SEMI-ANNUAL REPORT June 30, 2023 (unaudited) |
Agribusiness ETF | MOO |
Future of Food ETF | YUMY |
Gold Miners ETF | GDX® |
Green Metals ETF | GMET |
Junior Gold Miners ETF | GDXJ® |
Low Carbon Energy ETF | SMOG |
Natural Resources ETF | HAP |
Oil Refiners ETF | CRAK |
Oil Services ETF | OIH |
Rare Earth/Strategic Metals ETF | REMX |
Steel ETF | SLX |
Uranium+Nuclear Energy ETF | NLR |
800.826.2333 | vaneck.com |
Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of June 30, 2023.
VANECK ETF TRUST
June 30, 2023 (unaudited)
Dear Fellow Shareholders:
Our outlook for financial markets in 2023 was “sideways.” The three major forces—monetary policy, government spending and economic growth—are negative or muted. This remains my view despite events in the last few months, discussed at the end of this letter.
Discussion
To recap this cycle: stocks and bonds historically do not perform well when the Fed tightens monetary conditions, and that’s just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn’t create a great environment for financial assets.
There are three things investors continue to face, none of which is particularly positive for financial assets.
1. | Monetary Policy: Tightening |
Money supply exploded during the COVID–19 pandemic, but it started shrinking in late 2022. This withdrawal of money supply is bad for stock and bond returns.
A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just short of $8.4 trillion by the end of June.1 The Fed has only shrunk its balance sheet once before, so we are facing an unknown.
As we’ve been saying since the summer of 2022, when wage inflation was confirmed, what the Fed is fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. And this is the battle that is at full pitch—the labor market has remained strong.
While headline inflation is falling, we are still in the “higher for longer” camp. The Fed seems likely to continue holding, or even raising, interest rates and will probably continue to shrink its balance sheet. This is not supportive of stock or bond markets.
2. | Fiscal Tightening |
A second bearish factor is that government spending is unlikely to increase next year. The Republicans, who won control of the House of Representatives, are looking to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation. The debt ceiling compromise and the Supreme Court rejection of student debt relief continue this trend.
3. | Global Growth is at Low Levels |
Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, the U.S. and China have been the two main pillars of global growth. In China, the post-COVID-19 growth has been more domestic and consumer-led, not enough to overcome the property sector malaise.
China growth estimates range from low (1% to 3%) to “high” (4% to 5%). Many “bulls” point to China as a potential catalyst for a better-than-expected economic outlook. I don’t see it. In coming years, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.
I don’t believe that we will escape these three dampeners on stock and bond returns in 2023—higher interest rates, no government spending growth and tepid global growth. We will need upside corporate profitability surprises or high Chinese growth to substantially boost markets this year, in our view.
However, after the 2022 losses, bond investments are now offering attractive yields, so this has been our favorite asset class to buy and remains our preference. (See What to Buy? Bonds. When? Now.2) Because of higher interest rates, bonds can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.
3 |
VANECK ETF TRUST
PRESIDENT’S LETTER
(unaudited) (continued)
Outlook
My basic outlook favoring bonds hasn’t changed. But I should address two events of the first half of this year—monetary stimuli and AI (artificial intelligence).
There were two unexpected monetary stimuli in early 2023, but I think both are temporary. The first was the wave of money from Asia at year-end: Japanese bond buying of approximately $600 billion and Chinese money supply growth post-COVID-19. The second monetary stimulus was the credit the Fed provided to banks during the mini-bank crisis of March. While I believe this crisis will prove to be idiosyncratic in nature, I’m worried that it could lead to a contraction of credit, but this may be offset by China reopening. Also, I think it is important to note that substantially less credit flows to the real economy from banks (through loans they continue to hold) and much more through alternative credit funds. These funds typically don’t offer daily liquidity, so any credit crunch is likely to be extenuated over several quarters. So, I don’t see these two events as significantly changing the “sideways” trajectory of 2023.
AI and the instant success of ChatGPT have driven another wave of enthusiasm for tech stocks, but the valuations seem stretched to me. And large-cap earnings are still on a downward or flat trajectory, so I’m not chasing this rally.
My final thought is that, while I think the Fed won’t stimulate for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin).
We thank you for investing with VanEck. On the following pages, you will find financial statements for each of the funds for the six month period ended June 30, 2023. 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 7, 2023
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.
1 U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, June 22, 2023, https://www.federalreserve.gov/releases/h41/20230629/
2 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.
3 https://www.vaneck.com/us/en/subscribe/
4 |
EXPLANATION OF EXPENSES
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2023 to June 30, 2023.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value January 1, 2023 |
Ending Account Value June 30, 2023 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period January 1, 2023 - June 30, 2023(a) |
||||||
Agribusiness ETF | |||||||||
Actual | $1,000.00 | $949.80 | 0.54% | $2.61 | |||||
Hypothetical (b) | $1,000.00 | $1,022.12 | 0.54% | $2.71 | |||||
Future of Food ETF | |||||||||
Actual | $1,000.00 | $957.70 | 0.71% | $3.45 | |||||
Hypothetical (b) | $1,000.00 | $1,021.27 | 0.71% | $3.56 | |||||
Gold Miners ETF | |||||||||
Actual | $1,000.00 | $1,047.10 | 0.52% | $2.64 | |||||
Hypothetical (b) | $1,000.00 | $1,022.22 | 0.52% | $2.61 | |||||
Green Metals ETF | |||||||||
Actual | $1,000.00 | $958.60 | 0.67% | $3.25 | |||||
Hypothetical (b) | $1,000.00 | $1,021.47 | 0.67% | $3.36 | |||||
Junior Gold Miners ETF | |||||||||
Actual | $1,000.00 | $997.00 | 0.53% | $2.62 | |||||
Hypothetical (b) | $1,000.00 | $1,022.17 | 0.53% | $2.66 | |||||
Low Carbon Energy ETF | |||||||||
Actual | $1,000.00 | $1,107.00 | 0.65% | $3.40 | |||||
Hypothetical (b) | $1,000.00 | $1,021.57 | 0.65% | $3.26 | |||||
Natural Resources ETF | |||||||||
Actual | $1,000.00 | $979.50 | 0.52% | $2.55 | |||||
Hypothetical (b) | $1,000.00 | $1,022.22 | 0.52% | $2.61 |
5 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
Beginning Account Value January 1, 2023 |
Ending Account Value June 30, 2023 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period January 1, 2023 - June 30, 2023(a) |
||||||
Oil Refiners ETF | |||||||||
Actual | $1,000.00 | $970.60 | 0.62% | $3.03 | |||||
Hypothetical (b) | $1,000.00 | $1,021.72 | 0.62% | $3.11 | |||||
Oil Services ETF | |||||||||
Actual | $1,000.00 | $946.10 | 0.35% | $1.69 | |||||
Hypothetical (b) | $1,000.00 | $1,023.06 | 0.35% | $1.76 | |||||
Rare Earth/Strategic Metals ETF | |||||||||
Actual | $1,000.00 | $1,091.10 | 0.57% | $2.96 | |||||
Hypothetical (b) | $1,000.00 | $1,021.97 | 0.57% | $2.86 | |||||
Steel ETF | |||||||||
Actual | $1,000.00 | $1,107.40 | 0.56% | $2.93 | |||||
Hypothetical (b) | $1,000.00 | $1,022.02 | 0.56% | $2.81 | |||||
Uranium+Nuclear Energy ETF | |||||||||
Actual | $1,000.00 | $1,083.30 | 0.61% | $3.15 | |||||
Hypothetical (b) | $1,000.00 | $1,021.77 | 0.61% | $3.06 |
(a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended June 30, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period). |
(b) | Assumes annual return of 5% before expenses |
6 |
June 30, 2023 (unaudited)
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Australia: 2.3% | ||||||||
Incitec Pivot Ltd. | 5,710,900 | $ | 10,442,282 | |||||
Treasury Wine Estates Ltd. † | 1,974,433 | 14,795,465 | ||||||
25,237,747 | ||||||||
Brazil: 3.2% | ||||||||
Rumo SA | 3,676,900 | 16,921,057 | ||||||
Yara International ASA (NOK) | 505,135 | 17,880,776 | ||||||
34,801,833 | ||||||||
Canada: 5.9% | ||||||||
Nutrien Ltd. (USD) | 1,105,009 | 65,250,782 | ||||||
Chile: 3.1% | ||||||||
Sociedad Quimica y Minera de Chile SA (ADR) | 463,891 | 33,687,765 | ||||||
China: 4.5% | ||||||||
China Mengniu Dairy Co. Ltd. (HKD) * | 5,133,000 | 19,397,592 | ||||||
Wilmar International Ltd. (SGD) | 10,672,151 | 30,044,603 | ||||||
49,442,195 | ||||||||
Denmark: 1.2% | ||||||||
Bakkafrost P/F (NOK) | 153,902 | 9,223,889 | ||||||
Schouw & Co. A/S | 42,721 | 3,375,959 | ||||||
12,599,848 | ||||||||
Germany: 8.0% | ||||||||
Bayer AG | 1,370,517 | 75,851,114 | ||||||
K+S AG | 654,408 | 11,409,037 | ||||||
87,260,151 | ||||||||
Indonesia: 0.3% | ||||||||
Golden Agri-Resources Ltd. (SGD) | 16,910,145 | 3,066,017 | ||||||
Israel: 0.9% | ||||||||
ICL Group Ltd. (USD) † | 1,763,348 | 9,663,147 | ||||||
Japan: 4.3% | ||||||||
Kubota Corp. † | 2,361,830 | 34,517,117 | ||||||
Maruha Nichiro Corp. | 133,200 | 2,237,744 | ||||||
NH Foods Ltd. | 257,000 | 6,946,239 | ||||||
Nissui Corp. | 875,900 | 3,927,298 | ||||||
47,628,398 | ||||||||
Malaysia: 2.4% | ||||||||
IOI Corp. Bhd | 6,578,155 | 5,266,359 | ||||||
Kuala Lumpur Kepong Bhd | 1,548,670 | 7,301,591 | ||||||
PPB Group Bhd | 1,896,980 | 6,397,100 | ||||||
Sime Darby Plantation Bhd | 8,275,800 | 7,370,767 | ||||||
26,335,817 | ||||||||
Netherlands: 0.6% | ||||||||
OCI NV | 274,137 | 6,583,291 | ||||||
Norway: 3.2% | ||||||||
Leroy Seafood Group ASA | 835,164 | 3,175,163 | ||||||
Mowi ASA † | 1,414,427 | 22,483,332 | ||||||
Salmar ASA † | 243,157 | 9,817,065 | ||||||
35,475,560 | ||||||||
Russia: 0.0% | ||||||||
PhosAgro PJSC ∞ | 97,916 | 0 | ||||||
PhosAgro PJSC (USD) (GDR) ∞ | 1 | 0 |
Number of Shares |
Value | |||||||
Russia (continued) | ||||||||
PhosAgro PJSC (USD) (GDR) ∞ | 1,892 | $ | 0 | |||||
0 | ||||||||
Singapore: 0.8% | ||||||||
Charoen Pokphand Indonesia Tbk PT (IDR) * | 24,668,900 | 8,671,220 | ||||||
Switzerland: 0.9% | ||||||||
Bucher Industries AG | 22,779 | 10,085,083 | ||||||
Taiwan: 0.5% | ||||||||
Taiwan Fertilizer Co. Ltd. | 2,547,000 | 4,955,265 | ||||||
Thailand: 0.7% | ||||||||
Charoen Pokphand Foods PCL (NVDR) | 14,198,136 | 7,894,125 | ||||||
United Kingdom: 4.3% | ||||||||
CNH Industrial NV (USD) | 3,023,151 | 43,533,374 | ||||||
Genus Plc | 148,431 | 4,094,872 | ||||||
47,628,246 | ||||||||
United States: 52.9% | ||||||||
AGCO Corp. | 168,937 | 22,201,701 | ||||||
Archer-Daniels-Midland Co. | 819,343 | 61,909,557 | ||||||
Balchem Corp. | 65,011 | 8,764,133 | ||||||
Beyond Meat, Inc. * † | 184,460 | 2,394,291 | ||||||
Bunge Ltd. | 344,981 | 32,548,957 | ||||||
CF Industries Holdings, Inc. | 406,530 | 28,221,313 | ||||||
Corteva, Inc. | 1,222,853 | 70,069,477 | ||||||
Darling Ingredients, Inc. * | 420,081 | 26,796,967 | ||||||
Deere & Co. | 228,978 | 92,779,596 | ||||||
Elanco Animal Health, Inc. * | 1,027,276 | 10,334,397 | ||||||
FMC Corp. | 307,812 | 32,117,104 | ||||||
Mosaic Co. | 749,431 | 26,230,085 | ||||||
Neogen Corp. * | 473,134 | 10,290,664 | ||||||
Pilgrim’s Pride Corp. * | 137,599 | 2,957,002 | ||||||
Toro Co. | 249,589 | 25,370,722 | ||||||
Tyson Foods, Inc. | 712,834 | 36,383,047 | ||||||
Zoetis, Inc. | 534,468 | 92,040,734 | ||||||
581,409,747 | ||||||||
Total Common Stocks (Cost: $1,269,499,543) |
1,097,676,237 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.3% | ||||||||
Money Market Fund: 4.3% (Cost: $47,253,786) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 47,253,786 | 47,253,786 | ||||||
Total Investments: 104.3% (Cost: $1,316,753,329) |
1,144,930,023 | |||||||
Liabilities in excess of other assets: (4.3)% | (46,729,052) | |||||||
NET ASSETS: 100.0% | $ | 1,098,200,971 |
See Notes to Financial Statements
7 |
VANECK AGRIBUSINESS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
HKD | Hong Kong Dollar |
IDR | Indonesian Rupiah |
NOK | Norwegian Krone |
NVDR | Non-Voting Depositary Receipt |
SGD | Singapore Dollar |
USD | United States Dollar |
Footnotes: | |
† | Security fully or partially on loan. Total market value of securities on loan is $47,671,200. |
* | Non-income producing |
∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Consumer Staples | 30.5 | % | $ | 334,381,351 | ||||
Materials | 29.6 | 325,274,455 | ||||||
Industrials | 22.4 | 245,408,649 | ||||||
Health Care | 17.5 | 192,611,782 | ||||||
100.0 | % | $ | 1,097,676,237 |
The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 25,237,747 | $ | — | $ | 25,237,747 | ||||||||
Brazil | 16,921,057 | 17,880,776 | — | 34,801,833 | ||||||||||||
Canada | 65,250,782 | — | — | 65,250,782 | ||||||||||||
Chile | 33,687,765 | — | — | 33,687,765 | ||||||||||||
China | — | 49,442,195 | — | 49,442,195 | ||||||||||||
Denmark | — | 12,599,848 | — | 12,599,848 | ||||||||||||
Germany | — | 87,260,151 | — | 87,260,151 | ||||||||||||
Indonesia | — | 3,066,017 | — | 3,066,017 | ||||||||||||
Israel | 9,663,147 | — | — | 9,663,147 | ||||||||||||
Japan | — | 47,628,398 | — | 47,628,398 | ||||||||||||
Malaysia | 6,397,100 | 19,938,717 | — | 26,335,817 | ||||||||||||
Netherlands | — | 6,583,291 | — | 6,583,291 | ||||||||||||
Norway | — | 35,475,560 | — | 35,475,560 | ||||||||||||
Russia | — | — | 0 | 0 | ||||||||||||
Singapore | — | 8,671,220 | — | 8,671,220 | ||||||||||||
Switzerland | — | 10,085,083 | — | 10,085,083 | ||||||||||||
Taiwan | — | 4,955,265 | — | 4,955,265 | ||||||||||||
Thailand | — | 7,894,125 | — | 7,894,125 | ||||||||||||
United Kingdom | 43,533,374 | 4,094,872 | — | 47,628,246 | ||||||||||||
United States | 581,409,747 | — | — | 581,409,747 | ||||||||||||
Money Market Fund | 47,253,786 | — | — | 47,253,786 | ||||||||||||
Total Investments | $ | 804,116,758 | $ | 340,813,265 | $ | 0 | $ | 1,144,930,023 |
See Notes to Financial Statements
8 |
SCHEDULE OF INVESTMENTS
June 30, 2023 (unaudited)
Number of Shares |
Value | |||||||
COMMON STOCKS: 95.8% | ||||||||
Brazil: 1.9% | ||||||||
Yara International ASA (NOK) | 1,847 | $ | 65,380 | |||||
Canada: 5.1% | ||||||||
Maple Leaf Foods, Inc. | 2,200 | 43,027 | ||||||
Nutrien Ltd. (USD) | 2,280 | 134,634 | ||||||
177,661 | ||||||||
China: 1.7% | ||||||||
Vitasoy International Holdings Ltd. (HKD) | 48,000 | 59,829 | ||||||
Denmark: 4.2% | ||||||||
Novozymes A/S | 3,091 | 144,195 | ||||||
France: 2.9% | ||||||||
Danone SA | 1,628 | 99,751 | ||||||
Germany: 3.2% | ||||||||
Symrise AG | 1,052 | 110,285 | ||||||
Ireland: 3.4% | ||||||||
Kerry Group Plc | 1,228 | 118,655 | ||||||
Isle of Man: 0.3% | ||||||||
Agronomics Ltd. * | 76,708 | 10,142 | ||||||
Japan: 2.0% | ||||||||
Kubota Corp. | 4,800 | 70,150 | ||||||
Mexico: 4.0% | ||||||||
Orbia Advance Corp. SAB de CV | 64,280 | 138,226 | ||||||
Netherlands: 0.7% | ||||||||
Corbion NV | 1,060 | 25,313 | ||||||
Norway: 0.2% | ||||||||
Atlantic Sapphire ASA * † | 10,900 | 6,653 | ||||||
Philippines: 0.6% | ||||||||
Monde Nissin Corp. 144A | 147,600 | 21,457 | ||||||
Sweden: 3.0% | ||||||||
Oatly Group AB (ADR) * † | 50,452 | 103,427 | ||||||
Switzerland: 9.4% | ||||||||
Bucher Industries AG | 216 | 95,631 | ||||||
Givaudan SA | 40 | 132,737 |
Number of Shares |
Value | |||||||
Switzerland (continued) | ||||||||
Nestle SA | 768 | $ | 92,425 | |||||
320,793 | ||||||||
United States: 53.2% | ||||||||
AppHarvest, Inc. * | 39,524 | 14,624 | ||||||
Archer-Daniels-Midland Co. | 1,156 | 87,347 | ||||||
Balchem Corp. | 308 | 41,521 | ||||||
Ball Corp. | 1,844 | 107,339 | ||||||
Benson Hill, Inc. * † | 14,124 | 18,361 | ||||||
Berry Global Group, Inc. | 696 | 44,781 | ||||||
Beyond Meat, Inc. * † | 1,589 | 20,625 | ||||||
Bunge Ltd. | 1,652 | 155,866 | ||||||
Conagra Brands, Inc. | 1,584 | 53,412 | ||||||
Corteva, Inc. | 3,295 | 188,804 | ||||||
Deere & Co. | 500 | 202,595 | ||||||
FMC Corp. | 1,457 | 152,023 | ||||||
Ingredion, Inc. | 2,044 | 216,563 | ||||||
International Flavors & Fragrances, Inc. | 1,016 | 80,863 | ||||||
John Bean Technologies Corp. | 532 | 64,532 | ||||||
Kellogg Co. | 780 | 52,572 | ||||||
Lindsay Corp. | 664 | 79,242 | ||||||
Local Bounti Corp. * | 427 | 1,161 | ||||||
Titan International, Inc. * | 3,380 | 38,802 | ||||||
Trimble, Inc. * | 1,732 | 91,692 | ||||||
Valmont Industries, Inc. | 408 | 118,749 | ||||||
1,831,474 | ||||||||
Total Common Stocks (Cost: $4,121,540) |
3,303,391 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.8% | ||||||||
Money Market Fund: 3.8% (Cost: $129,532) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 129,532 | 129,532 | ||||||
Total Investments: 99.6% (Cost: $4,251,072) |
3,432,923 | |||||||
Other assets less liabilities: 0.4% | 12,557 | |||||||
NET ASSETS: 100.0% | $ | 3,445,480 |
Definitions:
ADR | American Depositary Receipt |
HKD | Hong Kong Dollar |
NOK | Norwegian Krone |
USD | United States Dollar |
Footnotes: | |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $140,439. |
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 $21,457, or 0.6% of net assets. |
See Notes to Financial Statements
9 |
VANECK FUTURE OF FOOD ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Materials | 41.3 | % | $ | 1,366,101 | ||||
Consumer Staples | 35.3 | 1,165,756 | ||||||
Industrials | 20.3 | 669,700 | ||||||
Information Technology | 2.8 | 91,692 | ||||||
Financials | 0.3 | 10,142 | ||||||
100.0 | % | $ | 3,303,391 |
The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Brazil | $ | — | $ | 65,380 | $ | — | $ | 65,380 | ||||||||
Canada | 177,661 | — | — | 177,661 | ||||||||||||
China | — | 59,829 | — | 59,829 | ||||||||||||
Denmark | — | 144,195 | — | 144,195 | ||||||||||||
France | — | 99,751 | — | 99,751 | ||||||||||||
Germany | — | 110,285 | — | 110,285 | ||||||||||||
Ireland | — | 118,655 | — | 118,655 | ||||||||||||
Isle of Man | 10,142 | — | — | 10,142 | ||||||||||||
Japan | — | 70,150 | — | 70,150 | ||||||||||||
Mexico | 138,226 | — | — | 138,226 | ||||||||||||
Netherlands | — | 25,313 | — | 25,313 | ||||||||||||
Norway | — | 6,653 | — | 6,653 | ||||||||||||
Philippines | — | 21,457 | — | 21,457 | ||||||||||||
Sweden | 103,427 | — | — | 103,427 | ||||||||||||
Switzerland | — | 320,793 | — | 320,793 | ||||||||||||
United States | 1,831,474 | — | — | 1,831,474 | ||||||||||||
