ANNUAL
REPORT December 31, 2023 | |
Agribusiness ETF | MOO |
CMCI Commodity Strategy ETF | CMCI |
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 report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of December 31, 2023.
VANECK ETFs
December 31, 2023 (unaudited)
Dear Fellow Shareholders:
Our outlook for financial markets in 2023 was “sideways” and “40/60” or overweight bonds. This strategy worked well until November 2023, when the market suddenly rallied aggressively and priced in U.S. Federal Reserve (“Fed”) interest rate cuts which were to happen in 2024. It is one of the wonders of the market that it can price in its view of the future so quickly.
In this sense, it could be that 2024 has already happened. One could imagine that the three major factors—monetary policy, government spending and global economic growth—will not change much in 2024.
So, let’s review those three major forces on markets and some risks and trends worth noting.
Discussion
1. | Monetary Policy: Not Very Stimulative |
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.
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 under $7.8 trillion toward the end of December 2023.1
Our favorite inflation is wage inflation, not food or gas prices. That is the kind of inflation which is endemic and hard to manage once it takes hold. And wage inflation is above 4%, not near the Fed’s 2% target, so we don’t see a big Fed stimulus. And the silent Fed action of reducing its bond holdings (“quantitative tightening”), continues.
2. | Government Spending: Also Muted |
A second bearish factor is that government spending is unlikely to increase next year. The Republicans, in control of the House of Representatives, continue to look to slow government spending. While we probably didn’t sufficiently appreciate the amount of some of the Biden Administration’s spending, like with the environmental Inflation Reduction Act (“IRA”), any such upside surprises are very unlikely in 2024.
3. | Global Growth is at Low Levels |
Over the last 20 years, the U.S. and China have been the two main pillars of global growth. But while there are bright spots, China is remarkable now for its economic weakness. The property market recession has helped pull Chinese prices lower year over year and that deflationary force affects the world economy. Other centers of growth like India, Indonesia and Africa are not big enough yet to drive global growth.
Notable
1. | Bonds |
While interest rates whipsawed investors in 2023 with a net positive result, our outlook favoring bonds hasn’t changed, which is that they offer attractive risk-adjusted returns compared to equities, given the headwinds discussed above. Now, after the 2022 and 2023 losses, bond investments are offering attractive yields, this has been our favorite asset class to buy and remains our preference. (See What to Buy? Bonds. When? Now.2) As a reference, bonds offered attractive total returns in the 1970s even though that decade was the worst for interest rates in the last 100 years.
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VANECK ETFs
PRESIDENT’S LETTER
(unaudited) (continued)
2. | Yield Curve |
We like to look for market distortions and the most notable one is “yield curve inversion”—long-term interest rates lower than short-term rates. If, and it’s a big “if”, government entities like the Fed are stepping back from the bond markets, then it makes sense for long-term rates to be higher because with greater risk should come greater return. Yield curve inversion is present only about 10% of the time. It’s unusual.
3. | India/Emerging Markets |
With the new-found ubiquity and affordability of mobile phones in India, the Internet sector there is well primed to do as well as it has in the U.S., China and other major markets. Digital India seems like a good tactical play, despite higher price/earnings ratios. Emerging markets in general have lagged for so many years that most investors have given up. So many, that 2024 may be their year.
4. | Stores of Value/Real Assets |
In March 2023, I “pounded the table” on gold and Bitcoin in a CNBC interview. While those assets have rallied hard since then—again, the market likes to anticipate!—I don’t think this trend is over.
5. | Value stocks |
Growth stocks had a shockingly good 2023. Stocks in banks and financials have been beaten up. They are definitely worth a close look. This outlook is discussed in a recent podcast, The Compound & Friends,3 Episode 113, released on October 13, 2023.
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the 12 month period ended December 31, 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
January 18, 2024
PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”.4 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, December 28, 2023, https://www.federalreserve.gov/releases/h41/20231228/ |
2 | VanEck: 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 | The Compound & Friends, https://podcasts.apple.com/us/podcast/the-new-kings-of-wall-street/id1456467014?i=1000631190860 |
4 | VanEck: https://www.vaneck.com/us/en/subscribe/ |
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VANECK ETFs
December 31, 2023 (unaudited)
Agribusiness
From its highest point towards the end of January 2023, the VanEck Agribusiness ETF fell for most of the rest of the year and the Fund lost 8.58% for the 12 month period ended December 31, 2023 (the “Period”). One sector contributed positively to the Fund’s performance—the healthcare sector, with companies in the pharmaceuticals segment of the contributing the most. The primary detractor from the Fund’s performance, however, was the materials sector. The greatest negative contribution to returns came from companies in the U.S. and Germany, while the greatest positive came from those in Japan and Norway.
The three top positive contributions to the Fund’s performance came from: Zoetis, Inc. (8.2% of Fund net assets†), Salmar ASA (1.3% of Fund net assets†), and Elanco Animal Health, Inc. (1.5% of Fund net assets†). The companies that detracted most from performance were: Bayer AG (7.0% of Fund net assets†), FMC Corp. (1.8% of Fund net assets†) and Nutrien Ltd. (6.4% of Fund net assets†).
Future of Food
With market sentiment continuing to show little favor to growth stocks, the VanEck Future of Food ETF had a disappointing year, losing 7.65% for the Period and underperforming its benchmark, the MSCI All Country World Index, by 29.85%. Only three sectors contributed positively to performance and then only minimally: utilities, healthcare and information technology. The greatest detractor from performance was the consumer staples sector. By far the greatest negative contribution to returns came from companies in the U.S., while the greatest positive contribution came from those in Switzerland.
The three top positive contributions to the Fund’s performance came from: Givaudan SA (5.1% of Fund net assets†), Ingredion, Inc. (6.8% of Fund net assets†) and Orbia Advance Corp. SAB de CV (4.4% of Fund net assets†). The companies that detracted most from performance were: FMC Corp. (2.8% of Fund net assets†), Vitasoy International Holdings Ltd. (1.5% of Fund net assets†) and Nutrien Ltd. (3.9% of Fund net assets†).
Gold Miners
The stocks of both major gold miners and their junior peers had a roller-coaster year. While persistent inflation might usually have been propitious, the U.S. Federal Reserve Bank’s raising of interest rates during the Period was not. Perhaps affected more than generally by the many uncertainties that abounded in the market and the rising cost of materials, the junior gold miners (VanEck Junior Gold Miners ETF) posted a gain of 7.78% and larger gold miners (VanEck Gold Miners ETF) posted a gain of 10.22% for the 12 month period.
Among the larger mining stocks, companies in South Africa and Australia contributed the most to performance. Companies in the U.S. and Burkina Faso detracted the most from performance. Among the juniors, Canada and Australia were the strongest contributors, while the U.S. detracted the most from performance.
The three top positive contributions to the VanEck Gold Miners ETF’s performance came from: Gold Fields Ltd. (4.3% of Fund net assets†), Wheaton Precious Metals Corp. (6.6% of Fund net assets†) and Kinross Gold Corp. (3.0% of Fund net assets†). The companies that detracted most from performance were: Franco-Nevada Corp. (6.3% of Fund net assets†), SSR Mining, Inc. (0.9% of Fund net assets†) and AngloGold Ashanti Ltd. (sold by Fund by period end).
The three top positive contributions to the VanEck Junior Gold Miners ETF’s performance came from: Kinross Gold Corp. (6.5% of Fund net assets†), Alamos Gold, Inc. (5.6% of Fund net assets†) and Cia de Minas Buenaventura SAA (3.3% of Fund net assets†). The companies that detracted most from performance were: SSR Mining, Inc. (1.9% of Fund net assets†), First Majestic Silver Corp. (1.7% of Fund net assets†) and Novagold Resources, Inc. (0.7% of Fund net assets†).
Green Metals
The VanEck Green Metals ETF had another disappointing year, losing 12.13% for the Period, not least reflecting the market’s supply and demand imbalance among green metals. The greatest positive returns
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VANECK ETFs
MANAGEMENT DISCUSSION (unaudited) (continued)
came from companies in the Mexico. However, their contributions were significantly counterbalanced by losses from Chinese and South African companies operating across much of the spectrum of green metals.
The three top positive contributions to the Fund’s performance came from: Grupo Mexico SAB de CV (6.5% of Fund net assets†), Freeport-McMoRan, Inc. (8.4% of Fund net assets†) and Southern Copper Corp. (3.5% of Fund net assets†). The companies that detracted most from performance were: Anglo American Plc (5.6% of Fund net assets†), Albemarle Corp. (6.0% of Fund net assets†) and First Quantum Minerals Ltd. (1.5% of Fund net assets†).
Low Carbon Energy
While traditional energy stocks thrived in 2023, in contrast, reflecting amongst other things the market’s negative sentiment, despite the advantages conveyed by the Inflation Reduction Act, towards structural growth, the performance of low carbon energy stocks during the Period was both volatile and disappointing, with the VanEck Low Carbon Energy ETF recording only a small gain of 1.34%. While companies in the consumer discretionary sector contributed by far the most positively to performance, their contributions, together with those in the other sectors contributing positively, were barely able to counterbalance significant losses from companies in the information technology sector. Italy and Spain were the top contributing countries. Companies from South Korea and the U.S. detracted the most from performance.
The three top positive contributions to the Fund’s performance came from: Tesla, Inc. (7.7% of Fund net assets†), Enel SpA (6.4% of Fund net assets†) and Li Auto, Inc. (4.8% of Fund net assets†). The companies that detracted most from performance were: Enphase Energy, Inc. (3.1% of Fund net assets†), NextEra Energy, Inc. (7.5% of Fund net assets†) and SolarEdge Technologies, Inc. (1.1% of Fund net assets†).
Natural Resources
Natural resources stocks had a volatile, but ultimately successful, year with the VanEck Natural Resources ETF gaining 2.32% over the Period under review. During the year, stocks were helped by commodity prices remaining relatively resilient. The energy and materials sectors contributed the most to performance, while the healthcare sector was the greatest detractor. Australian companies contributed the most to performance, while U.S. companies detracted the most.
The three top positive contributions to the Fund’s performance came from: BHP Group Ltd. (2.8% of Fund net assets†), Shell Plc (2.8% of Fund net assets†) and Reliance Industries Ltd. (2.8% of Fund net assets†). The companies that detracted most from performance were: Chevron Corp. (3.8% of Fund net assets†), Bayer AG (1.6% of Fund net assets†) and Archer-Daniels-Midland Co. (1.7% of Fund net assets†).
Oil Refiners
Benefiting from high traditional energy prices, oil refining stocks had a good year with the VanEck Oil Refiners ETF recording a gain of 14.00% over the Period. Exposure to refiners in the U.S. contributed by far the most to the Fund’s total return. Finnish companies detracted the most from total return.
The three top positive contributions to the Fund’s performance came from: Marathon Petroleum Corp. (7.0% of Fund net assets†), Phillips 66 (8.2% of Fund net assets†) and Orlen SA (5.3% of Fund net assets†). The companies that detracted most from performance were: Neste Oyj (5.5% of Fund net assets†), S-Oil Corp. (1.6% of Fund net assets†) and SK Innovation Co., Ltd. (4.6% of Fund net assets†).
Oil Services
On the back of a strong traditional energy sector, but weaker crude oil prices than in 2022, oil services stocks performed positively in 2023 and the VanEck Oil Services ETF ended the Period up 3.21%. The oil service stocks in the UK contributed the most to performance and no countries detracted from performance.
The three top positive contributions to the Fund’s performance came from: TechnipFMC Plc (5.0% of Fund net assets†), Noble Corporation Plc (4.8% of Fund net assets†) and Transocean Ltd. (4.7% of Fund net assets†). The
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companies that detracted most from performance were: Patterson-UTI Energy, Inc. (4.2% of Fund net assets†), Helmerich & Payne, Inc. (3.1% of Fund net assets†) and Nabors Industries Ltd. (0.8% of Fund net assets†).
Rare Earth and Strategic Metals
The VanEck Rare Earth/Strategic Metals ETF had disappointing year in 2023, losing 18.99%. In addition to falling lithium prices during the year, the Fund suffered from the continuing rotation in the market out of growth and into value stocks. The majority of the companies in the Fund’s portfolio contributed negatively to returns, and of those few companies contributing positively, those involved in the mining of lithium and/or production of lithium contributed the most. The greatest detractors from performance were three companies with mining operations and/or production involving cobalt, rare earths and lithium.
The three top positive contributions to the Fund’s performance came from: Liontown Resources Limited (5.0% of Fund net assets†), Arcadium Lithium Plc (7.6% of Fund net assets†) and Pilbara Minerals Ltd. (8.2% of Fund net assets†). The companies that detracted most from performance were: Zhejiang Huayou Cobalt Co., Ltd. (sold by the Fund by period end), China Northern Rare Earth Group High-Tech Co., Ltd. (5.0% of Fund net assets†) and Ganfeng Lithium Group Co., Ltd. (2.8% of Fund net assets†).
Steel
Despite a particularly volatile 2023, a strong middle and end to the year for steel stocks resulted in the VanEck Steel ETF recording a gain of 31.23% for the Period. The U.S., was by far the greatest contributor to performance, followed a ways behind by South Korea. No country detracted from performance.
The three top positive contributions to the Fund’s performance came from: United States Steel Corp. (5.3% of Fund net assets†), POSCO Holdings, Inc. (5.1% of Fund net assets†) and Nucor Corp. (6.7% of Fund net assets†). Only two companies detracted from performance: Worthington Steel, Inc. (sold by the Fund by period end) and Schnitzer Steel Industries, Inc. (0.7% of Fund net assets†).
Uranium+Nuclear Energy
Having displayed increasing strength throughout 2023, stocks in the VanEck Uranium+Nuclear Energy ETF recorded a gain of 36.02% for the Period. Energy companies were the greatest contributors to the Fund’s positive total return, with only the materials sector detracting from performance and then only minimally. Geographically, Canadian companies, followed closely by those in the U.S. contributed the most to performance, while those in Finland were the greatest detractors from performance.
The three top positive contributions to the Fund’s performance came from: Cameco Corp. (6.1% of Fund net assets†), Uranium Energy Corp. (4.4% of Fund net assets†) and Constellation Energy Corp. (7.1% of Fund net assets†). The companies that detracted most from performance were: Dominion Energy, Inc. (sold by Fund by period end), NuScale Power Corp. (sold by Fund by period end) and Global Atomic Corp. (1.1% of Fund net assets†).
† | All Funds assets referenced are Total Net Assets as of December 31, 2023. |
The mention of a specific security is not a recommendation to buy, or solicitation to sell such security.
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December 31, 2023 (unaudited)
Average Annual Total Return | ||||||||||||||||
Share Price | NAV | MVMOOTR1 | SPTR2 | |||||||||||||
One Year | (8.62)% | (8.58)% | (8.66)% | 26.29% | ||||||||||||
Five Year | 7.85% | 7.82% | 8.01% | 15.69% | ||||||||||||
Ten Year | 5.50% | 5.53% | 5.58% | 12.03% |
1 | MVIS® Global Agribusiness Index (MVMOOTR) is a rules based index intended to give investors a means of tracking the overall performance of the companies in the global agribusiness segment which includes: agri-chemicals, animal health and fertilizers, seeds and traits, from farm/irrigation equipment and farm machinery, aquaculture and fishing, livestock, cultivation and plantations (including grain, oil palms, sugar cane, tobacco leafs, grapevines etc.) and trading of agricultural products. | ||
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
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PERFORMANCE COMPARISON
December 31, 2023 (unaudited)
Average Annual Total Return | |||||||
Share Price | NAV | MSCI ACWI1 | |||||
One Year | (7.89)% | (7.65)% | 22.20% | ||||
Life* | (16.20)% | (16.16)% | 1.78% |
* | Inception of Fund: 11/30/21; First Day of Secondary Market Trading: 11/31/21. | ||
1 | MSCI All Country World Index (MSCI ACWI), (NDUEACWF) represents large- and mid-cap companies across developed and emerging market countries. The index covers approximately 85% of the global investable equity opportunity set. |
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
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PERFORMANCE COMPARISON
December 31, 2023 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | GDMNTR1 | SPTR2 | ||||||
One Year | 9.91% | 10.22% | 10.60% | 26.29% | |||||
Five Year | 9.34% | 9.44% | 9.80% | 15.69% | |||||
Ten Year | 4.86% | 4.89% | 5.25% | 12.03% |
1 | NYSE Arca Gold Miners Index (GDMNTR) is a modified market capitalization weighted index comprised of publicly traded companies involved in the mining for gold and silver. | ||
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
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PERFORMANCE COMPARISON
December 31, 2023 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | MVGMETTR1 | SPTR2 | ||||||
One Year | (12.35)% | (12.13)% | (11.76)% | 26.29% | |||||
Life* | (13.42)% | (13.45)% | (13.02)% | 2.50% |
* | Inception of Fund: 11/9/21; First Day of Secondary Market Trading: 11/10/21. | ||
1 | MVIS® Global Clean-Tech Metals Index is a global index (MVGMETTR) is a global index that tracks the performance of “Green Metals Companies” which are involved in the production, refining, processing and recycling of green metals. “Green metals” are metals used in the applications, products and processes that enable the energy transition from fossil fuels to cleaner energy sources and technologies. | ||
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
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PERFORMANCE COMPARISON
December 31, 2023 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | MVGDXJTR1 | SPTR2 | ||||||
One Year | 7.09% | 7.78% | 8.59% | 26.29% | |||||
Five Year | 5.68% | 5.88% | 6.48% | 15.69% | |||||
Ten Year | 3.26% | 3.37% | 3.75% | 12.03% |
1 | MVIS® Global Junior Gold Miners Index (MVGDXJTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of small-capitalization companies that are involved primarily in the mining for gold and/or silver. | ||
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
10 |
PERFORMANCE COMPARISON
December 31, 2023 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | MVSMOGTR1 | SPTR2 | ||||||
One Year | 1.41% | 1.34% | 1.42% | 26.29% | |||||
Five Year | 15.96% | 15.78% | 16.34% | 15.69% | |||||
Ten Year | 7.93% | 7.96% | 8.28% | 12.03% |
1 | MVIS®
Global Low Carbon Energy Index (MVSMOGTR) normally invests at least 80% of
its total assets in stocks of low carbon energy companies. Index data prior to April 26, 2021 reflects that of the Ardour Global IndexSM (Extra Liquid) (AGIXLT). From April 26, 2021 forward, the index data reflects that of MVSMOGTR. All Index history reflects a blend of the performance of the aforementioned Indexes. |
||
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
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PERFORMANCE COMPARISON
December 31, 2023 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | RVEIT1 | SPTR2 | ||||||
One Year | 2.39% | 2.32% | 2.42% | 26.29% | |||||
Five Year | 11.66% | 11.66% | 11.69% | 15.69% | |||||
Ten Year | 5.38% | 5.36% | 5.49% | 12.03% |
1 | VanEck® Natural Resources Index (RVEIT) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the production and distribution of commodities and commodity-related products and services. | ||
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
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PERFORMANCE COMPARISON
December 31, 2023 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | MVCRAKTR1 | SPTR2 | ||||||
One Year | 13.68% | 14.00% | 13.57% | 26.29% | |||||
Five Year | 7.76% | 7.72% | 7.69% | 15.69% | |||||
Life* | 9.47% | 9.50% | 9.50% | 12.38% |
* | Inception of Fund: 8/18/15; First Day of Secondary Market Trading: 8/19/15. | ||
1 | MVIS® Global Oil Refiners Index (MVCRAKTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in crude oil refining which may include: gasoline, diesel, jet fuel, fuel oil, naphtha, and other petrochemicals. | ||
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 (Since Inception)
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
13 |
PERFORMANCE COMPARISON
December 31, 2023 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | MVOIHTR1 | SPTR2 | ||||||
One Year | 3.18% | 3.21% | 3.39% | 26.29% | |||||
Five Year | 3.34% | 3.34% | 3.32% | 15.69% | |||||
Ten Year | (9.15)% | (9.15)% | (9.26)% | 12.03% |
1 | MVIS® US Listed Oil Services 25 Index (MVOIHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the largest and the most liquid common stocks and depositary receipts of U.S. exchange-listed companies involved in oil services to the upstream oil sector. | ||
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
14 |
VANECK RARE EARTH/STRATEGIC METALS ETF
PERFORMANCE COMPARISON
December 31, 2023 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | MVREMXTR1 | SPTR2 | ||||||
One Year | (19.18)% | (18.99)% | (18.42)% | 26.29% | |||||
Five Year | 10.65% | 10.75% | 10.13% | 15.69% | |||||
Ten Year | (2.29)% | (2.30)% | (2.73)% | 12.03% |
1 | MVIS® Global Rare Earth/Strategic Metals Index (MVREMXTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the rare earth and strategic metals segment. | ||
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
15 |
PERFORMANCE COMPARISON
December 31, 2023 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | STEEL1 | SPTR2 | ||||||
One Year | 31.07% | 31.23% | 32.56% | 26.29% | |||||
Five Year | 20.68% | 20.67% | 21.53% | 15.69% | |||||
Ten Year | 7.93% | 7.93% | 8.37% | 12.03% |
1 | NYSE Arca Steel Index (STEEL) is a modified market capitalization weighted index comprised of common stocks and ADRs of selected companies that are primarily involved in a variety of activities that are related to steel production. | ||
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
16 |
VANECK URANIUM+NUCLEAR ENERGY ETF
PERFORMANCE COMPARISON
December 31, 2023 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | MVNLRTR1 | SPTR2 | ||||||
One Year | 36.59% | 36.02% | 35.80% | 26.29% | |||||
Five Year | 10.52% | 10.40% | 10.34% | 15.69% | |||||
Ten Year | 7.33% | 7.29% | 7.02% | 12.03% |
1 | MVIS® Global Uranium & Nuclear Energy Index (MVNLRTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in uranium and nuclear energy. Index data prior to March 24, 2014 reflects that of the DAXglobal® Nuclear Energy Index (DXNE). From March 24, 2014, forward, the index data reflects that of MVNLRTR. All index history reflects a blend of the performance of the aforementioned Indexes. | ||
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
17 |
VANECK ETF TRUST
(unaudited)
The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects, if applicable, temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.
All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made.
The Gold Miners Index and Steel Index are published by ICE Data Indices, LLC (ICE Data). The Agribusiness Index, Green Metal Index, Junior Gold Miners Index, Low Carbon Energy, Oil Refiners Index, Oil Services Index, Rare Earth/Strategic Metals Index and Uranium & Nuclear Energy Index are published by MarketVector Indexes GmbH (MarketVector), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The Natural Resources Index is published by S-Network Global Indexes, LLC (S-Network).
ICE Data, MarketVector and S-Network are referred to herein as the “Index Providers”. The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.
