volatile and disappointing, with the VanEck Low Carbon Energy ETF recording a loss of 3.02%. While companies in the consumer discretionary sector contributed positively to performance, all other sectors detracted from performance with the industrial and utilities sectors detracting the most. The U.S. was by far the best performing country. Companies from Denmark detracted the most from performance.

 

Natural Resources

 

Natural resources stocks generally thrived in 2021 and the VanEck Natural Resources ETF gained 25.38% over the 12 month period under review. The energy and materials sectors contributed most to performance and the healthcare sector was the greatest detractor, but even then only minimally. U.S. companies contributed by far the most to performance, while Danish companies detracted the most.

 

Oil Refiners

 

Oil refining stocks had a volatile year, perhaps echoing the similarly volatile price of crude oil in 2021. With demand for oil in the U.S. having hit historic highs as the year drew to a close, the VanEck Oil Refiners ETF recorded a gain of 11.10% over the 12 month period.

 

Exposure to refiners in the U.S. contributed by far the most to the Fund’s total return. The only significant negative contributing country was Finland.

4

 

 

Oil Services

 

Despite a volatile 2021, also perhaps reflecting the similarly volatile price of crude oil in 2021, oil services stocks performed well (or rose) and the VanEck Oil Services ETF ended the 12 month period up 21.18%. Over the year, drilling activity increased substantially, the Baker Hughes U.S. rig count rose nearly 67% from 351 at the end of 2020 to 586 at the close of 2021.

 

The oil service stocks in the U.S., with the largest average country weighting, contributed by far the most to performance while both France and the United Kingdom detracted from performance, but only minimally.

 

Rare Earth and Strategic Metals

 

The VanEck Rare Earth/Strategic Metals ETF had another firm year in 2021, gaining 80.09%. Benefiting from the increasing focus on both climate change and the energy transition, the Fund rose fairly consistently through most of the year. The majority of the companies in the Fund’s portfolio contributed positively to returns. Of the companies contributing positively, those involved in the mining of lithium and/or production of lithium contributed the most. The greatest detractors from performance were three companies with mining operations and/or production involving molybdenum, rare earths, titanium and zirconium. Large- and mid-cap companies performed much better than their small-cap peers during the period under review.

 

Steel

 

On the back of strong demand, steel stocks hit highs toward the middle of May and the middle of August. Thereafter, however, they fell over most of the next four and a half months, but not enough to erase their gains earlier in the year and the VanEck Steel ETF ended the 12 month period recording a gain of 27.91%. The U.S. was by far the greatest contributors to performance. Only once country, China, detracted from performance and, then, only minimally.

 

Uranium+Nuclear Energy

 

Having hit a low toward the end of February, thereafter, stocks in the VanEck Uranium+Nuclear Energy ETF rose, for the most part for the rest of the 12 month period, recording a gain of 13.48% for the full calendar year. Utilities companies were the greatest contributors to the Fund’s positive total return, with only the industrial sector detracting from performance. Geographically, companies in the U.S contributed the most to performance, while those in France and South Korea were the greatest detractors from performance.

 

According to the World Nuclear Association figures, in December 2021, there were some 440 operable nuclear power reactors in 32 countries and 56 power reactors currently under construction in 18 countries, notably China, India and South Korea.

5

VANECK AGRIBUSINESS ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVMOOTR1   SPTR2
One Year   23.94%   23.99%   24.51%   28.71%
Five Year   14.73%   14.70%   14.77%   18.47%
Ten Year   9.31%   9.29%   9.41%   16.55%

 

1 MVIS® Global Agribusiness Index (MVMOOTR) is a rules based index intended to give investors a means of tracking the overall performance of the companies in the global agribusiness segment which includes: agri-chemicals, animal health and fertilizers, seeds and traits, from farm/irrigation equipment and farm machinery, aquaculture and fishing, livestock, cultivation and plantations (including grain, oil palms, sugar cane, tobacco leafs, grapevines etc.) and trading of agricultural products.
   
  Index data prior to March 18, 2013 reflects that of the DAXglobal Agribusiness Index (DXAG). From March 18, 2013, forward, the index data reflects that of the MVIS® Global Agribusiness Index (MVMOOTR). All Index history reflects a blend of the performance of the aforementioned Indexes.
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000
     
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

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

 

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

6

VANECK GOLD MINERS ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   GDMNTR1   SPTR2
One Year   (9.56)%   (9.56)%   (9.37)%   28.71%
Five Year   9.80%   9.77%   10.10%   18.47%
Ten Year   (3.87)%   (3.90)%   (3.50)%   16.55%

 

1 NYSE Arca Gold Miners Index (GDMNTR) is a modified market capitalization weighted index comprised of publicly traded companies involved in the mining for gold and silver.
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000
     
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.    

 

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

 

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

7

VANECK JUNIOR GOLD MINERS ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVGDXJTR1   SPTR2
One Year   (21.31)%   (21.44)%   (20.99)%   28.71%
Five Year   6.76%   6.61%   6.74%   18.47%
Ten Year   (6.87)%   (6.79)%   (6.46)%   16.55%

 

1 MVIS® Global Junior Gold Miners Index (MVGDXJTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of small-capitalization companies that are involved primarily in the mining for gold and/or silver.
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000
     
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

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

 

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

8

VANECK LOW CARBON ENERGY ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVSMOGTR1   AGIXLT2   SPTR3
One Year   (2.77)%   (3.02)%   (2.18)%   3.34%   28.71%
Five Year   26.58%   26.43%   27.23%   28.64%   18.47%
Ten Year   18.16%   18.07%   18.13%   18.78%   16.55%

 

1 MVIS® Global Low Carbon Energy Index (MVSMOGTR) normally invests at least 80% of its total assets in stocks of low carbon energy companies.
   
2 Ardour Global IndexSM (Extra Liquid) (AGIXLT) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the alternative energy industry.
   
  Effective April 26, 2021, MVSMOGTR replaced AGIXLT as the Fund’s benchmark index. All index history reflects a blend of the performance of the aforementioned Indexes.
   
3 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000
     
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.    

 

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

 

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

9

VANECK NATURAL RESOURCES ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   RVEIT1   SPTR2
One Year   24.95%   25.38%   25.44%   28.71%
Five Year   10.47%   10.62%   10.71%   18.47%
Ten Year   5.92%   5.97%   6.07%   16.55%

 

1 VanEck® Natural Resources Index (RVEIT) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the production and distribution of commodities and commodity-related products and services.
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000
     
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

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

 

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

10

VANECK OIL REFINERS ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVCRAKTR1   SPTR2
One Year   10.84%   11.10%   11.47%   28.71%
Five Year   7.53%   7.59%   7.62%   18.47%
Life*   7.40%   7.46%   7.51%   15.96%

 

* Commencement of Fund: 8/18/15; First Day of Secondary Market Trading: 8/19/15.
   
1 MVIS® Global Oil Refiners Index (MVCRAKTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in crude oil refining which may include: gasoline, diesel, jet fuel, fuel oil, naphtha, and other petrochemicals.
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000 (Since Inception)
     
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.  

 

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

 

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

11

VANECK OIL SERVICES ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVOIHTR1   SPTR2
One Year   21.17%   21.18%   21.81%   28.71%
Five Year   (21.23)%   (21.24)%   (21.36)%   18.47%
Ten Year   (11.74)%   (11.74)%   (11.86)%   16.55%

 

1 MVIS® US Listed Oil Services 25 Index (MVOIHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the largest and the most liquid common stocks and depositary receipts of U.S. exchange-listed companies involved in oil services to the upstream oil sector.
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000
     
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

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

 

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

12

VANECK RARE EARTH/STRATEGIC METALS ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVREMXTR1   SPTR2
One Year   79.70%   80.09%   82.78%   28.71%
Five Year   22.45%   22.52%   21.81%   18.47%
Ten Year   (1.38)%   (1.53)%   (2.04)%   16.55%

 

1 MVIS® Global Rare Earth/Strategic Metals Index (MVREMXTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the rare earth and strategic metals segment.
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000
     
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

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

 

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

13

VANECK STEEL ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   STEEL1   SPTR2
One Year   27.61%   27.91%   28.84%   28.71%
Five Year   11.44%   11.45%   12.07%   18.47%
Ten Year   4.57%   4.56%   4.92%   16.55%

 

1 NYSE Arca Steel Index (STEEL) is a modified market capitalization weighted index comprised of common stocks and ADRs of selected companies that are primarily involved in a variety of activities that are related to steel production.
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000
     
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

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

 

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

14

VANECK URANIUM+NUCLEAR ENERGY ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVNLRTR1   SPTR2
One Year   13.59%   13.48%   13.18%   28.71%
Five Year   6.09%   6.10%   5.82%   18.47%
Ten Year   5.16%   5.10%   4.68%   16.55%

 

1 MVIS® Global Uranium & Nuclear Energy Index (MVNLRTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in uranium and nuclear energy.
   
  Index data prior to March 24, 2014 reflects that of the DAXglobal® Nuclear Energy Index (DXNE). From March 24, 2014, forward, the index data reflects that of the MVIS® Global Uranium & Nuclear Energy Index (MVNLRTR). All index history reflects a blend of the performance of the aforementioned Indexes.
   
2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.

 

Hypothetical Growth of $10,000
     
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.  

 

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

 

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

15

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

 

The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.

 

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

 

Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.

 

All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory feesor expenses that are associated with an investment in the Fund. Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made.

 

The Gold Miners Index and Steel Index are published by ICE Data Indices, LLC (ICE Data). The Agribusiness Index, Junior Gold Miners Index, Low Carbon Energy, Oil Refiners Index, Oil Services Index, Rare Earth/Strategic Metals Index and Uranium & Nuclear Energy Index are published by MV Index Solutions GmbH (MVIS®), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The Natural Resources Index and the Ardour Global Index are published by S-Network Global Indexes, LLC (S-Network).

 

ICE Data, MVIS, S-Network, and Ardour are referred to herein as the “Index Providers”. The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

16

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

 

Hypothetical $1,000 investment at beginning of period

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

 

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2021 to December 31, 2021.