Money Market Fund | 129,532 | — | — | 129,532 | ||||||||||||
Total Investments | $ | 2,390,462 | $ | 1,042,461 | $ | — | $ | 3,432,923 |
See Notes to Financial Statements
10 |
SCHEDULE OF INVESTMENTS
June 30, 2023 (unaudited)
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Australia: 15.0% | ||||||||
Capricorn Metals Ltd. * ‡ | 19,801,508 | $ | 53,740,413 | |||||
Emerald Resources NL * † ‡ | 31,420,095 | 43,021,088 | ||||||
Evolution Mining Ltd. † ‡ | 96,649,234 | 210,265,036 | ||||||
Gold Road Resources Ltd. † ‡ | 56,799,887 | 56,862,082 | ||||||
Newcrest Mining Ltd. | 34,728,519 | 619,036,381 | ||||||
Northern Star Resources Ltd. † ‡ | 60,580,647 | 493,172,045 | ||||||
OceanaGold Corp. (CAD) ‡ | 37,257,384 | 73,487,075 | ||||||
Perseus Mining Ltd. ‡ | 72,051,096 | 79,979,786 | ||||||
Ramelius Resources Ltd. ‡ | 51,931,829 | 44,125,000 | ||||||
Regis Resources Ltd. † ‡ | 39,766,727 | 48,987,882 | ||||||
Silver Lake Resources Ltd. * † ‡ | 48,969,075 | 31,905,452 | ||||||
West African Resources Ltd. * ‡ | 53,911,234 | 31,472,069 | ||||||
1,786,054,309 | ||||||||
Brazil: 6.0% | ||||||||
Wheaton Precious Metals Corp. (USD) † | 16,444,118 | 710,714,780 | ||||||
Burkina Faso: 0.6% | ||||||||
IAMGOLD Corp. (USD) * † ‡ | 25,227,313 | 66,347,833 | ||||||
Canada: 42.6% | ||||||||
Agnico Eagle Mines Ltd. (USD) † | 17,951,432 | 897,212,571 | ||||||
Alamos Gold, Inc. (USD) ‡ | 20,862,068 | 248,675,851 | ||||||
Aya Gold & Silver, Inc. * † ‡ | 6,127,970 | 39,317,185 | ||||||
B2Gold Corp. (USD) ‡ | 68,200,130 | 243,474,464 | ||||||
Barrick Gold Corp. (USD) | 63,742,241 | 1,079,156,140 | ||||||
Dundee Precious Metals, Inc. ‡ | 9,932,776 | 65,680,552 | ||||||
Endeavour Silver Corp. (USD) * ‡ | 10,074,560 | 29,115,478 | ||||||
Equinox Gold Corp. (USD) * † ‡ | 16,440,340 | 75,296,757 | ||||||
First Majestic Silver Corp. (USD) † ‡ | 14,451,726 | 81,652,252 | ||||||
Fortuna Silver Mines, Inc. (USD) * † ‡ | 15,288,118 | 49,533,502 | ||||||
Franco-Nevada Corp. (USD) | 6,968,308 | 993,680,721 | ||||||
K92 Mining, Inc. * ‡ | 12,271,755 | 53,325,215 | ||||||
Kinross Gold Corp. (USD) ‡ | 64,654,197 | 308,400,520 | ||||||
MAG Silver Corp. (USD) * ‡ | 5,429,295 | 60,482,346 | ||||||
New Gold, Inc. (USD) * ‡ | 35,978,593 | 38,856,881 | ||||||
Osisko Gold Royalties Ltd. (USD) † ‡ | 9,729,339 | 149,539,941 | ||||||
Pan American Silver Corp. (USD) † ‡ | 19,194,835 | 279,860,694 | ||||||
Sandstorm Gold Ltd. (USD) ‡ | 15,783,834 | 80,813,230 | ||||||
SilverCrest Metals, Inc. (USD) * † ‡ | 7,754,615 | 45,442,044 | ||||||
SSR Mining, Inc. (USD) † ‡ | 10,877,233 | 154,239,164 | ||||||
Torex Gold Resources, Inc. * ‡ | 4,521,298 | 64,304,424 | ||||||
Wesdome Gold Mines Ltd. * ‡ | 7,504,718 | 39,132,858 | ||||||
5,077,192,790 |
Number of Shares |
Value | |||||||
China: 5.2% | ||||||||
Zhaojin Mining Industry Co. Ltd. (HKD) † ‡ | 137,429,500 | $ | 173,395,042 | |||||
Zijin Mining Group Co. Ltd. (HKD) ‡ | 302,166,000 | 447,437,415 | ||||||
620,832,457 | ||||||||
Egypt: 0.6% | ||||||||
Centamin Plc (GBP) ‡ | 61,014,148 | 70,866,905 | ||||||
Kyrgyzstan: 0.6% | ||||||||
Centerra Gold, Inc. (CAD) ‡ | 11,518,793 | 69,117,111 | ||||||
Peru: 0.8% | ||||||||
Cia de Minas Buenaventura SAA (ADR) ‡ | 13,363,056 | 98,218,462 | ||||||
South Africa: 5.7% | ||||||||
DRDGOLD Ltd. (ADR) † ‡ | 4,553,709 | 48,360,390 | ||||||
Gold Fields Ltd. (ADR) † | 35,916,718 | 496,728,210 | ||||||
Harmony Gold Mining Co. Ltd. (ADR) ‡ | 32,553,506 | 136,724,725 | ||||||
681,813,325 | ||||||||
Tanzania: 3.9% | ||||||||
AngloGold Ashanti Ltd. (ADR) ‡ | 22,100,618 | 466,102,034 | ||||||
Turkey: 0.8% | ||||||||
Eldorado Gold Corp. (USD) * † | 9,737,942 | 98,353,214 | ||||||
United Kingdom: 2.6% | ||||||||
Endeavour Mining Plc (CAD) † ‡ | 13,022,418 | 312,459,302 | ||||||
United States: 15.5% | ||||||||
Coeur Mining, Inc. * ‡ | 17,544,352 | 49,825,960 | ||||||
Hecla Mining Co. ‡ | 32,267,704 | 166,178,675 | ||||||
Newmont Corp. | 28,858,755 | 1,231,114,488 | ||||||
Royal Gold, Inc. ‡ | 3,459,210 | 397,048,124 | ||||||
1,844,167,247 | ||||||||
Total Common Stocks (Cost: $12,147,070,815) |
11,902,239,769 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.4% | ||||||||
Money Market Fund: 0.4% (Cost: $44,964,475) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 44,964,475 | 44,964,475 | ||||||
Total Investments: 100.3% (Cost: $12,192,035,290) |
11,947,204,244 | |||||||
Liabilities in excess of other assets: (0.3)% | (38,148,873) | |||||||
NET ASSETS: 100.0% | $ | 11,909,055,371 |
See Notes to Financial Statements
11 |
VANECK GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
GBP | British Pound |
HKD | Hong Kong Dollar |
USD | United States Dollar |
Footnotes: | |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $80,701,201. |
‡ | 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 | 93.7 | % | $ | 11,150,657,592 | ||||
Silver | 5.9 | 706,140,133 | ||||||
Precious Metals & Minerals | 0.4 | 45,442,044 | ||||||
100.0 | % | $ | 11,902,239,769 |
See Notes to Financial Statements
12 |
Transactions in securities of affiliates for the period ended June 30, 2023 were as follows:
Value 12/31/2022 |
Purchases | Sales Proceeds |
Realized Gain (Loss) |
Dividend Income |
Net
Change in Unrealized Appreciation (Depreciation) |
Value 6/30/2023 | ||||||||
Alamos Gold, Inc. | $205,708,403 | $55,235,509 | $(51,045,273) | $20,709,661 | $1,054,026 | $18,067,551 | $248,675,851 | |||||||
AngloGold Ashanti Ltd. | 421,250,192 | 108,757,549 | (108,027,976) | 29,374,936 | 3,827,955 | 14,747,333 | 466,102,034 | |||||||
Aya Gold & Silver, Inc. | 36,219,878 | 11,389,671 | (6,627,502) | 241,192 | – | (1,906,054) | 39,317,185 | |||||||
B2Gold Corp. | 198,829,515 | 84,954,589 | (38,618,761) | 7,113,028 | 4,620,228 | (8,803,907) | 243,474,464 | |||||||
Capricorn Metals Ltd. | 60,639,778 | 14,134,420 | (12,488,059) | 2,274,909 | – | (10,820,635) | 53,740,413 | |||||||
Centamin Plc | 81,495,953 | 17,973,292 | (16,286,465) | (224,126) | 1,625,806 | (12,091,749) | 70,866,905 | |||||||
Centerra Gold, Inc. | 59,014,494 | 17,206,757 | (16,437,166) | 1,085,516 | 1,216,311 | 8,247,509 | 69,117,110 | |||||||
Cia de Minas Buenaventura SAA | 97,965,488 | 25,467,967 | (21,931,597) | (3,478,253) | 1,063,546 | 194,857 | 98,218,462 | |||||||
Coeur Mining, Inc. | 48,923,959 | 18,585,556 | (9,332,318) | 568,211 | – | (8,919,448) | 49,825,960 | |||||||
DRDGOLD Ltd. | 33,159,785 | 9,111,141 | (9,947,127) | 2,234,808 | 470,560 | 13,801,783 | 48,360,390 | |||||||
Dundee Precious Metals, Inc. | 47,434,105 | 16,002,805 | (15,323,494) | 4,461,974 | 838,264 | 13,105,162 | 65,680,552 | |||||||
Eldorado Gold Corp. | 80,041,390 | 22,208,223 | (20,927,328) | 2,819,259 | – | 14,211,670 | –(a) | |||||||
Emerald Resources NL | – | 47,096,535 | (613,481) | (56,697) | – | (3,405,269) | 43,021,088 | |||||||
Endeavour Mining Plc | 272,623,252 | 70,783,181 | (68,644,192) | 12,873,298 | 5,310,831 | 24,823,763 | 312,459,302 | |||||||
Endeavour Silver Corp. | 31,843,407 | 8,041,860 | (6,946,885) | (700,123) | – | (3,122,781) | 29,115,478 | |||||||
Equinox Gold Corp. | 51,858,919 | 17,549,874 | (14,609,137) | (133,251) | – | 20,630,352 | 75,296,757 | |||||||
Evolution Mining Ltd. | 193,675,761 | 43,087,653 | (46,279,157) | 5,655,329 | 1,285,644 | 14,125,450 | 210,265,036 | |||||||
First Majestic Silver Corp. | 113,580,650 | 24,693,007 | (16,638,675) | (1,926,147) | 159,827 | (38,056,583) | 81,652,252 | |||||||
Fortuna Silver Mines, Inc. | 56,398,523 | 12,568,612 | (11,375,168) | 195,799 | – | (8,254,264) | 49,533,502 | |||||||
Gold Fields Ltd. | 478,159,484 | 130,777,059 | (302,857,598) | 97,215,815 | 11,080,607 | 93,433,450 | –(a) | |||||||
Gold Road Resources Ltd. | 64,292,600 | 14,232,397 | (13,906,971) | 2,664,584 | 189,172 | (10,420,528) | 56,862,082 | |||||||
Harmony Gold Mining Co. Ltd. | 108,915,631 | 28,871,682 | (28,806,314) | 3,923,661 | – | 23,820,065 | 136,724,725 | |||||||
Hecla Mining Co. | 174,714,054 | 42,958,010 | (37,460,855) | 8,458,541 | 414,476 | (22,491,075) | 166,178,675 | |||||||
IAMGOLD Corp. | 64,050,910 | 15,039,975 | (14,800,983) | 848,961 | – | 1,208,970 | 66,347,833 | |||||||
K92 Mining, Inc. | 68,361,763 | 16,461,460 | (13,254,971) | (2,122,584) | – | (16,120,453) | 53,325,215 | |||||||
Kinross Gold Corp. | 266,228,145 | 65,980,474 | (73,088,833) | 718,489 | 4,051,420 | 48,562,245 | 308,400,520 | |||||||
MAG Silver Corp. | – | 67,874,067 | (866,621) | (87,481) | – | (6,437,619) | 60,482,346 | |||||||
New Gold, Inc. | 34,655,550 | 8,192,151 | (8,535,505) | 402,614 | – | 4,142,071 | 38,856,881 | |||||||
Northern Star Resources Ltd. | 447,846,466 | 105,467,582 | (112,295,685) | 23,199,237 | 4,441,080 | 28,954,445 | 493,172,045 | |||||||
OceanaGold Corp. | 69,497,545 | 19,231,684 | (16,649,385) | 180,346 | 369,863 | 1,226,885 | 73,487,075 | |||||||
Osisko Gold Royalties Ltd. | 115,363,105 | 32,816,882 | (30,777,001) | 6,358,660 | 881,294 | 25,778,295 | 149,539,941 | |||||||
Pan American Silver Corp. | 178,290,511 | 212,007,075 | (55,646,563) | (8,467,155) | 3,253,561 | (46,323,174) | 279,860,694 | |||||||
Perseus Mining Ltd. | 101,580,825 | 24,331,426 | (21,214,483) | 8,108,481 | 504,810 | (32,826,463) | 79,979,786 | |||||||
Ramelius Resources Ltd. | – | 52,413,868 | (651,038) | (61,865) | – | (7,575,965) | 44,125,000 | |||||||
Regis Resources Ltd. | 54,855,943 | 11,729,456 | (11,525,993) | (1,554,096) | – | (4,517,428) | 48,987,882 | |||||||
Royal Gold, Inc. | 383,500,042 | 100,941,083 | (92,103,985) | 18,063,431 | 2,730,272 | (13,352,447) | 397,048,124 |
See Notes to Financial Statements
13 |
VANECK GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Transactions in securities of affiliates for the period ended June 30, 2023 were as follows: (continued)
Value 12/31/2022 |
Purchases | Sales Proceeds |
Realized Gain (Loss) |
Dividend Income |
Net
Change in Unrealized Appreciation (Depreciation) |
Value 6/30/2023 | ||||||||
Sandstorm Gold Ltd. | 81,298,870 | 20,753,024 | (17,858,006) | (1,402,277) | 494,571 | (1,978,381) | 80,813,230 | |||||||
Silver Lake Resources Ltd. | 39,070,300 | 8,750,988 | (7,949,881) | (1,382,081) | – | (6,583,874) | 31,905,452 | |||||||
SilverCrest Metals, Inc. | 45,623,274 | 11,568,558 | (9,970,721) | (363,404) | – | (1,415,663) | 45,442,044 | |||||||
SSR Mining, Inc. | 167,794,658 | 37,633,572 | (34,471,615) | 2,592,059 | 1,574,653 | (19,309,510) | 154,239,164 | |||||||
Torex Gold Resources, Inc. | 51,060,705 | 15,372,815 | (14,165,226) | 3,024,421 | – | 9,011,709 | 64,304,424 | |||||||
Wesdome Gold Mines Ltd. | 40,768,741 | 9,343,429 | (8,782,584) | (1,640,811) | – | (555,917) | 39,132,858 | |||||||
West African Resources Ltd. | 42,653,378 | 8,530,386 | (7,399,131) | (763,962) | – | (11,548,602) | 31,472,069 | |||||||
Yamana Gold, Inc. | 276,431,736 | 58,355,514 | (351,105,117) | 61,096,866 | 1,095 | (44,778,999) | – | |||||||
Zhaojin Mining Industry Co. Ltd. | 149,510,918 | 40,514,953 | (40,675,265) | 10,413,117 | 827,660 | 13,631,319 | 173,395,042 | |||||||
Zijin Mining Group Co. Ltd. | 399,648,130 | 111,465,577 | (104,445,076) | 64,512,462 | 9,131,056 | (23,743,678) | 447,437,415 | |||||||
$5,994,836,736 | $1,896,463,348 | $(1,923,365,167) | $377,025,352 | $61,418,588 | $26,364,418 | $5,776,243,263 |
(a) | Security held by the Fund, however not classified as an affiliate at the end of the reporting period. |
The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | 73,487,075 | $ | 1,712,567,234 | $ | — | $ | 1,786,054,309 | ||||||||
Brazil | 710,714,780 | — | — | 710,714,780 | ||||||||||||
Burkina Faso | 66,347,833 | — | — | 66,347,833 | ||||||||||||
Canada | 5,077,192,790 | — | — | 5,077,192,790 | ||||||||||||
China | — | 620,832,457 | — | 620,832,457 | ||||||||||||
Egypt | — | 70,866,905 | — | 70,866,905 | ||||||||||||
Kyrgyzstan | 69,117,111 | — | — | 69,117,111 | ||||||||||||
Peru | 98,218,462 | — | — | 98,218,462 | ||||||||||||
South Africa | 681,813,325 | — | — | 681,813,325 | ||||||||||||
Tanzania | 466,102,034 | — | — | 466,102,034 | ||||||||||||
Turkey | 98,353,214 | — | — | 98,353,214 | ||||||||||||
United Kingdom | 312,459,302 | — | — | 312,459,302 | ||||||||||||
United States | 1,844,167,247 | — | — | 1,844,167,247 | ||||||||||||
Money Market Fund | 44,964,475 | — | — | 44,964,475 | ||||||||||||
Total Investments | $ | 9,542,937,648 | $ | 2,404,266,596 | $ | — | $ | 11,947,204,244 |
See Notes to Financial Statements
14 |
SCHEDULE OF INVESTMENTS
June 30, 2023 (unaudited)
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Australia: 18.3% | ||||||||
Allkem Ltd. * | 50,486 | $ | 542,521 | |||||
Glencore Plc (GBP) | 360,765 | 2,047,669 | ||||||
IGO Ltd. | 37,632 | 383,813 | ||||||
Iluka Resources Ltd. | 22,606 | 168,199 | ||||||
Liontown Resources Ltd. * | 157,540 | 299,780 | ||||||
Lynas Rare Earths Ltd. * | 73,934 | 339,482 | ||||||
Pilbara Minerals Ltd. | 209,599 | 688,364 | ||||||
4,469,828 | ||||||||
Canada: 8.8% | ||||||||
Hudbay Minerals, Inc. (USD) | 15,892 | 76,282 | ||||||
Ivanhoe Mines Ltd. * | 37,952 | 347,039 | ||||||
Lithium Americas Corp. (USD) * † | 9,271 | 187,367 | ||||||
Teck Resources Ltd. (USD) | 36,250 | 1,526,125 | ||||||
2,136,813 | ||||||||
Chile: 1.5% | ||||||||
Lundin Mining Corp. (CAD) | 48,112 | 377,406 | ||||||
China: 23.3% | ||||||||
Beijing Easpring Material Technology Co. Ltd. | 28,200 | 196,210 | ||||||
Chengxin Lithium Group Co. Ltd. | 60,700 | 266,584 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd. | 176,568 | 583,350 | ||||||
China Rare Earth Resources And Technology Co. Ltd. | 49,600 | 202,220 | ||||||
Ganfeng Lithium Group Co. Ltd. | 76,320 | 642,538 | ||||||
GEM Co. Ltd. * | 372,000 | 354,303 | ||||||
Jiangxi Copper Co. Ltd. | 43,703 | 114,479 | ||||||
MMG Ltd. (HKD) * | 232,000 | 67,702 | ||||||
Mongolia Xingye Silver&Tin Mining Co. Ltd. * | 83,600 | 102,401 | ||||||
Nanjing Hanrui Cobalt Co. Ltd. | 18,500 | 82,669 | ||||||
Ningbo Shanshan Co. Ltd. | 108,700 | 226,692 | ||||||
Shenghe Resources Holding Co. Ltd. * | 109,300 | 193,852 | ||||||
Tianqi Lithium Corp. | 93,200 | 899,261 | ||||||
Tongling Nonferrous Metals Group Co. Ltd. | 558,600 | 222,748 | ||||||
Western Mining Co. Ltd. | 140,500 | 203,514 | ||||||
Youngy Co. Ltd. | 16,800 | 154,766 | ||||||
Yunnan Chihong Zinc&Germanium Co. Ltd. | 265,900 | 183,901 | ||||||
Yunnan Copper Co. Ltd. | 114,800 | 175,183 | ||||||
Yunnan Tin Co. Ltd. | 77,600 | 166,437 | ||||||
Zhejiang Huayou Cobalt Co. Ltd. | 103,730 | 656,435 | ||||||
5,695,245 | ||||||||
Germany: 0.9% | ||||||||
Aurubis AG | 2,651 | 227,577 | ||||||
Japan: 3.0% | ||||||||
Mitsubishi Materials Corp. | 7,600 | 136,599 |
Number of Shares |
Value | |||||||
Japan (continued) | ||||||||
Sumitomo Metal Mining Co. Ltd. | 17,900 | $ | 576,891 | |||||
713,490 | ||||||||
Liechtenstein: 2.5% | ||||||||
Antofagasta Plc (GBP) | 32,384 | 602,868 | ||||||
Mexico: 7.3% | ||||||||
Grupo Mexico SAB de CV | 262,300 | 1,260,380 | ||||||
Southern Copper Corp. (USD) | 7,163 | 513,874 | ||||||
1,774,254 | ||||||||
Poland: 1.1% | ||||||||
KGHM Polska Miedz SA | 9,602 | 266,068 | ||||||
Russia: 0.0% | ||||||||
MMC Norilsk Nickel PJSC * ∞ | 4,405 | 0 | ||||||
MMC Norilsk Nickel PJSC (ADR) * ∞ | 2 | 0 | ||||||
0 | ||||||||
South Africa: 10.6% | ||||||||
Anglo American Platinum Ltd. | 4,654 | 209,597 | ||||||
Anglo American Plc (GBP) | 56,174 | 1,601,172 | ||||||
Impala Platinum Holdings Ltd. | 55,990 | 371,624 | ||||||
Northam Platinum Holdings Ltd. * | 15,358 | 102,011 | ||||||
Sibanye Stillwater Ltd. (ADR) † | 45,894 | 286,379 | ||||||
2,570,783 | ||||||||
Sweden: 2.7% | ||||||||
Boliden AB | 23,037 | 666,584 | ||||||
United States: 16.8% | ||||||||
Albemarle Corp. | 6,734 | 1,502,288 | ||||||
Freeport-McMoRan, Inc. | 52,296 | 2,091,839 | ||||||
Livent Corp. * † | 11,048 | 303,047 | ||||||
MP Materials Corp. * † | 8,079 | 184,848 | ||||||
4,082,022 | ||||||||
Zambia: 3.1% | ||||||||
First Quantum Minerals Ltd. (CAD) | 32,081 | 759,810 | ||||||
Total Common Stocks (Cost: $29,784,565) |
24,342,748 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.6% | ||||||||
Money Market Fund: 1.6% (Cost: $384,877) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 384,877 | 384,877 | ||||||
Total Investments: 101.5% (Cost: $30,169,442) |
|
|
|
|
|
|
24,727,625 |
|
Liabilities in excess of other assets: (1.5)% | (366,238) | |||||||
NET ASSETS: 100.0% | $ | 24,361,387 |
See Notes to Financial Statements
15 |
VANECK GREEN METALS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions: | |
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
GBP | British Pound |
HKD | Hong Kong Dollar |
USD | United States Dollar |
Footnotes: | |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $830,302. |
∞ | 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 | 57.5 | % | $ | 13,984,665 | ||||
Copper | 22.0 | 5,351,853 | ||||||
Specialty Chemicals | 15.7 | 3,840,410 | ||||||
Precious Metals & Minerals | 4.0 | 969,610 | ||||||
Electrical Components & Equipment | 0.8 | 196,210 | ||||||
100.0 | % | $ | 24,342,748 |
The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 4,469,828 | $ | — | $ | 4,469,828 | ||||||||
Canada | 2,136,813 | — | — | 2,136,813 | ||||||||||||
Chile | 377,406 | — | — | 377,406 | ||||||||||||
China | — | 5,695,245 | — | 5,695,245 | ||||||||||||
Germany | — | 227,577 | — | 227,577 | ||||||||||||
Japan | — | 713,490 | — | 713,490 | ||||||||||||
Liechtenstein | — | 602,868 | — | 602,868 | ||||||||||||
Mexico | 1,774,254 | — | — | 1,774,254 | ||||||||||||
Poland | — | 266,068 | — | 266,068 | ||||||||||||
Russia | — | — | 0 | 0 | ||||||||||||
South Africa | 388,390 | 2,182,393 | — | 2,570,783 | ||||||||||||
Sweden | — | 666,584 | — | 666,584 | ||||||||||||
United States | 4,082,022 | — | — | 4,082,022 | ||||||||||||
Zambia | 759,810 | — | — | 759,810 | ||||||||||||
Money Market Fund | 384,877 | — | — | 384,877 | ||||||||||||
Total Investments | $ | 9,903,572 | $ | 14,824,053 | $ | 0 | $ | 24,727,625 |
See Notes to Financial Statements
16 |
SCHEDULE OF INVESTMENTS
June 30, 2023 (unaudited)
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Australia: 16.4% | ||||||||
Alkane Resources Ltd. * † | 19,646,352 | $ | 9,299,176 | |||||
Aurelia Metals Ltd. * † | 46,673,620 | 2,924,552 | ||||||
Australian Strategic Materials Ltd. * | 1 | 1 | ||||||
Bellevue Gold Ltd. * † | 33,270,696 | 28,440,758 | ||||||
Capricorn Metals Ltd. * | 14,180,381 | 38,484,924 | ||||||
De Grey Mining Ltd. * | 53,857,363 | 48,766,426 | ||||||
Evolution Mining Ltd. | 59,928,410 | 130,377,125 | ||||||
Firefinch Ltd. * †∞ | 54,133,739 | 1,621,535 | ||||||
Gold Road Resources Ltd. | 44,148,199 | 44,196,541 | ||||||