18 |
VANECK ETF TRUST
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 to December 31, 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 July 1, 2023 |
Ending Account Value December 31, 2023 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period July 1, 2023 - December 31, 2023(a) | |||||
Agribusiness ETF | ||||||||
Actual | $1,000.00 | $962.50 | 0.53% | $2.62 | ||||
Hypothetical (b) | $1,000.00 | $1,022.53 | 0.53% | $2.70 | ||||
CMCI Commodity Strategy ETF | ||||||||
Actual (c) | $1,000.00 | $976.80 | 0.65% | $2.32 | ||||
Hypothetical (b) | $1,000.00 | $1,021.93 | 0.65% | $3.31 | ||||
Future of Food ETF | ||||||||
Actual | $1,000.00 | $964.10 | 0.69% | $3.42 | ||||
Hypothetical (b) | $1,000.00 | $1,021.73 | 0.69% | $3.52 | ||||
Gold Miners ETF | ||||||||
Actual | $1,000.00 | $1,052.50 | 0.51% | $2.64 | ||||
Hypothetical (b) | $1,000.00 | $1,022.63 | 0.51% | $2.60 | ||||
Green Metals ETF | ||||||||
Actual | $1,000.00 | $916.70 | 0.66% | $3.19 | ||||
Hypothetical (b) | $1,000.00 | $1,021.88 | 0.66% | $3.36 | ||||
Junior Gold Miners ETF | ||||||||
Actual | $1,000.00 | $1,081.00 | 0.51% | $2.68 | ||||
Hypothetical (b) | $1,000.00 | $1,022.63 | 0.51% | $2.60 | ||||
Low Carbon Energy ETF | ||||||||
Actual | $1,000.00 | $915.50 | 0.57% | $2.75 | ||||
Hypothetical (b) | $1,000.00 | $1,022.33 | 0.57% | $2.91 |
19 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
Beginning Account Value July 1, 2023 |
Ending Account Value December 31, 2023 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period July 1, 2023 - December 31, 2023(a) | |||||
Natural Resources ETF | ||||||||
Actual | $1,000.00 | $1,044.70 | 0.52% | $2.68 | ||||
Hypothetical (b) | $1,000.00 | $1,022.58 | 0.52% | $2.65 | ||||
Oil Refiners ETF | ||||||||
Actual | $1,000.00 | $1,174.50 | 0.61% | $3.34 | ||||
Hypothetical (b) | $1,000.00 | $1,022.13 | 0.61% | $3.11 | ||||
Oil Services ETF | ||||||||
Actual | $1,000.00 | $1,091.00 | 0.35% | $1.84 | ||||
Hypothetical (b) | $1,000.00 | $1,023.44 | 0.35% | $1.79 | ||||
Rare Earth/Strategic Metals ETF | ||||||||
Actual | $1,000.00 | $742.50 | 0.54% | $2.37 | ||||
Hypothetical (b) | $1,000.00 | $1,022.48 | 0.54% | $2.75 | ||||
Steel ETF | ||||||||
Actual | $1,000.00 | $1,185.10 | 0.56% | $3.08 | ||||
Hypothetical (b) | $1,000.00 | $1,022.38 | 0.56% | $2.85 | ||||
Uranium+Nuclear Energy ETF | ||||||||
Actual | $1,000.00 | $1,255.70 | 0.61% | $3.47 | ||||
Hypothetical (b) | $1,000.00 | $1,022.13 | 0.61% | $3.11 |
(a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 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 |
(c) | Expenses are equal to the Fund’s annualized expense ratio (for the period from August 22, 2023 (commencement of operations) to December 31, 2023) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year. |
20 |
December 31, 2023
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Australia: 2.4% | ||||||||
Incitec Pivot Ltd. | 4,680,919 | $ | 9,078,247 | |||||
Treasury Wine Estates Ltd. † | 1,757,647 | 12,948,959 | ||||||
22,027,206 | ||||||||
Brazil: 3.5% | ||||||||
Rumo SA | 3,421,900 | 16,176,430 | ||||||
Yara International ASA (NOK) | 432,007 | 15,354,091 | ||||||
31,530,521 | ||||||||
Canada: 6.4% | ||||||||
Nutrien Ltd. (USD) | 1,042,864 | 58,744,529 | ||||||
Chile: 1.0% | ||||||||
Sociedad Quimica y Minera de Chile SA (ADR) | 152,981 | 9,212,516 | ||||||
China: 4.0% | ||||||||
China Mengniu Dairy Co. Ltd. (HKD) * | 4,212,000 | 11,346,682 | ||||||
Wilmar International Ltd. (SGD) | 9,287,051 | 25,100,179 | ||||||
36,446,861 | ||||||||
Denmark: 1.1% | ||||||||
Bakkafrost P/F (NOK) | 133,935 | 7,004,960 | ||||||
Schouw & Co. A/S | 37,175 | 3,047,568 | ||||||
10,052,528 | ||||||||
Germany: 8.0% | ||||||||
Bayer AG | 1,715,529 | 63,693,180 | ||||||
K+S AG | 569,491 | 8,996,312 | ||||||
72,689,492 | ||||||||
Indonesia: 0.3% | ||||||||
Golden Agri-Resources Ltd. (SGD) | 13,584,145 | 2,675,575 | ||||||
Israel: 0.9% | ||||||||
ICL Group Ltd. (USD) † | 1,534,632 | 7,688,506 | ||||||
Japan: 5.3% | ||||||||
Kubota Corp. † | 2,213,630 | 33,226,843 | ||||||
Maruha Nichiro Corp. | 125,100 | 2,462,821 | ||||||
NH Foods Ltd. | 266,600 | 9,040,522 | ||||||
Nissui Corp. | 687,800 | 3,699,496 | ||||||
48,429,682 | ||||||||
Malaysia: 2.6% | ||||||||
IOI Corp. Bhd | 5,722,455 | 4,893,953 | ||||||
Kuala Lumpur Kepong Bhd | 1,347,970 | 6,397,286 | ||||||
PPB Group Bhd | 1,650,880 | 5,202,338 | ||||||
Sime Darby Plantation Bhd | 7,202,200 | 6,982,008 | ||||||
23,475,585 | ||||||||
Netherlands: 1.0% | ||||||||
OCI NV | 326,457 | 9,467,174 | ||||||
Norway: 4.1% | ||||||||
Leroy Seafood Group ASA | 833,154 | 3,428,917 | ||||||
Mowi ASA | 1,215,505 | 21,775,972 | ||||||
Salmar ASA | 211,608 | 11,855,962 | ||||||
37,060,851 | ||||||||
Russia: 0.0% | ||||||||
PhosAgro PJSC ∞ | 97,916 | 0 | ||||||
PhosAgro PJSC (USD) (GDR) ∞ | 1,892 | 0 |
Number of Shares |
Value | |||||||
Russia (continued) | ||||||||
PhosAgro PJSC (USD) (GDR) ∞ | 1 | $ | 0 | |||||
0 | ||||||||
Singapore: 0.8% | ||||||||
Charoen Pokphand Indonesia Tbk PT (IDR) | 21,468,100 | 7,004,115 | ||||||
Switzerland: 0.9% | ||||||||
Bucher Industries AG | 19,823 | 8,326,870 | ||||||
Taiwan: 0.5% | ||||||||
Taiwan Fertilizer Co. Ltd. | 2,218,000 | 4,880,698 | ||||||
Thailand: 0.8% | ||||||||
Charoen Pokphand Foods PCL (NVDR) | 12,998,936 | 7,449,277 | ||||||
United Kingdom: 3.9% | ||||||||
CNH Industrial NV (USD) | 2,612,762 | 31,823,441 | ||||||
Genus Plc | 123,774 | 3,419,223 | ||||||
35,242,664 | ||||||||
United States: 52.5% | ||||||||
AGCO Corp. | 147,049 | 17,853,219 | ||||||
Archer-Daniels-Midland Co. | 702,220 | 50,714,328 | ||||||
Balchem Corp. | 55,638 | 8,276,152 | ||||||
Bunge Global SA | 326,614 | 32,971,683 | ||||||
CF Industries Holdings, Inc. | 392,246 | 31,183,557 | ||||||
Corteva, Inc. | 1,067,098 | 51,135,336 | ||||||
Darling Ingredients, Inc. * | 370,246 | 18,453,061 | ||||||
Deere & Co. | 187,471 | 74,964,029 | ||||||
Elanco Animal Health, Inc. * | 923,754 | 13,763,935 | ||||||
FMC Corp. | 267,272 | 16,851,500 | ||||||
Mosaic Co. | 583,483 | 20,847,847 | ||||||
Neogen Corp. * † | 418,351 | 8,413,039 | ||||||
Pilgrim’s Pride Corp. * | 119,774 | 3,312,949 | ||||||
Toro Co. † | 213,195 | 20,464,588 | ||||||
Tyson Foods, Inc. | 661,967 | 35,580,726 | ||||||
Zoetis, Inc. | 376,526 | 74,314,937 | ||||||
479,100,886 | ||||||||
Total Common Stocks (Cost: $1,099,062,640) |
911,505,536 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.0% | ||||||||
Money Market Fund: 3.0% (Cost: $27,567,080) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 27,567,080 | 27,567,080 | ||||||
Total Investments: 103.0% (Cost: $1,126,629,720) |
939,072,616 | |||||||
Liabilities in excess of other assets: (3.0)% | (27,015,297) | |||||||
NET ASSETS: 100.0% | $ | 912,057,319 |
See Notes to Financial Statements
21 |
VANECK AGRIBUSINESS ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions: | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
HKD | Hong Kong Dollar |
IDR | Indonesian Rupiah |
NOK | Norwegian Krone |
NVDR | Non-Voting Depositary Receipt |
SGD | Singapore Dollar |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $41,077,399. |
* | 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 | 32.2 | % | $ | 293,349,338 | ||||
Materials | 26.6 | 242,503,950 | ||||||
Industrials | 23.3 | 212,047,935 | ||||||
Health Care | 17.9 | 163,604,313 | ||||||
100.0 | % | $ | 911,505,536 |
The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 22,027,206 | $ | — | $ | 22,027,206 | ||||||||
Brazil | — | 31,530,521 | — | 31,530,521 | ||||||||||||
Canada | 58,744,529 | — | — | 58,744,529 | ||||||||||||
Chile | 9,212,516 | — | — | 9,212,516 | ||||||||||||
China | — | 36,446,861 | — | 36,446,861 | ||||||||||||
Denmark | — | 10,052,528 | — | 10,052,528 | ||||||||||||
Germany | — | 72,689,492 | — | 72,689,492 | ||||||||||||
Indonesia | — | 2,675,575 | — | 2,675,575 | ||||||||||||
Israel | 7,688,506 | — | — | 7,688,506 | ||||||||||||
Japan | — | 48,429,682 | — | 48,429,682 | ||||||||||||
Malaysia | 5,202,338 | 18,273,247 | — | 23,475,585 | ||||||||||||
Netherlands | — | 9,467,174 | — | 9,467,174 | ||||||||||||
Norway | — | 37,060,851 | — | 37,060,851 | ||||||||||||
Russia | — | — | 0 | 0 | ||||||||||||
Singapore | — | 7,004,115 | — | 7,004,115 | ||||||||||||
Switzerland | — | 8,326,870 | — | 8,326,870 | ||||||||||||
Taiwan | — | 4,880,698 | — | 4,880,698 | ||||||||||||
Thailand | — | 7,449,277 | — | 7,449,277 | ||||||||||||
United Kingdom | 31,823,441 | 3,419,223 | — | 35,242,664 | ||||||||||||
United States | 479,100,886 | — | — | 479,100,886 | ||||||||||||
Money Market Fund | 27,567,080 | — | — | 27,567,080 | ||||||||||||
Total Investments | $ | 619,339,296 | $ | 319,733,320 | $ | 0 | $ | 939,072,616 |
See Notes to Financial Statements
22 |
VANECK CMCI COMMODITY STRATEGY ETF
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31,2023
Par (000’s |
) | Value | ||||||
Short-Term Investments: 103.9% | ||||||||
United States Treasury Obligations: 102.8% | ||||||||
United States Treasury Bills | ||||||||
5.30%, 03/21/24 (a) | $ | 1,150 | $ | 1,136,911 | ||||
5.30%, 04/02/24 (a) | 1,250 | 1,233,557 | ||||||
5.33%, 01/11/24 (a) | 50 | 49,935 | ||||||
5.40%, 01/16/24 | 50 | 49,898 | ||||||
2,470,301 |
Number of Shares |
Value | |||||||
Money Market Fund: 1.1% | ||||||||
Invesco Treasury Portfolio - Institutional Class | 26,217 | $ | 26,217 | |||||
Total Short-Term Investments:
103.9% (Cost: $2,495,974) |
2,496,518 | |||||||
Liabilities in excess of other assets: (3.9)% | (93,679) | |||||||
NET ASSETS: 100.0% | $ | 2,402,839 |
Total Return Swap Contracts
Long Exposure
Counterparty | Reference Obligation |
Notional Amount |
Rate
paid by the Fund (b) |
Payment Frequency |
Termination Date |
Unrealized Appreciation/ (Depreciation) |
%
of Net Assets | |||||||
UBS | UBS
Bloomberg Constant Maturity Index Total Return |
$2,469,000 | 5.75% | Monthly | 01/03/24 | $(79,504) | 3.3% |
Definitions:
USD | United States Dollar |
Footnotes:
(a) | All or a portion of these securities are segregated for swap collateral. Total value of securities segregated is $469,402. |
(b) | The rate shown reflects the rate in effect at the end of the reporting period: Secured Overnight Financing Rate + 0.40%. |
Summary of Investments by Sector | % of Investments |
Value | ||||||
Government | 98.9 | % | $ | 2,470,301 | ||||
Money Market Fund | 1.1 | 26,217 | ||||||
100.0 | % | $ | 2,496,518 |
The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
United States Treasury Obligations | $ | — | $ | 2,470,301 | $ | — | $ | 2,470,301 | ||||||||
Money Market Fund | 26,217 | — | — | 26,217 | ||||||||||||
Total Investments | $ | 26,217 | $ | 2,470,301 | $ | — | $ | 2,496,518 | ||||||||
Other Financial Instruments: | ||||||||||||||||
Total Return Swap Contracts | $ | — | $ | (79,504) | $ | — | $ | (79,504) |
See Notes to Financial Statements
23 |
SCHEDULE OF INVESTMENTS
December 31, 2023
Number of Shares |
Value | |||||||
COMMON STOCKS: 96.8% | ||||||||
Brazil: 2.0% | ||||||||
Yara International ASA (NOK) | 1,847 | $ | 65,645 | |||||
Canada: 5.3% | ||||||||
Maple Leaf Foods, Inc. | 2,200 | 42,111 | ||||||
Nutrien Ltd. (USD) | 2,280 | 128,432 | ||||||
170,543 | ||||||||
China: 1.5% | ||||||||
Vitasoy International Holdings Ltd. (HKD) | 48,000 | 47,841 | ||||||
Denmark: 5.2% | ||||||||
Novozymes A/S | 3,091 | 170,033 | ||||||
France: 3.3% | ||||||||
Danone SA | 1,628 | 105,689 | ||||||
Germany: 3.6% | ||||||||
Symrise AG | 1,052 | 115,683 | ||||||
Ireland: 3.3% | ||||||||
Kerry Group Plc | 1,228 | 107,300 | ||||||
Isle of Man: 0.3% | ||||||||
Agronomics Ltd. * | 76,708 | 9,290 | ||||||
Japan: 2.2% | ||||||||
Kubota Corp. | 4,800 | 72,049 | ||||||
Mexico: 4.4% | ||||||||
Orbia Advance Corp. SAB de CV | 64,280 | 142,798 | ||||||
Netherlands: 0.7% | ||||||||
Corbion NV | 1,060 | 22,716 | ||||||
Philippines: 0.7% | ||||||||
Monde Nissin Corp. 144A | 147,600 | 22,337 | ||||||
Sweden: 1.8% | ||||||||
Oatly Group AB (ADR) * † | 50,452 | 59,533 | ||||||
Switzerland: 10.6% | ||||||||
Bucher Industries AG | 216 | 90,733 | ||||||
Givaudan SA | 40 | 165,750 | ||||||
Nestle SA | 768 | 88,963 | ||||||
345,446 | ||||||||
United States: 51.9% | ||||||||
AppHarvest, Inc. * | 39,524 | 40 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Archer-Daniels-Midland Co. | 1,156 | $ | 83,486 | |||||
Atlantic Sapphire ASA (NOK) * | 10,900 | 1,728 | ||||||
Balchem Corp. | 308 | 45,815 | ||||||
Ball Corp. | 1,844 | 106,067 | ||||||
Berry Global Group, Inc. | 696 | 46,903 | ||||||
Beyond Meat, Inc. * † | 1,589 | 14,142 | ||||||
Bunge Global SA | 1,652 | 166,770 | ||||||
Conagra Brands, Inc. | 1,584 | 45,397 | ||||||
Corteva, Inc. | 3,295 | 157,896 | ||||||
Deere & Co. | 500 | 199,936 | ||||||
FMC Corp. | 1,457 | 91,864 | ||||||
Ingredion, Inc. | 2,044 | 221,836 | ||||||
International Flavors & Fragrances, Inc. | 1,016 | 82,266 | ||||||
John Bean Technologies Corp. | 532 | 52,907 | ||||||
Kellanova | 780 | 43,610 | ||||||
Lindsay Corp. | 664 | 85,762 | ||||||
Local Bounti Corp. * | 427 | 884 | ||||||
Titan International, Inc. * | 3,380 | 50,294 | ||||||
Trimble, Inc. * | 1,732 | 92,142 | ||||||
Valmont Industries, Inc. | 408 | 95,272 | ||||||
WK Kellogg Co. | 195 | 2,562 | ||||||
1,687,579 | ||||||||
Total Common Stocks (Cost: $4,049,891) |
3,144,482 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.6% | ||||||||
Money Market Fund: 2.6% (Cost: $85,782) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 85,782 | 85,782 | ||||||
Total Investments: 99.4% (Cost: $4,135,673) |
3,230,264 | |||||||
Other assets less liabilities: 0.6% | 19,834 | |||||||
NET ASSETS: 100.0% | $ | 3,250,098 |
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 $69,986. |
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. These securities have an aggregate value of $22,337, or 0.7% of net assets. |
See Notes to Financial Statements
24 |
Summary of Investments by
Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Materials | 42.7 | % | $ | 1,341,869 | ||||
Consumer Staples | 33.5 | 1,054,228 | ||||||
Industrials | 20.6 | 646,953 | ||||||
Information Technology | 2.9 | 92,142 | ||||||
Financials | 0.3 | 9,290 | ||||||
100.0 | % | $ | 3,144,482 |
The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Brazil | $ | — | $ | 65,645 | $ | — | $ | 65,645 | ||||||||
Canada | 170,543 | — | — | 170,543 | ||||||||||||
China | — | 47,841 | — | 47,841 | ||||||||||||
Denmark | — | 170,033 | — | 170,033 | ||||||||||||
France | — | 105,689 | — | 105,689 | ||||||||||||
Germany | — | 115,683 | — | 115,683 | ||||||||||||
Ireland | 107,300 | — | — | 107,300 | ||||||||||||
Isle of Man | 9,290 | — | — | 9,290 | ||||||||||||
Japan | — | 72,049 | — | 72,049 | ||||||||||||
Mexico | 142,798 | — | — | 142,798 | ||||||||||||
Netherlands | — | 22,716 | — | 22,716 | ||||||||||||
Philippines | 22,337 | — | — | 22,337 | ||||||||||||
Sweden | 59,533 | — | — | 59,533 | ||||||||||||
Switzerland | — | 345,446 | — | 345,446 | ||||||||||||
United States | 1,687,539 | 40 | — | 1,687,579 | ||||||||||||
Money Market Fund | 85,782 | — | — | 85,782 | ||||||||||||
Total Investments | $ | 2,285,122 | $ | 945,142 | $ | — | $ | 3,230,264 |
See Notes to Financial Statements
25 |
SCHEDULE OF INVESTMENTS
December 31, 2023
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.8% | ||||||||
Australia: 11.3% | ||||||||
Capricorn Metals Ltd. * † ‡ | 20,050,051 | $ | 64,357,270 | |||||
Emerald Resources NL * † ‡ | 33,158,599 | 68,071,396 | ||||||
Evolution Mining Ltd. ‡ | 105,079,094 | 283,073,281 | ||||||
Genesis Minerals Ltd. * † ‡ | 58,231,049 | 71,007,737 | ||||||
Gold Road Resources Ltd. † ‡ | 57,529,786 | 77,002,407 | ||||||
Northern Star Resources Ltd. ‡ | 61,150,496 | 568,109,598 | ||||||
Perseus Mining Ltd. ‡ | 73,086,967 | 92,052,113 | ||||||
Ramelius Resources Ltd. ‡ | 60,479,560 | 69,387,841 | ||||||
Red 5 Ltd. * † ‡ | 183,287,984 | 38,696,331 | ||||||
Regis Resources Ltd. * † ‡ | 40,191,502 | 59,680,236 | ||||||
Silver Lake Resources Ltd. * † ‡ | 49,737,568 | 40,301,500 | ||||||
West African Resources Ltd. * † ‡ | 54,599,293 | 35,162,971 | ||||||
1,466,902,681 | ||||||||
Brazil: 6.6% | ||||||||
Wheaton Precious Metals Corp. (USD) † | 17,503,906 | 863,642,722 | ||||||
Burkina Faso: 0.5% | ||||||||
IAMGOLD Corp. (USD) * † ‡ | 25,609,846 | 64,792,910 | ||||||
Canada: 41.5% | ||||||||
Agnico Eagle Mines Ltd. (USD) † | 19,102,999 | 1,047,799,495 | ||||||
Alamos Gold, Inc. (USD) ‡ | 21,090,479 | 284,088,752 | ||||||
Aya Gold & Silver, Inc. * † ‡ | 6,510,989 | 47,946,082 | ||||||
B2Gold Corp. (USD) ‡ | 69,199,440 | 218,670,230 | ||||||
Barrick Gold Corp. (USD) | 67,852,312 | 1,227,448,324 | ||||||
Dundee Precious Metals, Inc. ‡ | 9,653,861 | 62,084,591 | ||||||
Equinox Gold Corp. (USD) * † ‡ | 16,653,671 | 81,436,451 | ||||||
First Majestic Silver Corp. (USD) † ‡ | 15,268,065 | 93,898,600 | ||||||
Fortuna Silver Mines, Inc. (USD) * † ‡ | 16,302,465 | 62,927,515 | ||||||
Franco-Nevada Corp. (USD) | 7,423,537 | 822,602,135 | ||||||
K92 Mining, Inc. * † ‡ | 12,443,231 | 61,432,909 | ||||||
Kinross Gold Corp. (USD) ‡ | 65,325,716 | 395,220,582 | ||||||
MAG Silver Corp. (USD) * † ‡ | 5,477,884 | 57,024,772 | ||||||
New Gold, Inc. (USD) * ‡ | 36,422,093 | 53,176,256 | ||||||
OceanaGold Corp. ‡ | 37,639,378 | 72,504,186 | ||||||
Osisko Gold Royalties Ltd. (USD) † ‡ | 9,852,651 | 140,695,856 | ||||||
Pan American Silver Corp. (USD) ‡ | 19,391,732 | 316,666,984 | ||||||
Sandstorm Gold Ltd. (USD) ‡ | 15,759,817 | 79,271,880 | ||||||
SilverCrest Metals, Inc. (USD) * † ‡ | 7,758,829 | 50,820,330 | ||||||
SSR Mining, Inc. (USD) ‡ | 10,849,041 | 116,735,681 | ||||||
Torex Gold Resources, Inc. * ‡ | 4,569,959 | 50,669,498 | ||||||
Wesdome Gold Mines Ltd. * † ‡ | 7,925,699 | 46,342,438 | ||||||
5,389,463,547 |
Number of Shares |
Value | |||||||
China: 5.2% | ||||||||
Zhaojin Mining Industry Co. Ltd. (HKD) † ‡ | 138,861,000 | $ | 172,509,427 | |||||
Zijin Mining Group Co. Ltd. (HKD) ‡ | 305,276,000 | 497,648,143 | ||||||
670,157,570 | ||||||||
Egypt: 0.6% | ||||||||
Centamin Plc (GBP) ‡ | 61,640,067 | 78,287,286 | ||||||
Kyrgyzstan: 0.5% | ||||||||
Centerra Gold, Inc. (CAD) † ‡ | 11,483,423 | 68,886,604 | ||||||
Peru: 1.6% | ||||||||
Cia de Minas Buenaventura SAA (ADR) ‡ | 13,500,186 | 205,742,835 | ||||||
South Africa: 9.4% | ||||||||
Anglogold Ashanti Plc (USD) ‡ | 22,331,408 | 417,374,016 | ||||||
DRDGOLD Ltd. (ADR) ‡ | 4,600,414 | 36,573,291 | ||||||
Gold Fields Ltd. (ADR) † | 39,006,177 | 564,029,319 | ||||||
Harmony Gold Mining Co. Ltd. (ADR) ‡ | 32,985,574 | 202,861,280 | ||||||
1,220,837,906 | ||||||||
Turkey: 1.1% | ||||||||
Eldorado Gold Corp. (USD) * † ‡ | 10,794,577 | 140,005,664 | ||||||
United Kingdom: 2.3% | ||||||||
Endeavour Mining Plc (CAD) † ‡ | 13,073,337 | 295,156,410 | ||||||
United States: 19.2% | ||||||||
Coeur Mining, Inc. * † ‡ | 20,350,645 | 66,343,103 | ||||||
Hecla Mining Co. † ‡ | 32,895,820 | 158,228,894 | ||||||
Newmont Corp. | 44,538,137 | 1,843,433,490 | ||||||
Royal Gold, Inc. ‡ | 3,495,437 | 422,808,060 | ||||||
2,490,813,547 | ||||||||
Total Common Stocks (Cost: $12,586,545,705) |
12,954,689,682 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7% | ||||||||
Money Market Fund: 0.7% (Cost: $84,425,319) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 84,425,319 | 84,425,319 | ||||||
Total Investments: 100.5% (Cost: $12,670,971,024) |
13,039,115,001 | |||||||
Liabilities in excess of other assets: (0.5)% | (69,535,091) | |||||||
NET ASSETS: 100.0% | $ | 12,969,579,910 |
See Notes to Financial Statements
26 |
Definitions:
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
GBP | British Pound |
HKD | Hong Kong Dollar |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $272,613,003. |
‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
* | Non-income producing |
Summary of Investments by
Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Gold | 94.0 | % | $ | 12,167,176,505 | ||||
Silver | 5.6 | 736,692,847 | ||||||
Precious Metals & Minerals | 0.4 | 50,820,330 | ||||||
100.0 | % | $ | 12,954,689,682 |
See Notes to Financial Statements
27 |
VANECK GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
Transactions in securities of affiliates for the period ended December 31, 2023 were as follows:
Value 12/31/2022 |
Purchases | Sales Proceeds |
Realized Gain (Loss) |
Net Change in Unrealized Appreciation (Depreciation) |
Value 12/31/2023 |
Dividend Income | ||||||||
Alamos Gold, Inc. | $205,708,403 | $97,926,113 | $(91,787,173) | $33,411,396 | $38,830,013 | $284,088,752 | $2,146,947 | |||||||
AngloGold Ashanti Ltd. | 421,250,192 | 128,016,893 | (561,889,059) | 31,552,774 | (18,930,800) | – | 4,654,974 | |||||||
Anglogold Ashanti Plc | – | 486,741,198 | (49,414,698) | (3,622,646) | (16,329,838) | 417,374,016 | – | |||||||
Aya Gold & Silver, Inc. | 36,219,878 | 18,248,037 | (11,816,801) | 526,291 | 4,768,677 | 47,946,082 | – | |||||||
B2Gold Corp. | 198,829,515 | 119,981,082 | (70,326,427) | 482,828 | (30,296,768) | 218,670,230 | 10,379,842 | |||||||
Capricorn Metals Ltd. | 60,639,778 | 23,350,554 | (21,097,899) | 3,471,143 | (2,006,306) | 64,357,270 | – | |||||||
Centamin Plc | 81,495,953 | 28,656,248 | (26,961,602) | (2,301,373) | (2,601,940) | 78,287,286 | 2,873,963 | |||||||
Centerra Gold, Inc. | 59,014,494 | 27,024,446 | (26,558,801) | (244,363) | 9,650,828 | 68,886,604 | 2,437,098 | |||||||
Cia de Minas Buenaventura SAA | 97,965,488 | 44,409,346 | (43,257,323) | (3,652,217) | 110,277,541 | 205,742,835 | 1,063,546 | |||||||
Coeur Mining, Inc. | 48,923,959 | 30,342,505 | (13,984,559) | 1,131,689 | (70,491) | 66,343,103 | – | |||||||
DRDGOLD Ltd. | 33,159,785 | 15,773,278 | (15,761,897) | 1,202,596 | 2,199,529 | 36,573,291 | 1,999,972 | |||||||
Dundee Precious Metals, Inc. | 47,434,105 | 26,014,258 | (27,289,178) | 6,481,418 | 9,443,988 | 62,084,591 | 1,624,035 | |||||||
Eldorado Gold Corp. | 80,041,390 | 49,522,735 | (39,175,181) | 4,484,988 | 45,131,732 | 140,005,664 | – | |||||||
Emerald Resources NL | – | 55,364,751 | (6,276,532) | 658,280 | 18,324,897 | 68,071,396 | – | |||||||
Endeavour Mining Plc | 272,623,252 | 114,413,893 | (111,896,252) | 12,742,662 | 7,272,855 | 295,156,410 | 10,683,088 | |||||||
Endeavour Silver Corp. | 31,843,407 | 11,754,771 | (31,369,309) | (31,528,367) | 19,299,498 | – | – | |||||||
Equinox Gold Corp. | 51,858,919 | 30,388,224 | (26,291,911) | (3,695,026) | 29,176,245 | 81,436,451 | – | |||||||
Evolution Mining Ltd. | 193,675,761 | 84,944,044 | (68,220,726) | 9,159,005 | 63,515,197 | 283,073,281 | 2,569,894 | |||||||
First Majestic Silver Corp. | 113,580,650 | 41,521,793 | (29,836,274) | (8,163,584) | (23,203,985) | 93,898,600 | 307,792 | |||||||
Fortuna Silver Mines, Inc. | 56,398,523 | 20,513,609 | (16,244,329) | 544,115 | 1,715,597 | 62,927,515 | – | |||||||
