ANNUAL REPORT
December 31, 2021

 

VANECK®    
     
Agribusiness ETF   MOO®
Future of Food ETF   YUMY
Gold Miners ETF   GDX®
Green Metals ETF   GMET®
Junior Gold Miners ETF   GDXJ®
Low Carbon Energy ETF   SMOG®
Natural Resources ETF   HAP®
Oil Refiners ETF   CRAK®
Oil Services ETF   OIH®
Rare Earth/Strategic Metals ETF   REMX®
Steel ETF   SLX®
Uranium+Nuclear Energy ETF   NLR®

 

     
  800.826.2333 vaneck.com
 

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

 

 

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

 

VANECK ETFs

PRESIDENT’S LETTER

December 31, 2021 (unaudited)

 

Dear Fellow Shareholders:

 

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

 

The Economy

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Multi-Year Investment Themes

 

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

 

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

 

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

2

 

 

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

 

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

 

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

 

 

Jan F. van Eck

CEO and President

VanEck ETF Trust

 

July 20, 2021

 

PS The investing outlook can change suddenly, as it certainly did in 2021 To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

 

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

3

VANECK ETFs

MANAGEMENT DISCUSSION

December 31, 2021 (unaudited)

 

Market Review

 

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

 

Agribusiness

 

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

 

Gold Miners

 

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

 

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

 

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

 

Low Carbon Energy

 

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

 

Natural Resources

 

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

 

Oil Refiners

 

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

 

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

4

 

 

Oil Services

 

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

 

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

 

Rare Earth and Strategic Metals

 

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

 

Steel

 

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

 

Uranium+Nuclear Energy

 

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

 

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

5

VANECK AGRIBUSINESS ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

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

 

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

 

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

 

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

 

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

6

VANECK GOLD MINERS ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

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

 

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

 

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

 

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

 

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

7

VANECK JUNIOR GOLD MINERS ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

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

 

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

 

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

 

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

 

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

8

VANECK LOW CARBON ENERGY ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

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

 

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

 

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

 

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

 

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

9

VANECK NATURAL RESOURCES ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

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

 

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

 

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

 

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

 

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

10

VANECK OIL REFINERS ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

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

 

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

 

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

 

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

 

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

11

VANECK OIL SERVICES ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

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

 

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

 

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

 

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

 

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

12

VANECK RARE EARTH/STRATEGIC METALS ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

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

 

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

 

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

 

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

 

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

13

VANECK STEEL ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

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

 

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

 

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

 

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

 

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

14

VANECK URANIUM+NUCLEAR ENERGY ETF

PERFORMANCE COMPARISON

December 31, 2021 (unaudited)

 

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

 

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

 

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

 

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

 

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

15

VANECK ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

 

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

 

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

 

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

 

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

 

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

 

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

16

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

 

Hypothetical $1,000 investment at beginning of period

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

 

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

 

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

 

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

 

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

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

 

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

 

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

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

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


 

See Notes to Financial Statements

19

VANECK AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

(continued)

 

 

Definitions:

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

 

Footnotes:

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

 

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

 

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

 

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

 

See Notes to Financial Statements

20

VANECK FUTURE OF FOOD ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

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


 

 

Definitions:

ADR American Depositary Receipt
CAD Canadian Dollar
HKD Hong Kong Dollar

 

Footnotes:

# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $752,138 which represents 30.5% of net assets.
* Non-income producing
   
144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $23,446, or 0.9% of net assets.

