ANNUAL
REPORT |
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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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
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
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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 |
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 |
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.
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VANECK ETF TRUST
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 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 |
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 |
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 |
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 |
Level
3 |
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 |
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 |
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 |
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 |
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 | 13,768 | ||||||
Enagas SA # † | 2,209 | 51,259 | ||||||
Repsol SA # | 12,474 | 147,562 | ||||||
212,589 | ||||||||
Sweden: 1.2% | ||||||||
BillerudKorsnas AB # | 3,310 | 62,171 | ||||||
Boliden AB # | 4,996 | 192,269 | ||||||
Holmen AB # | 1,672 | 79,917 | ||||||
Husqvarna AB # | 32,279 | 515,099 | ||||||
Lundin Energy AB # | 1,447 | 51,677 | ||||||
SSAB AB # * | 11,531 | 57,825 | ||||||
Svenska Cellulosa AB SCA # | 10,825 | 191,708 | ||||||
1,150,666 | ||||||||
Taiwan: 0.5% | ||||||||
China Steel Corp. # | 228,472 | 291,545 | ||||||
Formosa Petrochemical Corp. # | 14,920 | 51,590 | ||||||
Taiwan Fertilizer Co. Ltd. # | 65,200 | 164,658 | ||||||
507,793 | ||||||||
Tanzania: 0.2% | ||||||||
AngloGold Ashanti Ltd. (ADR) | 9,101 | 190,939 |
Number of Shares |
Value | |||||||
Thailand: 0.2% | ||||||||
Energy Absolute PCL (NVDR) # | 11,300 | $ | 32,432 | |||||
PTT Exploration & Production PCL (NVDR) # | 12,700 | 44,773 | ||||||
PTT PCL (NVDR) # | 93,800 | 106,447 | ||||||
183,652 | ||||||||
Turkey: 0.2% | ||||||||
Eldorado Gold Corp. (USD) * | 3,983 | 37,241 | ||||||
Eregli Demir ve Celik Fabrikalari TAS # | 24,934 | 52,842 | ||||||
Gubre Fabrikalari TAS * | 4,683 | 27,101 | ||||||
Hektas Ticaret TAS * | 30,897 | 34,597 | ||||||
151,781 | ||||||||
United Kingdom: 3.2% | ||||||||
BP Plc # | 174,982 | 784,550 | ||||||
Ceres Power Holdings Plc # * † | 733 | 9,915 | ||||||
CNH Industrial NV (USD) † | 87,278 | 1,695,812 | ||||||
DS Smith Plc # | 24,838 | 129,440 | ||||||
Endeavour Mining Plc (CAD) | 4,007 | 87,966 | ||||||
ITM Power Plc # * † | 2,438 | 13,095 | ||||||
Kumba Iron Ore Ltd. (ZAR) # | 1,000 | 28,794 | ||||||
Mondi Plc # | 8,768 | 217,625 | ||||||
Pennon Group Plc # | 1,702 | 26,964 | ||||||
Severn Trent Plc # | 1,570 | 62,735 | ||||||
United Utilities Group Plc # | 4,224 | 62,368 | ||||||
3,119,264 | ||||||||
United States: 49.2% | ||||||||
A.O. Smith Corp. | 825 | 70,826 | ||||||
Advanced Drainage Systems, Inc. | 372 | 50,640 | ||||||
AGCO Corp. | 5,376 | 623,724 | ||||||
Alcoa Corp. | 3,418 | 203,644 | ||||||
Ameresco, Inc. * | 191 | 15,555 | ||||||
American States Water Co. | 229 | 23,688 | ||||||
American Vanguard Corp. | 2,359 | 38,664 | ||||||
American Water Works Co., Inc. | 1,125 | 212,467 | ||||||
Andersons, Inc. | 2,713 | 105,020 | ||||||
APA Corp. | 3,222 | 86,640 | ||||||
AppHarvest, Inc. * | 7,957 | 30,953 | ||||||
Archer-Daniels-Midland Co. | 49,023 | 3,313,465 | ||||||
Atmos Energy Corp. | 1,176 | 123,210 | ||||||
Baker Hughes Co. | 7,769 | 186,922 | ||||||
Boise Cascade Co. | 727 | 51,762 | ||||||
Bunge Ltd. | 12,311 | 1,149,355 | ||||||
California Water Service Group | 326 | 23,426 | ||||||
Cal-Maine Foods, Inc. | 3,282 | 121,401 | ||||||
CF Industries Holdings, Inc. | 18,793 | 1,330,169 | ||||||
Cheniere Energy, Inc. | 2,228 | 225,964 | ||||||
Chevron Corp. | 17,110 | 2,007,858 | ||||||
Clearway Energy, Inc. | 507 | 18,267 | ||||||
Cleveland-Cliffs, Inc. * † | 8,313 | 180,974 | ||||||
Coeur Mining, Inc. * | 5,603 | 28,239 | ||||||
ConocoPhillips | 11,703 | 844,723 | ||||||
Continental Resources, Inc. | 516 | 23,096 | ||||||
Corteva, Inc. | 63,859 | 3,019,254 | ||||||
Coterra Energy, Inc. | 7,222 | 137,218 | ||||||
Darling Ingredients, Inc. * | 14,178 | 982,394 | ||||||
Deere & Co. | 21,387 | 7,333,388 | ||||||
Devon Energy Corp. | 5,712 | 251,614 |
See Notes to Financial Statements
38 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Diamondback Energy, Inc. | 1,611 | $ | 173,746 | |||||
EOG Resources, Inc. | 5,194 | 461,383 | ||||||
EQT Corp. * | 3,148 | 68,658 | ||||||
Essential Utilities, Inc. | 1,426 | 76,562 | ||||||
Evoqua Water Technologies Corp. * | 747 | 34,922 | ||||||
Exxon Mobil Corp. | 37,581 | 2,299,581 | ||||||
Farmland Partners, Inc. | 3,840 | 45,888 | ||||||
First Solar, Inc. * | 560 | 48,810 | ||||||
FMC Corp. | 11,102 | 1,219,999 | ||||||
Franklin Electric Co., Inc. | 241 | 22,789 | ||||||
Freeport-McMoRan, Inc. | 26,823 | 1,119,324 | ||||||
Fresh Del Monte Produce, Inc. | 2,917 | 80,509 | ||||||
FuelCell Energy, Inc. * | 2,138 | 11,118 | ||||||
Graphic Packaging Holding Co. | 5,545 | 108,127 | ||||||
GrowGeneration Corp. * | 8,829 | 115,218 | ||||||
Halliburton Co. | 7,947 | 181,748 | ||||||
Hecla Mining Co. | 11,735 | 61,257 | ||||||
Hess Corp. | 2,447 | 181,151 | ||||||
HollyFrontier Corp. | 1,442 | 47,269 | ||||||
Howmet Aerospace, Inc. | 7,412 | 235,924 | ||||||
Hydrofarm Holdings Group, Inc. * | 3,131 | 88,576 | ||||||
Imperial Oil Ltd. † | 1,660 | 59,926 | ||||||
Ingredion, Inc. | 5,830 | 563,411 | ||||||
International Paper Co. | 6,991 | 328,437 | ||||||
Intrepid Potash, Inc. * | 551 | 23,544 | ||||||
Itron, Inc. * | 280 | 19,186 | ||||||
Kinder Morgan, Inc. | 17,310 | 274,537 | ||||||
Lindsay Corp. | 956 | 145,312 | ||||||
Louisiana-Pacific Corp. | 1,585 | 124,185 | ||||||
Marathon Oil Corp. | 6,909 | 113,446 | ||||||
Marathon Petroleum Corp. | 5,459 | 349,321 | ||||||
Mission Produce, Inc. * | 3,499 | 54,934 | ||||||
Mosaic Co. | 33,288 | 1,307,886 | ||||||
New Fortress Energy, Inc. | 367 | 8,859 | ||||||
Newmont Corp. | 17,388 | 1,078,404 | ||||||
NextEra Energy, Inc. | 12,158 | 1,135,071 | ||||||
NiSource, Inc. | 3,486 | 96,248 | ||||||
NOV, Inc. | 3,469 | 47,005 | ||||||
Nucor Corp. | 5,217 | 595,521 | ||||||
Occidental Petroleum Corp. | 8,290 | 240,327 | ||||||
ONEOK, Inc. | 3,919 | 230,280 | ||||||
Ormat Technologies, Inc. † | 277 | 21,966 | ||||||
Ovintiv, Inc. | 2,318 | 78,117 | ||||||
Packaging Corp. of America | 1,715 | 233,497 | ||||||
Pentair Plc | 1,026 | 74,929 | ||||||
PG&E Corp. * | 13,394 | 162,603 | ||||||
Phillips 66 | 3,889 | 281,797 | ||||||
Pilgrim’s Pride Corp. * | 4,271 | 120,442 | ||||||
Pioneer Natural Resources Co. | 2,011 | 365,761 | ||||||
Plug Power, Inc. * † | 3,215 | 90,759 | ||||||
PotlatchDeltic Corp. | 1,212 | 72,987 | ||||||
Ranpak Holdings Corp. * | 739 | 27,772 | ||||||
Rayonier, Inc. | 2,585 | 104,331 | ||||||
Reliance Steel & Aluminum Co. | 1,144 | 185,580 | ||||||
Reliance Worldwide Corp. Ltd. (AUD) # | 4,895 | 22,352 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Renewable Energy Group, Inc. * | 311 | $ | 13,199 | |||||
Ros Agro Plc | 3,495 | 53,264 | ||||||
Royal Gold, Inc. | 1,431 | 150,555 | ||||||
Schlumberger NV | 12,452 | 372,937 | ||||||
Scotts Miracle-Gro Co. | 3,569 | 574,609 | ||||||
Seaboard Corp. | 22 | 86,570 | ||||||
SJW Group | 170 | 12,444 | ||||||
SolarEdge Technologies, Inc. * | 325 | 91,185 | ||||||
Southern Co. | 9,408 | 645,201 | ||||||
Steel Dynamics, Inc. | 3,442 | 213,645 | ||||||
Targa Resources Corp. | 1,993 | 104,114 | ||||||
Toro Co. | 10,124 | 1,011,489 | ||||||
Tractor Supply Co. | 9,972 | 2,379,319 | ||||||
Tyson Foods, Inc. | 25,834 | 2,251,691 | ||||||
UGI Corp. | 1,856 | 85,209 | ||||||
United States Steel Corp. | 4,936 | 117,526 | ||||||
Valero Energy Corp. | 3,630 | 272,649 | ||||||
Vital Farms, Inc. * | 2,278 | 41,141 | ||||||
Watts Water Technologies, Inc. | 171 | 33,203 | ||||||
Westrock Co. | 4,785 | 212,263 | ||||||
Weyerhaeuser Co. | 13,527 | 557,042 | ||||||
Williams Cos, Inc. | 10,786 | 280,867 | ||||||
Xylem, Inc. | 1,117 | 133,951 | ||||||
47,829,885 | ||||||||
Zambia: 0.2% | ||||||||
First Quantum Minerals Ltd. (CAD) | 10,097 | 241,964 | ||||||
Total Common
Stocks (Cost: $81,431,542) |
97,493,559 | |||||||
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 0.3% (Cost: $268,125) |
||||||||
Money Market Fund: 0.3% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 268,125 | 268,125 | ||||||
Total Investments: 100.5% (Cost: $81,699,667) |
97,761,684 | |||||||
Liabilities in excess of other assets: (0.5)% | (513,503) | |||||||
NET ASSETS: 100.0% | $ | 97,248,181 |
See Notes to Financial Statements
39 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
ADR | American Depositary Receipt |
AUD | Australia Dollar |
CAD | Canadian Dollar |
CLP | Chilean Peso |
GBP | British Pound |
GDR | Global Depositary Receipt |
HKD | Hong Kong Dollar |
IDR | Indonesian Rupiah |
KRW | Korean Won |
NOK | Norwegian Krone |
NVDR | Non-Voting Depositary Receipt |
SGD | Singapore Dollar |
USD | United States Dollar |
ZAR | South African Rand |
Footnotes:
* | Non-income producing |
# | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $32,968,153 which represents 33.9% of net assets. |
† | Security fully or partially on loan. Total market value of securities on loan is $5,599,764. |
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 $944,057, or 1.0% of net assets. |
Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Consumer Discretionary | 2.6 | % | $ | 2,581,605 | ||||
Consumer Staples | 14.4 | 14,037,825 | ||||||
Energy | 20.8 | 20,326,968 | ||||||
Health Care | 0.1 | 104,280 | ||||||
Industrials | 15.6 | 15,150,585 | ||||||
Information Technology | 0.2 | 229,589 | ||||||
Materials | 40.4 | 39,351,346 | ||||||
Real Estate | 0.9 | 869,802 | ||||||
Utilities | 5.0 | 4,841,559 | ||||||
100.0 | % | $ | 97,493,559 |
See Notes to Financial Statements
40 |
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 | ||||||||||||||||
Argentina | $ | 16,883 | $ | — | $ | — | $ | 16,883 | ||||||||
Australia | — | 6,381,585 | — | 6,381,585 | ||||||||||||
Austria | — | 345,735 | — | 345,735 | ||||||||||||
Brazil | 1,967,387 | 1,104,118 | — | 3,071,505 | ||||||||||||
British Virgin Islands | — | 69,673 | — | 69,673 | ||||||||||||
Canada | 9,668,083 | — | — | 9,668,083 | ||||||||||||
Chile | 755,845 | — | — | 755,845 | ||||||||||||
China | — | 2,205,525 | — | 2,205,525 | ||||||||||||
Cyprus | — | 67,815 | — | 67,815 | ||||||||||||