 

Actual Expenses

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”

 

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

    Beginning
Account
Value
July 1, 2021
  Ending
Account
Value
December 31, 2021
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
July 1, 2021 -
December 31, 2021(a)
Agribusiness ETF                
Actual   $1,000.00   $1,059.20   0.52%   $2.70
Hypothetical(b)   $1,000.00   $1,022.58   0.52%   $2.65
Future of Food ETF                
Actual (c)   $1,000.00   $1,015.30   0.69%   $0.59
Hypothetical(b)   $1,000.00   $1,021.73   0.69%   $3.52
Gold Miners ETF                
Actual   $1,000.00   $959.30   0.51%   $2.52
Hypothetical(b)   $1,000.00   $1,022.63   0.51%   $2.60
Green Metals ETF                
Actual (d)   $1,000.00   $1,006.10   0.60%   $0.86
Hypothetical(b)   $1,000.00   $1,022.18   0.60%   $3.06
Junior Gold Miners ETF                
Actual   $1,000.00   $914.70   0.52%   $2.51
Hypothetical(b)   $1,000.00   $1,022.58   0.52%   $2.65
Low Carbon Energy ETF                
Actual   $1,000.00   $996.20   0.56%   $2.82
Hypothetical(b)   $1,000.00   $1,022.38   0.56%   $2.85
Natural Resources ETF                
Actual   $1,000.00   $1,050.10   0.49%   $2.53
Hypothetical(b)   $1,000.00   $1,022.74   0.49%   $2.50
17

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

 

    Beginning
Account
Value
July 1, 2021
  Ending
Account
Value
December 31, 2021
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
July 1, 2021 -
December 31, 2021(a)
Oil Refiners ETF                
Actual   $1,000.00   $941.70   0.60%   $2.94
Hypothetical(b)   $1,000.00   $1,022.18   0.60%   $3.06
Oil Services ETF                
Actual   $1,000.00   $851.40   0.35%   $1.63
Hypothetical(b)   $1,000.00   $1,023.44   0.35%   $1.79
Rare Earth/Strategic Metals ETF                
Actual   $1,000.00   $1,378.50   0.53%   $3.18
Hypothetical(b)   $1,000.00   $1,022.53   0.53%   $2.70
Steel ETF                
Actual   $1,000.00   $920.10   0.55%   $2.66
Hypothetical(b)   $1,000.00   $1,022.43   0.55%   $2.80
Uranium+Nuclear Energy ETF                
Actual   $1,000.00   $1,070.00   0.60%   $3.13
Hypothetical(b)   $1,000.00   $1,022.18   0.60%   $3.06

 

(a) Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2021), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
(b) Assumes annual return of 5% before expenses
(c) Expenses are equal to the Fund’s annualized expense ratio (for the period from December 1, 2021 (commencement of operations) to December 31, 2021) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.
(d) Expenses are equal to the Fund’s annualized expense ratio (for the period from November 10, 2021 (commencement of operations) to December 31, 2021) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year.
18

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.9%                
Australia: 1.7%                
Incitec Pivot Ltd. #     3,358,921     $ 7,934,000  
Treasury Wine Estates Ltd. #     1,387,087       12,497,851  
              20,431,851  
Brazil: 2.3%                
Rumo SA # *     2,894,900       9,214,292  
Yara International ASA (NOK) #     348,751       17,559,965  
              26,774,257  
Canada: 6.2%                
Nutrien Ltd. (USD) †     980,652       73,745,030  
                 
Chile: 1.5%                
Sociedad Quimica y Minera de Chile SA (ADR)     343,047       17,299,860  
                 
China: 3.8%                
China Mengniu Dairy Co. Ltd. (HKD) # *     5,128,000       29,074,638  
Wilmar International Ltd. (SGD) #     5,294,551       16,287,714  
              45,362,352  
Denmark: 0.8%                
Bakkafrost P/F (NOK) #     106,545       7,032,649  
Schouw & Co. A/S #     31,238       2,717,037  
              9,749,686  
Germany: 7.7%                
Bayer AG #     1,559,380       83,182,488  
K+S AG # *     459,737       7,899,360  
              91,081,848  
Indonesia: 0.1%                
Golden Agri-Resources Ltd. (SGD) #     8,231,245       1,497,035  
                 
Israel: 1.1%                
ICL Group Ltd. (USD) †     1,357,177       13,123,902  
                 
Japan: 4.6%                
Kubota Corp. #     1,915,930       42,556,471  
Maruha Nichiro Corp. #     97,400       2,038,334  
NH Foods Ltd. #     197,800       7,124,122  
Nippon Suisan Kaisha Ltd. #     480,300       2,267,675  
              53,986,602  
Malaysia: 1.5%                
IOI Corp. Bhd #     4,480,655       4,008,875  
Kuala Lumpur Kepong Bhd     750,870       3,925,576  
PPB Group Bhd     1,264,280       5,189,435  
Sime Darby Plantation Bhd #     5,315,600       4,795,219  
              17,919,105  
Netherlands: 0.4%                
OCI NV # *     191,957       5,004,748  
                 
Norway: 3.1%                
Leroy Seafood Group ASA #     601,033       4,690,739  
Mowi ASA #     981,248       23,191,986  
Salmar ASA #     124,499       8,575,237  
              36,457,962  
Russia: 0.5%                
PhosAgro PJSC (USD) (GDR) #     289,310       6,242,254  
    Number
of Shares
    Value  
Singapore: 0.6%                
Charoen Pokphand Indonesia Tbk PT (IDR) #     17,330,500     $ 7,223,116  
                 
Sweden: 0.5%                
Oatly Group AB (ADR) * †     668,073       5,317,861  
                 
Switzerland: 0.7%                
Bucher Industries AG #     16,003       7,886,207  
                 
Taiwan: 0.4%                
Taiwan Fertilizer Co. Ltd. #     1,789,000       4,517,985  
                 
Thailand: 0.7%                
Charoen Pokphand Foods PCL (NVDR) #     11,317,136       8,647,061  
                 
United Kingdom: 4.1%                
CNH Industrial NV (USD) †     2,049,375       39,819,356  
Genus Plc #     123,218       8,269,335  
              48,088,691  
United States: 57.6%                
AGCO Corp.     124,027       14,389,612  
Archer-Daniels-Midland Co.     833,132       56,311,392  
Balchem Corp.     52,890       8,917,254  
Beyond Meat, Inc. * †     112,568       7,334,931  
Bunge Ltd.     222,767       20,797,527  
CF Industries Holdings, Inc.     355,463       25,159,671  
Corteva, Inc.     1,315,560       62,199,677  
Darling Ingredients, Inc. *     237,082       16,427,412  
Deere & Co.     255,851       87,728,749  
Elanco Animal Health, Inc. *     647,730       18,382,577  
FMC Corp.     216,162       23,754,042  
IDEXX Laboratories, Inc. *     121,343       79,899,512  
Mosaic Co.     596,109       23,421,123  
Neogen Corp. *     157,499       7,152,030  
Pilgrim’s Pride Corp. *     117,060       3,301,092  
Sanderson Farms, Inc.     35,934       6,866,269  
Toro Co.     191,758       19,158,542  
Tractor Supply Co.     218,704       52,182,774  
Tyson Foods, Inc.     573,505       49,986,696  
Zoetis, Inc.     402,306       98,174,733  
              681,545,615  
Total Common Stocks
(Cost: $942,791,700)
            1,181,903,028  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.6%
(Cost: $30,234,590)
     
Money Market Fund: 2.6%                
State Street Navigator Securities Lending Government Money Market Portfolio     30,234,590       30,234,590  
                 
Total Investments: 102.5%
(Cost: $973,026,290)
            1,212,137,618  
Liabilities in excess of other assets: (2.5)%       (29,429,845)  
NET ASSETS: 100.0%           $ 1,182,707,773  


 

See Notes to Financial Statements

19

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

(continued)

 

 

Definitions:

ADR American Depositary Receipt
GDR Global Depositary Receipt
HKD Hong Kong Dollar
IDR Indonesian Rupiah
NOK Norwegian Krone
NVDR Non-Voting Depositary Receipt
SGD Singapore Dollar
USD United States Dollar

 

Footnotes:

# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $341,936,393 which represents 28.9% of net assets.
* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $67,313,739.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Consumer Discretionary     4.4 %      $ 52,182,774  
Consumer Staples     26.8       317,127,478  
Health Care     25.0       295,060,674  
Industrials     18.7       220,753,230  
Materials     25.1       296,778,872  
      100.0 %   $ 1,181,903,028  

 

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

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Australia   $     $ 20,431,851     $     $ 20,431,851  
Brazil           26,774,257             26,774,257  
Canada     73,745,030                   73,745,030  
Chile     17,299,860                   17,299,860  
China           45,362,352             45,362,352  
Denmark           9,749,686             9,749,686  
Germany           91,081,848             91,081,848  
Indonesia           1,497,035             1,497,035  
Israel     13,123,902                   13,123,902  
Japan           53,986,602             53,986,602  
Malaysia     9,115,011       8,804,094             17,919,105  
Netherlands           5,004,748             5,004,748  
Norway           36,457,962             36,457,962  
Russia           6,242,254             6,242,254  
Singapore           7,223,116             7,223,116  
Sweden     5,317,861                   5,317,861  
Switzerland           7,886,207             7,886,207  
Taiwan           4,517,985             4,517,985  
Thailand           8,647,061             8,647,061  
United Kingdom     39,819,356       8,269,335             48,088,691  
United States     681,545,615                   681,545,615  
Money Market Fund     30,234,590                   30,234,590  
Total Investments   $ 870,201,225     $ 341,936,393     $     $ 1,212,137,618  

 

See Notes to Financial Statements

20

VANECK FUTURE OF FOOD ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.8%                
Canada: 3.6%                
Maple Leaf Foods, Inc.     3,840     $ 88,951  
                 
China: 2.0%                
Vitasoy International Holdings Ltd. (HKD) #     24,000       48,538  
                 
Denmark: 6.6%                
Chr Hansen Holding A/S #     1,004       79,067  
Novozymes A/S #     1,012       82,991  
              162,058  
France: 2.0%                
Danone SA #     814       50,540  
                 
Germany: 3.1%                
Symrise AG #     526       77,704  
                 
Ireland: 3.2%                
Kerry Group Plc #     614       78,555  
                 
Isle of Man: 0.5%                
Agronomics Ltd. *     38,354       11,688  
                 
Israel: 0.1%                
Else Nutrition Holdings, Inc. (CAD) *     1,668       1,505  
                 
Japan: 2.2%                
Kubota Corp. #     2,400       53,309  
                 
Mexico: 3.3%                
Orbia Advance Corp. SAB de CV     32,140       82,089  
                 
Netherlands: 1.0%                
Corbion NV #     530       24,997  
                 
Norway: 1.0%                
Atlantic Sapphire ASA # *     5,450       25,921  
                 
Philippines: 0.9%                
Monde Nissin Corp. 144A *     73,800       23,446  
                 