 

See Notes to Financial Statements

21

VANECK FUTURE OF FOOD ETF

SCHEDULE OF INVESTMENTS

(continued)

 

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

 

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

 

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

 

See Notes to Financial Statements

22

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

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

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


 

See Notes to Financial Statements

23

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

 

 

Definitions:

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

 

Footnotes:

Security fully or partially on loan. Total market value of securities on loan is $197,100,880.
# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $2,123,158,240 which represents 16.0% of net assets.
* Non-income producing
Affiliated issuer – as defined under the Investment Company Act of 1940.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Gold     95.0 %      $ 12,586,629,927  
Silver     5.0       664,673,936  
      100.0 %   $ 13,251,303,863  

 

See Notes to Financial Statements

24

 

 

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

 

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

 

See Notes to Financial Statements

25

VANECK GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

 

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

 

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

 

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

 

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

 

    Level 1
Quoted

Prices
   

Level 2
Significant

Observable
Inputs

   

Level 3
Significant

Unobservable
Inputs

   

Value

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

 

See Notes to Financial Statements

26

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

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


 

See Notes to Financial Statements

27

VANECK GREEN METALS ETF

SCHEDULE OF INVESTMENTS

(continued)

 

 

Definitions:

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

 

Footnotes:

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

 

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

 

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

 

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

 

See Notes to Financial Statements

28

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

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


 

See Notes to Financial Statements

29

VANECK JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(continued)

 

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


 

 

Definitions:

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

Footnotes:

Security fully or partially on loan. Total market value of securities on loan is $242,438,677.
# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,122,184,204 which represents 25.0% of net assets.
* Non-income producing
Affiliated issuer – as defined under the Investment Company Act of 1940.
Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
   Value  
Diversified Metals & Mining     5.8 %      $ 259,714,438  
Gold     74.0           3,320,550,675  
Precious Metals & Minerals     3.2       143,271,474  
Silver     17.0       762,666,293  
      100.0 %   $ 4,486,202,880  

 

See Notes to Financial Statements

30

 

 

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

 

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

 

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

 

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

 

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

 

See Notes to Financial Statements

31

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

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


 

See Notes to Financial Statements

32

 

 

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


 

 

Definitions:

ADR American Depositary Receipt
HKD Hong Kong Dollar
NVDR Non-Voting Depositary Receipt
USD United States Dollar

 

Footnotes:

# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $146,365,718 which represents 48.7% of net assets.
Security fully or partially on loan. Total market value of securities on loan is $32,292,446.
* Non-income producing
   
144A  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $13,066,501, or 4.3% of net assets.

 

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

 

See Notes to Financial Statements

33

VANECK LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

(continued)

 

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

 

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

 

See Notes to Financial Statements

34

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

December 31, 2021

 

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


 

See Notes to Financial Statements

35

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

 

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


 

See Notes to Financial Statements

36

 

 

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


 

See Notes to Financial Statements

37

VANECK NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(continued)

 

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

VANECK OIL REFINERS ETF

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

VANECK OIL SERVICES ETF

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

VANECK STEEL ETF

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

STATEMENTS OF OPERATIONS

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

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

 

      Agribusiness ETF  
      Year Ended December 31,  
      2021     2020     2019     2018     2017  
                                           
Net asset value, beginning of year       $77.82       $68.59       $57.11       $61.63       $51.38  
Net investment income(a)       1.14       0.90       0.83       0.83       0.83  
Net realized and unrealized gain (loss) on investments       17.54       9.19       11.56       (4.39 )     10.30  
Total from investment operations       18.68       10.09       12.39       (3.56 )     11.13  
Distributions from:                                          
Net investment income       (1.12 )     (0.86 )     (0.91 )     (0.96 )     (0.88 )
Net asset value, end of year       $95.38       $77.82       $68.59       $57.11       $61.63  
Total return(b)       23.99 %     14.73 %     21.70 %     (5.76 )%     21.68 %
Ratios to average net assets                                          
Expenses       0.52 %     0.55 %     0.56 %     0.54 %     0.54 %
Expenses excluding interest expense       0.52 %     0.55 %     0.56 %     0.54 %     0.53 %
Net investment income       1.25 %     1.41 %     1.29 %     1.32 %     1.48 %
Supplemental data                                          
Net assets, end of year (in millions)       $1,183       $794       $717       $757       $854  
Portfolio turnover rate(c)       17 %     13 %     21 %     16 %     22 %