Czech Republic | 54,195 | — | — | 54,195 | ||||||||||||
Denmark | — | 627,679 | — | 627,679 | ||||||||||||
Egypt | 165,574 | 30,553 | — | 196,127 | ||||||||||||
Finland | — | 422,088 | — | 422,088 | ||||||||||||
France | 64,067 | 1,284,389 | — | 1,348,456 | ||||||||||||
Germany | — | 771,944 | — | 771,944 | ||||||||||||
Hungary | — | 31,725 | — | 31,725 | ||||||||||||
India | — | 751,712 | — | 751,712 | ||||||||||||
Indonesia | — | 215,273 | — | 215,273 | ||||||||||||
Ireland | — | 257,826 | — | 257,826 | ||||||||||||
Israel | — | 601,086 | — | 601,086 | ||||||||||||
Italy | — | 431,638 | — | 431,638 | ||||||||||||
Japan | — | 5,415,257 | — | 5,415,257 | ||||||||||||
Kazakhstan | 43,512 | — | — | 43,512 | ||||||||||||
Kyrgyzstan | 36,965 | — | — | 36,965 | ||||||||||||
Liechtenstein | — | 114,710 | — | 114,710 | ||||||||||||
Luxembourg | — | 344,452 | — | 344,452 | ||||||||||||
Malaysia | 357,747 | 240,104 | — | 597,851 | ||||||||||||
Mexico | 594,290 | 48,887 | — | 643,177 | ||||||||||||
Netherlands | 243,779 | 850,194 | — | 1,093,973 | ||||||||||||
Norway | — | 1,395,918 | — | 1,395,918 | ||||||||||||
Peru | 30,788 | — | — | 30,788 | ||||||||||||
Poland | — | 156,209 | — | 156,209 | ||||||||||||
Portugal | — | 88,795 | — | 88,795 | ||||||||||||
Russia | — | 2,528,596 | — | 2,528,596 | ||||||||||||
Saudi Arabia | — | 26,593 | — | 26,593 | ||||||||||||
Singapore | — | 409,335 | — | 409,335 | ||||||||||||
South Africa | 389,370 | 1,614,336 | — | 2,003,706 | ||||||||||||
South Korea | — | 682,791 | — | 682,791 | ||||||||||||
Spain | 13,768 | 198,821 | — | 212,589 | ||||||||||||
Sweden | — | 1,150,666 | — | 1,150,666 | ||||||||||||
Taiwan | — | 507,793 | — | 507,793 | ||||||||||||
Tanzania | 190,939 | — | — | 190,939 | ||||||||||||
Thailand | — | 183,652 | — | 183,652 | ||||||||||||
Turkey | 98,939 | 52,842 | — | 151,781 | ||||||||||||
United Kingdom | 1,783,778 | 1,335,486 | — | 3,119,264 | ||||||||||||
United States | 47,807,533 | 22,352 | — | 47,829,885 | ||||||||||||
Zambia | 241,964 | — | — | 241,964 | ||||||||||||
Money Market Fund | 268,125 | — | — | 268,125 | ||||||||||||
Total Investments | $ | 64,793,531 | $ | 32,968,153 | $ | — | $ | 97,761,684 |
See Notes to Financial Statements
41 |
SCHEDULE OF INVESTMENTS
December 31, 2021
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Australia: 4.1% | ||||||||
Ampol Ltd. # | 37,112 | $ | 800,807 | |||||
Austria: 4.9% | ||||||||
OMV AG # | 17,228 | 973,178 | ||||||
Finland: 6.2% | ||||||||
Neste Oyj # | 24,831 | 1,220,681 | ||||||
Greece: 1.3% | ||||||||
Motor Oil Hellas Corinth Refineries SA # | 16,083 | 251,615 | ||||||
Hungary: 4.6% | ||||||||
MOL Hungarian Oil & Gas Plc # | 116,580 | 905,814 | ||||||
India: 7.9% | ||||||||
Reliance Industries Ltd. (USD) 144A (GDR) # | 24,156 | 1,545,391 | ||||||
Japan: 11.3% | ||||||||
Cosmo Energy Holdings Co. Ltd. # | 16,100 | 314,217 | ||||||
ENEOS Holdings, Inc. # | 280,800 | 1,047,877 | ||||||
Idemitsu Kosan Co. Ltd. # | 33,868 | 863,365 | ||||||
2,225,459 | ||||||||
New Zealand: 1.4% | ||||||||
Z Energy Ltd. | 115,328 | 280,306 | ||||||
Poland: 6.1% | ||||||||
Grupa Lotos SA # * | 20,496 | 309,687 | ||||||
Polski Koncern Naftowy ORLEN SA # | 48,033 | 885,066 | ||||||
1,194,753 |
Number of Shares |
Value | |||||||
Portugal: 4.5% | ||||||||
Galp Energia SGPS SA # | 90,622 | $ | 878,314 | |||||
Saudi Arabia: 3.1% | ||||||||
S-Oil Corp. (KRW) # | 8,618 | 619,394 | ||||||
South Korea: 7.4% | ||||||||
Hyundai Heavy Industries Holdings Co. Ltd. # | 10,009 | 451,707 | ||||||
SK Innovation Co. Ltd. # * | 5,016 | 1,004,360 | ||||||
1,456,067 | ||||||||
Taiwan: 4.4% | ||||||||
Formosa Petrochemical Corp. # | 251,000 | 867,904 | ||||||
Thailand: 4.0% | ||||||||
IRPC PCL (NVDR) # | 2,966,600 | 340,439 | ||||||
Thai Oil PCL (NVDR) # | 296,200 | 438,318 | ||||||
778,757 | ||||||||
Turkey: 1.9% | ||||||||
Turkiye Petrol Rafinerileri AS # * | 32,389 | 376,786 | ||||||
United States: 26.9% | ||||||||
HollyFrontier Corp. | 26,891 | 881,487 | ||||||
Marathon Petroleum Corp. | 24,567 | 1,572,042 | ||||||
PBF Energy, Inc. * | 15,202 | 197,170 | ||||||
Phillips 66 | 19,166 | 1,388,768 | ||||||
Valero Energy Corp. | 16,690 | 1,253,586 | ||||||
5,293,053 | ||||||||
Total Common
Stocks (Cost: $18,900,727) |
19,668,279 | |||||||
Total Investments: 100.0% (Cost: $18,900,727) |
19,668,279 | |||||||
Other assets less liabilities: 0.0% | 5,600 | |||||||
NET ASSETS: 100.0% | $ | 19,673,879 |
Definitions: | |
GDR | Global Depositary Receipt |
KRW | Korean Won |
NVDR | Non-Voting Depositary Receipt |
USD | United States Dollar |
Footnotes: | |
# | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $14,094,920 which represents 71.6% of net assets. |
* | Non-income producing |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $1,545,391, or 7.9% of net assets. |
Summary of Investments by Sector | % of Investments |
Value | ||||||
Energy | 97.7 | % | $ | 19,216,572 | ||||
Industrials | 2.3 | 451,707 | ||||||
100.0 | % | $ | 19,668,279 |
See Notes to Financial Statements
42 |
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 | $ | — | $ | 800,807 | $ | — | $ | 800,807 | ||||||||
Austria | — | 973,178 | — | 973,178 | ||||||||||||
Finland | — | 1,220,681 | — | 1,220,681 | ||||||||||||
Greece | — | 251,615 | — | 251,615 | ||||||||||||
Hungary | — | 905,814 | — | 905,814 | ||||||||||||
India | — | 1,545,391 | — | 1,545,391 | ||||||||||||
Japan | — | 2,225,459 | — | 2,225,459 | ||||||||||||
New Zealand | 280,306 | — | — | 280,306 | ||||||||||||
Poland | — | 1,194,753 | — | 1,194,753 | ||||||||||||
Portugal | — | 878,314 | — | 878,314 | ||||||||||||
Saudi Arabia | — | 619,394 | — | 619,394 | ||||||||||||
South Korea | — | 1,456,067 | — | 1,456,067 | ||||||||||||
Taiwan | — | 867,904 | — | 867,904 | ||||||||||||
Thailand | — | 778,757 | — | 778,757 | ||||||||||||
Turkey | — | 376,786 | — | 376,786 | ||||||||||||
United States | 5,293,053 | — | — | 5,293,053 | ||||||||||||
Total Investments | $ | 5,573,359 | $ | 14,094,920 | $ | — | $ | 19,668,279 |
See Notes to Financial Statements
43 |
SCHEDULE OF INVESTMENTS
December 31, 2021
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.1% | ||||||||
Netherlands: 5.2% | ||||||||
Tenaris SA (ADR) † | 5,347,071 | $ | 111,539,901 | |||||
United Kingdom: 4.2% | ||||||||
TechnipFMC Plc (USD) * | 15,230,658 | 90,165,495 | ||||||
United States: 90.7% | ||||||||
Baker Hughes Co. | 7,737,699 | 186,169,038 | ||||||
Cactus, Inc. | 2,620,372 | 99,914,784 | ||||||
ChampionX Corp. * | 4,844,554 | 97,908,436 | ||||||
Core Laboratories NV | 1,727,822 | 38,547,709 | ||||||
DMC Global, Inc. * | 639,444 | 25,328,377 | ||||||
Dril-Quip, Inc. * | 1,348,930 | 26,546,942 | ||||||
Expro Group Holdings NV * | 4,505,829 | 64,658,646 | ||||||
Halliburton Co. | 10,693,037 | 244,549,756 | ||||||
Helix Energy Solutions Group, Inc. * † | 6,590,789 | 20,563,262 | ||||||
Helmerich & Payne, Inc. | 4,107,493 | 97,347,584 | ||||||
Liberty Oilfield Services, Inc. * † | 5,723,513 | 55,518,076 | ||||||
Nabors Industries Ltd. * ‡ | 438,508 | 35,558,614 | ||||||
NexTier Oilfield Solutions, Inc. * | 4,283,608 | 15,206,808 | ||||||
NOV, Inc. | 7,535,528 | 102,106,405 | ||||||
Oceaneering International, Inc. * | 4,676,216 | 52,888,003 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Oil States International, Inc. * | 2,729,623 | $ | 13,566,226 | |||||
Patterson-UTI Energy, Inc. ‡ | 11,886,031 | 100,436,962 | ||||||
ProPetro Holding Corp. * | 4,433,141 | 35,908,442 | ||||||
RPC, Inc. * † | 8,737,542 | 39,668,441 | ||||||
Schlumberger NV | 14,405,761 | 431,452,542 | ||||||
Select Energy Services, Inc. * † ‡ | 5,315,460 | 33,115,316 | ||||||
Transocean Ltd. * † ‡ | 32,475,694 | 89,632,916 | ||||||
US Silica Holdings, Inc. * ‡ | 3,908,706 | 36,741,836 | ||||||
1,943,335,121 | ||||||||
Total Common
Stocks (Cost: $2,592,624,809) |
2,145,040,517 | |||||||
SHORT-TERM INVESTMENT HELD
AS COLLATERAL FOR SECURITIES ON LOAN: 0.9% (Cost: $19,056,337) |
||||||||
Money Market Fund: 0.9% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 19,056,337 | 19,056,337 | ||||||
Total Investments: 101.0% (Cost: $2,611,681,146) |
2,164,096,854 | |||||||
Liabilities in excess of other assets: (1.0)% | (20,977,828) | |||||||
NET ASSETS: 100.0% | $ | 2,143,119,026 |
Definitions: | |
ADR | American Depositary Receipt |
USD | United States Dollar |
Footnotes: | |
† | Security fully or partially on loan. Total market value of securities on loan is $23,922,680. |
* | Non-income producing |
‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Oil & Gas Drilling | 15.0 | % | $ | 322,976,076 | ||||
Oil & Gas Equipment & Services | 85.0 | 1,822,064,441 | ||||||
100.0 | % | $ | 2,145,040,517 |
See Notes to Financial Statements
44 |
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 | ||||||||||||||||||||||
Nabors Industries Ltd. | $–(a) | $ | 91,822,863 | $ | (60,430,726 | ) | $ | 10,198,130 | $ | – | $ | (15,733,936 | ) | $ | 35,558,614 | |||||||||||||
Patterson-UTI Energy, Inc. | –(a) | 190,747,083 | (112,600,320 | ) | 17,926,721 | 722,299 | (16,422,396 | ) | 100,436,962 | |||||||||||||||||||
Select Energy Services, Inc. | –(a) | 61,687,168 | (41,369,834 | ) | 3,008,284 | – | 1,032,405 | 33,115,316 | ||||||||||||||||||||
Transocean Ltd. | –(a) | 218,157,191 | (145,409,083 | ) | (5,100,955 | ) | – | (10,472,549 | ) | 89,632,915 | ||||||||||||||||||
US Silica Holdings, Inc. | –(a) | 70,520,907 | (40,528,046 | ) | 9,600,546 | – | (11,608,747 | ) | 36,741,836 | |||||||||||||||||||
$– | $ | 632,935,212 | $ | (400,338,009 | ) | $ | 35,632,726 | $ | 722,299 | $ | (53,205,223 | ) | $ | 295,485,643 |
(a) | Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period. |
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks * | $ | 2,145,040,517 | $ | — | $ | — | $ | 2,145,040,517 | ||||||||
Money Market Fund | 19,056,337 | — | — | 19,056,337 | ||||||||||||
Total Investments | $ | 2,164,096,854 | $ | — | $ | — | $ | 2,164,096,854 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
45 |
VANECK RARE EARTH/STRATEGIC METALS ETF
SCHEDULE OF INVESTMENTS
December 31, 2021
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Australia: 43.4% | ||||||||
Allkem Ltd. # * | 7,650,417 | $ | 57,992,975 | |||||
Australian Strategic Materials Ltd. # * † | 4,106,154 | 31,845,595 | ||||||
AVZ Minerals Ltd. # * † | 96,526,435 | 54,351,680 | ||||||
Iluka Resources Ltd. # | 7,058,908 | 52,002,028 | ||||||
ioneer Ltd. # * † | 77,018,494 | 44,815,635 | ||||||
Liontown Resources Ltd. # * † | 40,947,483 | 49,450,967 | ||||||
Lynas Rare Earths Ltd. # * † | 8,807,790 | 65,315,323 | ||||||
