ANNUAL REPORT December 31, 2020 |
VANECK VECTORS® | |
Agribusiness ETF | MOO® |
Gold Miners ETF | GDX® |
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® |
Unconventional Oil & Gas ETF | FRAK® |
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. The information contained herein regarding each index has been provided by the relevant index provider. 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, 2020.
VANECK VECTORS ETFs
December 31, 2020 (unaudited)
Dear Fellow Shareholders:
The level of stimulus from the U.S. Federal Reserve (Fed) in 2020 was almost unprecedented and had investment consequences that endure into the new year of 2021. Financial markets benefited from the Fed stimulus and the case for gold investing solidified further.
As 2020 ends, the global economy continues to grow surprisingly well, supporting the markets, despite the social distancing that we all continue to feel in our personal lives. Important commodities like copper regained and passed pre-COVID-19 highs. In addition, in China, not only are higher real policy interest rates a sign of economic strength, but the country’s industrial recovery also points to all-time highs in activity, even though consumer activity lags a little.
We do, however, see two risks to markets in 2021: 1) an unforeseen rise in interest rates in the U.S. triggered by higher global growth or other factors; and 2) a bump in the return to full employment. As to the first risk, several assets like gold, commodities and bitcoin may not be fully reflecting inflationary risks which could be a consequence of the huge stimulus of 2020.
An incredible number of people have been laid off in the U.S. and, regardless of GDP numbers, people are unlikely to return quickly to work at pre-COVID-19 levels. Despite signature into law on December 27, 2020 of the Consolidated Appropriations Act, 2021, concern may remain high enough for policy makers to take additional steps (any of which, however, are, as yet, uncertain) that may impact the financial recovery.
The investing outlook sometimes does change suddenly, as it certainly did in 2020. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
We sincerely 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 twelve month period ended December 31, 2020. 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 Vectors ETF Trust
January 15, 2021
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 Funds carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
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VANECK VECTORS ETFs
December 31, 2020 (unaudited)
Market Review
All funds were to some extent affected not only by both the wide market sell off beginning in late-February and ensuing market volatility, sparked by the COVID-19 pandemic as it evolved globally, but also by the resulting destruction of the demand for many hard assets. However, remedial measures, both financial and fiscal, taken by central governments around the world in response to the crisis (including the asset purchasing program of the U.S. Federal Reserve), resulted in a positive “bounce back” in markets starting in April. By the end of 2020, the extent of the recovery, not least in demand for hard assets, varied considerably sector by sector and geographically.
Agribusiness
From highs at the very start of the year, the Fund plummeted in March, along with the market, to hit a low toward the end of the month. Thereafter, agribusiness stocks moved upward through the rest of the year. The Fund gained 14.73% for the 12 month period. All sectors contributed to the Fund’s positive performance, with the primary drivers being companies in the industrial and healthcare sectors. In the former, they were, in particular, those in the machinery segment. In the latter, they were those in the healthcare equipment and supplies segment involved in the wellbeing, health and safety of livestock, pets and also people. Companies in the consumer staples sector contributed the least. By far the greatest positive returns came from companies in the U.S., while the greatest negative returns came from those in Germany and Australia.
Gold Miners
The stocks of both major gold miners and their junior peers hit lows in mid-March. However, thereafter, on the back of falling U.S. interest rates, the many uncertainties that abounded in the market and a rise in the price of gold, they rose, albeit fitfully, over the rest of 2020. The larger gold miners (VanEck Vectors Gold Miners ETF) posted a gain of 23.30% and junior gold miners (VanEck Vectors Junior Gold Miners ETF) posted a gain of 30.07% for the 12 month period.
Among the larger mining stocks, Canadian companies, with the largest average country weighting, contributed by far the most to performance. Companies in Australia detracted the most from performance.
The situation was similar among the juniors, with Canada the strongest contributor, followed by Australia. Peru detracted the most from performance.
Low Carbon Energy
The performance of low carbon energy stocks during the 12 month period was very encouraging, with the Fund recording a gain of 118.65%. Companies in the consumer discretionary, information technology and industrial sectors contributed by far the most to performance. Only the energy sector detracted from performance and then only minimally. The U.S. was by far the best performing country. Only Singapore and Brazil detracted from performance and then only minimally.
Natural Resources
Having plummeted in mid-March, natural resources stocks staged a rally over the remainder of 2020 and the Fund gained 6.73% over the 12 months period under review. The materials and industrial sectors contributed most to performance and the energy sector was by far the greatest detractor from performance. Australian companies contributed the most to performance, while UK companies detracted the most.
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Oil Refiners
Along with so many others, oil refining stocks hit low in March. Although they recovered somewhat thereafter, ending down from their highs at the start of 2020. The Fund recorded a loss of 11.50% over the 12 month period. Increasing prices for crude oil and continuing concerns around demand both contributed to a challenging environment for refiners.
Exposure to refiners in the U.S. contributed by far the most negatively to Fund’s total return. The only significant positive contributors were: Finland, India and South Korea.
Oil Services
From a high on January 6, oil services stocks fell precipitously over the next two months to hit a low on March 18. Thereafter, however, with drilling activity having slowed substantially, the Baker Hughes U.S. rig count fell over 56% from 805 at the end of 2019 to 351 at the close of 2020,1 they failed to make any significant recovery and the Fund ended the full 12 month period down 41.31%.
The oil service stocks in the U.S., with the largest average country weighting, detracted the most from performance and the Netherlands detracted the least.
Rare Earth and Strategic Metals
The Fund had a firm year in 2020, gaining 63.22%. Having hit a low on February 23, the Fund recovered steadily through the third quarter and then experienced a particularly strong final quarter for the year. The majority of the companies in Fund’s portfolio contributed positively to returns. Of the companies contributing positively, those involved in the mining of lithium and/or production of lithium contributed the most. The greatest detractors from performance were three companies with mining operations and/or production involving either titanium, or lithium or molybdenum. Small-cap companies performed much better than either their large- or mid-cap peers during the period under review.
Steel
Having hit lows toward the end of March, as demand recovered for steel recovered, steel stocks climbed during the rest of the year, ending it with a noticeable surge in the last two months. The Fund ended the year under review recording a gain of 20.57%. Australia and Brazil were the greatest contributors to performance. While no country detracted from performance, India contributed the least.
Unconventional Oil & Gas
From a peak for the year at the end of its first week, unconventional oil and gas stocks hit a trough on March 18, having fallen a little over 70%. Thereafter, as oil prices firmed from their significant (negative) low at the end of April, stocks benefited from a fitful, if partial, recovery over the remainder of the year, with a surge in the last two months. The Fund lost 30.65% over the period under review. Having started 2020 at $61.18 a barrel, and hit a low of -$37.63 on April 20, by the end of the year the front month2 West Texas Intermediate (WTI) crude oil price stood at $48.52. Consequently, unconventional oil and gas, particularly shale oil, companies had a challenging year. Both U.S. companies (on average approximately 86% of the Fund by weight during the period under review) and Canadian contributed negatively to performance.
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VANECK VECTORS ETFs
MANAGEMENT DISCUSSION
(unaudited) (continued)
Uranium+Nuclear Energy
Having hit a high on February 21, stocks in the Fund plummeted nearly 35% over the next two months to hit a low on March 23. Thereafter, it clawed its way back up, but still ended the 12 month period only slightly up with a gain of 3.59%. Energy companies were the greatest contributors to the Fund’s positive total return, with only the industrial and utilities sectors detracting from performance. Geographically, companies in the Canada contributed the most to performance, while those in Japan and the U.S. were the greatest detractors from performance. According to the World Nuclear Association figures, in December 2020, there were some 441 operable nuclear power reactors in 32 countries and 54 power reactors currently under construction in 19 countries, notably China, India, South Korea and the UAE.3
1 | Baker Hughes: Baker Hughes Rig Count, https://rigcount.bakerhughes.com/static-files/1686adeb-62c7-431d-91c0-f0ee02134bf9 |
2 | Front month: “Used in the context of options and futures, the term Front Month means the month closest to delivery (futures) or expiration (options)—which is often in the same month.” www.wikinvest.com/wiki/Front_Month |