 

(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) 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:

 

    Future of
Food ETF
 
    Period
Ended
December
31,
2021(a)
 
Net asset value, beginning of period     $24.33  
Net investment income(b)     0.02  
Net realized and unrealized gain on investments     0.35  
Total from investment operations     0.37  
Net asset value, end of period     $24.70  
Total return(c)     1.53 %(d)
Ratios to average net assets        
Expenses     0.69 %(e)
Net investment income     0.93 %(e)
Supplemental data        
Net assets, end of period (in millions)     $2  
Portfolio turnover rate(f)     0 %(d)

 

(a) For the period December 1, 2021 (commencement of operations) through December 31, 2021.
(b) Calculated based upon average shares outstanding
(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d) Not Annualized
(e) Annualized
(f) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

64

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

 

      Gold Miners ETF  
      Year Ended December 31,  
      2021     2020     2019     2018     2017  
                                           
Net asset value, beginning of year       $35.98       $29.34       $21.07       $23.25       $20.92  
Net investment income(a)       0.52       0.21       0.19       0.14       0.10  
Net realized and unrealized gain (loss) on investments       (3.97 )     6.62       8.27       (2.21 )     2.41  
Total from investment operations       (3.45 )     6.83       8.46       (2.07 )     2.51  
Distributions from:                                          
Net investment income       (0.53 )     (0.19 )     (0.19 )     (0.11 )     (0.18 )
Net asset value, end of year       $32.00       $35.98       $29.34       $21.07       $23.25  
Total return(b)       (9.56 )%     23.30 %     40.15 %     (8.92 )%     11.99 %
Ratios to average net assets                                          
Expenses       0.51 %     0.51 %     0.52 %     0.52 %     0.53 %
Net investment income       1.53 %     0.61 %     0.76 %     0.66 %     0.42 %
Supplemental data                                          
Net assets, end of year (in millions)       $13,273       $16,504       $12,999       $10,576       $7,575  
Portfolio turnover rate(c)       15 %     13 %     14 %     15 %     12 %

 

(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) 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:

 

    Green
Metals ETF
 
    Period
Ended
December
31,
2021(a)
 
       
Net asset value, beginning of period     $34.67  
Net investment loss(b)     (0.01 )
Net realized and unrealized gain on investments     0.22  
Total from investment operations     0.21  
Net asset value, end of period     $34.88  
Total return(c)     0.61 %(d)
Ratios to average net assets        
Expenses     0.60 %(e)
Expenses excluding interest expense     0.59 %(e)
Net investment (loss)     (0.30 )%(e)
Supplemental data        
Net assets, end of period (in millions)     $16  
Portfolio turnover rate(f)     10 %(d)

 

(a) For the period November 10, 2021 (commencement of operations) through December 31, 2021.
(b) Calculated based upon average shares outstanding
(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d) Not Annualized
(e) Annualized
(f) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

66

VANECK ETF TRUST

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

 

      Junior Gold Miners ETF  
      Year Ended December 31,  
      2021       2020       2019       2018       2017  
                                           
Net asset value, beginning of year       $54.26       $42.39       $30.11       $34.21       $31.72  
Net investment income(a)       0.39       0.22       0.08       0.14       0.05  
Net realized and unrealized gain (loss) on investments       (12.02 )     12.51       12.36       (4.10 )     2.45  
Total from investment operations       (11.63 )     12.73       12.44       (3.96 )     2.50  
Distributions from:                                          
Net investment income       (0.75 )     (0.86 )     (0.16 )     (0.14 )     (0.01 )
Net asset value, end of year       $41.88       $54.26       $42.39       $30.11       $34.21  
Total return(b)       (21.44 )%     30.07 %     41.31 %     (11.58 )%     7.89 %
Ratios to average net assets                                          
Gross expenses       0.52 %     0.52 %     0.53 %     0.53 %     0.55 %(c)
Net expenses       0.52 %     0.52 %     0.53 %     0.53 %     0.54 %(c)
Net expenses excluding interest expense       0.52 %     0.52 %     0.53 %     0.53 %     0.53 %(c)
Net investment income       0.84 %     0.46 %     0.24 %     0.45 %     0.16 %(c)
Supplemental data                                          
Net assets, end of year (in millions)       $4,495       $6,315       $5,219       $4,273       $4,634  
Portfolio turnover rate(d)       24 %     34 %     19 %     28 %     67 %