Pilbara Minerals Ltd. # * | 36,116,660 | 84,189,921 | ||||||
439,964,124 | ||||||||
Canada: 8.1% | ||||||||
Lithium Americas Corp. (USD) * † | 1,253,859 | 36,512,374 | ||||||
Standard Lithium Ltd. * † | 4,727,913 | 45,926,052 | ||||||
82,438,426 | ||||||||
China: 28.6% | ||||||||
China Northern Rare Earth Group High-Tech Co. Ltd. # | 9,564,510 | 68,917,170 | ||||||
Ganfeng Lithium Co. Ltd. (HKD) 144A # † | 3,968,400 | 62,498,518 | ||||||
Shenghe Resources Holding Co. Ltd. # | 15,936,535 | 49,183,622 | ||||||
Xiamen Tungsten Co. Ltd. # | 11,410,401 | 40,663,373 | ||||||
Zhejiang Huayou Cobalt Co. Ltd. # | 3,979,529 | 69,095,571 | ||||||
290,358,254 |
Number of Shares |
Value | |||||||
France: 2.8% | ||||||||
Eramet SA # * | 343,661 | $ | 28,193,831 | |||||
Netherlands: 4.3% | ||||||||
AMG Advanced Metallurgical Group NV # † | 1,356,829 | 43,545,250 | ||||||
United States: 12.7% | ||||||||
Livent Corp. * † | 1,547,387 | 37,725,295 | ||||||
MP Materials Corp. * † | 1,002,860 | 45,549,901 | ||||||
Tronox Holdings Plc | 1,873,360 | 45,016,840 | ||||||
128,292,036 | ||||||||
Total Common
Stocks (Cost: $648,069,065) |
1,012,791,921 | |||||||
SHORT-TERM INVESTMENT HELD
AS COLLATERAL FOR SECURITIES ON LOAN: 4.5% (Cost: $45,463,521) |
||||||||
Money Market Fund: 4.5% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 45,463,521 | 45,463,521 | ||||||
Total Investments: 104.4% (Cost: $693,532,586) |
1,058,255,442 | |||||||
Liabilities in excess of other assets: (4.4)% | (44,395,000) | |||||||
NET ASSETS: 100.0% | $ | 1,013,860,442 |
Definitions: | |
HKD | Hong Kong Dollar |
USD | United States Dollar |
Footnotes: | |
# | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $802,061,459 which represents 79.1% of net assets. |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $201,037,859. |
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 $62,498,518, or 6.2% of net assets. |
Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Materials | 100.0 | % | $ | 1,012,791,921 |
See Notes to Financial Statements
46 |
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 | $ | — | $ | 439,964,124 | $ | — | $ | 439,964,124 | ||||||||
Canada | 82,438,426 | — | — | 82,438,426 | ||||||||||||
China | — | 290,358,254 | — | 290,358,254 | ||||||||||||
France | — | 28,193,831 | — | 28,193,831 | ||||||||||||
Netherlands | — | 43,545,250 | — | 43,545,250 | ||||||||||||
United States | 128,292,036 | — | — | 128,292,036 | ||||||||||||
Money Market Fund | 45,463,521 | — | — | 45,463,521 | ||||||||||||
Total Investments | $ | 256,193,983 | $ | 802,061,459 | $ | — | $ | 1,058,255,442 |
See Notes to Financial Statements
47 |
SCHEDULE OF INVESTMENTS
December 31, 2021
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Australia: 14.7% | ||||||||
Rio Tinto Plc (ADR) † | 245,039 | $ | 16,402,911 | |||||
Brazil: 23.1% | ||||||||
Cia Siderurgica Nacional SA (ADR) | 1,126,900 | 5,003,436 | ||||||
Gerdau SA (ADR) | 986,262 | 4,852,409 | ||||||
Vale SA (ADR) | 1,137,553 | 15,948,493 | ||||||
25,804,338 | ||||||||
China: 0.3% | ||||||||
Huadi International Group Co. Ltd. (USD) * | 11,523 | 368,851 | ||||||
Luxembourg: 7.6% | ||||||||
ArcelorMittal SA (USD) † | 267,159 | 8,503,671 | ||||||
Netherlands: 9.2% | ||||||||
Tenaris SA (ADR) | 245,857 | 5,128,577 | ||||||
Ternium SA (ADR) | 117,603 | 5,118,082 | ||||||
10,246,659 | ||||||||
South Korea: 4.9% | ||||||||
POSCO (ADR) | 94,859 | 5,529,331 | ||||||
United States: 40.2% | ||||||||
Allegheny Technologies, Inc. * | 110,549 | 1,761,046 | ||||||
Carpenter Technology Corp. | 41,866 | 1,222,068 | ||||||
Cleveland-Cliffs, Inc. * † | 241,967 | 5,267,622 | ||||||
Commercial Metals Co. | 105,651 | 3,834,075 | ||||||
Gibraltar Industries, Inc. * | 28,393 | 1,893,245 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Nucor Corp. | 77,713 | $ | 8,870,939 | |||||
Olympic Steel, Inc. | 9,625 | 226,187 | ||||||
Reliance Steel & Aluminum Co. | 31,222 | 5,064,833 | ||||||
Ryerson Holding Corp. | 33,356 | 868,924 | ||||||
Schnitzer Steel Industries, Inc. | 24,001 | 1,246,132 | ||||||
Steel Dynamics, Inc. | 79,472 | 4,932,827 | ||||||
SunCoke Energy, Inc. | 72,180 | 475,666 | ||||||
TimkenSteel Corp. * | 40,144 | 662,376 | ||||||
United States Steel Corp. † | 215,736 | 5,136,674 | ||||||
Warrior Met Coal, Inc. | 44,666 | 1,148,363 | ||||||
Worthington Industries, Inc. | 43,906 | 2,399,903 | ||||||
45,010,880 | ||||||||
Total Common
Stocks (Cost: $132,134,557) |
111,866,641 | |||||||
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 1.6% (Cost: $1,788,159) |
||||||||
Money Market Fund: 1.6% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,788,159 | 1,788,159 | ||||||
Total Investments: 101.6% (Cost: $133,922,716) |
113,654,800 | |||||||
Liabilities in excess of other assets: (1.6)% | (1,831,061) | |||||||
NET ASSETS: 100.0% | $ | 111,823,739 |
Definitions: | |
ADR | American Depositary Receipt |
USD | United States Dollar |
Footnotes: | |
† | Security fully or partially on loan. Total market value of securities on loan is $28,461,369. |
* | Non-income producing |
Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Energy | 4.6 | % | $ | 5,128,577 | ||||
Industrials | 1.7 | 1,893,245 | ||||||
Materials | 93.7 | 104,844,819 | ||||||
100.0 | % | $ | 111,866,641 |
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 * | $ | 111,866,641 | $ | — | $ | — | $ | 111,866,641 | ||||||||
Money Market Fund | 1,788,159 | — | — | 1,788,159 | ||||||||||||
Total Investments | $ | 113,654,800 | $ | — | $ | — | $ | 113,654,800 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
48 |
VANECK URANIUM+NUCLEAR ENERGY ETF
SCHEDULE OF INVESTMENTS
December 31, 2021
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.7% | ||||||||
Australia: 1.4% | ||||||||
Paladin Energy Ltd. # * | 772,986 | $ | 497,280 | |||||
Canada: 7.3% | ||||||||
Cameco Corp. (USD) | 67,524 | 1,472,698 | ||||||
Denison Mines Corp. (USD) * | 287,705 | 394,156 | ||||||
NexGen Energy Ltd. (USD) * | 159,718 | 697,968 | ||||||
2,564,822 | ||||||||
China: 2.8% | ||||||||
CGN Power Co. Ltd. (HKD) 144A # | 3,262,000 | 991,845 | ||||||
Czech Republic: 4.8% | ||||||||
CEZ AS | 44,683 | 1,691,058 | ||||||
Finland: 5.0% | ||||||||
Fortum Oyj # | 57,243 | 1,753,663 | ||||||
France: 3.6% | ||||||||
Electricite de France SA # | 108,272 | 1,271,964 | ||||||
Italy: 4.6% | ||||||||
Endesa SA # † | 70,375 | 1,618,283 | ||||||
Japan: 9.3% | ||||||||
Kansai Electric Power Co., Inc. # | 168,700 | 1,575,125 | ||||||
Kyushu Electric Power Co., Inc. # | 147,000 | 1,096,327 | ||||||
Tokyo Electric Power Co. Holdings, Inc. # * | 229,100 | 591,629 | ||||||
3,263,081 | ||||||||
Kazakhstan: 2.4% | ||||||||
NAC Kazatomprom JSC (USD) (GDR) | 23,106 | 849,146 |
Number of Shares |
Value | |||||||
South Korea: 4.3% | ||||||||
Korea Electric Power Corp. (ADR) * † | 166,660 | $ | 1,523,272 | |||||
United States: 54.2% | ||||||||
BWX Technologies, Inc. | 17,636 | 844,412 | ||||||
Dominion Energy, Inc. | 37,149 | 2,918,425 | ||||||
Duke Energy Corp. | 27,675 | 2,903,108 | ||||||
Energy Fuels, Inc. * † | 55,456 | 423,129 | ||||||
Entergy Corp. | 18,186 | 2,048,653 | ||||||
Exelon Corp. | 45,707 | 2,640,036 | ||||||
PG&E Corp. * | 165,736 | 2,012,035 | ||||||
Pinnacle West Capital Corp. | 23,551 | 1,662,465 | ||||||
PNM Resources, Inc. | 22,023 | 1,004,469 | ||||||
Public Service Enterprise Group, Inc. | 35,482 | 2,367,714 | ||||||
Uranium Energy Corp. * | 83,308 | 279,082 | ||||||
19,103,528 | ||||||||
Total Common
Stocks (Cost: $30,510,065) |
35,127,942 | |||||||
SHORT-TERM INVESTMENT HELD
AS COLLATERAL FOR SECURITIES ON LOAN: 0.3% (Cost: $106,776) |
||||||||
Money Market Fund: 0.3% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 106,776 | 106,776 | ||||||
Total Investments: 100.0% (Cost: $30,616,841) |
35,234,718 | |||||||
Liabilities in excess of other assets: 0.0% | (7,801) | |||||||
NET ASSETS: 100.0% | $ | 35,226,917 |
Definitions: | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
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 $9,396,116 which represents 26.7% of net assets. |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $1,558,375. |
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 $991,845, or 2.8% of net assets. |
Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Energy | 13.1 | % | $ | 4,613,458 | ||||
Industrials | 2.4 | 844,412 | ||||||
Utilities | 84.5 | 29,670,072 | ||||||
100.0 | % | $ | 35,127,942 |
See Notes to Financial Statements
49 |
VANECK URANIUM+NUCLEAR 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 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 497,280 | $ | — | $ | 497,280 | ||||||||
Canada | 2,564,822 | — | — | 2,564,822 | ||||||||||||
China | — | 991,845 | — | 991,845 | ||||||||||||
Czech Republic | 1,691,058 | — | — | 1,691,058 | ||||||||||||
Finland | — | 1,753,663 | — | 1,753,663 | ||||||||||||
France | — | 1,271,964 | — | 1,271,964 | ||||||||||||
Italy | — | 1,618,283 | — | 1,618,283 | ||||||||||||
Japan | — | 3,263,081 | — | 3,263,081 | ||||||||||||
Kazakhstan | 849,146 | — | — | 849,146 | ||||||||||||
South Korea | 1,523,272 | — | — | 1,523,272 | ||||||||||||
United States | 19,103,528 | — | — | 19,103,528 | ||||||||||||
Money Market Fund | 106,776 | — | — | 106,776 | ||||||||||||
Total Investments | $ | 25,838,602 | $ | 9,396,116 | $ | — | $ | 35,234,718 |
See Notes to Financial Statements
50 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2021
Agribusiness ETF | Future of Food ETF |
Gold Miners ETF | Green Metals ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 1,181,903,028 | $ | 2,464,088 | $ | 13,138,153,915 | $ | 15,705,971 | ||||||||
Affiliated issuers (3) | — | — | 113,149,948 | — | ||||||||||||
Short-term investments held as collateral for securities loaned (4) | 30,234,590 | — | 100,558,651 | — | ||||||||||||
Cash | 162 | 4,395 | 23,646,556 | — | ||||||||||||
Cash denominated in foreign currency, at value (5) | 412,190 | 465 | 475 | 426,206 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | 47,525,768 | — | ||||||||||||
Dividends and interest | 2,233,903 | 2,170 | 5,240,946 | 615 | ||||||||||||
Prepaid expenses | 6,922 | — | 17,272 | — | ||||||||||||
Total assets | 1,214,790,795 | 2,471,118 | 13,428,293,531 | 16,132,792 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | — | — | — | ||||||||||||
Shares of beneficial interest redeemed | — | — | 47,572,815 | — | ||||||||||||
Collateral for securities loaned | 30,234,590 | — | 100,558,651 | — | ||||||||||||
Line of credit | 642,202 | — | — | 429,809 | ||||||||||||
Due to Adviser | 491,026 | 1,437 | 5,547,492 | 6,297 | ||||||||||||