Genesis Minerals Ltd. | – | 65,207,080 | (4,169,949) | 357,149 | 9,613,457 | 71,007,737 | – | |||||||
Gold Fields Ltd. | 478,159,484 | 276,955,320 | (426,044,022) | 138,905,861 | 96,052,676 | –(a) | 17,340,162 | |||||||
Gold Road Resources Ltd. | 64,292,600 | 24,682,733 | (23,967,180) | 3,752,802 | 8,241,452 | 77,002,407 | 639,132 | |||||||
Harmony Gold Mining Co. Ltd. | 108,915,631 | 53,575,115 | (54,249,864) | 8,894,320 | 85,726,078 | 202,861,280 | 1,300,978 | |||||||
Hecla Mining Co. | 174,714,054 | 66,870,522 | (60,052,795) | 6,538,068 | (29,840,955) | 158,228,894 | 839,152 | |||||||
IAMGOLD Corp. | 64,050,910 | 25,113,076 | (23,948,361) | (2,968,750) | 2,546,035 | 64,792,910 | – | |||||||
K92 Mining, Inc. | 68,361,763 | 24,588,986 | (21,385,546) | (3,322,673) | (6,809,621) | 61,432,909 | – | |||||||
Kinross Gold Corp. | 266,228,145 | 120,234,257 | (126,991,039) | 7,226,728 | 128,522,491 | 395,220,582 | 8,122,774 | |||||||
MAG Silver Corp. | – | 77,139,851 | (9,596,876) | (663,618) | (9,854,585) | 57,024,772 | – | |||||||
New Gold, Inc. | 34,655,550 | 15,033,856 | (15,464,128) | 247,909 | 18,703,069 | 53,176,256 | – | |||||||
Northern Star Resources Ltd. | 447,846,466 | 179,271,785 | (187,034,662) | 25,293,628 | 102,732,381 | 568,109,598 | 10,561,194 | |||||||
OceanaGold Corp. | 69,497,545 | 30,167,146 | (27,165,338) | (2,192,786) | 2,197,619 | 72,504,186 | 747,748 | |||||||
Osisko Gold Royalties Ltd. | 115,363,105 | 53,556,728 | (50,746,044) | 7,789,593 | 14,732,474 | 140,695,856 | 1,768,652 | |||||||
Pan American Silver Corp. | 178,290,511 | 257,877,807 | (100,269,980) | (20,927,228) | 1,695,874 | 316,666,984 | 7,274,981 | |||||||
Perseus Mining Ltd. | 101,580,825 | 37,644,927 | (33,876,938) | 10,204,377 | (23,501,078) | 92,052,113 | 1,668,520 | |||||||
Ramelius Resources Ltd. | – | 67,125,033 | (7,787,713) | 657,096 | 9,393,425 | 69,387,841 | 678,566 |
See Notes to Financial Statements
28 |
Transactions in securities of affiliates for the period ended December 31, 2023 were as follows: (continued)
Value 12/31/2022 |
Purchases | Sales Proceeds |
Realized Gain (Loss) |
Net Change in Unrealized Appreciation (Depreciation) |
Value 12/31/2023 |
Dividend Income | ||||||||
Red 5 Ltd. | – | 41,841,327 | (456,348) | (14,900) | (2,673,748) | 38,696,331 | – | |||||||
Regis Resources Ltd. | 54,855,943 | 19,070,648 | (18,871,317) | (5,446,084) | 10,071,046 | 59,680,236 | – | |||||||
Royal Gold, Inc. | 383,500,042 | 163,145,167 | (152,561,261) | 19,639,847 | 9,084,265 | 422,808,060 | 5,342,727 | |||||||
Sandstorm Gold Ltd. | 81,298,870 | 32,289,919 | (29,670,840) | (4,502,598) | (143,472) | 79,271,879 | 964,895 | |||||||
Silver Lake Resources Ltd. | 39,070,300 | 14,164,299 | (13,179,663) | (3,408,546) | 3,655,110 | 40,301,500 | – | |||||||
SilverCrest Metals, Inc. | 45,623,274 | 18,136,876 | (17,186,358) | (250,076) | 4,496,614 | 50,820,330 | – | |||||||
SSR Mining, Inc. | 167,794,658 | 58,604,650 | (54,962,167) | (3,492,352) | (51,209,108) | 116,735,681 | 3,113,773 | |||||||
Torex Gold Resources, Inc. | 51,060,705 | 22,988,524 | (21,484,811) | 1,740,362 | (3,635,282) | 50,669,498 | – | |||||||
Wesdome Gold Mines Ltd. | 40,768,741 | 18,248,425 | (15,552,316) | (3,918,962) | 6,796,550 | 46,342,438 | – | |||||||
West African Resources Ltd. | 42,653,378 | 13,230,123 | (12,023,851) | (1,661,490) | (7,035,189) | 35,162,971 | – | |||||||
Yamana Gold, Inc. | 276,431,736 | 58,355,514 | (351,105,117) | 61,096,866 | (44,778,999) | – | – | |||||||
Zhaojin Mining Industry Co. Ltd. | 149,510,918 | 68,634,696 | (67,178,503) | 12,790,664 | 8,751,652 | 172,509,427 | 827,660 | |||||||
Zijin Mining Group Co. Ltd. | 399,648,130 | 184,635,144 | (173,682,432) | 95,514,237 | (8,466,936) | 497,648,143 | 11,399,383 | |||||||
$5,994,836,736 | $3,543,297,312 | $(3,390,121,350) | $400,521,053 | $601,229,764 | $6,585,734,196 | $113,331,448 |
(a) | Security held by the Fund, however not classified as an affiliate at the end of the reporting period. |
The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 1,466,902,681 | $ | — | $ | 1,466,902,681 | ||||||||
Brazil | 863,642,722 | — | — | 863,642,722 | ||||||||||||
Burkina Faso | 64,792,910 | — | — | 64,792,910 | ||||||||||||
Canada | 5,389,463,547 | — | — | 5,389,463,547 | ||||||||||||
China | — | 670,157,570 | — | 670,157,570 | ||||||||||||
Egypt | — | 78,287,286 | — | 78,287,286 | ||||||||||||
Kyrgyzstan | 68,886,604 | — | — | 68,886,604 | ||||||||||||
Peru | 205,742,835 | — | — | 205,742,835 | ||||||||||||
South Africa | 1,220,837,906 | — | — | 1,220,837,906 | ||||||||||||
Turkey | 140,005,664 | — | — | 140,005,664 | ||||||||||||
United Kingdom | 295,156,410 | — | — | 295,156,410 | ||||||||||||
United States | 2,490,813,547 | — | — | 2,490,813,547 | ||||||||||||
Money Market Fund | 84,425,319 | — | — | 84,425,319 | ||||||||||||
Total Investments | $ | 10,823,767,464 | $ | 2,215,347,537 | $ | — | $ | 13,039,115,001 |
See Notes to Financial Statements
29 |
SCHEDULE OF INVESTMENTS
December 31, 2023
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Australia: 14.9% | ||||||||
Glencore Plc (GBP) | 339,498 | $ | 2,040,978 | |||||
IGO Ltd. | 64,308 | 396,862 | ||||||
Iluka Resources Ltd. | 34,534 | 155,552 | ||||||
Liontown Resources Ltd. * | 202,045 | 226,908 | ||||||
Lynas Rare Earths Ltd. * | 98,617 | 482,008 | ||||||
Pilbara Minerals Ltd. † | 259,437 | 697,280 | ||||||
3,999,588 | ||||||||
Canada: 12.6% | ||||||||
Capstone Copper Corp. * | 55,408 | 271,031 | ||||||
Hudbay Minerals, Inc. (USD) | 40,404 | 223,030 | ||||||
Ivanhoe Mines Ltd. * | 62,819 | 612,183 | ||||||
Lithium Americas Argentina Corp. (USD) * † | 20,635 | 130,413 | ||||||
Lithium Americas Corp. (USD) * † | 16,680 | 106,752 | ||||||
Sigma Lithium Corp. (USD) * † | 7,889 | 248,740 | ||||||
Teck Resources Ltd. (USD) † | 42,311 | 1,788,487 | ||||||
3,380,636 | ||||||||
Chile: 3.3% | ||||||||
Lundin Mining Corp. (CAD) | 59,708 | 490,850 | ||||||
Sociedad Quimica y Minera de Chile SA (ADR) | 6,615 | 398,355 | ||||||
889,205 | ||||||||
China: 13.8% | ||||||||
Beijing Easpring Material Technology Co. Ltd. | 18,900 | 101,339 | ||||||
Chengxin Lithium Group Co. Ltd. | 32,800 | 104,787 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd. | 139,568 | 378,877 | ||||||
China Rare Earth Resources And Technology Co. Ltd. | 37,900 | 147,206 | ||||||
Ganfeng Lithium Group Co. Ltd. | 46,620 | 280,167 | ||||||
GEM Co. Ltd. | 198,200 | 151,949 | ||||||
Inner Mongolia Xingye Silver&Tin Mining Co. Ltd. | 57,000 | 72,701 | ||||||
Jiangxi Copper Co. Ltd. | 80,103 | 200,816 | ||||||
MMG Ltd. (HKD) * † | 356,000 | 105,266 | ||||||
Ningbo Shanshan Co. Ltd. | 67,800 | 129,649 | ||||||
Shenghe Resources Holding Co. Ltd. | 67,700 | 96,739 | ||||||
Sichuan Yahua Industrial Group Co. Ltd. | 40,600 | 74,614 | ||||||
Tianqi Lithium Corp. | 56,900 | 445,691 | ||||||
Tongling Nonferrous Metals Group Co. Ltd. | 406,300 | 187,109 | ||||||
Western Mining Co. Ltd. | 92,000 | 184,221 | ||||||
Youngy Co. Ltd. | 10,000 | 76,065 | ||||||
Yunnan Chihong Zinc&Germanium Co. Ltd. | 196,500 | 139,321 | ||||||
Yunnan Copper Co. Ltd. | 77,300 | 118,146 | ||||||
Yunnan Tin Co. Ltd. | 63,485 | 127,616 | ||||||
Zangge Mining Co. Ltd. | 61,000 | 217,068 |
Number of Shares |
Value | |||||||
China (continued) | ||||||||
Zhejiang Huayou Cobalt Co. Ltd. | 66,030 | $ | 305,285 | |||||
3,644,632 | ||||||||
Germany: 1.2% | ||||||||
Aurubis AG | 3,760 | 307,867 | ||||||
Japan: 3.8% | ||||||||
Mitsubishi Materials Corp. | 12,700 | 220,005 | ||||||
Sumitomo Metal Mining Co. Ltd. | 27,300 | 810,866 | ||||||
1,030,871 | ||||||||
Jersey, Channel Islands: 2.0% | ||||||||
Arcadium Lithium Plc (AUD) * † | 72,389 | 553,714 | ||||||
Liechtenstein: 4.0% | ||||||||
Antofagasta Plc (GBP) | 49,471 | 1,057,912 | ||||||
Mexico: 10.0% | ||||||||
Grupo Mexico SAB de CV | 313,100 | 1,741,284 | ||||||
Southern Copper Corp. (USD) | 10,942 | 941,778 | ||||||
2,683,062 | ||||||||
Poland: 1.7% | ||||||||
KGHM Polska Miedz SA | 14,668 | 457,841 | ||||||
Russia: 0.0% | ||||||||
MMC Norilsk Nickel PJSC ∞ | 4,405 | 0 | ||||||
MMC Norilsk Nickel PJSC (ADR) *∞ | 2 | 0 | ||||||
0 | ||||||||
South Africa: 10.7% | ||||||||
Anglo American Platinum Ltd. † | 7,236 | 379,901 | ||||||
Anglo American Plc (GBP) | 60,317 | 1,509,712 | ||||||
Impala Platinum Holdings Ltd. | 85,745 | 425,924 | ||||||
Northam Platinum Holdings Ltd. | 23,673 | 179,423 | ||||||
Sibanye Stillwater Ltd. (ADR) † | 68,288 | 370,804 | ||||||
2,865,764 | ||||||||
Sweden: 3.9% | ||||||||
Boliden AB | 33,080 | 1,036,230 | ||||||
United States: 16.6% | ||||||||
Albemarle Corp. | 11,095 | 1,603,006 | ||||||
Freeport-McMoRan, Inc. | 52,664 | 2,241,907 | ||||||
Livent Corp. * † | 15,270 | 274,555 | ||||||
MP Materials Corp. * † | 16,244 | 322,443 | ||||||
4,441,911 | ||||||||
Zambia: 1.5% | ||||||||
First Quantum Minerals Ltd. (CAD) | 47,299 | 389,196 | ||||||
Total Common Stocks (Cost: $30,777,248) |
26,738,429 |
See Notes to Financial Statements
30 |
Number of Shares |
Value | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.0% | ||||||||
Money Market Fund: 2.0% (Cost: $535,727) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 535,727 | $ | 535,727 | |||||
Total Investments: 102.0% (Cost: $31,312,975) |
27,274,156 | |||||||
Liabilities in excess of other assets: (2.0)% | (525,819) | |||||||
NET ASSETS: 100.0% | $ | 26,748,337 |
Definitions:
ADR | American Depositary Receipt |
AUD | Australia Dollar |
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 $3,321,855. |
∞ | 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 | 54.2 | % | $ | 14,534,979 | ||||
Copper | 25.0 | 6,664,453 | ||||||
Specialty Chemicals | 12.7 | 3,391,569 | ||||||
Precious Metals & Minerals | 5.1 | 1,356,052 | ||||||
Electrical Components & Equipment | 1.9 | 499,694 | ||||||
Fertilizers & Agricultural Chemicals | 0.8 | 217,068 | ||||||
Commodity Chemicals | 0.3 | 74,614 | ||||||
100.0 | % | $ | 26,738,429 |
See Notes to Financial Statements
31 |
VANECK GREEN METALS ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 3,999,588 | $ | — | $ | 3,999,588 | ||||||||
Canada | 3,380,636 | — | — | 3,380,636 | ||||||||||||
Chile | 889,205 | — | — | 889,205 | ||||||||||||
China | — | 3,644,632 | — | 3,644,632 | ||||||||||||
Germany | — | 307,867 | — | 307,867 | ||||||||||||
Japan | — | 1,030,871 | — | 1,030,871 | ||||||||||||
Jersey, Channel Islands | 553,714 | — | — | 553,714 | ||||||||||||
Liechtenstein | 1,057,912 | — | — | 1,057,912 | ||||||||||||
Mexico | 2,683,062 | — | — | 2,683,062 | ||||||||||||
Poland | — | 457,841 | — | 457,841 | ||||||||||||
Russia | — | — | 0 | 0 | ||||||||||||
South Africa | 370,804 | 2,494,960 | — | 2,865,764 | ||||||||||||
Sweden | — | 1,036,230 | — | 1,036,230 | ||||||||||||
United States | 4,441,911 | — | — | 4,441,911 | ||||||||||||
Zambia | 389,196 | — | — | 389,196 | ||||||||||||
Money Market Fund | 535,727 | — | — | 535,727 | ||||||||||||
Total Investments | $ | 14,302,167 | $ | 12,971,989 | $ | 0 | $ | 27,274,156 |
See Notes to Financial Statements
32 |
SCHEDULE OF INVESTMENTS
December 31, 2023
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Australia: 18.4% | ||||||||
Alkane Resources Ltd. * † | 20,252,467 | $ | 9,025,170 | |||||
Aurelia Metals Ltd. * † | 60,705,503 | 4,544,574 | ||||||
Australian Strategic Materials Ltd. * | 1 | 1 | ||||||
Bellevue Gold Ltd. * † | 35,303,922 | 40,266,433 | ||||||
Capricorn Metals Ltd. * † | 14,572,732 | 46,776,003 | ||||||
De Grey Mining Ltd. * † | 59,504,881 | 50,838,302 | ||||||
Evolution Mining Ltd. | 90,473,000 | 243,725,826 | ||||||
Firefinch Ltd. * †∞ | 54,133,739 | 1,662,217 | ||||||
Genesis Minerals Ltd. * † | 25,702,539 | 31,342,027 | ||||||
Gold Road Resources Ltd. † | 42,931,228 | 57,462,544 | ||||||
Kingsgate Consolidated Ltd. * † | 12,183,979 | 11,423,555 | ||||||
Perseus Mining Ltd. | 48,047,205 | 60,514,849 | ||||||
Ramelius Resources Ltd. | 45,675,411 | 52,403,128 | ||||||
Red 5 Ltd. * † | 132,563,311 | 27,987,180 | ||||||
Regis Resources Ltd. * † | 30,349,264 | 45,065,527 | ||||||
Resolute Mining Ltd. * | 67,429,230 | 20,380,778 | ||||||
Silver Lake Resources Ltd. * | 37,115,870 | 30,074,354 | ||||||
Silver Mines Ltd. * † | 63,063,922 | 6,859,547 | ||||||
St Barbara Ltd. * † | 34,799,067 | 4,965,298 | ||||||
Tietto Minerals Ltd. * | 42,720,562 | 17,780,091 | ||||||
West African Resources Ltd. * † | 34,438,252 | 22,178,882 | ||||||
Westgold Resources Ltd. * | 18,134,474 | 26,922,292 | ||||||
812,198,578 | ||||||||
Burkina Faso: 1.0% | ||||||||
IAMGOLD Corp. (USD) * | 17,967,938 | 45,458,883 | ||||||
Canada: 53.8% | ||||||||
Alamos Gold, Inc. (USD) | 18,176,284 | 244,834,546 | ||||||
Americas Gold & Silver Corp. (USD) * † | 10,261,303 | 2,606,371 | ||||||
Archer Exploration Corp. * | 1,075,827 | 77,509 | ||||||
Aris Mining Corp. * † | 6,161,168 | 20,418,857 | ||||||
Arizona Metals Corp. * † | 5,211,056 | 9,642,785 | ||||||
Artemis Gold, Inc. * † | 6,738,845 | 32,299,030 | ||||||
Aya Gold & Silver, Inc. * † | 5,030,687 | 37,045,329 | ||||||
B2Gold Corp. (USD) ‡ | 73,906,459 | 233,544,410 | ||||||
Calibre Mining Corp. * † | 14,903,823 | 15,371,757 | ||||||
Dakota Gold Corp. (USD) * | 3,198,177 | 8,379,224 | ||||||
Discovery Silver Corp. * † | 13,468,160 | 7,762,628 | ||||||
Dundee Precious Metals, Inc. | 6,011,658 | 38,661,353 | ||||||
Endeavour Silver Corp. (USD) * † | 8,786,426 | 17,309,259 | ||||||
Equinox Gold Corp. (USD) * † | 12,279,579 | 60,047,141 | ||||||
Filo Corp. * † | 3,501,378 | 56,054,975 | ||||||
First Majestic Silver Corp. (USD) † | 12,207,053 | 75,073,376 | ||||||
Fortuna Silver Mines, Inc. (USD) * † | 13,037,797 | 50,325,896 | ||||||
Gold Royalty Corp. (USD) † | 5,413,687 | 7,958,120 | ||||||
GoldMining, Inc. (USD) * † | 8,642,631 | 8,419,651 | ||||||
K92 Mining, Inc. * † | 8,418,120 | 41,560,717 | ||||||
Karora Resources, Inc. * † | 7,057,465 | 26,065,414 | ||||||
Kinross Gold Corp. (USD) | 47,305,155 | 286,196,188 | ||||||
Lundin Gold, Inc. † | 3,931,009 | 49,309,031 |
Number of Shares |
Value | |||||||
Canada (continued) | ||||||||
MAG Silver Corp. (USD) * † | 2,919,843 | $ | 30,395,566 | |||||
Marathon Gold Corp. * † | 17,963,719 | 11,443,595 | ||||||
McEwen Mining, Inc. (USD) * † | 1,863,310 | 13,434,465 | ||||||
Metalla Royalty & Streaming Ltd. (USD) † ‡ | 3,443,921 | 10,607,277 | ||||||
New Found Gold Corp. * † | 4,416,759 | 15,642,549 | ||||||
New Gold, Inc. (USD) * | 24,591,178 | 35,903,120 | ||||||
New Pacific Metals Corp. * † | 4,604,855 | 8,765,498 | ||||||
Novagold Resources, Inc. (USD) * † | 8,688,249 | 32,494,051 | ||||||
OceanaGold Corp. | 23,583,263 | 45,428,097 | ||||||
Orla Mining Ltd. * † | 8,174,509 | 26,781,343 | ||||||
Osisko Gold Royalties Ltd. (USD) † | 6,739,682 | 96,242,659 | ||||||
Osisko Mining, Inc. * † | 13,184,564 | 26,697,092 | ||||||
Pan American Silver Corp. (USD) † ‡ | 19,560,639 | 319,425,235 | ||||||
Prime Mining Corp. * † | 4,331,091 | 4,926,920 | ||||||
Sandstorm Gold Ltd. (USD) † | 10,360,447 | 52,113,048 | ||||||
Seabridge Gold, Inc. (USD) * † | 3,213,080 | 38,974,660 | ||||||
Silvercorp Metals, Inc. (USD) † | 8,358,316 | 21,982,371 | ||||||
SilverCrest Metals, Inc. (USD) * † | 5,789,608 | 37,921,932 | ||||||
Skeena Resources Ltd. * † | 2,901,575 | 14,193,204 | ||||||
SSR Mining, Inc. (USD) | 7,710,265 | 82,962,451 | ||||||
Sulliden Mining Capital, Inc. * | 1,689,990 | 44,858 | ||||||
Torex Gold Resources, Inc. * | 2,841,875 | 31,509,338 | ||||||
Triple Flag Precious Metals Corp. (USD) | 3,239,601 | 43,119,089 | ||||||
Victoria Gold Corp. * | 1,666,900 | 8,798,441 | ||||||
Wesdome Gold Mines Ltd. * † | 5,491,961 | 32,112,103 | ||||||
2,370,882,529 | ||||||||
China: 1.5% | ||||||||
Zhaojin Mining Industry Co. Ltd. (HKD) † | 54,276,200 | 67,428,264 | ||||||
Egypt: 1.1% | ||||||||
Centamin Plc (GBP) | 39,426,732 | 50,074,765 | ||||||
Indonesia: 0.9% | ||||||||
Bumi Resources Minerals Tbk PT * | 3,485,123,400 | 38,488,526 | ||||||
Jersey, Channel Islands: 0.2% | ||||||||
Caledonia Mining Corp. Plc (USD) † | 598,637 | 7,303,372 | ||||||
Kyrgyzstan: 1.0% | ||||||||
Centerra Gold, Inc. (CAD) | 7,038,860 | 42,224,619 | ||||||
Mexico: 4.4% | ||||||||
Fresnillo Plc (GBP) | 8,708,273 | 65,946,026 | ||||||
Industrias Penoles SAB de CV * † | 8,830,563 | 129,445,745 | ||||||
195,391,771 |
See Notes to Financial Statements
33 |
VANECK JUNIOR GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares |
Value | |||||||
Peru: 3.8% | ||||||||
Cia de Minas Buenaventura SAA (ADR) † | 9,615,639 | $ | 146,542,338 | |||||
Hochschild Mining Plc (GBP) * | 15,077,503 | 20,559,889 | ||||||
167,102,227 | ||||||||
South Africa: 2.9% | ||||||||
DRDGOLD Ltd. (ADR) | 980,861 | 7,797,845 | ||||||
Harmony Gold Mining Co. Ltd. (ADR) | 19,633,664 | 120,747,034 | ||||||
128,544,879 | ||||||||
Turkey: 2.8% | ||||||||
Eldorado Gold Corp. (USD) * | 7,344,113 | 95,253,146 | ||||||
Koza Altin Isletmeleri AS | 45,414,850 | 30,031,557 | ||||||
125,284,703 | ||||||||
United Kingdom: 3.7% | ||||||||
Endeavour Mining Plc | 6,089,574 | 136,277,415 | ||||||
Greatland Gold Plc * † | 221,373,295 | 27,825,570 | ||||||
164,102,985 | ||||||||
United States: 4.4% | ||||||||
Argonaut Gold, Inc. (CAD) * † | 30,659,071 | 10,928,078 | ||||||
Aura Minerals, Inc. (BRL) (BDR) | 1,522,965 | 10,949,495 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Coeur Mining, Inc. * † | 12,479,362 | $ | 40,682,720 | |||||
Gatos Silver, Inc. * † | 1,863,508 | 12,187,342 | ||||||
GoGold Resources, Inc. (CAD) * † | 14,044,191 | 14,378,627 | ||||||
Hecla Mining Co. † | 18,411,119 | 88,557,482 | ||||||
i-80 Gold Corp. * † | 10,006,477 | 17,611,400 | ||||||
195,295,144 | ||||||||
Total Common Stocks (Cost: $4,627,336,428) |
4,409,781,245 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.7% | ||||||||
Money Market Fund: 2.7% (Cost: $117,343,529) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 117,343,529 | 117,343,529 | ||||||
Total Investments: 102.6% (Cost: $4,744,679,957) |
4,527,124,774 | |||||||
Liabilities in excess of other assets: (2.6)% | (115,808,998) | |||||||
NET ASSETS: 100.0% | $ | 4,411,315,776 |
Definitions:
ADR | American Depositary Receipt |
BDR | Brazilian Depositary Receipt |
BRL | Brazilian Real |
CAD | Canadian Dollar |
GBP | British Pound |
HKD | Hong Kong Dollar |
USD | United States Dollar |
Footnotes:
† | Security fully or partially on loan. Total market value of securities on loan is $269,954,333. |
* | 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. |
‡ | 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 | 76.2 | % | $ | 3,359,405,591 | ||||
Silver | 15.6 | 690,068,156 | ||||||
Precious Metals & Minerals | 5.5 | 243,965,837 | ||||||
Diversified Metals & Mining | 2.7 | 116,341,661 | ||||||
100.0 | % | $ | 4,409,781,245 |
See Notes to Financial Statements
34 |
Transactions in securities of affiliates for the period ended December 31, 2023 were as follows:
Value 12/31/2022 |
Purchases | Sales Proceeds |
Realized Gain (Loss) |
Net Change in Unrealized Appreciation (Depreciation) |
Value 12/31/2023 |
Dividend Income |
||||||||||||||||||||||
B2Gold Corp. | $–(a) | $ | 141,889,015 | $ | (11,579,151 | ) | $ | 3,014,715 | $ | (29,954,664 | ) | $ | 233,544,410 | $ | 8,866,174 | |||||||||||||
Metalla Royalty & Streaming Ltd. | –(a) | 7,540,097 | (1,802,471 | ) | (2,632,628 | ) | (2,008,082 | ) | 10,607,277 | 55,463 | ||||||||||||||||||
Pan American Silver Corp. | –(a) | 211,408,630 | (25,510,171 | ) | (9,947,888 | ) | (2,973,828 | ) | 319,425,235 | 5,842,561 | ||||||||||||||||||
$– | $ | 360,837,742 | $ | (38,891,793 | ) | $ | (9,565,801 | ) | $ | (34,936,574 | ) | $ | 563,576,922 | $ | 14,764,198 |
(a) | Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period. |
The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 810,536,361 | $ | 1,662,217 | $ | 812,198,578 | ||||||||
Burkina Faso | 45,458,883 | — | — | 45,458,883 | ||||||||||||
Canada | 2,370,882,529 | — | — | 2,370,882,529 | ||||||||||||
China | — | 67,428,264 | — | 67,428,264 | ||||||||||||
Egypt | — | 50,074,765 | — | 50,074,765 | ||||||||||||
Indonesia | — | 38,488,526 | — | 38,488,526 | ||||||||||||
Jersey, Channel Islands | 7,303,372 | — | — | 7,303,372 | ||||||||||||
Kyrgyzstan | 42,224,619 | — | — | 42,224,619 | ||||||||||||
Mexico | 129,445,745 | 65,946,026 | — | 195,391,771 | ||||||||||||
Peru | 146,542,338 | 20,559,889 | — | 167,102,227 | ||||||||||||
South Africa | 128,544,879 | — | — | 128,544,879 | ||||||||||||
Turkey | 125,284,703 | — | — | 125,284,703 | ||||||||||||
United Kingdom | 27,825,570 | 136,277,415 | — | 164,102,985 | ||||||||||||
United States | 195,295,144 | — | — | 195,295,144 | ||||||||||||
Money Market Fund | 117,343,529 | — | — | 117,343,529 | ||||||||||||
Total Investments | $ | 3,336,151,311 | $ | 1,189,311,246 | $ | 1,662,217 | $ | 4,527,124,774 |
See Notes to Financial Statements
35 |
SCHEDULE OF INVESTMENTS
December 31, 2023
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.7% | ||||||||
Austria: 0.7% | ||||||||
Verbund AG | 11,718 | $ | 1,086,613 | |||||
Brazil: 2.9% | ||||||||
Centrais Eletricas Brasileiras SA (ADR) † | 447,979 | 3,861,579 | ||||||
Cia Energetica de Minas Gerais (ADR) † | 408,842 | 948,513 | ||||||
4,810,092 | ||||||||
Canada: 3.3% | ||||||||
Ballard Power Systems, Inc. (USD) * † | 91,958 | 340,245 | ||||||
Boralex, Inc. † | 29,786 | 760,801 | ||||||
Brookfield Renewable Corp. (USD) † | 44,260 | 1,274,245 | ||||||
Canadian Solar, Inc. (USD) * † | 16,631 | 436,231 | ||||||
Innergex Renewable Energy, Inc. † | 48,117 | 335,352 | ||||||
Northland Power, Inc. † | 91,951 | 1,678,493 | ||||||
TransAlta Corp. (USD) | 74,095 | 615,730 | ||||||
5,441,097 | ||||||||
Chile: 0.5% | ||||||||
Enel Americas SA * | 6,996,206 | 780,567 | ||||||
China: 18.0% | ||||||||
BYD Co. Ltd. (HKD) | 308,000 | 8,496,012 | ||||||
China Everbright Environment Group Ltd. (HKD) | 1,135,000 | 369,468 | ||||||
China Longyuan Power Group Corp. Ltd. (HKD) | 726,000 | 551,309 | ||||||
Daqo New Energy Corp. (ADR) * | 22,675 | 603,155 | ||||||
GCL Technology Holdings Ltd. (HKD) | 7,335,000 | 1,164,782 | ||||||
JinkoSolar Holding Co. Ltd. (ADR) † | 13,266 | 490,046 | ||||||
Li Auto, Inc. (ADR) * † | 212,674 | 7,960,388 | ||||||
NIO, Inc. (ADR) * | 536,774 | 4,868,540 | ||||||
Xinyi Solar Holdings Ltd. (HKD) | 2,162,000 | 1,263,996 | ||||||
XPeng, Inc. (ADR) * | 197,640 | 2,883,568 | ||||||
Zhejiang Leapmotor Technology Co. Ltd. (HKD) 144A * † | 194,200 | 888,792 | ||||||
29,540,056 | ||||||||
Denmark: 9.2% | ||||||||
Orsted AS 144A | 68,537 | 3,801,904 | ||||||
ROCKWOOL International A/S | 2,787 | 815,925 | ||||||
Vestas Wind Systems A/S * | 330,715 | 10,471,133 | ||||||
15,088,962 | ||||||||
France: 0.6% | ||||||||
Neoen SA 144A | 28,108 | 941,833 | ||||||
Germany: 0.8% | ||||||||
Encavis AG * | 43,756 | 753,116 | ||||||