3 | World Nuclear Association: World Nuclear Power Reactors & Uranium Requirements, December 2020, https://www.world-nuclear.org/information-library/facts-and-figures/world-nuclear-power-reactors-and-uranium-requireme.aspx |
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VANECK VECTORS AGRIBUSINESS ETF
PERFORMANCE COMPARISON
December 31, 2020 (unaudited)
Average Annual Total Returns | |||||||||
Share Price | NAV | MVMOOTR1 | SPTR2 | ||||||
One Year | 14.59% | 14.73% | 14.70% | 18.40% | |||||
Five Year | 12.59% | 12.54% | 12.47% | 15.22% | |||||
Ten Year | 5.70% | 5.72% | 5.90% | 13.88% |
1 | MVIS® Global Agribusiness Index (MVMOOTR) is a rules based index intended to give investors a means of tracking the overall performance of the companies in the global agribusiness segment which includes: agri-chemicals, animal health and fertilizers, seeds and traits, from farm/irrigation equipment and farm machinery, aquaculture and fishing, livestock, cultivation and plantations (including grain, oil palms, sugar cane, tobacco leafs, grapevines etc.) and trading of agricultural products. |
Index data prior to March 18, 2013 reflects that of the DAXglobal Agribusiness Index (DXAG). From March 18, 2013, forward, the index data reflects that of the MVIS® Global Agribusiness Index (MVMOOTR). All Index history reflects a blend of the performance of the aforementioned Indexes. | |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
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VANECK VECTORS GOLD MINERS ETF
PERFORMANCE COMPARISON
December 31, 2020 (unaudited)
Average Annual Total Returns | |||||||||
Share Price | NAV | GDMNTR1 | SPTR2 | ||||||
One Year | 23.67% | 23.30% | 23.69% | 18.40% | |||||
Five Year | 21.96% | 21.93% | 22.45% | 15.22% | |||||
Ten Year | (4.59)% | (4.60)% | (4.17)% | 13.88% |
1 | NYSE Arca Gold Miners Index (GDMNTR) is a modified market capitalization weighted index primarily comprised of publicly traded companies involved in the mining for gold and silver. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
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VANECK VECTORS JUNIOR GOLD MINERS ETF
PERFORMANCE COMPARISON
December 31, 2020 (unaudited)
Average Annual Total Returns | |||||||||
Share Price | NAV | MVGDXJTR1 | SPTR2 | ||||||
One Year | 30.41% | 30.07% | 30.89% | 18.40% | |||||
Five Year | 24.96% | 24.96% | 25.16% | 15.22% | |||||
Ten Year | (8.50)% | (8.48)% | (8.10)% | 13.88% |
1 | MVIS® Global Junior Gold Miners Index (MVGDXJTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of small-capitalization companies that are involved primarily in the mining for gold and/or silver. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
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VANECK VECTORS LOW CARBON ENERGY ETF
PERFORMANCE COMPARISON
December 31, 2020 (unaudited)
Average Annual Total Returns | |||||||||
Share Price | NAV | AGIXLT1 | SPTR2 | ||||||
One Year | 118.38% | 118.65% | 120.34% | 18.40% | |||||
Five Year | 25.74% | 25.84% | 26.21% | 15.22% | |||||
Ten Year | 11.87% | 11.83% | 11.71% | 13.88% |
1 | Ardour Global IndexSM (Extra Liquid) (AGIXLT) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the alternative energy industry. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
8 |
VANECK VECTORS NATURAL RESOURCES ETF
PERFORMANCE COMPARISON
December 31, 2020 (unaudited)
Average Annual Total Returns | |||||||||
Share Price | NAV | RVEIT1 | SPTR2 | ||||||
One Year | 6.32% | 6.73% | 6.35% | 18.40% | |||||
Five Year | 10.53% | 10.55% | 10.64% | 15.22% | |||||
Ten Year | 2.31% | 2.36% | 2.50% | 13.88% |
1 | VanEck® Natural Resources Index (RVEIT) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the production and distribution of commodities and commodity-related products and services. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
9 |
VANECK VECTORS OIL REFINERS ETF
PERFORMANCE COMPARISON
December 31, 2020 (unaudited)
Average Annual Total Returns | |||||||||
Share Price | NAV | MVCRAKTR1 | SPTR2 | ||||||
One Year | (11.20)% | (11.50)% | (11.90)% | 18.40% | |||||
Five Year | 7.20% | 7.29% | 7.19% | 15.22% | |||||
Life* | 6.77% | 6.80% | 6.79% | 13.72% |
* | Commencement of Fund: 8/18/15; First Day of Secondary Market Trading: 8/19/15 |
1 | MVIS® Global Oil Refiners Index (MVCRAKTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in crude oil refining which may include: gasoline, diesel, jet fuel, fuel oil, naphtha, and other petrochemicals. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 (Since Inception) | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
10 |
VANECK VECTORS OIL SERVICES ETF
PERFORMANCE COMPARISON
December 31, 2020 (unaudited)
Average Annual Total Returns | |||||||||
Share Price | NAV | MVOIHTR1 | SPTR2 | ||||||
One Year | (41.17)% | (41.31)% | (41.99)% | 18.40% | |||||
Five Year | (20.38)% | (20.38)% | (20.62)% | 15.22% | |||||
Life* | (14.61)% | (14.70)% | (14.87)% | 15.39% |
* | Commencement of Fund: 12/20/11; First Day of Secondary Market Trading: 12/21/11 |
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 (Since Inception) | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
11 |
VANECK VECTORS RARE EARTH/STRATEGIC METALS ETF
PERFORMANCE COMPARISON
December 31, 2020 (unaudited)
Average Annual Total Returns | |||||||||
Share Price | NAV | MVREMXTR1 | SPTR2 | ||||||
One Year | 64.70% | 63.22% | 61.53% | 18.40% | |||||
Five Year | 14.71% | 14.14% | 13.19% | 15.22% | |||||
Ten Year | (10.76)% | (10.70)% | (11.22)% | 13.88% |
1 | MVIS® Global Rare Earth/Strategic Metals Index (MVREMXTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the rare earth and strategic metals segment. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
12 |
PERFORMANCE COMPARISON
December 31, 2020 (unaudited)
Average Annual Total Returns | |||||||||
Share Price | NAV | STEEL1 | SPTR2 | ||||||
One Year | 20.82% | 20.57% | 21.29% | 18.40% | |||||
Five Year | 21.40% | 21.35% | 21.74% | 15.22% | |||||
Ten Year | (1.94)% | (1.94)% | (1.68)% | 13.88% |
1 | NYSE Arca Steel Index (STEEL) is a modified market capitalization weighted index comprised of common stocks and ADRs of selected companies that are primarily involved in a variety of activities that are related to steel production. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
13 |
VANECK VECTORS UNCONVENTIONAL OIL & GAS ETF
PERFORMANCE COMPARISON
December 31, 2020 (unaudited)
Average Annual Total Returns | |||||||||
Share Price | NAV | MVFRAKTR1 | SPTR2 | ||||||
One Year | (30.42)% | (30.65)% | (30.98)% | 18.40% | |||||
Five Year | (9.50)% | (9.46)% | (9.37)% | 15.22% | |||||
Life* | (11.45)% | (11.45)% | (11.36)% | 14.54% |
* | Commencement of Fund: 2/14/12; First Day of Secondary Market Trading: 2/15/12 |
1 | MVIS® Global Unconventional Oil & Gas Index (MVFRAKTR) 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 exploration, development, extraction and/or production of unconventional oil and natural gas. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 (Since Inception) | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
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VANECK VECTORS URANIUM+NUCLEAR ENERGY ETF
PERFORMANCE COMPARISON
December 31, 2020 (unaudited)
Average Annual Total Returns | |||||||||
Share Price | NAV | MVNLRTR1 | SPTR2 | ||||||
One Year | 3.49% | 3.59% | 3.19% | 18.40% | |||||
Five Year | 5.24% | 5.22% | 4.79% | 15.22% | |||||
Ten Year | (0.38)% | (0.33)% | (0.76)% | 13.88% |
1 | MVIS® Global Uranium & Nuclear Energy Index (MVNLRTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in uranium and nuclear energy. |
Index data prior to March 24, 2014 reflects that of the DAXglobal® Nuclear Energy Index (DXNE). From March 24, 2014, forward, the index data reflects that of the MVIS® Global Uranium & Nuclear Energy Index (MVNLRTR). All index history reflects a blend of the performance of the aforementioned Indexes. | |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
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VANECK VECTORS 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 certain Funds reflect temporary waivers of expenses and/or fees. Had these Funds 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, Junior Gold Miners Index, Oil & Gas Index, Oil Refiners Index, Oil Services Index, Rare Earth/Strategic Metals Index and Uranium & Nuclear Energy Index are published by MV Index Solutions GmbH (MVIS®), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The Natural Resources Index and the Ardour Global Index are published by S-Network Global Indexes, LLC (S-Network).
ICE Data, MVIS, S-Network, and Ardour are referred to herein as the “Index Providers”. The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.
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VANECK VECTORS 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, 2020 to December 31, 2020.
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.
17 |
VANECK VECTORS ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
Beginning Account Value July 1, 2020 |
Ending Account Value December 31, 2020 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period* July 1, 2020 - December 31, 2020 | |||||||||||||
Agribusiness ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,306.30 | 0.54 | % | $ | 3.13 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.42 | 0.54 | % | $ | 2.75 | ||||||||
Gold Miners ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 988.00 | 0.51 | % | $ | 2.55 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.57 | 0.51 | % | $ | 2.59 | ||||||||
Junior Gold Miners ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,113.60 | 0.51 | % | $ | 2.71 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.57 | 0.51 | % | $ | 2.59 | ||||||||
Low Carbon Energy ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 2,026.30 | 0.62 | % | $ | 4.72 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.02 | 0.62 | % | $ | 3.15 | ||||||||
Natural Resources ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,302.90 | 0.50 | % | $ | 2.89 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.62 | 0.50 | % | $ | 2.54 | ||||||||