Sweden: 5.1%                
BioGaia AB #     328       18,740  
Oatly Group AB (ADR) *     13,426       106,871  
              125,611  
Switzerland: 8.6%                
Bucher Industries AG #     108       53,222  
    Number
of Shares
    Value  
Switzerland (continued)                
Givaudan SA #     20     $ 104,938  
Nestle SA #     384       53,616  
              211,776  
United States: 56.6%                
AgEagle Aerial Systems, Inc. *     1,688       2,650  
Amyris, Inc. *     3,742       20,244  
AppHarvest, Inc. *     19,762       76,874  
Archer-Daniels-Midland Co.     578       39,067  
Balchem Corp.     154       25,964  
Ball Corp.     922       88,761  
Benson Hill, Inc. *     7,062       51,482  
Berry Global Group, Inc. *     348       25,675  
Beyond Meat, Inc. *     1,088       70,894  
Bunge Ltd.     826       77,115  
Cadiz, Inc. *     2,886       11,140  
Conagra Brands, Inc.     792       27,047  
Corteva, Inc.     2,414       114,135  
Deere & Co.     250       85,723  
Ecolab, Inc.     110       25,805  
FMC Corp.     362       39,780  
Ginkgo Bioworks Holdings, Inc. *     4,152       34,503  
GrowGeneration Corp. *     744       9,709  
Hydrofarm Holdings Group, Inc. *     358       10,128  
Ingredion, Inc.     1,022       98,766  
International Flavors & Fragrances, Inc.     508       76,530  
John Bean Technologies Corp.     266       40,847  
Kellogg Co.     390       25,124  
Lindsay Corp.     332       50,464  
Local Bounti Corp. *     2,776       17,905  
Tattooed Chef, Inc. *     5,112       79,440  
Titan International, Inc. *     1,690       18,522  
Trimble, Inc. *     866       75,507  
Tyson Foods, Inc.     304       26,497  
Valmont Industries, Inc.     204       51,102  
              1,397,400  
Total Common Stocks
(Cost: $2,429,014)
            2,464,088  
                 
Total Investments: 99.8%
(Cost: $2,429,014)
            2,464,088  
Other assets less liabilities: 0.2%             5,593  
NET ASSETS: 100.0%           $ 2,469,681  


 

 

Definitions:

ADR American Depositary Receipt
CAD Canadian Dollar
HKD Hong Kong Dollar

 

Footnotes:

# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $752,138 which represents 30.5% 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 $23,446, or 0.9% of net assets.

 

See Notes to Financial Statements

21

VANECK FUTURE OF FOOD ETF

SCHEDULE OF INVESTMENTS

(continued)

 

Summary of Investments by Sector   % of
Investments
  Value  
Consumer Discretionary     0.4 %      $ 9,709  
Consumer Staples     43.3       1,068,155  
Financials     0.5       11,688  
Health Care     2.2       53,243  
Industrials     14.8       365,966  
Information Technology     3.1       75,507  
Materials     35.3       868,680  
Utilities     0.4       11,140  
      100.0 %   $ 2,464,088  

 

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

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Canada   $ 88,951     $     $     $ 88,951  
China           48,538             48,538  
Denmark           162,058             162,058  
France           50,540             50,540  
Germany           77,704             77,704  
Ireland           78,555             78,555  
Isle of Man     11,688                   11,688  
Israel     1,505                   1,505  
Japan           53,309             53,309  
Mexico     82,089                   82,089  
Netherlands           24,997             24,997  
Norway           25,921             25,921  
Philippines     23,446                   23,446  
Sweden     106,871       18,740             125,611  
Switzerland           211,776             211,776  
United States     1,397,400                   1,397,400  
Total Investments   $ 1,711,950     $ 752,138     $     $ 2,464,088  

 

See Notes to Financial Statements

22

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.8%                
Australia: 12.9%                
Capricorn Metals Ltd. # * †     16,600,495     $ 41,073,106  
Evolution Mining Ltd. # †     81,851,150       242,668,113  
Gold Road Resources Ltd. #     39,381,192       45,104,634  
Newcrest Mining Ltd. #     36,538,470       653,958,335  
Northern Star Resources Ltd. # †     52,004,587       357,407,883  
OceanaGold Corp. (CAD) * †     31,437,883       54,754,655  
Perseus Mining Ltd. #     54,795,805       64,821,165  
Ramelius Resources Ltd. # †     38,664,754       44,306,056  
Regis Resources Ltd. #     33,703,865       47,930,825  
Silver Lake Resources Ltd. # * †     39,536,520       51,221,462  
St Barbara Ltd. # †     31,683,437       33,846,327  
West African Resources Ltd. # *     45,760,543       44,111,439  
Westgold Resources Ltd. # †     19,000,375       28,268,960  
              1,709,472,960  
Brazil: 7.9%                
Wheaton Precious Metals Corp. (USD) †     20,130,789       864,214,772  
Yamana Gold, Inc. (USD)     43,008,207       181,494,633  
              1,045,709,405  
Burkina Faso: 0.5%                
IAMGOLD Corp. (USD) * †     21,295,483       66,654,862  
                 
Canada: 43.6%                
Agnico Eagle Mines Ltd. (USD) †     10,939,659       581,333,479  
Alamos Gold, Inc. (USD)     17,526,713       134,780,423  
Argonaut Gold, Inc. * †     13,874,456       26,361,631  
Aya Gold & Silver, Inc. * †     4,675,933       35,352,223  
B2Gold Corp. (USD)     47,136,300       185,245,659  
Barrick Gold Corp. (USD)     79,506,675       1,510,626,825  
Dundee Precious Metals, Inc.     8,545,631       52,904,908  
Endeavour Silver Corp. (USD) * †     7,614,476       32,133,089  
Equinox Gold Corp. (USD) * †     13,426,497       90,763,120  
First Majestic Silver Corp. (USD) †     11,458,769       127,306,924  
Fortuna Silver Mines, Inc. (USD) * †     13,022,778       50,788,834  
Franco-Nevada Corp. (USD)     8,543,363       1,181,461,669  
GoGold Resources, Inc. * †     12,302,949       29,511,883  
K92 Mining, Inc. * †     9,838,214       56,000,284  
Kinross Gold Corp. (USD)     55,967,793       325,172,877  
Kirkland Lake Gold Ltd. †     11,774,747       494,145,065  
New Gold, Inc. (USD) *     30,404,893       45,607,339  
Osisko Gold Royalties Ltd. (USD) †     7,432,704       91,050,624  
Pan American Silver Corp. (USD)     9,391,318       234,501,210  
Pretium Resources, Inc. (USD) *     8,390,429       118,221,145  
Sandstorm Gold Ltd. (USD) * †     8,547,654       52,995,455  
Silvercorp Metals, Inc. (USD)     7,883,456       29,641,795  
SSR Mining, Inc. (USD) †     9,457,454       167,396,936  
Torex Gold Resources, Inc. *     3,829,080       39,862,567  
Victoria Gold Corp. * †     2,796,060       31,543,249  
Wesdome Gold Mines Ltd. *     6,260,497       57,046,527  
              5,781,755,740  
    Number
of Shares
    Value  
China: 3.0%                
Zhaojin Mining Industry Co. Ltd. (HKD) # †     116,526,000     $ 99,761,878  
Zijin Mining Group Co. Ltd. (HKD) #     256,272,000       306,111,535  
              405,873,413  
Egypt: 0.5%                
Centamin Plc (GBP) #     51,640,149       62,566,522  
                 
Kyrgyzstan: 0.8%                
Centerra Gold, Inc. (CAD)     13,258,753       102,341,639  
                 
Peru: 0.6%                
Cia de Minas Buenaventura SAA (ADR) * †     11,329,411       82,931,289  
                 
South Africa: 4.4%                
DRDGOLD Ltd. (ADR) †     3,860,765       32,739,287  
Gold Fields Ltd. (ADR) †     39,640,097       435,644,666  
Harmony Gold Mining Co. Ltd. (ADR) † ‡     27,530,401       113,149,948  
              581,533,901  
Tanzania: 2.9%                
AngloGold Ashanti Ltd. (ADR) †     18,642,136       391,112,013  
                 
Turkey: 0.6%                
Eldorado Gold Corp. (USD) * †     8,155,942       76,258,058  
                 
United Kingdom: 1.8%                
Endeavour Mining Plc (CAD) †     11,092,346       243,510,869  
                 
United States: 20.3%                
Coeur Mining, Inc. *     11,473,975       57,828,834  
Hecla Mining Co.     24,030,264       125,437,978  
Newmont Corp.     35,632,826       2,209,947,869  
Royal Gold, Inc.     2,930,981       308,368,511  
              2,701,583,192  
Total Common Stocks
(Cost: $11,977,294,947)
            13,251,303,863  
                 
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 0.8%

(Cost: $100,558,651)
   
Money Market Fund: 0.8%                
State Street Navigator Securities Lending Government Money Market Portfolio     100,558,651       100,558,651  
                 
Total Investments: 100.6%
(Cost: $12,077,853,598)
            13,351,862,514  
Liabilities in excess of other assets: (0.6)%       (78,775,978)  
NET ASSETS: 100.0%           $ 13,273,086,536  


 

See Notes to Financial Statements

23

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

 

 

Definitions:

ADR American Depositary Receipt
CAD Canadian Dollar
GBP British Pound
HKD Hong Kong Dollar
USD United States Dollar

 

Footnotes:

Security fully or partially on loan. Total market value of securities on loan is $197,100,880.
# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $2,123,158,240 which represents 16.0% of net assets.
* 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  
Gold     95.0 %      $ 12,586,629,927  
Silver     5.0       664,673,936  
      100.0 %   $ 13,251,303,863  

 

See Notes to Financial Statements

24

 

 

Transactions in securities of affiliates for the period ended December 31, 2021:

 