Nordex SE * † | 45,403 | 521,332 | ||||||
1,274,448 |
Number of Shares |
Value | |||||||
Ireland: 2.2% | ||||||||
Kingspan Group Plc | 41,552 | $ | 3,593,422 | |||||
Italy: 6.8% | ||||||||
Enel SpA | 1,406,257 | 10,468,915 | ||||||
ERG SpA | 20,151 | 643,265 | ||||||
11,112,180 | ||||||||
Japan: 0.6% | ||||||||
Horiba Ltd. † | 13,384 | 1,043,940 | ||||||
New Zealand: 2.4% | ||||||||
Contact Energy Ltd. † | 268,189 | 1,360,139 | ||||||
Mercury NZ Ltd. † | 241,942 | 1,011,025 | ||||||
Meridian Energy Ltd. † | 459,214 | 1,610,575 | ||||||
3,981,739 | ||||||||
Norway: 0.2% | ||||||||
NEL ASA * | 605,526 | 409,119 | ||||||
Portugal: 1.3% | ||||||||
EDP Renovaveis SA * | 107,587 | 2,203,843 | ||||||
South Korea: 4.3% | ||||||||
Hanwha Solutions Corp. * | 34,252 | 1,041,050 | ||||||
Samsung SDI Co. Ltd. * | 16,692 | 6,077,399 | ||||||
7,118,449 | ||||||||
Spain: 7.9% | ||||||||
Acciona SA † | 8,944 | 1,317,788 | ||||||
Atlantica Sustainable Infrastructure Plc (USD) | 22,303 | 479,515 | ||||||
Iberdrola SA | 850,471 | 11,162,516 | ||||||
12,959,819 | ||||||||
Sweden: 2.2% | ||||||||
Nibe Industrier AB † | 503,851 | 3,541,128 | ||||||
Switzerland: 0.4% | ||||||||
Landis+Gyr Group AG | 7,751 | 700,271 | ||||||
Taiwan: 0.5% | ||||||||
Simplo Technology Co. Ltd. | 60,000 | 819,943 | ||||||
Thailand: 0.5% | ||||||||
Energy Absolute PCL (NVDR) | 674,800 | 872,579 | ||||||
United Kingdom: 1.1% | ||||||||
Drax Group Plc | 128,186 | 800,226 | ||||||
Johnson Matthey Plc | 47,191 | 1,020,764 | ||||||
1,820,990 | ||||||||
United States: 33.3% | ||||||||
Array Technologies, Inc. * † | 40,542 | 681,106 | ||||||
Badger Meter, Inc. | 6,911 | 1,066,851 | ||||||
Bloom Energy Corp. * † | 54,386 | 804,913 | ||||||
EnerSys | 11,417 | 1,152,660 | ||||||
Enphase Energy, Inc. * | 38,589 | 5,099,150 | ||||||
First Solar, Inc. * | 25,161 | 4,334,737 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 29,435 | 811,817 | ||||||
Installed Building Products, Inc. | 6,279 | 1,147,927 | ||||||
Lucid Group, Inc. * † | 331,787 | 1,396,823 | ||||||
NextEra Energy, Inc. | 203,149 | 12,339,270 | ||||||
Ormat Technologies, Inc. † | 14,213 | 1,077,203 | ||||||
Owens Corning | 25,116 | 3,722,945 |
See Notes to Financial Statements
36 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Plug Power, Inc. * † | 162,338 | $ | 730,521 | |||||
QuantumScape Corp. * † | 121,428 | 843,925 | ||||||
Rivian Automotive, Inc. * † | 172,074 | 4,036,856 | ||||||
SolarEdge Technologies, Inc. * † | 18,525 | 1,733,940 | ||||||
Sunrun, Inc. * | 55,257 | 1,084,695 | ||||||
Tesla, Inc. * | 51,091 | 12,695,092 | ||||||
54,760,431 | ||||||||
Total
Common Stocks (Cost: $198,757,993) |
163,901,521 | |||||||
PREFERRED
SECURITIES: 0.4% (Cost: $686,397) |
||||||||
Brazil: 0.4% | ||||||||
Companhia Paranaense de Energia * | 341,400 | 606,968 | ||||||
Total
Investments Before Collateral for Securities Loaned: 100.1% (Cost: $199,444,390) |
164,508,489 |
Number of Shares |
Value | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.1% | ||||||||
Money
Market Fund: 6.1% (Cost: $10,097,243) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 10,097,243 | $ | 10,097,243 | |||||
Total
Investments: 106.2% (Cost: $209,541,633) |
174,605,732 | |||||||
Liabilities in excess of other assets: (6.2)% | (10,232,399) | |||||||
NET ASSETS: 100.0% | $ | 164,373,333 |
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 $33,026,362. |
* | 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. These securities have an aggregate value of $5,632,529, or 3.4% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Utilities | 38.5 | % | $ | 63,343,883 | ||||
Consumer Discretionary | 27.5 | 45,217,923 | ||||||
Industrials | 17.1 | 28,238,610 | ||||||
Information Technology | 15.1 | 24,834,442 | ||||||
Materials | 1.3 | 2,061,814 | ||||||
Financials | 0.5 | 811,817 | ||||||
100.0 | % | $ | 164,508,489 |
See Notes to Financial Statements
37 |
VANECK LOW CARBON ENERGY ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Austria | $ | — | $ | 1,086,613 | $ | — | $ | 1,086,613 | ||||||||
Brazil | 4,810,092 | — | — | 4,810,092 | ||||||||||||
Canada | 5,441,097 | — | — | 5,441,097 | ||||||||||||
Chile | — | 780,567 | — | 780,567 | ||||||||||||
China | 16,805,697 | 12,734,359 | — | 29,540,056 | ||||||||||||
Denmark | — | 15,088,962 | — | 15,088,962 | ||||||||||||
France | — | 941,833 | — | 941,833 | ||||||||||||
Germany | — | 1,274,448 | — | 1,274,448 | ||||||||||||
Ireland | — | 3,593,422 | — | 3,593,422 | ||||||||||||
Italy | — | 11,112,180 | — | 11,112,180 | ||||||||||||
Japan | — | 1,043,940 | — | 1,043,940 | ||||||||||||
New Zealand | 1,011,025 | 2,970,714 | — | 3,981,739 | ||||||||||||
Norway | — | 409,119 | — | 409,119 | ||||||||||||
Portugal | — | 2,203,843 | — | 2,203,843 | ||||||||||||
South Korea | — | 7,118,449 | — | 7,118,449 | ||||||||||||
Spain | 479,515 | 12,480,304 | — | 12,959,819 | ||||||||||||
Sweden | — | 3,541,128 | — | 3,541,128 | ||||||||||||
Switzerland | — | 700,271 | — | 700,271 | ||||||||||||
Taiwan | — | 819,943 | — | 819,943 | ||||||||||||
Thailand | — | 872,579 | — | 872,579 | ||||||||||||
United Kingdom | 800,226 | 1,020,764 | — | 1,820,990 | ||||||||||||
United States | 54,760,431 | — | — | 54,760,431 | ||||||||||||
Preferred Securities * | — | 606,968 | — | 606,968 | ||||||||||||
Money Market Fund | 10,097,243 | — | — | 10,097,243 | ||||||||||||
Total Investments | $ | 94,205,326 | $ | 80,400,406 | $ | — | $ | 174,605,732 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
38 |
SCHEDULE OF INVESTMENTS
December 31, 2023
Number of Shares |
Value | |||||||
COMMON STOCKS: 98.3% | ||||||||
Argentina: 0.1% | ||||||||
Cresud SACIF y A (ADR) | 3,312 | $ | 31,396 | |||||
IRSA Inversiones y Representaciones SA (ADR) | 132 | 1,135 | ||||||
YPF SA (ADR) * † | 6,557 | 112,715 | ||||||
145,246 | ||||||||
Australia: 7.6% | ||||||||
Ampol Ltd. | 3,972 | 98,020 | ||||||
Bega Cheese Ltd. † | 14,182 | 34,266 | ||||||
BHP Group Ltd. | 102,588 | 3,509,507 | ||||||
BlueScope Steel Ltd. | 9,022 | 144,023 | ||||||
Costa Group Holdings Ltd. | 20,124 | 42,782 | ||||||
Elders Ltd. † | 8,505 | 43,731 | ||||||
Evolution Mining Ltd. | 31,447 | 84,715 | ||||||
Fortescue Ltd. | 32,041 | 632,598 | ||||||
Glencore Plc (GBP) | 166,759 | 1,002,513 | ||||||
GrainCorp Ltd. | 12,330 | 61,392 | ||||||
IGO Ltd. † | 11,929 | 73,617 | ||||||
Inghams Group Ltd. | 19,427 | 52,524 | ||||||
Lynas Rare Earths Ltd. * † | 18,206 | 88,985 | ||||||
Mineral Resources Ltd. † | 3,373 | 160,880 | ||||||
Northern Star Resources Ltd. | 19,886 | 184,748 | ||||||
Nufarm Ltd. | 17,529 | 62,504 | ||||||
Origin Energy Ltd. | 31,382 | 181,335 | ||||||
Perseus Mining Ltd. | 23,740 | 29,900 | ||||||
Pilbara Minerals Ltd. † | 54,171 | 145,593 | ||||||
Rio Tinto Plc (GBP) | 20,978 | 1,560,549 | ||||||
Santos Ltd. | 51,198 | 266,556 | ||||||
South32 Ltd. | 91,284 | 206,724 | ||||||
Washington H Soul Pattinson & Co. Ltd. † | 3,828 | 85,629 | ||||||
Woodside Energy Group Ltd. | 30,927 | 653,936 | ||||||
Worley Ltd. | 6,120 | 73,045 | ||||||
9,480,072 | ||||||||
Austria: 0.2% | ||||||||
Mayr Melnhof Karton AG | 213 | 29,819 | ||||||
OMV AG | 2,352 | 103,254 | ||||||
Verbund AG | 1,127 | 104,507 | ||||||
voestalpine AG | 2,146 | 67,612 | ||||||
305,192 | ||||||||
Brazil: 3.5% | ||||||||
Adecoagro SA (USD) | 5,959 | 66,145 | ||||||
BrasilAgro - Co. Brasileira de Propriedades Agricolas | 3,300 | 17,701 | ||||||
BRF SA (ADR) * † | 46,013 | 127,916 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP (ADR) † | 6,851 | 104,341 | ||||||
Cia Siderurgica Nacional SA (ADR) | 26,847 | 105,509 | ||||||
Cosan SA | 20,000 | 78,779 | ||||||
CSN Mineracao SA | 9,700 | 15,604 | ||||||
Engie Brasil Energia SA | 1,650 | 15,394 | ||||||
Gerdau SA (ADR) † | 23,415 | 113,563 | ||||||
Minerva SA | 14,800 | 22,750 | ||||||
Neoenergia SA | 5,700 | 25,033 | ||||||
Petroleo Brasileiro SA (ADR) | 62,092 | 991,609 | ||||||
PRIO SA/Brazil | 12,600 | 119,192 |
Number of Shares |
Value | |||||||
Brazil (continued) | ||||||||
Sao Martinho SA | 8,900 | $ | 53,724 | |||||
SLC Agricola SA | 10,562 | 40,921 | ||||||
Suzano SA * | 19,300 | 219,785 | ||||||
Vale SA (ADR) | 91,894 | 1,457,439 | ||||||
Wheaton Precious Metals Corp. (USD) | 7,873 | 388,454 | ||||||
Yara International ASA (NOK) | 9,066 | 322,217 | ||||||
4,286,076 | ||||||||
British Virgin Islands: 0.0% | ||||||||
Lee & Man Paper Manufacturing Ltd. (HKD) | 63,900 | 18,745 | ||||||
Nine Dragons Paper Holdings Ltd. (HKD) * | 39,057 | 19,243 | ||||||
37,988 | ||||||||
Canada: 8.1% | ||||||||
Ag Growth International, Inc. | 1,050 | 40,229 | ||||||
Agnico Eagle Mines Ltd. (USD) | 8,589 | 471,107 | ||||||
Alamos Gold, Inc. | 6,867 | 92,803 | ||||||
Algonquin Power & Utilities Corp. † | 6,902 | 43,759 | ||||||
AltaGas Ltd. † | 4,661 | 98,338 | ||||||
ARC Resources Ltd. † | 10,046 | 149,860 | ||||||
B2Gold Corp. | 22,381 | 71,118 | ||||||
Ballard Power Systems, Inc. * † | 2,419 | 9,008 | ||||||
Barrick Gold Corp. (USD) | 30,361 | 549,231 | ||||||
Boralex, Inc. † | 1,014 | 25,900 | ||||||
Cameco Corp. (USD) | 8,744 | 376,866 | ||||||
Canadian Natural Resources Ltd. (USD) | 17,656 | 1,156,821 | ||||||
Canadian Solar, Inc. (USD) * † | 510 | 13,377 | ||||||
Canadian Utilities Ltd. | 2,063 | 49,893 | ||||||
Canfor Corp. * † | 1,433 | 19,399 | ||||||
Cenovus Energy, Inc. | 22,434 | 375,658 | ||||||
Emera, Inc. † | 4,566 | 174,177 | ||||||
Enbridge, Inc. (USD) | 35,412 | 1,275,540 | ||||||
Filo Corp. * † | 1,626 | 26,031 | ||||||
First Majestic Silver Corp. † | 4,878 | 30,076 | ||||||
Franco-Nevada Corp. | 3,321 | 369,652 | ||||||
Innergex Renewable Energy, Inc. † | 1,520 | 10,594 | ||||||
Ivanhoe Mines Ltd. * † | 11,597 | 113,015 | ||||||
Kinross Gold Corp. (USD) | 21,163 | 128,036 | ||||||
Lundin Gold, Inc. | 2,773 | 34,783 | ||||||
Maple Leaf Foods, Inc. † | 4,031 | 77,159 | ||||||
Northland Power, Inc. † | 2,520 | 46,001 | ||||||
Novagold Resources, Inc. (USD) * † | 3,983 | 14,896 | ||||||
Nutrien Ltd. (USD) | 27,606 | 1,555,046 | ||||||
Osisko Gold Royalties Ltd. | 3,201 | 45,905 | ||||||
Pan American Silver Corp. (USD) | 6,333 | 103,418 | ||||||
Pembina Pipeline Corp. | 9,152 | 316,635 | ||||||
Sandstorm Gold Ltd. † | 4,258 | 21,506 | ||||||
SSR Mining, Inc. (USD) | 3,523 | 37,908 | ||||||
Stella-Jones, Inc. | 1,454 | 85,039 |
See Notes to Financial Statements
39 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares |
Value | |||||||
Canada (continued) | ||||||||
Suncor Energy, Inc. (USD) | 21,595 | $ | 691,904 | |||||
TC Energy Corp. (USD) † | 17,286 | 675,710 | ||||||
Teck Resources Ltd. (USD) † | 8,443 | 356,886 | ||||||
Tourmaline Oil Corp. † | 5,334 | 241,053 | ||||||
West Fraser Timber Co. Ltd. | 1,368 | 117,607 | ||||||
10,091,944 | ||||||||
Chile: 0.6% | ||||||||
Empresas CMPC SA | 27,281 | 53,107 | ||||||
Empresas Copec SA | 6,228 | 45,714 | ||||||
Lundin Mining Corp. (CAD) | 13,190 | 108,433 | ||||||
Sociedad Quimica y Minera de Chile SA (ADR) | 7,972 | 480,074 | ||||||
687,328 | ||||||||
China: 2.0% | ||||||||
Aluminum Corp. of China Ltd. (HKD) | 77,100 | 38,545 | ||||||
Angang Steel Co. Ltd. (HKD) | 28,340 | 5,591 | ||||||
Beijing Enterprises Water Group Ltd. (HKD) | 39,300 | 8,760 | ||||||
China Coal Energy Co. Ltd. (HKD) | 32,600 | 29,673 | ||||||
China Gas Holdings Ltd. (HKD) | 44,600 | 44,065 | ||||||
China Hongqiao Group Ltd. (HKD) † | 52,700 | 43,151 | ||||||
China Longyuan Power Group Corp. Ltd. (HKD) | 31,929 | 24,246 | ||||||
China Petroleum & Chemical Corp. (HKD) | 399,227 | 209,215 | ||||||
China Resources Gas Group Ltd. (HKD) | 14,800 | 48,575 | ||||||
China Shenhua Energy Co. Ltd. (HKD) | 56,291 | 193,045 | ||||||
CMOC Group Ltd. (HKD) | 74,600 | 40,812 | ||||||
ENN Energy Holdings Ltd. (HKD) | 12,600 | 93,043 | ||||||
Guangdong Investment Ltd. (HKD) | 27,600 | 20,089 | ||||||
Hong Kong & China Gas Co. Ltd. (HKD) | 180,805 | 138,637 | ||||||
Jiangxi Copper Co. Ltd. (HKD) | 21,600 | 30,553 | ||||||
JinkoSolar Holding Co. Ltd. (ADR) † | 523 | 19,320 | ||||||
Kunlun Energy Co. Ltd. (HKD) | 61,600 | 55,592 | ||||||
PetroChina Co. Ltd. (HKD) | 346,940 | 229,253 | ||||||
Power Assets Holdings Ltd. (HKD) | 22,800 | 132,187 | ||||||
Shandong Gold Mining Co. Ltd. (HKD) 144A | 12,050 | 22,863 | ||||||
United Tractors Tbk PT (IDR) | 23,400 | 34,383 | ||||||
Wilmar International Ltd. (SGD) | 267,264 | 722,336 | ||||||
Xinyi Energy Holdings Ltd. (HKD) † | 20,400 | 3,737 | ||||||
Xinyi Solar Holdings Ltd. (HKD) | 50,000 | 29,232 | ||||||
Yankuang Energy Group Co. Ltd. (HKD) | 36,099 | 68,662 |
Number of Shares |
Value | |||||||
China (continued) | ||||||||
Zhaojin Mining Industry Co. Ltd. (HKD) | 22,000 | $ | 27,331 | |||||
Zijin Mining Group Co. Ltd. (HKD) | 98,761 | 160,996 | ||||||
2,473,892 | ||||||||
Colombia: 0.3% | ||||||||
Ecopetrol SA (ADR) † | 34,302 | 408,880 | ||||||
Czech Republic: 0.1% | ||||||||
CEZ AS | 2,693 | 115,494 | ||||||
Denmark: 0.5% | ||||||||
Bakkafrost P/F (NOK) | 2,777 | 145,240 | ||||||
Orsted AS 144A | 1,888 | 104,732 | ||||||
Vestas Wind Systems A/S * | 9,769 | 309,307 | ||||||
559,279 | ||||||||
Egypt: 0.1% | ||||||||
Abou Kir Fertilizers & Chemical Industries | 12,783 | 34,462 | ||||||
Centamin Plc (GBP) | 20,129 | 25,565 | ||||||
60,027 | ||||||||
Finland: 0.8% | ||||||||
Kemira Oyj | 2,738 | 50,820 | ||||||
Metsa Board Oyj † | 3,938 | 31,356 | ||||||
Neste Oyj | 7,016 | 249,576 | ||||||
Stora Enso Oyj † | 14,436 | 200,146 | ||||||
UPM-Kymmene Oyj | 13,366 | 504,494 | ||||||
1,036,392 | ||||||||
France: 2.2% | ||||||||
Aguas Andinas SA (CLP) | 26,780 | 8,725 | ||||||
Eramet SA | 178 | 14,110 | ||||||
Neoen SA 144A | 795 | 26,639 | ||||||
TotalEnergies SE | 36,002 | 2,449,652 | ||||||
Veolia Environnement SA | 6,951 | 219,837 | ||||||
Voltalia SA * † | 329 | 3,792 | ||||||
2,722,755 | ||||||||
Germany: 2.2% | ||||||||
Aurubis AG | 601 | 49,210 | ||||||
Bayer AG | 54,860 | 2,036,811 | ||||||
E.ON SE | 22,188 | 298,286 | ||||||
Encavis AG * | 1,163 | 20,017 | ||||||
K+S AG | 10,348 | 163,468 | ||||||
Nordex SE * | 1,185 | 13,607 | ||||||
Siemens Energy AG * | 8,563 | 113,243 | ||||||
SMA Solar Technology AG * | 281 | 18,835 | ||||||
Suedzucker AG | 3,306 | 51,827 | ||||||
Verbio Vereinigte Bioenergie AG | 195 | 6,440 | ||||||
2,771,744 | ||||||||
Greece: 0.0% | ||||||||
Terna Energy SA | 549 | 9,638 | ||||||
Hungary: 0.0% | ||||||||
MOL Hungarian Oil & Gas Plc | 5,991 | 48,931 | ||||||
India: 2.8% | ||||||||
Reliance Industries Ltd. (USD) 144A (GDR) | 56,449 | 3,525,208 |
See Notes to Financial Statements
40 |
Number of Shares |
Value | |||||||
Indonesia: 0.2% | ||||||||
Adaro Energy Indonesia Tbk PT | 233,900 | $ | 36,125 | |||||
Aneka Tambang Tbk | 146,100 | 16,179 | ||||||
Bumi Resources Minerals Tbk PT * | 1,278,900 | 14,124 | ||||||
Golden Agri-Resources Ltd. (SGD) | 349,919 | 68,921 | ||||||
Indah Kiat Pulp & Paper Tbk PT | 58,500 | 31,619 | ||||||
Merdeka Copper Gold Tbk PT * | 212,947 | 37,329 | ||||||
Vale Indonesia Tbk PT | 42,800 | 11,981 | ||||||
216,278 | ||||||||
Ireland: 0.2% | ||||||||
Dole Plc (USD) | 3,440 | 42,277 | ||||||
Smurfit Kappa Group Plc (GBP) † | 6,592 | 261,658 | ||||||
303,935 | ||||||||
Israel: 0.2% | ||||||||
Energix-Renewable Energies Ltd. | 2,569 | 9,478 | ||||||
Enlight Renewable Energy Ltd. * | 1,147 | 22,347 | ||||||
ICL Group Ltd. | 40,280 | 203,619 | ||||||
235,444 | ||||||||
Italy: 0.6% | ||||||||
ACEA SpA † | 354 | 5,414 | ||||||
Eni SpA | 34,378 | 583,468 | ||||||
ERG SpA | 556 | 17,749 | ||||||
Snam SpA | 34,138 | 175,749 | ||||||
782,380 | ||||||||
Japan: 2.4% | ||||||||
Chubu Electric Power Co., Inc. | 10,300 | 133,006 | ||||||
ENEOS Holdings, Inc. | 47,700 | 189,216 | ||||||
Idemitsu Kosan Co. Ltd. | 14,500 | 78,753 | ||||||
Inpex Corp. † | 15,300 | 204,770 | ||||||
JFE Holdings, Inc. | 10,764 | 166,556 | ||||||
Kobe Steel Ltd. | 7,200 | 92,817 | ||||||
Kubota Corp. | 51,300 | 770,019 | ||||||
Kumiai Chemical Industry Co. Ltd. † | 3,800 | 21,697 | ||||||
Kurita Water Industries Ltd. | 1,065 | 41,546 | ||||||
Maruha Nichiro Corp. | 2,236 | 44,020 | ||||||
NH Foods Ltd. | 4,300 | 145,815 | ||||||
Nippon Sanso Holdings Corp. † | 2,400 | 64,095 | ||||||
Nippon Steel Corp. | 15,800 | 360,983 | ||||||
Nisshin Seifun Group, Inc. | 10,250 | 138,058 | ||||||
Nissui Corp. | 15,014 | 80,756 | ||||||
Oji Holdings Corp. | 19,576 | 75,259 | ||||||
Organo Corp. | 300 | 12,380 | ||||||
Sakata Seed Corp. | 1,700 | 47,153 | ||||||
Sumitomo Forestry Co. Ltd. † | 3,383 | 100,527 | ||||||
Sumitomo Metal Mining Co. Ltd. | 4,500 | 133,659 | ||||||
Tokyo Gas Co. Ltd. | 5,900 | 135,357 | ||||||
3,036,442 |
Number of Shares |
Value | |||||||
Kazakhstan: 0.2% | ||||||||
NAC Kazatomprom JSC (USD) (GDR) | 5,249 | $ | 214,684 | |||||
Liechtenstein: 0.1% | ||||||||
Antofagasta Plc (GBP) | 6,754 | 144,431 | ||||||
Luxembourg: 0.4% | ||||||||
ArcelorMittal SA | 16,008 | 454,595 | ||||||
Malaysia: 0.4% | ||||||||
IOI Corp. Bhd | 123,194 | 105,358 | ||||||
Kuala Lumpur Kepong Bhd | 23,478 | 111,424 | ||||||
Petronas Dagangan Bhd | 3,500 | 16,636 | ||||||
Petronas Gas Bhd | 11,700 | 44,313 | ||||||
PPB Group Bhd | 26,200 | 82,563 | ||||||
Press Metal Aluminium Holdings Bhd | 65,400 | 68,427 | ||||||
QL Resources Bhd | 55,800 | 69,340 | ||||||
United Plantations BHD | 7,300 | 28,259 | ||||||
526,320 | ||||||||
Mexico: 0.6% | ||||||||
Fresnillo Plc (GBP) | 3,094 | 23,431 | ||||||
Gruma SAB de CV | 10,085 | 185,293 | ||||||
Grupo Mexico SAB de CV | 62,464 | 347,389 | ||||||
Industrias Penoles SAB de CV * | 3,332 | 48,843 | ||||||
Southern Copper Corp. (USD) † | 1,728 | 148,729 | ||||||
753,685 | ||||||||
Netherlands: 0.6% | ||||||||
OCI NV | 6,626 | 192,152 | ||||||
Tenaris SA (ADR) | 11,933 | 414,791 | ||||||
Ternium SA (ADR) | 3,974 | 168,776 | ||||||
775,719 | ||||||||
Norway: 1.2% | ||||||||
Aker BP ASA | 5,081 | 147,652 | ||||||
Austevoll Seafood ASA | 4,761 | 34,734 | ||||||
Equinor ASA | 15,707 | 497,991 | ||||||
Grieg Seafood ASA | 2,556 | 17,190 | ||||||
Mowi ASA | 24,723 | 442,916 | ||||||
NEL ASA * | 16,676 | 11,267 | ||||||
Norsk Hydro ASA | 26,450 | 177,860 | ||||||
Salmar ASA | 3,589 | 201,084 | ||||||
Var Energi ASA | 5,736 | 18,153 | ||||||
1,548,847 | ||||||||
Peru: 0.1% | ||||||||
Cia de Minas Buenaventura SAA (ADR) | 4,414 | 67,269 | ||||||
Philippines: 0.0% | ||||||||
ACEN Corp. | 99,400 | 7,858 | ||||||
Poland: 0.2% | ||||||||
KGHM Polska Miedz SA | 2,763 | 86,243 | ||||||
Orlen SA | 9,703 | 161,658 | ||||||
247,901 | ||||||||
Portugal: 0.2% | ||||||||
EDP Renovaveis SA * | 2,948 | 60,388 | ||||||
Galp Energia SGPS SA | 7,952 | 117,077 | ||||||
Navigator Co. SA | 5,437 | 21,342 | ||||||
198,807 |
See Notes to Financial Statements
41 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares |
Value | |||||||
Russia: 0.0% | ||||||||
Evraz Plc (GBP) *∞ | 10,824 | $ | 0 | |||||
Gazprom PJSC *∞ | 125,520 | 0 | ||||||
LUKOIL PJSC ∞ | 3,739 | 0 | ||||||
MMC Norilsk Nickel PJSC ∞ | 1,284 | 0 | ||||||
MMC Norilsk Nickel PJSC (ADR) *∞ | 17 | 0 | ||||||
Novatek PJSC ∞ | 19,580 | 0 | ||||||
Novolipetsk Steel PJSC *∞ | 26,910 | 0 | ||||||
PhosAgro PJSC ∞ | 4,623 | 0 | ||||||
PhosAgro PJSC (USD) (GDR) ∞ | 89 | 0 | ||||||
PhosAgro PJSC (USD) (GDR) ∞ | 1 | 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) | 694 | 37,370 | ||||||
Singapore: 0.2% | ||||||||
Charoen Pokphand Indonesia Tbk PT (IDR) | 407,100 | 132,819 | ||||||
First Resources Ltd. | 24,000 | 26,000 | ||||||
Keppel Infrastructure Trust | 56,335 | 21,349 | ||||||
Olam Group Ltd. † | 48,209 | 37,918 | ||||||
218,086 | ||||||||
South Africa: 1.2% | ||||||||
Anglo American Platinum Ltd. † | 993 | 52,134 | ||||||
Anglo American Plc (GBP) | 24,792 | 620,535 | ||||||
Anglogold Ashanti Plc (USD) | 7,308 | 136,587 | ||||||
Gold Fields Ltd. (ADR) | 15,557 | 224,954 | ||||||
Harmony Gold Mining Co. Ltd. (ADR) | 10,789 | 66,352 | ||||||
Impala Platinum Holdings Ltd. | 15,693 | 77,952 | ||||||
Kumba Iron Ore Ltd. | 1,138 | 38,155 | ||||||
Northam Platinum Holdings Ltd. | 5,497 | 41,663 | ||||||
Omnia Holdings Ltd. | 9,217 | 33,136 | ||||||
Sasol Ltd. | 9,779 | 98,577 | ||||||
Sibanye Stillwater Ltd. | 49,078 | 65,818 | ||||||
1,455,863 | ||||||||
South Korea: 0.7% | ||||||||
Coway Co. Ltd. * | 543 | 24,017 | ||||||
CS Wind Corp. | 243 | 13,157 | ||||||
Hyundai Steel Co. * | 1,693 | 47,712 | ||||||
Korea Zinc Co. Ltd. | 179 | 68,903 | ||||||
POSCO Holdings, Inc. | 1,452 | 558,280 | ||||||
SK Innovation Co. Ltd. * | 997 | 107,893 | ||||||
SK, Inc. | 596 | 82,039 | ||||||
902,001 |
Number of Shares |
Value | |||||||
Spain: 1.5% | ||||||||
Atlantica Sustainable Infrastructure Plc (USD) | 1,161 | $ | 24,962 | |||||
Corp. ACCIONA Energias Renovables SA † | 573 | 17,795 | ||||||
Enagas SA † | 3,785 | 63,891 | ||||||
Iberdrola SA | 105,296 | 1,382,020 | ||||||
Repsol SA | 20,431 | 303,264 | ||||||
Solaria Energia y Medio Ambiente SA * † | 666 | 13,714 | ||||||
1,805,646 | ||||||||
Sweden: 0.8% | ||||||||
Billerud Aktiebolag | 5,677 | 57,903 | ||||||
Boliden AB | 5,438 | 170,345 | ||||||
Epiroc AB | 10,372 | 208,947 | ||||||
Holmen AB | 2,221 | 93,884 | ||||||
Husqvarna AB † | 19,144 | 158,039 | ||||||
SSAB AB | 12,834 | 98,344 | ||||||
Svenska Cellulosa AB SCA † | 14,912 | 224,197 | ||||||
1,011,659 | ||||||||
Switzerland: 0.1% | ||||||||
Bucher Industries AG | 367 | 154,162 | ||||||
Taiwan: 0.3% | ||||||||
China Steel Corp. | 235,672 | 207,249 | ||||||
Formosa Petrochemical Corp. | 18,520 | 48,670 | ||||||
Sinon Corp. | 21,600 | 27,041 | ||||||
Taiwan Fertilizer Co. Ltd. | 41,400 | 91,101 | ||||||
374,061 | ||||||||
Thailand: 0.5% | ||||||||
B Grimm Power PCL (NVDR) | 8,300 | 6,613 | ||||||
Charoen Pokphand Foods PCL (NVDR) | 255,300 | 146,304 | ||||||
Energy Absolute PCL (NVDR) | 21,100 | 27,284 | ||||||
PTT Exploration & Production PCL (NVDR) | 22,700 | 98,881 | ||||||
PTT Oil & Retail Business PCL (NVDR) | 45,600 | 25,478 | ||||||
PTT PCL (NVDR) | 226,900 | 237,207 | ||||||
SCG Packaging PCL (NVDR) | 29,500 | 31,049 | ||||||
572,816 | ||||||||
Turkey: 0.2% | ||||||||
Eldorado Gold Corp. (USD) * | 3,498 | 45,369 | ||||||
Eregli Demir ve Celik Fabrikalari TAS * | 30,298 | 42,025 | ||||||
Gubre Fabrikalari TAS * | 4,484 | 23,351 | ||||||
Hektas Ticaret TAS * | 57,267 | 38,899 | ||||||
Koza Altin Isletmeleri AS | 16,579 | 10,963 | ||||||
Tekfen Holding AS | 10,273 | 12,842 | ||||||
Turkiye Petrol Rafinerileri AS | 14,689 | 70,981 | ||||||
244,430 | ||||||||
United Kingdom: 5.8% | ||||||||
BP Plc | 272,887 | 1,617,882 | ||||||
Centrica Plc | 88,187 | 158,111 | ||||||
CNH Industrial NV (USD) | 50,683 | 617,319 | ||||||
DS Smith Plc | 34,754 | 136,011 | ||||||
Endeavour Mining Plc (CAD) | 3,223 | 72,766 | ||||||
Genus Plc | 3,594 | 99,283 | ||||||
Mondi Plc | 12,190 | 238,522 |
See Notes to Financial Statements
42 |
Number of Shares |
Value | |||||||
United Kingdom (continued) | ||||||||