Kingsgate Consolidated Ltd. * † | 11,855,939 | 11,948,172 | ||||||
OceanaGold Corp. (CAD) | 26,064,325 | 51,409,702 | ||||||
Perseus Mining Ltd. | 53,485,410 | 59,371,083 | ||||||
Ramelius Resources Ltd. † | 42,554,215 | 36,157,108 | ||||||
Red 5 Ltd. * † | 119,345,758 | 15,281,083 | ||||||
Regis Resources Ltd. | 27,783,460 | 34,225,921 | ||||||
Resolute Mining Ltd. * † | 80,301,811 | 21,096,310 | ||||||
Silver Lake Resources Ltd. * | 33,785,093 | 22,012,437 | ||||||
Silver Mines Ltd. * † | 61,366,015 | 7,421,358 | ||||||
St Barbara Ltd. * † | 27,417,993 | 8,899,266 | ||||||
Tietto Minerals Ltd. * | 37,017,445 | 11,526,212 | ||||||
West African Resources Ltd. * | 36,723,994 | 21,438,576 | ||||||
Westgold Resources Ltd. * | 16,556,961 | 16,056,182 | ||||||
620,954,448 | ||||||||
Burkina Faso: 1.1% | ||||||||
IAMGOLD Corp. (USD) * | 15,926,187 | 41,885,872 | ||||||
Canada: 57.5% | ||||||||
Alamos Gold, Inc. (USD) ‡ | 21,096,142 | 251,466,013 | ||||||
Americas Gold & Silver Corp. (USD) * † | 9,756,425 | 3,444,018 | ||||||
Archer Exploration Corp. * | 1,075,827 | 126,018 | ||||||
Aris Mining Corp. † | 5,477,164 | 13,203,970 | ||||||
Arizona Metals Corp. * † | 5,027,843 | 11,550,835 | ||||||
Artemis Gold, Inc. * † | 6,454,730 | 23,218,980 | ||||||
Aya Gold & Silver, Inc. * † | 4,441,115 | 28,494,288 | ||||||
B2Gold Corp. (USD) | 52,912,992 | 188,899,381 | ||||||
Calibre Mining Corp. * † | 14,086,732 | 14,797,323 | ||||||
Dakota Gold Corp. (USD) * | 2,667,495 | 7,789,085 | ||||||
Discovery Silver Corp. * † | 11,812,230 | 7,319,878 | ||||||
Dundee Precious Metals, Inc. | 5,495,270 | 36,337,512 | ||||||
Endeavour Silver Corp. (USD) * † | 7,927,893 | 22,911,611 | ||||||
Equinox Gold Corp. (USD) * † | 10,643,996 | 48,749,502 | ||||||
Filo Corp. * † | 3,643,274 | 71,062,083 | ||||||
First Majestic Silver Corp. (USD) † | 11,524,317 | 65,112,391 | ||||||
Fortuna Silver Mines, Inc. (USD) * † | 12,041,895 | 39,015,740 | ||||||
Gatos Silver, Inc. (USD) * † | 1,558,834 | 5,892,393 | ||||||
Gold Royalty Corp. (USD) † | 4,917,702 | 8,704,333 | ||||||
GoldMining, Inc. (USD) * † | 7,359,798 | 6,631,914 | ||||||
i-80 Gold Corp. * † | 7,772,849 | 17,504,697 | ||||||
K92 Mining, Inc. * † | 8,593,361 | 37,341,263 | ||||||
Karora Resources, Inc. * † | 6,742,393 | 20,636,079 |
Number of Shares |
Value | |||||||
Canada (continued) | ||||||||
Kinross Gold Corp. (USD) | 59,262,550 | $ | 282,682,363 | |||||
Liberty Gold Corp. * † | 11,599,216 | 3,813,081 | ||||||
Lundin Gold, Inc. † | 3,927,439 | 47,043,195 | ||||||
MAG Silver Corp. (USD) * † | 3,076,368 | 34,270,740 | ||||||
Marathon Gold Corp. * † | 13,657,461 | 8,360,131 | ||||||
McEwen Mining, Inc. (USD) * † | 1,810,688 | 13,018,847 | ||||||
Metalla Royalty & Streaming Ltd. (USD) * † | 2,416,382 | 10,487,098 | ||||||
New Found Gold Corp. * † | 4,049,765 | 20,168,488 | ||||||
New Gold, Inc. (USD) * † | 23,584,577 | 25,471,343 | ||||||
New Pacific Metals Corp. * † | 4,050,642 | 8,785,447 | ||||||
Novagold Resources, Inc. (USD) * | 7,528,461 | 30,038,559 | ||||||
Orla Mining Ltd. * † | 8,777,605 | 36,881,529 | ||||||
Osisko Gold Royalties Ltd. (USD) † | 5,864,441 | 90,136,458 | ||||||
Osisko Mining, Inc. * † | 12,367,208 | 30,094,396 | ||||||
Pan American Silver Corp. (USD) † | 15,553,317 | 226,767,362 | ||||||
Prime Mining Corp. * † | 3,839,711 | 5,194,092 | ||||||
Sandstorm Gold Ltd. (USD) † | 10,168,577 | 52,063,114 | ||||||
Seabridge Gold, Inc. (USD) * † | 3,073,978 | 37,041,435 | ||||||
Silvercorp Metals, Inc. (USD) † | 7,650,325 | 21,573,916 | ||||||
SilverCrest Metals, Inc. (USD) * † | 5,350,098 | 31,351,574 | ||||||
Skeena Resources Ltd. * † | 2,959,225 | 14,290,155 | ||||||
SSR Mining, Inc. (USD) | 7,165,895 | 101,612,391 | ||||||
Sulliden Mining Capital, Inc. * | 1,689,990 | 31,929 | ||||||
Torex Gold Resources, Inc. * | 2,765,364 | 39,330,550 | ||||||
Triple Flag Precious Metals Corp. (USD) | 3,047,721 | 41,997,595 | ||||||
Victoria Gold Corp. * † | 1,622,019 | 9,463,054 | ||||||
Wesdome Gold Mines Ltd. * † | 5,157,224 | 26,892,005 | ||||||
2,179,070,154 | ||||||||
China: 1.6% | ||||||||
Real Gold Mining Ltd. (HKD) *∞ | 19,287,400 | 0 | ||||||
Zhaojin Mining Industry Co. Ltd. (HKD) | 46,812,700 | 59,063,668 | ||||||
59,063,668 | ||||||||
Egypt: 1.2% | ||||||||
Centamin Plc (GBP) | 38,365,229 | 44,560,567 | ||||||
Indonesia: 0.9% | ||||||||
Bumi Resources Minerals Tbk PT * | 3,717,377,800 | 33,721,086 | ||||||
Jersey, Channel Islands: 0.2% | ||||||||
Caledonia Mining Corp. Plc (USD) | 582,519 | 6,768,871 | ||||||
Kyrgyzstan: 1.1% | ||||||||
Centerra Gold, Inc. (CAD) † | 6,843,938 | 41,066,214 |
See Notes to Financial Statements
17 |
VANECK JUNIOR GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Number of Shares |
Value | |||||||
Mexico: 3.6% | ||||||||
GoGold Resources, Inc. (CAD) * † | 13,647,029 | $ | 15,676,164 | |||||
Industrias Penoles SAB de CV * † | 8,592,863 | 120,461,914 | ||||||
136,138,078 | ||||||||
Peru: 1.9% | ||||||||
Cia de Minas Buenaventura SAA (ADR) | 8,218,767 | 60,407,937 | ||||||
Hochschild Mining Plc (GBP) | 14,671,567 | 13,238,237 | ||||||
73,646,174 | ||||||||
South Africa: 2.1% | ||||||||
DRDGOLD Ltd. (ADR) † | 954,456 | 10,136,323 | ||||||
Harmony Gold Mining Co. Ltd. (ADR) | 16,204,975 | 68,060,895 | ||||||
78,197,218 | ||||||||
Turkey: 2.7% | ||||||||
Eldorado Gold Corp. (USD) * † | 5,766,293 | 58,239,560 | ||||||
Koza Altin Isletmeleri AS | 44,192,123 | 42,305,453 | ||||||
100,545,013 | ||||||||
United Kingdom: 5.8% | ||||||||
Endeavour Mining Plc | 8,435,470 | 202,798,763 | ||||||
Greatland Gold Plc * † | 200,504,075 | 18,353,592 | ||||||
221,152,355 |
Number of Shares |
Value | |||||||
United States: 3.8% | ||||||||
Argonaut Gold, Inc. (CAD) * † | 29,810,025 | $ | 11,939,780 | |||||
Aura Minerals, Inc. (BRL) (BDR) | 1,514,880 | 10,092,919 | ||||||
Coeur Mining, Inc. * † | 10,723,169 | 30,453,800 | ||||||
Hecla Mining Co. | 17,753,260 | 91,429,289 | ||||||
143,915,788 | ||||||||
Total Common Stocks (Cost: $4,430,278,308) |
3,780,685,506 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.2% | ||||||||
Money Market Fund: 2.2% (Cost: $83,919,759) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 83,919,759 | 83,919,759 | ||||||
Total Investments: 102.1% (Cost: $4,514,198,067) |
|
|
|
|
|
|
3,864,605,265 |
|
Liabilities in excess of other assets: (2.1)% | (78,134,669) | |||||||
NET ASSETS: 100.0% | $ | 3,786,470,596 |
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: | |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $202,070,631. |
‡ | 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 | ||||||
Gold | 77.1 | % | $ | 2,915,659,729 | ||||
Silver | 15.2 | 574,670,577 | ||||||
Precious Metals & Minerals | 4.3 | 162,332,515 | ||||||
Diversified Metals & Mining | 3.4 | 128,022,685 | ||||||
100.0 | % | $ | 3,780,685,506 |
See Notes to Financial Statements
18 |
Transactions in securities of affiliates for the period ended June 30, 2023 were as follows:
Value 12/31/2022 |
Purchases | Sales Proceeds |
Realized Gain (Loss) |
Dividend Income |
Net
Change in Unrealized Appreciation (Depreciation) |
Value 6/30/2023 | ||||||||
Alamos Gold, Inc. | $–(a) | $85,817,363 | $(17,711,215) | $5,798,725 | $778,457 | $19,977,712 | $251,466,013 |
(a) | Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period. |
The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | 51,409,702 | $ | 567,923,211 | $ | 1,621,535 | $ | 620,954,448 | ||||||||
Burkina Faso | 41,885,872 | — | — | 41,885,872 | ||||||||||||
Canada | 2,179,070,154 | — | — | 2,179,070,154 | ||||||||||||
China | — | 59,063,668 | — | 59,063,668 | ||||||||||||
Egypt | — | 44,560,567 | — | 44,560,567 | ||||||||||||
Indonesia | 33,721,086 | — | — | 33,721,086 | ||||||||||||
Jersey, Channel Islands | 6,768,871 | — | — | 6,768,871 | ||||||||||||
Kyrgyzstan | 41,066,214 | — | — | 41,066,214 | ||||||||||||
Mexico | 136,138,078 | — | — | 136,138,078 | ||||||||||||
Peru | 60,407,937 | 13,238,237 | — | 73,646,174 | ||||||||||||
South Africa | 78,197,218 | — | — | 78,197,218 | ||||||||||||
Turkey | 58,239,560 | 42,305,453 | — | 100,545,013 | ||||||||||||
United Kingdom | 18,353,592 | 202,798,763 | — | 221,152,355 | ||||||||||||
United States | 143,915,788 | — | — | 143,915,788 | ||||||||||||
Money Market Fund | 83,919,759 | — | — | 83,919,759 | ||||||||||||
Total Investments | $ | 2,933,093,831 | $ | 929,889,899 | $ | 1,621,535 | $ | 3,864,605,265 |
See Notes to Financial Statements
19 |
SCHEDULE OF INVESTMENTS
June 30, 2023 (unaudited)
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Austria: 0.5% | ||||||||
Verbund AG | 12,433 | $ | 997,263 | |||||
Brazil: 1.7% | ||||||||
Centrais Eletricas Brasileiras SA (ADR)† | 241,534 | 1,997,486 | ||||||
Cia Energetica de Minas Gerais (ADR) † | 433,755 | 1,140,776 | ||||||
Cia Paranaense de Energia (ADR) | 29,826 | 256,802 | ||||||
3,395,064 | ||||||||
Canada: 2.4% | ||||||||
Ballard Power Systems, Inc. (USD) * † | 90,665 | 395,300 | ||||||
Boralex, Inc. † | 34,366 | 936,771 | ||||||
Canadian Solar, Inc. (USD) * † | 17,645 | 682,685 | ||||||
Innergex Renewable Energy, Inc. † | 51,023 | 475,816 | ||||||
Northland Power, Inc. | 96,945 | 2,024,251 | ||||||
TransAlta Renewables, Inc. † | 41,031 | 352,868 | ||||||
4,867,691 | ||||||||
Chile: 0.5% | ||||||||
Enel Americas SA* | 7,422,529 | 990,010 | ||||||
China: 17.2% | ||||||||
BYD Co. Ltd. (HKD) | 303,500 | 9,730,872 | ||||||
China Everbright Environment Group Ltd. (HKD) | 1,228,000 | 485,346 | ||||||
China Longyuan Power Group Corp. Ltd. (HKD) | 680,000 | 702,301 | ||||||
Daqo New Energy Corp. (ADR) * | 22,275 | 884,318 | ||||||
GCL Technology Holdings Ltd. (HKD) † | 7,285,000 | 1,691,122 | ||||||
JinkoSolar Holding Co. Ltd. (ADR) * † | 11,877 | 527,101 | ||||||
Li Auto, Inc. (ADR) * | 232,576 | 8,163,418 | ||||||
NIO, Inc. (ADR) * | 544,322 | 5,274,480 | ||||||
Xinyi Solar Holdings Ltd. (HKD) | 2,122,000 | 2,463,445 | ||||||
XPeng, Inc. (ADR) * | 214,501 | 2,878,603 | ||||||
Zhejiang Leapmotor Technologies Ltd. (HKD) 144A * † | 311,900 | 1,848,492 | ||||||
34,649,498 | ||||||||
Denmark: 8.6% | ||||||||
Orsted AS 144A | 72,714 | 6,892,089 | ||||||
ROCKWOOL International A/S | 2,953 | 763,515 | ||||||
Vestas Wind Systems A/S * | 361,677 | 9,614,123 | ||||||
17,269,727 | ||||||||
France: 0.4% | ||||||||
Neoen SA 144A | 27,470 | 870,658 | ||||||
Germany: 0.7% | ||||||||
Encavis AG * | 43,328 | 711,577 | ||||||
Nordex SE * † | 53,623 | 652,019 | ||||||
1,363,596 |
Number of Shares |
Value | |||||||
Ireland: 1.5% | ||||||||
Kingspan Group Plc | 44,458 | $ | 2,958,752 | |||||
Italy: 6.9% | ||||||||
Enel SpA | 1,976,955 | 13,327,024 | ||||||
ERG SpA | 21,379 | 630,408 | ||||||
13,957,432 | ||||||||
Japan: 0.4% | ||||||||
Horiba Ltd.† | 14,184 | 814,428 | ||||||
New Zealand: 2.0% | ||||||||
Contact Energy Ltd. | 283,621 | 1,409,210 | ||||||
Mercury NZ Ltd. | 245,206 | 978,395 | ||||||
Meridian Energy Ltd. | 466,672 | 1,604,275 | ||||||
3,991,880 | ||||||||
Norway: 0.2% | ||||||||
NEL ASA * | 391,879 | 461,297 | ||||||
Portugal: 1.0% | ||||||||
EDP Renovaveis SA * | 98,399 | 1,965,995 | ||||||
South Korea: 5.9% | ||||||||
Hanwha Solutions Corp. * | 35,018 | 1,129,253 | ||||||
Samsung SDI Co. Ltd. | 20,838 | 10,640,599 | ||||||
11,769,852 | ||||||||
Spain: 8.3% | ||||||||
Acciona SA † | 9,489 | 1,610,843 | ||||||
Atlantica Sustainable Infrastructure Plc (USD) | 25,895 | 606,979 | ||||||
Iberdrola SA | 1,110,123 | 14,494,221 | ||||||
16,712,043 | ||||||||
Sweden: 2.6% | ||||||||
Nibe Industrier AB | 541,407 | 5,140,288 | ||||||
Switzerland: 0.4% | ||||||||
Landis+Gyr Group AG | 8,223 | 707,545 | ||||||
Taiwan: 0.3% | ||||||||
Simplo Technology Co. Ltd. | 62,000 | 655,757 | ||||||
Thailand: 0.5% | ||||||||
Energy Absolute PCL (NVDR) | 688,200 | 1,108,237 | ||||||
United Kingdom: 1.1% | ||||||||
Drax Group Plc | 123,888 | 913,837 | ||||||
Johnson Matthey Plc | 58,528 | 1,300,686 | ||||||
2,214,523 | ||||||||
United States: 36.9% | ||||||||
Array Technologies, Inc. * | 40,589 | 917,311 | ||||||
Badger Meter, Inc. | 7,212 | 1,064,203 | ||||||
Bloom Energy Corp. * † | 48,187 | 787,857 | ||||||
Brookfield Renewable Corp. | 43,031 | 1,356,337 | ||||||
ChargePoint Holdings, Inc. * † | 96,411 | 847,453 | ||||||
EnerSys | 12,265 | 1,330,998 | ||||||
Enphase Energy, Inc. * | 41,088 | 6,881,418 | ||||||
First Solar, Inc. * | 31,617 | 6,010,075 | ||||||
Fisker, Inc. * † | 57,812 | 326,060 | ||||||
FuelCell Energy, Inc. * † | 126,324 | 272,860 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 30,410 | 760,250 | ||||||
Installed Building Products, Inc. | 6,114 | 856,938 |
See Notes to Financial Statements
20 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Lucid Group, Inc. * † | 293,267 | $ | 2,020,610 | |||||
NextEra Energy, Inc. | 211,180 | 15,669,556 | ||||||
Ormat Technologies, Inc. † | 13,999 | 1,126,360 | ||||||
Owens Corning | 26,324 | 3,435,282 | ||||||
Plug Power, Inc. * † | 168,509 | 1,750,808 | ||||||
QuantumScape Corp. * † | 107,735 | 860,803 | ||||||
Rivian Automotive, Inc. * † | 175,446 | 2,922,930 | ||||||
SolarEdge Technologies, Inc. * | 19,492 | 5,244,323 | ||||||
Sunnova Energy International, Inc. * † | 21,903 | 401,044 | ||||||
Sunrun, Inc. * | 58,843 | 1,050,936 | ||||||
Tesla, Inc. * | 69,748 | 18,257,934 | ||||||
74,152,346 | ||||||||
Total Common Stocks (Cost: $222,263,656) |
201,013,882 |
Number of Shares |
Value | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.5% | ||||||||
Money Market Fund: 5.5%
(Cost: $11,021,593) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 11,021,593 | $ | 11,021,593 | |||||
Total Investments: 105.5% (Cost: $233,285,249) |
212,035,475 | |||||||
Liabilities in excess of other assets: (5.5)% | (11,134,037) | |||||||
NET ASSETS: 100.0% | $ | 200,901,438 |
Definitions:
ADR | American Depositary Receipt |
HKD | Hong Kong Dollar |
NVDR | Non-Voting Depositary Receipt |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $20,519,016. |
* | Non-income producing |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $9,611,239, or 4.8% of net assets. |
Summary of
Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Utilities | 37.6 | % | $ | 75,551,389 | ||||
Consumer Discretionary | 26.4 | 53,141,140 | ||||||
Information Technology | 19.0 | 38,267,018 | ||||||
Industrials | 15.4 | 30,864,146 | ||||||
Materials | 1.2 | 2,429,939 | ||||||
Financials | 0.4 | 760,250 | ||||||
100.0 | % | $ | 201,013,882 |
See Notes to Financial Statements
21 |
VANECK LOW CARBON ENERGY ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Austria | $ | — | $ | 997,263 | $ | — | $ | 997,263 | ||||||||
Brazil | 3,395,064 | — | — | 3,395,064 | ||||||||||||
Canada | 4,867,691 | — | — | 4,867,691 | ||||||||||||
Chile | 990,010 | — | — | 990,010 | ||||||||||||
China | 17,727,920 | 16,921,578 | — | 34,649,498 | ||||||||||||
Denmark | — | 17,269,727 | — | 17,269,727 | ||||||||||||
France | — | 870,658 | — | 870,658 | ||||||||||||
Germany | — | 1,363,596 | — | 1,363,596 | ||||||||||||
Ireland | — | 2,958,752 | — | 2,958,752 | ||||||||||||
Italy | — | 13,957,432 | — | 13,957,432 | ||||||||||||
Japan | — | 814,428 | — | 814,428 | ||||||||||||
New Zealand | — | 3,991,880 | — | 3,991,880 | ||||||||||||
Norway | — | 461,297 | — | 461,297 | ||||||||||||
Portugal | — | 1,965,995 | — | 1,965,995 | ||||||||||||
South Korea | — | 11,769,852 | — | 11,769,852 | ||||||||||||
Spain | 606,979 | 16,105,064 | — | 16,712,043 | ||||||||||||
Sweden | — | 5,140,288 | — | 5,140,288 | ||||||||||||
Switzerland | — | 707,545 | — | 707,545 | ||||||||||||
Taiwan | — | 655,757 | — | 655,757 | ||||||||||||
Thailand | — | 1,108,237 | — | 1,108,237 | ||||||||||||
United Kingdom | — | 2,214,523 | — | 2,214,523 | ||||||||||||
United States | 74,152,346 | — | — | 74,152,346 | ||||||||||||
Money Market Fund | 11,021,593 | — | — | 11,021,593 | ||||||||||||
Total Investments | $ | 112,761,603 | $ | 99,273,872 | $ | — | $ | 212,035,475 |
See Notes to Financial Statements
22 |
SCHEDULE OF INVESTMENTS
June 30, 2023 (unaudited)
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Argentina: 0.1% | ||||||||
YPF SA (ADR) * † | 7,810 | $ | 116,291 | |||||
Australia: 7.5% | ||||||||
Alumina Ltd. † | 54,664 | 50,663 | ||||||
Ampol Ltd. | 4,730 | 94,418 | ||||||
Bega Cheese Ltd. † | 12,932 | 24,620 | ||||||
BHP Group Ltd. | 118,611 | 3,563,001 | ||||||
BlueScope Steel Ltd. | 10,682 | 146,904 | ||||||
Costa Group Holdings Ltd. † | 21,739 | 39,531 | ||||||
Elders Ltd. † | 8,681 | 38,109 | ||||||
Evolution Mining Ltd. † | 33,610 | 73,120 | ||||||
Fortescue Metals Group Ltd. † | 36,885 | 546,915 | ||||||
Glencore Plc (GBP) | 160,975 | 913,680 | ||||||
GrainCorp Ltd. † | 11,878 | 62,096 | ||||||
IGO Ltd. † | 15,611 | 159,218 | ||||||
Inghams Group Ltd. † | 18,612 | 32,565 | ||||||
Lynas Rare Earths Ltd.* † | 21,729 | 99,773 | ||||||
Mineral Resources Ltd. † | 3,873 | 185,349 | ||||||
Newcrest Mining Ltd. | 16,619 | 296,234 | ||||||
Northern Star Resources Ltd. † | 20,945 | 170,508 | ||||||
Nufarm Ltd. | 17,794 | 60,544 | ||||||
Origin Energy Ltd. | 34,005 | 190,983 | ||||||
Perseus Mining Ltd. | 25,382 | 28,175 | ||||||
Pilbara Minerals Ltd. † | 62,610 | 205,624 | ||||||
Rio Tinto Plc (GBP) | 24,244 | 1,542,337 | ||||||
Santos Ltd. | 61,406 | 307,014 | ||||||
South32 Ltd. | 106,071 | 266,843 | ||||||
Washington H Soul Pattinson & Co. Ltd. † | 4,568 | 96,901 | ||||||
Woodside Energy Group Ltd. † | 37,658 | 870,435 | ||||||
Worley Ltd. | 7,257 | 76,571 | ||||||
10,142,131 | ||||||||
Austria: 0.3% | ||||||||
Mayr Melnhof Karton AG | 266 | 38,990 | ||||||
OMV AG | 2,798 | 118,787 | ||||||
Verbund AG | 1,159 | 92,964 | ||||||
voestalpine AG | 2,619 | 94,100 | ||||||
344,841 | ||||||||
Brazil: 3.2% | ||||||||
Adecoagro SA (USD) † | 6,065 | 56,768 | ||||||
BrasilAgro - Co. Brasileira de Propriedades Agricolas | 2,950 | 14,989 | ||||||
BRF SA (ADR)* † | 60,852 | 115,619 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP (ADR) | 7,051 | 83,484 | ||||||
Cia Siderurgica Nacional SA (ADR) | 31,063 | 80,453 | ||||||
Cosan SA | 23,800 | 88,115 | ||||||
CSN Mineracao SA | 11,200 | 9,705 | ||||||
Engie Brasil Energia SA | 1,800 | 17,049 | ||||||
Gerdau SA (ADR) | 27,092 | 141,420 | ||||||
Minerva SA | 15,050 | 33,164 | ||||||
Neoenergia SA | 5,800 | 25,525 |
Number of Shares |
Value | |||||||
Brazil (continued) | ||||||||
Petroleo Brasileiro SA (ADR) | 73,902 | $ | 1,022,065 | |||||
PRIO SA* | 15,050 | 115,683 | ||||||
Sao Martinho SA | 8,850 | 62,651 | ||||||
SLC Agricola SA | 5,481 | 43,425 | ||||||
Suzano SA | 23,550 | 215,875 | ||||||
Vale SA (ADR) | 106,320 | 1,426,814 | ||||||