Due to custodian | — | — | — | 142 | ||||||||||||
Deferred Trustee fees | 572,477 | — | 1,364,021 | — | ||||||||||||
Accrued expenses | 142,727 | — | 164,016 | — | ||||||||||||
Total liabilities | 32,083,022 | 1,437 | 155,206,995 | 436,248 | ||||||||||||
NET ASSETS | $ | 1,182,707,773 | $ | 2,469,681 | $ | 13,273,086,536 | $ | 15,696,544 | ||||||||
Shares outstanding | 12,400,000 | 100,000 | 414,802,500 | 450,000 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 95.38 | $ | 24.70 | $ | 32.00 | $ | 34.88 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 1,678,410,089 | $ | 2,432,660 | $ | 23,065,731,491 | $ | 15,509,965 | ||||||||
Total distributable earnings (loss) | (495,702,316 | ) | 37,021 | (9,792,644,955 | ) | 186,579 | ||||||||||
NET ASSETS | $ | 1,182,707,773 | $ | 2,469,681 | $ | 13,273,086,536 | $ | 15,696,544 | ||||||||
(1) Value of securities on loan | $ | 67,313,739 | $ | — | $ | 197,100,880 | $ | — | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 942,791,700 | $ | 2,429,014 | $ | 11,873,178,143 | $ | 15,459,274 | ||||||||
(3) Cost of investments - Affiliated issuers | $ | — | $ | — | $ | 104,116,804 | $ | — | ||||||||
(4) Cost of short-term investments held as collateral for securities loaned | $ | 30,234,590 | $ | — | $ | 100,558,651 | $ | — | ||||||||
(5) Cost of cash denominated in foreign currency | $ | 405,162 | $ | 459 | $ | 464 | $ | 420,653 |
See Notes to Financial Statements
51 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31,2021
Junior Gold Miners ETF |
Low Carbon Energy ETF |
Natural Resources ETF |
Oil Refiners ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 4,440,229,266 | $ | 301,046,078 | $ | 97,493,559 | $ | 19,668,279 | ||||||||
Affiliated issuers (3) | 45,973,614 | — | — | — | ||||||||||||
Short-term investments held as collateral for securities loaned (4) | 130,584,513 | 14,590,565 | 268,125 | — | ||||||||||||
Cash | 9,188,491 | 9 | 7,153 | 17,580 | ||||||||||||
Cash denominated in foreign currency, at value (5) | 12,726 | 168,956 | 135,649 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | 45,881 | — | ||||||||||||
Due from Adviser | — | — | — | 2,393 | ||||||||||||
Dividends and interest | 1,984,975 | 305,843 | 176,369 | 53,617 | ||||||||||||
Prepaid expenses | 13,999 | 3,467 | — | 699 | ||||||||||||
Total assets | 4,627,987,584 | 316,114,918 | 98,126,736 | 19,742,568 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | — | — | — | ||||||||||||
Collateral for securities loaned | 130,584,513 | 14,590,565 | 268,125 | — | ||||||||||||
Line of credit | — | 579,720 | 445,997 | — | ||||||||||||
Due to Adviser | 1,876,769 | 127,371 | 12,524 | — | ||||||||||||
Deferred Trustee fees | 355,726 | 18,125 | 14,855 | 882 | ||||||||||||
Accrued expenses | 382,023 | 50,176 | 137,054 | 67,807 | ||||||||||||
Total liabilities | 133,199,031 | 15,365,957 | 878,555 | 68,689 | ||||||||||||
NET ASSETS | $ | 4,494,788,553 | $ | 300,748,961 | $ | 97,248,181 | $ | 19,673,879 | ||||||||
Shares outstanding | 107,337,446 | 1,883,298 | 2,050,000 | 725,000 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 41.88 | $ | 159.69 | $ | 47.44 | $ | 27.14 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 9,297,288,547 | $ | 316,670,182 | $ | 127,607,351 | $ | 26,725,639 | ||||||||
Total distributable earnings (loss) | (4,802,499,994 | ) | (15,921,221 | ) | (30,359,170 | ) | (7,051,760 | ) | ||||||||
NET ASSETS | $ | 4,494,788,553 | $ | 300,748,961 | $ | 97,248,181 | $ | 19,673,879 | ||||||||
(1) Value of securities on loan | $ | 242,438,677 | $ | 32,292,446 | $ | 5,599,764 | $ | — | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 4,637,222,145 | $ | 261,967,243 | $ | 81,431,542 | $ | 18,900,727 | ||||||||
(3) Cost of investments - Affiliated issuers | $ | 50,185,046 | $ | — | $ | — | $ | — | ||||||||
(4) Cost of short-term investments held as collateral for securities loaned | $ | 130,584,513 | $ | 14,590,565 | $ | 268,125 | $ | — | ||||||||
(5) Cost of cash denominated in foreign currency | $ | 12,719 | $ | 167,327 | $ | 134,942 | $ | — |
See Notes to Financial Statements
52 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31,2021
Oil Services ETF | Rare Earth/ Strategic Metals ETF |
Steel ETF | Uranium+Nuclear Energy ETF |
|||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 1,849,554,874 | $ | 1,012,791,921 | $ | 111,866,641 | $ | 35,127,942 | ||||||||
Affiliated issuers (3) | 295,485,643 | — | — | — | ||||||||||||
Short-term investments held as collateral for securities loaned (4) | 19,056,337 | 45,463,521 | 1,788,159 | 106,776 | ||||||||||||
Cash | 1,137 | 248,309 | 556,804 | 91,269 | ||||||||||||
Cash denominated in foreign currency, at value (5) | — | 1,094,051 | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 36,918,513 | — | 13,249,723 | — | ||||||||||||
Shares of beneficial interest sold | — | — | 1,319,127 | — | ||||||||||||
Dividends and interest | 2,107,119 | 298,481 | 188,625 | 110,249 | ||||||||||||
Prepaid expenses | — | 3,481 | 2,088 | 701 | ||||||||||||
Total assets | 2,203,123,623 | 1,059,899,764 | 128,971,167 | 35,436,937 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | — | 5,862,063 | — | ||||||||||||
Shares of beneficial interest redeemed | 36,918,119 | — | 9,303,045 | — | ||||||||||||
Collateral for securities loaned | 19,056,337 | 45,463,521 | 1,788,159 | 106,776 | ||||||||||||
Line of credit | 3,150,525 | — | — | — | ||||||||||||
Due to Adviser | 627,553 | 445,032 | 48,788 | 6,876 | ||||||||||||
Deferred Trustee fees | 210,231 | 23,038 | 20,130 | 13,073 | ||||||||||||
Accrued expenses | 41,832 | 107,731 | 125,243 | 83,295 | ||||||||||||
Total liabilities | 60,004,597 | 46,039,322 | 17,147,428 | 210,020 | ||||||||||||
NET ASSETS | $ | 2,143,119,026 | $ | 1,013,860,442 | $ | 111,823,739 | $ | 35,226,917 | ||||||||
Shares outstanding | 11,600,543 | 9,074,987 | 2,100,000 | 641,632 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 184.74 | $ | 111.72 | $ | 53.25 | $ | 54.90 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 4,453,592,923 | $ | 980,876,780 | $ | 288,278,932 | $ | 115,324,773 | ||||||||
Total distributable earnings (loss) | (2,310,473,897 | ) | 32,983,662 | (176,455,193 | ) | (80,097,856 | ) | |||||||||
NET ASSETS | $ | 2,143,119,026 | $ | 1,013,860,442 | $ | 111,823,739 | $ | 35,226,917 | ||||||||
(1) Value of securities on loan | $ | 23,922,680 | $ | 201,037,859 | $ | 28,461,369 | $ | 1,558,375 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 2,227,514,362 | $ | 648,069,065 | $ | 132,134,557 | $ | 30,510,065 | ||||||||
(3) Cost of investments - Affiliated issuers | $ | 365,110,447 | $ | — | $ | — | $ | — | ||||||||
(4) Cost of short-term investments held as collateral for securities loaned | $ | 19,056,337 | $ | 45,463,521 | $ | 1,788,159 | $ | 106,776 | ||||||||
(5) Cost of cash denominated in foreign currency | $ | — | $ | 1,090,265 | $ | — | $ | — |
See Notes to Financial Statements
53 |
VANECK ETF TRUST
For the Year Ended December 31, 2021
Agribusiness ETF | Future of Food ETF (a) |
Gold Miners ETF | Green Metals ETF (b) |
|||||||||||||
Income: | ||||||||||||||||
Dividends - unaffiliated issuers | $ | 21,673,862 | $ | 3,590 | $ | 195,592,901 | $ | 4,332 | ||||||||
Dividends - affiliated issuers | — | — | 118,815,939 | — | ||||||||||||
Interest | 276 | — | 10,678 | — | ||||||||||||
Securities lending income | 293,229 | — | 1,403,152 | — | ||||||||||||
Foreign taxes withheld | (2,029,413 | ) | (206 | ) | (21,824,069 | ) | (554 | ) | ||||||||
Total income | 19,937,954 | 3,384 | 293,998,601 | 3,778 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 5,628,329 | 1,437 | 71,948,299 | 7,463 | ||||||||||||
Professional fees | 61,548 | — | 67,261 | — | ||||||||||||
Custody and accounting fees | 46,064 | — | 173,452 | — | ||||||||||||
Reports to shareholders | 31,055 | — | 695,638 | — | ||||||||||||
Trustees’ fees and expenses | 15,529 | — | 392,168 | — | ||||||||||||
Registration fees | 6,178 | — | 15,445 | — | ||||||||||||
Insurance | 15,083 | — | 119,708 | — | ||||||||||||
Interest | 7,855 | — | 44,346 | 65 | ||||||||||||
Other | 13,116 | — | 228,636 | — | ||||||||||||
Total expenses | 5,824,757 | 1,437 | 73,684,953 | 7,528 | ||||||||||||
Net investment income (loss) | 14,113,197 | 1,947 | 220,313,648 | (3,750 | ) | |||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments - unaffiliated issuers | (10,386,847 | ) | — | (98,976,430 | ) | (60,938 | ) | |||||||||
Investments - affiliated issuers | — | — | (399,009,923 | ) | — | |||||||||||
In-kind redemptions - unaffiliated issuers | 113,508,982 | — | 595,741,996 | — | ||||||||||||
In-kind redemptions - affiliated issuers | — | — | 607,495,492 | — | ||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (74,430 | ) | (4 | ) | (1,931,526 | ) | (992 | ) | ||||||||
Net realized gain (loss) | 103,047,705 | (4 | ) | 703,319,609 | (61,930 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments - unaffiliated issuers | 99,511,131 | 35,074 | (895,125,997 | ) | 246,697 | |||||||||||
Investments - affiliated issuers | — | — | (1,584,505,449 | ) | — | |||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (39,571 | ) | 5 | 1,153 | 5,562 | |||||||||||
Net change in unrealized appreciation (depreciation) | 99,471,560 | 35,079 | (2,479,630,293 | ) | 252,259 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 216,632,462 | $ | 37,022 | $ | (1,555,997,036 | ) | $ | 186,579 |
(a) | For the period December 1, 2021 (commencement of operations) through December 31, 2021. |
(b) | For the period November 10, 2021 (commencement of operations) through December 31, 2021. |
See Notes to Financial Statements
54 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2021
Junior Gold Miners ETF |
Low Carbon Energy ETF |
Natural Resources ETF |
Oil Refiners ETF | |||||||||||||
Income: | ||||||||||||||||
Dividends - unaffiliated issuers | $ | 61,928,638 | $ | 3,132,685 | $ | 2,532,828 | $ | 644,392 | ||||||||
Dividends - affiliated issuers | 9,119,537 | — | — | — | ||||||||||||
Interest | 11,217 | — | 28 | — | ||||||||||||
Securities lending income | 4,338,480 | 220,382 | 17,700 | 292 | ||||||||||||
Foreign taxes withheld | (5,092,535 | ) | (233,611 | ) | (141,973 | ) | (51,054 | ) | ||||||||
Total income | 70,305,337 | 3,119,456 | 2,408,583 | 593,630 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 25,816,105 | 1,520,022 | 385,384 | 102,017 | ||||||||||||
Professional fees | 79,627 | 63,862 | 65,251 | 58,041 | ||||||||||||
Custody and accounting fees | 219,304 | 45,567 | 126,385 | 29,234 | ||||||||||||
Reports to shareholders | 197,825 | 23,755 | 8,577 | 9,593 | ||||||||||||