Pennon Group Plc | 2,605 | $ | 24,984 | |||||
ReNew Energy Global Plc (USD) * † | 1,316 | 10,080 | ||||||
Severn Trent Plc | 2,571 | 84,556 | ||||||
Shell Plc | 106,716 | 3,493,658 | ||||||
SSE Plc | 17,800 | 420,236 | ||||||
TechnipFMC Plc (USD) | 7,184 | 144,686 | ||||||
United Utilities Group Plc | 6,713 | 90,692 | ||||||
7,208,786 | ||||||||
United States: 48.2% | ||||||||
A.O. Smith Corp. | 1,208 | 99,588 | ||||||
Advanced Drainage Systems, Inc. | 675 | 94,932 | ||||||
AGCO Corp. | 3,474 | 421,778 | ||||||
Alcoa Corp. | 3,580 | 121,720 | ||||||
Ameresco, Inc. * † | 320 | 10,134 | ||||||
American States Water Co. | 368 | 29,595 | ||||||
American Water Works Co., Inc. | 1,948 | 257,117 | ||||||
Andersons, Inc. | 1,779 | 102,364 | ||||||
Antero Midstream Corp. | 5,615 | 70,356 | ||||||
Antero Resources Corp. * | 4,626 | 104,918 | ||||||
APA Corp. | 5,093 | 182,737 | ||||||
Archer-Daniels-Midland Co. | 29,561 | 2,134,895 | ||||||
ATI, Inc. * † | 2,554 | 116,130 | ||||||
Atmos Energy Corp. | 2,472 | 286,505 | ||||||
Baker Hughes Co. | 16,769 | 573,164 | ||||||
Boise Cascade Co. | 993 | 128,454 | ||||||
Bunge Global SA | 8,045 | 812,143 | ||||||
California Water Service Group | 575 | 29,825 | ||||||
Cal-Maine Foods, Inc. | 2,264 | 129,931 | ||||||
CF Industries Holdings, Inc. | 10,616 | 843,972 | ||||||
ChampionX Corp. | 3,227 | 94,261 | ||||||
Cheniere Energy, Inc. | 3,916 | 668,500 | ||||||
Chesapeake Energy Corp. † | 1,814 | 139,569 | ||||||
Chevron Corp. | 31,393 | 4,682,580 | ||||||
Chord Energy Corp. | 663 | 110,210 | ||||||
Civitas Resources, Inc. † | 1,354 | 92,587 | ||||||
Clearway Energy, Inc. † | 799 | 21,917 | ||||||
Cleveland-Cliffs, Inc. * | 10,024 | 204,690 | ||||||
Commercial Metals Co. | 2,346 | 117,394 | ||||||
ConocoPhillips | 19,795 | 2,297,606 | ||||||
Corteva, Inc. | 39,296 | 1,883,064 | ||||||
Coterra Energy, Inc. | 12,313 | 314,228 | ||||||
Darling Ingredients, Inc. * | 8,789 | 438,044 | ||||||
Deere & Co. | 14,954 | 5,979,656 | ||||||
Devon Energy Corp. | 10,621 | 481,131 | ||||||
Diamondback Energy, Inc. | 2,876 | 446,010 | ||||||
Elanco Animal Health, Inc. * | 27,140 | 404,386 | ||||||
EnLink Midstream LLC | 3,818 | 46,427 | ||||||
EOG Resources, Inc. | 9,695 | 1,172,610 | ||||||
EQT Corp. † | 6,409 | 247,772 | ||||||
Essential Utilities, Inc. | 2,730 | 101,965 | ||||||
Exxon Mobil Corp. | 66,737 | 6,672,365 | ||||||
Farmland Partners, Inc. † | 2,428 | 30,301 | ||||||
First Solar, Inc. * | 1,002 | 172,625 | ||||||
FMC Corp. | 6,922 | 436,432 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Franklin Electric Co., Inc. | 396 | $ | 38,273 | |||||
Freeport-McMoRan, Inc. | 28,562 | 1,215,884 | ||||||
Fresh Del Monte Produce, Inc. | 2,109 | 55,361 | ||||||
Graphic Packaging Holding Co. | 7,701 | 189,830 | ||||||
Green Plains, Inc. * | 577 | 14,552 | ||||||
Halliburton Co. | 14,880 | 537,912 | ||||||
Hecla Mining Co. | 9,996 | 48,081 | ||||||
Hess Corp. | 4,630 | 667,461 | ||||||
HF Sinclair Corp. | 2,613 | 145,204 | ||||||
Howmet Aerospace, Inc. | 8,283 | 448,276 | ||||||
Imperial Oil Ltd. | 2,788 | 159,446 | ||||||
Ingredion, Inc. | 3,606 | 391,359 | ||||||
International Paper Co. | 8,710 | 314,866 | ||||||
Itron, Inc. * | 451 | 34,055 | ||||||
Kinder Morgan, Inc. | 32,336 | 570,407 | ||||||
Lindsay Corp. | 610 | 78,788 | ||||||
Louisiana-Pacific Corp. | 1,809 | 128,131 | ||||||
LSB Industries, Inc. * | 2,731 | 25,426 | ||||||
Marathon Oil Corp. | 9,725 | 234,956 | ||||||
Marathon Petroleum Corp. | 6,322 | 937,932 | ||||||
Matador Resources Co. | 1,828 | 103,940 | ||||||
Mission Produce, Inc. * | 2,389 | 24,105 | ||||||
Mosaic Co. | 18,141 | 648,178 | ||||||
Murphy Oil Corp. | 2,444 | 104,261 | ||||||
Murphy USA, Inc. | 327 | 116,595 | ||||||
National Fuel Gas Co. | 1,509 | 75,707 | ||||||
New Fortress Energy, Inc. † | 1,747 | 65,914 | ||||||
Newmont Corp. | 20,040 | 829,456 | ||||||
NextEra Energy, Inc. | 20,464 | 1,242,983 | ||||||
NEXTracker, Inc. * † | 486 | 22,769 | ||||||
NiSource, Inc. | 6,872 | 182,452 | ||||||
Noble Corp. Plc | 1,847 | 88,952 | ||||||
NOV, Inc. | 6,527 | 132,368 | ||||||
Nucor Corp. | 4,943 | 860,280 | ||||||
Occidental Petroleum Corp. | 14,652 | 874,871 | ||||||
ONEOK, Inc. | 9,681 | 679,800 | ||||||
Ormat Technologies, Inc. † | 603 | 45,701 | ||||||
Ovintiv, Inc. | 4,130 | 181,390 | ||||||
Packaging Corp. of America | 2,231 | 363,452 | ||||||
Pentair Plc | 1,652 | 120,117 | ||||||
Permian Resources Corp. | 6,605 | 89,828 | ||||||
PG&E Corp. | 33,509 | 604,167 | ||||||
Phillips 66 | 7,319 | 974,452 | ||||||
Pilgrim’s Pride Corp. * | 2,247 | 62,152 | ||||||
Pioneer Natural Resources Co. | 3,869 | 870,061 | ||||||
Plug Power, Inc. * † | 5,407 | 24,331 | ||||||
PotlatchDeltic Corp. | 1,969 | 96,678 | ||||||
Primo Water Corp. | 1,473 | 22,169 | ||||||
Range Resources Corp. | 3,905 | 118,868 | ||||||
Rayonier, Inc. | 3,741 | 124,987 | ||||||
Reliance Steel & Aluminum Co. | 1,154 | 322,751 | ||||||
Reliance Worldwide Corp. Ltd. (AUD) | 6,749 | 20,415 | ||||||
Royal Gold, Inc. | 1,141 | 138,015 |
See Notes to Financial Statements
43 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Schlumberger NV | 23,792 | $ | 1,238,136 | |||||
Scotts Miracle-Gro Co. † | 2,344 | 149,430 | ||||||
Seaboard Corp. | 16 | 57,122 | ||||||
Shoals Technologies Group, Inc. * | 1,644 | 25,548 | ||||||
SJW Group | 290 | 18,951 | ||||||
SolarEdge Technologies, Inc. * † | 565 | 52,884 | ||||||
Southern Co. | 18,160 | 1,273,379 | ||||||
Southwestern Energy Co. * | 17,290 | 113,249 | ||||||
Steel Dynamics, Inc. | 3,066 | 362,095 | ||||||
Sunrun, Inc. * | 2,120 | 41,616 | ||||||
Sylvamo Corp. | 886 | 43,511 | ||||||
Targa Resources Corp. | 3,651 | 317,162 | ||||||
The Williams Companies, Inc. | 20,219 | 704,228 | ||||||
Toro Co. | 5,772 | 554,054 | ||||||
Tractor Supply Co. † | 6,018 | 1,294,051 | ||||||
Transocean Ltd. * | 11,920 | 75,692 | ||||||
Tyson Foods, Inc. | 15,508 | 833,555 | ||||||
UGI Corp. | 3,495 | 85,977 | ||||||
United States Steel Corp. † | 4,455 | 216,736 | ||||||
Valero Energy Corp. | 5,653 | 734,890 | ||||||
Vital Farms, Inc. * | 1,456 | 22,845 | ||||||
Watts Water Technologies, Inc. | 272 | 56,668 | ||||||
Weatherford International Plc * | 1,151 | 112,602 | ||||||
Westrock Co. | 6,440 | 267,389 | ||||||
Weyerhaeuser Co. | 18,525 | 644,114 | ||||||
Xylem, Inc. | 2,409 | 275,493 | ||||||
59,846,330 | ||||||||
Zambia: 0.1% | ||||||||
First Quantum Minerals Ltd. (CAD) | 11,274 | 92,768 | ||||||
Total
Common Stocks (Cost: $118,132,375) |
122,204,659 |
Number of Shares |
Value | |||||||
PREFERRED
SECURITIES: 0.1% (Cost: $79,355) |
||||||||
Brazil: 0.1% | ||||||||
Klabin SA | 83,400 | $ | 75,725 | |||||
MASTER LIMITED PARTNERSHIPS: 1.4% | ||||||||
United States: 1.4% | ||||||||
CVR Partners LP | 363 | 23,776 | ||||||
Energy Transfer LP | 48,164 | 664,663 | ||||||
Enterprise Products Partners LP | 23,844 | 628,289 | ||||||
MPLX LP | 5,659 | 207,799 | ||||||
Plains All American Pipeline LP | 7,727 | 117,064 | ||||||
Western Midstream Partners LP | 3,199 | 93,603 | ||||||
Total
Master Limited Partnerships (Cost: $1,718,582) |
1,735,194 | |||||||
Total
Investments Before Collateral for Securities Loaned: 99.8% (Cost: $119,930,312) |
124,015,578 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.2% | ||||||||
Money
Market Fund: 1.2% (Cost: $1,500,893) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,500,893 | 1,500,893 | ||||||
Total
Investments: 101.0% (Cost: $121,431,205) |
125,516,471 | |||||||
Liabilities in excess of other assets: (1.0)% | (1,220,593) | |||||||
NET ASSETS: 100.0% | $ | 124,295,878 |
Definitions: | |
ADR | American Depositary Receipt |
AUD | Australia Dollar |
CAD | Canadian Dollar |
CLP | Chilean Peso |
GBP | British Pound |
GDR | Global Depositary Receipt |
HKD | Hong Kong Dollar |
IDR | Indonesian Rupiah |
KRW | Korean Won |
NOK | Norwegian Krone |
NVDR | Non-Voting Depositary Receipt |
SGD | Singapore Dollar |
USD | United States Dollar |
Footnotes: | |
† | Security fully or partially on loan. Total market value of securities on loan is $6,898,496. |
* | Non-income producing |
See Notes to Financial Statements
44 |
∞ | 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. These securities have an aggregate value of $3,679,442, or 3.0% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Energy | 44.3 | % | $ | 54,981,189 | ||||
Materials | 27.2 | 33,713,341 | ||||||
Industrials | 9.3 | 11,561,121 | ||||||
Utilities | 7.6 | 9,469,549 | ||||||
Consumer Staples | 7.2 | 8,866,059 | ||||||
Health Care | 2.1 | 2,540,480 | ||||||
Consumer Discretionary | 1.3 | 1,560,667 | ||||||
Real Estate | 0.7 | 897,215 | ||||||
Information Technology | 0.2 | 340,328 | ||||||
Financials | 0.1 | 85,629 | ||||||
100.0 | % | $ | 124,015,578 |
See Notes to Financial Statements
45 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Argentina | $ | 145,246 | $ | — | $ | — | $ | 145,246 | ||||||||
Australia | — | 9,480,072 | — | 9,480,072 | ||||||||||||
Austria | — | 305,192 | — | 305,192 | ||||||||||||
Brazil | 3,354,976 | 931,100 | — | 4,286,076 | ||||||||||||
British Virgin Islands | — | 37,988 | — | 37,988 | ||||||||||||
Canada | 10,091,944 | — | — | 10,091,944 | ||||||||||||
Chile | 687,328 | — | — | 687,328 | ||||||||||||
China | 19,320 | 2,454,572 | — | 2,473,892 | ||||||||||||
Colombia | 408,880 | — | — | 408,880 | ||||||||||||
Czech Republic | 115,494 | — | — | 115,494 | ||||||||||||
Denmark | — | 559,279 | — | 559,279 | ||||||||||||
Egypt | — | 60,027 | — | 60,027 | ||||||||||||
Finland | — | 1,036,392 | — | 1,036,392 | ||||||||||||
France | — | 2,722,755 | — | 2,722,755 | ||||||||||||
Germany | — | 2,771,744 | — | 2,771,744 | ||||||||||||
Greece | — | 9,638 | — | 9,638 | ||||||||||||
Hungary | 48,931 | — | — | 48,931 | ||||||||||||
India | — | 3,525,208 | — | 3,525,208 | ||||||||||||
Indonesia | 11,981 | 204,297 | — | 216,278 | ||||||||||||
Ireland | 42,277 | 261,658 | — | 303,935 | ||||||||||||
Israel | — | 235,444 | — | 235,444 | ||||||||||||
Italy | — | 782,380 | — | 782,380 | ||||||||||||
Japan | — | 3,036,442 | — | 3,036,442 | ||||||||||||
Kazakhstan | — | 214,684 | — | 214,684 | ||||||||||||
Liechtenstein | — | 144,431 | — | 144,431 | ||||||||||||
Luxembourg | — | 454,595 | — | 454,595 | ||||||||||||
Malaysia | 168,539 | 357,781 | — | 526,320 | ||||||||||||
Mexico | 730,254 | 23,431 | — | 753,685 | ||||||||||||
Netherlands | 583,567 | 192,152 | — | 775,719 | ||||||||||||
Norway | 17,190 | 1,531,657 | — | 1,548,847 | ||||||||||||
Peru | 67,269 | — | — | 67,269 | ||||||||||||
Philippines | — | 7,858 | — | 7,858 | ||||||||||||
Poland | — | 247,901 | — | 247,901 | ||||||||||||
Portugal | — | 198,807 | — | 198,807 | ||||||||||||
Russia | — | — | 0 | 0 | ||||||||||||
Saudi Arabia | — | 37,370 | — | 37,370 | ||||||||||||
Singapore | — | 218,086 | — | 218,086 | ||||||||||||
South Africa | 427,893 | 1,027,970 | — | 1,455,863 | ||||||||||||
South Korea | — | 902,001 | — | 902,001 | ||||||||||||
Spain | 24,962 | 1,780,684 | — | 1,805,646 | ||||||||||||
Sweden | — | 1,011,659 | — | 1,011,659 | ||||||||||||
Switzerland | — | 154,162 | — | 154,162 | ||||||||||||
Taiwan | — | 374,061 | — | 374,061 | ||||||||||||
Thailand | 25,478 | 547,338 | — | 572,816 | ||||||||||||
Turkey | 92,525 | 151,905 | — | 244,430 | ||||||||||||
United Kingdom | 844,851 | 6,363,935 | — | 7,208,786 | ||||||||||||
United States | 59,825,915 | 20,415 | — | 59,846,330 | ||||||||||||
Zambia | 92,768 | — | — | 92,768 | ||||||||||||
Preferred Securities * | — | 75,725 | — | 75,725 | ||||||||||||
Master Limited Partnerships * | 1,735,194 | — | — | 1,735,194 | ||||||||||||
Money Market Fund | 1,500,893 | — | — | 1,500,893 | ||||||||||||
Total Investments | $ | 81,063,675 | $ | 44,452,796 | $ | 0 | $ | 125,516,471 |
See Notes to Financial Statements
46 |
SCHEDULE OF INVESTMENTS
December 31, 2023
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Australia: 4.0% | ||||||||
Ampol Ltd. † | 56,087 | $ | 1,384,097 | |||||
Austria: 4.6% | ||||||||
OMV AG | 35,891 | 1,575,634 | ||||||
Finland: 5.5% | ||||||||
Neste Oyj | 53,068 | 1,887,753 | ||||||
Greece: 1.6% | ||||||||
Motor Oil Hellas Corinth Refineries SA | 20,859 | 548,029 | ||||||
Hungary: 3.4% | ||||||||
MOL Hungarian Oil & Gas Plc | 144,003 | 1,176,144 | ||||||
India: 8.2% | ||||||||
Reliance Industries Ltd. (USD) 144A (GDR) | 45,023 | 2,811,661 | ||||||
Japan: 11.9% | ||||||||
Cosmo Energy Holdings Co. Ltd. | 20,000 | 801,622 | ||||||
ENEOS Holdings, Inc. | 453,800 | 1,800,132 | ||||||
Idemitsu Kosan Co. Ltd. | 271,340 | 1,473,710 | ||||||
4,075,464 | ||||||||
Poland: 5.3% | ||||||||
Orlen SA | 108,627 | 1,809,791 | ||||||
Portugal: 4.4% | ||||||||
Galp Energia SGPS SA | 103,219 | 1,519,694 |
Number of Shares |
Value | |||||||
Saudi Arabia: 1.6% | ||||||||
S-Oil Corp. (KRW) | 10,246 | $ | 551,725 | |||||
South Korea: 6.6% | ||||||||
HD Hyundai Co. Ltd. | 13,882 | 680,426 | ||||||
SK Innovation Co. Ltd. * | 14,555 | 1,575,109 | ||||||
2,255,535 | ||||||||
Taiwan: 4.1% | ||||||||
Formosa Petrochemical Corp. | 538,000 | 1,413,861 | ||||||
Thailand: 2.8% | ||||||||
Bangchak Corp. PCL (NVDR) | 285,200 | 362,648 | ||||||
Thai Oil PCL (NVDR) | 385,600 | 604,387 | ||||||
967,035 | ||||||||
Turkey: 4.0% | ||||||||
Turkiye Petrol Rafinerileri AS | 284,189 | 1,373,267 | ||||||
United States: 32.0% | ||||||||
Delek US Holdings, Inc. | 13,643 | 351,989 | ||||||
HF Sinclair Corp. | 28,353 | 1,575,576 | ||||||
Marathon Petroleum Corp. | 16,234 | 2,408,476 | ||||||
Par Pacific Holdings, Inc. * | 12,531 | 455,753 | ||||||
PBF Energy, Inc. | 24,160 | 1,062,074 | ||||||
Phillips 66 | 21,251 | 2,829,358 | ||||||
Valero Energy Corp. | 17,586 | 2,286,180 | ||||||
10,969,406 | ||||||||
Total
Common Stocks (Cost: $31,503,540) |
34,319,096 | |||||||
Total
Investments: 100.0% (Cost: $31,503,540) |
34,319,096 | |||||||
Liabilities in excess of other assets: 0.0% | (9,920) | |||||||
NET ASSETS: 100.0% | $ | 34,309,176 |
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 $675,946. |
* | 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. These securities have an aggregate value of $2,811,661, or 8.2% of net assets. |
Summary of Investments by Sector | %
of Investments |
Value | ||||||
Energy | 100.0 | % | $ | 34,319,096 |
See Notes to Financial Statements
47 |
VANECK OIL REFINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 1,384,097 | $ | — | $ | 1,384,097 | ||||||||
Austria | — | 1,575,634 | — | 1,575,634 | ||||||||||||
Finland | — | 1,887,753 | — | 1,887,753 | ||||||||||||
Greece | — | 548,029 | — | 548,029 | ||||||||||||
Hungary | 1,176,144 | — | — | 1,176,144 | ||||||||||||
India | — | 2,811,661 | — | 2,811,661 | ||||||||||||
Japan | — | 4,075,464 | — | 4,075,464 | ||||||||||||
Poland | — | 1,809,791 | — | 1,809,791 | ||||||||||||
Portugal | — | 1,519,694 | — | 1,519,694 | ||||||||||||
Saudi Arabia | — | 551,725 | — | 551,725 | ||||||||||||
South Korea | — | 2,255,535 | — | 2,255,535 | ||||||||||||
Taiwan | — | 1,413,861 | — | 1,413,861 | ||||||||||||
Thailand | 362,648 | 604,387 | — | 967,035 | ||||||||||||
Turkey | — | 1,373,267 | — | 1,373,267 | ||||||||||||
United States | 10,969,406 | — | — | 10,969,406 | ||||||||||||
Total Investments | $ | 12,508,198 | $ | 21,810,898 | $ | — | $ | 34,319,096 |
See Notes to Financial Statements
48 |
SCHEDULE OF INVESTMENTS
December 31, 2023
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Bermuda: 4.4% | ||||||||
Valaris Ltd. (USD) * | 1,408,659 | $ | 96,591,748 | |||||
Netherlands: 5.4% | ||||||||
Core Laboratories, Inc. (USD) † | 584,623 | 10,324,442 | ||||||
Tenaris SA (ADR) | 3,045,476 | 105,860,746 | ||||||
116,185,188 | ||||||||
United Kingdom: 5.0% | ||||||||
TechnipFMC Plc (USD) | 5,390,146 | 108,557,540 | ||||||
United States: 85.2% | ||||||||
Baker Hughes Co. | 5,887,276 | 201,227,094 | ||||||
Cactus, Inc. | 1,535,032 | 69,690,453 | ||||||
ChampionX Corp. † | 3,237,520 | 94,567,959 | ||||||
Dril-Quip, Inc. * | 563,327 | 13,108,619 | ||||||
Expro Group Holdings NV * † | 1,756,310 | 27,960,455 | ||||||
Halliburton Co. | 6,284,127 | 227,171,191 | ||||||
Helix Energy Solutions Group, Inc. * | 2,897,643 | 29,787,770 | ||||||
Helmerich & Payne, Inc. † | 1,881,296 | 68,140,541 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Liberty Energy, Inc. | 2,830,101 | $ | 51,338,032 | |||||
Nabors Industries Ltd. * † | 213,754 | 17,448,739 | ||||||
Noble Corp. Plc † | 2,150,733 | 103,579,301 | ||||||
NOV, Inc. | 4,977,827 | 100,950,332 | ||||||
Oceaneering International, Inc. * | 2,059,554 | 43,827,309 | ||||||
Patterson-UTI Energy, Inc. | 8,386,106 | 90,569,945 | ||||||
ProPetro Holding Corp. * † | 1,412,991 | 11,840,865 | ||||||
RPC, Inc. † | 2,969,514 | 21,618,062 | ||||||
Schlumberger NV | 8,276,675 | 430,718,167 | ||||||
Select Water Solutions, Inc. | 2,473,656 | 18,775,049 | ||||||
Transocean Ltd. * † | 15,939,438 | 101,215,431 | ||||||
US Silica Holdings, Inc. * | 1,577,594 | 17,842,588 | ||||||
Weatherford International Plc * | 1,068,339 | 104,515,605 | ||||||
1,845,893,507 | ||||||||
Total Common
Stocks (Cost: $2,374,933,179) |
2,167,227,983 | |||||||
Total Investments: 100.0% (Cost: $2,374,933,179) |
2,167,227,983 | |||||||
Other assets less liabilities: 0.0% | 202,467 | |||||||
NET ASSETS: 100.0% | $ | 2,167,430,450 |
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 $138,309,378. |
Summary of Investments by Sector | % of Investments |
Value | ||||||
Oil & Gas Equipment & Services | 78.0 | % | $ | 1,689,682,278 | ||||
Oil & Gas Drilling | 22.0 | 477,545,705 | ||||||
100.0 | % | $ | 2,167,227,983 |
The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks * | $ | 2,167,227,983 | $ | — | $ | — | $ | 2,167,227,983 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
49 |
VANECK RARE EARTH/STRATEGIC METALS ETF
SCHEDULE OF INVESTMENTS
December 31, 2023
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Australia: 28.8% | ||||||||
AVZ Minerals Ltd. *∞ | 52,906,510 | $ | 8,050,466 | |||||
Core Lithium Ltd. * † | 23,561,117 | 4,014,408 | ||||||
Iluka Resources Ltd. | 3,115,042 | 14,031,171 | ||||||
Liontown Resources Ltd. * † | 18,224,673 | 20,467,297 | ||||||
Lynas Rare Earths Ltd. * † | 5,802,188 | 28,359,245 | ||||||
Piedmont Lithium, Inc. (USD) * † | 169,437 | 4,783,207 | ||||||
Pilbara Minerals Ltd. † | 12,503,748 | 33,605,881 | ||||||
Sayona Mining Ltd. * † | 96,765,461 | 4,669,889 | ||||||
117,981,564 | ||||||||
Canada: 12.8% | ||||||||
Lithium Americas Argentina Corp. (USD) * | 1,861,269 | 11,763,220 | ||||||
Lithium Americas Corp. (USD) * † | 1,504,577 | 9,629,293 | ||||||
Patriot Battery Metals, Inc. * | 1,306,396 | 9,838,095 | ||||||
Sigma Lithium Corp. (USD) * † | 555,527 | 17,515,766 | ||||||
Standard Lithium Ltd. (USD) * † | 1,844,557 | 3,726,005 | ||||||
52,472,379 | ||||||||
Chile: 5.7% | ||||||||
Sociedad Quimica y Minera de Chile SA (ADR) † | 388,828 | 23,415,222 | ||||||
China: 19.2% | ||||||||
Baoji Titanium Industry Co. Ltd. | 1,663,480 | 7,330,862 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd. | 7,584,912 | 20,590,326 | ||||||
Ganfeng Lithium Group Co. Ltd. (HKD) 144A † | 3,044,440 | 11,501,644 | ||||||
Jinduicheng Molybdenum Co. Ltd. | 10,485,365 | 13,914,064 |
Number of Shares |
Value | |||||||
China (continued) | ||||||||
Shenghe Resources Holding Co. Ltd. | 6,102,987 | $ | 8,720,759 | |||||
Tianqi Lithium Corp. (HKD) † | 838,200 | 4,631,156 | ||||||
Xiamen Tungsten Co. Ltd. | 4,938,124 | 11,914,419 | ||||||
78,603,230 | ||||||||
France: 2.3% | ||||||||
Eramet SA | 120,143 | 9,523,904 | ||||||
Jersey, Channel Islands: 7.6% | ||||||||
Arcadium Lithium Plc (AUD) * † | 4,051,833 | 30,993,043 | ||||||
Netherlands: 2.4% | ||||||||
AMG Critical Materials NV | 377,242 | 9,527,676 | ||||||
United States: 21.2% | ||||||||
Albemarle Corp. † | 237,174 | 34,266,900 | ||||||
Livent Corp. * † | 1,128,933 | 20,298,215 | ||||||
MP Materials Corp. * † | 1,079,810 | 21,434,228 | ||||||
Tronox Holdings Plc | 764,291 | 10,822,361 | ||||||
86,821,704 | ||||||||
Total Common Stocks (Cost: $473,211,239) |
409,338,722 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.5% | ||||||||
Money Market Fund: 4.5% (Cost: $18,517,532) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 18,517,532 | 18,517,532 | ||||||
Total Investments: 104.5% (Cost: $491,728,771) |
427,856,254 | |||||||
Liabilities in excess of other assets: (4.5)% | (18,441,344) | |||||||
NET ASSETS: 100.0% | $ | 409,414,910 |
Definitions: | |
ADR | American Depositary Receipt |
AUD | Australia Dollar |
HKD | Hong Kong Dollar |
USD | United States Dollar |
Footnotes: | |
∞ | 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. |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $112,696,331. |
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. These securities have an aggregate value of $11,501,644, or 2.8% of net assets. |
See Notes to Financial Statements
50 |
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Materials | 94.3 | % | $ | 385,923,500 | ||||
Industrials | 5.7 | 23,415,222 | ||||||
100.0 | % | $ | 409,338,722 |
The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | 4,783,207 | $ | 105,147,891 | $ | 8,050,466 | $ | 117,981,564 | ||||||||
Canada | 52,472,379 | — | — | 52,472,379 | ||||||||||||
Chile | 23,415,222 | — | — | 23,415,222 | ||||||||||||
China | — | 78,603,230 | — | 78,603,230 | ||||||||||||
France | — | 9,523,904 | — | 9,523,904 | ||||||||||||
Jersey, Channel Islands | 30,993,043 | — | — | 30,993,043 | ||||||||||||
Netherlands | — | 9,527,676 | — | 9,527,676 | ||||||||||||
United States | 86,821,704 | — | — | 86,821,704 | ||||||||||||
Money Market Fund | 18,517,532 | — | — | 18,517,532 | ||||||||||||
Total Investments | $ | 217,003,087 | $ | 202,802,701 | $ | 8,050,466 | $ | 427,856,254 |
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended December 31, 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) | (4,996,096 | ) | ||
Purchases | — | |||
Sales | (3,781,097 | ) | ||
Transfers in/out of level 3 | — | |||
Balance as of December 31, 2023 | $ | 8,050,466 |
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 December 31, 2023:
Value as
of December 31, 2023 |
Valuation Technique |
Unobservable Input Description(1) |
Weighted Average used on December 31, 2023(2) |
Impact
to Valuation from an Increase in Input(3) | |||||||
Common Stock | |||||||||||
Australia | $8,050,466 | Combination of recent transaction, discounted cash flow model and scenario analysis method | Minority ownership discount | 20% | Decrease | ||||||
Discount rate | 13.7% | Decrease | |||||||||
Scenario Probabilities: Scenario A / Scenario B (4) | 10% / 90% | Increase | |||||||||
Recent transaction price | $0.27 | Increase |
(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) The weighted average and the range used on December 31, 2023 were the same.