Wheaton Precious Metals Corp. (USD) | 8,434 | 364,517 | ||||||
Yara International ASA (NOK) | 9,221 | 326,405 | ||||||
4,243,726 | ||||||||
British Virgin Islands: 0.0% | ||||||||
Lee & Man Paper Manufacturing Ltd. (HKD) | 36,300 | 12,083 | ||||||
Nine Dragons Paper Holdings Ltd. (HKD) | 48,057 | 29,669 | ||||||
41,752 | ||||||||
Canada: 8.3% | ||||||||
Agnico Eagle Mines Ltd. (USD) | 9,202 | 459,916 | ||||||
Alamos Gold, Inc. | 7,332 | 87,436 | ||||||
Algonquin Power & Utilities Corp. † | 7,097 | 58,728 | ||||||
AltaGas Ltd. † | 5,548 | 99,786 | ||||||
ARC Resources Ltd.† | 12,109 | 161,697 | ||||||
B2Gold Corp. | 23,873 | 85,154 | ||||||
Ballard Power Systems, Inc. * † | 2,494 | 10,932 | ||||||
Barrick Gold Corp. (USD) | 32,516 | 550,496 | ||||||
Boralex, Inc. † | 1,041 | 28,376 | ||||||
Cameco Corp. (USD) † | 10,097 | 316,339 | ||||||
Canadian Natural Resources Ltd. (USD) | 21,400 | 1,203,964 | ||||||
Canadian Solar, Inc. (USD) * † | 526 | 20,351 | ||||||
Canadian Utilities Ltd. | 2,381 | 61,736 | ||||||
Canfor Corp. * † | 1,834 | 32,959 | ||||||
Cenovus Energy, Inc. | 26,962 | 458,451 | ||||||
Emera, Inc. † | 5,394 | 222,404 | ||||||
Enbridge, Inc. (USD) | 40,154 | 1,491,721 | ||||||
Filo Corp.* | 1,507 | 29,394 | ||||||
First Majestic Silver Corp. † | 4,993 | 28,262 | ||||||
Franco-Nevada Corp. | 3,552 | 506,823 | ||||||
Innergex Renewable Energy, Inc. † | 1,561 | 14,557 | ||||||
Ivanhoe Mines Ltd. * † | 13,270 | 121,343 | ||||||
Kinross Gold Corp. (USD) | 22,665 | 108,112 | ||||||
Lundin Gold, Inc. | 1,767 | 21,165 | ||||||
Maple Leaf Foods, Inc. † | 4,171 | 81,576 | ||||||
Methanex Corp. | 706 | 29,206 | ||||||
Northland Power, Inc. | 2,580 | 53,871 | ||||||
Novagold Resources, Inc. (USD) * | 4,262 | 17,005 | ||||||
Nutrien Ltd. (USD) | 28,387 | 1,676,252 | ||||||
Osisko Gold Royalties Ltd. † | 3,424 | 52,683 | ||||||
Pan American Silver Corp. (USD) † | 6,785 | 98,925 | ||||||
Pembina Pipeline Corp. | 10,922 | 343,776 | ||||||
Sandstorm Gold Ltd. † | 4,614 | 23,676 |
See Notes to Financial Statements
23 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Number of Shares |
Value | |||||||
Canada (continued) | ||||||||
SSR Mining, Inc. (USD) † | 3,825 | $ | 54,239 | |||||
Stella-Jones, Inc. | 1,858 | 95,789 | ||||||
Suncor Energy, Inc. (USD) | 25,996 | 762,203 | ||||||
TC Energy Corp. (USD) | 19,838 | 801,654 | ||||||
Teck Resources Ltd. (USD) | 11,743 | 494,380 | ||||||
Tourmaline Oil Corp. † | 6,301 | 297,229 | ||||||
TransAlta Renewables, Inc. | 1,097 | 9,434 | ||||||
West Fraser Timber Co. Ltd. † | 1,714 | 147,418 | ||||||
11,219,418 | ||||||||
Chile: 0.6% | ||||||||
Empresas CMPC SA | 33,365 | 63,806 | ||||||
Empresas Copec SA | 7,386 | 54,786 | ||||||
Hortifrut SA | 14,490 | 23,691 | ||||||
Lundin Mining Corp. (CAD) | 15,256 | 119,673 | ||||||
Sociedad Quimica y Minera de Chile SA (ADR) | 8,113 | 589,166 | ||||||
851,122 | ||||||||
China: 1.8% | ||||||||
Aluminum Corp. of China Ltd. (HKD) | 88,600 | 38,345 | ||||||
Angang Steel Co. Ltd. (HKD) | 30,840 | 8,094 | ||||||
Beijing Enterprises Water Group Ltd. (HKD) | 41,100 | 9,776 | ||||||
China Coal Energy Co. Ltd. (HKD) | 38,600 | 28,740 | ||||||
China Gas Holdings Ltd. (HKD) | 53,200 | 61,009 | ||||||
China Hongqiao Group Ltd. (HKD) | 60,700 | 49,575 | ||||||
China Longyuan Power Group Corp. Ltd. (HKD) | 34,829 | 35,971 | ||||||
China Petroleum & Chemical Corp. (HKD) | 479,427 | 281,853 | ||||||
China Shenhua Energy Co. Ltd. (HKD) | 66,891 | 204,980 | ||||||
CMOC Group Ltd. (HKD) † | 84,600 | 44,538 | ||||||
ENN Energy Holdings Ltd. (HKD) | 15,000 | 187,607 | ||||||
Hong Kong & China Gas Co. Ltd. (HKD) | 215,705 | 186,784 | ||||||
Jiangxi Copper Co. Ltd. (HKD) | 25,600 | 39,569 | ||||||
JinkoSolar Holding Co. Ltd. (ADR) * † | 515 | 22,856 | ||||||
Kunlun Energy Co. Ltd. (HKD) | 73,700 | 58,053 | ||||||
Maanshan Iron & Steel Co. Ltd. (HKD)† | 32,900 | 5,814 | ||||||
PetroChina Co. Ltd. (HKD) | 413,240 | 286,914 | ||||||
Power Assets Holdings Ltd. (HKD) | 26,800 | 140,675 | ||||||
Shandong Gold Mining Co. Ltd. (HKD) 144A | 12,950 | 23,801 | ||||||
United Tractors Tbk PT (IDR) | 30,100 | 46,682 | ||||||
Wilmar International Ltd. (SGD) | 100,064 | 281,704 | ||||||
Xinyi Solar Holdings Ltd. (HKD) | 50,000 | 58,045 | ||||||
Yankuang Energy Group Co. Ltd. (HKD)† | 27,800 | 79,811 |
Number of Shares |
Value | |||||||
China (continued) | ||||||||
Zhaojin Mining Industry Co. Ltd. (HKD) | 23,900 | $ | 30,155 | |||||
Zijin Mining Group Co. Ltd. (HKD) | 106,461 | 157,644 | ||||||
2,368,995 | ||||||||
Cyprus: 0.0% | ||||||||
Novolipetsk Steel PJSC (RUB) * ∞ | 26,910 | 0 | ||||||
Czech Republic: 0.1% | ||||||||
CEZ AS † | 3,100 | 128,118 | ||||||
Denmark: 0.5% | ||||||||
Bakkafrost P/F (NOK) | 2,824 | 169,252 | ||||||
Orsted AS 144A | 1,942 | 184,070 | ||||||
Vestas Wind Systems A/S * | 10,059 | 267,389 | ||||||
620,711 | ||||||||
Egypt: 0.0% | ||||||||
Abou Kir Fertilizers & Chemical Industries | 17,228 | 24,985 | ||||||
Centamin Plc (GBP) | 21,590 | 25,076 | ||||||
50,061 | ||||||||
Finland: 0.8% | ||||||||
Kemira Oyj | 3,379 | 53,893 | ||||||
Metsa Board Oyj † | 4,950 | 36,511 | ||||||
Neste Oyj | 8,355 | 321,635 | ||||||
Stora Enso Oyj | 17,736 | 205,735 | ||||||
UPM-Kymmene Oyj | 16,277 | 484,914 | ||||||
1,102,688 | ||||||||
France: 2.2% | ||||||||
Aguas Andinas SA (CLP) | 27,451 | 9,514 | ||||||
Eramet SA | 190 | 17,375 | ||||||
Neoen SA 144A | 807 | 25,578 | ||||||
TotalEnergies SE | 45,717 | 2,623,886 | ||||||
Veolia Environnement SA | 7,152 | 226,358 | ||||||
Voltalia SA * | 340 | 5,409 | ||||||
2,908,120 | ||||||||
Germany: 3.1% | ||||||||
Aurubis AG | 698 | 59,920 | ||||||
Bayer AG | 55,803 | 3,088,411 | ||||||
E.ON SE | 22,842 | 291,740 | ||||||
Encavis AG * | 1,200 | 19,708 | ||||||
K+S AG | 10,541 | 183,773 | ||||||
Nordex SE * | 1,210 | 14,713 | ||||||
Siemens Energy AG * | 9,767 | 172,667 | ||||||
SMA Solar Technology AG * | 144 | 17,610 | ||||||
Suedzucker AG | 3,417 | 60,876 | ||||||
Uniper SE * † | 49,379 | 263,739 | ||||||
VERBIO Vereinigte BioEnergie AG | 201 | 8,090 | ||||||
4,181,247 | ||||||||
Greece: 0.0% | ||||||||
Terna Energy SA | 545 | 12,005 | ||||||
Hong Kong: 0.1% | ||||||||
China Resources Gas Group Ltd. | 17,700 | 60,695 | ||||||
Hungary: 0.1% | ||||||||
MOL Hungarian Oil & Gas Plc | 7,325 | 64,040 |
See Notes to Financial Statements
24 |
Number of Shares |
Value | |||||||
India: 1.6% | ||||||||
Reliance Industries Ltd. (USD) 144A (GDR) | 33,920 | $ | 2,112,362 | |||||
Indonesia: 0.2% | ||||||||
Adaro Energy Indonesia Tbk PT | 258,700 | 38,502 | ||||||
Aneka Tambang Tbk | 156,700 | 20,445 | ||||||
Golden Agri-Resources Ltd. (SGD) | 356,119 | 64,569 | ||||||
Indah Kiat Pulp & Paper Tbk PT | 80,100 | 45,531 | ||||||
Merdeka Copper Gold Tbk PT * | 250,747 | 51,330 | ||||||
Vale Indonesia Tbk PT | 47,900 | 20,215 | ||||||
240,592 | ||||||||
Ireland: 0.2% | ||||||||
Smurfit Kappa Group Plc (GBP) | 8,094 | 271,162 | ||||||
Israel: 0.2% | ||||||||
Energix-Renewable Energies Ltd. | 2,628 | 8,533 | ||||||
Enlight Renewable Energy Ltd. * | 1,173 | 20,660 | ||||||
ICL Group Ltd. | 40,866 | 224,036 | ||||||
253,229 | ||||||||
Italy: 0.7% | ||||||||
ACEA SpA † | 396 | 5,179 | ||||||
Eni SpA | 44,809 | 644,969 | ||||||
ERG SpA | 574 | 16,926 | ||||||
Snam SpA | 40,625 | 212,281 | ||||||
879,355 | ||||||||
Japan: 2.2% | ||||||||
Chubu Electric Power Co., Inc. | 12,400 | 151,023 | ||||||
Daio Paper Corp. † | 2,600 | 20,443 | ||||||
ENEOS Holdings, Inc. | 56,600 | 194,224 | ||||||
Idemitsu Kosan Co. Ltd. | 3,600 | 72,114 | ||||||
Inpex Corp. † | 19,000 | 208,396 | ||||||
JFE Holdings, Inc. | 10,864 | 155,060 | ||||||
Kubota Corp. † | 52,700 | 770,188 | ||||||
Kumiai Chemical Industry Co. Ltd. | 3,800 | 29,630 | ||||||
Kurita Water Industries Ltd. † | 1,065 | 40,820 | ||||||
Maruha Nichiro Corp. | 2,136 | 35,885 | ||||||
NH Foods Ltd. | 4,300 | 116,221 | ||||||
Nippon Sanso Holdings Corp. † | 3,000 | 65,069 | ||||||
Nippon Steel Corp. † | 18,000 | 376,101 | ||||||
Nisshin Seifun Group, Inc. | 10,250 | 126,488 | ||||||
Nissui Corp. | 15,314 | 68,664 | ||||||
Oji Holdings Corp. | 24,076 | 89,872 | ||||||
Sakata Seed Corp. | 1,700 | 49,181 | ||||||
Sumitomo Forestry Co. Ltd. † | 4,183 | 101,434 | ||||||
Sumitomo Metal Mining Co. Ltd. | 5,200 | 167,589 | ||||||
Tokyo Gas Co. Ltd. | 7,500 | 163,360 | ||||||
3,001,762 |
Number of Shares |
Value | |||||||
Kazakhstan: 0.1% | ||||||||
NAC Kazatomprom JSC (USD) (GDR) | 6,076 | $ | 163,141 | |||||
Liechtenstein: 0.1% | ||||||||
Antofagasta Plc (GBP) | 7,797 | 145,151 | ||||||
Luxembourg: 0.2% | ||||||||
ArcelorMittal SA | 10,778 | 294,015 | ||||||
Malaysia: 0.4% | ||||||||
IOI Corp. Bhd | 124,694 | 99,828 | ||||||
Kuala Lumpur Kepong Bhd | 23,978 | 113,050 | ||||||
Petronas Dagangan Bhd | 4,400 | 20,928 | ||||||
Petronas Gas Bhd | 13,600 | 48,660 | ||||||
PPB Group Bhd | 25,800 | 87,004 | ||||||
Press Metal Aluminium Holdings Bhd | 75,100 | 75,799 | ||||||
QL Resources Bhd | 55,100 | 63,275 | ||||||
United Plantations BHD | 8,600 | 28,522 | ||||||
537,066 | ||||||||
Mexico: 0.5% | ||||||||
Fresnillo Plc (GBP) | 3,328 | 25,851 | ||||||
Gruma SAB de CV | 10,265 | 164,463 | ||||||
Grupo Mexico SAB de CV | 72,214 | 346,996 | ||||||
Industrias Penoles SAB de CV * | 3,582 | 50,216 | ||||||
Southern Copper Corp. (USD) | 1,995 | 143,121 | ||||||
730,647 | ||||||||
Netherlands: 0.2% | ||||||||
OCI NV | 5,137 | 123,363 | ||||||
Ternium SA (ADR) | 4,598 | 182,311 | ||||||
305,674 | ||||||||
Norway: 2.4% | ||||||||
Aker BP ASA † | 78,993 | 1,856,754 | ||||||
Austevoll Seafood ASA | 4,925 | 34,082 | ||||||
Equinor ASA | 18,901 | 551,405 | ||||||
Grieg Seafood ASA † | 2,568 | 16,100 | ||||||
Mowi ASA | 25,188 | 400,382 | ||||||
NEL ASA * † | 17,173 | 20,215 | ||||||
Norsk Hydro ASA | 31,049 | 185,438 | ||||||
Salmar ASA | 3,608 | 145,667 | ||||||
Var Energi ASA | 7,741 | 21,085 | ||||||
3,231,128 | ||||||||
Peru: 0.0% | ||||||||
Cia de Minas Buenaventura SAA (ADR) | 5,129 | 37,698 | ||||||
Poland: 0.2% | ||||||||
KGHM Polska Miedz SA | 3,194 | 88,505 | ||||||
Polski Koncern Naftowy ORLEN SA | 11,555 | 183,278 | ||||||
271,783 | ||||||||
Portugal: 0.2% | ||||||||
EDP Renovaveis SA * | 3,145 | 62,836 | ||||||
Galp Energia SGPS SA | 9,462 | 110,552 | ||||||
Navigator Co. SA | 6,681 | 22,630 | ||||||
196,018 | ||||||||
Russia: 0.0% | ||||||||
Evraz Plc (GBP) *∞ | 10,824 | 0 | ||||||
Gazprom PJSC ∞ | 125,520 | 0 |
See Notes to Financial Statements
25 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Number of Shares |
Value | |||||||
Russia (continued) | ||||||||
LUKOIL PJSC ∞ | 3,739 | $ | 0 | |||||
MMC Norilsk Nickel PJSC *∞ | 1,284 | 0 | ||||||
MMC Norilsk Nickel PJSC (ADR) *∞ | 17 | 0 | ||||||
Novatek PJSC ∞ | 19,580 | 0 | ||||||
PhosAgro PJSC ∞ | 4,623 | 0 | ||||||
PhosAgro PJSC (USD) (GDR) ∞ | 1 | 0 | ||||||
PhosAgro PJSC (USD) (GDR) ∞ | 89 | 0 | ||||||
Polyus PJSC (USD) (GDR) *∞ | 1,669 | 0 | ||||||
Ros Agro Plc (USD) (GDR) *∞ | 4,076 | 0 | ||||||
Rosneft Oil Co. PJSC ∞ | 13,000 | 0 | ||||||
Severstal PAO (USD) (GDR) *∞ | 4,118 | 0 | ||||||
Surgutneftegas PJSC ∞ | 371,430 | 0 | ||||||
Tatneft PJSC (ADR) *∞ | 2,680 | 0 | ||||||
0 | ||||||||
Saudi Arabia: 0.0% | ||||||||
S-Oil Corp. (KRW) | 820 | 41,665 | ||||||
Singapore: 0.2% | ||||||||
Charoen Pokphand Indonesia Tbk PT (IDR) * | 414,300 | 145,628 | ||||||
First Resources Ltd. | 20,100 | 20,722 | ||||||
Keppel Infrastructure Trust | 47,735 | 18,017 | ||||||
Olam Group Ltd. | 50,509 | 52,067 | ||||||
236,434 | ||||||||
South Africa: 1.2% | ||||||||
African Rainbow Minerals Ltd. | 2,436 | 25,605 | ||||||
Anglo American Platinum Ltd. | 1,060 | 47,738 | ||||||
Anglo American Plc (GBP) | 28,702 | 818,116 | ||||||
Gold Fields Ltd. (ADR) | 16,668 | 230,519 | ||||||
Harmony Gold Mining Co. Ltd. (ADR) | 11,527 | 48,413 | ||||||
Impala Platinum Holdings Ltd. | 15,972 | 106,012 | ||||||
Northam Platinum Holdings Ltd. * | 5,548 | 36,851 | ||||||
Omnia Holdings Ltd. | 9,447 | 30,074 | ||||||
Royal Bafokeng Platinum Ltd. | 1,197 | 7,912 | ||||||
Sasol Ltd. | 11,532 | 142,343 | ||||||
Sibanye Stillwater Ltd. | 52,754 | 81,063 | ||||||
1,574,646 | ||||||||
South Korea: 0.6% | ||||||||
Coway Co. Ltd. | 559 | 18,680 | ||||||
CS Wind Corp. | 247 | 16,269 | ||||||
Hyundai Steel Co. | 1,950 | 50,249 | ||||||
Korea Zinc Co. Ltd. | 203 | 75,401 | ||||||
POSCO Holdings, Inc. | 1,672 | 494,832 | ||||||
SK Innovation Co. Ltd. * | 1,104 | 133,842 | ||||||
SK, Inc. | 707 | 80,198 | ||||||
869,471 | ||||||||
Spain: 1.6% | ||||||||
Atlantica Sustainable Infrastructure Plc (USD) | 693 | 16,244 |
Number of Shares |
Value | |||||||
Spain (continued) | ||||||||
Corp. ACCIONA Energias Renovables SA † | 587 | $ | 19,634 | |||||
Enagas SA † | 4,506 | 88,543 | ||||||
Iberdrola SA | 124,932 | 1,631,163 | ||||||
Repsol SA † | 25,481 | 370,528 | ||||||
2,126,112 | ||||||||
Sweden: 0.8% | ||||||||
Billerud AB | 6,978 | 53,028 | ||||||
Boliden AB | 6,349 | 183,710 | ||||||
Epiroc AB | 12,330 | 233,208 | ||||||
Holmen AB | 2,833 | 101,670 | ||||||
Husqvarna AB † | 23,382 | 211,845 | ||||||
SSAB AB | 14,383 | 99,586 | ||||||
Svenska Cellulosa AB SCA † | 18,685 | 238,162 | ||||||
1,121,209 | ||||||||
Switzerland: 0.1% | ||||||||
Bucher Industries AG | 371 | 164,255 | ||||||
Taiwan: 0.3% | ||||||||
China Steel Corp. | 271,472 | 256,711 | ||||||
Formosa Petrochemical Corp. | 22,920 | 62,132 | ||||||
Sinon Corp. | 22,000 | 25,248 | ||||||
Taiwan Fertilizer Co. Ltd. | 42,200 | 82,101 | ||||||
426,192 | ||||||||
Tanzania: 0.1% | ||||||||
AngloGold Ashanti Ltd. (ADR) | 7,828 | 165,092 | ||||||
Thailand: 0.4% | ||||||||
B Grimm Power PCL (NVDR) | 9,700 | 9,529 | ||||||
Charoen Pokphand Foods PCL (NVDR) | 223,500 | 124,265 | ||||||
PTT Exploration & Production PCL (NVDR) | 27,300 | 115,675 | ||||||
PTT PCL (NVDR) | 272,300 | 257,741 | ||||||
SCG Packaging PCL (NVDR) | 36,100 | 37,994 | ||||||
545,204 | ||||||||
Turkey: 0.2% | ||||||||
Eldorado Gold Corp. (USD) * † | 3,413 | 34,471 | ||||||
Eregli Demir ve Celik Fabrikalari TAS * | 35,055 | 49,655 | ||||||
Gubre Fabrikalari TAS * | 4,561 | 47,655 | ||||||
Hektas Ticaret TAS * | 58,308 | 67,292 | ||||||
Iskenderun Demir ve Celik AS * | 3,477 | 4,621 | ||||||
Koza Altin Isletmeleri AS | 17,914 | 17,149 | ||||||
Turkiye Petrol Rafinerileri AS | 17,488 | 53,663 | ||||||
274,506 | ||||||||
United Kingdom: 6.1% | ||||||||
BP Plc | 335,205 | 1,953,766 | ||||||
Centrica Plc | 110,725 | 174,770 | ||||||
CNH Industrial NV (USD) | 53,515 | 770,616 | ||||||
DS Smith Plc | 41,452 | 143,592 | ||||||
Endeavour Mining Plc (CAD) | 3,451 | 82,803 | ||||||
Genus Plc | 3,675 | 101,385 | ||||||
Kumba Iron Ore Ltd. (ZAR) | 1,313 | 30,743 | ||||||
Mondi Plc | 14,946 | 228,265 | ||||||
Pennon Group Plc | 2,679 | 24,232 |
See Notes to Financial Statements
26 |
Number of Shares |
Value | |||||||
United Kingdom (continued) | ||||||||
Severn Trent Plc | 2,394 | $ | 78,128 | |||||
Shell Plc | 132,759 | 3,964,636 | ||||||
SSE Plc | 21,170 | 496,967 | ||||||
TechnipFMC Plc (USD) * | 8,660 | 143,929 | ||||||
United Utilities Group Plc | 6,907 | 84,545 | ||||||
8,278,377 | ||||||||
United States: 50.0% | ||||||||
A.O. Smith Corp. | 1,261 | 91,776 | ||||||
Advanced Drainage Systems, Inc. | 680 | 77,370 | ||||||
AGCO Corp. | 3,534 | 464,438 | ||||||
Alcoa Corp. | 4,134 | 140,267 | ||||||
Ameresco, Inc. * † | 328 | 15,951 | ||||||
American States Water Co. | 377 | 32,799 | ||||||
American Vanguard Corp. | 1,562 | 27,913 | ||||||
American Water Works Co., Inc. | 2,002 | 285,786 | ||||||
Andersons, Inc. | 1,806 | 83,347 | ||||||
Antero Resources Corp. * | 5,242 | 120,723 | ||||||
APA Corp. | 6,098 | 208,369 | ||||||
Archer-Daniels-Midland Co. | 30,722 | 2,321,354 | ||||||
ATI, Inc. * | 2,972 | 131,452 | ||||||
Atmos Energy Corp. | 2,501 | 290,966 | ||||||
Baker Hughes Co. | 20,083 | 634,824 | ||||||
Boise Cascade Co. | 1,220 | 110,227 | ||||||
Bunge Ltd. | 8,482 | 800,277 | ||||||
California Water Service Group | 573 | 29,584 | ||||||
Cal-Maine Foods, Inc. | 2,304 | 103,680 | ||||||
CF Industries Holdings, Inc. | 11,015 | 764,661 | ||||||
ChampionX Corp. | 3,897 | 120,963 | ||||||
Cheniere Energy, Inc. | 4,757 | 724,777 | ||||||
Chesapeake Energy Corp. † | 2,225 | 186,188 | ||||||
Chevron Corp. | 37,624 | 5,920,136 | ||||||
Chord Energy Corp. | 803 | 123,501 | ||||||
Civitas Resources, Inc. | 1,349 | 93,580 | ||||||
Clearway Energy, Inc. | 832 | 23,762 | ||||||
Cleveland-Cliffs, Inc. * | 11,832 | 198,304 | ||||||
Commercial Metals Co. | 2,700 | 142,182 | ||||||
ConocoPhillips | 24,014 | 2,488,091 | ||||||
Corteva, Inc. | 40,323 | 2,310,508 | ||||||
Coterra Energy, Inc. | 14,749 | 373,150 | ||||||
CVR Partners LP | 362 | 29,206 | ||||||
Darling Ingredients, Inc. * | 8,940 | 570,283 | ||||||
Deere & Co. | 16,814 | 6,812,865 | ||||||
Devon Energy Corp. | 12,653 | 611,646 | ||||||
Diamondback Energy, Inc. | 3,421 | 449,383 | ||||||
Elanco Animal Health, Inc. * | 26,427 | 265,856 | ||||||
EOG Resources, Inc. | 11,574 | 1,324,529 | ||||||
EQT Corp. | 7,117 | 292,722 | ||||||
Essential Utilities, Inc. | 2,720 | 108,555 | ||||||
Exxon Mobil Corp. | 80,177 | 8,598,983 | ||||||
Farmland Partners, Inc. † | 2,689 | 32,833 | ||||||
First Solar, Inc. * | 1,035 | 196,743 | ||||||
FMC Corp. | 7,063 | 736,953 | ||||||
Franklin Electric Co., Inc. | 410 | 42,189 | ||||||
Freeport-McMoRan, Inc. | 33,060 | 1,322,400 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Fresh Del Monte Produce, Inc. | 2,136 | $ | 54,917 | |||||
Graphic Packaging Holding Co. | 9,494 | 228,141 | ||||||
Green Plains, Inc. * | 591 | 19,054 | ||||||
Halliburton Co. | 17,851 | 588,904 | ||||||
Hecla Mining Co. | 10,619 | 54,688 | ||||||
Hess Corp. | 5,511 | 749,220 | ||||||
HF Sinclair Corp. | 3,110 | 138,737 | ||||||
Howmet Aerospace, Inc. | 9,581 | 474,834 | ||||||
Imperial Oil Ltd. | 3,525 | 180,339 | ||||||
Ingredion, Inc. | 3,612 | 382,691 | ||||||
International Paper Co. | 10,732 | 341,385 | ||||||
Itron, Inc. * | 466 | 33,599 | ||||||
Kinder Morgan, Inc. | 38,875 | 669,427 | ||||||
Lindsay Corp. | 621 | 74,110 | ||||||
Louisiana-Pacific Corp. | 2,189 | 164,131 | ||||||
LSB Industries, Inc. * | 2,927 | 28,831 | ||||||
Marathon Oil Corp. | 12,218 | 281,258 | ||||||
Marathon Petroleum Corp. | 8,414 | 981,072 | ||||||
Matador Resources Co. | 2,183 | 114,215 | ||||||
Mission Produce, Inc. * † | 2,388 | 28,943 | ||||||
Mosaic Co. | 18,747 | 656,145 | ||||||
Murphy Oil Corp. | 2,904 | 111,223 | ||||||
Murphy USA, Inc. | 394 | 122,577 | ||||||
National Fuel Gas Co. | 1,741 | 89,418 | ||||||
New Fortress Energy, Inc. † | 1,479 | 39,608 | ||||||
Newmont Corp. | 14,801 | 631,411 | ||||||