Oil Refiners ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,173.60 | 0.60 | % | $ | 3.28 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.12 | 0.60 | % | $ | 3.05 | ||||||||
Oil Services ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,279.30 | 0.35 | % | $ | 2.01 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,023.38 | 0.35 | % | $ | 1.78 | ||||||||
Rare Earth/Strategic Metals ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,923.60 | 0.59 | % | $ | 4.34 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.17 | 0.59 | % | $ | 3.00 | ||||||||
Steel ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,647.80 | 0.56 | % | $ | 3.73 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.32 | 0.56 | % | $ | 2.85 | ||||||||
Unconventional Oil & Gas ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,180.50 | 0.54 | % | $ | 2.96 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.42 | 0.54 | % | $ | 2.75 | ||||||||
Uranium+Nuclear Energy ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,187.90 | 0.60 | % | $ | 3.30 | ||||||||
Hypothetical** | $ | 1,000.00 | $ | 1,022.12 | 0.60 | % | $ | 3.05 |
* | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2020) 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 days in the fiscal year (to reflect the one-half year period). |
** | Assumes annual return of 5% before expenses |
18 |
VANECK VECTORS AGRIBUSINESS ETF
December 31, 2020
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Australia: 1.6% | ||||||||
2,678,469 | Incitec Pivot Ltd. * # | $ | 4,715,643 | |||||
1,153,528 | Treasury Wine Estates Ltd. † # | 8,352,017 | ||||||
13,067,660 | ||||||||
Brazil: 2.8% | ||||||||
2,668,300 | Rumo SA * # | 9,868,315 | ||||||
305,465 | Yara International ASA (NOK) # | 12,690,585 | ||||||
22,558,900 | ||||||||
Canada: 5.6% | ||||||||
917,369 | Nutrien Ltd. (USD) | 44,180,491 | ||||||
Chile: 1.1% | ||||||||
182,851 | Sociedad Quimica y Minera de Chile SA (ADR) | 8,976,156 | ||||||
China / Hong Kong: 5.0% | ||||||||
3,077,000 | China Mengniu Dairy Co. Ltd. # | 18,548,334 | ||||||
6,064,351 | Wilmar International Ltd. (SGD) # | 21,350,719 | ||||||
39,899,053 | ||||||||
Denmark: 1.2% | ||||||||
92,202 | Bakkafrost P/F (NOK) # | 6,592,274 | ||||||
25,992 | Schouw & Co. AB # | 2,631,869 | ||||||
9,224,143 | ||||||||
Germany: 7.4% | ||||||||
935,728 | Bayer AG # | 55,210,543 | ||||||
359,589 | K+S AG # | 3,454,507 | ||||||
58,665,050 | ||||||||
Indonesia: 0.2% | ||||||||
13,190,845 | Golden Agri-Resources Ltd. (SGD) # | 1,586,724 | ||||||
Israel: 0.9% | ||||||||
1,382,066 | ICL Group Ltd. (USD) † | 6,979,433 | ||||||
Japan: 5.8% | ||||||||
1,654,430 | Kubota Corp. † # | 36,148,853 | ||||||
74,800 | Maruha Nichiro Corp. # | 1,610,731 | ||||||
152,200 | Nippon Meat Packers, Inc. # | 6,704,213 | ||||||
443,400 | Nippon Suisan Kaisha Ltd. # | 1,832,983 | ||||||
46,296,780 | ||||||||
Malaysia: 2.3% | ||||||||
4,884,355 | IOI Corp. Bhd # | 5,307,132 | ||||||
625,170 | Kuala Lumpur Kepong Bhd # | 3,682,502 | ||||||
1,052,080 | PPB Group Bhd # | 4,846,518 | ||||||
3,852,800 | Sime Darby Plantation Bhd # | 4,788,966 | ||||||
18,625,118 | ||||||||
Netherlands: 0.4% | ||||||||
147,116 | OCI NV * † # | 2,834,775 | ||||||
Norway: 3.4% | ||||||||
500,114 | Leroy Seafood Group ASA # | 3,533,606 | ||||||
795,815 | Mowi ASA # | 17,793,804 | ||||||
92,844 | Salmar ASA # | 5,447,609 | ||||||
26,775,019 | ||||||||
Russia: 0.4% | ||||||||
232,966 | PhosAgro PJSC Reg S (GDR) # | 3,177,049 |
Number of Shares |
Value | |||||||
Singapore: 0.8% | ||||||||
14,420,500 | Charoen Pokphand Indonesia Tbk PT # | $ | 6,706,461 | |||||
Switzerland: 0.8% | ||||||||
13,316 | Bucher Industries AG # | 6,116,871 | ||||||
Taiwan: 0.4% | ||||||||
1,488,000 | Taiwan Fertilizer Co. Ltd. # | 2,874,579 | ||||||
Thailand: 1.1% | ||||||||
9,638,136 | Charoen Pokphand Foods (NVDR) # | 8,605,100 | ||||||
United Kingdom: 3.6% | ||||||||
1,772,527 | CNH Industrial NV (USD) * | 22,759,247 | ||||||
104,406 | Genus Plc # | 5,971,697 | ||||||
28,730,944 | ||||||||
United States: 55.1% | ||||||||
86,824 | AGCO Corp. | 8,950,686 | ||||||
768,615 | Archer-Daniels-Midland Co. | 38,745,882 | ||||||
43,967 | Balchem Corp. | 5,065,878 | ||||||
200,975 | Bunge Ltd. | 13,179,940 | ||||||
252,252 | CF Industries Holdings, Inc. | 9,764,675 | ||||||
1,080,198 | Corteva, Inc. | 41,825,267 | ||||||
207,307 | Darling Ingredients, Inc. * | 11,957,468 | ||||||
240,522 | Deere & Co. | 64,712,444 | ||||||
311,255 | Elanco Animal Health, Inc. * | 9,546,191 | ||||||
181,537 | FMC Corp. | 20,864,047 | ||||||
110,696 | IDEXX Laboratories, Inc. * | 55,333,610 | ||||||
65,727 | Neogen Corp. * | 5,212,151 | ||||||
97,356 | Pilgrim’s Pride Corp. * | 1,909,151 | ||||||
28,003 | Sanderson Farms, Inc. | 3,701,997 | ||||||
575,830 | The Mosaic Co. | 13,249,848 | ||||||
158,693 | Toro Co. | 15,050,444 | ||||||
188,599 | Tractor Supply Co. | 26,513,247 | ||||||
435,014 | Tyson Foods, Inc. | 28,032,302 | ||||||
386,216 | Zoetis, Inc. | 63,918,748 | ||||||
437,533,976 | ||||||||
Total
Common Stocks (Cost: $653,814,085) |
793,414,282 | |||||||
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 0.1% (Cost: $434,046) |
||||||||
Money Market Fund: 0.1% | ||||||||
434,046 | State Street Navigator Securities Lending Government Money Market Portfolio | 434,046 | ||||||
Total Investments:
100.0% (Cost: $654,248,131) |
793,848,328 | |||||||
Liabilities in excess of other assets: (0.0)% | (47,854 | ) | ||||||
NET ASSETS: 100.0% | $ | 793,800,474 |
See Notes to Financial Statements
19 |
VANECK VECTORS AGRIBUSINESS ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
NOK | Norwegian Krone |
NVDR | Non-Voting Depositary Receipt |
USD | United States Dollar |
Footnotes:
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $35,130,908. |
# | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $272,984,979 which represents 34.4% of net assets. |
Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
Summary of
Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
Consumer Discretionary | 3.3 | % | $ | 26,513,247 | ||||
Consumer Staples | 29.4 | 233,419,999 | ||||||
Health Care | 23.9 | 189,221,243 | ||||||
Industrials | 20.6 | 163,606,860 | ||||||
Materials | 22.8 | 180,652,933 | ||||||
100.0 | % | $ | 793,414,282 |
The summary of inputs used to value the Fund’s investments as of December 31, 2020 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level
3 Significant Unobservable Inputs |
Value | ||||||||||||||
Common Stocks | |||||||||||||||||
Australia | $ | — | $ | 13,067,660 | $ | — | $ | 13,067,660 | |||||||||
Brazil | — | 22,558,900 | — | 22,558,900 | |||||||||||||
Canada | 44,180,491 | — | — | 44,180,491 | |||||||||||||
Chile | 8,976,156 | — | — | 8,976,156 | |||||||||||||
China / Hong Kong | — | 39,899,053 | — | 39,899,053 | |||||||||||||
Denmark | — | 9,224,143 | — | 9,224,143 | |||||||||||||
Germany | — | 58,665,050 | — | 58,665,050 | |||||||||||||
Indonesia | — | 1,586,724 | — | 1,586,724 | |||||||||||||
Israel | 6,979,433 | — | — | 6,979,433 | |||||||||||||
Japan | — | 46,296,780 | — | 46,296,780 | |||||||||||||
Malaysia | — | 18,625,118 | — | 18,625,118 | |||||||||||||
Netherlands | — | 2,834,775 | — | 2,834,775 | |||||||||||||
Norway | — | 26,775,019 | — | 26,775,019 | |||||||||||||
Russia | — | 3,177,049 | — | 3,177,049 | |||||||||||||
Singapore | — | 6,706,461 | — | 6,706,461 | |||||||||||||
Switzerland | — | 6,116,871 | — | 6,116,871 | |||||||||||||
Taiwan | — | 2,874,579 | — | 2,874,579 | |||||||||||||
Thailand | — | 8,605,100 | — | 8,605,100 | |||||||||||||
United Kingdom | 22,759,247 | 5,971,697 | — | 28,730,944 | |||||||||||||
United States | 437,533,976 | — | — | 437,533,976 | |||||||||||||
Money Market Fund | 434,046 | — | — | 434,046 | |||||||||||||
Total | $ | 520,863,349 | $ | 272,984,979 | $ | — | $ | 793,848,328 |
See Notes to Financial Statements
20 |
VANECK VECTORS GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
December 31, 2020
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Australia: 14.7% | ||||||||
100,622,799 | Evolution Mining Ltd. ‡ # | $ | 387,584,793 | |||||
51,818,427 | Gold Road Resources Ltd. ‡ * # | 52,987,929 | ||||||
39,230,743 | Newcrest Mining Ltd. † # | 783,668,514 | ||||||
43,635,019 | Northern Star Resources Ltd. ‡ † # | 426,875,246 | ||||||
41,436,303 | OceanaGold Corp. (CAD) ‡ * | 80,010,444 | ||||||
72,189,343 | Perseus Mining Ltd. ‡ * † # | 72,435,336 | ||||||
47,642,610 | Ramelius Resources Ltd. ‡ # | 62,075,381 | ||||||
30,121,307 | Regis Resources Ltd. ‡ † # | 87,000,503 | ||||||
65,007,914 | Resolute Mining Ltd. ‡ * † # | 39,928,687 | ||||||
65,228,373 | Saracen Mineral Holdings Ltd. ‡ * # | 239,553,823 | ||||||
51,915,555 | Silver Lake Resources Ltd. ‡ * † # | 71,711,925 | ||||||
41,537,810 | St. Barbara Ltd. ‡ # | 75,627,992 | ||||||
24,849,018 | Westgold Resources Ltd. ‡ * † # | 50,723,137 | ||||||
2,430,183,710 | ||||||||
Brazil: 4.9% | ||||||||
19,480,509 | Wheaton Precious Metals Corp. (USD) | 813,116,446 | ||||||
Burkina Faso: 0.6% | ||||||||
27,901,949 | IAMGOLD Corp. (USD) ‡ * | 102,400,153 | ||||||
Canada: 46.4% | ||||||||
11,394,470 | Agnico-Eagle Mines Ltd. (USD) | 803,424,080 | ||||||
23,125,489 | Alamos Gold, Inc. (USD) ‡ | 202,348,029 | ||||||
61,867,571 | B2Gold Corp. (USD) ‡ † | 346,458,398 | ||||||
75,436,658 | Barrick Gold Corp. (USD) | 1,718,447,069 | ||||||
10,653,498 | Dundee Precious Metals, Inc. ‡ | 76,514,526 | ||||||
14,251,485 | Equinox Gold Corp. (USD) ‡ * † | 147,360,355 | ||||||
13,026,815 | First Majestic Silver Corp. (USD) ‡ * † | 175,080,394 | ||||||
10,847,127 | Fortuna Silver Mines, Inc. (USD) ‡ * † | 89,380,326 | ||||||
8,095,944 | Franco-Nevada Corp. (USD) † | 1,014,664,661 | ||||||
12,904,095 | K92 Mining, Inc. ‡ * † | 77,080,191 | ||||||
74,100,822 | Kinross Gold Corp. (USD) ‡ | 543,900,033 | ||||||
17,156,335 | Kirkland Lake Gold Ltd. ‡ † | 708,338,478 | ||||||
39,832,868 | New Gold, Inc. (USD) ‡ * † | 87,233,981 | ||||||
9,827,973 | Osisko Gold Royalties Ltd. (USD) ‡ † | 124,618,698 | ||||||
12,377,060 | Pan American Silver Corp. (USD) ‡ † | 427,132,341 | ||||||
11,027,161 | Pretium Resources, Inc. (USD) ‡ * | 126,591,808 | ||||||
11,327,735 | Sandstorm Gold Ltd. (USD) ‡ * † | 81,219,860 | ||||||