See Notes to Financial Statements
51 |
VANECK RARE EARTH/STRATEGIC METALS ETF
SCHEDULE OF INVESTMENTS
(continued)
(3) 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.
(4) Scenario A and Scenario B represent the potential outcomes as a result of pending litigation.
See Notes to Financial Statements
52 |
SCHEDULE OF INVESTMENTS
December 31, 2023
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Australia: 11.4% | ||||||||
Rio Tinto Plc (ADR) † | 214,329 | $ | 15,958,937 | |||||
Brazil: 20.4% | ||||||||
Cia Siderurgica Nacional SA (ADR) | 1,676,587 | 6,588,987 | ||||||
Gerdau SA (ADR) † | 1,268,960 | 6,154,456 | ||||||
Vale SA (ADR) | 1,000,728 | 15,871,546 | ||||||
28,614,989 | ||||||||
Canada: 0.9% | ||||||||
Algoma Steel Group, Inc. (USD) † | 123,721 | 1,240,922 | ||||||
Luxembourg: 5.0% | ||||||||
ArcelorMittal SA (USD) | 246,001 | 6,983,968 | ||||||
Netherlands: 9.3% | ||||||||
Tenaris SA (ADR) | 195,403 | 6,792,208 | ||||||
Ternium SA (ADR) | 146,038 | 6,202,234 | ||||||
12,994,442 | ||||||||
South Korea: 5.0% | ||||||||
POSCO Holdings, Inc. (ADR) | 74,583 | 7,093,589 | ||||||
United States: 47.9% | ||||||||
ATI, Inc. * † | 140,501 | 6,388,581 | ||||||
Carpenter Technology Corp. | 90,204 | 6,386,443 | ||||||
Cleveland-Cliffs, Inc. * | 320,972 | 6,554,248 | ||||||
Commercial Metals Co. | 125,202 | 6,265,108 | ||||||
Gibraltar Industries, Inc. * | 36,346 | 2,870,607 | ||||||
Nucor Corp. | 54,201 | 9,433,142 |
Number of Shares |
Value | |||||||
United States (continued) | ||||||||
Olympic Steel, Inc. | 13,294 | $ | 886,710 | |||||
Reliance Steel & Aluminum Co. | 22,188 | 6,205,540 | ||||||
Ryerson Holding Corp. | 40,807 | 1,415,187 | ||||||
Schnitzer Steel Industries, Inc. | 32,616 | 983,699 | ||||||
Steel Dynamics, Inc. | 53,558 | 6,325,200 | ||||||
SunCoke Energy, Inc. | 100,020 | 1,074,215 | ||||||
TimkenSteel Corp. * | 51,534 | 1,208,472 | ||||||
United States Steel Corp. † | 152,611 | 7,424,525 | ||||||
Warrior Met Coal, Inc. | 62,120 | 3,787,456 | ||||||
67,209,133 | ||||||||
Total Common
Stocks (Cost: $132,067,484) |
140,095,980 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5% | ||||||||
Money Market Fund: 0.5% (Cost: $680,060) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 680,060 | 680,060 | ||||||
Total Investments: 100.4% (Cost: $132,747,544) |
140,776,040 | |||||||
Liabilities in excess of other assets: (0.4)% | (576,812) | |||||||
NET ASSETS: 100.0% | $ | 140,199,228 |
Definitions: | |
ADR | American Depositary Receipt |
USD | United States Dollar |
Footnotes: | |
† | Security fully or partially on loan. Total market value of securities on loan is $33,395,757. |
* | Non-income producing |
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Materials | 93.1 | % | $ | 130,433,165 | ||||
Energy | 4.8 | 6,792,208 | ||||||
Industrials | 2.1 | 2,870,607 | ||||||
100.0 | % | $ | 140,095,980 |
The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks * | $ | 140,095,980 | $ | — | $ | — | $ | 140,095,980 | ||||||||
Money Market Fund | 680,060 | — | — | 680,060 | ||||||||||||
Total Investments | $ | 140,776,040 | $ | — | $ | — | $ | 140,776,040 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
53 |
VANECK URANIUM+NUCLEAR ENERGY ETF
SCHEDULE OF INVESTMENTS
December 31, 2023
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.3% | ||||||||
Australia: 11.1% | ||||||||
Boss Energy Ltd. * | 1,458,421 | $ | 4,000,445 | |||||
Deep Yellow Ltd. * | 2,912,186 | 2,162,647 | ||||||
Paladin Energy Ltd. * | 8,835,455 | 5,928,261 | ||||||
Silex Systems Ltd. * † | 856,750 | 2,538,235 | ||||||
14,629,588 | ||||||||
Canada: 17.9% | ||||||||
Cameco Corp. (USD) | 187,085 | 8,063,363 | ||||||
Denison Mines Corp. (USD) * † | 3,230,095 | 5,717,268 | ||||||
Fission Uranium Corp. * † | 2,492,636 | 2,041,595 | ||||||
Global Atomic Corp. * † | 675,317 | 1,423,769 | ||||||
NexGen Energy Ltd. (USD) * † | 893,114 | 6,251,798 | ||||||
23,497,793 | ||||||||
China: 6.5% | ||||||||
CGN Mining Co. Ltd. (HKD) * † | 10,150,000 | 2,234,010 | ||||||
CGN Power Co. Ltd. (HKD) 144A | 24,285,000 | 6,347,157 | ||||||
8,581,167 | ||||||||
Czech Republic: 5.8% | ||||||||
CEZ AS † | 176,870 | 7,585,366 | ||||||
Finland: 4.9% | ||||||||
Fortum Oyj | 449,111 | 6,491,138 | ||||||
Italy: 5.2% | ||||||||
Endesa SA † | 336,672 | 6,872,831 | ||||||
Jersey, Channel Islands: 4.6% | ||||||||
Yellow Cake Plc 144A * | 760,280 | 5,994,974 |
Number of Shares |
Value | |||||||
Kazakhstan: 4.7% | ||||||||
NAC Kazatomprom JSC (USD) (GDR) | 150,822 | $ | 6,168,620 | |||||
South Korea: 1.6% | ||||||||
KEPCO Engineering & Construction Co., Inc. * | 43,070 | 2,073,206 | ||||||
United States: 38.0% | ||||||||
BWX Technologies, Inc. | 72,136 | 5,534,995 | ||||||
Centrus Energy Corp. * | 52,531 | 2,858,212 | ||||||
Constellation Energy Corp. | 80,301 | 9,386,384 | ||||||
Energy Fuels, Inc. * † | 602,826 | 4,334,319 | ||||||
PG&E Corp. | 599,554 | 10,809,958 | ||||||
Public Service Enterprise Group, Inc. | 163,575 | 10,002,611 | ||||||
Uranium Energy Corp. * † | 894,488 | 5,724,723 | ||||||
Ur-Energy, Inc. * † | 921,382 | 1,418,928 | ||||||
50,070,130 | ||||||||
Total Common
Stocks (Cost: $105,712,749) |
131,964,813 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 9.3% | ||||||||
Money Market Fund: 9.3% (Cost: $12,307,731) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 12,307,731 | 12,307,731 | ||||||
Total Investments: 109.6% (Cost: $118,020,480) |
144,272,544 | |||||||
Liabilities in excess of other assets: (9.6)% | (12,622,535) | |||||||
NET ASSETS: 100.0% | $ | 131,650,009 |
Definitions: | |
GDR | Global Depositary Receipt |
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 $33,650,202. |
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. These securities have an aggregate value of $12,342,131, or 9.4% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Utilities | 43.6 | % | $ | 57,495,446 | ||||
Energy | 43.1 | 56,904,190 | ||||||
Industrials | 12.2 | 16,141,409 | ||||||
Materials | 1.1 | 1,423,768 | ||||||
100.0 | % | $ | 131,964,813 |
See Notes to Financial Statements
54 |
The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 14,629,588 | $ | — | $ | 14,629,588 | ||||||||
Canada | 23,497,793 | — | — | 23,497,793 | ||||||||||||
China | — | 8,581,167 | — | 8,581,167 | ||||||||||||
Czech Republic | 7,585,366 | — | — | 7,585,366 | ||||||||||||
Finland | — | 6,491,138 | — | 6,491,138 | ||||||||||||
Italy | — | 6,872,831 | — | 6,872,831 | ||||||||||||
Jersey, Channel Islands | — | 5,994,974 | — | 5,994,974 | ||||||||||||
Kazakhstan | — | 6,168,620 | — | 6,168,620 | ||||||||||||
South Korea | — | 2,073,206 | — | 2,073,206 | ||||||||||||
United States | 50,070,130 | — | — | 50,070,130 | ||||||||||||
Money Market Fund | 12,307,731 | — | — | 12,307,731 | ||||||||||||
Total Investments | $ | 93,461,020 | $ | 50,811,524 | $ | — | $ | 144,272,544 |
See Notes to Financial Statements
55 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2023
Agribusiness ETF | CMCI Commodity Strategy ETF (a) |
Future of Food ETF |
Gold Miners ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 911,505,536 | $ | 2,496,518 | $ | 3,144,482 | $ | 6,368,955,486 | ||||||||
Affiliated issuers (3) | — | — | — | 6,585,734,196 | ||||||||||||
Short-term investments held as collateral for securities loaned (4) | 27,567,080 | — | 85,782 | 84,425,319 | ||||||||||||
Cash | 10,520 | 18,556 | 104,086 | 16,739,942 | ||||||||||||
Cash denominated in foreign currency, at value (5) | 389,594 | — | — | 761,625 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | — | 135,277,461 | ||||||||||||
Due from Adviser | — | 7,653 | — | — | ||||||||||||
Dividends and interest | 2,227,519 | 276 | 13,025 | 4,341,667 | ||||||||||||
Prepaid expenses | 13,253 | — | — | 114,504 | ||||||||||||
Other assets | — | — | — | 111,836 | ||||||||||||
Total assets | 941,713,502 | 2,523,003 | 3,347,375 | 13,196,462,036 | ||||||||||||
Liabilities: | ||||||||||||||||
Total return swap contracts, at value | — | 79,504 | — | — | ||||||||||||
Payables: | ||||||||||||||||
Shares of beneficial interest redeemed | — | — | — | 135,389,313 | ||||||||||||
Collateral for securities loaned | 27,567,080 | — | 85,782 | 84,425,319 | ||||||||||||
Line of credit | 1,001,465 | — | — | — | ||||||||||||
Due to Adviser | 389,188 | — | 1,882 | 5,532,192 | ||||||||||||
Due to custodian | — | — | 9,613 | — | ||||||||||||
Deferred Trustee fees | 633,201 | 3 | — | 1,535,302 | ||||||||||||
Accrued expenses | 65,249 | 40,657 | — | — | ||||||||||||
Total liabilities | 29,656,183 | 120,164 | 97,277 | 226,882,126 | ||||||||||||
NET ASSETS | $ | 912,057,319 | $ | 2,402,839 | $ | 3,250,098 | $ | 12,969,579,910 | ||||||||
Shares outstanding | 11,950,000 | 100,000 | 200,000 | 416,702,500 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 76.32 | $ | 24.03 | $ | 16.25 | $ | 31.12 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 1,944,002,833 | $ | 2,481,798 | $ | 4,418,101 | $ | 24,869,757,070 | ||||||||
Total distributable earnings (loss) | (1,031,945,514 | ) | (78,959 | ) | (1,168,003 | ) | (11,900,177,160 | ) | ||||||||
NET ASSETS | $ | 912,057,319 | $ | 2,402,839 | $ | 3,250,098 | $ | 12,969,579,910 | ||||||||
(1) Value of securities on loan | $ | 41,077,399 | $ | — | $ | 69,986 | $ | 272,613,003 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 1,099,062,640 | $ | 2,495,974 | $ | 4,049,891 | $ | 6,108,906,063 | ||||||||
(3) Cost of investments - Affiliated issuers | $ | — | $ | — | $ | — | $ | 6,477,639,642 | ||||||||
(4) Cost of short-term investments held as collateral for securities loaned | $ | 27,567,080 | $ | — | $ | 85,782 | $ | 84,425,319 | ||||||||
(5) Cost of cash denominated in foreign currency | $ | 382,904 | $ | — | $ | — | $ | 752,466 |
(a) | Consolidated Statement of Assets and Liabilities |
See Notes to Financial Statements
56 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2023
Green Metals ETF | Junior Gold Miners ETF |
Low Carbon Energy ETF |
Natural Resources ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 26,738,429 | $ | 3,846,204,323 | $ | 164,508,489 | $ | 124,015,578 | ||||||||
Affiliated issuers (3) | — | 563,576,922 | — | — | ||||||||||||
Short-term investments held as collateral for securities loaned (4) | 535,727 | 117,343,529 | 10,097,243 | 1,500,893 | ||||||||||||
Cash | — | 2,871,096 | — | — | ||||||||||||
Cash denominated in foreign currency, at value (5) | 81,686 | 348,209 | 68 | 420,763 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | 19,975,019 | 678,539 | 36,074 | ||||||||||||
Dividends and interest | 16,116 | 1,211,511 | 341,373 | 211,790 | ||||||||||||
Prepaid expenses | — | 26,317 | 3,430 | — | ||||||||||||
Other assets | — | — | — | 147 | ||||||||||||
Total assets | 27,371,958 | 4,551,556,926 | 175,629,142 | 126,185,245 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | 20,441,799 | 1,005,832 | — | ||||||||||||
Collateral for securities loaned | 535,727 | 117,343,529 | 10,097,243 | 1,500,893 | ||||||||||||
Line of credit | — | — | — | 198,872 | ||||||||||||
Due to Adviser | 12,900 | 1,858,238 | 67,573 | 55,930 | ||||||||||||
Due to custodian | 74,221 | — | 1,167 | 55,534 | ||||||||||||
Deferred Trustee fees | — | 402,439 | 20,551 | 14,855 | ||||||||||||
Accrued expenses | 773 | 195,145 | 63,443 | 63,283 | ||||||||||||
Total liabilities | 623,621 | 140,241,150 | 11,255,809 | 1,889,367 | ||||||||||||
NET ASSETS | $ | 26,748,337 | $ | 4,411,315,776 | $ | 164,373,333 | $ | 124,295,878 | ||||||||
Shares outstanding | 1,100,000 | 115,687,446 | 1,483,298 | 2,550,000 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 24.32 | $ | 38.13 | $ | 110.82 | $ | 48.74 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 36,319,623 | $ | 9,736,102,937 | $ | 277,783,750 | $ | 177,725,944 | ||||||||
Total distributable earnings (loss) | (9,571,286 | ) | (5,324,787,161 | ) | (113,410,417 | ) | (53,430,066 | ) | ||||||||
NET ASSETS | $ | 26,748,337 | $ | 4,411,315,776 | $ | 164,373,333 | $ | 124,295,878 | ||||||||
(1) Value of securities on loan | $ | 3,321,855 | $ | 269,954,333 | $ | 33,026,362 | $ | 6,898,496 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 30,777,248 | $ | 3,959,078,495 | $ | 199,444,390 | $ | 119,930,312 | ||||||||
(3) Cost of investments - Affiliated issuers | $ | — | $ | 668,257,933 | $ | — | $ | — | ||||||||
(4) Cost of short-term investments held as collateral for securities loaned | $ | 535,727 | $ | 117,343,529 | $ | 10,097,243 | $ | 1,500,893 | ||||||||
(5) Cost of cash denominated in foreign currency | $ | 81,462 | $ | 345,141 | $ | 68 | $ | 417,412 |
See Notes to Financial Statements
57 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2023
Oil Refiners ETF | Oil Services ETF | Rare Earth/ Strategic Metals ETF |
Steel ETF | |||||||||||||
Assets: | ||||||||||||||||
Investments, at value (1) | ||||||||||||||||
Unaffiliated issuers (2) | $ | 34,319,096 | $ | 2,167,227,983 | $ | 409,338,722 | $ | 140,095,980 | ||||||||
Short-term investments held as collateral for securities loaned (3) | — | — | 18,517,532 | 680,060 | ||||||||||||
Cash | — | 11,098 | 18,295 | 4,739 | ||||||||||||
Cash denominated in foreign currency, at value (4) | 407 | — | 980,063 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | 46,442,240 | 1,180 | 15,436,930 | ||||||||||||
Dividends and interest | 124,326 | 2,002,540 | 437,817 | 143,972 | ||||||||||||
Prepaid expenses | 819 | — | 7,370 | 2,074 | ||||||||||||
Total assets | 34,444,648 | 2,215,683,861 | 429,300,979 | 156,363,755 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | — | — | 9,587,857 | ||||||||||||
Shares of beneficial interest redeemed | — | 46,441,035 | — | 5,577,934 | ||||||||||||
Collateral for securities loaned | — | — | 18,517,532 | 680,060 | ||||||||||||
Line of credit | — | 964,512 | 1,068,495 | 186,898 | ||||||||||||
Due to Adviser | 13,690 | 636,987 | 165,919 | 65,332 | ||||||||||||
Due to custodian | 83,748 | — | — | — | ||||||||||||
Deferred Trustee fees | 1,085 | 206,442 | 19,387 | 22,074 | ||||||||||||
Accrued expenses | 36,949 | 4,435 | 114,736 | 44,372 | ||||||||||||
Total liabilities | 135,472 | 48,253,411 | 19,886,069 | 16,164,527 | ||||||||||||
NET ASSETS | $ | 34,309,176 | $ | 2,167,430,450 | $ | 409,414,910 | $ | 140,199,228 | ||||||||
Shares outstanding | 1,000,000 | 7,000,543 | 6,624,987 | 1,900,000 | ||||||||||||
Net asset value, redemption and offering price per share | $ | 34.31 | $ | 309.61 | $ | 61.80 | $ | 73.79 | ||||||||
Net Assets consist of: | ||||||||||||||||
Aggregate paid in capital | $ | 43,064,906 | $ | 4,484,852,932 | $ | 868,786,707 | $ | 303,627,618 | ||||||||
Total distributable earnings (loss) | (8,755,730 | ) | (2,317,422,482 | ) | (459,371,797 | ) | (163,428,390 | ) | ||||||||
NET ASSETS | $ | 34,309,176 | $ | 2,167,430,450 | $ | 409,414,910 | $ | 140,199,228 | ||||||||
(1) Value of securities on loan | $ | 675,946 | $ | 138,309,378 | $ | 112,696,331 | $ | 33,395,757 | ||||||||
(2) Cost of investments - Unaffiliated issuers | $ | 31,503,540 | $ | 2,374,933,179 | $ | 473,211,239 | $ | 132,067,484 | ||||||||
(3) Cost of short-term investments held as collateral for securities loaned | $ | — | $ | — | $ | 18,517,532 | $ | 680,060 | ||||||||
(4) Cost of cash denominated in foreign currency | $ | 405 | $ | — | $ | 958,252 | $ | — |
See Notes to Financial Statements
58 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2023
Uranium+Nuclear Energy ETF | ||||
Assets: | ||||
Investments, at value (1) | ||||
Unaffiliated issuers (2) | $ | 131,964,813 | ||
Short-term investments held as collateral for securities loaned (3) | 12,307,731 | |||
Cash | 10,296 | |||
Cash denominated in foreign currency, at value (4) | 387 | |||
Receivables: | ||||
Investment securities sold | 1,708 | |||
Dividends and interest | 189,797 | |||
Prepaid expenses | 1,889 | |||
Total assets | 144,476,621 | |||
Liabilities: | ||||
Payables: | ||||
Investment securities purchased | 405,653 | |||
Collateral for securities loaned | 12,307,731 | |||
Due to Adviser | 62,725 | |||
Deferred Trustee fees | 14,402 | |||
Accrued expenses | 36,101 | |||
Total liabilities | 12,826,612 | |||
NET ASSETS | $ | 131,650,009 | ||
Shares outstanding | 1,841,632 | |||
Net asset value, redemption and offering price per share | $ | 71.49 | ||
Net Assets consist of: | ||||
Aggregate paid in capital | $ | 195,820,337 | ||
Total distributable earnings (loss) | (64,170,328 | ) | ||
NET ASSETS | $ | 131,650,009 | ||
(1) Value of securities on loan | $ | 33,650,202 | ||
(2) Cost of investments - Unaffiliated issuers | $ | 105,712,749 | ||
(3) Cost of short-term investments held as collateral for securities loaned | $ | 12,307,731 | ||
(4) Cost of cash denominated in foreign currency | $ | 386 |
See Notes to Financial Statements
59 |
VANECK ETF TRUST
For the Year Ended December 31, 2023
Agribusiness ETF | CMCI Commodity Strategy ETF (a) (b) |
Future of Food ETF |
Gold Miners ETF | |||||||||||||
Income: | ||||||||||||||||
Dividends - unaffiliated issuers | $ | 32,940,128 | $ | 959 | $ | 78,094 | $ | 186,521,193 | ||||||||
Dividends - affiliated issuers | — | — | — | 113,331,448 | ||||||||||||
Interest | 17,651 | 48,745 | 6,989 | 262,992 | ||||||||||||
Securities lending income | 1,802,683 | 31 | 16,506 | 701,432 | ||||||||||||
Foreign taxes withheld | (2,275,518 | ) | — | (8,226 | ) | (23,746,162 | ) | |||||||||
Total income | 32,484,944 | 49,735 | 93,363 | 277,070,903 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 5,649,364 | 5,907 | 22,896 | 62,507,929 | ||||||||||||
Professional fees | 44,255 | 30,388 | — | 54,565 | ||||||||||||
Custody and accounting fees | 83,486 | 15,167 | — | 212,945 | ||||||||||||
Reports to shareholders | 99,918 | 4,027 | — | 510,610 | ||||||||||||
Trustees’ fees and expenses | 40,865 | 271 | — | 393,539 | ||||||||||||
Registration fees | 5,977 | 1,659 | — | 20,120 | ||||||||||||
Insurance | 26,071 | — | — | 122,562 | ||||||||||||
Interest | 63,619 | — | — | 468,540 | ||||||||||||
Taxes | 588 | — | 321 | 1,185 | ||||||||||||
Other | 7,307 | — | — | 57,092 | ||||||||||||
Total expenses | 6,021,450 | 57,419 | 23,217 | 64,349,087 | ||||||||||||
Expenses assumed by the Adviser | — | (51,512 | ) | — | — | |||||||||||
Net expenses | 6,021,450 | 5,907 | 23,217 | 64,349,087 | ||||||||||||
Net investment income | 26,463,494 | 43,828 | 70,146 | 212,721,816 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments - unaffiliated issuers | (61,848,695 | ) | — | (164,909 | ) | (272,702,982 | ) | |||||||||
Investments - affiliated issuers | — | — | — | (82,027,398 | ) | |||||||||||
In-kind redemptions - unaffiliated issuers | 40,710,158 | — | — | 501,804,312 | ||||||||||||
In-kind redemptions - affiliated issuers | — | — | — | 482,548,451 | ||||||||||||
Swaps | — | (22,530 | ) | — | — | |||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (93,251 | ) | — | 758 | (539,973 | ) | ||||||||||
Net realized gain (loss) | (21,231,788 | ) | (22,530 | ) | (164,151 | ) | 629,082,410 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments - unaffiliated issuers | (106,374,307 | ) | 545 | (236,380 | ) | (149,198,775 | ) | |||||||||
Investments - affiliated issuers | — | — | — | 601,229,764 | ||||||||||||
Swaps | — | (79,504 | ) | — | — | |||||||||||
Foreign currency translations and foreign denominated assets and liabilities | 18,642 | — | (633 | ) | 6,264 | |||||||||||
Net change in unrealized appreciation (depreciation) | (106,355,665 | ) | (78,959 | ) | (237,013 | ) | 452,037,253 | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (101,123,959 | ) | $ | (57,661 | ) | $ | (331,018 | ) | $ | 1,293,841,479 |
(a) | Consolidated Statement of Operations |
(b) | For the period August 22, 2023 (commencement of operations) through December 31, 2023. |
See Notes to Financial Statements
60 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2023
Green Metals ETF |
Junior Gold Miners ETF |
Low Carbon Energy ETF |
Natural Resources ETF | |||||||||||||
Income: | ||||||||||||||||
Dividends - unaffiliated issuers | $ | 799,850 | $ | 33,157,479 | $ | 3,514,665 | $ | 5,161,867 | ||||||||
Dividends - affiliated issuers | — | 14,764,198 | — | — | ||||||||||||
Interest | 1,273 | 327,239 | 7,372 | 3,311 | ||||||||||||
Securities lending income | 10,521 | 2,380,734 | 615,017 | 62,291 | ||||||||||||
Foreign taxes withheld | (45,943 | ) | (5,132,989 | ) | (298,792 | ) | (289,026 | ) | ||||||||
Total income | 765,701 | 45,496,661 | 3,838,262 | 4,938,443 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 149,115 | 19,836,611 | 938,357 | 667,955 | ||||||||||||
Professional fees | — | 43,955 | 22,345 | — | ||||||||||||
Custody and accounting fees | — | 215,786 | 56,871 | — | ||||||||||||
Reports to shareholders | — | 149,840 | 24,800 | — | ||||||||||||
Trustees’ fees and expenses | — | 130,638 | 6,988 | — | ||||||||||||
Registration fees | — | 12,030 | 5,977 | — | ||||||||||||
Insurance | — | 51,640 | 6,997 | — | ||||||||||||
Interest | 18,339 | 108,845 | 75,847 | 36,664 | ||||||||||||
Taxes | 58 | 588 | 243 | 58 | ||||||||||||
Other | — | 7,278 | 10,987 | — | ||||||||||||
Total expenses | 167,512 | 20,557,211 | 1,149,412 | 704,677 | ||||||||||||
Net investment income | 598,189 | 24,939,450 | 2,688,850 | 4,233,766 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments - unaffiliated issuers | (4,352,241 | ) | (232,771,928 | ) | (14,218,763 | ) | (3,358,761 | ) | ||||||||
Investments - affiliated issuers | — | (13,146,321 | ) | — | — | |||||||||||
In-kind redemptions - unaffiliated issuers | — | 58,601,907 | 5,690,782 | 13,231,668 | ||||||||||||
In-kind redemptions - affiliated issuers | — | 3,580,520 | — | — | ||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (90,063 | ) | (276,850 | ) | 59,041 | (10,327 | ) | |||||||||
Net realized gain (loss) | (4,442,304 | ) | (184,012,672 | ) | (8,468,940 | ) | 9,862,580 | |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments - unaffiliated issuers | 171,565 | 505,004,253 | 7,981,669 | (9,895,898 | ) | |||||||||||
Investments - affiliated issuers | — | (34,936,574 | ) | — | — | |||||||||||