NextEra Energy, Inc. | 20,774 | 1,541,431 | ||||||
NiSource, Inc. | 8,169 | 223,422 | ||||||
NOV, Inc. | 7,760 | 124,470 | ||||||
Nucor Corp. | 5,849 | 959,119 | ||||||
Occidental Petroleum Corp. | 17,669 | 1,038,937 | ||||||
ONEOK, Inc. | 8,829 | 544,926 | ||||||
Ormat Technologies, Inc. † | 615 | 49,483 | ||||||
Ovintiv, Inc. † | 4,828 | 183,802 | ||||||
Packaging Corp. of America | 2,744 | 362,647 | ||||||
PDC Energy, Inc. | 1,700 | 120,938 | ||||||
Pentair Plc | 1,695 | 109,497 | ||||||
PG&E Corp. * | 35,932 | 620,905 | ||||||
Phillips 66 | 9,798 | 934,533 | ||||||
Pilgrim’s Pride Corp. * | 2,267 | 48,718 | ||||||
Pioneer Natural Resources Co. | 4,613 | 955,721 | ||||||
Plug Power, Inc. * † | 5,516 | 57,311 | ||||||
PotlatchDeltic Corp. | 2,439 | 128,901 | ||||||
Primo Water Corp. | 1,587 | 19,901 | ||||||
Range Resources Corp. | 4,648 | 136,651 | ||||||
Rayonier, Inc. | 4,589 | 144,095 | ||||||
Reliance Steel & Aluminum Co. | 1,362 | 369,906 | ||||||
Reliance Worldwide Corp. Ltd. (AUD) | 6,967 | 19,142 | ||||||
Royal Gold, Inc. | 1,221 | 140,146 | ||||||
Schlumberger NV | 28,249 | 1,387,591 | ||||||
Scotts Miracle-Gro Co. † | 2,349 | 147,259 | ||||||
Seaboard Corp. | 15 | 53,411 | ||||||
SJW Group | 295 | 20,682 |
See Notes to Financial Statements
27 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
SolarEdge Technologies, Inc. * | 577 | $ | 155,242 | |||||
Southern Co. | 21,605 | 1,517,751 | ||||||
Southwestern Energy Co. * | 19,430 | 116,774 | ||||||
Steel Dynamics, Inc. | 3,711 | 404,239 | ||||||
SunPower Corp. * † | 887 | 8,693 | ||||||
Sylvamo Corp. | 1,117 | 45,183 | ||||||
Targa Resources Corp. | 4,415 | 335,981 | ||||||
Tenaris SA (ADR) | 13,805 | 413,460 | ||||||
The Williams Companies, Inc. | 24,105 | 786,546 | ||||||
Toro Co. | 5,899 | 599,633 | ||||||
Tractor Supply Co. | 6,204 | 1,371,704 | ||||||
Tyson Foods, Inc. | 15,828 | 807,861 | ||||||
UGI Corp. | 4,131 | 111,413 | ||||||
United States Steel Corp. | 5,228 | 130,752 | ||||||
Valero Energy Corp. | 7,147 | 838,343 | ||||||
Vital Farms, Inc. * | 1,448 | 17,362 | ||||||
Watts Water Technologies, Inc. | 278 | 51,077 | ||||||
Westrock Co. | 7,944 | 230,932 | ||||||
Weyerhaeuser Co. | 22,812 | 764,430 | ||||||
Xylem, Inc. | 2,462 | 277,270 | ||||||
67,503,121 | ||||||||
Zambia: 0.2% | ||||||||
First Quantum Minerals Ltd. (CAD) | 12,999 | 307,870 | ||||||
Total Common Stocks (Cost: $128,168,066) |
134,760,898 |
Number of Shares |
Value | |||||||
PREFERRED SECURITIES: 0.1% (Cost: $97,651) |
||||||||
Brazil: 0.1% | ||||||||
Klabin SA | 101,700 | $ | 92,339 | |||||
MASTER LIMITED PARTNERSHIPS: 0.1% | ||||||||
United States: 0.1% | ||||||||
Plains All American Pipeline LP | 8,834 | 124,560 | ||||||
Western Midstream Partners LP | 3,818 | 101,253 | ||||||
Total Master Limited
Partnerships (Cost: $221,747) |
225,813 | |||||||
Total Investments Before Collateral for
Securities Loaned: 100.1% (Cost: $128,487,464) |
135,079,050 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.5% | ||||||||
Money Market Fund: 1.5% (Cost: $2,060,840) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 2,060,840 | 2,060,840 | ||||||
Total Investments: 101.6% (Cost: $130,548,304) |
137,139,890 | |||||||
Liabilities in excess of other assets: (1.6)% | (2,209,810) | |||||||
NET ASSETS: 100.0% | $ | 134,930,080 |
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 |
RUB | Russian Ruble |
SGD | Singapore Dollar |
USD | United States Dollar |
ZAR | South African Rand |
Footnotes: | |
† | Security fully or partially on loan. Total market value of securities on loan is $6,966,285. |
* | Non-income producing |
See Notes to Financial Statements
28 |
∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,345,811, or 1.7% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Energy | 44.5 | % | $ | 60,135,654 | ||||
Materials | 27.0 | 36,533,137 | ||||||
Industrials | 9.0 | 12,136,268 | ||||||
Utilities | 8.3 | 11,142,897 | ||||||
Consumer Staples | 6.2 | 8,389,441 | ||||||
Health Care | 2.6 | 3,455,651 | ||||||
Consumer Discretionary | 1.2 | 1,614,396 | ||||||
Real Estate | 0.8 | 1,070,259 | ||||||
Information Technology | 0.3 | 504,446 | ||||||
Financials | 0.1 | 96,901 | ||||||
100.0 | % | $ | 135,079,050 |
See Notes to Financial Statements
29 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Argentina | $ | 116,291 | $ | — | $ | — | $ | 116,291 | ||||||||
Australia | — | 10,142,131 | — | 10,142,131 | ||||||||||||
Austria | — | 344,841 | — | 344,841 | ||||||||||||
Brazil | 3,917,321 | 326,405 | — | 4,243,726 | ||||||||||||
British Virgin Islands | — | 41,752 | — | 41,752 | ||||||||||||
Canada | 11,219,418 | — | — | 11,219,418 | ||||||||||||
Chile | 827,431 | 23,691 | — | 851,122 | ||||||||||||
China | 22,856 | 2,346,139 | — | 2,368,995 | ||||||||||||
Cyprus | — | — | 0 | 0 | ||||||||||||
Czech Republic | 128,118 | — | — | 128,118 | ||||||||||||
Denmark | — | 620,711 | — | 620,711 | ||||||||||||
Egypt | — | 50,061 | — | 50,061 | ||||||||||||
Finland | — | 1,102,688 | — | 1,102,688 | ||||||||||||
France | 9,514 | 2,898,606 | — | 2,908,120 | ||||||||||||
Germany | — | 4,181,247 | — | 4,181,247 | ||||||||||||
Greece | — | 12,005 | — | 12,005 | ||||||||||||
Hong Kong | — | 60,695 | — | 60,695 | ||||||||||||
Hungary | — | 64,040 | — | 64,040 | ||||||||||||
India | — | 2,112,362 | — | 2,112,362 | ||||||||||||
Indonesia | — | 240,592 | — | 240,592 | ||||||||||||
Ireland | — | 271,162 | — | 271,162 | ||||||||||||
Israel | — | 253,229 | — | 253,229 | ||||||||||||
Italy | — | 879,355 | — | 879,355 | ||||||||||||
Japan | — | 3,001,762 | — | 3,001,762 | ||||||||||||
Kazakhstan | — | 163,141 | — | 163,141 | ||||||||||||
Liechtenstein | — | 145,151 | — | 145,151 | ||||||||||||
Luxembourg | — | 294,015 | — | 294,015 | ||||||||||||
Malaysia | 248,389 | 288,677 | — | 537,066 | ||||||||||||
Mexico | 704,796 | 25,851 | — | 730,647 | ||||||||||||
Netherlands | 182,311 | 123,363 | — | 305,674 | ||||||||||||
Norway | — | 3,231,128 | — | 3,231,128 | ||||||||||||
Peru | 37,698 | — | — | 37,698 | ||||||||||||
Poland | — | 271,783 | — | 271,783 | ||||||||||||
Portugal | — | 196,018 | — | 196,018 | ||||||||||||
Russia | — | — | 0 | 0 | ||||||||||||
Saudi Arabia | — | 41,665 | — | 41,665 | ||||||||||||
Singapore | — | 236,434 | — | 236,434 | ||||||||||||
South Africa | 353,769 | 1,220,877 | — | 1,574,646 | ||||||||||||
South Korea | — | 869,471 | — | 869,471 | ||||||||||||
Spain | 16,244 | 2,109,868 | — | 2,126,112 | ||||||||||||
Sweden | — | 1,121,209 | — | 1,121,209 | ||||||||||||
Switzerland | — | 164,255 | — | 164,255 | ||||||||||||
Taiwan | — | 426,192 | — | 426,192 | ||||||||||||
Tanzania | 165,092 | — | — | 165,092 | ||||||||||||
Thailand | — | 545,204 | — | 545,204 | ||||||||||||
Turkey | 34,471 | 240,035 | — | 274,506 | ||||||||||||
United Kingdom | 997,348 | 7,281,029 | — | 8,278,377 | ||||||||||||
United States | 67,483,979 | 19,142 | — | 67,503,121 | ||||||||||||
Zambia | 307,870 | — | — | 307,870 | ||||||||||||
Preferred Securities * | 92,339 | — | — | 92,339 | ||||||||||||
Master Limited Partnerships * | 225,813 | — | — | 225,813 | ||||||||||||
Money Market Fund | 2,060,840 | — | — | 2,060,840 | ||||||||||||
Total Investments | $ | 89,151,908 | $ | 47,987,982 | $ | 0 | $ | 137,139,890 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
30 |
SCHEDULE OF INVESTMENTS
June 30, 2023 (unaudited)
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Australia: 3.6% | ||||||||
Ampol Ltd. † | 57,407 | $ | 1,145,927 | |||||
Austria: 4.7% | ||||||||
OMV AG | 34,915 | 1,482,296 | ||||||
Finland: 5.7% | ||||||||
Neste Oyj | 46,828 | 1,802,699 | ||||||
Greece: 1.8% | ||||||||
Motor Oil Hellas Corinth Refineries SA | 22,553 | 570,842 | ||||||
Hungary: 4.3% | ||||||||
MOL Hungarian Oil & Gas Plc | 155,696 | 1,361,195 | ||||||
India: 8.4% | ||||||||
Reliance Industries Ltd. (USD) 144A (GDR) | 43,107 | 2,684,481 | ||||||
Japan: 10.6% | ||||||||
Cosmo Energy Holdings Co. Ltd. | 21,900 | 597,544 | ||||||
ENEOS Holdings, Inc. | 426,400 | 1,463,197 | ||||||
Idemitsu Kosan Co. Ltd. | 64,668 | 1,295,411 | ||||||
3,356,152 | ||||||||
Poland: 5.7% | ||||||||
Polski Koncern Naftowy ORLEN SA | 114,892 | 1,822,348 | ||||||
Portugal: 4.7% | ||||||||
Galp Energia SGPS SA | 128,640 | 1,502,997 |
Number of Shares |
Value | |||||||
Saudi Arabia: 1.8% | ||||||||
S-Oil Corp. (KRW) | 11,460 | $ | 582,293 | |||||
South Korea: 6.2% | ||||||||
HD Hyundai Co. Ltd. | 16,081 | 733,953 | ||||||
SK Innovation Co. Ltd. * | 10,257 | 1,243,498 | ||||||
1,977,451 | ||||||||
Taiwan: 4.3% | ||||||||
Formosa Petrochemical Corp. | 505,000 | 1,368,956 | ||||||
Thailand: 2.6% | ||||||||
Bangchak Corp. PCL (NVDR) | 308,300 | 318,107 | ||||||
Thai Oil PCL (NVDR) | 416,900 | 521,626 | ||||||
839,733 | ||||||||
Turkey: 3.0% | ||||||||
Turkiye Petrol Rafinerileri AS | 307,266 | 942,856 | ||||||
United States: 32.6% | ||||||||
Delek US Holdings, Inc. | 14,719 | 352,520 | ||||||
HF Sinclair Corp. | 31,758 | 1,416,724 | ||||||
Marathon Petroleum Corp. | 22,777 | 2,655,798 | ||||||
Par Pacific Holdings, Inc. * | 13,047 | 347,181 | ||||||
PBF Energy, Inc. | 30,805 | 1,261,157 | ||||||
Phillips 66 | 22,508 | 2,146,813 | ||||||
Valero Energy Corp. | 18,604 | 2,182,249 | ||||||
10,362,442 | ||||||||
Total Common Stocks (Cost: $33,306,405) |
31,802,668 | |||||||
Total Investments: 100.0% (Cost: $33,306,405) |
31,802,668 | |||||||
Liabilities in excess of other assets: 0.0% | (11,640) | |||||||
NET ASSETS: 100.0% | $ | 31,791,028 |
Definitions:
GDR | Global Depositary Receipt |
KRW | Korean Won |
NVDR | Non-Voting Depositary Receipt |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $164,702. |
* | 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 $2,684,481, or 8.4% of net assets. |
Summary of Investments by Sector | % of Investments |
Value | ||||||
Energy | 100.0 | % | $ | 31,802,668 |
See Notes to Financial Statements
31 |
VANECK OIL REFINERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 1,145,927 | $ | — | $ | 1,145,927 | ||||||||
Austria | — | 1,482,296 | — | 1,482,296 | ||||||||||||
Finland | — | 1,802,699 | — | 1,802,699 | ||||||||||||
Greece | — | 570,842 | — | 570,842 | ||||||||||||
Hungary | — | 1,361,195 | — | 1,361,195 | ||||||||||||
India | — | 2,684,481 | — | 2,684,481 | ||||||||||||
Japan | — | 3,356,152 | — | 3,356,152 | ||||||||||||
Poland | — | 1,822,348 | — | 1,822,348 | ||||||||||||
Portugal | — | 1,502,997 | — | 1,502,997 | ||||||||||||
Saudi Arabia | — | 582,293 | — | 582,293 | ||||||||||||
South Korea | — | 1,977,451 | — | 1,977,451 | ||||||||||||
Taiwan | — | 1,368,956 | — | 1,368,956 | ||||||||||||
Thailand | 318,107 | 521,626 | — | 839,733 | ||||||||||||
Turkey | — | 942,856 | — | 942,856 | ||||||||||||
United States | 10,362,442 | — | — | 10,362,442 | ||||||||||||
Total Investments | $ | 10,680,549 | $ | 21,122,119 | $ | — | $ | 31,802,668 |
See Notes to Financial Statements
32 |
SCHEDULE OF INVESTMENTS
June 30, 2023 (unaudited)
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Bermuda: 4.4% | ||||||||
Valaris Ltd. (USD) * | 1,528,076 | $ | 96,161,823 | |||||
United Kingdom: 4.9% | ||||||||
TechnipFMC Plc (USD) * | 6,393,795 | 106,264,873 | ||||||
United States: 90.6% | ||||||||
Baker Hughes Co. | 5,931,627 | 187,498,729 | ||||||
Cactus, Inc. | 1,910,779 | 80,864,167 | ||||||
ChampionX Corp. † | 3,682,563 | 114,306,756 | ||||||
Core Laboratories, Inc. † | 700,035 | 16,275,814 | ||||||
Dril-Quip, Inc. * † | 762,113 | 17,734,370 | ||||||
Expro Group Holdings NV * † | 1,878,981 | 33,295,543 | ||||||
Halliburton Co. | 7,354,625 | 242,629,079 | ||||||
Helix Energy Solutions Group, Inc. * | 4,019,541 | 29,664,213 | ||||||
Helmerich & Payne, Inc. † | 2,327,264 | 82,501,509 | ||||||
Liberty Energy, Inc. | 3,837,986 | 51,313,873 | ||||||
Nabors Industries Ltd. * † | 271,436 | 25,251,691 | ||||||
NexTier Oilfield Solutions, Inc. * † | 4,608,744 | 41,202,171 | ||||||
Noble Corp. Plc * | 2,320,181 | 95,846,677 | ||||||
NOV, Inc. | 5,982,074 | 95,952,467 | ||||||
Oceaneering International, Inc. * | 2,518,584 | 47,097,521 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Patterson-UTI Energy, Inc. | 4,964,584 | $ | 59,426,070 | |||||
ProPetro Holding Corp. * | 2,171,091 | 17,889,790 | ||||||
RPC, Inc. | 4,243,052 | 30,337,822 | ||||||
Schlumberger NV | 8,750,011 | 429,800,540 | ||||||
Select Water Solutions, Inc. | 3,409,605 | 27,617,800 | ||||||
Tenaris SA (ADR) † | 3,796,775 | 113,713,411 | ||||||
Transocean Ltd. * † | 14,945,750 | 104,769,708 | ||||||
US Silica Holdings, Inc. * | 1,985,350 | 24,082,295 | ||||||
1,969,072,016 | ||||||||
Total Common Stocks (Cost: $2,395,528,197) |
2,171,498,712 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9% | ||||||||
Money Market Fund: 0.9% (Cost: $18,462,075) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 18,462,075 | 18,462,075 | ||||||
Total Investments: 100.8% (Cost: $2,413,990,272) |
2,189,960,787 | |||||||
Liabilities in excess of other assets: (0.8)% | (18,214,736) | |||||||
NET ASSETS: 100.0% | $ | 2,171,746,051 |
Definitions:
ADR | American Depositary Receipt |
USD | United States Dollar |
Footnotes:
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $151,904,221. |
Summary of
Investments by
Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Oil & Gas Equipment & Services | 78.7 | % | $ | 1,707,541,234 | ||||
Oil & Gas Drilling | 21.3 | 463,957,478 | ||||||
100.0 | % | $ | 2,171,498,712 |
The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks * | $ | 2,171,498,712 | $ | — | $ | — | $ | 2,171,498,712 | ||||||||
Money Market Fund | 18,462,075 | — | — | 18,462,075 | ||||||||||||
Total Investments | $ | 2,189,960,787 | $ | — | $ | — | $ | 2,189,960,787 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
33 |
VANECK RARE EARTH/STRATEGIC METALS ETF
SCHEDULE OF INVESTMENTS
June 30, 2023 (unaudited)
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Australia: 36.9% | ||||||||
Allkem Ltd. * | 3,808,709 | $ | 40,928,283 | |||||
AVZ Minerals Ltd. *∞ | 52,906,510 | 11,093,424 | ||||||
Core Lithium Ltd. * † | 20,719,826 | 12,545,162 | ||||||
Iluka Resources Ltd. | 3,183,134 | 23,684,006 | ||||||
ioneer Ltd. * † | 20,158,225 | 4,599,613 | ||||||
Lake Resources NL * † | 14,677,308 | 2,969,068 | ||||||
Liontown Resources Ltd. * | 17,905,478 | 34,072,030 | ||||||
Lynas Rare Earths Ltd. * † | 6,945,713 | 31,892,581 | ||||||
Pilbara Minerals Ltd. † | 15,683,642 | 51,508,164 | ||||||
Sayona Mining Ltd. * † | 96,443,551 | 11,364,011 | ||||||
224,656,342 | ||||||||
Brazil: 4.2% | ||||||||
Sigma Lithium Corp. (USD) * † | 635,766 | 25,621,370 | ||||||
Canada: 7.7% | ||||||||
Lithium Americas Corp. (USD) * † | 1,279,701 | 25,862,757 | ||||||
Patriot Battery Metals, Inc. * | 1,110,808 | 12,633,788 | ||||||
Standard Lithium Ltd. (USD) * † | 1,884,965 | 8,482,343 | ||||||
46,978,888 | ||||||||
China: 33.0% | ||||||||
Baoji Titanium Industry Co. Ltd. * | 2,967,180 | 13,829,242 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd. | 12,935,112 | 42,735,360 | ||||||
Ganfeng Lithium Group Co. Ltd. (HKD) 144A * † | 3,589,840 | 23,543,820 | ||||||
Jinduicheng Molybdenum Co. Ltd. * | 10,404,465 | 15,969,013 | ||||||
Shenghe Resources Holding Co. Ltd. * | 15,370,687 | 27,261,154 |
Number of Shares |
Value | |||||||
China (continued) | ||||||||
Tianqi Lithium Corp. (HKD) * † | 973,200 | $ | 6,802,041 | |||||
Xiamen Tungsten Co. Ltd. | 9,333,424 | 24,463,967 | ||||||
Zhejiang Huayou Cobalt Co. Ltd. | 7,341,300 | 46,458,002 | ||||||
201,062,599 | ||||||||
France: 1.8% | ||||||||
Eramet SA | 122,775 | 11,227,639 | ||||||
Netherlands: 3.3% | ||||||||
AMG Critical Materials NV | 385,506 | 19,997,633 | ||||||
United States: 13.0% | ||||||||
Livent Corp. * † | 1,149,474 | 31,530,072 | ||||||
MP Materials Corp. * † | 1,147,497 | 26,254,731 | ||||||
Piedmont Lithium, Inc. * † | 170,639 | 9,847,577 | ||||||
Tronox Holdings Plc | 929,413 | 11,812,839 | ||||||
79,445,219 | ||||||||
Total Common Stocks (Cost: $546,007,497) |
608,989,690 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.1% | ||||||||
Money Market Fund: 5.1% (Cost: $31,159,446) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 31,159,446 | 31,159,446 | ||||||
Total Investments: 105.0% (Cost: $577,166,943) |
640,149,136 | |||||||
Liabilities in excess of other assets: (5.0)% | (30,521,040) | |||||||
NET ASSETS: 100.0% | $ | 609,628,096 |
Definitions:
HKD | Hong Kong Dollar |
USD | United States Dollar |
Footnotes:
* | Non-income producing |
∞ | 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. |
† | Security fully or partially on loan. Total market value of securities on loan is $151,388,488. |
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 $23,543,820, or 3.9% of net assets. |
Summary of
Investments by
Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Materials | 100.0 | % | $ | 608,989,690 |
See Notes to Financial Statements
34 |
The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 213,562,918 | $ | 11,093,424 | $ | 224,656,342 | ||||||||
Brazil | 25,621,370 | — | — | 25,621,370 | ||||||||||||
Canada | 46,978,888 | — | — | 46,978,888 | ||||||||||||
China | — | 201,062,599 | — | 201,062,599 | ||||||||||||
France | — | 11,227,639 | — | 11,227,639 | ||||||||||||
Netherlands | — | 19,997,633 | — | 19,997,633 | ||||||||||||
United States | 79,445,219 | — | — | 79,445,219 | ||||||||||||
Money Market Fund | 31,159,446 | — | — | 31,159,446 | ||||||||||||
Total Investments | $ | 183,204,923 | $ | 445,850,789 | $ | 11,093,424 | $ | 640,149,136 |
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2023. Transfers in/out are assessed at the beginning of the year.
Common Stock | |||
Balance as of December 31, 2022 | $ | 22,081,219 | |
Realized gain (loss) | (5,253,560) | ||
Net change in unrealized appreciation (depreciation) | (1,953,138) | ||
Purchases | — | ||
Sales | (3,781,097) | ||
Transfers in/out of level 3 | — | ||
Balance as of June 30, 2023 | $ | 11,093,424 |
The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2023:
Value as of June 30, 2023 |
Valuation Technique |
Unobservable Input Description(1) |
Unobservable Input |
Impact to Valuation from an Increase in Input(2) |
|||||||||||||||
Common Stock | |||||||||||||||||||
$11,093,424 | Transaction | Sales transaction | 100 | % | Increase | ||||||||||||||
Approach | Discount for lack of marketability | 10 | % | Decrease | |||||||||||||||
(1) In determining certain of these inputs, management evaluates a variety of factors including economic condition, industry and market developments, market valuations of comparable companies and company specific developments.