     Value
12/31/2020
   Purchases    Sales
Proceeds
   Realized Gain
(Loss)
   Dividend
Income
   Net Change in
Unrealized
Appreciation
(Depreciation)
   Value
12/31/2021
Alamos Gold, Inc.    $ 202,348,029      $ 27,882,801      $ (71,360,880 )    $ 7,053,079      $ 2,002,694      $ (31,142,606 )    $ –(a)  
AngloGold Ashanti Ltd.     555,316,906       70,804,958       (202,916,275 )     16,765,306       11,830,144       (48,858,882 )     –(a)  
B2Gold Corp.     346,458,398       41,270,162       (105,685,958 )     3,409,041       8,687,629       (100,205,984 )     –(a)  
Centamin Plc     115,183,901       14,478,189       (37,211,499 )     (11,523,688 )     3,933,991       (18,360,381 )     –(a)  
Centerra Gold, Inc.     201,525,211       21,731,626       (58,637,357 )     5,052,272       2,894,836       (67,330,113 )     –(a)  
Cia de Minas Buenaventura SAA     182,132,887       20,153,479       (54,690,799 )     (18,062,243 )           (46,602,036 )     –(a)  
Coeur Mining, Inc.     148,558,290       24,261,509       (45,213,485 )     1,420,080             (71,197,560 )     –(a)  
Dundee Precious Metals, Inc.     76,514,526       14,203,131       (27,208,835 )     3,472,898       1,090,565       (14,076,812 )     –(a)  
Eldorado Gold Corp.     136,597,279       19,696,427       (43,040,778 )     (17,374,459 )           (19,620,411 )     –(a)  
Endeavour Mining Plc     223,223,248       362,805,564       (349,976,002 )     5,043,765       3,451,738       2,414,294       –(a)  
Equinox Gold Corp.     147,360,355       42,239,223       (47,718,761 )     (7,246,580 )           (43,871,117 )     –(a)  
Evolution Mining Ltd.     387,584,793       65,815,605       (127,362,042 )     4,359,391       8,204,064       (87,729,634 )     –(a)  
First Majestic Silver Corp.     175,080,394       56,946,780       (75,483,694 )     16,938,856       187,745       (46,175,412 )     –(a)  
Fortuna Silver Mines, Inc.     89,380,326       33,300,557       (27,307,441 )     (323,369 )           (44,261,239 )     –(a)  
Gold Fields Ltd.     482,218,188       73,821,559       (199,974,246 )     50,898,047       17,474,727       28,681,118       –(a)  
Gold Road Resources Ltd.     52,987,929       7,734,987       (19,910,014 )     (1,243,469 )     653,350       5,535,201       –(a)  
Harmony Gold Mining Co. Ltd.     169,770,136       21,946,143       (59,664,517 )     4,765,839       2,869,766       (23,667,653 )     113,149,948  
Hecla Mining Co.     202,636,786       32,221,292       (72,286,505 )     15,806,238       1,014,274       (52,939,833 )     –(a)  
IAMGOLD Corp.     102,400,153       12,811,081       (33,754,525 )     (12,513,994 )           (2,287,853 )     –(a)  
K92 Mining, Inc.     77,080,191       12,013,680       (29,250,235 )     (757,269 )           (3,086,083 )     –(a)  
Kinross Gold Corp.     543,900,033       73,991,811       (190,142,670 )     15,439,883       7,727,476       (118,016,180 )     –(a)  
Kirkland Lake Gold Ltd.     708,338,478       94,413,189       (291,535,950 )     26,615,239       9,663,099       (43,685,891 )     –(a)  
New Gold, Inc.     87,233,981       9,833,546       (25,069,412 )     2,231,960             (28,622,736 )     –(a)  
Northern Star Resources Ltd.     426,875,246       300,445,543       (190,869,958 )     (6,258,314 )     8,597,754       (172,784,634 )     –(a)  
OceanaGold Corp.     80,010,444       11,839,245       (28,060,646 )     (10,447,878 )           1,413,490       –(a)  
Osisko Gold Royalties Ltd.     124,618,698       19,236,040       (46,071,830 )     1,114,829       1,351,794       (7,847,113 )     –(a)  
Pan American Silver Corp.     427,132,341       53,055,481       (142,908,798 )     27,993,402       3,643,428       (130,771,216 )     –(a)  
Perseus Mining Ltd.     72,435,336       11,273,754       (28,435,481 )     4,032,767       677,432       5,514,789       –(a)  
Pretium Resources, Inc.     126,591,808       17,743,536       (49,823,146 )     6,001,841             17,707,106       –(a)  
Ramelius Resources Ltd.     62,075,381       8,558,928       (18,925,724 )     (1,790,613 )     737,224       (5,611,916 )     –(a)  
Regis Resources Ltd.     87,000,503       35,439,693       (27,687,794 )     (13,753,990 )     1,675,723       (33,067,587 )     –(a)  
Resolute Mining Ltd.     39,928,687       2,319,618       (25,381,336 )     (48,489,772 )           31,622,803        
Royal Gold, Inc.     410,914,734       63,366,988       (160,155,689 )     5,142,872       4,103,450       (10,900,394 )     –(a)  
Sandstorm Gold Ltd.     81,219,860       12,291,854       (29,622,290 )     (709,423 )           (10,184,546 )     –(a)  
Saracen Mineral Holdings Ltd.     239,553,823       1,779,704       (237,044,851 )     78,380,941       370,196       (82,669,617 )      

 

See Notes to Financial Statements

25

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

 

Transactions in securities of affiliates for the period ended December 31, 2021: (continued)

 

    Value
12/31/2020
  Purchases   Sales
Proceeds
  Realized Gain
(Loss)
  Dividend
Income
  Net Change in
Unrealized
Appreciation
(Depreciation)
  Value
12/31/2021
Silver Lake Resources Ltd.     71,711,925       9,387,092       (24,836,350 )     (1,191,497 )           (3,849,708 )     –(a)  
Silvercorp Metals, Inc.     69,022,757       8,210,359       (19,946,072 )     (4,006,710 )     221,245       (23,638,539 )     –(a)  
SSR Mining, Inc.     259,911,253       28,914,669       (86,182,852 )     13,257,716       2,254,976       (48,503,850 )     –(a)  
St Barbara Ltd.     75,627,992       7,926,824       (22,259,227 )     (14,852,814 )     1,724,553       (12,596,448 )     –(a)  
Teranga Gold Corp.     105,818,637       795,749       (76,654,819 )     1,907,918             (31,867,485 )      
Torex Gold Resources, Inc.     75,473,469       9,290,918       (23,989,560 )     (5,050,255 )           (15,862,005 )     –(a)  
Wesdome Gold Mines Ltd.     68,296,995       11,289,297       (24,944,695 )     (1,398,216 )           3,803,146       –(a)  
Westgold Resources Ltd.     50,723,137       5,478,573       (14,765,862 )     (2,974,160 )     311,262       (10,192,728 )     –(a)  
Yamana Gold, Inc.     320,326,946       38,587,628       (96,770,856 )     4,223,345       5,284,057       (84,872,429 )     –(a)  
Zhaojin Mining Industry Co. Ltd.     183,114,692       20,141,409       (56,783,031 )     (9,210,277 )     999,109       (37,500,915 )     –(a)  
Zijin Mining Group Co. Ltd.     382,742,128       68,230,267       (174,460,044 )     76,337,034       5,177,638       (46,737,850 )     –(a)
     $ 9,254,957,210      $ 1,899,980,468      $ (3,801,982,791 )    $ 208,485,569      $ 118,815,939      $ (1,584,505,449 )    $ 113,149,948  

 

(a) Security held by the Fund, however not classified as an affiliate at the end of the reporting period.

 

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

 

    Level 1
Quoted

Prices
   

Level 2
Significant

Observable
Inputs

   

Level 3
Significant

Unobservable
Inputs

   

Value

 
Common Stocks                                
Australia   $ 54,754,655     $ 1,654,718,305     $     $ 1,709,472,960  
Brazil     1,045,709,405                   1,045,709,405  
Burkina Faso     66,654,862                   66,654,862  
Canada     5,781,755,740                   5,781,755,740  
China           405,873,413             405,873,413  
Egypt           62,566,522             62,566,522  
Kyrgyzstan     102,341,639                   102,341,639  
Peru     82,931,289                   82,931,289  
South Africa     581,533,901                   581,533,901  
Tanzania     391,112,013                   391,112,013  
Turkey     76,258,058                   76,258,058  
United Kingdom     243,510,869                   243,510,869  
United States     2,701,583,192                   2,701,583,192  
Money Market Fund     100,558,651                   100,558,651  
Total Investments   $ 11,228,704,274     $ 2,123,158,240     $     $ 13,351,862,514  

 

See Notes to Financial Statements

26

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.1%                
Australia: 16.3%                
Allkem Ltd. # *     27,605     $ 209,256  
Glencore Plc (GBP) #     260,156       1,326,449  
IGO Ltd. #     24,069       201,440  
Iluka Resources Ltd. #     10,917       80,424  
Lynas Rare Earths Ltd. # *     29,099       215,787  
OZ Minerals Ltd. #     13,525       278,643  
Pilbara Minerals Ltd. # *     111,008       258,766  
              2,570,765  
Canada: 6.5%                
Hudbay Minerals, Inc. (USD)     12,047       87,341  
Ivanhoe Mines Ltd. *     20,602       168,319  
Lithium Americas Corp. (USD) *     4,318       125,740  
Teck Resources Ltd. (USD)     21,542       620,840  
              1,002,240  
Chile: 1.4%                
Lundin Mining Corp. (CAD)     27,430       214,550  
                 
China: 34.9%                
Beijing Easpring Material Technology Co. Ltd. #     15,600       213,244  
Chengxin Lithium Group Co. Ltd. # *     33,000       301,335  
China Minmetals Rare Earth Co. Ltd. #     27,000       165,728  
China Molybdenum Co. Ltd. #     413,800       363,932  
China Northern Rare Earth                
Group High-Tech Co. Ltd. #     91,800       661,466  
Ganfeng Lithium Co. Ltd. #     45,000       1,013,096  
GEM Co. Ltd. #     197,800       322,566  
Inner Mongolia Xingye Mining Co. Ltd. # *     45,600       51,914  
Jiangxi Copper Co. Ltd. #     25,803       91,102  
Jinchuan Group International Resources Co. Ltd. (HKD) #     440,000       76,738  
MMG Ltd. (HKD) # *     128,000       41,181  
Nanjing Hanrui Cobalt Co. Ltd. #     13,300       167,808  
Ningbo Shanshan Co. Ltd. #     65,700       338,667  
Shenghe Resources Holding Co. Ltd. #     54,800       169,125  
Tongling Nonferrous Metals Group Co. Ltd. #     304,700       167,165  
Western Mining Co. Ltd. #     76,600       164,833  
Youngy Co. Ltd. # *     8,800       180,426  
Yunnan Copper Co. Ltd. #     47,500       100,116  
Yunnan Tin Co. Ltd. # *     42,200       130,387  
Zhejiang Huayou Cobalt Co. Ltd. #     43,200       750,071  
              5,470,900  
Germany: 0.9%                
Aurubis AG # *     1,450       144,779  
                 