 

(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) 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:

 

      Low Carbon Energy ETF  
      Year Ended December 31,  
        2021       2020       2019       2018       2017  
                                           
Net asset value, beginning of year       $165.41       $75.70       $55.10       $60.94       $50.62  
Net investment income(a)       0.78       0.16       0.05       0.26       1.12  
Net realized and unrealized gain (loss) on investments       (5.79 )     89.64       20.55       (5.76 )     9.97  
Total from investment operations       (5.01 )     89.80       20.60       (5.50 )     11.09  
Distributions from:                                          
Net investment income       (0.71 )     (0.09 )           (0.34 )     (0.77 )
Net asset value, end of year       $159.69       $165.41       $75.70       $55.10       $60.94  
Total return(b)       (3.02 )%     118.65 %     37.38 %     (9.02 )%     21.90 %
Ratios to average net assets                                          
Gross expenses       0.55 %     0.64 %     0.65 %     0.65 %     0.67 %
Net expenses       0.55 %     0.62 %     0.62 %     0.63 %     0.63 %
Net expenses excluding interest expense       0.55 %     0.62 %     0.62 %     0.62 %     0.62 %
Net investment income       0.49 %     0.16 %     0.08 %     0.44 %     1.94 %
Supplemental data                                          
Net assets, end of year (in millions)       $301       $270       $105       $79       $87  
Portfolio turnover rate(c)       77 %     84 %     40 %     31 %     21 %

 

(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) 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:

 

      Natural Resources ETF  
      Year Ended December 31,  
        2021       2020       2019       2018       2017  
                                           
Net asset value, beginning of year       $38.65       $37.10       $32.20       $37.09       $32.31  
Net investment income (a)       1.21       0.84       0.96       0.81       0.72  
Net realized and unrealized gain (loss) on investments       8.60       1.65 (b)     4.94       (4.78 )     4.81  
Total from investment operations       9.81       2.49       5.90       (3.97 )     5.53  
Distributions from:                                          
Net investment income       (1.02 )     (0.94 )     (1.00 )     (0.92 )     (0.75 )
Net asset value, end of year       $47.44       $38.65       $37.10       $32.20       $37.09  
Total return (c)       25.38 %     6.73 %     18.34 %     (10.69 )%     17.14 %
Ratios to average net assets                                          
Gross expenses       0.78 %     0.90 %     0.79 %     0.72 %     0.80 %
Net expenses       0.49 %     0.49 %     0.50 %     0.50 %     0.50 %
Net expenses excluding interest expense       0.49 %     0.49 %     0.49 %     0.49 %     0.49 %
Net investment income       2.63 %     2.59 %     2.70 %     2.21 %     2.09 %
Supplemental data                                          
Net assets, end of year (in millions)       $97       $52       $70       $77       $104  
Portfolio turnover rate (d)       26 %     26 %     24 %     23 %     34 %

 

(a) Calculated based upon average shares outstanding
(b) The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(c) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(d) 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:

 

      Oil Refiners ETF  
      Year Ended December 31,  
        2021       2020       2019       2018       2017  
                                           