(2) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.
See Notes to Financial Statements
35 |
SCHEDULE OF INVESTMENTS
June 30, 2023 (unaudited)
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Australia: 10.7% | ||||||||
Rio Tinto Plc (ADR) † | 191,718 | $ | 12,239,277 | |||||
Brazil: 19.0% | ||||||||
Cia Siderurgica Nacional SA (ADR) | 1,790,475 | 4,637,330 | ||||||
Gerdau SA (ADR) | 940,418 | 4,908,982 | ||||||
Vale SA (ADR) | 896,853 | 12,035,768 | ||||||
21,582,080 | ||||||||
Canada: 0.7% | ||||||||
Algoma Steel Group, Inc. (USD) † | 113,716 | 807,384 | ||||||
Luxembourg: 4.8% | ||||||||
ArcelorMittal SA (USD) † | 198,800 | 5,435,192 | ||||||
Netherlands: 4.3% | ||||||||
Ternium SA (ADR) | 122,923 | 4,873,897 | ||||||
South Korea: 4.8% | ||||||||
POSCO Holdings, Inc. (ADR) † | 73,575 | 5,440,871 | ||||||
United States: 55.7% | ||||||||
ATI, Inc. * | 128,054 | 5,663,828 | ||||||
Carpenter Technology Corp. | 53,307 | 2,992,122 | ||||||
Cleveland-Cliffs, Inc. * | 305,479 | 5,119,828 | ||||||
Commercial Metals Co. | 105,256 | 5,542,781 | ||||||
Gibraltar Industries, Inc. * | 33,391 | 2,100,962 | ||||||
Nucor Corp. | 50,462 | 8,274,759 | ||||||
Olympic Steel, Inc. | 12,223 | 598,927 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Reliance Steel & Aluminum Co. | 19,648 | $ | 5,336,200 | |||||
Ryerson Holding Corp. | 39,273 | 1,703,663 | ||||||
Schnitzer Steel Industries,Inc. | 29,827 | 894,512 | ||||||
Steel Dynamics, Inc. | 54,523 | 5,939,190 | ||||||
SunCoke Energy, Inc. | 91,923 | 723,434 | ||||||
Tenaris SA (ADR) | 197,885 | 5,926,656 | ||||||
TimkenSteel Corp. * | 48,175 | 1,039,135 | ||||||
United States Steel Corp. | 214,918 | 5,375,099 | ||||||
Warrior Met Coal, Inc. | 57,083 | 2,223,383 | ||||||
Worthington Industries, Inc. | 54,631 | 3,795,215 | ||||||
63,249,694 | ||||||||
Total Common Stocks (Cost: $128,525,614) |
113,628,395 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.8% | ||||||||
Money Market Fund: 6.8% (Cost: $7,730,911) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 7,730,911 | 7,730,911 | ||||||
Total Investments: 106.8% (Cost: $136,256,525) |
121,359,306 | |||||||
Liabilities in excess of other assets: (6.8)% | (7,753,572 | ) | ||||||
NET ASSETS: 100.0% | $ | 113,605,734 |
Definitions: | |
ADR | American Depositary Receipt |
USD | United States Dollar |
Footnotes: | |
† | Security fully or partially on loan. Total market value of securities on loan is $16,734,951. |
* | Non-income producing |
Summary
of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Materials | 92.9 | % | $ | 105,600,777 | ||||
Energy | 5.2 | 5,926,656 | ||||||
Industrials | 1.9 | 2,100,962 | ||||||
100.0 | % | $ | 113,628,395 |
See Notes to Financial Statements
36 |
The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks * | $ | 113,628,395 | $ | — | $ | — | $ | 113,628,395 | ||||||||
Money Market Fund | 7,730,911 | — | — | 7,730,911 | ||||||||||||
Total Investments | $ | 121,359,306 | $ | — | $ | — | $ | 121,359,306 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
37 |
VANECK URANIUM+NUCLEAR ENERGY ETF
SCHEDULE OF INVESTMENTS
June 30, 2023 (unaudited)
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.8% | ||||||||
Australia: 9.4% | ||||||||
Boss Energy Ltd. * † | 852,700 | $ | 1,774,714 | |||||
Deep Yellow Ltd. * | 1,890,000 | 959,485 | ||||||
Paladin Energy Ltd. * | 6,038,157 | 2,967,473 | ||||||
5,701,672 | ||||||||
Canada: 19.0% | ||||||||
Cameco Corp. (USD) † | 129,021 | 4,042,228 | ||||||
Denison Mines Corp. (USD) * † | 2,112,789 | 2,640,986 | ||||||
Fission Uranium Corp. * † | 1,701,085 | 784,177 | ||||||
Global Atomic Corp. * † | 503,391 | 1,133,652 | ||||||
NexGen Energy Ltd. (USD) * † | 616,365 | 2,903,079 | ||||||
11,504,122 | ||||||||
China: 5.5% | ||||||||
CGN Mining Co. Ltd. (HKD) * † | 6,685,000 | 694,681 | ||||||
CGN Power Co. Ltd. (HKD) 144A | 10,990,000 | 2,653,848 | ||||||
3,348,529 | ||||||||
Czech Republic: 5.3% | ||||||||
CEZ AS | 77,590 | 3,206,662 | ||||||
Finland: 5.1% | ||||||||
Fortum Oyj | 228,904 | 3,062,744 | ||||||
Italy: 5.1% | ||||||||
Endesa SA † | 143,049 | 3,073,221 | ||||||
Jersey, Channel Islands: 3.4% | ||||||||
Yellow Cake Plc 144A * † | 397,506 | 2,070,087 | ||||||
Kazakhstan: 4.4% | ||||||||
NAC Kazatomprom JSC (USD) (GDR) | 98,414 | 2,642,416 |
Number of Shares |
Value | |||||||
South Korea: 2.3% | ||||||||
KEPCO Engineering & Construction Co., Inc. | 26,121 | $ | 1,383,902 | |||||
United States: 40.3% | ||||||||
BWX Technologies, Inc. | 41,670 | 2,982,322 | ||||||
Centrus Energy Corp. * | 36,107 | 1,175,644 | ||||||
Constellation Energy Corp. | 52,404 | 4,797,586 | ||||||
Energy Fuels, Inc. * † | 382,189 | 2,384,859 | ||||||
NuScale Power Corp. * | 94,951 | 645,667 | ||||||
PG&E Corp. * | 241,514 | 4,173,362 | ||||||
Public Service Enterprise Group, Inc. | 75,473 | 4,725,365 | ||||||
Uranium Energy Corp. * † | 815,021 | 2,771,071 | ||||||
Ur-Energy, Inc. * † | 683,885 | 718,079 | ||||||
24,373,955 | ||||||||
Total Common
Stocks (Cost: $53,414,518) |
60,367,310 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 10.2% | ||||||||
Money Market Fund: 10.2% (Cost: $6,161,710) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 6,161,710 | 6,161,710 | ||||||
Total Investments: 110.0% (Cost: $59,576,228) |
66,529,020 | |||||||
Liabilities in excess of other assets: (10.0)% | (6,022,384) | |||||||
NET ASSETS: 100.0% | $ | 60,506,636 |
Definitions: | |
GDR | Global Depositary Receipt |
HKD | Hong Kong Dollar |
USD | United States Dollar |
Footnotes: | |
† | Security fully or partially on loan. Total market value of securities on loan is $15,126,709. |
* | Non-income producing |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $4,723,935, or 7.8% of net assets. |
Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Energy | 43.8 | % | $ | 26,458,893 | ||||
Utilities | 42.6 | 25,692,787 | ||||||
Industrials | 11.7 | 7,081,978 | ||||||
Materials | 1.9 | 1,133,652 | ||||||
100.0 | % | $ | 60,367,310 |
See Notes to Financial Statements
38 |
The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 5,701,672 | $ | — | $ | 5,701,672 | ||||||||
Canada | 11,504,122 | — | — | 11,504,122 | ||||||||||||
China | — | 3,348,529 | — | 3,348,529 | ||||||||||||
Czech Republic | 3,206,662 | — | — | 3,206,662 | ||||||||||||
Finland | — | 3,062,744 | — | 3,062,744 | ||||||||||||
Italy | — | 3,073,221 | — | 3,073,221 | ||||||||||||
Jersey, Channel Islands | — | 2,070,087 | — | 2,070,087 | ||||||||||||
Kazakhstan | — | 2,642,416 | — | 2,642,416 | ||||||||||||
South Korea | — | 1,383,902 | — | 1,383,902 | ||||||||||||
United States | 24,373,955 | — | — | 24,373,955 | ||||||||||||
Money Market Fund | 6,161,710 | — | — | 6,161,710 | ||||||||||||
Total Investments | $ | 45,246,449 | $ | 21,282,571 | $ | — | $ | 66,529,020 |
See Notes to Financial Statements
39 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2023 (unaudited)
Agribusiness ETF | Future of Food ETF |
Gold Miners ETF | Green Metals ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 1,097,676,237 | $ | 3,303,391 | $ | 6,125,996,506 | $ | 24,342,748 | ||||||||
Affiliated issuers (3) | — | — | 5,776,243,263 | — | ||||||||||||
Short-term investments held as collateral for securities loaned (4) | 47,253,786 | 129,532 | 44,964,475 | 384,877 | ||||||||||||
Cash | — | 138,599 | 1,205,702 | 2 | ||||||||||||
Cash denominated in foreign currency, at value (5) | 225,714 | — | 9,718,984 | 368,623 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | 57,754,372 | — | ||||||||||||
Dividends and interest | 2,890,321 | 14,525 | 2,623,524 | 15,638 | ||||||||||||
Prepaid expenses | 2,290 | — | 21,050 | — | ||||||||||||
Total assets | 1,148,048,348 | 3,586,047 | 12,018,527,876 | 25,111,888 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Shares of beneficial interest redeemed | — | — | 57,756,928 | — | ||||||||||||
Collateral for securities loaned | 47,253,786 | 129,532 | 44,964,475 | 384,877 | ||||||||||||
Line of credit | 1,376,855 | — | — | 353,373 | ||||||||||||
Due to Adviser | 447,847 | 1,937 | 5,121,233 | 12,110 | ||||||||||||
Due to custodian | 924 | 9,098 | — | — | ||||||||||||
Deferred Trustee fees | 597,540 | — | 1,441,545 | — | ||||||||||||
Accrued expenses | 170,425 | — | 188,324 | 141 | ||||||||||||
Total liabilities | 49,847,377 | 140,567 | 109,472,505 | 750,501 | ||||||||||||
NET ASSETS | $ | 1,098,200,971 | $ | 3,445,480 | $ | 11,909,055,371 | $ | 24,361,387 | ||||||||
Shares outstanding | 13,450,000 | 200,000 | 396,452,500 | 900,000 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 81.65 | $ | 17.23 | $ | 30.04 | $ | 27.07 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 2,024,922,721 | $ | 4,418,225 | $ | 23,334,188,897 | $ | 31,307,497 | ||||||||
Total distributable earnings (loss) | (926,721,750 | ) | (972,745 | ) | (11,425,133,526 | ) | (6,946,110 | ) | ||||||||
NET ASSETS | $ | 1,098,200,971 | $ | 3,445,480 | $ | 11,909,055,371 | $ | 24,361,387 | ||||||||
(1) Value of securities on loan | $ | 47,671,200 | $ | 140,439 | $ | 80,701,201 | $ | 830,302 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 1,269,499,543 | $ | 4,121,540 | $ | 5,912,381,012 | $ | 29,784,565 | ||||||||
(3) Cost of investments - Affiliated issuers | $ | — | $ | — | $ | 6,234,689,803 | $ | — | ||||||||
(4) Cost of short-term investments held as collateral for securities loaned | $ | 47,253,786 | $ | 129,532 | $ | 44,964,475 | $ | 384,877 | ||||||||
(5) Cost of cash denominated in foreign currency | $ | 230,741 | $ | — | $ | 9,718,691 | $ | 367,181 |
See Notes to Financial Statements
40 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2023 (unaudited)
Junior Gold Miners ETF |
Low Carbon Energy ETF |
Natural Resources ETF |
Oil Refiners ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 3,529,219,493 | $ | 201,013,882 | $ | 135,079,050 | $ | 31,802,668 | ||||||||
Affiliated issuers (3) | 251,466,013 | — | — | — | ||||||||||||
Short-term investments held as collateral for securities loaned (4) | 83,919,759 | 11,021,593 | 2,060,840 | — | ||||||||||||
Cash | 6,631,841 | — | — | 332 | ||||||||||||
Cash denominated in foreign currency, at value (5) | 633,377 | 1,782,472 | 434,283 | 371 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | 7,211,089 | — | ||||||||||||
Due from Adviser | — | — | — | 4,873 | ||||||||||||
Dividends and interest | 962,956 | 424,546 | 364,835 | 136,328 | ||||||||||||
Prepaid expenses | 6,945 | 440 | — | 46 | ||||||||||||
Total assets | 3,872,840,384 | 214,242,933 | 145,150,097 | 31,944,618 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 107,105 | — | — | — | ||||||||||||
Shares of beneficial interest redeemed | — | — | 7,228,404 | — | ||||||||||||
Collateral for securities loaned | 83,919,759 | 11,021,593 | 2,060,840 | — | ||||||||||||
Line of credit | — | 2,095,378 | 765,152 | 105,715 | ||||||||||||
Due to Adviser | 1,606,760 | 81,687 | 56,589 | — | ||||||||||||
Due to custodian | — | 13,979 | 29,497 | — | ||||||||||||
Deferred Trustee fees | 377,251 | 19,301 | 14,855 | 996 | ||||||||||||
Accrued expenses | 358,913 | 109,557 | 64,680 | 46,879 | ||||||||||||
Total liabilities | 86,369,788 | 13,341,495 | 10,220,017 | 153,590 | ||||||||||||
NET ASSETS | $ | 3,786,470,596 | $ | 200,901,438 | $ | 134,930,080 | $ | 31,791,028 | ||||||||
Shares outstanding | 106,587,446 | 1,633,298 | 2,800,000 | 1,050,000 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 35.52 | $ | 123.00 | $ | 48.19 | $ | 30.28 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 9,364,535,094 | $ | 287,657,175 | $ | 177,028,680 | $ | 43,664,140 | ||||||||
Total distributable earnings (loss) | (5,578,064,498 | ) | (86,755,737 | ) | (42,098,600 | ) | (11,873,112 | ) | ||||||||
NET ASSETS | $ | 3,786,470,596 | $ | 200,901,438 | $ | 134,930,080 | $ | 31,791,028 | ||||||||
(1) Value of securities on loan | $ | 202,070,631 | $ | 20,519,016 | $ | 6,966,285 | $ | 164,702 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 4,241,493,282 | $ | 222,263,656 | $ | 128,487,464 | $ | 33,306,405 | ||||||||
(3) Cost of investments - Affiliated issuers | $ | 188,785,026 | $ | — | $ | — | $ | — | ||||||||
(4) Cost of short-term investments held as collateral for securities loaned | $ | 83,919,759 | $ | 11,021,593 | $ | 2,060,840 | $ | — | ||||||||
(5) Cost of cash denominated in foreign currency | $ | 638,779 | $ | 1,781,142 | $ | 435,177 | $ | 371 |
See Notes to Financial Statements
41 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2023 (unaudited)
Oil Services ETF | Rare Earth/ Strategic Metals ETF |
Steel ETF | Uranium+Nuclear Energy ETF |
|||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 2,171,498,712 | $ | 608,989,690 | $ | 113,628,395 | $ | 60,367,310 | ||||||||
Short-term investments held as collateral for securities loaned (3) | 18,462,075 | 31,159,446 | 7,730,911 | 6,161,710 | ||||||||||||
Cash | 4,487 | 13,746 | 346,319 | — | ||||||||||||
Cash denominated in foreign currency, at value (4) | — | 1,231,301 | — | 314 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | 3,469,417 | — | ||||||||||||
Shares of beneficial interest sold | 14,381,356 | — | — | — | ||||||||||||
Dividends and interest | 2,471,985 | 443,540 | 68,877 | 789,379 | ||||||||||||
Prepaid expenses | — | 1,554 | 208 | 62 | ||||||||||||
Total assets | 2,206,818,615 | 641,839,277 | 125,244,127 | 67,318,775 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 14,381,486 | — | 3,778,992 | — | ||||||||||||
Collateral for securities loaned | 18,462,075 | 31,159,446 | 7,730,911 | 6,161,710 | ||||||||||||
Line of credit | 1,404,252 | 605,334 | — | 577,580 | ||||||||||||
Due to Adviser | 613,746 | 253,378 | 36,449 | 11,488 | ||||||||||||
Due to custodian | — | — | — | 630 | ||||||||||||
Deferred Trustee fees | 206,442 | 26,183 | 20,871 | 13,557 | ||||||||||||
Accrued expenses | 4,563 | 166,840 | 71,170 | 47,174 | ||||||||||||
Total liabilities | 35,072,564 | 32,211,181 | 11,638,393 | 6,812,139 | ||||||||||||
NET ASSETS | $ | 2,171,746,051 | $ | 609,628,096 | $ | 113,605,734 | $ | 60,506,636 | ||||||||
Shares outstanding | 7,550,543 | 7,324,987 | 1,775,000 | 1,016,632 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 287.63 | $ | 83.23 | $ | 64.00 | $ | 59.52 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 4,258,859,373 | $ | 879,190,031 | $ | 288,160,297 | $ | 137,241,301 | ||||||||
Total distributable earnings (loss) | (2,087,113,322 | ) | (269,561,935 | ) | (174,554,563 | ) | (76,734,665 | ) | ||||||||
NET ASSETS | $ | 2,171,746,051 | $ | 609,628,096 | $ | 113,605,734 | $ | 60,506,636 | ||||||||
(1) Value of securities on loan | $ | 151,904,221 | $ | 151,388,488 | $ | 16,734,951 | $ | 15,126,709 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 2,395,528,197 | $ | 546,007,497 | $ | 128,525,614 | $ | 53,414,518 | ||||||||
(3) Cost of short-term investments held as collateral for securities loaned | $ | 18,462,075 | $ | 31,159,446 | $ | 7,730,911 | $ | 6,161,710 | ||||||||
(4) Cost of cash denominated in foreign currency | $ | — | $ | 1,235,989 | $ | — | $ | 314 |
See Notes to Financial Statements
42 |
VANECK ETF TRUST
For the Period Ended June 30, 2023 (unaudited)
Agribusiness ETF | Future of Food ETF |
Gold Miners ETF | Green Metals ETF |
|||||||||||||
Income: | ||||||||||||||||
Dividends - unaffiliated issuers | $ | 23,836,198 | $ | 50,644 | $ | 74,539,276 | $ | 459,871 | ||||||||
Dividends - affiliated issuers | — | — | 61,418,588 | — | ||||||||||||
Interest | 3,519 | 3,680 | 78,757 | 261 | ||||||||||||
Securities lending income | 1,178,894 | 9,994 | 396,317 | 4,356 | ||||||||||||
Foreign taxes withheld | (1,550,184 | ) | (6,023 | ) | (11,852,964 | ) | (30,018 | ) | ||||||||
Total income | 23,468,427 | 58,295 | 124,579,974 | 434,470 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 3,090,882 | 11,639 | 32,471,255 | 74,342 | ||||||||||||
Professional fees | 25,374 | — | 32,609 | — | ||||||||||||
Custody and accounting fees | 83,545 | — | 192,781 | — | ||||||||||||
Reports to shareholders | 51,823 | — | 242,575 | — | ||||||||||||
Trustees’ fees and expenses | 21,945 | — | 170,246 | — | ||||||||||||
Registration fees | 2,950 | — | 9,910 | — | ||||||||||||
Insurance | 13,891 | — | 64,792 | — | ||||||||||||
Interest and taxes | 39,311 | 597 | 268,264 | 10,093 | ||||||||||||
Other | 2,057 | — | 28,154 | — | ||||||||||||
Total expenses | 3,331,778 | 12,236 | 33,480,586 | 84,435 | ||||||||||||
Net investment income | 20,136,649 | 46,059 | 91,099,388 | 350,035 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments - unaffiliated issuers | (21,857,770 | ) | (105,139 | ) | (87,877,860 | ) | (626,840 | ) | ||||||||
Investments - affiliated issuers | — | — | 28,474,378 | — | ||||||||||||
In-kind redemptions - unaffiliated issuers | 32,196,998 | — | 360,821,813 | — | ||||||||||||
In-kind redemptions - affiliated issuers | — | — | 348,550,974 | — | ||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (69,013 | ) | 609 | (513,631 | ) | (80,350 | ) | |||||||||
Net realized gain (loss) | 10,270,215 | (104,530 | ) | 649,455,674 | (707,190 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments - unaffiliated issuers | (90,640,510 | ) | (149,120 | ) | (187,308,453 | ) | (1,231,433 | ) | ||||||||
Investments - affiliated issuers | — | — | 26,364,418 | — | ||||||||||||
Foreign currency translations and foreign denominated assets and liabilities | (27,122 | ) | (44 | ) | 5,345 | 94,669 | ||||||||||
Net change in unrealized appreciation (depreciation) | (90,667,632 | ) | (149,164 | ) | (160,938,690 | ) | (1,136,764 | ) | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (60,260,768 | ) | $ | (207,635 | ) | $ | 579,616,372 | $ | (1,493,919 | ) |
See Notes to Financial Statements
43 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended June 30, 2023 (unaudited)
Junior Gold Miners ETF |
Low Carbon Energy ETF |
Natural Resources ETF |
Oil Refiners ETF | |||||||||||||
Income: | ||||||||||||||||
Dividends - unaffiliated issuers | $ | 19,731,470 | $ | 1,940,412 | $ | 2,832,521 | $ | 823,955 | ||||||||
Dividends - affiliated issuers | 778,457 | — | — | — | ||||||||||||
Interest | 173,849 | 3,183 | 73 | 934 | ||||||||||||
Securities lending income | 958,589 | 359,207 | 33,414 | 819 | ||||||||||||
Foreign taxes withheld | (2,151,283 | ) | (167,198 | ) | (168,489 | ) | (86,784 | ) | ||||||||
Total income | 19,491,082 | 2,135,604 | 2,697,519 | 738,924 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 9,959,015 | 503,110 | 334,747 | 90,079 | ||||||||||||
Professional fees | 24,519 | 20,472 | — | 22,034 | ||||||||||||
Custody and accounting fees | 208,061 | 44,150 | — | 39,323 | ||||||||||||