10,317,303 | Silvercorp Metals, Inc. (USD) ‡ | 69,022,757 | ||||||
12,924,478 | SSR Mining, Inc. (USD) ‡ * † | 259,911,253 | ||||||
9,869,176 | Teranga Gold Corp. ‡ * | 105,818,637 | ||||||
5,036,836 | Torex Gold Resources, Inc. ‡ * | 75,473,469 | ||||||
8,193,067 | Wesdome Gold Mines Ltd. ‡ | 68,296,995 | ||||||
56,099,290 | Yamana Gold, Inc. (USD) ‡ † | 320,326,946 | ||||||
7,648,643,285 | ||||||||
China / Hong Kong: 3.4% | ||||||||
153,690,000 | Zhaojin Mining Industry Co. Ltd. ‡ † # | 183,114,692 | ||||||
337,882,000 | Zijin Mining Group Ltd. ‡ # | 382,742,128 | ||||||
565,856,820 | ||||||||
Egypt: 0.7% | ||||||||
68,073,818 | Centamin Plc (GBP) ‡ # | 115,183,901 | ||||||
Ivory Coast: 1.4% | ||||||||
9,601,162 | Endeavour Mining Corp. (CAD) ‡ * † | 223,223,248 |
Number of Shares |
Value | |||||||
Kyrgyzstan: 1.2% | ||||||||
17,418,122 | Centerra Gold, Inc. (CAD) ‡ | $ | 201,525,211 | |||||
Peru: 1.1% | ||||||||
14,941,172 | Cia de Minas Buenaventura SAA (ADR) ‡ | 182,132,887 | ||||||
South Africa: 4.3% | ||||||||
5,091,512 | DRDGOLD Ltd. (ADR) † | 59,723,436 | ||||||
52,019,222 | Gold Fields Ltd. (ADR) ‡ | 482,218,188 | ||||||
36,275,670 | Harmony Gold Mining Co. Ltd. (ADR) ‡ * † | 169,770,136 | ||||||
711,711,760 | ||||||||
Tanzania: 3.4% | ||||||||
24,549,819 | AngloGold Ashanti Ltd. (ADR) ‡ | 555,316,906 | ||||||
Turkey: 0.8% | ||||||||
10,293,691 | Eldorado Gold Corp. (USD) ‡ * | 136,597,279 | ||||||
United States: 17.0% | ||||||||
14,353,458 | Coeur Mining, Inc. ‡ * | 148,558,290 | ||||||
31,271,109 | Hecla Mining Co. ‡ | 202,636,786 | ||||||
34,082,270 | Newmont Mining Corp. | 2,041,187,150 | ||||||
3,863,433 | Royal Gold, Inc. ‡ | 410,914,734 | ||||||
2,803,296,960 | ||||||||
Total
Common Stocks (Cost: $12,735,548,205) |
16,489,188,566 | |||||||
SHORT-TERM INVESTMENT HELD
AS COLLATERAL FOR SECURITIES ON LOAN: 0.8% (Cost: $124,038,217) |
||||||||
Money Market Fund: 0.8% | ||||||||
124,038,217 | State Street Navigator Securities Lending Government Money Market Portfolio | 124,038,217 | ||||||
Total Investments:
100.7% (Cost: $12,859,586,422) |
16,613,226,783 | |||||||
Liabilities in excess of other assets: (0.7)% | (109,708,141 | ) | ||||||
NET ASSETS: 100.0% | $ | 16,503,518,642 |
See Notes to Financial Statements
21 |
VANECK VECTORS GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
GBP | British Pound |
USD | United States Dollar |
Footnotes:
‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $277,024,023. |
# | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $3,031,213,987 which represents 18.4% of net assets. |
Summary of
Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
Gold | 94.2 | % | $ | 15,525,935,962 | ||||
Silver Mining | 5.8 | 963,252,604 | ||||||
100.0 | % | $ | 16,489,188,566 |
A summary of the Fund’s transactions in securities of affiliates for the period ended December 31, 2020 is set forth below:
Affiliates | Value 12/31/19 |
Purchases | Sales Proceeds |
Realized Gain (Loss) |
Dividend Income |
Net Change in Unrealized Appreciation (Depreciation) |
Value 12/31/20 |
|||||||||||||||||||||
Alacer Gold Corp. | $ | 98,668,191 | $ | 23,479,339 | $ | (87,443,819 | ) | $ | 6,398,663 | $ | — | $ | (41,102,374 | ) | $ | — | ||||||||||||
Alamos Gold, Inc. | 148,183,745 | 69,824,462 | (70,228,876 | ) | 13,566,564 | 1,462,198 | 41,002,134 | 202,348,029 | ||||||||||||||||||||
AngloGold Ashanti Ltd. | 583,793,728 | 223,915,137 | (236,599,782 | ) | 68,458,792 | 2,428,226 | (84,250,969 | ) | 555,316,906 | |||||||||||||||||||
B2Gold Corp. | 258,816,788 | 124,654,659 | (117,606,011 | ) | 31,255,292 | 6,582,406 | 49,337,670 | 346,458,398 | ||||||||||||||||||||
Centamin Plc | 122,016,193 | 50,360,399 | (53,172,665 | ) | 455,652 | 7,304,490 | (4,475,678 | ) | 115,183,901 | |||||||||||||||||||
Centerra Gold, Inc. | 147,155,926 | 62,533,448 | (60,276,152 | ) | 11,065,204 | 2,182,200 | 41,046,785 | 201,525,211 | ||||||||||||||||||||
Cia de Minas Buenaventura SAA | 241,158,385 | 60,805,301 | (61,521,693 | ) | (22,570,992 | ) | — | (35,738,114 | ) | 182,132,887 | ||||||||||||||||||
Coeur Mining, Inc. | 122,252,687 | 33,750,847 | (30,587,676 | ) | (8,250,160 | ) | — | 31,392,592 | 148,558,290 | |||||||||||||||||||
Detour Gold Corp. | 216,419,234 | 7,651,600 | (146,064,807 | ) | 1,175,124 | — | (79,181,151 | ) | — | |||||||||||||||||||
Dundee Precious Metals, Inc. | 48,403,977 | 22,336,899 | (21,525,331 | ) | 1,279,615 | 934,164 | 26,019,366 | 76,514,526 | ||||||||||||||||||||
Eldorado Gold Corp. | 80,070,037 | 41,217,438 | (32,685,138 | ) | (7,294,498 | ) | — | 55,289,440 | 136,597,279 | |||||||||||||||||||
Endeavour Mining Corp. | 130,838,546 | 136,017,029 | (62,413,798 | ) | 2,553,193 | — | 16,228,278 | 223,223,248 | ||||||||||||||||||||
Equinox Gold Corp. | — | 130,486,130 | (16,211,552 | ) | 4,389,466 | — | 28,696,311 | 147,360,355 | ||||||||||||||||||||
Evolution Mining Ltd. | 285,107,900 | 135,794,379 | (138,179,480 | ) | 27,420,513 | 10,923,459 | 77,441,481 | 387,584,793 | ||||||||||||||||||||
First Majestic Silver Corp. | 157,985,327 | 49,981,032 | (39,240,752 | ) | 648,219 | — | 5,706,568 | 175,080,394 | ||||||||||||||||||||
Fortuna Silver Mines, Inc. | — | 54,887,457 | (6,660,564 | ) | 1,554,958 | — | 39,598,475 | 89,380,326 | ||||||||||||||||||||
Gold Fields Ltd. | 344,138,678 | 192,542,200 | (159,587,145 | ) | 46,078,756 | 7,705,749 | 59,045,699 | 482,218,188 | ||||||||||||||||||||
Gold Road Resources Ltd. | — | 62,115,502 | (6,343,025 | ) | 197,089 | — | (2,981,637 | ) | 52,987,929 | |||||||||||||||||||
Harmony Gold Mining Co. Ltd. | 123,865,219 | 70,470,139 | (46,171,900 | ) | 11,935,413 | — | 9,671,265 | 169,770,136 | ||||||||||||||||||||
Hecla Mining Co. | 105,703,007 | 46,327,453 | (35,294,921 | ) | (1,679,938 | ) | 482,111 | 87,581,185 | 202,636,786 | |||||||||||||||||||
Highland Gold Mining Ltd. | 59,183,929 | 19,549,524 | (103,115,165 | ) | 28,379,340 | 790,295 | (3,997,628 | ) | — | |||||||||||||||||||
IAMGOLD Corp. | 109,845,516 | 37,814,744 | (38,157,475 | ) | (11,967,362 | ) | — | 4,864,730 | 102,400,153 | |||||||||||||||||||
K92 Mining, Inc. | — | 78,030,784 | (1,235,816 | ) | 38,701 | — | 246,522 | 77,080,191 | ||||||||||||||||||||
Kinross Gold Corp. | 373,867,149 | 194,941,877 | (194,676,600 | ) | 44,149,511 | 4,349,142 | 125,618,096 | 543,900,033 | ||||||||||||||||||||
Kirkland Lake Gold Ltd. | 563,145,549 | 407,473,090 | (252,417,777 | ) | 71,977,919 | 9,078,199 | (81,840,303 | ) | 708,338,478 | |||||||||||||||||||
New Gold, Inc. | 37,261,514 | 57,414,015 | (39,381,845 | ) | (19,704,784 | ) | — | 51,645,081 | 87,233,981 | |||||||||||||||||||
Northern Star Resources Ltd. | 322,344,397 | 151,189,155 | (117,837,924 | ) | 44,394,127 | 7,662,572 | 26,785,491 | 426,875,246 | ||||||||||||||||||||
OceanaGold Corp. | 77,002,870 | 31,837,853 | (23,029,405 | ) | (11,512,591 | ) | — | 5,711,717 | 80,010,444 | |||||||||||||||||||
Osisko Gold Royalties Ltd. | 96,177,657 | 41,679,568 | (36,993,180 | ) | (5,772,774 | ) | 1,406,620 | 29,527,427 | 124,618,698 | |||||||||||||||||||
Pan American Silver Corp. | 312,466,101 | 125,082,835 | (120,997,320 | ) | 23,757,416 | 2,625,373 | 86,823,309 | 427,132,341 | ||||||||||||||||||||
Perseus Mining Ltd. | 59,258,632 | 23,165,105 | (20,224,386 | ) | 549,755 | — | 9,686,230 | 72,435,336 | ||||||||||||||||||||
Pretium Resources, Inc. | 129,804,682 | 42,655,984 | (39,023,308 | ) | (5,473,459 | ) | — | (1,372,091 | ) | 126,591,808 | ||||||||||||||||||
Ramelius Resources Ltd. | — | 66,080,967 | (6,411,602 | ) | 344,405 | 638,874 | 2,061,611 | 62,075,381 | ||||||||||||||||||||
Regis Resources Ltd. | 96,922,314 | 36,442,451 | (37,429,290 | ) | (4,913,546 | ) | 3,278,010 | (4,021,426 | ) | 87,000,503 | ||||||||||||||||||
Resolute Mining Ltd. | 50,094,493 | 18,369,613 | (12,473,628 | ) | (2,451,272 | ) | — | (13,610,519 | ) | 39,928,687 | ||||||||||||||||||
Royal Gold, Inc. | 504,581,618 | 170,503,257 | (182,916,455 | ) | 18,155,155 | 4,301,967 | (99,408,841 | ) | 410,914,734 |
See Notes to Financial Statements
22 |
Affiliates (continued) | Value 12/31/19 |
Purchases | Sales Proceeds |
Realized Gain (Loss) |
Dividend Income |
Net
Change in Unrealized Appreciation (Depreciation) |
Value 12/31/20 |
|||||||||||||||||||||
Sandstorm Gold Ltd. | $ | 81,945,776 | $ | 38,782,215 | $ | (30,800,854 | ) | $ | 5,272,822 | $ | — | $ | (13,980,099 | ) | $ | 81,219,860 | ||||||||||||
Saracen Mineral Holdings Ltd. | 161,141,752 | 80,632,557 | (82,863,350 | ) | 28,142,859 | — | 52,500,005 | 239,553,823 | ||||||||||||||||||||
Semafo, Inc. | 43,820,064 | 10,812,106 | (76,410,482 | ) | (3,943,726 | ) | — | 25,722,038 | — | |||||||||||||||||||
Silver Lake Resources Ltd. | — | 70,369,242 | (8,736,062 | ) | 1,413,164 | — | 8,665,581 | 71,711,925 | ||||||||||||||||||||
Silvercorp Metals, Inc. | 61,254,547 | 21,676,270 | (18,652,966 | ) | (3,239,802 | ) | 246,768 | 7,984,708 | 69,022,757 | |||||||||||||||||||
SSR Mining, Inc. | 149,124,556 | 121,948,394 | (57,206,383 | ) | 8,224,944 | — | 37,819,742 | 259,911,253 | ||||||||||||||||||||
St. Barbara Ltd. | 83,729,671 | 30,261,229 | (30,686,751 | ) | (10,224,900 | ) | 2,265,680 | 2,548,743 | 75,627,992 | |||||||||||||||||||
Teranga Gold Corp. | — | 82,517,522 | (11,096,724 | ) | 2,530,353 | — | 31,867,486 | 105,818,637 | ||||||||||||||||||||
Torex Gold Resources, Inc. | 84,910,581 | 27,326,872 | (27,669,854 | ) | (1,437,911 | ) | — | (7,656,219 | ) | 75,473,469 | ||||||||||||||||||
Wesdome Gold Mines Ltd. | 67,489,359 | 25,805,788 | (25,134,107 | ) | (646,817 | ) | — | 782,772 | 68,296,995 | |||||||||||||||||||
Westgold Resources Ltd. | — | 50,339,121 | — | — | — | 384,016 | 50,723,137 | |||||||||||||||||||||
Yamana Gold, Inc. | 236,234,921 | 105,437,178 | (106,257,372 | ) | 16,512,464 | 3,961,281 | 68,399,755 | 320,326,946 | ||||||||||||||||||||
Zhaojin Mining Industry Co. Ltd. | 72,449,148 | 157,014,167 | (36,598,920 | ) | 3,599,979 | 322,863 | (13,349,682 | ) | 183,114,692 | |||||||||||||||||||
Zijin Mining Group Ltd. | 179,209,244 | 76,610,011 | (74,272,776 | ) | 9,633,663 | 4,448,329 | 191,561,986 | 382,742,128 | ||||||||||||||||||||
$ | 7,227,843,608 | $ | 4,000,914,344 | $ | (3,240,522,864 | ) | $ | 414,424,558 | $ | 85,380,976 | $ | 852,297,564 | $ | 9,254,957,210 |