Japan: 3.2%                
Mitsubishi Materials Corp. #     4,900       84,118  
Sumitomo Metal Mining Co. Ltd. #     11,000       416,166  
              500,284  
    Number
of Shares
    Value  
Liechtenstein: 2.1%                
Antofagasta Plc (GBP) #     17,711     $ 322,328  
                 
Mexico: 5.5%                
Grupo Mexico SAB de CV     143,400       625,663  
Southern Copper Corp. (USD)     3,917       241,718  
              867,381  
Poland: 1.2%                
KGHM Polska Miedz SA #     5,344       185,439  
                 
Russia: 5.6%                
MMC Norilsk Nickel PJSC (ADR) #     28,313       875,828  
                 
South Africa: 6.3%                
Anglo American Platinum Ltd. #     2,567       292,326  
Impala Platinum Holdings Ltd. #     27,645       389,370  
Sibanye Stillwater Ltd. (ADR)     24,257       304,183  
              985,879  
Sweden: 2.9%                
Boliden AB #     11,843       455,773  
                 
United States: 10.3%                
Freeport-McMoRan, Inc.     32,883       1,372,207  
Livent Corp. *     5,210       127,020  
MP Materials Corp. *     3,030       137,623  
              1,636,850  
Zambia: 3.0%                
First Quantum Minerals Ltd. (CAD)     19,737       472,975  
                 
Total Common Stocks
(Cost: $15,459,274)
            15,705,971  
                 
Total Investments: 100.1%
(Cost: $15,459,274)
            15,705,971  
Liabilities in excess of other assets: (0.1)%             (9,427)  
NET ASSETS: 100.0%           $ 15,696,544  


 

See Notes to Financial Statements

27

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

(continued)

 

 

Definitions:

ADR American Depositary Receipt
CAD Canadian Dollar
GBP British Pound
HKD Hong Kong Dollar
USD United States Dollar

 

Footnotes:

# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $11,207,792 which represents 71.4% of net assets.
* Non-income producing

 

Summary of Investments by Sector   % of
Investments
  Value  
Copper     23.3 %      $ 3,667,761  
Distillers & Vintners     0.8       125,740  
Diversified Metals & Mining     61.6       9,678,558  
Electrical Components & Equipment     1.1       180,426  
Forest Products     1.9       301,335  
Precious Metals & Minerals     6.3       985,879  
Specialty Chemicals     5.0       766,272  
      100.0 %   $ 15,705,971  

 

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

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Australia   $     $ 2,570,765     $     $ 2,570,765  
Canada     1,002,240                   1,002,240  
Chile     214,550                   214,550  
China           5,470,900             5,470,900  
Germany           144,779             144,779  
Japan           500,284             500,284  
Liechtenstein           322,328             322,328  
Mexico     867,381                   867,381  
Poland           185,439             185,439  
Russia           875,828             875,828  
South Africa     304,183       681,696             985,879  
Sweden           455,773             455,773  
United States     1,636,850                   1,636,850  
Zambia     472,975                   472,975  
Total Investments   $ 4,498,179     $ 11,207,792     $     $ 15,705,971  

 

See Notes to Financial Statements

28

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.8%                
Australia: 17.1%                
Alkane Resources Ltd. # * †     21,359,006     $ 14,244,006  
Aurelia Metals Ltd. # * †     54,802,241       16,386,831  
Australian Strategic Materials Ltd. # *     1       8  
Bellevue Gold Ltd. # * †     36,440,980       22,459,213  
Dacian Gold Ltd. # * †     38,775,969       5,373,550  
De Grey Mining Ltd. # *     50,437,616       44,788,242  
Evolution Mining Ltd. #     67,669,324       200,622,559  
Firefinch Ltd. # * †     50,907,071       32,092,432  
Gold Road Resources Ltd. # †     39,488,033       45,227,003  
OceanaGold Corp. (CAD) * †     29,339,495       51,099,941  
Perseus Mining Ltd. #     55,009,199       65,073,601  
Ramelius Resources Ltd. #     38,349,738       43,945,078  
Red 5 Ltd. # * †     93,203,569       19,691,308  
Regis Resources Ltd. #     31,423,015       44,687,190  
Resolute Mining Ltd. # * †     37,260,753       10,598,645  
Silver Lake Resources Ltd. # *     38,286,560       49,602,078  
Silver Mines Ltd. # * † ‡     68,129,563       10,965,205  
St Barbara Ltd. #     29,561,438       31,579,469  
West African Resources Ltd. # *     42,529,095       40,996,445  
Westgold Resources Ltd. #     13,197,191       19,634,921  
              769,067,725  
Brazil: 4.2%                
Yamana Gold, Inc. (USD) †     44,852,244       189,276,470  
                 
Burkina Faso: 1.4%                
IAMGOLD Corp. (USD) * †     20,371,413       63,762,523  
                 
Canada: 52.3%                
Alamos Gold, Inc. (USD)     15,956,995       122,709,292  
Alexco Resource Corp. (USD) * †     6,605,730       11,493,970  
Americas Gold & Silver Corp. (USD) * †     7,841,865       6,322,896  
Argonaut Gold, Inc. * †     12,309,100       23,387,436  
Arizona Metals Corp. *     4,536,031       22,084,939  
Artemis Gold, Inc. * †     5,305,356       28,980,688  
Aya Gold & Silver, Inc. * †     4,471,721       33,808,285  
B2Gold Corp. (USD)     38,960,450       153,114,569  
Calibre Mining Corp. * †     10,406,570       11,039,705  
Discovery Silver Corp. * †     11,317,874       18,636,882  
Dundee Precious Metals, Inc. †     5,954,617       36,864,272  
Endeavour Silver Corp. (USD) *     7,913,952       33,396,877  
Equinox Gold Corp. (USD) * †     12,366,938       83,600,501  
First Majestic Silver Corp. (USD) †     10,556,058       117,277,804  
Fortuna Silver Mines, Inc. (USD) * †     13,996,325       54,585,667  
Galiano Gold, Inc. (USD) *     6,524,775       4,566,038  
GCM Mining Corp. †     4,362,971       18,410,035  
GoGold Resources, Inc. * †     12,019,230       28,831,308  
Gold Royalty Corp. (USD) * †     3,782,892       18,611,829  
Gold Standard Ventures Corp. (USD) * †     11,327,334       5,019,142  
GoldMining, Inc. (USD) * †     7,438,890       8,926,668  
Great Bear Resources Ltd. * †     2,501,284       57,108,839  
Great Panther Mining Ltd. (USD) *     22,082,064       4,840,388  
    Number
of Shares
    Value  
Canada (continued)                
Jaguar Mining, Inc. †     1,184,321     $ 4,041,027  
K92 Mining, Inc. * †     9,247,559       52,638,205  
Karora Resources, Inc. * †     6,844,537       23,029,159  
Liberty Gold Corp. * †     10,697,238       8,214,639  
Lundin Gold, Inc. *     4,306,599       35,526,075  
MAG Silver Corp. (USD) * †     3,762,311       58,955,413  
Marathon Gold Corp. * †     11,233,892       28,815,113  
Maverix Metals, Inc. (USD) †     2,692,094       11,737,530  
McEwen Mining, Inc. (USD) * †     18,647,053       16,530,612  
Metalla Royalty & Streaming Ltd. (USD) * †     2,064,732       14,308,593  
New Found Gold Corp. * †     2,857,567       20,315,047  
New Gold, Inc. (USD) * †     29,443,648       44,165,472  
New Pacific Metals Corp. * †     4,430,172       13,117,083  
Novagold Resources, Inc. (USD) *     10,319,609       70,792,518  
Novo Resources Corp. * †     10,581,780       11,979,532  
Orla Mining Ltd. * †     7,312,537       27,961,488  
Osisko Gold Royalties Ltd. (USD) †     5,440,483       66,645,917  
Osisko Mining, Inc. * †     12,008,770       36,221,679  
Pan American Silver Corp. (USD)     9,870,918       246,476,822  
Pretium Resources, Inc. (USD) *     8,423,076       118,681,141  
Prime Mining Corp. * †     4,452,724       13,959,377  
Pure Gold Mining, Inc. * †     14,582,224       7,850,146  
Sabina Gold & Silver Corp. * †     12,740,729       14,625,387  
Sandstorm Gold Ltd. (USD) * †     8,985,376       55,709,331  
Seabridge Gold, Inc. (USD) * †     3,342,493       55,117,710  
Silvercorp Metals, Inc. (USD) † ‡     9,310,747       35,008,409  
SilverCrest Metals, Inc. (USD) * †     6,812,904       53,890,071  
Skeena Resources Ltd. * †     2,334,847       24,343,851  
SSR Mining, Inc. (USD) †     8,713,116       154,222,153  
Sulliden Mining Capital, Inc. * †     1,694,754       275,046  
Torex Gold Resources, Inc. *     3,210,834       33,426,329  
Victoria Gold Corp. * †     1,816,254       20,489,744  
Wallbridge Mining Co. Ltd. * †     29,315,945       9,283,441  
Wesdome Gold Mines Ltd. * †     6,613,487       60,263,021  
              2,352,235,111  
China: 0.8%                
Real Gold Mining Ltd. (HKD) # *     19,287,400       2  
Zhaojin Mining Industry Co. Ltd. (HKD) # †     39,911,000       34,169,167  
              34,169,169  
Egypt: 1.2%                
Centamin Plc (GBP) #     45,132,393       54,681,811  
                 
Indonesia: 4.0%                
Merdeka Copper Gold Tbk PT # *     652,305,100       178,559,863  
                 
Jersey, Channel Islands: 0.1%                
Caledonia Mining Corp. Plc (USD) †     460,174       5,365,629  
                 
Kyrgyzstan: 1.4%                
Centerra Gold, Inc. (CAD)     8,299,392       64,061,332  


 

See Notes to Financial Statements

29

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Number
of Shares
    Value  
Mexico: 1.7%                
Industrias Penoles SAB de CV     6,498,286     $ 74,797,764  
                 
Peru: 2.2%                
Cia de Minas Buenaventura SAA (ADR) *     9,568,245       70,039,553  
Hochschild Mining Plc (GBP) #     15,176,636       26,860,192  
              96,899,745  
Russia: 0.7%                
Petropavlovsk Plc (GBP) # * †     114,785,734       30,181,070  
                 