Reports to shareholders | 76,828 | 15,472 | — | 5,765 | ||||||||||||
Trustees’ fees and expenses | 51,390 | 2,393 | — | 792 | ||||||||||||
Registration fees | 6,329 | 2,950 | — | 2,950 | ||||||||||||
Insurance | 27,586 | 3,690 | — | 1,976 | ||||||||||||
Interest | 98,042 | 56,619 | 18,041 | 5,284 | ||||||||||||
Other | 5,381 | 2,540 | — | 323 | ||||||||||||
Total expenses | 10,457,151 | 651,396 | 352,788 | 168,526 | ||||||||||||
Waiver of management fees | — | — | — | (56,949 | ) | |||||||||||
Net expenses | 10,457,151 | 651,396 | 352,788 | 111,577 | ||||||||||||
Net investment income | 9,033,931 | 1,484,208 | 2,344,731 | 627,347 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments - unaffiliated issuers | (118,033,218 | ) | (6,906,105 | ) | (2,782,556 | ) | (722,337 | ) | ||||||||
Investments - affiliated issuers | 763,612 | — | — | — | ||||||||||||
In-kind redemptions - unaffiliated issuers | 45,565,808 | 4,368,597 | 5,840,940 | 544,870 | ||||||||||||
In-kind redemptions - affiliated issuers | 5,035,113 | — | — | — | ||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (175,292 | ) | 53,334 | 1,577 | (11,526 | ) | ||||||||||
Net realized gain (loss) | (66,843,977 | ) | (2,484,174 | ) | 3,059,961 | (188,993 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments - unaffiliated issuers | 18,052,348 | 21,667,795 | (7,389,579 | ) | (1,527,923 | ) | ||||||||||
Investments - affiliated issuers | 19,977,712 | — | — | — | ||||||||||||
Foreign currency translations and foreign denominated assets and liabilities | (8,469 | ) | (5,913 | ) | (1,353 | ) | 1,756 | |||||||||
Net change in unrealized appreciation (depreciation) | 38,021,591 | 21,661,882 | (7,390,932 | ) | (1,526,167 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (19,788,455 | ) | $ | 20,661,916 | $ | (1,986,240 | ) | $ | (1,087,813 | ) |
See Notes to Financial Statements
44 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended June 30, 2023 (unaudited)
Oil Services ETF | Rare Earth/ Strategic Metals ETF |
Steel ETF | Uranium+ Nuclear Energy ETF |
|||||||||||||
Income: | ||||||||||||||||
Dividends | $ | 18,267,956 | $ | 3,742,645 | $ | 2,391,843 | $ | 1,249,598 | ||||||||
Interest | 12,776 | 6,365 | 1,807 | 1,249 | ||||||||||||
Securities lending income | 98,496 | 2,295,236 | 28,257 | 49,966 | ||||||||||||
Foreign taxes withheld | (1,466 | ) | (211,090 | ) | (58,349 | ) | (146,241 | ) | ||||||||
Total income | 18,377,762 | 5,833,156 | 2,363,558 | 1,154,572 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 4,140,705 | 1,600,288 | 300,545 | 143,678 | ||||||||||||
Professional fees | — | 21,450 | 18,962 | 21,292 | ||||||||||||
Custody and accounting fees | — | 84,275 | 16,519 | 32,219 | ||||||||||||
Reports to shareholders | — | 45,673 | 10,216 | 6,818 | ||||||||||||
Trustees’ fees and expenses | — | 9,757 | 1,056 | 838 | ||||||||||||
Registration fees | — | 2,950 | 2,950 | 2,950 | ||||||||||||
Insurance | — | 7,766 | 2,298 | 1,077 | ||||||||||||
Interest | 43,943 | 42,677 | 6,905 | 3,588 | ||||||||||||
Other | — | 5,142 | 141 | 108 | ||||||||||||
Total expenses | 4,184,648 | 1,819,978 | 359,592 | 212,568 | ||||||||||||
Waiver of management fees | — | — | (22,087 | ) | (36,567 | ) | ||||||||||
Net expenses | 4,184,648 | 1,819,978 | 337,505 | 176,001 | ||||||||||||
Net investment income | 14,193,114 | 4,013,178 | 2,026,053 | 978,571 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (72,023,261 | ) | (4,696,790 | ) | (1,870,489 | ) | (427,528 | ) | ||||||||
In-kind redemptions | 210,847,050 | 26,665,824 | 3,758,990 | 964,077 | ||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | — | (104,508 | ) | — | (8,289 | ) | ||||||||||
Net realized gain | 138,823,789 | 21,864,526 | 1,888,501 | 528,260 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments - unaffiliated issuers | (288,335,233 | ) | 36,541,720 | 1,644,464 | 3,275,860 | |||||||||||
Investments - affiliated issuers | (20,931,349 | ) | — | — | — | |||||||||||
Foreign currency translations and foreign denominated assets and liabilities | — | (13,229 | ) | — | (209 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (309,266,582 | ) | 36,528,491 | 1,644,464 | 3,275,651 | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (156,249,679 | ) | $ | 62,406,195 | $ | 5,559,018 | $ | 4,782,482 |
See Notes to Financial Statements
45 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Agribusiness ETF | Future of Food ETF | |||||||||||||||
Period Ended June 30, 2023 |
Year Ended December 31, 2022 |
Period Ended June 30, 2023 |
Year Ended December 31, 2022 |
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 20,136,649 | $ | 27,997,715 | $ | 46,059 | $ | 37,285 | ||||||||
Net realized gain (loss) | 10,270,215 | 91,786,465 | (104,530 | ) | (97,107 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (90,667,632 | ) | (320,314,104 | ) | (149,164 | ) | (703,908 | ) | ||||||||
Net decrease in net assets resulting from operations | (60,260,768 | ) | (200,529,924 | ) | (207,635 | ) | (763,730 | ) | ||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | — | (28,899,290 | ) | — | (38,400 | ) | ||||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | — | 815,012,259 | 955,231 | 1,030,333 | ||||||||||||
Cost of shares redeemed | (182,561,270 | ) | (427,267,809 | ) | — | — | ||||||||||
Increase (decrease) in net assets resulting from share transactions | (182,561,270 | ) | 387,744,450 | 955,231 | 1,030,333 | |||||||||||
Total increase (decrease) in net assets | (242,822,038 | ) | 158,315,236 | 747,596 | 228,203 | |||||||||||
Net Assets, beginning of period | 1,341,023,009 | 1,182,707,773 | 2,697,884 | 2,469,681 | ||||||||||||
Net Assets, end of period | $ | 1,098,200,971 | $ | 1,341,023,009 | $ | 3,445,480 | $ | 2,697,884 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | — | 8,000,000 | 50,000 | 50,000 | ||||||||||||
Shares redeemed | (2,150,000 | ) | (4,800,000 | ) | — | — | ||||||||||
Net increase (decrease) | (2,150,000 | ) | 3,200,000 | 50,000 | 50,000 |
See Notes to Financial Statements
46 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Gold Miners ETF | Green Metals ETF | |||||||||||||||
Period Ended June 30, 2023 |
Year Ended December 31, 2022 |
Period Ended June 30, 2023 |
Year Ended December 31, 2022 |
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 91,099,388 | $ | 194,459,737 | $ | 350,035 | $ | 531,803 | ||||||||
Net realized gain (loss) | 649,455,674 | (35,147,047 | ) | (707,190 | ) | (981,419 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (160,938,690 | ) | (1,357,895,743 | ) | (1,136,764 | ) | (4,556,176 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | 579,616,372 | (1,198,583,053 | ) | (1,493,919 | ) | (5,005,792 | ) | |||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | — | (197,981,341 | ) | — | (580,000 | ) | ||||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 1,609,036,692 | 3,035,577,589 | 3,264,880 | 14,040,492 | ||||||||||||
Cost of shares redeemed | (2,213,641,291 | ) | (2,978,056,133 | ) | — | (1,560,818 | ) | |||||||||
Increase (decrease) in net assets resulting from share transactions | (604,604,599 | ) | 57,521,456 | 3,264,880 | 12,479,674 | |||||||||||
Total increase (decrease) in net assets | (24,988,227 | ) | (1,339,042,938 | ) | 1,770,961 | 6,893,882 | ||||||||||
Net Assets, beginning of period | 11,934,043,598 | 13,273,086,536 | 22,590,426 | 15,696,544 | ||||||||||||
Net Assets, end of period | $ | 11,909,055,371 | $ | 11,934,043,598 | $ | 24,361,387 | $ | 22,590,426 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 51,900,000 | 102,100,000 | 100,000 | 400,000 | ||||||||||||
Shares redeemed | (71,450,000 | ) | (100,900,000 | ) | — | (50,000 | ) | |||||||||
Net increase (decrease) | (19,550,000 | ) | 1,200,000 | 100,000 | 350,000 |
See Notes to Financial Statements
47 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Junior Gold Miners ETF | Low Carbon Energy ETF | |||||||||||||||
Period Ended June 30, 2023 |
Year Ended December 31, 2022 |
Period Ended June 30, 2023 |
Year Ended December 31, 2022 |
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 9,033,931 | $ | 24,814,522 | $ | 1,484,208 | $ | 2,650,521 | ||||||||
Net realized loss | (66,843,977 | ) | (171,074,964 | ) | (2,484,174 | ) | (7,306,893 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 38,021,591 | (486,420,375 | ) | 21,661,882 | (81,994,860 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | (19,788,455 | ) | (632,680,817 | ) | 20,661,916 | (86,651,232 | ) | |||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | — | (19,233,209 | ) | — | (2,600,048 | ) | ||||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 291,251,529 | 674,457,723 | 5,969,931 | — | ||||||||||||
Cost of shares redeemed | (222,003,550 | ) | (780,321,178 | ) | (23,880,402 | ) | (13,347,688 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | 69,247,979 | (105,863,455 | ) | (17,910,471 | ) | (13,347,688 | ) | |||||||||
Total increase (decrease) in net assets | 49,459,524 | (757,777,481 | ) | 2,751,445 | (102,598,968 | ) | ||||||||||
Net Assets, beginning of period | 3,737,011,072 | 4,494,788,553 | 198,149,993 | 300,748,961 | ||||||||||||
Net Assets, end of period | $ | 3,786,470,596 | $ | 3,737,011,072 | $ | 200,901,438 | $ | 198,149,993 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 7,600,000 | 19,250,000 | 50,000 | — | ||||||||||||
Shares redeemed | (5,900,000 | ) | (21,700,000 | ) | (200,000 | ) | (100,000 | ) | ||||||||
Net increase (decrease) | 1,700,000 | (2,450,000 | ) | (150,000 | ) | (100,000 | ) |
See Notes to Financial Statements
48 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Natural Resources ETF | Oil Refiners ETF | |||||||||||||||
Period Ended June 30, 2023 |
Year Ended December 31, 2022 |
Period Ended June 30, 2023 |
Year Ended December 31, 2022 |
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 2,344,731 | $ | 4,585,616 | $ | 627,347 | $ | 1,230,395 | ||||||||
Net realized gain (loss) | 3,059,961 | (79,726 | ) | (188,993 | ) | 62,100 | ||||||||||
Net change in unrealized appreciation (depreciation) | (7,390,932 | ) | (2,081,912 | ) | (1,526,167 | ) | (745,083 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | (1,986,240 | ) | 2,423,978 | (1,087,813 | ) | 547,412 | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | — | (4,599,900 | ) | — | (1,200,000 | ) | ||||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 14,006,011 | 74,958,129 | — | 41,125,018 | ||||||||||||
Cost of shares redeemed | (19,773,184 | ) | (27,346,895 | ) | (6,112,874 | ) | (21,154,594 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | (5,767,173 | ) | 47,611,234 | (6,112,874 | ) | 19,970,424 | ||||||||||
Total increase (decrease) in net assets | (7,753,413 | ) | 45,435,312 | (7,200,687 | ) | 19,317,836 | ||||||||||
Net Assets, beginning of period | 142,683,493 | 97,248,181 | 38,991,715 | 19,673,879 | ||||||||||||
Net Assets, end of period | $ | 134,930,080 | $ | 142,683,493 | $ | 31,791,028 | $ | 38,991,715 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 300,000 | 1,450,000 | — | 1,250,000 | ||||||||||||
Shares redeemed | (400,000 | ) | (600,000 | ) | (200,000 | ) | (725,000 | ) | ||||||||
Net increase (decrease) | (100,000 | ) | 850,000 | (200,000 | ) | 525,000 |
See Notes to Financial Statements
49 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Oil Services ETF | Rare Earth/Strategic Metals ETF | |||||||||||||||
Period Ended June 30, 2023 |
Year Ended December 31, 2022 |
Period Ended June 30, 2023 |
Year Ended December 31, 2022 |
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 14,193,114 | $ | 23,646,493 | $ | 4,013,178 | $ | 5,943,123 | ||||||||
Net realized gain | 138,823,789 | 588,746,639 | 21,864,526 | 25,061,182 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (309,266,582 | ) | 532,821,388 | 36,528,491 | (338,277,114 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | (156,249,679 | ) | 1,145,214,520 | 62,406,195 | (307,272,809 | ) | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | — | (23,400,039 | ) | — | (9,819,927 | ) | ||||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 2,692,584,145 | 4,621,472,112 | 24,158,949 | 149,331,401 | ||||||||||||
Cost of shares redeemed | (2,948,975,885 | ) | (5,302,018,149 | ) | (108,144,016 | ) | (214,892,139 | ) | ||||||||
Decrease in net assets resulting from share transactions | (256,391,740 | ) | (680,546,037 | ) | (83,985,067 | ) | (65,560,738 | ) | ||||||||
Total increase (decrease) in net assets | (412,641,419 | ) | 441,268,444 | (21,578,872 | ) | (382,653,474 | ) | |||||||||
Net Assets, beginning of period | 2,584,387,470 | 2,143,119,026 | 631,206,968 | 1,013,860,442 | ||||||||||||
Net Assets, end of period | $ | 2,171,746,051 | $ | 2,584,387,470 | $ | 609,628,096 | $ | 631,206,968 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 9,300,000 | 17,300,000 | 300,000 | 1,500,000 | ||||||||||||
Shares redeemed | (10,250,000 | ) | (20,400,000 | ) | (1,250,000 | ) | (2,300,000 | ) | ||||||||
Net decrease | (950,000 | ) | (3,100,000 | ) | (950,000 | ) | (800,000 | ) |
See Notes to Financial Statements
50 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Steel ETF | Uranium+Nuclear Energy ETF | |||||||||||||||
Period Ended June 30, 2023 |
Year Ended December 31, 2022 |
Period Ended June 30, 2023 |
Year Ended December 31, 2022 |
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 2,026,053 | $ | 5,167,089 | $ | 978,571 | $ | 744,394 | ||||||||
Net realized gain (loss) | 1,888,501 | (2,138,152 | ) | 528,260 | 1,597,739 | |||||||||||
Net change in unrealized appreciation (depreciation) | 1,644,464 | 3,726,233 | 3,275,651 | (941,706 | ) | |||||||||||
Net increase in net assets resulting from operations | 5,559,018 | 6,755,170 | 4,782,482 | 1,400,427 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | — | (5,238,962 | ) | — | (1,100,017 | ) | ||||||||||
Return of capital | — | (11,016 | ) | — | — | |||||||||||
Total distributions | — | (5,249,978 | ) | — | (1,100,017 | ) | ||||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 63,015,007 | 82,321,434 | 4,144,110 | 24,539,686 | ||||||||||||
Cost of shares redeemed | (54,665,470 | ) | (95,953,186 | ) | (2,901,841 | ) | (5,585,128 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | 8,349,537 | (13,631,752 | ) | 1,242,269 | 18,954,558 | |||||||||||
Total increase (decrease) in net assets | 13,908,555 | (12,126,560 | ) | 6,024,751 | 19,254,968 | |||||||||||
Net Assets, beginning of period | 99,697,179 | 111,823,739 | 54,481,885 | 35,226,917 | ||||||||||||
Net Assets, end of period | $ | 113,605,734 | $ | 99,697,179 | $ | 60,506,636 | $ | 54,481,885 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 950,000 | 1,300,000 | 75,000 | 450,000 | ||||||||||||
Shares redeemed | (900,000 | ) | (1,675,000 | ) | (50,000 | ) | (100,000 | ) | ||||||||
Net increase (decrease) | 50,000 | (375,000 | ) | 25,000 | 350,000 |
See Notes to Financial Statements
51 |
VANECK ETF TRUST
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Not Annualized |
(d) | Annualized |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
52 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | For the period December 1, 2021 (commencement of operations) through December 31, 2021. |
(b) | Calculated based upon average shares outstanding |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Not Annualized |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
53 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Not Annualized |
(d) | Annualized |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
54 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | For the period November 10, 2021 (commencement of operations) through December 31, 2021. |
(b) | Calculated based upon average shares outstanding |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Not Annualized |
(e) | Annualized |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
55 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Not Annualized |
(d) | Annualized |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
56 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Not Annualized |
(d) | Annualized |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
57 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Not Annualized |
(e) | Periods after December 31, 2021 reflect a unitary management fee structure. |
(f) | Annualized |
(g) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
58 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Not Annualized |
(d) | Annualized |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
59 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | On April 15, 2020, the Fund effected a 1 for 20 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split. |
(b) | Calculated based upon average shares outstanding |
(c) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
(d) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(e) | Not Annualized |
(f) | Periods after December 31, 2021 reflect a unitary management fee structure. |
(g) | Annualized |
(h) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
60 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split. |
(b) | Calculated based upon average shares outstanding |
(c) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
(d) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(e) | Not Annualized |
(f) | Annualized |
(g) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
61 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Not Annualized |
(d) | Annualized |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
62 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Not Annualized |
(d) | Annualized |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
63 |
VANECK ETF TRUST
June 30, 2023 (unaudited)
Note 1—Fund Organization—VanEck ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
Fund | Diversification Classification |
Agribusiness ETF | Non-Diversified |
Future of Food ETF | Non-Diversified |
Gold Miners ETF | Non-Diversified |
Green Metals ETF | Non-Diversified |
Junior Gold Miners ETF | Non-Diversified |
Low Carbon Energy ETF | Non-Diversified |
Natural Resources ETF | Diversified |
Oil Refiners ETF | Non-Diversified |
Oil Services ETF | Non-Diversified |
Rare Earth/Strategic Metals ETF | Non-Diversified |
Steel ETF | Non-Diversified |
Uranium+Nuclear Energy ETF | Non-Diversified |
Each Fund’s investment objective (except for Future of Food ETF) is to replicate as closely as possible, before fees and expenses, the price and yield performance of its index which are listed in the table below.