The summary of inputs used to value the Fund’s investments as of December 31, 2020 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | ||||||||||||||
Common Stocks | |||||||||||||||||
Australia | $ | 80,010,444 | $ | 2,350,173,266 | $ | — | $ | 2,430,183,710 | |||||||||
Brazil | 813,116,446 | — | — | 813,116,446 | |||||||||||||
Burkina Faso | 102,400,153 | — | — | 102,400,153 | |||||||||||||
Canada | 7,648,643,285 | — | — | 7,648,643,285 | |||||||||||||
China / Hong Kong | — | 565,856,820 | — | 565,856,820 | |||||||||||||
Egypt | — | 115,183,901 | — | 115,183,901 | |||||||||||||
Ivory Coast | 223,223,248 | — | — | 223,223,248 | |||||||||||||
Kyrgyzstan | 201,525,211 | — | — | 201,525,211 | |||||||||||||
Peru | 182,132,887 | — | — | 182,132,887 | |||||||||||||
South Africa | 711,711,760 | — | — | 711,711,760 | |||||||||||||
Tanzania | 555,316,906 | — | — | 555,316,906 | |||||||||||||
Turkey | 136,597,279 | — | — | 136,597,279 | |||||||||||||
United States | 2,803,296,960 | — | — | 2,803,296,960 | |||||||||||||
Money Market Fund | 124,038,217 | — | — | 124,038,217 | |||||||||||||
Total | $ | 13,582,012,796 | $ | 3,031,213,987 | $ | — | $ | 16,613,226,783 |
See Notes to Financial Statements
23 |
VANECK VECTORS JUNIOR GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
December 31, 2020
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.8% | ||||||||
Australia: 21.2% | ||||||||
23,356,793 | Alkane Resources Ltd. * † # | $ | 17,275,921 | |||||
58,963,102 | Aurelia Metals Ltd. † # | 19,605,835 | ||||||
1 | Australian Strategic Materials Ltd. * # | 5 | ||||||
34,802,941 | Bellevue Gold Ltd. * # | 30,195,551 | ||||||
27,526,714 | Dacian Gold Ltd. * # | 8,710,018 | ||||||
54,219,080 | De Grey Mining Ltd. * # | 42,710,029 | ||||||
60,229,981 | Evolution Mining Ltd. # | 231,997,370 | ||||||
41,522,835 | Gold Road Resources Ltd. * # | 42,459,973 | ||||||
32,016,457 | Northern Star Resources Ltd. # | 313,212,490 | ||||||
32,019,967 | OceanaGold Corp. (CAD) * | 61,828,194 | ||||||
57,856,499 | Perseus Mining Ltd. * # | 58,053,651 | ||||||
35,876,981 | Ramelius Resources Ltd. # | 46,745,492 | ||||||
79,558,808 | Red 5 Ltd. * † # | 15,915,335 | ||||||
22,973,657 | Regis Resources Ltd. # | 66,355,677 | ||||||
40,794,699 | Resolute Mining Ltd. * # | 25,056,623 | ||||||
45,970,993 | Saracen Mineral Holdings Ltd. * # | 168,830,320 | ||||||
39,094,661 | Silver Lake Resources Ltd. * # | 54,002,185 | ||||||
33,686,229 | St. Barbara Ltd. # | 61,332,600 | ||||||
42,463,373 | West African Resources Ltd. * # | 34,236,366 | ||||||
19,037,415 | Westgold Resources Ltd. * # | 38,860,184 | ||||||
1,337,383,819 | ||||||||
Burkina Faso: 1.2% | ||||||||
20,537,733 | IAMGOLD Corp. (USD) * | 75,373,480 | ||||||
Canada: 48.9% | ||||||||
16,298,396 | Alamos Gold, Inc. (USD) | 142,610,965 | ||||||
7,402,796 | Alexco Resource Corp. (USD) ‡ * | 23,466,863 | ||||||
5,221,283 | Americas Gold & Silver Corp. (USD) * † | 16,864,744 | ||||||
42,383,605 | B2Gold Corp. (USD) † | 237,348,188 | ||||||
7,322,012 | Dundee Precious Metals, Inc. | 52,587,449 | ||||||
8,952,980 | Endeavour Silver Corp. (USD) ‡ * † | 45,123,019 | ||||||
11,282,484 | Equinox Gold Corp. (USD) * † | 116,660,885 | ||||||
9,559,533 | First Majestic Silver Corp. (USD) * † | 128,480,124 | ||||||
9,320,368 | Fortuna Silver Mines, Inc. (USD) ‡ * † | 76,799,832 | ||||||
13,427,417 | Freegold Ventures Ltd. ‡ * † | 8,326,263 | ||||||
11,967,553 | Gold Standard Ventures Corp. (USD) * † | 8,662,115 | ||||||
8,440,556 | GoldMining, Inc. ‡ * † | 18,351,915 | ||||||
2,719,333 | Gran Colombia Gold Corp. † | 17,203,943 | ||||||
2,465,592 | Great Bear Resources Ltd. * † | 32,784,245 | ||||||
20,065,005 | Great Panther Silver Ltd. (USD) ‡ * | 17,099,397 | ||||||
10,343,848 | K92 Mining, Inc. * | 61,787,036 | ||||||
6,486,591 | Karora Resources, Inc. * † | 19,195,014 | ||||||
4,446,478 | Lundin Gold, Inc. * † | 38,147,570 | ||||||
4,033,083 | MAG Silver Corp. (USD) * † | 82,758,863 | ||||||
18,363,101 | McEwen Mining, Inc. (USD) * † | 18,087,655 | ||||||
2,132,699 | Metalla Royalty & Streaming Ltd. (USD) ‡ * † | 26,786,699 | ||||||
3,267,522 | New Found Gold Corp. * | 10,438,630 | ||||||
30,364,540 | New Gold, Inc. (USD) * | 66,498,343 | ||||||
4,781,596 | New Pacific Metals Corp. * † | 30,138,317 | ||||||
11,254,286 | NovaGold Resources, Inc. (USD) * | 108,828,946 | ||||||
7,877,443 | Novo Resources Corp. * † | 14,716,102 | ||||||
7,159,746 | Orla Mining Ltd. * † | 38,552,478 | ||||||
5,312,731 | Osisko Gold Royalties Ltd. (USD) † | 67,365,429 | ||||||
13,598,365 | Osisko Mining, Inc. * | 39,492,897 |
Number of Shares |
Value | |||||||
Canada: (continued) | ||||||||
10,754,374 | Pan American Silver Corp. (USD) ‡ † | $ | 371,133,447 | |||||
8,368,111 | Premier Gold Mines Ltd. * † | 19,770,812 | ||||||
8,091,109 | Pretium Resources, Inc. (USD) * | 92,885,931 | ||||||
16,094,526 | Pure Gold Mining, Inc. * | 32,593,310 | ||||||
15,272,479 | Roxgold, Inc. * | 19,300,386 | ||||||
16,872,120 | Sabina Gold and Silver Corp. ‡ * | 43,570,859 | ||||||
9,854,175 | Sandstorm Gold Ltd. (USD) ‡ * † | 70,654,435 | ||||||
3,285,125 | Seabridge Gold, Inc. (USD) * † | 69,217,584 | ||||||
8,964,873 | Silvercorp Metals, Inc. (USD) ‡ | 59,975,000 | ||||||
6,386,423 | SilverCrest Metals, Inc. (USD) * † | 71,400,209 | ||||||
10,102,173 | SSR Mining, Inc. (USD) * † | 203,154,699 | ||||||
1,694,754 | Sulliden Mining Capital, Inc. * | 93,118 | ||||||
5,431,004 | Teranga Gold Corp. * | 58,231,958 | ||||||
3,209,456 | Torex Gold Resources, Inc. * | 48,091,456 | ||||||
1,481,553 | Victoria Gold Corp. * † | 14,175,927 | ||||||
32,282,560 | Wallbridge Mining Co. Ltd. * † | 19,764,833 | ||||||
6,721,354 | Wesdome Gold Mines Ltd. | 56,028,869 | ||||||
48,209,422 | Yamana Gold, Inc. (USD) ‡ | 275,275,800 | ||||||
3,090,482,559 | ||||||||
China / Hong Kong: 0.9% | ||||||||
19,287,400 | Real Gold Mining Ltd. * # ∞ | 2 | ||||||
50,441,500 | Zhaojin Mining Industry Co. Ltd. # | 60,098,769 | ||||||
60,098,771 | ||||||||
Egypt: 1.2% | ||||||||
44,690,311 | Centamin Plc (GBP) # | 75,617,976 | ||||||
Indonesia: 1.6% | ||||||||
597,587,900 | Merdeka Copper Gold Tbk PT # | 103,434,334 | ||||||
Ivory Coast: 2.0% | ||||||||
5,376,220 | Endeavour Mining Corp. (CAD) * | 124,995,005 | ||||||
Kyrgyzstan: 1.5% | ||||||||
8,071,906 | Centerra Gold, Inc. (CAD) | 93,390,812 | ||||||
Mexico: 1.9% | ||||||||
7,005,456 | Industrias Penoles, SAB de CV | 118,405,936 | ||||||
Peru: 2.5% | ||||||||
9,533,508 | Cia de Minas Buenaventura SAA (ADR) | 116,213,463 | ||||||
14,608,022 | Hochschild Mining Plc (GBP) # | 41,615,298 | ||||||
157,828,761 | ||||||||
Russia: 0.9% | ||||||||
128,243,111 | Petropavlovsk Plc (GBP) * † # | 56,863,709 | ||||||
South Africa: 7.1% | ||||||||
1,529,673 | DRDGOLD Ltd. (ADR) | 17,943,064 | ||||||
5,348,490 | DRDGOLD Ltd. # | 6,450,794 | ||||||
34,652,715 | Gold Fields Ltd. (ADR) | 321,230,668 | ||||||
22,632,344 | Harmony Gold Mining Co. Ltd. (ADR) * † | 105,919,370 | ||||||
451,543,896 | ||||||||
Turkey: 2.3% | ||||||||
8,447,356 | Eldorado Gold Corp. (USD) * | 112,096,414 | ||||||
2,601,074 | Koza Altin Isletmeleri AS # | 33,820,474 | ||||||
145,916,888 | ||||||||
United Kingdom: 1.8% | ||||||||
220,197,941 | Greatland Gold Plc ‡ * † # | 111,017,621 |
See Notes to Financial Statements
24 |
Number of Shares |
Value | |||||||
United States: 4.8% | ||||||||
15,053,862 | Argonaut Gold, Inc. (CAD) ‡ * † | $ | 32,376,438 | |||||
9,422,988 | Coeur Mining, Inc. * | 97,527,926 | ||||||
1,031,283 | Fortitude Gold Corp. * # ∞ | 1,082,847 | ||||||
1,144,033 | Gatos Silver, Inc. * | 14,906,750 | ||||||
3,595,560 | Gold Resource Corp. ‡ † | 10,463,080 | ||||||
3,162,831 | Golden Star Resources Ltd. * † | 11,734,103 | ||||||
20,529,833 | Hecla Mining Co. | 133,033,318 | ||||||
301,124,462 | ||||||||
Total Common
Stocks (Cost: $4,965,909,156) |
6,303,478,029 | |||||||
SHORT-TERM INVESTMENT
HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.0% (Cost: $187,646,529) | ||||||||
Money Market Fund: 3.0% | ||||||||
187,646,529 | State Street Navigator Securities Lending Government Money Market Portfolio | 187,646,529 | ||||||
Total Investments:
102.8% (Cost: $5,153,555,685) |
6,491,124,558 | |||||||
Liabilities in excess of other assets: (2.8)% | (176,156,886 | ) | ||||||
NET ASSETS: 100.0% | $ | 6,314,967,672 |
See Notes to Financial Statements
25 |
VANECK VECTORS JUNIOR GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions: | |
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
GBP | British Pound |
USD | United States Dollar |
Footnotes: | |
‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $281,119,293. |
# | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,765,557,449 which represents 28.0% of net assets. |
∞ | 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 | 3.5 | % | $ | 220,103,401 | ||||
Environmental & Facilities Services | 0.4 | 23,466,863 | ||||||
Gold | 76.9 | 4,849,903,255 | ||||||
Precious Metals & Minerals | 4.1 | 256,178,859 | ||||||
Silver | 15.1 | 953,825,651 | ||||||
100.0 | % | $ | 6,303,478,029 |
A summary of the Fund’s transactions in securities of affiliates for the period ended December 31, 2020 is set forth below:
Affiliates | Value 12/31/19 |
Purchases | Sales Proceeds |
Realized Gain (Loss) |
Dividend Income |
Net Change in Unrealized Appreciation (Depreciation) |
Value 12/31/20 |
|||||||||||||||||||||
Alexco Resource Corp. | $ | — | $ | 16,129,139 | $ | (3,577,284 | ) | $ | 633,547 | $ | — | $ | 10,281,461 | $ | 23,466,863 | |||||||||||||
Argonaut Gold, Inc. | 14,435,644 | 20,728,712 | (6,297,537 | ) | (2,334,980 | ) | — | 5,844,599 | 32,376,438 | |||||||||||||||||||
Dacian Gold Ltd. | 13,018,355 | 10,334,100 | (4,010,317 | ) | (1,068,499 | ) | — | (9,563,621 | ) | — | (a) | |||||||||||||||||
Detour Gold Corp. | 181,734,099 | 1,177,961 | (165,579,677 | ) | 42,521,899 | — | (59,854,282 | ) | — | |||||||||||||||||||
Eldorado Gold Corp. | 73,147,045 | 45,938,637 | (45,375,757 | ) | (2,226,663 | ) | — | 40,613,152 | — | (a) | ||||||||||||||||||
Endeavour Silver Corp. | 20,422,974 | 14,975,675 | (8,509,370 | ) | (3,449,756 | ) | — | 21,683,496 | 45,123,019 | |||||||||||||||||||