Trustees’ fees and expenses | 142,021 | 1,957 | 686 | 418 | ||||||||||||
Registration fees | 20,586 | 6,155 | 6,178 | 6,180 | ||||||||||||
Insurance | 60,108 | 5,788 | 3,999 | 1,697 | ||||||||||||
Interest | 14,361 | 10,751 | 2,673 | 879 | ||||||||||||
Other | 156,713 | 8,712 | 5,115 | 1,035 | ||||||||||||
Total expenses | 26,706,650 | 1,686,569 | 604,248 | 209,094 | ||||||||||||
Waiver of management fees | — | — | (223,899 | ) | (87,835 | ) | ||||||||||
Net expenses | 26,706,650 | 1,686,569 | 380,349 | 121,259 | ||||||||||||
Net investment income | 43,598,687 | 1,432,887 | 2,028,234 | 472,371 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments - unaffiliated issuers | (54,135,445 | ) | (561,102 | ) | (2,362,558 | ) | (1,178,931 | ) | ||||||||
Investments - affiliated issuers | (35,166,226 | ) | — | — | — | |||||||||||
In-kind redemptions - unaffiliated issuers | 212,117,399 | 72,590,236 | 1,706,402 | — | ||||||||||||
In-kind redemptions - affiliated issuers | 49,667,567 | — | — | — | ||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (673,418 | ) | (153,492 | ) | (8,215 | ) | (3,250 | ) | ||||||||
Net realized gain (loss) | 171,809,877 | 71,875,642 | (664,371 | ) | (1,182,181 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments - unaffiliated issuers | (1,122,979,397 | ) | (84,947,392 | ) | 12,886,087 | 2,643,443 | ||||||||||
Investments - affiliated issuers | (415,793,788 | ) | — | — | — | |||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (4,249 | ) | (6,630 | ) | (1,402 | ) | (4,215 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (1,538,777,434 | ) | (84,954,022 | ) | 12,884,685 | 2,639,228 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (1,323,368,870 | ) | $ | (11,645,493 | ) | $ | 14,248,548 | $ | 1,929,418 |
See Notes to Financial Statements
55 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2021
Oil Services ETF | Rare Earth/ Strategic Metals ETF |
Steel ETF | Uranium+Nuclear Energy ETF |
|||||||||||||
Income: | ||||||||||||||||
Dividends - unaffiliated issuers | $ | 30,237,105 | $ | 3,759,673 | $ | 9,741,448 | $ | 918,719 | ||||||||
Dividends - affiliated issuers | 722,299 | — | — | — | ||||||||||||
Interest | 682 | 7,193 | 231 | — | ||||||||||||
Securities lending income | 83,226 | 1,463,251 | 94,764 | 14,974 | ||||||||||||
Foreign taxes withheld | (8,856 | ) | (268,300 | ) | (233,565 | ) | (81,427 | ) | ||||||||
Total income | 31,034,456 | 4,961,817 | 9,602,878 | 852,266 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 6,974,591 | 4,059,556 | 796,411 | 129,291 | ||||||||||||
Professional fees | 67,896 | 55,759 | 55,437 | 55,633 | ||||||||||||
Custody and accounting fees | 11,981 | 86,016 | 11,589 | 23,612 | ||||||||||||
Reports to shareholders | 45,703 | 40,112 | 12,261 | 8,528 | ||||||||||||
Trustees’ fees and expenses | 8,184 | 5,802 | 1,099 | 327 | ||||||||||||
Registration fees | 12,354 | 6,178 | 1,518 | 6,178 | ||||||||||||
Insurance | 28,292 | 6,105 | 3,245 | 1,693 | ||||||||||||
Interest | 10,681 | 7,185 | 4,286 | 26 | ||||||||||||
Other | 27,396 | 9,385 | 2,233 | 4,060 | ||||||||||||
Total expenses | 7,187,078 | 4,276,098 | 888,079 | 229,348 | ||||||||||||
Waiver of management fees | (200,786 | ) | — | (7,626 | ) | (74,174 | ) | |||||||||
Net expenses | 6,986,292 | 4,276,098 | 880,453 | 155,174 | ||||||||||||
Net investment income | 24,048,164 | 685,719 | 8,722,425 | 697,092 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments - unaffiliated issuers | (243,269,293 | ) | 46,399,605 | (6,719,626 | ) | (671,379 | ) | |||||||||
Investments - affiliated issuers | (36,772,682 | ) | — | — | — | |||||||||||
In-kind redemptions - unaffiliated issuers | 299,113,415 | 61,461,643 | 40,799,526 | — | ||||||||||||
In-kind redemptions - affiliated issuers | 72,405,408 | — | — | — | ||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | — | (544,584 | ) | — | (3,945 | ) | ||||||||||
Net realized gain (loss) | 91,476,848 | 107,316,664 | 34,079,900 | (675,324 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments - unaffiliated issuers | (192,081,783 | ) | 273,357,580 | (25,264,114 | ) | 3,159,651 | ||||||||||
Investments - affiliated issuers | (53,205,223 | ) | — | — | — | |||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | — | (2,615 | ) | — | 100 | |||||||||||
Net change in unrealized appreciation (depreciation) | (245,287,006 | ) | 273,354,965 | (25,264,114 | ) | 3,159,751 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (129,761,994 | ) | $ | 381,357,348 | $ | 17,538,211 | $ | 3,181,519 |
See Notes to Financial Statements
56 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Agribusiness ETF | Future of Food ETF |
|||||||||||
Year Ended December 31, 2021 |
Year Ended December 31, 2020 |
Period Ended December 31, 2021 (a) |
||||||||||
Operations: | ||||||||||||
Net investment income | $ | 14,113,197 | $ | 8,584,299 | $ | 1,947 | ||||||
Net realized gain (loss) | 103,047,705 | 11,598,119 | (4 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 99,471,560 | 60,982,374 | 35,079 | |||||||||
Net increase in net assets resulting from operations | 216,632,462 | 81,164,792 | 37,022 | |||||||||
Distributions to shareholders from: | ||||||||||||
Distributable earnings | (13,850,800 | ) | (8,649,640 | ) | — | |||||||
Share transactions**: | ||||||||||||
Proceeds from sale of shares | 459,439,465 | 106,178,252 | 2,432,659 | |||||||||
Cost of shares redeemed | (273,313,828 | ) | (101,652,572 | ) | — | |||||||
Increase in net assets resulting from share transactions | 186,125,637 | 4,525,680 | 2,432,659 | |||||||||
Total increase in net assets | 388,907,299 | 77,040,832 | 2,469,681 | |||||||||
Net Assets, beginning of period | 793,800,474 | 716,759,642 | — | |||||||||
Net Assets, end of period | $ | 1,182,707,773 | $ | 793,800,474 | $ | 2,469,681 | ||||||
**Shares of Common Stock Issued (no par value) | ||||||||||||
Shares sold | 5,250,000 | 1,450,000 | 100,000 | |||||||||
Shares redeemed | (3,050,000 | ) | (1,700,000 | ) | — | |||||||
Net increase (decrease) | 2,200,000 | (250,000 | ) | 100,000 |
(a) | For the period December 1, 2021 (commencement of operations) through December 31, 2021. |
See Notes to Financial Statements
57 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Gold Miners ETF | Green Metals ETF | |||||||||||
Year Ended December 31, 2021 |
Year Ended December 31, 2020 |
Period Ended December 31, 2021 (a) |
||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $ | 220,313,648 | $ | 91,180,763 | $ | (3,750 | ) | |||||
Net realized gain (loss) | 703,319,609 | 1,036,835,301 | (61,930 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | (2,479,630,293 | ) | 1,508,513,719 | 252,259 | ||||||||
Net increase (decrease) in net assets resulting from operations | (1,555,997,036 | ) | 2,636,529,783 | 186,579 | ||||||||
Distributions to shareholders from: | ||||||||||||
Distributable earnings | (224,002,317 | ) | (85,977,700 | ) | — | |||||||
Share transactions**: | ||||||||||||
Proceeds from sale of shares | 2,030,470,195 | 4,987,854,222 | 15,509,965 | |||||||||
Cost of shares redeemed | (3,480,902,948 | ) | (4,033,614,138 | ) | — | |||||||
Increase (decrease) in net assets resulting from share transactions | (1,450,432,753 | ) | 954,240,084 | 15,509,965 | ||||||||
Total increase (decrease) in net assets | (3,230,432,106 | ) | 3,504,792,167 | 15,696,544 | ||||||||
Net Assets, beginning of period | 16,503,518,642 | 12,998,726,475 | — | |||||||||
Net Assets, end of period | $ | 13,273,086,536 | $ | 16,503,518,642 | $ | 15,696,544 | ||||||
**Shares of Common Stock Issued (no par value) | ||||||||||||
Shares sold | 58,150,000 | 154,150,000 | 450,000 | |||||||||
Shares redeemed | (102,000,000 | ) | (138,550,000 | ) | — | |||||||
Net increase (decrease) | (43,850,000 | ) | 15,600,000 | 450,000 |
(a) | For the period November 10, 2021 (commencement of operations) through December 31, 2021. |
See Notes to Financial Statements
58 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Junior Gold Miners ETF | Low Carbon Energy ETF | |||||||||||||||
Year Ended December 31, 2021 |
Year Ended December 31, 2020 |
Year Ended December 31, 2021 |
Year Ended December 31, 2020 |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 43,598,687 | $ | 24,991,250 | $ | 1,432,887 | $ | 225,072 | ||||||||
Net realized gain | 171,809,877 | 661,439,961 | 71,875,642 | 42,010,149 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (1,538,777,434 | ) | 532,899,939 | (84,954,022 | ) | 91,345,627 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (1,323,368,870 | ) | 1,219,331,150 | (11,645,493 | ) | 133,580,848 | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (80,009,332 | ) | (99,001,811 | ) | (1,340,155 | ) | (149,937 | ) | ||||||||
Share transactions**: | ||||||||||||||||
Proceeds from sale of shares | 455,259,072 | 2,296,605,753 | 209,712,572 | 32,017,566 | ||||||||||||
Cost of shares redeemed | (872,059,989 | ) | (2,321,187,674 | ) | (166,136,494 | ) | — | |||||||||
Increase (decrease) in net assets resulting from share transactions | (416,800,917 | ) | (24,581,921 | ) | 43,576,078 | 32,017,566 | ||||||||||
Total increase (decrease) in net assets | (1,820,179,119 | ) | 1,095,747,418 | 30,590,430 | 165,448,477 | |||||||||||
Net Assets, beginning of year | 6,314,967,672 | 5,219,220,254 | 270,158,531 | 104,710,054 | ||||||||||||
Net Assets, end of year | $ | 4,494,788,553 | $ | 6,314,967,672 | $ | 300,748,961 | $ | 270,158,531 | ||||||||
**Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 9,850,000 | 58,350,000 | 1,300,000 | 250,000 | ||||||||||||
Shares redeemed | (18,900,000 | ) | (65,100,000 | ) | (1,050,000 | ) | — | |||||||||
Net increase (decrease) | (9,050,000 | ) | (6,750,000 | ) | 250,000 | 250,000 |
See Notes to Financial Statements
59 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Natural Resources ETF | Oil Refiners ETF | |||||||||||||||
Year Ended December 31, 2021 |
Year Ended December 31, 2020 |
Year Ended December 31, 2021 |
Year Ended December 31, 2020 |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 2,028,234 | $ | 1,288,402 | $ | 472,371 | $ | 463,107 | ||||||||
Net realized loss | (664,371 | ) | (1,997,874 | ) | (1,182,181 | ) | (4,049,751 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 12,884,685 | (1,678,874 | ) | 2,639,228 | 1,115,608 | |||||||||||
Net increase (decrease) in net assets resulting from operations | 14,248,548 | (2,388,346 | ) | 1,929,418 | (2,471,036 | ) | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (2,140,110 | ) | (1,274,940 | ) | (470,018 | ) | (450,520 | ) | ||||||||