South Africa: 2.2%                
DRDGOLD Ltd. (ADR) †     2,006,281       17,013,263  
Harmony Gold Mining Co. Ltd. (ADR) †     20,484,306       84,190,498  
              101,203,761  
Turkey: 1.9%                
Eldorado Gold Corp. (USD) *     6,742,806       63,045,236  
Koza Altin Isletmeleri AS # *     2,412,796       20,973,210  
              84,018,446  
United Kingdom: 4.2%                
Endeavour Mining Plc (CAD) †     6,681,402       146,677,178  
Greatland Gold Plc # * †     200,605,103       43,620,803  
              190,297,981  
    Number
of Shares
    Value  
United States: 4.4%                
Aura Minerals, Inc. (BRL) (BDR) #     1,875,936     $ 15,170,302  
Coeur Mining, Inc. *     9,081,990       45,773,229  
Gatos Silver, Inc. *     1,203,201       12,489,226  
Gold Resource Corp.     3,697,341       5,767,852  
Golden Star Resources Ltd. *     2,624,372       10,051,345  
Hecla Mining Co.     19,298,932       100,740,425  
i-80 Gold Corp. (CAD) * †     3,119,899       7,632,101  
              197,624,480  
Total Common Stocks
(Cost: $4,687,407,191)
            4,486,202,880  
                 
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 2.9%
(Cost: $130,584,513)
 
Money Market Fund: 2.9%                
State Street Navigator Securities Lending Government Money Market Portfolio     130,584,513       130,584,513  
Total Investments: 102.7%
(Cost: $4,817,991,704)
            4,616,787,393  
Liabilities in excess of other assets: (2.7)%       (121,998,840)  
NET ASSETS: 100.0%           $ 4,494,788,553  


 

 

Definitions:

ADR American Depositary Receipt
BDR Brazilian Depositary Receipt
BRL Brazilian Real
CAD Canadian Dollar
GBP British Pound
HKD Hong Kong Dollar
USD United States Dollar
   

Footnotes:

Security fully or partially on loan. Total market value of securities on loan is $242,438,677.
# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,122,184,204 which represents 25.0% of net assets.
* Non-income producing
Affiliated issuer – as defined under the Investment Company Act of 1940.
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     5.8 %      $ 259,714,438  
Gold     74.0           3,320,550,675  
Precious Metals & Minerals     3.2       143,271,474  
Silver     17.0       762,666,293  
      100.0 %   $ 4,486,202,880  

 

See Notes to Financial Statements

30

 

 

Transactions in securities of affiliates for the period ended December 31, 2021:

 

    Value
12/31/2020
  Purchases   Sales
Proceeds
  Realized Gain
(Loss)
  Dividend
Income
  Net Change in
Unrealized
Appreciation
(Depreciation)
  Value
12/31/2021
Alexco Resource Corp.    $ 23,466,863    $ 3,262,331      $ (4,300,016 )    $ (85,198 )    $      $ (10,850,010 )    $ –(a)   
Argonaut Gold, Inc.     32,376,438       4,410,754       (10,297,718 )     312,978             (3,415,016 )     –(a)   
Endeavour Silver Corp.     45,123,019       9,626,593       (12,621,766 )     758,222             (9,489,191 )     –(a)  
Fortuna Silver Mines, Inc.     76,799,832       30,459,870       (12,566,211 )     1,510,161             (41,617,985 )     –(a)  
Freegold Ventures Ltd.     8,326,263       1,792,230       (4,999,517 )     (5,844,375 )           725,399        
Gold Resource Corp.     10,463,080       2,579,605       (1,994,220 )     (971,597 )     163,976       (4,309,016 )     –(a)  
GoldMining, Inc.     18,351,915       19,708,772       (21,114,620 )     (949,241 )           (7,070,158 )     –(a)  
Great Panther Mining Ltd.     17,099,397       2,461,177       (2,540,517 )     (261,394 )           (11,918,275 )     –(a)  
Greatland Gold Plc     111,017,621       8,274,793       (13,367,803 )     (3,330,918 )           (58,972,890 )     –(a)  
Metalla Royalty & Streaming Ltd.     26,786,699       9,702,333       (9,442,904 )     (3,115,365 )           (9,622,171 )     –(a)  
Pan American Silver Corp.     371,133,447       46,491,976       (70,133,472 )     16,742,918       3,437,666       (117,758,047 )     –(a)  
Sabina Gold & Silver Corp.     43,570,859       3,495,107       (10,158,566 )     (3,368,676 )           (18,913,337 )     –(a)  
Sandstorm Gold Ltd.     70,654,435       10,612,678       (15,252,932 )     1,046,395             (11,351,245 )     –(a)  
Silver Mines Ltd.           13,939,451       (1,217,126 )     (90,812 )           (1,666,308 )     10,965,205  
Silvercorp Metals, Inc.     59,975,000       9,370,396       (8,541,972 )     3,116,110       218,902       (28,911,125 )     35,008,409  
Yamana Gold, Inc.     275,275,800       34,616,085       (48,993,135 )     9,032,133       5,298,993       (80,654,413 )     –(a)  
    $ 1,190,420,668     $ 210,804,151     $ (247,542,495 )   $ 14,501,341     $ 9,119,537     $ (415,793,788 )   $ 45,973,614  

 

(a) Security held by the Fund, however not classified as an affiliate at the end of the reporting period.

 

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

 

          Level 2     Level 3        
    Level 1     Significant     Significant        
    Quoted     Observable     Unobservable        
    Prices     Inputs     Inputs     Value  
Common Stocks                                
Australia   $ 51,099,940     $ 717,967,784     $     $ 769,067,724  
Brazil     189,276,470                   189,276,470  
Burkina Faso     63,762,523                   63,762,523  
Canada     2,352,235,111                   2,352,235,111  
China           34,169,167       2       34,169,169  
Egypt           54,681,811             54,681,811  
Indonesia           178,559,863             178,559,863  
Jersey, Channel Islands     5,365,629                   5,365,629  
Kyrgyzstan     64,061,332                   64,061,332  
Mexico     74,797,764                   74,797,764  
Peru     70,039,553       26,860,192             96,899,745  
Russia           30,181,070             30,181,070  
South Africa     101,203,761                   101,203,761  
Turkey     63,045,236       20,973,210             84,018,446  
United Kingdom     146,677,178       43,620,803             190,297,981  
United States     182,454,178       15,170,302             197,624,480  
Money Market Fund     130,584,513                   130,584,514  
Total Investments   $ 3,494,603,188     $ 1,122,184,202     $ 2     $ 4,616,787,393  

 

See Notes to Financial Statements

31

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.1%                
Austria: 0.6%                
Verbund AG #     15,097     $ 1,694,728  
                 
Brazil: 0.8%                
Centrais Eletricas Brasileiras SA (ADR) †     156,414       952,561  
Cia Energetica de Minas Gerais (ADR) †     442,008       1,074,080  
Cia Paranaense de Energia (ADR)     71,145       400,546  
              2,427,187  
Canada: 3.2%                
Ballard Power Systems, Inc. (USD) * †     116,692       1,465,652  
Boralex, Inc. †     41,672       1,144,112  
Brookfield Renewable Corp. (USD)     43,405       1,598,606  
Canadian Solar, Inc. (USD) * †     18,444       577,113  
Innergex Renewable Energy, Inc. †     57,597       848,121  
Northland Power, Inc. †     105,703       3,175,734  
TransAlta Renewables, Inc. †     49,825       739,594  
              9,548,932  
Chile: 0.3%                
Enel Americas SA (ADR) †     180,273       980,685  
                 
China: 18.7%                
BYD Co. Ltd. (HKD) # †     282,000       9,539,998  
China Everbright Environment Group Ltd. (HKD) #     1,634,000       1,312,651  
China Longyuan Power Group Corp. Ltd. (HKD) #     795,000       1,857,272  
Daqo New Energy Corp. (ADR) *     25,735       1,037,635  
Li Auto, Inc. (ADR) *     291,317       9,351,276  
NIO, Inc. (ADR) * †     533,684       16,907,109  
Xinyi Solar Holdings Ltd. (HKD) #     2,366,000       4,017,506  
XPeng, Inc. (ADR) *     239,987       12,078,546  
              56,101,993  
Denmark: 8.8%                
Orsted AS 144A #     88,299       11,294,016  
ROCKWOOL International A/S #     3,761       1,640,286  
Vestas Wind Systems A/S #     443,092       13,477,503  
              26,411,805  
France: 0.4%                
Neoen SA 144A # * †     23,483       1,018,149  
                 
Germany: 1.4%                
Encavis AG #     53,929       949,976  
Nordex SE # * †     50,044       784,006  
Siemens Gamesa Renewable Energy SA # *     104,919       2,488,758  
              4,222,740  
Ireland: 2.4%                
Kingspan Group Plc #     60,101       7,160,960  
                 
Italy: 7.5%                
Enel Chile SA (ADR) †     232,450       420,734  
Enel SpA #     2,668,512       21,313,268  
    Number
of Shares
    Value  
Italy (continued)                
ERG SpA #     25,961     $ 837,477  
              22,571,479  
Japan: 0.3%                
Horiba Ltd. #     17,284       1,015,262  
                 
New Zealand: 1.7%                
Contact Energy Ltd. # †     326,043       1,806,320  
Mercury NZ Ltd. # †     298,863       1,251,602  
Meridian Energy Ltd. # †     588,967       1,954,227  
              5,012,149  
Norway: 0.6%                
NEL ASA # * †     681,856       1,164,015  
Scatec ASA 144A #     43,750       754,336  
              1,918,351  
Portugal: 0.9%                
EDP Renovaveis SA #     112,090       2,784,212  
                 
South Korea: 4.4%                
Hanwha Solutions Corp. # *     49,998       1,491,185  
Samsung SDI Co. Ltd. # *     21,505       11,827,146  
              13,318,331  
Spain: 8.6%                
Acciona SA #     11,522       2,190,575  
Atlantica Sustainable Infrastructure Plc (USD)     26,017       930,368  
Iberdrola SA # *     1,923,797       22,751,703  
              25,872,646  
Sweden: 3.3%                
Nibe Industrier AB #     665,775       10,040,206  
                 
Switzerland: 0.2%                
Landis+Gyr Group AG #     9,985       673,979  
                 
Taiwan: 0.3%                
Simplo Technology Co. Ltd. #     80,000       948,872  
                 
Thailand: 0.8%                
Energy Absolute PCL (NVDR) #     835,700       2,398,513  
                 