First Majestic Silver Corp. | 124,793,167 | 55,686,413 | (51,401,503 | ) | (1,232,860 | ) | — | 634,907 | — | (a) | ||||||||||||||||||
Fortuna Silver Mines, Inc. | 34,976,747 | 24,569,297 | (17,955,894 | ) | (660,728 | ) | — | 35,870,410 | 76,799,832 | |||||||||||||||||||
Freegold Ventures Ltd. | — | 9,086,656 | (32,099 | ) | (2,895 | ) | — | (725,399 | ) | 8,326,263 | ||||||||||||||||||
Gold Resource Corp. | 19,463,815 | 8,023,749 | (8,472,762 | ) | (216,885 | ) | 130,902 | (8,334,837 | ) | 10,463,080 | ||||||||||||||||||
GoldMining, Inc. | — | 19,631,802 | (71,012 | ) | 566 | — | (1,209,441 | ) | 18,351,915 | |||||||||||||||||||
Great Panther Silver Ltd. | 9,618,682 | 7,443,222 | (4,856,423 | ) | (2,541,441 | ) | — | 7,435,357 | 17,099,397 | |||||||||||||||||||
Greatland Gold Plc | — | 87,893,909 | (1,072,482 | ) | 237,518 | — | 23,958,676 | 111,017,621 | ||||||||||||||||||||
Harmony Gold Mining Co. Ltd. | 109,086,669 | 65,368,350 | (79,397,614 | ) | 7,617,436 | — | 3,244,529 | — | (a) | |||||||||||||||||||
IAMGOLD Corp. | 89,982,908 | 38,122,757 | (43,986,475 | ) | (13,906,734 | ) | — | 5,161,024 | — | (a) | ||||||||||||||||||
Metalla Royalty & Streaming Ltd. | — | 24,901,225 | (90,634 | ) | (3,801 | ) | — | 1,979,909 | 26,786,699 | |||||||||||||||||||
Pan American Silver Corp. | 281,572,897 | 163,095,144 | (152,642,674 | ) | 1,994,814 | 2,198,573 | 77,113,266 | 371,133,447 | ||||||||||||||||||||
Perseus Mining Ltd. | 52,403,324 | 33,458,496 | (30,287,226 | ) | 8,114,862 | — | (5,635,805 | ) | — | (a) | ||||||||||||||||||
Ramelius Resources Ltd. | 31,267,811 | 24,858,473 | (18,690,672 | ) | 4,711,301 | 474,979 | 4,598,579 | — | (a) | |||||||||||||||||||
Regis Resources Ltd. | 81,384,318 | 41,346,935 | (47,340,668 | ) | (6,424,673 | ) | 2,723,608 | (2,610,235 | ) | — | (a) | |||||||||||||||||
Roxgold, Inc. | 15,552,339 | 8,840,398 | (10,676,149 | ) | (680,776 | ) | — | 6,264,574 | — | (a) | ||||||||||||||||||
Royal Nickel Corp. | 12,503,299 | 3,343,590 | (16,223,163 | ) | (2,290,301 | ) | — | 2,666,575 | — | |||||||||||||||||||
Sabina Gold and Silver Corp. | — | 38,306,735 | (160,325 | ) | 12,600 | — | 5,411,849 | 43,570,859 | ||||||||||||||||||||
Sandstorm Gold Ltd. | 69,904,229 | 43,322,880 | (34,679,270 | ) | 6,168,139 | — | (14,061,543 | ) | 70,654,435 | |||||||||||||||||||
Silver Lake Resources Ltd. | 41,916,219 | 28,549,661 | (31,317,377 | ) | 9,449,666 | — | 5,404,016 | — | (a) | |||||||||||||||||||
Silvercorp Metals, Inc. | 58,986,781 | 55,617,823 | (56,751,025 | ) | 3,825,341 | 212,387 | (1,703,920 | ) | 59,975,000 | |||||||||||||||||||
SSR Mining, Inc. | 134,317,641 | 104,321,573 | (66,565,667 | ) | 13,119,532 | — | 17,961,620 | — | (a) | |||||||||||||||||||
St. Barbara Ltd. | 71,165,348 | 34,335,463 | (35,135,098 | ) | (9,540,963 | ) | 1,934,029 | 507,850 | — | (a) | ||||||||||||||||||
Wesdome Gold Mines Ltd. | 65,233,780 | 31,869,288 | (35,575,731 | ) | 7,524,663 | — | (13,023,131 | ) | — | (a) | ||||||||||||||||||
Yamana Gold, Inc. | 212,879,242 | 132,680,289 | (134,994,911 | ) | 21,130,601 | 3,268,571 | 43,580,579 | 275,275,800 | ||||||||||||||||||||
$ | 1,819,767,333 | $ | 1,193,958,352 | $ | (1,111,726,796 | ) | $ | 80,480,530 | $ | 10,943,049 | $ | 203,494,214 | $ | 1,190,420,668 | ||||||||||||||
(a) | Security held by the Fund, however not classified as an affiliate at the end of the reporting period. |
See Notes to Financial Statements
26 |
The summary of inputs used to value the Fund’s investments as of December 31, 2020 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | ||||||||||||||
Common Stocks | |||||||||||||||||
Australia | $ | 61,828,194 | $ | 1,275,555,625 | $ | — | $ | 1,337,383,819 | |||||||||
Burkina Faso | 75,373,480 | — | — | 75,373,480 | |||||||||||||
Canada | 3,090,482,559 | — | — | 3,090,482,559 | |||||||||||||
China / Hong Kong | — | 60,098,769 | 2 | 60,098,771 | |||||||||||||
Egypt | — | 75,617,976 | — | 75,617,976 | |||||||||||||
Indonesia | — | 103,434,334 | — | 103,434,334 | |||||||||||||
Ivory Coast | 124,995,005 | — | — | 124,995,005 | |||||||||||||
Kyrgyzstan | 93,390,812 | — | — | 93,390,812 | |||||||||||||
Mexico | 118,405,936 | — | — | 118,405,936 | |||||||||||||
Peru | 116,213,463 | 41,615,298 | — | 157,828,761 | |||||||||||||
Russia | — | 56,863,709 | — | 56,863,709 | |||||||||||||
South Africa | 445,093,102 | 6,450,794 | — | 451,543,896 | |||||||||||||
Turkey | 112,096,414 | 33,820,474 | — | 145,916,888 | |||||||||||||
United Kingdom | — | 111,017,621 | — | 111,017,621 | |||||||||||||
United States | 300,041,615 | — | 1,082,847 | 301,124,462 | |||||||||||||
Money Market Fund | 187,646,529 | — | — | 187,646,529 | |||||||||||||
Total | $ | 4,725,567,109 | $ | 1,764,474,600 | $ | 1,082,849 | $ | 6,491,124,558 |
See Notes to Financial Statements
27 |
VANECK VECTORS LOW CARBON ENERGY ETF
SCHEDULE OF INVESTMENTS
December 31, 2020
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Canada: 3.2% | ||||||||
295,995 | Algonquin Power & Utilities Corp. † | $ | 4,867,422 | |||||
107,405 | Northland Power, Inc. † | 3,850,225 | ||||||
8,717,647 | ||||||||
China / Hong Kong: 18.2% | ||||||||
526,000 | Byd Co. Ltd. † | 13,846,150 | ||||||
455,000 | Flat Glass Group Co. Ltd. † | 1,918,988 | ||||||
34,439 | JinkoSolar Holding Co. Ltd. (ADR) * † | 2,130,741 | ||||||
478,042 | NIO, Inc. (ADR) * † | 23,299,767 | ||||||
1,045,380 | Xinjiang Goldwind Science & Technology Co. Ltd. † # | 2,106,154 | ||||||
2,278,000 | Xinyi Solar Holdings Ltd. # | 5,972,309 | ||||||
49,274,109 | ||||||||
Denmark: 14.7% | ||||||||
67,943 | Orsted AS Reg S 144A | 13,921,827 | ||||||
108,438 | Vestas Wind Systems A/S # | 25,653,710 | ||||||
39,575,537 | ||||||||
France: 0.9% | ||||||||
91,521 | SunPower Corp. (USD) * † | 2,346,598 | ||||||
Germany: 2.0% | ||||||||
134,340 | Siemens Gamesa Renewable Energy SA † # | 5,463,535 | ||||||
South Korea: 4.0% | ||||||||
18,828 | Samsung SDI Co. Ltd. # | 10,911,720 | ||||||
Sweden: 2.5% | ||||||||
206,282 | Nibe Industrier AB † # | 6,777,163 | ||||||
United States: 54.5% | ||||||||
27,968 | Acuity Brands, Inc. | 3,386,645 | ||||||
63,148 | Albemarle Corp. | 9,315,593 | ||||||
87,685 | Array Technologies, Inc. * | 3,782,731 | ||||||
116,098 | Bloom Energy Corp. * † | 3,327,369 | ||||||
52,271 | Cree, Inc. * † | 5,535,499 | ||||||
187,730 | Eaton Corp. Plc | 22,553,882 | ||||||
61,323 | Enphase Energy, Inc. * † | 10,760,347 | ||||||
48,491 | First Solar, Inc. * | 4,796,730 | ||||||
154,507 | Microchip Technology, Inc. | 21,338,962 | ||||||
228,197 | ON Semiconductor Corp. * | 7,468,888 | ||||||
30,835 | Ormat Technologies, Inc. † | 2,783,784 | ||||||
235,088 | Plug Power, Inc. * | 7,971,834 | ||||||
27,578 | SolarEdge Technologies, Inc. * | 8,800,691 | ||||||
89,776 | Sunrun, Inc. * | 6,228,659 | ||||||
34,473 | Tesla, Inc. * | 24,326,562 | ||||||
20,556 | Universal Display Corp. | 4,723,769 | ||||||
147,101,945 | ||||||||
Total Common
Stocks (Cost: $146,142,026) |
270,168,254 |
Number of Shares |
Value | |||||||
SHORT-TERM
INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN:
5.2% (Cost: $13,994,705) |
||||||||
Money Market Fund: 5.2% | ||||||||
13,994,705 | State Street Navigator Securities Lending Government Money Market Portfolio | $ | 13,994,705 | |||||
Total
Investments: 105.2% (Cost: $160,136,731) |
284,162,959 | |||||||
Liabilities in excess of other assets: (5.2)% | (14,004,428 | ) | ||||||
NET ASSETS: 100.0% | $ | 270,158,531 |
See Notes to Financial Statements
28 |
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 $56,269,478. |
# | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $86,571,556 which represents 32.0% of net assets. |
Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $13,921,827, or 5.2% of net assets. |
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
Consumer Discretionary | 22.8 | % | $ | 61,472,479 | ||||
Energy | 3.0 | 7,971,834 | ||||||
Industrials | 29.3 | 79,279,848 | ||||||
Information Technology | 32.1 | 86,705,242 | ||||||
Materials | 3.4 | 9,315,593 | ||||||
Utilities | 9.4 | 25,423,258 | ||||||
100.0 | % | $ | 270,168,254 |
The summary of inputs used to value the Fund’s investments as of December 31, 2020 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | ||||||||||||||
Common Stocks | |||||||||||||||||
Canada | $ | 8,717,647 | $ | — | $ | — | $ | 8,717,647 | |||||||||
China / Hong Kong | 25,430,508 | 23,843,601 | — | 49,274,109 | |||||||||||||
Denmark | — | 39,575,537 | — | 39,575,537 | |||||||||||||
France | 2,346,598 | — | — | 2,346,598 | |||||||||||||
Germany | — | 5,463,535 | — | 5,463,535 | |||||||||||||
South Korea | — | 10,911,720 | — | 10,911,720 | |||||||||||||
Sweden | — | 6,777,163 | — | 6,777,163 | |||||||||||||
United States | 147,101,945 | — | — | 147,101,945 | |||||||||||||
Money Market Fund | 13,994,705 | — | — | 13,994,705 | |||||||||||||
Total | $ | 197,591,403 | $ | 86,571,556 | $ | — | $ | 284,162,959 |
See Notes to Financial Statements
29 |
VANECK VECTORS NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
December 31, 2020
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.8% | ||||||||
Argentina: 0.0% | ||||||||
1,549 | YPF SA (ADR) | $ | 7,280 | |||||
Australia: 7.6% | ||||||||
4,757 | AGL Energy Ltd. # | 43,949 | ||||||
26,306 | Alumina Ltd. # | 37,331 | ||||||
2,007 | Ampol Ltd. # | 44,051 | ||||||
9,543 | APA Group # (s) | 71,069 | ||||||
13,916 | Bega Cheese Ltd. † # | 54,910 | ||||||
33,221 | BHP Group Ltd. # | 1,086,467 | ||||||
5,668 | BlueScope Steel Ltd. # | 76,615 | ||||||
22,498 | Costa Group Holdings Ltd. † # | 70,895 | ||||||
4,746 | Deterra Royalties Ltd. * † | 17,579 | ||||||
8,305 | Elders Ltd. # | 63,236 | ||||||
19,300 | Evolution Mining Ltd. # | 74,341 | ||||||
18,750 | Fortescue Metals Group Ltd. # | 338,978 | ||||||
87,807 | Glencore Plc (GBP) # | 278,744 | ||||||
12,846 | GrainCorp Ltd. * # | 41,548 | ||||||
9,219 | Newcrest Mining Ltd. # | 184,158 | ||||||
17,902 | Nufarm Ltd. * † # | 56,663 | ||||||
14,862 | Oil Search Ltd. # | 42,632 | ||||||
14,154 | Origin Energy Ltd. # | 52,012 | ||||||
3,662 | OZ Minerals Ltd. # | 53,545 | ||||||
12,179 | Rio Tinto Plc (GBP) # | 916,381 | ||||||
14,230 | Santos Ltd. # | 68,974 | ||||||
12,513 | Saracen Mineral Holdings Ltd. * # | 45,955 | ||||||
54,186 | South32 Ltd. # | 103,652 | ||||||
7,670 | Woodside Petroleum Ltd. # | 134,697 | ||||||