Return of capital | — | — | — | (11,480 | ) | |||||||||||
Total distributions | (2,140,110 | ) | (1,274,940 | ) | (470,018 | ) | (462,000 | ) | ||||||||
Share transactions**: | ||||||||||||||||
Proceeds from sale of shares | 37,659,686 | 11,167,537 | 708,375 | 10,352,663 | ||||||||||||
Cost of shares redeemed | (4,695,212 | ) | (25,822,931 | ) | — | (24,728,022 | ) | |||||||||
Increase (decrease) in net assets resulting from share transactions | 32,964,474 | (14,655,394 | ) | 708,375 | (14,375,359 | ) | ||||||||||
Total increase (decrease) in net assets | 45,072,912 | (18,318,680 | ) | 2,167,775 | (17,308,395 | ) | ||||||||||
Net Assets, beginning of year | 52,175,269 | 70,493,949 | 17,506,104 | 34,814,499 | ||||||||||||
Net Assets, end of year | $ | 97,248,181 | $ | 52,175,269 | $ | 19,673,879 | $ | 17,506,104 | ||||||||
**Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 800,000 | 300,000 | 25,000 | 525,000 | ||||||||||||
Shares redeemed | (100,000 | ) | (850,000 | ) | — | (1,025,000 | ) | |||||||||
Net increase (decrease) | 700,000 | (550,000 | ) | 25,000 | (500,000 | ) |
See Notes to Financial Statements
60 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Oil Services ETF (a) | Rare Earth/Strategic Metals ETF (b) | |||||||||||||||
Year Ended December 31, 2021 |
Year Ended December 31, 2020 |
Year Ended December 31, 2021 |
Year Ended December 31, 2020 |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 24,048,164 | $ | 8,553,781 | $ | 685,719 | $ | 2,402,890 | ||||||||
Net realized gain (loss) | 91,476,848 | (600,555,052 | ) | 107,316,664 | (15,633,653 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (245,287,006 | ) | 363,927,111 | 273,354,965 | 112,754,285 | |||||||||||
Net increase (decrease) in net assets resulting from operations | (129,761,994 | ) | (228,074,160 | ) | 381,357,348 | 99,523,522 | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (21,600,606 | ) | (8,700,087 | ) | (54,350,856 | ) | (2,500,183 | ) | ||||||||
Share transactions**: | ||||||||||||||||
Proceeds from sale of shares | 4,464,669,089 | 1,565,472,841 | 552,129,245 | 133,894,168 | ||||||||||||
Cost of shares redeemed | (2,893,608,272 | ) | (1,378,601,348 | ) | (187,397,855 | ) | (101,731,782 | ) | ||||||||
Increase in net assets resulting from share transactions | 1,571,060,817 | 186,871,493 | 364,731,390 | 32,162,386 | ||||||||||||
Total increase (decrease) in net assets | 1,419,698,217 | (49,902,754 | ) | 691,737,882 | 129,185,725 | |||||||||||
Net Assets, beginning of year | 723,420,809 | 773,323,563 | 322,122,560 | 192,936,835 | ||||||||||||
Net Assets, end of year | $ | 2,143,119,026 | $ | 723,420,809 | $ | 1,013,860,442 | $ | 322,122,560 | ||||||||
**Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 21,100,000 | 11,320,000 | 6,200,000 | 2,933,333 | ||||||||||||
Shares redeemed | (14,200,000 | ) | (9,532,500 | ) | (2,050,000 | ) | (2,783,333 | ) | ||||||||
Net increase | 6,900,000 | 1,787,500 | 4,150,000 | 150,000 |
(a) | Share activity has been adjusted to reflect the 1 for 20 reverse share split which took place on April 15, 2020 (See Note 11). | |
(b) | Share activity has been adjusted to reflect the 1 for 3 reverse share split which took place on April 15, 2020 (See Note 11). |
See Notes to Financial Statements
61 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Steel ETF | Uranium+Nuclear Energy ETF | |||||||||||||||
Year Ended December 31, 2021 |
Year Ended December 31, 2020 |
Year Ended December 31, 2021 |
Year Ended December 31, 2020 |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 8,722,425 | $ | 1,084,820 | $ | 697,092 | $ | 375,645 | ||||||||
Net realized gain (loss) | 34,079,900 | (7,764,415 | ) | (675,324 | ) | (669,623 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (25,264,114 | ) | 12,848,203 | 3,159,751 | 1,096,501 | |||||||||||
Net increase in net assets resulting from operations | 17,538,211 | 6,168,608 | 3,181,519 | 802,523 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (8,650,070 | ) | (1,160,720 | ) | (700,021 | ) | (401,975 | ) | ||||||||
Return of capital | — | (89,230 | ) | — | — | |||||||||||
Total distributions | (8,650,070 | ) | (1,249,950 | ) | (700,021 | ) | (401,975 | ) | ||||||||
Share transactions**: | ||||||||||||||||
Proceeds from sale of shares | 245,785,508 | 32,148,724 | 14,652,183 | — | ||||||||||||
Cost of shares redeemed | (219,740,003 | ) | (26,219,056 | ) | — | (5,037,717 | ) | |||||||||
Increase (decrease) in net assets resulting from share transactions | 26,045,505 | 5,929,668 | 14,652,183 | (5,037,717 | ) | |||||||||||
Total increase (decrease) in net assets | 34,933,646 | 10,848,326 | 17,133,681 | (4,637,169 | ) | |||||||||||
Net Assets, beginning of year | 76,890,093 | 66,041,767 | 18,093,236 | 22,730,405 | ||||||||||||
Net Assets, end of year | $ | 111,823,739 | $ | 76,890,093 | $ | 35,226,917 | $ | 18,093,236 | ||||||||
**Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 4,125,000 | 800,000 | 275,000 | — | ||||||||||||
Shares redeemed | (3,750,000 | ) | (825,000 | ) | — | (100,000 | ) | |||||||||
Net increase (decrease) | 375,000 | (25,000 | ) | 275,000 | (100,000 | ) |
See Notes to Financial Statements
62 |
VANECK ETF TRUST
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
63 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | For the period December 1, 2021 (commencement of operations) through December 31, 2021. |
(b) | Calculated based upon average shares outstanding |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Not Annualized |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
64 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
65 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | For the period November 10, 2021 (commencement of operations) through December 31, 2021. |
(b) | Calculated based upon average shares outstanding |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Not Annualized |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
66 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
(d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
67 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
68 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
69 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
70 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | On April 15, 2020, the Fund effected a 1 for 20 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split. |
(b) | Calculated based upon average shares outstanding |
(c) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
(d) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
71 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 9). Per share data has been adjusted to reflect the reverse share split. |
(b) | Calculated based upon average shares outstanding |
(c) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
(d) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
72 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
73 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
74 |
VANECK ETF TRUST
December 31, 2021
Note 1—Fund Organization—VanEck ETF Trust (the “Trust”) (formerly known as VanEck Vectors ETF Trust) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
Fund | Diversification Classification | |
Agribusiness ETF | Non-Diversified | |
Future of Food ETF | Non-Diversified | |
Gold Miners ETF | Non-Diversified | |
Green Metals ETF | Non-Diversified | |
Junior Gold Miners ETF | Non-Diversified | |
Low Carbon Energy ETF | Non-Diversified | |
Natural Resources ETF | Diversified | |
Oil Refiners ETF | Non-Diversified | |
Oil Services ETF | Non-Diversified | |
Rare Earth/Strategic Metals ETF | Non-Diversified | |
Steel ETF | Non-Diversified | |
Uranium+Nuclear Energy ETF | Non-Diversified |
Each Fund, except for Future of Food ETF, was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index. The Future of Food ETF is an actively managed ETF that seeks long-term capital appreciation and invests primarily in securities of companies engaged in Agri-Food technology and innovation.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.
The following summarizes the Funds’ significant accounting policies.
A. | Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of Van Eck Associates Corporation (the “Adviser”) provides oversight of the Funds’ valuation policies and procedures, |
75 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. | |
Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. | |
The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below: | |
Level 1 — Quoted prices in active markets for identical securities. | |
Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). | |
A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. | |
B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income to its shareholders. Therefore, no federal income tax provision is required. |
C. | Distributions to Shareholders— Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
D. | Currency Translation— Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. |
76 |
Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. | |
E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
F. | Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at December 31, 2021 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending). |
G. | Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned. |
The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. | |
In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least May 1, 2022, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.
The Future of Food ETF and Green Metals ETF utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Fund, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses until at least May 1, 2023.
The management fee rates and expense limitations for the year ended December 31, 2021, are as follows:
Fund | Management Fees |
Expense Limitations | ||||||
Agribusiness ETF | 0.50 | % | 0.56 | % | ||||
Future of Food ETF | 0.69 | 0.69 | ||||||
Gold Miners ETF | 0.50 | 0.53 | ||||||
Green Metals ETF | 0.59 | 0.59 | ||||||
Junior Gold Miners ETF | 0.50 | 0.56 | ||||||
Low Carbon Energy ETF | 0.50 | 0.62 | ||||||
Natural Resources ETF | 0.50 | 0.49 | ||||||
Oil Refiners ETF | 0.50 | 0.59 |
77 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Fund | Management Fees |
Expense Limitations | ||||||
Oil Services ETF | 0.35 | 0.35 | ||||||
Rare Earth/Strategic Metals ETF | 0.50 | 0.57 | ||||||
Steel ETF | 0.50 | 0.55 | ||||||
Uranium+Nuclear Energy ETF | 0.50 | 0.60 |
Refer to the Statements of Operations for amounts waived/assumed by the Adviser.