United Kingdom: 1.3%                
Ceres Power Holdings Plc # * †     55,191       746,550  
ITM Power Plc # * †     194,618       1,045,344  
Johnson Matthey Plc #     76,785       2,135,117  
              3,927,011  
United States: 33.6%                
Badger Meter, Inc.     9,011       960,212  
Bloom Energy Corp. *     44,132       967,815  
EnerSys     14,470       1,143,998  
Enphase Energy, Inc. *     49,749       9,101,082  
First Solar, Inc. *     32,259       2,811,694  
Fisker, Inc. *     58,886       926,277  
FuelCell Energy, Inc. * †     140,322       729,674  
Hannon Armstrong Sustainable Infrastructure Capital, Inc. †   28,256       1,500,959  
Installed Building Products, Inc.     7,211       1,007,521  
Lucid Group, Inc. * †     284,335       10,818,947  
NextEra Energy, Inc.     276,139       25,780,337  
Nikola Corp. * †     108,255       1,068,477  
Ormat Technologies, Inc. †     16,729       1,326,610  
Owens Corning     36,585       3,310,943  
Plug Power, Inc. * †     201,769       5,695,939  


 

See Notes to Financial Statements

32

 

 

    Number
of Shares
    Value  
United States (continued)                
Renewable Energy Group, Inc. *     14,079     $ 597,513  
SolarEdge Technologies, Inc. *     20,592       5,777,497  
Sunnova Energy International, Inc. * †     27,249       760,792  
Sunrun, Inc. * †     59,907       2,054,810  
Tesla, Inc. *     23,332       24,656,791  
              100,997,888  
Total Common Stocks
(Cost: $261,967,243)
            301,046,078  
    Number
of Shares
    Value  
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 4.9%
(Cost: $14,590,565)
 
Money Market Fund: 4.9%            
State Street Navigator Securities Lending Government Money Market Portfolio     14,590,565     $ 14,590,565  
                 
Total Investments: 105.0%
(Cost: $276,557,808)
      315,636,643  
Liabilities in excess of other assets: (5.0)%       (14,887,682)  
NET ASSETS: 100.0%           $ 300,748,961  


 

 

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 $146,365,718 which represents 48.7% of net assets.
Security fully or partially on loan. Total market value of securities on loan is $32,292,446.
* 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 $13,066,501, or 4.3% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
   Value  
Consumer Discretionary     28.3 %      $ 85,286,464  
Energy     0.2       597,513  
Financials     0.5       1,500,959  
Industrials     18.7       56,297,587  
Information Technology     12.9       38,747,999  
Materials     1.2       3,626,302  
Utilities     38.2       114,989,254  
      100.0 %   $ 301,046,078  

 

See Notes to Financial Statements

33

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

(continued)

 

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

 

          Level 2     Level 3        
    Level 1     Significant     Significant        
    Quoted     Observable     Unobservable        
    Prices     Inputs     Inputs     Value  
Common Stocks                                
Austria   $     $ 1,694,728     $     $ 1,694,728  
Brazil     2,427,187                   2,427,187  
Canada     9,548,932                   9,548,932  
Chile     980,685                   980,685  
China     39,374,566       16,727,427             56,101,993  
Denmark           26,411,805             26,411,805  
France           1,018,149             1,018,149  
Germany           4,222,740             4,222,740  
Ireland           7,160,960             7,160,960  
Italy     420,734       22,150,745             22,571,479  
Japan           1,015,262             1,015,262  
New Zealand           5,012,149             5,012,149  
Norway           1,918,351             1,918,351  
Portugal           2,784,212             2,784,212  
South Korea           13,318,331             13,318,331  
Spain     930,368       24,942,278             25,872,646  
Sweden           10,040,206             10,040,206  
Switzerland           673,979             673,979  
Taiwan           948,872             948,872  
Thailand           2,398,513             2,398,513  
United Kingdom           3,927,011             3,927,011  
United States     100,997,888                   100,997,888  
Money Market Fund     14,590,565                   14,590,565  
Total Investments   $ 169,270,925     $ 146,365,718     $     $ 315,636,643  

 

See Notes to Financial Statements

34

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.2%                
Argentina: 0.0%                
Cresud SACIF y A (ADR) *     3,577     $ 16,883  
                 
Australia: 6.6%                
Alumina Ltd. #     42,932       58,361  
Ampol Ltd. #     2,115       45,638  
APA Group # †     10,474       76,573  
Bega Cheese Ltd. # †     26,603       109,786  
BHP Group Ltd. # †     53,891       1,625,944  
BlueScope Steel Ltd. #     9,099       138,813  
Costa Group Holdings Ltd. #     40,761       89,901  
Elders Ltd. #     13,712       122,363  
Evolution Mining Ltd. # †     39,979       118,528  
Fortescue Metals Group Ltd. #     30,932       434,505  
Glencore Plc (GBP) #     87,948       448,417  
GrainCorp Ltd. #     20,054       120,640  
IGO Ltd. #     12,589       105,361  
Lynas Rare Earths Ltd. # * †     16,855       124,990  
Newcrest Mining Ltd. #     17,837       319,243  
Northern Star Resources Ltd. # †     25,397       174,544  
Nufarm Ltd./Australia #     27,963       98,734  
Origin Energy Ltd. # †     15,635       59,630  
OZ Minerals Ltd. #     6,095       125,570  
Rio Tinto Plc (GBP) #     19,496       1,286,543  
Rural Funds Group #     31,539       72,672  
Santos Ltd. # †     25,666       118,148  
Select Harvests Ltd. #     16,043       72,435  
South32 Ltd. #     85,185       248,959  
Washington H Soul Pattinson & Co. Ltd. # †     2,235       48,137  
Woodside Petroleum Ltd. # †     8,609       137,150  
              6,381,585  
Austria: 0.4%                
Andritz AG #     1,497       76,907  
Mayr Melnhof Karton AG #     155       31,015  
OMV AG #     1,278       72,192  
Verbund AG #     738       82,845  
voestalpine AG #     2,284       82,776  
              345,735  
Brazil: 3.2%                
Adecoagro SA (USD) * †     9,862       75,740  
Cia de Saneamento Basico do Estado de Sao Paulo (ADR) †     2,118       15,546  
Cia Siderurgica Nacional SA (ADR)     11,911       52,885  
Cosan SA #     10,700       42,039  
Gerdau SA (ADR)     20,934       102,995  
Klabin SA #     20,050       92,204  
Minerva SA #     27,950       53,250  
Petroleo Brasileiro SA (ADR)     16,516       181,346  
SLC Agricola SA #     8,150       65,901  
Suzano SA # *     14,250       153,916  
Vale SA (ADR)     73,360       1,028,507  
Wheaton Precious Metals Corp. (USD)     9,824       421,744  
Yamana Gold, Inc. (USD)     21,001       88,624  
    Number
of Shares
    Value  
Brazil (continued)                
Yara International ASA (NOK) #     13,839     $ 696,808  
              3,071,505  
British Virgin Islands: 0.1%                
Japfa Ltd. (SGD) # †     48,400       21,722  
Lee & Man Paper Manufacturing Ltd. (HKD) #     21,600       15,023  
Nine Dragons Paper Holdings Ltd. (HKD) #     30,657       32,928  
              69,673  
Canada: 9.9%                
Agnico Eagle Mines Ltd. (USD)     5,337       283,608  
Alamos Gold, Inc. †     8,558       65,922  
Algonquin Power & Utilities Corp. †     4,171       60,329  
B2Gold Corp.     23,015       90,737  
Ballard Power Systems, Inc. * †     1,548       19,473  
Barrick Gold Corp. (USD)     38,780       736,820  
Boralex, Inc. †     554       15,210  
Cameco Corp. (USD)     7,265       158,450  
Canadian Natural Resources Ltd. (USD) †     10,456       441,766  
Canadian Solar, Inc. (USD) * †     286       8,949  
Canadian Utilities Ltd.     1,745       50,686  
Canfor Corp. *     1,105       28,046  
Cenovus Energy, Inc.     11,282       138,530  
Enbridge, Inc. (USD)     17,984       702,815  
Equinox Gold Corp. * †     6,033       40,884  
First Majestic Silver Corp. †     4,871       54,257  
Franco-Nevada Corp.     4,169       577,386  
Innergex Renewable Energy, Inc. †     911       13,415  
Ivanhoe Mines Ltd. *     10,156       82,975  
Kinross Gold Corp. (USD)     27,335       158,816  
Kirkland Lake Gold Ltd.     5,749       241,266  
Lundin Gold, Inc. *     1,831       15,104  
Methanex Corp. †     473       18,738  
Northland Power, Inc. †     1,304       39,177  
Novagold Resources, Inc. (USD) *     5,279       36,214  
Nutrien Ltd. (USD)     50,044       3,763,309  
Osisko Gold Royalties Ltd.     3,410       41,790  
Pan American Silver Corp. (USD)     4,586       114,512  
Pembina Pipeline Corp. †     4,882       148,298  
Pretium Resources, Inc. *     4,098       57,813  
SSR Mining, Inc. (USD)     4,617       81,721  
Stella-Jones, Inc.     1,165       36,901  
Suncor Energy, Inc. (USD)     12,910       323,137  
Sundial Growers, Inc. (USD) * †     180,322       104,280  
TC Energy Corp. (USD)     8,693       404,572  
Teck Resources Ltd. (USD)     8,543       246,209  
Tourmaline Oil Corp.     2,722       88,007  
TransAlta Renewables, Inc. †     661       9,812  
West Fraser Timber Co. Ltd.     1,760       168,149  
              9,668,083  
Chile: 0.8%                
Empresas CMPC SA     19,864       33,293  
Lundin Mining Corp. (CAD)     11,688       91,420  


 