3,958,382 | ||||||||
Austria: 0.3% | ||||||||
95 | Mayr-Melnhof Karton AG # | 19,149 | ||||||
1,157 | OMV AG # | 46,286 | ||||||
731 | Verbund - Oesterreichische Elektrizis AG # | 62,200 | ||||||
1,409 | Voestalpine AG # | 50,366 | ||||||
178,001 | ||||||||
Brazil: 3.4% | ||||||||
5,203 | Adecoagro SA (USD) * | 35,380 | ||||||
2,097 | Cia de Saneamento Basico do Estado de Sao Paulo (ADR) | 18,013 | ||||||
7,198 | Cia Siderurgica Nacional SA (ADR) † | 42,828 | ||||||
1,100 | Cosan S.A. Industria e Comercio # | 16,066 | ||||||
11,890 | Gerdau SA (ADR) | 55,526 | ||||||
12,200 | Klabin SA # (a) | 62,012 | ||||||
13,400 | Minerva SA # | 26,242 | ||||||
14,953 | Petroleo Brasileiro S.A. (ADR) | 167,922 | ||||||
4,850 | SLC Agricola SA # | 25,660 | ||||||
7,750 | Suzano SA # | 87,033 | ||||||
38,736 | Vale SA (ADR) | 649,215 | ||||||
5,072 | Wheaton Precious Metals Corp. (USD) | 211,705 | ||||||
9,632 | Yara International ASA (NOK) # | 400,163 | ||||||
1,797,765 | ||||||||
British Virgin Islands: 0.1% | ||||||||
32,200 | Japfa Ltd. (SGD) # | 22,567 | ||||||
13,600 | Lee & Man Paper Manufacturing Ltd. (HKD) # | 11,158 | ||||||
18,857 | Nine Dragons Paper Holdings Ltd. (HKD) # | 26,801 | ||||||
60,526 |
Number of Shares |
Value | |||||||
Burkina Faso: 0.0% | ||||||||
5,345 | IAMGOLD Corp. (CAD) * † | $ | 19,593 | |||||
Canada: 9.4% | ||||||||
2,739 | Agnico-Eagle Mines Ltd. (USD) | 193,127 | ||||||
4,422 | Alamos Gold, Inc. | 38,597 | ||||||
3,596 | Algonquin Power & Utilities Corp. † | 59,134 | ||||||
11,785 | B2Gold Corp. | 65,955 | ||||||
20,085 | Barrick Gold Corp. (USD) | 457,536 | ||||||
506 | Boralex, Inc. | 18,763 | ||||||
9,491 | Canadian Natural Resources Ltd. (USD) † | 228,259 | ||||||
277 | Canadian Solar, Inc. (USD) * † | 14,193 | ||||||
8,197 | Cenovus Energy, Inc. * † | 49,864 | ||||||
16,275 | Enbridge, Inc. (USD) † | 520,637 | ||||||
2,423 | Equinox Gold Corp. * | 25,048 | ||||||
2,093 | First Majestic Silver Corp. * † | 28,060 | ||||||
2,153 | Franco-Nevada Corp. | 269,717 | ||||||
728 | Innergex Renewable Energy, Inc. † | 15,640 | ||||||
6,236 | Ivanhoe Mines Ltd. * | 33,578 | ||||||
14,212 | Kinross Gold Corp. (USD) | 104,316 | ||||||
3,132 | Kirkland Lake Gold Ltd. | 129,312 | ||||||
727 | Lundin Gold, Inc. * | 6,237 | ||||||
374 | Methanex Corp. † | 17,171 | ||||||
2,718 | NovaGold Resources, Inc. (USD) * | 26,283 | ||||||
31,946 | Nutrien Ltd. (USD) | 1,538,519 | ||||||
1,676 | Osisko Gold Royalties Ltd. † | 21,220 | ||||||
2,374 | Pan American Silver Corp. (USD) | 81,927 | ||||||
4,419 | Pembina Pipeline Corp. † | 104,405 | ||||||
2,094 | Pretium Resources, Inc. * | 23,981 | ||||||
2,474 | SSR Mining, Inc. (USD) * | 49,752 | ||||||
748 | Stella-Jones, Inc. | 27,172 | ||||||
12,257 | Suncor Energy, Inc. (USD) | 205,672 | ||||||
7,553 | TC Energy Corp. (USD) | 307,558 | ||||||
5,252 | Teck Resources Ltd. (USD) | 95,324 | ||||||
654 | TransAlta Renewables, Inc. † | 11,170 | ||||||
2,581 | Village Farms International, Inc. * † | 26,114 | ||||||
577 | West Fraser Timber Co. Ltd. | 37,039 | ||||||
10,762 | Yamana Gold, Inc. (USD) | 61,451 | ||||||
4,892,731 | ||||||||
Chile: 0.8% | ||||||||
12,108 | Empresas CMPC SA | 31,868 | ||||||
7,204 | Lundin Mining Corp. (CAD) | 63,897 | ||||||
6,757 | Sociedad Quimica y Minera de Chile SA (ADR) | 331,701 | ||||||
427,466 | ||||||||
China / Hong Kong: 2.6% | ||||||||
41,400 | Aluminum Corp. of China Ltd. * # | 14,573 | ||||||
16,640 | Angang Steel Co. Ltd. † # | 6,791 | ||||||
21,600 | Astra Agro Lestari Tbk PT # | 18,974 | ||||||
28,000 | Beijing Enterprises Water Group Ltd. # | 11,263 | ||||||
17,100 | China Coal Energy Co. Ltd. # | 5,146 | ||||||
19,700 | China Gas Holdings Ltd. # | 78,051 | ||||||
18,400 | China Hongqiao Group Ltd. # | 16,866 | ||||||
20,929 | China Longyuan Power Group Corp. Ltd. # | 21,040 | ||||||
39,700 | China Molybdenum Co. Ltd. # | 25,971 | ||||||
205,427 | China Petroleum & Chemical Corp. # | 91,468 | ||||||
27,391 | China Shenhua Energy Co. Ltd. # | 51,622 | ||||||
27,000 | Fosun International Ltd. # | 42,397 | ||||||
18,000 | Guangdong Investment Ltd. # | 32,443 | ||||||
83,000 | Hong Kong & China Gas Co. Ltd. # | 124,154 |
See Notes to Financial Statements
30 |
Number of Shares |
Value | |||||||
China / Hong Kong: (continued) | ||||||||
11,800 | Jiangxi Copper Co. Ltd. (Class H) # | $ | 18,571 | |||||
32,500 | Kunlun Energy Co. Ltd. # | 28,162 | ||||||
9,300 | Maanshan Iron and Steel Co. Ltd. (Class H) # | 2,569 | ||||||
168,740 | PetroChina Co. Ltd. (Class-H) # | 52,240 | ||||||
4,000 | Shandong Chenming Paper Holdings Ltd. # | 1,926 | ||||||
7,000 | Shandong Gold Mining Co. Ltd. Reg S 144A # | 16,165 | ||||||
12,000 | United Tractors Tbk PT # | 22,744 | ||||||
159,764 | Wilmar International Ltd. (SGD) # | 562,480 | ||||||
11,600 | Yanzhou Coal Mining Co. Ltd. # | 9,295 | ||||||
12,900 | Zhaojin Mining Industry Co. Ltd. # | 15,370 | ||||||
64,361 | Zijin Mining Group Ltd. # | 72,906 | ||||||
1,343,187 | ||||||||
Cyprus: 0.1% | ||||||||
1,284 | Novolipetskiy Metallurgicheskiy | |||||||
Kombinat PAO Reg S (GDR) # | 35,526 | |||||||
Denmark: 1.4% | ||||||||
2,789 | Bakkafrost P/F (NOK) # | 199,408 | ||||||
1,109 | Orsted AS Reg S 144A # | 227,239 | ||||||
1,209 | Vestas Wind Systems A/S # | 286,019 | ||||||
712,666 | ||||||||
Egypt: 0.1% | ||||||||
14,489 | Abou Kir Fertilizers & Chemical Industries # | 19,114 | ||||||
13,059 | Centamin Plc (GBP) # | 22,096 | ||||||
41,210 | ||||||||
Finland: 0.8% | ||||||||
1,935 | Metsa Board Oyj # | 20,408 | ||||||
3,462 | Neste Oil Oyj # | 251,745 | ||||||
6,741 | Stora Enso Oyj (R Shares) # | 129,275 | ||||||
401,428 | ||||||||
France: 2.0% | ||||||||
16,761 | Aguas Andinas SA (CLP) # | 5,397 | ||||||
209 | Neoen SA Reg S 144A * † # | 16,073 | ||||||
2,487 | Suez # | 49,367 | ||||||
501 | SunPower Corp. (USD) * † | 12,846 | ||||||
20,256 | Total SA # | 875,653 | ||||||
3,244 | Veolia Environnement SA # | 80,113 | ||||||
171 | Voltalia SA * # | 5,391 | ||||||
1,044,840 | ||||||||
Germany: 0.6% | ||||||||
13,778 | E.ON SE # | 152,804 | ||||||
578 | Encavis AG # | 15,106 | ||||||
483 | Nordex SE * # | 13,226 | ||||||
1,379 | Siemens Gamesa Renewable Energy SA † # | 56,083 | ||||||
3,553 | Suedzucker AG # | 50,824 | ||||||
4,282 | ThyssenKrupp AG * # | 42,497 | ||||||
189 | VERBIO Vereinigte BioEnergie AG | 7,099 | ||||||
337,639 | ||||||||
Greece: 0.0% | ||||||||
259 | Terna Energy SA | 4,183 | ||||||
Hungary: 0.1% | ||||||||
4,017 | MOL Hungarian Oil & Gas Plc * # | 29,659 |
Number of Shares |
Value | |||||||
India: 1.4% | ||||||||
12,978 | Reliance Industries Ltd. 144A (GDR) † # | $ | 707,565 | |||||
Indonesia: 0.1% | ||||||||
300,219 | Golden Agri-Resources Ltd. (SGD) # | 36,113 | ||||||
28,300 | Indah Kiat Pulp and Paper Corp. Tbk PT # | 21,028 | ||||||
110,600 | Merdeka Copper Gold Tbk PT # | 19,143 | ||||||
76,284 | ||||||||
Ireland: 0.3% | ||||||||
7,095 | Origin Enterprises Plc # | 26,873 | ||||||
2,815 | Smurfit Kappa Group Plc (GBP) # | 131,933 | ||||||
158,806 | ||||||||
Israel: 0.5% | ||||||||
1,345 | Energix-Renewable Energies Ltd. * # | 6,150 | ||||||
39,061 | Israel Chemicals Ltd. # | 199,559 | ||||||
230 | Israel Corp. Ltd. * # | 44,027 | ||||||
249,736 | ||||||||
Italy: 0.6% | ||||||||
20,152 | ENI S.p.A. # | 210,708 | ||||||
17,016 | Snam SpA # | 96,249 | ||||||
306,957 | ||||||||
Ivory Coast: 0.1% | ||||||||
1,382 | Endeavour Mining Corp. (CAD) * | 32,131 | ||||||
Japan: 5.3% | ||||||||
1,300 | Daio Paper Corp. # | 25,242 | ||||||
2,317 | Hitachi Metals Ltd. † # | 35,231 | ||||||
1,400 | Hokuto Corp. # | 28,331 | ||||||
2,000 | Idemitsu Kosan Co. Ltd. † # | 44,038 | ||||||
8,700 | Inpex Corp. † # | 46,918 | ||||||
6,464 | JFE Holdings, Inc. * # | 62,069 | ||||||
24,700 | JXTG Holdings, Inc. # | 88,724 | ||||||
65,100 | Kubota Corp. † # | 1,422,418 | ||||||
5,500 | Kumiai Chemical Industry Co. Ltd. † # | 49,584 | ||||||
665 | Kurita Water Industries Ltd. # | 25,422 | ||||||
2,536 | Maruha Nichiro Corp. # | 54,610 | ||||||
1,500 | Mitsubishi Materials Corp. # | 31,602 | ||||||
1,100 | Nippon Paper Industries Co. Ltd. # | 12,740 | ||||||
10,700 | Nippon Steel Corp. * # | 138,013 | ||||||
15,614 | Nippon Suisan Kaisha Ltd. # | 64,547 | ||||||
14,050 | Nisshin Seifun Group, Inc. # | 223,834 | ||||||
10,476 | Oji Holdings Corp. # | 59,647 | ||||||
2,670 | Rengo Co. Ltd. # | 22,382 | ||||||
2,100 | Sakata Seed Corp. # | 72,833 | ||||||
1,883 | Sumitomo Forestry Co. Ltd. # | 39,397 | ||||||
3,100 | Sumitomo Metal Mining Ltd. # | 137,904 | ||||||
500 | Taki Chemical Co. Ltd. † # | 31,636 | ||||||
3,100 | Tokyo Gas Co. Ltd. # | 71,757 | ||||||
2,788,879 | ||||||||
Kazakhstan: 0.1% | ||||||||
4,611 | KAZ Minerals Plc (GBP) # | 41,369 | ||||||
Kyrgyzstan: 0.1% | ||||||||
2,461 | Centerra Gold, Inc. (CAD) | 28,473 | ||||||
Liechtenstein: 0.1% | ||||||||
3,891 | Antofagasta Plc (GBP) # | 76,307 | ||||||
Luxembourg: 0.3% | ||||||||
7,297 | Arcelormittal * # | 167,142 |
See Notes to Financial Statements
31 |
VANECK VECTORS NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares |
Value | |||||||
Malaysia: 0.9% | ||||||||
86,039 | Felda Global Ventures Holdings Bhd # $ | 27,432 | ||||||
13,551 | Genting Plantation Bhd # | 33,215 | ||||||
102,294 | IOI Corp. Bhd # | 111,148 | ||||||
17,578 | Kuala Lumpur Kepong Bhd # | 103,541 | ||||||
1,400 | Petronas Dagangan Bhd # | 7,459 | ||||||
30,300 | PPB Group Bhd # | 139,580 | ||||||
18,700 | Press Metal Aluminium Holdings Bhd # | 39,068 | ||||||
461,443 | ||||||||
Mexico: 0.8% | ||||||||
2,081 | Fresnillo Plc (GBP) # | 32,129 | ||||||
11,940 | Gruma, SAB de CV | 141,976 | ||||||
35,964 | Grupo Mexico, SAB de CV | 151,830 | ||||||
1,382 | Industrias Penoles, SAB de CV | 23,359 | ||||||
959 | Southern Copper Corp. (USD) | 62,450 | ||||||
411,744 | ||||||||
Netherlands: 1.3% | ||||||||
3,903 | OCI NV * † # | 75,207 | ||||||
29,785 | Royal Dutch Shell Plc (GBP) # | 504,614 | ||||||
1,897 | Tenaris SA (ADR) | 30,257 | ||||||
2,214 | Ternium SA (ADR) | 64,383 | ||||||
674,461 | ||||||||
Norway: 1.5% | ||||||||
8,640 | Equinor ASA # | 146,022 | ||||||
25,252 | Mowi ASA # | 564,615 | ||||||
15,399 | Norsk Hydro ASA # | 71,771 | ||||||
782,408 | ||||||||
Peru: 0.1% | ||||||||