Net asset value, beginning of year       $25.01       $29.01       $26.95       $30.40       $20.86  
Net investment income(a)       0.66       0.58       0.56       0.74       0.61  
Net realized and unrealized gain (loss) on investments       2.12       (3.92 )     1.91       (3.54 )     9.38  
Total from investment operations       2.78       (3.34 )     2.47       (2.80 )     9.99  
Distributions from:                                          
Net investment income       (0.65 )     (0.64 )     (0.41 )     (0.52 )     (0.37 )
Net realized capital gains                         (0.13 )     (0.08 )
Return of capital             (0.02 )                  
Total distributions       (0.65 )     (0.66 )     (0.41 )     (0.65 )     (0.45 )
Net asset value, end of year       $27.14       $25.01       $29.01       $26.95       $30.40  
Total return(b)       11.10 %     (11.50 )%     9.19 %     (9.22 )%     47.91 %
Ratios to average net assets                                          
Gross expenses       1.02 %     1.29 %     1.03 %     0.72 %     2.71 %
Net expenses       0.59 %     0.59 %     0.60 %     0.60 %     0.59 %
Net expenses excluding interest expense       0.59 %     0.59 %     0.59 %     0.59 %     0.59 %
Net investment income       2.32 %     2.56 %     1.97 %     2.32 %     2.43 %
Supplemental data                                          
Net assets, end of year (in millions)       $20       $18       $35       $49       $11  
Portfolio turnover rate(c)       18 %     37 %     30 %     31 %     24 %

 

(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) 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:

 

      Oil Services ETF(a)  
      Year Ended December 31,  
        2021       2020       2019       2018       2017  
                                           
Net asset value, beginning of year       $153.90       $265.47       $280.60       $520.40       $667.20  
Net investment income(b)       2.41       2.26       6.60       7.00       18.00  
Net realized and unrealized gain (loss) on investments       30.24 (c)     (111.94 )     (15.93 )(c)     (240.80 )     (151.20 )
Total from investment operations       32.65       (109.68 )     (9.33 )     (233.80 )     (133.20 )
Distributions from:                                          
Net investment income       (1.81 )     (1.89 )     (5.80 )     (6.00 )     (13.60 )
Net asset value, end of year       $184.74       $153.90       $265.47       $280.60       $520.40  
Total return(d)       21.18 %     (41.31 )%     (3.35 )%     (44.93 )%     (19.95 )%
Ratios to average net assets                                          
Gross expenses       0.36 %     0.40 %     0.39 %     0.38 %     0.39 %
Net expenses       0.35 %     0.35 %     0.35 %     0.35 %     0.35 %
Net investment income       1.21 %     1.68 %     2.28 %     1.44 %     3.36 %
Supplemental data                                          
Net assets, end of year (in millions)       $2,143       $723       $773       $1,045       $1,651  
Portfolio turnover rate(e)       28 %     33 %     29 %     22 %     34 %

 

(a) On April 15, 2020, the Fund effected a 1 for 20 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split.
(b) Calculated based upon average shares outstanding
(c) The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and  repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(d) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(e) 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:

 

      Rare Earth/Strategic Metals ETF(a)  
      Year Ended December 31,  
        2021       2020       2019       2018       2017  
                                           
Net asset value, beginning of year       $65.41       $40.41       $40.68       $89.25       $50.70  
Net investment income(b)       0.08       0.58       0.90       1.98       1.32  
Net realized and unrealized gain (loss) on investments       52.12       24.95       (0.54 )(c)     (45.48 )     39.84  
Total from investment operations       52.20       25.53       0.36       (43.50 )     41.16  
Distributions from:                                          
Net investment income       (5.89 )     (0.53 )     (0.63 )     (5.07 )     (2.61 )
Net asset value, end of year       $111.72       $65.41       $40.41       $40.68       $89.25  
Total return(d)       80.09 %     63.22 %     0.91 %     (48.70 )%     81.43 %
Ratios to average net assets                                          
Gross expenses       0.53 %     0.63 %     0.64 %     0.63 %     0.73 %
Net expenses       0.53 %     0.59 %     0.60 %     0.59 %     0.61 %
Net expenses excluding interest expense       0.53 %     0.57 %     0.57 %     0.57 %     0.57 %
Net investment income       0.08 %     1.44 %     2.14 %     2.73 %     1.99 %
Supplemental data                                          
Net assets, end of year (in millions)       $1,014       $322       $193       $93       $182  
Portfolio turnover rate(e)       74 %     70 %     64 %     68 %     57 %