Fund | Index |
Agribusiness ETF | MVIS® Global Agribusiness Index |
Gold Miners ETF | NYSE® Arca® Gold Miners Index® |
Green Metals ETF | MVIS® Global Clean-Tech Metals Index |
Junior Gold Miners ETF | MVIS® Global Junior Gold Miners Index |
Low Carbon Energy ETF | MVIS Global Low Carbon Energy Index |
Natural Resources ETF | VanEck® Natural Resources Index |
Oil Refiners ETF | MVIS® Global Oil Refiners Index |
Oil Services ETF | MVIS® US Listed Oil Services 25 Index |
Rare Earth/Strategic Metals ETF | MVIS® Global Rare Earth/Strategic Metals Index |
Steel ETF | NYSE® Arca® Steel Index |
Uranium+Nuclear Energy ETF | MVIS® Global Uranium & Nuclear Energy Index |
Each Fund, except for Future of Food ETF, was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index. The Future of Food ETF is an actively managed ETF that seeks long-term capital appreciation and invests primarily in securities of companies engaged in Agri-Food technology and innovation.
Van Eck Associates Corporation (the “Adviser”) is the investment adviser for the Funds.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.
The following summarizes the Funds’ significant accounting policies.
64 |
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. 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). | |
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. 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 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 Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. 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. | |
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 |
65 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. | |
B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. |
C. | Distributions to Shareholders— Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
D. | Currency Translation— Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. |
E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
F. | Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at June 30, 2023 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. |
66 |
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, 2024, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.
The management fee rates and expense limitations for the period ended June 30, 2023, are as follows:
Fund | Management Fees |
Expense Limitations | ||||||
Agribusiness ETF | 0.50 | % | 0.56 | % | ||||
Gold Miners ETF | 0.50 | 0.53 | ||||||
Junior Gold Miners ETF | 0.50 | 0.56 | ||||||
Low Carbon Energy ETF | 0.50 | 0.62 | ||||||
Oil Refiners ETF | 0.50 | 0.59 | ||||||
Rare Earth/Strategic Metals ETF | 0.50 | 0.57 | ||||||
Steel ETF | 0.50 | 0.55 | ||||||
Uranium+Nuclear Energy ETF | 0.50 | 0.60 |
Refer to the Statements of Operations for amounts waived/assumed by the Adviser.
The Future of Food ETF, Green Metals ETF, and effective January 1, 2022, Natural Resources ETF and Oil Services ETF utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Fund, (excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) until at least May 1, 2024.
Fund | Unitary Management Fee Rate | |||
Future of Food ETF | 0.69 | % | ||
Green Metals ETF | 0.59 | |||
Natural Resources ETF | 0.49 | |||
Oil Services ETF | 0.35 |
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
Note 4—Capital Share Transactions—As of June 30, 2023, 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 a designated portfolio of securities (“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
67 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
Note 5—Investments—For the period ended June 30, 2023, 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 | $ | 75,976,030 | $ | 62,807,277 | $ | — | $ | 175,107,027 | ||||||||
Future of Food ETF | 296,375 | 232,856 | 906,105 | — | ||||||||||||
Gold Miners ETF | 1,123,605,640 | 986,391,825 | 1,609,587,495 | 2,214,283,887 | ||||||||||||
Green Metals ETF | 3,163,523 | 1,940,240 | 2,378,635 | — | ||||||||||||
Junior Gold Miners ETF | 489,221,127 | 439,813,698 | 290,049,525 | 221,349,971 | ||||||||||||
Low Carbon Energy ETF | 16,095,011 | 15,171,679 | 5,049,868 | 22,259,266 | ||||||||||||
Natural Resources ETF | 24,762,038 | 22,657,067 | 13,654,410 | 19,321,341 | ||||||||||||
Oil Refiners ETF | 3,302,051 | 3,681,394 | — | 5,137,243 | ||||||||||||
Oil Services ETF | 206,553,236 | 192,260,655 | 2,692,436,105 | 2,949,108,839 | ||||||||||||
Rare Earth/Strategic Metals ETF | 100,830,425 | 117,502,483 | 18,032,578 | 81,667,663 | ||||||||||||
Steel ETF | 10,400,343 | 8,828,964 | 63,014,716 | 54,303,130 | ||||||||||||
Uranium+Nuclear Energy ETF | 19,077,552 | 18,262,265 | 4,062,874 | 2,839,236 |
Note 6—Income Taxes—As of June 30, 2023, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
Fund | Tax Cost of Investments |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
Agribusiness ETF | $ | 1,332,939,088 | $ | 46,890,061 | $ | (234,899,126 | ) | $ | (188,009,065 | ) | ||||||
Future of Food ETF | 4,251,072 | 92,580 | (910,729 | ) | (818,149 | ) | ||||||||||
Gold Miners ETF | 12,226,483,321 | 908,992,566 | (1,188,271,643 | ) | (279,279,077 | ) | ||||||||||
Green Metals ETF | 30,326,998 | 1,662,240 | (7,261,613 | ) | (5,599,373 | ) | ||||||||||
Junior Gold Miners ETF | 4,657,823,623 | 261,221,138 | (1,054,439,496 | ) | (793,218,358 | ) | ||||||||||
Low Carbon Energy ETF | 233,665,172 | 30,650,286 | (52,279,983 | ) | (21,629,697 | ) | ||||||||||
Natural Resources ETF | 131,055,845 | 14,998,061 | (8,914,016 | ) | 6,084,045 | |||||||||||
Oil Refiners ETF | 33,603,811 | 1,555,755 | (3,356,898 | ) | (1,801,143 | ) | ||||||||||
Oil Services ETF | 2,414,672,813 | 45,783,662 | (270,495,688 | ) | (224,712,026 | ) | ||||||||||
Rare Earth/Strategic Metals ETF | 599,817,350 | 149,854,752 | (109,522,966 | ) | 40,331,786 | |||||||||||
Steel ETF | 137,496,965 | 4,683,344 | (20,821,003 | ) | (16,137,659 | ) | ||||||||||
Uranium+Nuclear Energy ETF | 60,528,382 | 7,838,708 | (1,838,070 | ) | 6,000,638 |
The tax character of dividends paid to shareholders will be determined at the end of the current fiscal year.
At December 31, 2022, 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 | $ | (222,942,771 | ) | $ | (554,532,601 | ) | $ | (777,475,372 | ) | |||
Future of Food ETF | (98,221 | ) | – | (98,221 | ) | |||||||
Gold Miners ETF | (2,025,014,743 | ) | (9,862,528,556 | ) | (11,887,543,299 | ) | ||||||
Green Metals ETF | (975,397 | ) | (37,520 | ) | (1,012,917 | ) | ||||||
Junior Gold Miners ETF | (1,682,967,033 | ) | (3,088,915,036 | ) | (4,771,882,069 | ) | ||||||
Low Carbon Energy ETF | (9,742,287 | ) | (54,443,163 | ) | (64,185,450 | ) | ||||||
Natural Resources ETF | (10,260,864 | ) | (43,588,429 | ) | (53,849,293 | ) | ||||||
Oil Refiners ETF | (5,157,696 | ) | (5,355,728 | ) | (10,513,424 | ) | ||||||
Oil Services ETF | (306,893,389 | ) | (1,708,561,033 | ) | (2,015,454,422 | ) | ||||||
Rare Earth/Strategic Metals ETF | (75,995,355 | ) | (247,299,039 | ) | (323,294,394 | ) | ||||||
Steel ETF | (16,288,914 | ) | (146,024,957 | ) | (162,313,871 | ) | ||||||
Uranium+Nuclear Energy ETF | (13,904,116 | ) | (71,429,462 | ) | (85,333,578 | ) |
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The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended June 30, 2023, 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 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.
Following Russia’s large-scale invasion of Ukraine, governments of the United States and many other countries have imposed economic sanctions on certain Russian individuals and Russian governmental, corporate and banking entities. A number of jurisdictions have also instituted broad sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. In response, the government of Russia has imposed capital controls to restrict movements of capital entering and exiting the country. As a result, the value and liquidity of Russian securities and its currency have experienced significant declines and increased volatility. The Russian securities markets were closed for a period of time and were reopened on March 24, 2022, but trading limitations have remained. There is no assurance that these disruptions will not continue.
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 a Trustee can elect to defer receipt of trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds of the Trust as directed by the Trustees.
The expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities. Effective January 1, 2022, Natural Resources ETF and Oil Services ETF converted to a unitary management fee structure. For these Funds, the liability of the Plan shown as “Deferred Trustee fees” in the Statements of Asset and Liabilities represents amounts accrued through December 31, 2021. Future of Food ETF and Green
69 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Metals ETF commenced operations with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.
Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at June 30, 2023 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of June 30, 2023:
Fund | Market Value of Securities on Loan |
Cash Collateral |
Non-Cash Collateral |
Total Collateral | ||||||||||||
Agribusiness ETF | $ | 47,671,200 | $ | 47,253,786 | $ | 2,600,972 | $ | 49,854,758 | ||||||||
Future of Food ETF | 140,439 | 129,532 | 21,487 | 151,019 | ||||||||||||
Gold Miners ETF | 80,701,201 | 44,964,475 | 37,916,993 | 82,881,468 | ||||||||||||
Green Metals ETF | 830,302 | 384,877 | 468,241 | 853,118 | ||||||||||||
Junior Gold Miners ETF | 202,070,631 | 83,919,759 | 127,014,364 | 210,934,123 | ||||||||||||
Low Carbon Energy ETF | 20,519,016 | 11,021,593 | 9,952,814 | 20,974,407 | ||||||||||||
Natural Resources ETF | 6,966,285 | 2,060,840 | 5,212,797 | 7,273,637 | ||||||||||||
Oil Refiners ETF | 164,702 | – | 173,380 | 173,380 | ||||||||||||
Oil Services ETF | 151,904,221 | 18,462,075 | 131,222,986 | 149,685,061 | ||||||||||||
Rare Earth/Strategic Metals ETF | 151,388,488 | 31,159,446 | 123,905,814 | 155,065,260 | ||||||||||||
Steel ETF | 16,734,951 | 7,730,911 | 9,484,000 | 17,214,911 | ||||||||||||
Uranium+Nuclear Energy ETF | 15,126,709 | 6,161,710 | 9,641,557 | 15,803,267 |
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The following table represents money market fund investments held as collateral by type of security on loan as of June 30, 2023:
Gross
Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities | ||||
Fund | Equity Securities | |||
Agribusiness ETF | $ | 47,253,786 | ||
Future of Food ETF | 129,532 | |||
Gold Miners ETF | 44,964,475 | |||
Green Metals ETF | 384,877 | |||
Junior Gold Miners ETF | 83,919,759 | |||
Low Carbon Energy ETF | 11,021,593 | |||
Natural Resources ETF | 2,060,840 | |||
Oil Services ETF | 18,462,075 | |||
Rare Earth/Strategic Metals ETF | 31,159,446 | |||
Steel ETF | 7,730,911 | |||
Uranium+Nuclear Energy ETF | 6,161,710 |
* | 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 period ended June 30, 2023, the following Funds borrowed under this Facility:
Fund | Days Outstanding |
Average Daily Loan Balance |
Average Interest Rate | |||||||||
Agribusiness ETF | 138 | $1,519,677 | 6.14 | % | ||||||||
Gold Miners ETF | 106 | 10,263,960 | 5.93 | |||||||||
Green Metals ETF | 179 | 323,945 | 6.10 | |||||||||
Junior Gold Miners ETF | 49 | 9,985,369 | 5.98 | |||||||||
Low Carbon Energy ETF | 179 | 1,855,544 | 6.10 | |||||||||
Natural Resources ETF | 174 | 612,039 | 6.09 | |||||||||
Oil Refiners ETF | 168 | 157,218 | 6.09 | |||||||||
Oil Services ETF | 81 | 3,243,423 | 6.01 | |||||||||
Rare Earth/Strategic Metals ETF | 139 | 1,337,527 | 6.09 | |||||||||
Steel ETF | 129 | 292,707 | 5.99 | |||||||||
Uranium+Nuclear Energy ETF | 109 | 188,364 | 6.26 |
Outstanding loan balances as of June 30, 2023, if any, are reflected in the Statements of Assets and Liabilities.
Note 11—Share Split— In 2020, 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 Financial Highlights prior to April 15, 2020 have been adjusted to reflect these reverse share splits.
71 |
VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
June 30, 2023 (unaudited)
At a meeting held on June 8, 2023 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Africa Index ETF, Agribusiness ETF, Brazil Small-Cap ETF, China Growth Leaders ETF, ChiNext ETF, Digital India ETF, Egypt Index ETF, Gold Miners ETF, Green Metals ETF, India Growth Leaders ETF, Indonesia Index ETF, Israel ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Natural Resources ETF, Oil Refiners ETF, Oil Services ETF, Rare Earth/Strategic Metals ETF, Steel ETF, Uranium + Nuclear Energy ETF and Vietnam ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to each of the VanEck China Growth Leaders ETF and ChiNext ETF (together, the “China Funds”). The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”
The Board’s approval of the Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Funds) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other registered funds), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability) of the Adviser and the Sub-Adviser (with respect to the China Funds) and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund has a different investment objective than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. For these and other reasons, the Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the China Funds), including the background and experience of the portfolio manager(s) and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser and the Sub-Adviser (with respect to the China Funds) provide under, the Agreements, including, where applicable, (i) (with respect to the VanEck Digital India ETF, Green Metals ETF, Natural Resources ETF and Oil Services ETF) (the “Unitary Funds”) the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) and (ii) (with respect to all other Funds) (the “Non-Unitary Funds”) the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Funds and the Sub-Adviser’s experience with respect to Renminbi Qualified Foreign Institutional Investors Scheme funds. The Trustees also noted that the Sub- Adviser is a wholly-owned subsidiary of China Asset Management Co., Ltd., one of China’s largest asset management companies measured by fund assets under management.
72 |
The Trustees concluded that the Adviser, the Sub-Adviser (with respect to the China Funds) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying securities. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser and the Sub- Adviser (with respect to the China Funds) and the current status, as they understood it, of the Adviser’s and Sub-Adviser’s (with respect to the China Funds) compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other registered funds. The Trustees noted that the information provided showed that each Fund (except as noted) had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, each of the VanEck Agribusiness ETF, Gold Miners ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Rare Earth/Strategic Metals ETF and Uranium + Nuclear Energy ETF had management fees (after the effect of any applicable fee waiver) below the average and equal to the median of its respective peer group of funds, each of the VanEck Africa Index ETF and Vietnam ETF had management fees above the average and below the median of its respective peer group of funds, each of the VanEck Green Metals ETF and Natural Resources ETF had management fees above the average and median of its respective peer group of funds, the VanEck Digital India ETF had management fees above the average and equal to the median of its peer group of funds, and the VanEck Oil Services ETF had management fees equal to the average and median of its peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, each of the VanEck Brazil Small-Cap ETF, Gold Miners ETF, and Oil Services ETF had a total expense ratio (after the effect of any applicable expense limitation) below the average and equal to the median of its respective peer group of funds, each of the VanEck Africa Index ETF, Israel ETF, Junior Gold Miners ETF and Vietnam ETF had a total expense ratio (after the effect of any applicable expense limitation) below the average and above the median of its respective peer group of funds, each of the VanEck ChiNext ETF, Digital India ETF, Green Metals ETF and Oil Refiners ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and equal to the median of its respective peer group of funds, each of the VanEck Egypt Index ETF, Low Carbon Energy ETF and Uranium + Nuclear Energy ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective peer group of funds, and the VanEck India Growth Leaders ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and below the median of its peer group of funds. The Trustees reviewed the amount by which certain Funds’ management fees and/or total expense ratios (after the effect of any applicable fee waivers and/or expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds and the fact that the Sub-Adviser had not identified any such monetary benefits.
The Trustees also considered information provided by the Adviser and Sub-Adviser (with respect to the China Funds) about their overall profitability and profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the potential variability in the net assets of the Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The
73 |
VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
June 30, 2023 (unaudited) (continued)
Trustees also evaluated the extent to which management fees for the Funds effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Adviser has capped expenses on each of the Non-Unitary Funds since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rates for the China Funds are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser and the profits earned by the Sub-Adviser with respect to the China Funds, if any, were reasonable in light of the nature and quality of the services received by such Funds.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 5, 2023 meeting as part of their consideration of the Agreements.
In voting to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each Agreement is in the best interest of each Fund and such Fund’s shareholders.
VanEck Future of Food ETF
At a meeting held on June 8, 2023 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Future of Food ETF (the “Fund”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the
Trustees discussed the information the Adviser and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Fund and the Fund’s peer funds (certain other registered funds), information about the advisory services provided to the Fund and the personnel providing those services, and the profitability (or the absence of profitability) and the benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Fund. In addition, as noted below, the Trustees reviewed certain performance information for the Fund which was not provided by Broadridge and which did not compare the Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Fund.
The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others involved in the management and administration of the Fund. The Trustees also considered the terms of, and scope of services that the Adviser provides under, the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management
74 |
Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
In evaluating the performance of the Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing the Fund’s performance to that of certain other registered funds. The Trustees also considered information from the Adviser regarding the performance of the Fund against its benchmark. The Trustees noted that the Fund had underperformed its benchmark for the one-year period ended December 31, 2022 and the period since its inception on November 30, 2021 through December 31, 2022, but also that the Fund had outperformed another benchmark that the Adviser informed the Board was more representative of the Fund’s investment strategy for the one-year period ended December 31, 2022. Based on the totality of the foregoing, the Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
The Trustees also considered information relating to the financial condition of the Adviser and the current status, as they understood it, of the Adviser’s compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Fund’s expenses and performance to that of certain other registered funds. The Trustees noted that the information provided showed that the Fund had management fees above the average and median of its peer group of funds. The Trustees also noted that the information provided showed that the Fund had a total expense ratio above the average and median of its peer group of funds. The Trustees reviewed the amount by which the Fund’s management fees and total expense ratio exceeded the average and median of its peer group and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the management fees paid by the Fund were reasonable in light of the performance of the Fund and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreement, received by the Adviser from serving as adviser to the Fund.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and the fact that the Adviser did not earn any profits from managing the Fund. The Trustees reviewed the Fund’s asset size and expense ratio and noted that the Investment Management Agreement does not include breakpoints in the advisory fee rates as asset levels in the Fund increase. The Trustees considered the potential variability in the net assets of the Fund and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Fund effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for the Fund is reasonable and appropriate in relation to the current asset size of the Fund and the other factors discussed above and that the advisory fee rate for the Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 5, 2023 meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and the Fund’s shareholders.
75 |
VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
June 30, 2023 (unaudited) (continued)
VanEck CMCI Commodity Strategy ETF
At a meeting held on June 8, 2023 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck CMCI Commodity Strategy ETF (formerly VanEck Commodity Index ETF) (the “Fund”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 5, 2023. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 5, 2023 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. The Trustees considered the terms of, and scope of services that the Adviser would provide under, the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (inclusive of any subsidiary expenses) 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 concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund 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 Fund by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 5, 2023 meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and its shareholders.
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VANECK ETF TRUST
FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM
(unaudited)
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act, the Funds have implemented a Liquidity Risk Management Program (the “Program”). The Program outlines certain techniques, tools and arrangements employed for the assessment and management of Fund liquidity risk, and the terms, contents and frequency of reporting of certain issues to the Board. Liquidity is managed taking account of the Funds’ investment strategy, liquidity profile, and, importantly, the fact that for many Funds, redemptions are settled primarily as in-kind redemptions. In this regard, certain of the Funds qualify as “In-Kind ETFs” under the Liquidity Rule because they meet redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publish their portfolio holdings daily. In-Kind ETFs are exempt from the Liquidity Rule’s classification and highly liquid investment minimum (“HLIM”) provisions, discussed below.
Under the Program and in accordance with the Liquidity Rule, each Fund’s liquidity risk is assessed at least annually taking into consideration certain factors enumerated in the Liquidity Rule, as applicable. The Liquidity Rule calls for considering certain such factors under both normal and reasonably foreseeable stressed market conditions.
With respect to each Fund that does not qualify under the Liquidity Rule as an “In-Kind ETF,” the Liquidity Rule and the Program require that each portfolio holding be classified into one of four liquidity classification categories. The Liquidity Rule requires that such classification determinations be made taking into account relevant market, trading and investment-specific considerations as well as market depth. The relevant Funds utilize data from a third-party vendor to assist with these determinations.
Funds that do not qualify as “In-Kind ETFs” are also required to determine and periodically review an HLIM – a minimum percentage of Fund net assets that are to be invested in Highly Liquid Investments that are assets – and adopt certain related procedures. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.
The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2022 to December 31, 2022 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.
The Board reviewed a report (“Report”) prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. The Report noted that, during the Review Period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as “Highly Liquid Investments.” The Report also noted the effectiveness of the Funds’ liquidity risk management during such time. Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.
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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
Investment Adviser: | VanEck Associates Corporation | ||
Distributor: | VanEck Securities Corporation | ||
666 Third Avenue, New York, NY 10017 | |||
vaneck.com | |||
Account Assistance: | 800.826.2333 | NRSAR |