Foreign currency translations and foreign denominated assets and liabilities | 93,445 | 348,702 | (6,080 | ) | 3,108 | |||||||||||
Net change in unrealized appreciation (depreciation) | 265,010 | 470,416,381 | 7,975,589 | (9,892,790 | ) | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (3,579,105 | ) | $ | 311,343,159 | $ | 2,195,499 | $ | 4,203,556 |
See Notes to Financial Statements
61 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2023
Oil Refiners ETF | Oil Services ETF | Rare Earth/ Strategic Metals ETF |
Steel ETF | |||||||||||||
Income: | ||||||||||||||||
Dividends | $ | 1,629,058 | $ | 36,650,383 | $ | 7,929,925 | $ | 4,666,183 | ||||||||
Interest | 1,490 | 26,950 | 934 | 4,111 | ||||||||||||
Securities lending income | 1,140 | 194,601 | 3,399,419 | 111,014 | ||||||||||||
Foreign taxes withheld | (150,280 | ) | (1,466 | ) | (621,275 | ) | (166,000 | ) | ||||||||
Total income | 1,481,408 | 36,870,468 | 10,709,003 | 4,615,308 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 172,536 | 8,385,442 | 2,821,557 | 609,918 | ||||||||||||
Professional fees | 43,805 | — | 30,113 | 33,157 | ||||||||||||
Custody and accounting fees | 46,730 | — | 83,341 | 9,438 | ||||||||||||
Reports to shareholders | 11,288 | — | 91,843 | 17,880 | ||||||||||||
Trustees’ fees and expenses | 904 | — | 16,157 | 3,928 | ||||||||||||
Registration fees | 5,977 | — | 5,977 | 5,977 | ||||||||||||
Insurance | 2,709 | — | 15,228 | 4,261 | ||||||||||||
Interest | 8,541 | 96,593 | 57,832 | 11,748 | ||||||||||||
Taxes | 243 | 58 | 588 | 358 | ||||||||||||
Other | 739 | — | 16,763 | 169 | ||||||||||||
Total expenses | 293,472 | 8,482,093 | 3,139,399 | 696,834 | ||||||||||||
Expenses assumed by the Adviser | (81,096 | ) | — | — | (13,818 | ) | ||||||||||
Net expenses | 212,376 | 8,482,093 | 3,139,399 | 683,016 | ||||||||||||
Net investment income | 1,269,032 | 28,388,375 | 7,569,604 | 3,932,292 | ||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (816,107 | ) | (94,058,752 | ) | (49,999,971 | ) | (9,127,828 | ) | ||||||||
In-kind redemptions | 1,056,086 | 381,221,728 | 37,147,242 | 8,005,821 | ||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | (20,833 | ) | — | (149,811 | ) | — | ||||||||||
Net realized gain (loss) | 219,146 | 287,162,976 | (13,002,540 | ) | (1,122,007 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments - unaffiliated issuers | 2,791,369 | (272,010,944 | ) | (90,312,990 | ) | 24,570,179 | ||||||||||
Investments - affiliated issuers | — | (20,931,349 | ) | — | — | |||||||||||
Foreign currency translations and foreign denominated assets and liabilities | 3,695 | — | 14,423 | — | ||||||||||||
Net change in unrealized appreciation (depreciation) | 2,795,064 | (292,942,293 | ) | (90,298,567 | ) | 24,570,179 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 4,283,242 | $ | 22,609,058 | $ | (95,731,503 | ) | $ | 27,380,464 |
See Notes to Financial Statements
62 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2023
Uranium+ Nuclear Energy ETF | ||||
Income: | ||||
Dividends | $ | 2,064,003 | ||
Interest | 4,202 | |||
Securities lending income | 143,436 | |||
Foreign taxes withheld | (208,074 | ) | ||
Total income | 2,003,567 | |||
Expenses: | ||||
Management fees | 402,573 | |||
Professional fees | 39,020 | |||
Custody and accounting fees | 38,975 | |||
Reports to shareholders | 15,217 | |||
Trustees’ fees and expenses | 3,639 | |||
Registration fees | 5,977 | |||
Insurance | 2,782 | |||
Interest | 7,196 | |||
Taxes | 243 | |||
Other | 190 | |||
Total expenses | 515,812 | |||
Expenses assumed by the Adviser | (25,286 | ) | ||
Net expenses | 490,526 | |||
Net investment income | 1,513,041 | |||
Net realized gain (loss) on: | ||||
Investments | (964,174 | ) | ||
In-kind redemptions | 4,173,317 | |||
Foreign currency transactions and foreign denominated assets and liabilities | (11,940 | ) | ||
Net realized gain | 3,197,203 | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 22,575,133 | |||
Foreign currency translations and foreign denominated assets and liabilities | (1,105 | ) | ||
Net change in unrealized appreciation (depreciation) | 22,574,028 | |||
Net Increase in Net Assets Resulting from Operations | $ | 27,284,272 |
See Notes to Financial Statements
63 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Agribusiness ETF | CMCI Commodity Strategy ETF (a) |
|||||||||||
Year Ended December 31, 2023 |
Year Ended December 31, 2022 |
Period Ended December 31, 2023 (b) |
||||||||||
Operations: | ||||||||||||
Net investment income | $ | 26,463,494 | $ | 27,997,715 | $ | 43,828 | ||||||
Net realized gain (loss) | (21,231,788 | ) | 91,786,465 | (22,530 | ) | |||||||
Net change in unrealized appreciation (depreciation) | (106,355,665 | ) | (320,314,104 | ) | (78,959 | ) | ||||||
Net decrease in net assets resulting from operations | (101,123,959 | ) | (200,529,924 | ) | (57,661 | ) | ||||||
Distributions to shareholders from: | ||||||||||||
Distributable earnings | (27,500,340 | ) | (28,899,290 | ) | (39,500 | ) | ||||||
Share transactions*: | ||||||||||||
Proceeds from sale of shares | — | 815,012,259 | 2,500,000 | |||||||||
Cost of shares redeemed | (300,341,391 | ) | (427,267,809 | ) | — | |||||||
Increase (decrease) in net assets resulting from share transactions | (300,341,391 | ) | 387,744,450 | 2,500,000 | ||||||||
Total increase (decrease) in net assets | (428,965,690 | ) | 158,315,236 | 2,402,839 | ||||||||
Net Assets, beginning of period | 1,341,023,009 | 1,182,707,773 | — | |||||||||
Net Assets, end of period | $ | 912,057,319 | $ | 1,341,023,009 | $ | 2,402,839 | ||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||
Shares sold | — | 8,000,000 | 100,000 | |||||||||
Shares redeemed | (3,650,000 | ) | (4,800,000 | ) | — | |||||||
Net increase (decrease) | (3,650,000 | ) | 3,200,000 | 100,000 |
(a) | Consolidated Statement of Changes in Net Assets |
(b) | For the period August 22, 2023 (commencement of operations) through December 31, 2023. |
See Notes to Financial Statements
64 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Future of Food ETF | Gold Miners ETF | |||||||||||||||
Year Ended December 31, 2023 |
Year Ended December 31, 2022 |
Year Ended December 31, 2023 |
Year Ended December 31, 2022 |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 70,146 | $ | 37,285 | $ | 212,721,816 | $ | 194,459,737 | ||||||||
Net realized gain (loss) | (164,151 | ) | (97,107 | ) | 629,082,410 | (35,147,047 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (237,013 | ) | (703,908 | ) | 452,037,253 | (1,357,895,743 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | (331,018 | ) | (763,730 | ) | 1,293,841,479 | (1,198,583,053 | ) | |||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (72,000 | ) | (38,400 | ) | (210,018,245 | ) | (197,981,341 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 955,232 | 1,030,333 | 3,260,557,849 | 3,035,577,589 | ||||||||||||
Cost of shares redeemed | — | — | (3,308,844,771 | ) | (2,978,056,133 | ) | ||||||||||
Increase (decrease) in net assets resulting from share transactions | 955,232 | 1,030,333 | (48,286,922 | ) | 57,521,456 | |||||||||||
Total increase (decrease) in net assets | 552,214 | 228,203 | 1,035,536,312 | (1,339,042,938 | ) | |||||||||||
Net Assets, beginning of year | 2,697,884 | 2,469,681 | 11,934,043,598 | 13,273,086,536 | ||||||||||||
Net Assets, end of year | $ | 3,250,098 | $ | 2,697,884 | $ | 12,969,579,910 | $ | 11,934,043,598 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 50,000 | 50,000 | 109,650,000 | 102,100,000 | ||||||||||||
Shares redeemed | — | — | (108,950,000 | ) | (100,900,000 | ) | ||||||||||
Net increase | 50,000 | 50,000 | 700,000 | 1,200,000 |
See Notes to Financial Statements
65 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Green Metals ETF | Junior Gold Miners ETF | |||||||||||||||
Year Ended December 31, 2023 |
Year Ended December 31, 2022 |
Year Ended December 31, 2023 |
Year Ended December 31, 2022 |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 598,189 | $ | 531,803 | $ | 24,939,450 | $ | 24,814,523 | ||||||||
Net realized loss | (4,442,304 | ) | (981,419 | ) | (184,012,672 | ) | (171,074,965 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 265,010 | (4,556,176 | ) | 470,416,381 | (486,420,375 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | (3,579,105 | ) | (5,005,792 | ) | 311,343,159 | (632,680,817 | ) | |||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (539,990 | ) | (580,000 | ) | (31,501,605 | ) | (19,233,209 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 8,277,006 | 14,040,492 | 679,836,394 | 674,457,723 | ||||||||||||
Cost of shares redeemed | — | (1,560,818 | ) | (285,373,244 | ) | (780,321,178 | ) | |||||||||
Increase (decrease) in net assets resulting from share transactions | 8,277,006 | 12,479,674 | 394,463,150 | (105,863,455 | ) | |||||||||||
Total increase (decrease) in net assets | 4,157,911 | 6,893,882 | 674,304,704 | (757,777,481 | ) | |||||||||||
Net Assets, beginning of year | 22,590,426 | 15,696,544 | 3,737,011,072 | 4,494,788,553 | ||||||||||||
Net Assets, end of year | $ | 26,748,337 | $ | 22,590,426 | $ | 4,411,315,776 | $ | 3,737,011,072 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 300,000 | 400,000 | 18,500,000 | 19,250,000 | ||||||||||||
Shares redeemed | — | (50,000 | ) | (7,700,000 | ) | (21,700,000 | ) | |||||||||
Net increase (decrease) | 300,000 | 350,000 | 10,800,000 | (2,450,000 | ) |
See Notes to Financial Statements
66 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Low Carbon Energy ETF | Natural Resources ETF | |||||||||||||||
Year Ended December 31, 2023 |
Year Ended December 31, 2022 |
Year Ended December 31, 2023 |
Year Ended December 31, 2022 |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 2,688,850 | $ | 2,650,521 | $ | 4,233,766 | $ | 4,585,616 | ||||||||
Net realized gain (loss) | (8,468,940 | ) | (7,306,893 | ) | 9,862,580 | (79,726 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | 7,975,589 | (81,994,860 | ) | (9,892,790 | ) | (2,081,912 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | 2,195,499 | (86,651,232 | ) | 4,203,556 | 2,423,978 | |||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (2,600,073 | ) | (2,600,048 | ) | (4,474,960 | ) | (4,599,900 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 5,969,931 | — | 33,575,832 | 74,958,129 | ||||||||||||
Cost of shares redeemed | (39,342,017 | ) | (13,347,688 | ) | (51,692,043 | ) | (27,346,895 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | (33,372,086 | ) | (13,347,688 | ) | (18,116,211 | ) | 47,611,234 | |||||||||
Total increase (decrease) in net assets | (33,776,660 | ) | (102,598,968 | ) | (18,387,615 | ) | 45,435,312 | |||||||||
Net Assets, beginning of year | 198,149,993 | 300,748,961 | 142,683,493 | 97,248,181 | ||||||||||||
Net Assets, end of year | $ | 164,373,333 | $ | 198,149,993 | $ | 124,295,878 | $ | 142,683,493 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 50,000 | — | 700,000 | 1,450,000 | ||||||||||||
Shares redeemed | (350,000 | ) | (100,000 | ) | (1,050,000 | ) | (600,000 | ) | ||||||||
Net increase (decrease) | (300,000 | ) | (100,000 | ) | (350,000 | ) | 850,000 |
See Notes to Financial Statements
67 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Oil Refiners ETF | Oil Services ETF | |||||||||||||||
Year Ended December 31, 2023 |
Year Ended December 31, 2022 |
Year Ended December 31, 2023 |
Year Ended December 31, 2022 |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 1,269,032 | $ | 1,230,395 | $ | 28,388,375 | $ | 23,646,493 | ||||||||
Net realized gain | 219,146 | 62,100 | 287,162,976 | 588,746,639 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 2,795,064 | (745,083 | ) | (292,942,293 | ) | 532,821,388 | ||||||||||
Net increase in net assets resulting from operations | 4,283,242 | 547,412 | 22,609,058 | 1,145,214,520 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | (1,250,000 | ) | (1,200,000 | ) | (28,299,743 | ) | (23,400,039 | ) | ||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 3,381,127 | 41,125,018 | 4,514,195,234 | 4,621,472,112 | ||||||||||||
Cost of shares redeemed | (11,096,908 | ) | (21,154,594 | ) | (4,925,461,569 | ) | (5,302,018,149 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | (7,715,781 | ) | 19,970,424 | (411,266,335 | ) | (680,546,037 | ) | |||||||||
Total increase (decrease) in net assets | (4,682,539 | ) | 19,317,836 | (416,957,020 | ) | 441,268,444 | ||||||||||
Net Assets, beginning of year | 38,991,715 | 19,673,879 | 2,584,387,470 | 2,143,119,026 | ||||||||||||
Net Assets, end of year | $ | 34,309,176 | $ | 38,991,715 | $ | 2,167,430,450 | $ | 2,584,387,470 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 100,000 | 1,250,000 | 14,800,000 | 17,300,000 | ||||||||||||
Shares redeemed | (350,000 | ) | (725,000 | ) | (16,300,000 | ) | (20,400,000 | ) | ||||||||
Net increase (decrease) | (250,000 | ) | 525,000 | (1,500,000 | ) | (3,100,000 | ) |
See Notes to Financial Statements
68 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Rare Earth/Strategic Metals ETF | Steel ETF | |||||||||||||||
Year Ended December 31, 2023 |
Year Ended December 31, 2022 |
Year Ended December 31, 2023 |
Year Ended December 31, 2022 |
|||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 7,569,604 | $ | 5,943,123 | $ | 3,932,292 | $ | 5,167,089 | ||||||||
Net realized gain (loss) | (13,002,540 | ) | 25,061,182 | (1,122,007 | ) | (2,138,152 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | (90,298,567 | ) | (338,277,114 | ) | 24,570,179 | 3,726,233 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (95,731,503 | ) | (307,272,809 | ) | 27,380,464 | 6,755,170 | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Distributable earnings | — | (9,819,927 | ) | (3,875,063 | ) | (5,238,962 | ) | |||||||||
Return of capital | — | — | — | (11,016 | ) | |||||||||||
Total distributions | — | (9,819,927 | ) | (3,875,063 | ) | (5,249,978 | ) | |||||||||
Share transactions*: | ||||||||||||||||
Proceeds from sale of shares | 76,570,075 | 149,331,401 | 86,953,299 | 82,321,434 | ||||||||||||
Cost of shares redeemed | (202,630,630 | ) | (214,892,139 | ) | (69,956,651 | ) | (95,953,186 | ) | ||||||||
Increase (decrease) in net assets resulting from share transactions | (126,060,555 | ) | (65,560,738 | ) | 16,996,648 | (13,631,752 | ) | |||||||||
Total increase (decrease) in net assets | (221,792,058 | ) | (382,653,474 | ) | 40,502,049 | (12,126,560 | ) | |||||||||
Net Assets, beginning of year | 631,206,968 | 1,013,860,442 | 99,697,179 | 111,823,739 | ||||||||||||
Net Assets, end of year | $ | 409,414,910 | $ | 631,206,968 | $ | 140,199,228 | $ | 99,697,179 | ||||||||
*Shares of Common Stock Issued (no par value) | ||||||||||||||||
Shares sold | 1,100,000 | 1,500,000 | 1,300,000 | 1,300,000 | ||||||||||||
Shares redeemed | (2,750,000 | ) | (2,300,000 | ) | (1,125,000 | ) | (1,675,000 | ) | ||||||||
Net increase (decrease) | (1,650,000 | ) | (800,000 | ) | 175,000 | (375,000 | ) |
See Notes to Financial Statements
69 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Uranium+Nuclear Energy ETF | ||||||||
Year Ended December 31, 2023 |
Year Ended December 31, 2022 |
|||||||
Operations: | ||||||||
Net investment income | $ | 1,513,041 | $ | 744,394 | ||||
Net realized gain | 3,197,203 | 1,597,739 | ||||||
Net change in unrealized appreciation (depreciation) | 22,574,028 | (941,706 | ) | |||||
Net increase in net assets resulting from operations | 27,284,272 | 1,400,427 | ||||||
Distributions to shareholders from: | ||||||||
Distributable earnings | (6,000,037 | ) | (1,100,017 | ) | ||||
Share transactions*: | ||||||||
Proceeds from sale of shares | 67,315,401 | 24,539,686 | ||||||
Cost of shares redeemed | (11,431,512 | ) | (5,585,128 | ) | ||||
Increase in net assets resulting from share transactions | 55,883,889 | 18,954,558 | ||||||
Total increase in net assets | 77,168,124 | 19,254,968 | ||||||
Net Assets, beginning of year | 54,481,885 | 35,226,917 | ||||||
Net Assets, end of year | $ | 131,650,009 | $ | 54,481,885 | ||||
*Shares of Common Stock Issued (no par value) | ||||||||
Shares sold | 1,025,000 | 450,000 | ||||||
Shares redeemed | (175,000 | ) | (100,000 | ) | ||||
Net increase | 850,000 | 350,000 |
See Notes to Financial Statements
70 |
VANECK ETF TRUST
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
71 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
(a) | Consolidated Financial Highlights |
(b) | For the period August 22, 2023 (commencement of operations) through December 31, 2023. |
(c) | Calculated based upon average shares outstanding |
(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
72 |
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
73 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
74 |
VANECK ETF TRUST
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
75 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
76 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
77 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
(c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(d) | Periods after December 31, 2021 reflect a unitary management fee structure. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
78 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
79 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | On April 15, 2020, the Fund effected a 1 for 20 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split. |
(b) | Calculated based upon average shares outstanding |
(c) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
(d) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(e) | Periods after December 31, 2021 reflect a unitary management fee structure. |
(f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
80 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split. |
(b) | Calculated based upon average shares outstanding |
(c) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
(d) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
81 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
82 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
(c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
83 |
VANECK ETF TRUST
December 31, 2023
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 |
CMCI Commodity Strategy 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 |
CMCI Commodity Strategy ETF | UBS Constant Maturity Commodity Total Return 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 (“VEAC”) serves as the investment adviser for the Funds, except for CMCI Commodity Strategy ETF. Van Eck Absolute Return Advisers Corporation (“VEARA”), a wholly owned subsidiary of VEAC, serves as the investment adviser to Commodity Strategy ETF and its Subsidiary. VEAC and VEARA are collectively referred to as the “Adviser”.
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.
84 |
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.
The following summarizes the Funds’ significant accounting policies.
A. | Security
Valuation— The Funds value their investments in securities and other
assets and liabilities at fair value daily. Fair value is the price that
would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants on the measurement date.
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. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. 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. Swap contracts are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the net change in value, if any, is regarded as an unrealized gain or loss and is categorized as Level 2 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, |
85 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
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 present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. | |
B. | Basis for Consolidation— The CMCI Commodity Strategy ETF invests in certain commodity-linked derivative instruments through the Commodity Index Subsidiary (the “Subsidiary”), Cayman Islands exempted company. Consolidated financial statements of the Fund present the financial position and results of operations for the Fund and its wholly-owned Subsidiary. All interfund account balances and transactions between the Fund and Subsidiary have been eliminated in consolidation. |
C. | 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. |
D. | 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. |
E. | 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. |
F. | 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. |
G. | Use of Derivative Instruments— Certain Funds may invest in derivative instruments. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as OTC derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. |
86 |
Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. GAAP requires enhanced disclosures about the Fund’s derivative instruments and hedging activities. Details of this disclosure are found below as well as in the Schedule of Investments.
Total Return Swaps— The CMCI Commodity Strategy ETF invests in total return swaps in order take a “long” position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty. Documentation governing the Fund’s total return swap transactions may contain provisions for early termination of a total return swap in the event the net assets of the Fund decline below specific levels set forth in the documentation (“net asset contingent features”). If these levels are triggered, the Fund’s counterparty has the right to terminate the total return swap and require the Fund to pay or receive a settlement amount in connection with the terminated total return swap transaction. The total return swap position held by the CMCI Commodity Strategy ETF at December 31, 2023 is reflected in the Fund’s Consolidated Schedule of Investments.
During the year ended December 31, 2023, the CMCI Commodity Strategy ETF held total return swap contracts for five months with an average monthly notional amount of $2,505,400.