 

(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:

 

      Steel ETF  
      Year Ended December 31,  
        2021       2020       2019       2018       2017  
                                           
Net asset value, beginning of year       $44.57       $37.74       $34.87       $45.74       $37.82  
Net investment income(a)       3.19       0.71       1.16       1.30       0.92  
Net realized and unrealized gain (loss) on investments       9.25       6.95       2.75       (9.99 )     8.12  
Total from investment operations       12.44       7.66       3.91       (8.69 )     9.04  
Distributions from:                                          
Net investment income       (3.76 )     (0.77 )     (1.04 )     (2.18 )     (1.12 )
Return of capital             (0.06 )                  
Total distributions       (3.76 )     (0.83 )     (1.04 )     (2.18 )     (1.12 )
Net asset value, end of year       $53.25       $44.57       $37.74       $34.87       $45.74  
Total return(b)       27.91 %     20.57 %     11.02 %     (18.94 )%     23.86 %
Ratios to average net assets                                          
Gross expenses       0.56 %     0.95 %     0.71 %     0.61 %     0.62 %
Net expenses       0.55 %     0.56 %     0.56 %     0.56 %     0.56 %
Net expenses excluding interest expense       0.55 %     0.55 %     0.55 %     0.55 %     0.55 %
Net investment income       5.48 %     2.31 %     3.11 %     2.80 %     2.25 %
Supplemental data                                          
Net assets, end of year (in millions)       $112       $77       $66       $58       $151  
Portfolio turnover rate(c)       25 %     34 %     19 %     16 %     31 %

 

(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) 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:

 

      Uranium+Nuclear Energy ETF  
      Year Ended December 31,  
        2021       2020       2019       2018       2017  
                                           
Net asset value, beginning of year       $49.35       $48.71       $49.67       $49.09       $47.55  
Net investment income (a)       1.44       0.89       1.07       1.30       1.35  
Net realized and unrealized gain (loss) on investments       5.20       0.85       (0.85 )     1.22       2.57  
Total from investment operations       6.64       1.74       0.22       2.52       3.92  
Distributions from:                                          
Net investment income       (1.09 )     (1.10 )     (1.18 )     (1.94 )     (2.38 )
Net asset value, end of year       $54.90       $49.35       $48.71       $49.67       $49.09  
Total return (b)       13.48 %     3.59 %     0.44 %     5.15 %     8.27 %
Ratios to average net assets                                          
Gross expenses       0.89 %     1.25 %     0.93 %     0.85 %     0.89 %
Net expenses       0.60 %     0.60 %     0.61 %     0.60 %     0.61 %
Net expenses excluding interest expense       0.60 %     0.60 %     0.60 %     0.60 %     0.60 %
Net investment income       2.70 %     1.97 %     2.13 %     2.58 %     2.67 %
Supplemental data                                          
Net assets, end of year (in millions)       $35       $18       $23       $26       $28  
Portfolio turnover rate (c)       25 %     25 %     15 %     32 %     19 %

 

(a) Calculated based upon average shares outstanding
(b) Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions.
(c) Portfolio turnover rate excludes in-kind transactions.

 

See Notes to Financial Statements

74

VANECK ETF TRUST

NOTES TO FINANCIAL STATEMENTS

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:

81

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.

82

 

 

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.

83

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

TAX INFORMATION

(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

90

 

 

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.

91

 

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.

 

Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.

 

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.

 

 

Investment Adviser: VanEck Associates Corporation  
Distributor: VanEck Securities Corporation
666 Third Avenue, New York, NY 10017
vaneck.com
 
Account Assistance:   800.826.2333 NRAR