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
At December 31, 2021, the Adviser owned approximately 2,500 shares of Gold Miners ETF.
Note 4—Capital Share Transactions—As of December 31, 2021, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
Note 5—Investments—For the year ended December 31, 2021, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
In-Kind Capital Share Transactions | ||||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
Agribusiness ETF | $ | 198,957,521 | $ | 191,588,782 | $ | 443,237,745 | $ | 264,709,311 | ||||||||
Future of Food ETF | — | — | 2,429,014 | — | ||||||||||||
Gold Miners ETF | 2,104,793,187 | 2,117,175,135 | 2,030,396,134 | 3,479,960,105 | ||||||||||||
Green Metals ETF | 6,301,899 | 1,149,650 | 10,367,963 | — | ||||||||||||
Junior Gold Miners ETF | 1,231,728,556 | 1,275,945,072 | 453,700,835 | 868,934,890 | ||||||||||||
Low Carbon Energy ETF | 253,568,809 | 232,840,330 | 187,442,210 | 164,321,756 | ||||||||||||
Natural Resources ETF | 20,965,624 | 19,750,171 | 36,701,798 | 4,579,933 | ||||||||||||
Oil Refiners ETF | 3,752,412 | 3,669,382 | 598,522 | — | ||||||||||||
Oil Services ETF | 534,796,163 | 531,043,650 | 4,204,706,253 | 2,633,339,978 | ||||||||||||
Rare Earth/Strategic Metals ETF | 680,986,789 | 585,629,138 | 335,477,430 | 121,473,792 | ||||||||||||
Steel ETF | 36,492,578 | 36,456,615 | 242,542,423 | 216,331,832 | ||||||||||||
Uranium+Nuclear Energy ETF | 6,402,324 | 6,369,738 | 14,593,508 | — |
78 |
Note 6—Income Taxes—As of December 31, 2021, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
Fund | Tax Cost of Investments |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) | ||||||||||||||||
Agribusiness ETF | $ | 979,781,441 | $ | 302,332,401 | $ | (69,976,224 | ) | $ | 232,356,177 | |||||||||||
Future of Food ETF | 2,429,014 | 109,732 | (74,658 | ) | 35,074 | |||||||||||||||
Gold Miners ETF | 12,108,424,860 | 2,090,056,979 | (846,619,325 | ) | 1,243,437,654 | |||||||||||||||
Green Metals ETF | 15,500,367 | 708,979 | (503,376 | ) | 205,603 | |||||||||||||||
Junior Gold Miners ETF | 4,958,253,906 | 545,051,870 | (886,518,384 | ) | (341,466,514 | ) | ||||||||||||||
Low Carbon Energy ETF | 276,800,361 | 64,374,696 | (25,538,413 | ) | 38,836,283 | |||||||||||||||
Natural Resources ETF | 81,847,745 | 19,480,241 | (3,566,303 | ) | 15,913,938 | |||||||||||||||
Oil Refiners ETF | 19,143,000 | 3,161,319 | (2,636,039 | ) | 525,280 | |||||||||||||||
Oil Services ETF | 2,612,934,462 | 4,388,831 | (453,226,439 | ) | (448,837,608 | ) | ||||||||||||||
Rare Earth/Strategic Metals ETF | 742,119,328 | 342,876,668 | (26,740,553 | ) | 316,136,115 | |||||||||||||||
Steel ETF | 134,132,236 | 2,841,217 | (23,318,653 | ) | (20,477,436 | ) | ||||||||||||||
Uranium+Nuclear Energy ETF | 30,880,600 | 5,835,535 | (1,481,416 | ) | 4,354,119 |
At December 31, 2021, the components of total distributable earnings (losses) on a tax basis, for each Fund, were as follows:
Fund | Undistributed Ordinary Income |
Accumulated Capital Losses/ Undistributed Capital Gains |
Qualified Late-Year Losses* |
Other Temporary Differences |
Unrealized Appreciation (Depreciation) |
Total Distributable Earnings (Loss) | ||||||||||||||||||
Agribusiness ETF | $85,261 | $(727,559,350) | $– | $(572,476) | $232,344,249 | $(495,702,316) | ||||||||||||||||||
Future of Food ETF | 1,943 | – | – | – | 35,078 | 37,021 | ||||||||||||||||||
Gold Miners ETF | 7,357,510 | (11,042,079,476) | – | (1,364,021) | 1,243,441,032 | (9,792,644,955) | ||||||||||||||||||
Green Metals ETF | 2,744 | (27,331) | – | – | 211,166 | 186,579 | ||||||||||||||||||
Junior Gold Miners ETF | 19,229,787 | (4,479,905,290) | – | (355,727) | (341,468,764) | (4,802,499,994) | ||||||||||||||||||
Low Carbon Energy ETF | 33,514 | (54,776,092) | – | (18,125) | 38,839,482 | (15,921,221) | ||||||||||||||||||
Natural Resources ETF | 10,138 | (46,269,388) | – | (14,854) | 15,914,934 | (30,359,170) | ||||||||||||||||||
Oil Refiners ETF | – | (7,574,557) | (653) | (882) | 524,332 | (7,051,760) | ||||||||||||||||||
Oil Services ETF | – | (1,861,426,058) | – | (210,231) | (448,837,608) | (2,310,473,897) | ||||||||||||||||||
Rare Earth/Strategic Metals ETF | – | (268,463,776) | (14,669,289) | (23,039) | 316,139,766 | 32,983,662 | ||||||||||||||||||
Steel ETF | 74,416 | (156,032,043) | – | (20,130) | (20,477,436) | (176,455,193) | ||||||||||||||||||
Uranium+Nuclear Energy ETF | 747,125 | (85,186,072) | – | (13,073) | 4,354,164 | (80,097,856) |
* | Qualified late year losses incurred after October 31, 2021 are deemed to arise on January 1, 2022. |
The tax character of dividends paid to shareholders was follows:
2021 | 2020 | |||||||||||
Fund | Ordinary Income |
Ordinary Income |
Return of Capital | |||||||||
Agribusiness ETF | $ | 13,850,800 | $ | 8,649,640 | $ | – | ||||||
Gold Miners ETF | 224,002,317 | 85,977,700 | – | |||||||||
Junior Gold Miners ETF | 80,009,332 | 99,001,811 | – | |||||||||
Low Carbon Energy ETF | 1,340,155 | 149,937 | – | |||||||||
Natural Resources ETF | 2,140,110 | 1,274,940 | – | |||||||||
Oil Refiners ETF | 470,018 | 450,520 | 11,480 | |||||||||
Oil Services ETF | 21,600,606 | 8,700,087 | – | |||||||||
Rare Earth/Strategic Metals ETF | 54,350,856 | 2,500,183 | – | |||||||||
Steel ETF | 8,650,070 | 1,160,720 | 89,230 | |||||||||
Uranium+Nuclear Energy ETF | 700,021 | 401,975 | – |
79 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
At December 31, 2021, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
Fund | Short-Term Capital Losses with No Expiration |
Long-Term Capital Losses with No Expiration |
Total | |||||||||
Agribusiness ETF | $ | (175,905,265 | ) | $ | (551,654,085) | $ | (727,559,350 | ) | ||||
Gold Miners ETF | (1,805,505,732 | ) | (9,236,573,744) | (11,042,079,476 | ) | |||||||
Green Metals ETF | (27,331 | ) | – | (27,331 | ) | |||||||
Junior Gold Miners ETF | (1,648,480,658 | ) | (2,831,424,632) | (4,479,905,290 | ) | |||||||
Low Carbon Energy ETF | (7,146,828 | ) | (47,629,264) | (54,776,092 | ) | |||||||
Natural Resources ETF | (3,940,074 | ) | (42,329,314) | (46,269,388 | ) | |||||||
Oil Refiners ETF | (3,229,685 | ) | (4,344,872) | (7,574,557 | ) | |||||||
Oil Services ETF | (234,798,568 | ) | (1,626,627,490) | (1,861,426,058 | ) | |||||||
Rare Earth/Strategic Metals ETF | (35,999,127 | ) | (232,464,649) | (268,463,776 | ) | |||||||
Steel ETF | (13,384,193 | ) | (142,647,850) | (156,032,043 | ) | |||||||
Uranium+Nuclear Energy ETF | (13,930,669 | ) | (71,255,403) | (85,186,072 | ) |
During the year ended December 31, 2021, Rare Earth/Strategic Metals ETF utilized $47,258,607 of its capital loss carryovers available from prior years.
During the year ended December 31, 2021, as a result of permanent book to tax differences, primarily due to the tax treatment of gains/losses from securities redeemed in-kind and earnings attributable to the redemption of shares, the Funds incurred differences that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications
Fund | Increase (Decrease) in Total Distributable Earnings (Loss) |
Increase (Decrease) in Aggregate Paid in Capital | ||||||
Agribusiness ETF | $ | (113,044,884 | ) | $ | 113,044,884 | |||
Gold Miners ETF | (1,197,900,325 | ) | 1,197,900,325 | |||||
Junior Gold Miners ETF | (226,571,818 | ) | 226,571,818 | |||||
Low Carbon Energy ETF | (72,984,381 | ) | 72,984,381 | |||||
Natural Resources ETF | (1,684,527 | ) | 1,684,527 | |||||
Oil Services ETF | (368,251,244 | ) | 368,251,244 | |||||
Rare Earth/Strategic Metals ETF | (60,311,008 | ) | 60,311,008 | |||||
Steel ETF | (39,387,633 | ) | 39,387,633 |
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2021, the Funds did not incur any interest or penalties.
Note 7—Principal Risks— Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the
80 |
recent coronavirus outbreak. Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.
The respiratory disease caused by a novel coronavirus, which has spread internationally and declared as a pandemic by the World Health Organization, has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, loss of life, as well as general concern and uncertainty. The coronavirus has already negatively impacted the economies of many nations, individual companies, and the market. This pandemic is expected to have a continued impact in ways that cannot necessarily be foreseen presently.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds of the Trust as directed by the Trustees.
Except for Future of Food ETF and Green Metals ETF, expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities. The Adviser is responsible for paying the expenses associated with the Plan for the Future of Food ETF and Green Metals ETF, and therefore the Fund bears no costs or liabilities relative to the Plan.
Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 2021 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of December 31, 2021:
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Fund | Market Value of Securities on Loan |
Cash Collateral |
Non-Cash Collateral |
Total Collateral | ||||||||||||
Agribusiness ETF | $ | 67,313,739 | $ | 30,234,590 | $ | 38,392,921 | $ | 68,627,511 | ||||||||
Gold Miners ETF | 197,100,880 | 100,558,651 | 103,414,258 | 203,972,909 | ||||||||||||
Junior Gold Miners ETF | 242,438,677 | 130,584,513 | 123,145,146 | 253,729,659 | ||||||||||||
Low Carbon Energy ETF | 32,292,446 | 14,590,565 | 19,123,733 | 33,714,298 | ||||||||||||
Natural Resources ETF | 5,599,764 | 268,125 | 5,604,498 | 5,872,623 | ||||||||||||
Oil Services ETF | 23,922,680 | 19,056,337 | 39,976,373 | 59,032,710 | ||||||||||||
Rare Earth/Strategic Metals ETF | 201,037,859 | 45,463,521 | 164,139,688 | 209,603,209 | ||||||||||||
Steel ETF | 28,461,369 | 1,788,159 | 27,058,388 | 28,846,547 | ||||||||||||
Uranium+Nuclear Energy ETF | 1,558,375 | 106,776 | 1,538,710 | 1,645,486 |
The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2021:
Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities |
||||
Fund | Equity Securities | |||
Agribusiness ETF | $ | 30,234,590 | ||
Gold Miners ETF | 100,558,651 | |||
Junior Gold Miners ETF | 130,584,513 | |||
Low Carbon Energy ETF | 14,590,565 | |||
Natural Resources ETF | 268,125 | |||
Oil Services ETF | 19,056,337 | |||
Rare Earth/Strategic Metals ETF | 45,463,521 | |||
Steel ETF | 1,788,159 | |||
Uranium+Nuclear Energy ETF | 106,776 | |||
* Remaining contractual maturity: overnight and continuous |
Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2021, the following Funds borrowed under this Facility:
Fund | Days Outstanding |
Average Daily Loan Balance |
Average Interest Rate | |||||||||
Agribusiness ETF | 177 | $1,036,897 | 1.43 | % | ||||||||
Gold Miners ETF | 147 | 8,174,003 | 1.43 | |||||||||
Green Metals ETF | 15 | 472,596 | 1.43 | |||||||||
Junior Gold Miners ETF | 12 | 6,838,783 | 1.44 | |||||||||
Low Carbon Energy ETF | 240 | 1,042,995 | 1.44 | |||||||||
Natural Resources ETF | 235 | 230,884 | 1.44 | |||||||||
Oil Services ETF | 192 | 1,276,353 | 1.44 | |||||||||
Rare Earth/Strategic Metals ETF | 81 | 1,095,901 | 1.43 | |||||||||
Steel ETF | 112 | 931,162 | 1.44 | |||||||||
Uranium+Nuclear Energy ETF | 3 | 215,542 | 1.43 |
Outstanding loan balances as of December 31, 2021, if any, are reflected in the Statements of Assets and Liabilities.