At December 31, 2023, the CMCI Commodity Strategy ETF held derivatives (not designated as hedging instruments under GAAP): |
Liabilities Derivatives |
||||
Commodities Futures Risk |
||||
CMCI Commodity Strategy ETF | ||||
Swap contracts1 | $ | 79,504 |
1 | Consolidated Statement of Assets and Liabilities location: Total return swap contracts, at value |
The impact of transactions in derivative instruments during the year ended December 31, 2023, was as follows:
Commodities Futures Risk |
|||||
CMCI Commodity Strategy ETF | |||||
Realized gain (loss): | |||||
Swap contracts1 | $ | (22,530 | ) | ||
Net change in unrealized appreciation (depreciation): | |||||
Swap contracts2 | (79,504 | ) |
1 | Consolidated Statement of Operations location: Net realized gain (loss) on swap contracts |
2 | Consolidated Statement of Operations location: Net change in unrealized appreciation (depreciation) on swap contracts |
H. | 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 |
87 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
or delivered to that counterparty based on the terms of the agreements. The Funds may pledge and receive cash and or securities as collateral for derivative instruments and securities lending. For financial reporting purposes, the Funds present derivatives and securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at December 31, 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).
Gross Amounts of Recognized Liabilities |
Gross Amounts Offset in the Statement of Assets and Liabilities |
Net
Amounts of Liabilities Presented in the Statements of Assets and Liabilities |
Financial Instruments and Cash Collateral Pledged |
Net Amount | ||||||
CMCI Commodity Strategy ETF | ||||||||||
Total return swap contracts | $79,504 | $— | $79,504 | $— | $79,504 |
I. | Other—
Security transactions are accounted for on trade date. Realized gains
and losses are determined based on the specific identification method.
Dividend income is recorded on the ex-dividend date except that certain
dividends from foreign securities are recognized upon notification of the
ex-dividend date. Interest income, including amortization of premiums and
discounts, is accrued as earned.
The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations.
In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |
Note 3—Investment Management and Other Agreements— The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least May 1, 2024, (for CMCI Commodity Strategy ETF until at least May 1, 2025), to waive 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 year ended December 31, 2023, are as follows:
Fund | Management Fees |
Expense Limitations | ||||||
Agribusiness ETF | 0.50 | % | 0.56 | % | ||||
CMCI Commodity Strategy ETF | 0.65 | 0.65 | ||||||
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.
88 |
The unitary management fee rates for the year ended December 31, 2023, are as follows:
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 December 31, 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 Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
Note 5—Investments—For the year ended December 31, 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 | $ | 132,664,997 | $ | 146,201,487 | $ | — | $ | 287,360,913 | ||||||||
Future of Food ETF | 296,375 | 244,734 | 906,105 | — | ||||||||||||
Gold Miners ETF | 1,603,070,901 | 1,562,166,684 | 3,260,488,402 | 3,308,821,096 | ||||||||||||
Green Metals ETF | 9,183,488 | 7,064,416 | 6,200,928 | — | ||||||||||||
Junior Gold Miners ETF | 847,776,376 | 809,401,599 | 677,547,135 | 284,495,238 | ||||||||||||
Low Carbon Energy ETF | 29,659,180 | 31,002,444 | 5,049,868 | 36,779,834 | ||||||||||||
Natural Resources ETF | 35,355,825 | 36,468,299 | 32,784,522 | 50,495,784 | ||||||||||||
Oil Refiners ETF | 6,538,336 | 7,594,618 | 2,897,422 | 9,399,576 | ||||||||||||
Oil Services ETF | 409,001,334 | 403,482,178 | 4,514,468,572 | 4,931,302,088 | ||||||||||||
Rare Earth/Strategic Metals ETF | 227,964,079 | 250,954,181 | 55,796,340 | 151,087,842 | ||||||||||||
Steel ETF | 28,838,326 | 26,837,319 | 87,006,242 | 72,171,905 | ||||||||||||
Uranium+Nuclear Energy ETF | 33,367,246 | 36,249,535 | 65,776,486 | 11,229,534 |
89 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Note 6—Income Taxes—As of December 31, 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 | $1,133,422,474 | $49,499,864 | $(243,849,722 | ) | $(194,349,858 | ) | ||||||||||
CMCI Commodity Strategy ETF | 2,543,751 | 2,246 | (116,247 | ) | (114,001 | ) | ||||||||||
Future of Food ETF | 4,135,715 | 131,283 | (1,036,734 | ) | (905,451 | ) | ||||||||||
Gold Miners ETF | 12,739,284,719 | 1,326,957,915 | (1,027,127,633 | ) | 299,830,282 | |||||||||||
Green Metals ETF | 31,510,040 | 2,277,545 | (6,513,429 | ) | (4,235,884 | ) | ||||||||||
Junior Gold Miners ETF | 4,881,637,347 | 458,562,807 | (813,075,380 | ) | (354,512,573 | ) | ||||||||||
Low Carbon Energy ETF | 211,015,301 | 26,350,179 | (62,759,748 | ) | (36,409,569 | ) | ||||||||||
Natural Resources ETF | 121,740,156 | 14,303,999 | (10,527,684 | ) | 3,776,315 | |||||||||||
Oil Refiners ETF | 31,880,186 | 4,285,728 | (1,846,818 | ) | 2,438,910 | |||||||||||
Oil Services ETF | 2,375,577,122 | 29,297,399 | (237,646,538 | ) | (208,349,139 | ) | ||||||||||
Rare Earth/Strategic Metals ETF | 503,250,271 | 54,666,558 | (130,060,575 | ) | (75,394,017 | ) | ||||||||||
Steel ETF | 133,292,965 | 14,573,755 | (7,090,680 | ) | 7,483,075 | |||||||||||
Uranium+Nuclear Energy ETF | 127,579,139 | 17,516,005 | (822,600 | ) | 16,693,405 |
At December 31, 2023, the components of total distributable earnings (losses) on a tax basis, for each Fund, were as follows:
Fund | Undistributed Ordinary Income |
(Accumulated Capital Losses)/ Undistributed Capital Gains |
Other Temporary Differences |
Unrealized Appreciation (Depreciation) |
Total Distributable Earnings (Loss) | |||||||||||||||
Agribusiness ETF | $889,469 | $(837,838,659 | ) | $(633,201 | ) | $(194,363,123 | ) | $(1,031,945,514 | ) | |||||||||||
CMCI Commodity Strategy ETF | – | – | – | (78,959 | ) | (78,959 | ) | |||||||||||||
Future of Food ETF | 970 | (263,088 | ) | – | (905,885 | ) | (1,168,003 | ) | ||||||||||||
Gold Miners ETF | 46,024,654 | (12,244,506,621 | ) | (1,535,302 | ) | 299,840,109 | (11,900,177,160 | ) | ||||||||||||
Green Metals ETF | 109,231 | (5,444,546 | ) | – | (4,235,971 | ) | (9,571,286 | ) | ||||||||||||
Junior Gold Miners ETF | 41,393,382 | (5,011,610,159 | ) | (402,438 | ) | (354,167,946 | ) | (5,324,787,161 | ) | |||||||||||
Low Carbon Energy ETF | 208,261 | (77,187,223 | ) | (20,550 | ) | (36,410,905 | ) | (113,410,417 | ) | |||||||||||
Natural Resources ETF | 8,630 | (57,203,200 | ) | (14,854 | ) | 3,779,358 | (53,430,066 | ) | ||||||||||||
Oil Refiners ETF | 3,293 | (11,197,878 | ) | (1,085 | ) | 2,439,940 | (8,755,730 | ) | ||||||||||||
Oil Services ETF | 335,087 | (2,109,198,198 | ) | (210,231 | ) | (208,349,140 | ) | (2,317,422,482 | ) | |||||||||||
Rare Earth/Strategic Metals ETF | 5,608,484 | (389,581,278 | ) | (28,330 | ) | (75,370,673 | ) | (459,371,797 | ) | |||||||||||
Steel ETF | 61,716 | (170,951,107 | ) | (22,074 | ) | 7,483,075 | (163,428,390 | ) | ||||||||||||
Uranium+Nuclear Energy ETF | 5,692,927 | (86,540,437 | ) | (14,403 | ) | 16,691,585 | (64,170,328 | ) |
The tax character of dividends paid to shareholders was follows:
December 31, 2023 |
December 31, 2022 | |||||||||||
Fund | Ordinary Income* |
Ordinary Income* |
Return of Capital |
|||||||||
Agribusiness ETF | $27,500,340 | $28,899,290 | $– | |||||||||
CMCI Commodity Strategy ETF | 39,500 | – | – | |||||||||
Future of Food ETF | 72,000 | 38,400 | – | |||||||||
Gold Miners ETF | 210,018,245 | 197,981,341 | – | |||||||||
Green Metals ETF | 539,990 | 580,000 | – | |||||||||
Junior Gold Miners ETF | 31,501,605 | 19,233,209 | – | |||||||||
Low Carbon Energy ETF | 2,600,073 | 2,600,048 | – |
90 |
December 31, 2023 |
December 31, 2022 | |||||||||||
Fund | Ordinary Income* |
Ordinary Income* |
Return of Capital |
|||||||||
Natural Resources ETF | 4,474,960 | 4,599,900 | – | |||||||||
Oil Refiners ETF | 1,250,000 | 1,200,000 | – | |||||||||
Oil Services ETF | 28,299,743 | 23,400,039 | – | |||||||||
Rare Earth/Strategic Metals ETF | – | 9,819,927 | – | |||||||||
Steel ETF | 3,875,063 | 5,238,962 | 11,016 | |||||||||
Uranium+Nuclear Energy ETF | 6,000,037 | 1,100,017 | – |
* | Includes short-term capital gains (if any). |
At December 31, 2023, 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 | $ | (232,266,052 | ) | $ | (605,572,607 | ) | $ | (837,838,659 | ) | |||
Future of Food ETF | (123,276 | ) | (139,812 | ) | (263,088 | ) | ||||||
Gold Miners ETF | (2,005,569,048 | ) | (10,238,937,573 | ) | (12,244,506,621 | ) | ||||||
Green Metals ETF | (1,545,956 | ) | (3,898,590 | ) | (5,444,546 | ) | ||||||
Junior Gold Miners ETF | (1,698,904,530 | ) | (3,312,705,629 | ) | (5,011,610,159 | ) | ||||||
Low Carbon Energy ETF | (11,064,350 | ) | (66,122,873 | ) | (77,187,223 | ) | ||||||
Natural Resources ETF | (10,960,628 | ) | (46,242,572 | ) | (57,203,200 | ) | ||||||
Oil Refiners ETF | (5,147,896 | ) | (6,049,982 | ) | (11,197,878 | ) | ||||||
Oil Services ETF | (384,200,583 | ) | (1,724,997,615 | ) | (2,109,198,198 | ) | ||||||
Rare Earth/Strategic Metals ETF | (94,077,070 | ) | (295,504,208 | ) | (389,581,278 | ) | ||||||
Steel ETF | (17,138,313 | ) | (153,812,794 | ) | (170,951,107 | ) | ||||||
Uranium+Nuclear Energy ETF | (14,276,119 | ) | (72,264,318 | ) | (86,540,437 | ) |
During the year ended December 31, 2023, as a result of permanent book to tax differences, primarily due to the tax treatment of gains/losses from securities redeemed in-kind and differences in the treatment of income and realized gains from controlled foreign corporation subsidiaries, the Funds incurred differences that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.
Fund | Increase (Decrease) in Total Distributable Earnings (Loss) |
Increase (Decrease) in Aggregate Paid in Capital | ||||||
Agribusiness ETF | $ | (36,860,234 | ) | $ | 36,860,234 | |||
CMCI Commodity Strategy ETF | 18,202 | (18,202 | ) | |||||
Future of Food ETF | 124 | (124 | ) | |||||
Gold Miners ETF | (979,250,495 | ) | 979,250,495 | |||||
Junior Gold Miners ETF | (46,352,673 | ) | 46,352,673 | |||||
Low Carbon Energy ETF | (5,588,190 | ) | 5,588,190 | |||||
Natural Resources ETF | (13,046,303 | ) | 13,046,303 | |||||
Oil Refiners ETF | (1,003,673 | ) | 1,003,673 | |||||
Oil Services ETF | (380,868,154 | ) | 380,868,154 | |||||
Rare Earth/Strategic Metals ETF | (31,672,164 | ) | 31,672,164 | |||||
Steel ETF | (6,820,210 | ) | 6,820,210 | |||||
Uranium+Nuclear Energy ETF | (3,937,415 | ) | 3,937,415 |
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
91 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 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.
The CMCI Commodity Strategy ETF may invest in commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity futures contracts and options on futures contracts that provide economic exposure to the investment returns of the commodities markets. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security. The value of commodity-linked derivative instruments may be affected by overall market movements and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, or political and economic events and regulatory developments. Exposure to the commodities markets, such as precious metals, industrial metals, gas and other energy products and natural resources, may subject the Fund to greater volatility than investments in traditional securities. Changes in laws or government regulations by the United States and/or the Cayman Islands could adversely affect the operations of the Fund.
Following Russia’s large-scale invasion of Ukraine, governments of the United States and many other countries imposed economic sanctions on certain Russian individuals and Russian governmental, corporate and banking entities. A number of jurisdictions also instituted broad sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. In response, the government of Russia 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 experienced and may continue to experience significant declines. The Russian securities markets were closed for a period of time and were reopened on March 24, 2022, but significant trading limitations have remained. There is no assurance that these disruptions will not continue.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
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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 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 December 31, 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 December 31, 2023:
Fund | Market Value of Securities on Loan |
Cash Collateral |
Non-Cash Collateral |
Total Collateral | ||||||||||||
Agribusiness ETF | $ | 41,077,399 | $ | 27,567,080 | $ | 15,470,385 | $ | 43,037,465 | ||||||||
Future of Food ETF | 69,986 | 85,782 | – | 85,782 | ||||||||||||
Gold Miners ETF | 272,613,003 | 84,425,319 | 201,686,671 | 286,111,990 | ||||||||||||
Green Metals ETF | 3,321,855 | 535,727 | 2,952,822 | 3,488,549 | ||||||||||||
Junior Gold Miners ETF | 269,954,333 | 117,343,529 | 171,077,737 | 288,421,266 | ||||||||||||
Low Carbon Energy ETF | 33,026,362 | 10,097,243 | 24,291,273 | 34,388,516 | ||||||||||||
Natural Resources ETF | 6,898,496 | 1,500,893 | 5,707,485 | 7,208,378 | ||||||||||||
Oil Refiners ETF | 675,946 | – | 705,926 | 705,926 | ||||||||||||
Oil Services ETF | 138,309,378 | – | 143,217,716 | 143,217,716 | ||||||||||||
Rare Earth/Strategic Metals ETF | 112,696,331 | 18,517,532 | 100,697,437 | 119,214,969 | ||||||||||||
Steel ETF | 33,395,757 | 680,060 | 35,752,976 | 36,433,036 | ||||||||||||
Uranium+Nuclear Energy ETF | 33,650,202 | 12,307,731 | 22,525,682 | 34,833,413 |
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2023:
Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities | ||||
Fund | Equity Securities | |||
Agribusiness ETF | $ | 27,567,080 | ||
Future of Food ETF | 85,782 | |||
Gold Miners ETF | 84,425,319 | |||
Green Metals ETF | 535,727 | |||
Junior Gold Miners ETF | 117,343,529 | |||
Low Carbon Energy ETF | 10,097,243 | |||
Natural Resources ETF | 1,500,893 | |||
Rare Earth/Strategic Metals ETF | 18,517,532 | |||
Steel ETF | 680,060 | |||
Uranium+Nuclear Energy ETF | 12,307,731 |
* | Remaining contractual maturity: overnight and continuous |
Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2023, the following Funds borrowed under this Facility:
Fund | Days Outstanding |
Average Daily Loan Balance |
Average Interest Rate | |||||||||
Agribusiness ETF | 288 | $ | 1,162,887 | 6.40 | % | |||||||
Gold Miners ETF | 181 | 11,864,771 | 6.24 | |||||||||
Green Metals ETF | 329 | 302,501 | 6.34 | |||||||||
Junior Gold Miners ETF | 62 | 8,830,693 | 6.13 | |||||||||
Low Carbon Energy ETF | 276 | 1,547,117 | 6.28 | |||||||||
Natural Resources ETF | 339 | 578,723 | 6.36 | |||||||||
Oil Refiners ETF | 272 | 142,616 | 6.29 | |||||||||
Oil Services ETF | 226 | 2,358,942 | 6.43 | |||||||||
Rare Earth/Strategic Metals ETF | 242 | 1,059,895 | 6.33 | |||||||||
Steel ETF | 195 | 327,405 | 6.22 | |||||||||
Uranium+Nuclear Energy ETF | 171 | 231,320 | 6.37 |
Outstanding loan balances as of December 31, 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.
Note 12— New Regulatory Requirements— On October 26, 2022, the Securities and Exchange Commission (SEC) adopted rule and form amendments that require mutual funds and exchange-traded funds (ETFs) that are registered on Form N-1A to prepare and transmit tailored unaudited annual and semi-annual shareholder reports (TSRs), that highlight key information to investors, within 60 days of period-end. The new TSRs will be prepared separately for each fund.
94 |
In connection with these amendments, certain information that was previously disclosed in fund shareholder reports will instead be made available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR.
The SEC also amended Rule 30e-3 under the Investment Company Act, to require mutual funds and ETFs to provide TSRs directly to investors by mail (unless an investor elects electronic delivery). These rules are effective January 24, 2023, and the compliance date is July 24, 2024.
95 |
VANECK ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of VanEck ETF Trust and Shareholders of each of the funds listed in the table below.
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, (the consolidated statement of assets and liabilities, including the consolidated schedule of investments, for VanEck CMCI Commodity Strategy ETF) of each of the funds listed in the table below (thirteen of the funds constituting VanEck ETF Trust, hereafter collectively referred to as the “Funds”) as of December 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2023, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Funds | |
VanEck Agribusiness ETF (1) | VanEck Natural Resources ETF (1) |
VanEck CMCI Commodity Strategy ETF (2) | VanEck Oil Refiners ETF (1) |
VanEck Future of Food ETF (1) | VanEck Oil Services ETF (1) |
VanEck Gold Miners ETF (1) | VanEck Rare Earth/Strategic Metals ETF (1) |
VanEck Green Metals ETF (1) | VanEck Steel ETF (1) |
VanEck Junior Gold Miners ETF (1) | VanEck Uranium+Nuclear Energy ETF (1) |
VanEck Low Carbon Energy ETF (1) |
(1) Statement of operations for the year ended December 31, 2023 and statement of changes in net assets and financial highlights for the years ended December 31, 2023 and December 31, 2022.
(2) Consolidated statement of operations, consolidated statement of changes in net assets, and consolidated financial highlights for the period August 22, 2023 (commencement of operations) through December 31, 2023.
The financial statements of the Funds (other than VanEck CMCI Commodity Strategy ETF) as of and for the year or period ended December 31, 2021, and the financial highlights for each of the periods ended on or prior to December 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 28, 2022, expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
96 |
estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers
LLP
New York, New York
February 27, 2024
We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.
97 |
VANECK ETF TRUST
(unaudited)
The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2023. Please consult your tax advisor for proper treatment of this information:
Fund Name | Ticker Symbol |
Payable Date |
Total Distribution Paid Per Share |
Income Dividends |
Foreign Taxes Paid (a) |
Total Ordinary Income Dividends |
Foreign Source Income as a % of Total Ordinary Income (a) |
|||||||||||||||||
Agribusiness ETF | MOO | Annual | $2.2358 | $2.2358 | $- | $2.2358 | -% | |||||||||||||||||
CMCI Commodity Strategy ETF | CMCI | Annual | 0.3950 | 0.3950 | - | 0.3950 | - | |||||||||||||||||
Future of Food ETF | YUMY | Annual | 0.3600 | 0.3600 | - | 0.3600 | - | |||||||||||||||||
Gold Miners ETF | GDX | Annual | 0.5001 | 0.5001 | 0.0529 | 0.5530 | 70.23 | |||||||||||||||||
Green Metals ETF | GMET | Annual | 0.4909 | 0.4909 | 0.0318 | 0.5227 | 86.35 | |||||||||||||||||
Junior Gold Miners ETF | GDXJ | Annual | 0.2736 | 0.2736 | 0.0816 | 0.3552 | 59.61 | |||||||||||||||||
Low Carbon Energy ETF | SMOG | Annual | 1.7529 | 1.7529 | 0.1806 | 1.9335 | 68.84 | |||||||||||||||||
Natural Resources ETF | HAP | Annual | 1.5982 | 1.5982 | - | 1.5982 | - | |||||||||||||||||
Oil Refiners ETF | CRAK | Annual | 1.2500 | 1.2500 | 0.1295 | 1.3795 | 79.99 | |||||||||||||||||
Oil Services ETF | OIH | Annual | 4.2235 | 4.2235 | - | 4.2235 | - | |||||||||||||||||
Steel ETF | SLX | Annual | 2.0667 | 2.0667 | - | 2.0667 | - | |||||||||||||||||
Uranium+Nuclear ETF | NLR | Annual | 3.2580 | 3.2580 | 0.0670 | 3.3250 | 10.81 |
Fund Name | Ticker Symbol |
Payable Date |
Percent
of Total Ordinary Income Dividends that are QDI Eligible (b) |
Percent
of Total Ordinary Income Dividends that are DRD Eligible (c) |
Section 163(j)- Interest Dividends as a % of the Total Ordinary Income Distribution (d) |
Qualified Interest Income (QII) as a % of the Total Ordinary Income Distribution (e) |
Federal Obligation Interest as a Percentage of the Total Distribution (f) |
|||||||||||||||||
Agribusiness ETF | MOO | Annual | 99.59% | 40.98% | -% | -% | -% | |||||||||||||||||
CMCI Commodity Strategy ETF | CMCI | Annual | - | - | 99.69 | 99.69 | 96.28 | |||||||||||||||||
Future of Food ETF | YUMY | Annual | 90.08 | 38.31 | - | - | - | |||||||||||||||||
Gold Miners ETF | GDX | Annual | 100.00 | 21.65 | - | - | - | |||||||||||||||||
Green Metals ETF | GMET | Annual | 100.00 | 10.24 | - | - | - | |||||||||||||||||
Junior Gold Miners ETF | GDXJ | Annual | 68.69 | 1.88 | - | - | - | |||||||||||||||||
Low Carbon Energy ETF | SMOG | Annual | 88.34 | 15.75 | - | - | - | |||||||||||||||||
Natural Resources ETF | HAP | Annual | 88.75 | 36.89 | - | - | - | |||||||||||||||||
Oil Refiners ETF | CRAK | Annual | 98.52 | 23.59 | - | - | - | |||||||||||||||||
Oil Services ETF | OIH | Annual | 100.00 | 71.57 | - | - | - | |||||||||||||||||
Steel ETF | SLX | Annual | 88.71 | 16.93 | - | - | - | |||||||||||||||||
Uranium+Nuclear ETF | NLR | Annual | 21.69 | 9.44 | - | - | - |
(a) Funds with an amount in these columns have qualified to pass-through foreign taxes and foreign source income to their shareholders. Accordingly, shareholders may include their share of foreign source income on Form 1116 (Form 1118 for corporations) and may either deduct your portion of the taxes in computing your taxable income or take a credit for such taxes against your tax liability. To determine your portion of foreign source income, multiply the dollar amount of your total ordinary dividends by the percentage indicated.
(b) All or a portion of a shareholder’s total ordinary income dividend may be taxed at a reduced capital gains rate rather than the higher marginal tax rates applicable to ordinary income. The amount of a dividend subject to this lower rate is known as Qualified Dividend Income or QDI and is reported in Box 1b of the Form 1099-DIV. Shareholders who received Form 1099-DIV should use the amounts reported to them on Form 1099-DIV when preparing their tax return. To treat a dividend as qualifying for lower rates, shareholders must have held shares on which the dividend was paid for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution.
(c) QDI information does not apply to shareholders that are corporations for U.S. tax purposes. Corporate shareholders should use the information regarding the Dividends Received Deduction or DRD. This data is being provided to corporate shareholders in order for them to compute their share of dividends qualifying
98 |
for the DRD for corporations. To determine your share of income eligible for the DRD, multiply the dollar amount of your total ordinary dividends by the percentage indicated.
(d) These amounts represent distributions paid during the taxable year ended December 31, 2023 that are eligible to be treated as interest income for purposes of Section 163(j) and the regulations thereunder. To treat a dividend as interest income, shareholders must have held shares on which the dividend was paid for at least 180 days during the 361-day period surrounding the ex-dividend date of the distribution.
(e) These amounts represent distributions paid during the taxable year ended December 31, 2023 that were considered to be Qualified Interest Income (“QII”) distributions. The QII distributions may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.
(f) Certain states may exempt the portion of dividends derived from assets backed by the full faith and credit of the U.S. Government.
99 |
VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
December 31, 2023 (unaudited)
Name,
Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 and Length of Time Served |
Principal
Occupation(s) During Past Five Years |
Number of Portfolios in Fund Complex3 Overseen |
Other Directorships
Held By Trustee During Past Five Years | |||||
Independent | ||||||||||
Trustees | ||||||||||
David H. Chow,
1957*† |
Trustee | Since 2006 | Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 72 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Investment Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020. | |||||
Laurie A.
Hesslein, 1959*† |
Trustee | Since 2019 | Citigroup, Managing Director and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 72 | Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. | |||||
R. Alastair
Short, 1953*† |
Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 83 | Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds. | |||||
Peter J.
Sidebottom, 1962*† |
Chairperson Trustee | Since 2022 Since 2012 | Global Lead Partner, Financial Services Strategy, Accenture, January 2021 to present; Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to December 2021. | 72 | Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016. | |||||
Richard D.
Stamberger, 1959*† |
Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (a global media company), July 2020 to August 2022; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2020. | 83 | Director, Food and Friends, Inc., 2013 to present; Board Member, The Arc Foundation of the US, 2022 to present; Chairman, Lifetime Care Services, LLC, 2023 to present. | |||||
Interested Trustee | ||||||||||
Jan F. van Eck,
19635 |
Trustee, Chief Executive Officer and President | Trustee (Since 2006); Chief Executive Officer and President (Since 2009) | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | 83 | Director, National Committee on US-China Relations. |
1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
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4 | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
5 | “Interested person” of the Trust within the meaning of the Investment Company Act of 1940, as amended. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
* | Member of the Audit Committee. |
† | Member of the Nominating and Corporate Governance Committee. |
Officer’s
Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term
of Office2 And Length of Time Served |
Principal Occupation(s) During Past Five Years | |||
Officer Information | ||||||
Matthew A. Babinsky, 1983 |
Vice President and Assistant Secretary | Vice President (Since 2023); Assistant Secretary (Since 2016) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. | |||
Russell G. Brennan, 1964 |
Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. | |||
Charles T. Cameron, 1960 |
Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. | |||
John J. Crimmins, 1957 |
Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. | |||
Susan Curry, 1966 |
Assistant Vice President | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Managing Director, Legg Mason, Inc. | |||
Eduardo Escario, 1975 |
Vice President | Since 2012 |
Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. | |||
F. Michael Gozzillo, 1965 |
Chief Compliance Since 2018 Officer | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. | ||||
Laura Hamilton, 1977 |
Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. | |||
Nicholas Jackson, 1974 |
Assistant Vice President | Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. | |||
Laura I. Martínez, 1980 |
Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. | |||
Matthew McKinnon, 1970 |
Assistant Vice President | Since 2018 | Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. | |||
Lisa A. Moss, 1965 |
Assistant Vice President and Assistant Secretary | Since 2022 | Assistant Vice President of VEAC, VEARA and VESC; Formerly, Senior Counsel, Perkins Coie LLP. | |||
Arian Neiron, 1979 |
Vice President | Since 2018 | CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. |
101 |
VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
(unaudited) (continued)
James Parker,
1969 |
Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC and VEARA; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. | |||
Adam Phillips,
1970 |
Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. | |||
Philipp Schlegel,
1974 |
Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. | |||
Jonathan R.
Simon, 1974 |
Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | |||
Andrew Tilzer,
1972 |
Assistant Vice President | Since 2021 | Vice President of VEAC and VEARA; Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC. |
1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
2 | Officers are elected yearly by the Trustees. |
102 |
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
Investment Adviser: | VanEck Associates Corporation | |
Distributor: | VanEck Securities Corporation | |
666 Third Avenue, New York, NY 10017 | ||
vaneck.com | ||
Account Assistance: | 800.826.2333 | NRAR |