See Notes to Financial Statements

35

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Number
of Shares
    Value  
Chile (continued)                
Sociedad Quimica y Minera de Chile SA (ADR)     12,515     $ 631,132  
              755,845  
China: 2.3%                
Aluminum Corp. of China Ltd. (HKD) # *     72,100       39,734  
Angang Steel Co. Ltd. (HKD) #     25,040       11,167  
Astra Agro Lestari Tbk PT (IDR) #     33,700       22,455  
Beijing Enterprises Water Group Ltd. (HKD) #     29,100       11,309  
China Coal Energy Co. Ltd. (HKD) #     18,700       10,813  
China Gas Holdings Ltd. (HKD) #     23,400       48,682  
China Hongqiao Group Ltd. (HKD) #     40,200       42,496  
China Longyuan Power Group Corp. Ltd. (HKD) #     21,129       49,361  
China Molybdenum Co. Ltd. (HKD) #     66,200       34,975  
China Petroleum & Chemical Corp. (HKD) #     226,227       105,398  
China Resources Gas Group Ltd. (HKD) #     8,800       49,733  
China Shenhua Energy Co. Ltd. (HKD) #     29,891       69,965  
ENN Energy Holdings Ltd. (HKD) #     6,700       126,327  
Guangdong Investment Ltd. (HKD) #     18,800       23,902  
Hong Kong & China Gas Co. Ltd. (HKD) #     95,905       149,613  
Jiangxi Copper Co. Ltd. (HKD) #     19,900       31,975  
Kunlun Energy Co. Ltd. (HKD) #     34,900       32,753  
Maanshan Iron & Steel Co. Ltd. (HKD) #     18,400       6,766  
PetroChina Co. Ltd. (HKD) #     187,540       83,074  
Power Assets Holdings Ltd. (HKD) #     11,900       74,188  
Shandong Chenming Paper Holdings Ltd. (HKD) # †     6,800       3,259  
Shandong Gold Mining Co. Ltd. (HKD) 144A # †     17,100       29,347  
Sinofert Holdings Ltd. (HKD) # *     153,500       23,061  
United Tractors Tbk PT (IDR) #     13,300       20,649  
Wilmar International Ltd. (SGD) #     279,164       858,797  
Xinyi Solar Holdings Ltd. (HKD) #     30,000       50,940  
Yankuang Energy Group Co. Ltd. (HKD) # †     12,400       24,649  
Zhaojin Mining Industry Co. Ltd. (HKD) #     24,800       21,232  
Zijin Mining Group Co. Ltd. (HKD) #     124,661       148,905  
              2,205,525  
    Number
of Shares
    Value  
Cyprus: 0.1%                
Novolipetsk Steel PJSC (USD) (GDR) #     2,299     $ 67,815  
                 
Czech Republic: 0.1%                
CEZ AS     1,432       54,195  
                 
Denmark: 0.6%                
Bakkafrost P/F (NOK) #     4,353       287,326  
Orsted AS 144A #     1,173       150,034  
Vestas Wind Systems A/S #     6,257       190,319  
              627,679  
Egypt: 0.2%                
Abou Kir Fertilizers & Chemical Industries     26,598       36,401  
Centamin Plc (GBP) #     25,217       30,553  
Egypt Kuwait Holding Co. SAE *     103,273       129,173  
              196,127  
Finland: 0.4%                
Metsa Board Oyj #     3,205       31,364  
Neste Oyj #     3,824       187,986  
Stora Enso Oyj #     11,059       202,738  
              422,088  
France: 1.4%                
Neoen SA 144A # * †     299       12,964  
Suez SA     2,377       53,549  
SunPower Corp. (USD) * †     504       10,518  
TotalEnergies SE # *     22,033       1,120,204  
Veolia Environnement SA #     4,018       147,388  
Voltalia SA # *     172       3,833  
              1,348,456  
Germany: 0.8%                
E.ON SE #     13,912       193,120  
Encavis AG #     728       12,824  
K+S AG # *     16,771       288,165  
Nordex SE # *     693       10,857  
Siemens Energy AG # *     3,870       98,628  
Siemens Gamesa Renewable Energy SA # *     1,393       33,043  
Suedzucker AG #     5,547       83,539  
Uniper SE #     812       38,510  
VERBIO Vereinigte BioEnergie AG #     195       13,258  
              771,944  
Hungary: 0.0%                
MOL Hungarian Oil & Gas Plc #     4,083       31,725  
                 
India: 0.8%                
Reliance Industries Ltd. (USD) 144A (GDR) #     11,750       751,712  
                 
Indonesia: 0.2%                
Golden Agri-Resources Ltd. (SGD) #     467,019       84,938  
Indah Kiat Pulp & Paper Tbk PT #     46,400       25,488  
Merdeka Copper Gold Tbk PT # *     264,800       72,485  
Pabrik Kertas Tjiwi Kimia Tbk PT #     22,600       11,951  


 

See Notes to Financial Statements

36

 

 

    Number
of Shares
    Value  
Indonesia (continued)                
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #     245,100     $ 20,411  
              215,273  
Ireland: 0.3%                
Smurfit Kappa Group Plc (GBP) #     4,678       257,826  
                 
Israel: 0.6%                
Energix-Renewable Energies Ltd. #     1,446       6,116  
ICL Group Ltd. #     61,838       594,970  
              601,086  
Italy: 0.4%                
Eni SpA #     22,405       311,024  
ERG SpA #     345       11,129  
Snam SpA #     18,198       109,485  
              431,638  
Japan: 5.6%                
Chubu Electric Power Co., Inc. #     6,300       66,472  
Daio Paper Corp. #     2,200       36,506  
ENEOS Holdings, Inc. #     28,700       107,101  
Hitachi Metals Ltd. # * †     3,617       66,947  
Hokuto Corp. #     2,100       34,811  
Idemitsu Kosan Co. Ltd. #     2,000       50,984  
Inpex Corp. # †     9,600       83,387  
JFE Holdings, Inc. #     10,564       134,629  
Kubota Corp. #     100,600       2,234,519  
Kumiai Chemical Industry Co. Ltd. #     8,700       59,782  
Kurita Water Industries Ltd. #     765       36,228  
Maruha Nichiro Corp. #     3,836       80,278  
NH Foods Ltd. #     9,000       324,151  
Nippon Sanso Holdings Corp. #     2,000       43,698  
Nippon Steel Corp. #     17,400       283,939  
Nippon Suisan Kaisha Ltd. #     27,414       129,432  
Nissan Chemical Corp. #     13,400       778,498  
Nisshin Seifun Group, Inc. #     22,950       330,726  
Oji Holdings Corp. #     17,276       83,612  
Rengo Co. Ltd. #     4,470       33,776  
RENOVA, Inc. # *     300       5,426  
Sakata Seed Corp. #     3,200       91,310  
Sumitomo Forestry Co. Ltd. #     3,383       65,327  
Sumitomo Metal Mining Co. Ltd. #     5,000       189,167  
Tokyo Gas Co. Ltd. #     3,600       64,551  
              5,415,257  
Kazakhstan: 0.0%                
NAC Kazatomprom JSC (USD) (GDR)     1,184       43,512  
                 
Kyrgyzstan: 0.0%                
Centerra Gold, Inc. (CAD)     4,789       36,965  
                 
Liechtenstein: 0.1%                
Antofagasta Plc (GBP) #     6,303       114,710  
                 
Luxembourg: 0.3%                
ArcelorMittal SA #     10,750       344,452  
    Number
of Shares
    Value  
Malaysia: 0.6%                
Genting Plantations Bhd     14,951     $ 24,045  
IOI Corp. Bhd #     154,594       138,316  
Kuala Lumpur Kepong Bhd     27,478       143,656  
Petronas Dagangan Bhd #     1,400       6,918  
PPB Group Bhd     46,300       190,046  
Press Metal Aluminium Holdings Bhd #     68,400       94,870  
              597,851  
Mexico: 0.7%                
Fresnillo Plc (GBP) #     4,018       48,887  
Gruma SAB de CV     17,110       219,483  
Grupo Mexico SAB de CV     56,864       248,101  
Industrias Penoles SAB de CV     2,682       30,871  
Southern Copper Corp. (USD)     1,553       95,835  
              643,177  
Netherlands: 1.1%                
OCI NV # *     5,539       144,414  
Royal Dutch Shell Plc (GBP) #     32,123       705,780  
Tenaris SA (ADR)     4,205       87,716  
Ternium SA (ADR)     3,586       156,063  
              1,093,973  
Norway: 1.4%                
Equinor ASA #     9,543       252,355  
Mowi ASA #     39,422       931,746  
NEL ASA # * †     9,267       15,820  
Norsk Hydro ASA #     24,942       195,997  
              1,395,918  
Peru: 0.0%                
Cia de Minas Buenaventura SAA (ADR) *     4,206       30,788  
                 
Poland: 0.2%                
KGHM Polska Miedz SA #     2,484       86,196  
Polski Koncern Naftowy ORLEN SA #     2,581       47,558  
Polskie Gornictwo Naftowe i Gazownictwo SA #     14,363       22,455  
              156,209  
Portugal: 0.1%                
EDP Renovaveis SA #     1,489       36,985  
Galp Energia SGPS SA #     3,833       37,150  
Navigator Co. SA #     3,853       14,660  
              88,795  
Russia: 2.6%                
Evraz Plc (GBP) #     9,059       74,114  
Gazprom PJSC (ADR) #     53,587       494,830  
LUKOIL PJSC (ADR) #     3,193       286,096  
MMC Norilsk Nickel PJSC (ADR) #     10,984       339,777  
Novatek PJSC (USD) (GDR) #     1,671       390,688  
PhosAgro PJSC (USD) (GDR) #     11,915       257,082  
Polymetal International Plc (GBP) #     7,332       130,650  
Polyus PJSC (USD) (GDR) #     1,424       125,776  
Rosneft Oil Co. PJSC (USD) (GDR) #     11,066       89,000  
Severstal PAO (USD) (GDR) #     3,516       75,839  
Surgutneftegas PJSC (ADR) #     31,712       169,606  


 

See Notes to Financial Statements

37

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Number
of Shares
    Value  
Russia (continued)                
Tatneft PJSC (ADR) #     2,288     $ 95,138  
              2,528,596  
Saudi Arabia: 0.0%                
S-Oil Corp. (KRW) #     370       26,593  
                 
Singapore: 0.4%                
Charoen Pokphand Indonesia Tbk PT (IDR) #     632,300       263,534  
First Resources Ltd. #     40,100       44,944  
Olam International Ltd. #     77,609       100,857  
              409,335  
South Africa: 2.1%                
Anglo American Platinum Ltd. #     1,216       138,476  
Anglo American Plc (GBP) #     22,903       942,678  
Gold Fields Ltd. (ADR)     19,357       212,734  
Harmony Gold Mining Co. Ltd. (ADR)     11,831       48,625  
Impala Platinum Holdings Ltd. #     17,822       251,016  
Northam Platinum Holdings Ltd. *     5,341       70,109  
Omnia Holdings Ltd.     14,437       57,902  
Royal Bafokeng Platinum Ltd. #     1,805       17,733  
Sasol Ltd. # *     5,137       83,974  
Sibanye Stillwater Ltd. #     58,129       180,459  
              2,003,706  
South Korea: 0.7%                
Coway Co. Ltd. # *     347       21,740  
CS Wind Corp. #     146       8,054  
Hyundai Steel Co. # *     1,560       53,723  
Korea Zinc Co. Ltd. # *     227       97,672  
POSCO #     1,385       321,163  
SK Innovation Co. Ltd. # *     460       92,106  
SK, Inc. #     419       88,333  
              682,791  
Spain: 0.2%                
Atlantica Sustainable Infrastructure Plc (USD) †     385