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Note 11—Share Split— The Board of Trustees approved a 1 for 20 reverse share split for Oil Services ETF, and 1 for 3 reverse share split for Rare Earth/Strategic Metals ETF. On April 15, 2020, shares began trading on a split-adjusted basis. The Statements of Changes in net Assets and Financial Highlights prior to April 15, 2020 have been adjusted to reflect these reverse share splits.
Note 12—Other— At a meeting held on February 24, 2021, the Board of Trustees of the Trust approved changing VanEck Low Carbon Energy ETF benchmark index from the Ardour Global Index (Extra Liquid) to the MVIS Global Low Carbon Energy Index effective on or after April 26, 2021. As a result of this change they also approved changing the Fund’s investment objective and its principal investment strategy. The Fund seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS Global Low Carbon Energy Index.
Note 13—Subsequent Event Review—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
Effective January 1, 2022, the Natural Resources ETF and Oil Services ETF converted to a unitary management fee structure, pursuant to which the Adviser has agreed to pay all expenses the Funds (excluding the fee payment under the investment management agreement of 0.49% and 0.35% of average net assets, respectively, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes, and extraordinary expenses) until at least May 1, 2023.
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VANECK ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of VanEck Agribusiness ETF, VanEck Future of Food ETF, VanEck Gold Miners ETF, VanEck Green Metals ETF, VanEck Junior Gold Miners ETF, VanEck Low Carbon Energy ETF, VanEck Natural Resources ETF, VanEck Oil Refiners ETF, VanEck Oil Services ETF, VanEck Rare Earth/Strategic Metals ETF, VanEck Steel ETF, and VanEck Uranium+Nuclear Energy ETF and the Board of Trustees of VanEck ETF Trust.
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of VanEck Agribusiness ETF, VanEck Future of Food ETF, VanEck Gold Miners ETF, VanEck Green Metals ETF, VanEck Junior Gold Miners ETF, VanEck Low Carbon Energy ETF, VanEck Natural Resources ETF, VanEck Oil Refiners ETF, VanEck Oil Services ETF, VanEck Rare Earth/Strategic Metals ETF, VanEck Steel ETF and VanEck Uranium+Nuclear Energy ETF (collectively referred to as the “Funds”) (twelve of the funds constituting VanEck ETF Trust (the “Trust”)), including the schedules of investments, as of December 31, 2021, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (twelve of the funds constituting VanEck ETF Trust) at December 31, 2021, and the results of their operations, changes in their net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
Individual
fund constituting the VanEck ETF Trust |
Statement
of Operations |
Statements
of Changes in Net Assets |
Financial Highlights | |||
VanEck Agribusiness ETF VanEck Gold Miners ETF VanEck Junior Gold Miners ETF VanEck Low Carbon Energy ETF VanEck Natural Resources ETF VanEck Oil Refiners ETF VanEck Oil Services ETF VanEck Rare Earth/Strategic Metals ETF VanEck Steel ETF VanEck Uranium+Nuclear Energy ETF |
For the year ended December 31, 2021 | For each of the two years in the period ended December 31, 2021 | For each of the five years in the period ended December 31, 2021 | |||
VanEck Green Metals ETF | For the period from November 10, 2021 (commencement of operations) through December 31, 2021 | For the period from November 10, 2021 (commencement of operations) through December 31, 2021 | For the period from November 10, 2021 (commencement of operations) through December 31, 2021 | |||
VanEck Future of Food ETF | For the period from December 1, 2021 (commencement of operations) through December 31, 2021 | For the period from December 1, 2021 (commencement of operations) through December 31, 2021 | For the period from December 1, 2021 (commencement of operations) through December 31, 2021 |
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are
84 |
free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from broker were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more of the VanEck investment companies since 1999.
New York,
New York
February 28, 2022
85 |
VANECK ETF TRUST
(unaudited)
The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2021:
Fund | Ordinary Income Amount Paid Per Share |
Qualified Dividend Income for Individuals* |
Dividends Qualifying for the Dividend Received Deduction for Corporations* |
Foreign Source Income* |
Foreign Taxes Paid Per Share** | |||||||||||||||
Agribusiness ETF | $1.11700 | 100.00% | 50.97% | –% | $– | |||||||||||||||
Gold Miners ETF | 0.53480 | 100.00 | 33.25 | 74.76 | 0.050098 | |||||||||||||||
Junior Gold Miners ETF | 0.74540 | 39.74 | 0.71 | 40.38 | 0.044265 | |||||||||||||||
Low Carbon Energy ETF | 0.71160 | 100.00 | 36.63 | 76.95 | 0.096150 | |||||||||||||||
Natural Resources ETF | 1.01910 | 94.06 | 36.35 | 66.61 | 0.047541 | |||||||||||||||
Oil Refiners ETF | 0.64830 | 100.00 | 39.51 | 68.31 | 0.067898 | |||||||||||||||
Oil Services ETF | 1.80750 | 98.42 | 46.66 | – | – | |||||||||||||||
Rare Earth/Strategic Metals ETF | 5.89170 | 8.18 | – | 7.84 | 0.027275 | |||||||||||||||
Steel ETF | 3.76090 | 74.83 | 7.61 | 91.93 | 0.092186 | |||||||||||||||
Uranium+Nuclear Energy ETF | 1.09100 | 80.64 | 50.64 | – | – |
* Expressed as a percentage of the cash distribution grossed up for foreign taxes.
** The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments.
Please consult your tax advisor for proper treatment of this information.
86 |
VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
Decemeber 31, 2021 (unaudited)
Name,
Address1 and Year of Birth |
Position(s) Held with the Trust |
Term
of Office2 and Length of Time Served |
Principal
Occupation(s) During Past Five Years |
Number
of Portfolios in Fund Complex3 Overseen |
Other
Directorships Held By Trustee During Past Five Years | |||||
Independent Trustees | ||||||||||
David H.
Chow, 1957*† |
Chairman Trustee |
Since 2008 Since 2006 |
Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 62 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Risk and Compliance Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020. | |||||
Laurie
A. Hesslein, 1959*† |
Trustee | Since 2019 | Citigroup, Managing Director, and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 62 | Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. | |||||
R.
Alastair Short, 1953*† |
Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 74 | Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds. | |||||
Peter J.
Sidebottom, 1962*† |
Trustee | Since 2012 | Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012. | 62 | Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016. | |||||
Richard
D. Stamberger, 1959*† |
Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (global media company), July 2020 to present; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2019. | 74 | Director, Food and Friends, Inc., 2013 to present. |
87 |
VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
(unaudited) (continued)
Interested Trustee | ||||||||||
Jan F. van Eck, 19635
|
Trustee, Chief Executive Officer and President | Trustee (Since 2006); Chief Officer and President (Since 2009) | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust | 74 | Director, National Committee on US-China Relations. |
1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
4 | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
5 | “Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
* | Member of the Audit Committee. |
† | Member of the Nominating and Corporate Governance Committee. |
Officer’s
Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term
of Office2 And Length of Time Served |
Principal Occupation(s) During Past Five Years | |||
Officer Information | ||||||
Matthew
A. Babinsky, 1983 |
Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Associate, Clifford Chance US LLP. | |||
Russell
G. Brennan, 1964 |
Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. | |||
Charles
T. Cameron, 1960 |
Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. | |||
John J.
Crimmins, 1957 |
Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. | |||
Eduardo
Escario, 1975 |
Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. | |||
F.
Michael Gozzillo, 1965 |
Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. | |||
Laura
Hamilton, 1977 |
Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. | |||
Nicholas
Jackson, 1974 |
Assistant Vice President
|
Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. | |||
Laura I.
Martínez, 1980 |
Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. | |||
Matthew
McKinnon, 1970 |
Assistant Vice President | Since 2018 | Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. |
88 |
Arian
Neiron, 1979 |
Vice President | Since 2018 | CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | |||
James
Parker, 1969 |
Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. | |||
Adam
Phillips, 1970 |
Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. | |||
Philipp
Schlegel, 1974 |
Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. | |||
Jonathan
R. Simon, 1974 |
Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. | |||
Andrew
Tilzer, 1972 |
Assistant Vice President | Since 2021 | Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC. |
1 | The address for each Officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
2 | Officers are elected yearly by the Trustees. |
89 |
VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
December 31, 2021
VanEck Natural Resources ETF and VanEck Oil Services ETF
At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement (the “Investment Management Agreement”) between the Trust and Van Eck Associates Corporation (the “Adviser”) with respect to the VanEck Natural Resources ETF and VanEck Oil Services ETF (each, a “Fund” and together, the “Funds”).
Subsequent to the approval of the Investment Management Agreement at the Renewal Meeting, at a meeting held on November 30, 2021 (the “November Meeting”), the Board of the Trust, including all of the Independent Trustees, approved an amended and restated Investment Management Agreement (the “Amended and Restated Investment Management Agreement”) between the Trust and the Adviser to convert the Funds to a unitary fee structure, pursuant to which the Adviser will pay all of the direct expenses of the Funds (excluding fees under the Amended and Restated Investment Management Agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) in exchange for an annual unitary management fee rate equal to or lower than the existing management fee rate for each Fund. The Amended and Restated Investment Management Agreement became effective on January 1, 2022.
The Board’s approval of the Amended and Restated Investment Management Agreement was based on a comprehensive consideration of all the information available to the Trustees and was not the result of any single factor. In approving the Amended and Restated Investment Agreement, the Trustees also considered the information about the expenses of each Fund they received at the Renewal Meeting to approve the Investment Management Agreement, as well as additional information obtained at other meetings of the Board. A discussion regarding the factors the Board considered in the renewal of the Investment Management Agreement with respect to each Fund is available in the Trust’s semi-annual report for the period ended June 30, 2021. Some of the additional factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
Among other things, the Trustees considered the terms and scope of services that the Adviser would provide under the Amended and Restated Investment Management Agreement and representations from the Adviser that the services to be provided by the Adviser to the Funds would not decrease in scope or quality under the unitary fee structure. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure and the potential expense stability that may inure to the benefit of shareholders of the Funds.
The Independent Trustees were advised by and met in executive session with their independent counsel at the November Meeting as part of their consideration of the Amended and Restated Investment Management Agreement.
In voting to approve the adoption of the Amended and Restated Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Amended and Restated Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Amended and Restated Investment Management Agreement is in the best interest of each Fund and such Fund’s shareholders.
VanEck Bitcoin Strategy ETF, VanEck Ethereum Strategy ETF, VanEck Future of Food ETF and VanEck Green Metals ETF
At a meeting held on September 14, 2021 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the
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VanEck Bitcoin Strategy ETF, VanEck Ethereum Strategy ETF, VanEck Future of Food ETF (formerly known as VanEck Future of Food II ETF) and VanEck Green Metals ETF (the “Funds”).
The Board’s approval of the Investment Management Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of the Funds’ proposed investment programs, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Meeting regarding the management of the Funds, information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Funds. The Trustees also considered the terms and scope of services that the Adviser would provide under each Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of each Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
The Trustees considered the benefits, other than the fees under the Investment Management Agreements, that the Adviser would receive from serving as adviser to the Funds. The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Funds to the Adviser because the Funds had not yet commenced operations. In addition, because the Funds had not yet commenced operations, the Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Funds by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Meeting as part of their consideration of the Investment Management Agreements.
In voting to approve the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreements are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that the Investment Management Agreements are in the best interest of the Funds and the Funds’ shareholders.
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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
Investment Adviser: | VanEck Associates Corporation | |
Distributor: | VanEck
Securities Corporation 666 Third Avenue, New York, NY 10017 vaneck.com |
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Account Assistance: | 800.826.2333 | NRAR |