2,178 | Cia de Minas Buenaventura SAA (ADR) | 26,550 | ||||||
Poland: 0.3% | ||||||||
1,534 | KGHM Polska Miedz SA * # | 75,762 | ||||||
2,337 | Polski Koncern Naftowy Orlen SA # | 36,274 | ||||||
13,003 | Polskie Gornictwo Naftowe I | |||||||
Gazownictwo SA # | 19,467 | |||||||
131,503 | ||||||||
Portugal: 0.1% | ||||||||
910 | EDP Renovaveis SA # | 25,245 | ||||||
3,471 | Galp Energia, SGPS, SA # | 36,837 | ||||||
2,448 | Navigator Co. SA # | 7,444 | ||||||
69,526 | ||||||||
Russia: 2.8% | ||||||||
5,915 | Evraz Plc (GBP) # | 37,787 | ||||||
48,515 | Gazprom PJSC (ADR) # | 270,866 | ||||||
3,063 | Lukoil PJSC (ADR) # | 208,324 | ||||||
6,781 | MMC Norilsk Nickel PJSC (ADR) # | 211,354 | ||||||
1,523 | Novatek PJSC Reg S (GDR) # | 248,017 | ||||||
7,633 | PhosAgro PJSC Reg S (GDR) # | 104,094 | ||||||
4,242 | Polymetal International Plc (GBP) # | 97,612 | ||||||
5,110 | Rosneft Oil Co. PJSC Reg S (GDR) # | 28,813 | ||||||
2,139 | Severstal PAO Reg S (GDR) # | 37,594 | ||||||
28,711 | Surgutneftegas PJSC (ADR) # | 132,631 | ||||||
2,072 | Tatneft PJSC (ADR) # | 84,379 | ||||||
1,461,471 |
Number of Shares |
Value | |||||||
Saudi Arabia: 0.0% | ||||||||
335 | S-Oil Corp. (KRW) # | $ | 21,358 | |||||
South Africa: 1.7% | ||||||||
640 | Anglo American Platinum Ltd. # | 63,004 | ||||||
13,220 | Anglo American Plc (GBP) # | 436,378 | ||||||
9,361 | Gold Fields Ltd. (ADR) | 86,776 | ||||||
5,996 | Harmony Gold Mining Co. Ltd. (ADR) | 28,061 | ||||||
8,832 | Impala Platinum Holdings Ltd. # | 121,616 | ||||||
617 | Kumba Iron Ore Ltd. # | 26,258 | ||||||
3,205 | Northam Platinum Ltd. * # | 45,868 | ||||||
24,957 | Sibanye Stillwater Ltd. * # | 100,627 | ||||||
908,588 | ||||||||
South Korea: 0.9% | ||||||||
963 | Hyundai Steel Co. # | 35,196 | ||||||
143 | Korea Zinc Co. Ltd. # | 52,956 | ||||||
905 | POSCO # | 226,141 | ||||||
424 | SK Energy Co. Ltd. # | 74,370 | ||||||
379 | SK Holdings Co. Ltd. # | 84,085 | ||||||
195 | Woongjin Coway Co. Ltd. # | 13,068 | ||||||
485,816 | ||||||||
Spain: 0.3% | ||||||||
349 | Atlantica Sustainable Infrastructure Plc (USD) | 13,255 | ||||||
1,801 | Enagas SA # | 39,683 | ||||||
12,439 | Repsol SA † # | 125,507 | ||||||
178,445 | ||||||||
Sweden: 0.7% | ||||||||
2,017 | Billerudkorsnas AB # | 35,562 | ||||||
3,084 | Boliden AB # | 109,613 | ||||||
1,020 | Holmen AB # | 49,004 | ||||||
1,540 | Lundin Energy AB # | 41,815 | ||||||
7,038 | SSAB AB (B Shares) * # | 22,349 | ||||||
6,598 | Svenska Cellulosa AB * # | 115,572 | ||||||
373,915 | ||||||||
Taiwan: 0.5% | ||||||||
141,472 | China Steel Corp. # | 124,719 | ||||||
13,920 | Formosa Petrochemical Corp. # | 49,508 | ||||||
42,200 | Taiwan Fertilizer Co. Ltd. # | 81,524 | ||||||
255,751 | ||||||||
Tanzania: 0.2% | ||||||||
4,690 | AngloGold Ashanti Ltd. (ADR) | 106,088 | ||||||
Thailand: 0.4% | ||||||||
11,200 | Energy Absolute Plc (NVDR) # | 18,324 | ||||||
11,200 | PTT Exploration & Production PCL (NVDR) # | 36,730 | ||||||
84,900 | PTT PCL (NVDR) # | 120,534 | ||||||
122,800 | Thaifoods Group PCL (NVDR) # | 19,921 | ||||||
195,509 | ||||||||
Turkey: 0.2% | ||||||||
1,967 | Eldorado Gold Corp. (USD) * | 26,102 | ||||||
15,393 | Eregli Demir ve Celik Fabrikalari TAS # | 30,894 | ||||||
2,830 | Gubre Fabrikalari TAS * # | 32,740 | ||||||
89,736 |
See Notes to Financial Statements
32 |
Number of Shares |
Value | |||||||
United Kingdom: 3.1% | ||||||||
153,154 | BP Plc # | $ | 528,282 | |||||
688 | Ceres Power Holdings Plc * # | 12,417 | ||||||
55,771 | CNH Industrial NV (USD) * | 716,100 | ||||||
15,110 | DS Smith Plc * # | 77,207 | ||||||
2,850 | ITM Power Plc * # | 20,069 | ||||||
5,345 | Mondi Plc # | 125,193 | ||||||
2,583 | Pennon Group Plc # | 33,418 | ||||||
1,466 | Severn Trent Plc # | 45,747 | ||||||
4,185 | United Utilities Group Plc # | 51,166 | ||||||
1,609,599 | ||||||||
United States: 45.6% | ||||||||
301 | Advanced Drainage Systems, Inc. | 25,158 | ||||||
3,447 | AGCO Corp. | 355,351 | ||||||
226 | American States Water Co. | 17,969 | ||||||
836 | AO Smith Corp. | 45,830 | ||||||
3,033 | Apache Corp. | 43,038 | ||||||
31,230 | Archer-Daniels-Midland Co. | 1,574,304 | ||||||
1,018 | Atmos Energy Corp. | 97,148 | ||||||
5,275 | Baker Hughes Co. | 109,984 | ||||||
7,838 | Bunge Ltd. | 514,016 | ||||||
3,203 | Cabot Oil & Gas Corp. | 52,145 | ||||||
303 | California Water Service Group | 16,371 | ||||||
2,085 | Cal-Maine Foods, Inc. | 78,271 | ||||||
12,005 | CF Industries Holdings, Inc. | 464,714 | ||||||
1,926 | Cheniere Energy, Inc. * | 115,618 | ||||||
15,471 | Chevron Corp. | 1,306,526 | ||||||
465 | Clearway Energy, Inc. | 14,847 | ||||||
4,530 | Cleveland-Cliffs, Inc. * | 65,957 | ||||||
1,581 | Concho Resources, Inc. | 92,251 | ||||||
8,620 | ConocoPhillips | 344,714 | ||||||
499 | Continental Resources, Inc. * † | 8,134 | ||||||
42,285 | Corteva, Inc. | 1,637,275 | ||||||
673 | Cree, Inc. * † | 71,271 | ||||||
9,091 | Darling Ingredients, Inc. * | 524,369 | ||||||
17,590 | Deere & Co. | 4,732,590 | ||||||
3,076 | Devon Energy Corp. | 48,632 | ||||||
1,268 | Diamondback Energy, Inc. | 61,371 | ||||||
608 | Domtar Corp. * | 19,243 | ||||||
4,679 | EOG Resources, Inc. | 233,342 | ||||||
1,369 | Essential Utilities, Inc. | 64,740 | ||||||
644 | Evoqua Water Technologies Corp. * | 17,375 | ||||||
33,980 | Exxon Mobil Corp. | 1,400,656 | ||||||
520 | First Solar, Inc. * | 51,438 | ||||||
7,272 | FMC Corp. | 835,771 | ||||||
237 | Franklin Electric Co., Inc. | 16,403 | ||||||
16,377 | Freeport-McMoRan, Inc. * | 426,130 | ||||||
1,701 | Fresh Del Monte Produce, Inc. | 40,943 | ||||||
1,279 | FuelCell Energy, Inc. * † | 14,286 | ||||||
3,069 | Graphic Packaging Holding Co. | 51,989 | ||||||
7,060 | Halliburton Co. | 133,434 | ||||||
5,973 | Hecla Mining Co. | 38,705 | ||||||
2,197 | Hess Corp. | 115,980 | ||||||
1,198 | HollyFrontier Corp. | 30,968 | ||||||
4,401 | Howmet Aerospace, Inc. * | 125,605 | ||||||
1,711 | Imperial Oil Ltd. † | 32,560 | ||||||
3,760 | Ingredion, Inc. | 295,799 | ||||||
4,327 | International Paper Co. | 215,138 | ||||||
248 | Itron, Inc. * | 23,783 | ||||||
15,644 | Kinder Morgan, Inc. | 213,853 |
Number of Shares |
Value | |||||||
United States: (continued) | ||||||||
608 | Lindsay Corp. | $ | 78,104 | |||||
1,236 | Louisiana-Pacific Corp. | 45,942 | ||||||
6,344 | Marathon Oil Corp. | 42,314 | ||||||
5,229 | Marathon Petroleum Corp. | 216,271 | ||||||
3,120 | National Oilwell Varco, Inc. | 42,838 | ||||||
287 | New Fortress Energy, Inc. | 15,380 | ||||||
9,072 | Newmont Mining Corp. | 543,322 | ||||||
3,098 | NiSource, Inc. | 71,068 | ||||||
3,404 | Nucor Corp. | 181,059 | ||||||
7,475 | Occidental Petroleum Corp. | 129,392 | ||||||
3,570 | ONEOK, Inc. | 137,017 | ||||||
271 | Ormat Technologies, Inc. † | 24,466 | ||||||
1,044 | Packaging Corp. of America | 143,978 | ||||||
1,025 | Pentair Plc | 54,417 | ||||||
3,510 | Phillips 66 | 245,489 | ||||||
2,739 | Pilgrim’s Pride Corp. * | 53,712 | ||||||
1,320 | Pioneer Natural Resources Co. | 150,335 | ||||||
2,716 | Plug Power, Inc. * | 92,100 | ||||||
741 | Potlatch Corp. | 37,065 | ||||||
1,512 | Rayonier, Inc. | 44,423 | ||||||
719 | Reliance Steel & Aluminum Co. | 86,100 | ||||||
243 | Renewable Energy Group, Inc. * | 17,209 | ||||||
740 | Royal Gold, Inc. | 78,706 | ||||||
11,156 | Schlumberger Ltd. | 243,535 | ||||||
14 | Seaboard Corp. | 42,434 | ||||||
161 | SJW Group | 11,167 | ||||||
308 | SolarEdge Technologies, Inc. * | 98,289 | ||||||
8,488 | Southern Co. | 521,418 | ||||||
2,254 | Steel Dynamics, Inc. | 83,105 | ||||||
1,874 | Targa Resources Corp. | 49,436 | ||||||
1,723 | The Andersons, Inc. | 42,231 | ||||||
19,363 | The Mosaic Co. | 445,543 | ||||||
6,524 | Tractor Supply Co. | 917,144 | ||||||
16,516 | Tyson Foods, Inc. | 1,064,291 | ||||||
3,277 | Valero Energy Corp. | 185,380 | ||||||
170 | Watts Water Technologies, Inc. | 20,689 | ||||||
2,858 | Westrock Co. | 124,409 | ||||||
8,214 | Weyerhaeuser Co. | 275,415 | ||||||
9,753 | Williams Cos, Inc. | 195,548 | ||||||
1,113 | Xylem, Inc. | 113,292 | ||||||
23,780,028 | ||||||||
Zambia: 0.2% | ||||||||
6,220 | First Quantum Minerals Ltd. (CAD) | 111,560 | ||||||
Total Common
Stocks (Cost: $48,885,301) |
52,061,230 | |||||||
SHORT-TERM INVESTMENT HELD
AS COLLATERAL FOR SECURITIES ON LOAN: 0.6% (Cost: $340,095) |
||||||||
Money Market Fund: 0.6% | ||||||||
340,095 | State Street Navigator Securities Lending Government Money Market Portfolio | 340,095 | ||||||
Total Investments:
100.4% (Cost: $49,225,396) |
52,401,325 | |||||||
Liabilities in excess of other assets: (0.4)% | (226,056 | ) | ||||||
NET ASSETS: 100.0% | $ | 52,175,269 |
See Notes to Financial Statements
33 |
VANECK VECTORS NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
CLP | Chilean Peso |
GBP | British Pound |
GDR | Global Depositary Receipt |
HKD | Hong Kong Dollar |
KRW | Korean Won |
NOK | Norwegian Krone |
NVDR | Non-Voting Depositary Receipt |
SGD | Singapore Dollar |
USD | United States Dollar |
Footnotes:
(a) | Units, each consists of one ordinary share and four preferred shares. |
(s) | Stapled security, each share consists of one unit of Australian Pipeline Trust and one unit of APT Investment Trust. |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $2,644,227. |
# | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $20,062,485 which represents 38.5% of net assets. |
Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $967,042, or 1.9% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
Consumer Discretionary | 1.9 | % | $ | 969,609 | ||||
Consumer Staples | 13.6 | 7,077,177 | ||||||
Energy | 25.5 | 13,276,422 | ||||||
Industrials | 16.0 | 8,349,367 | ||||||
Information Technology | 0.5 | 271,820 | ||||||
Materials | 37.2 | 19,369,020 | ||||||
Real Estate | 0.7 | 356,903 | ||||||
Utilities | 4.6 | 2,390,912 | ||||||
100.0 | % | $ | 52,061,230 |
See Notes to Financial Statements
34 |
The summary of inputs used to value the Fund’s investments as of December 31, 2020 is as follows:
Level 2 | Level 3 | ||||||||||||||||
Level 1 | Significant | Significant | |||||||||||||||
Quoted | Observable | Unobservable | |||||||||||||||
Prices | Inputs | Inputs | Value | ||||||||||||||
Common Stocks | |||||||||||||||||
Argentina | $ | 7,280 | $ | — | $ | — | $ | 7,280 | |||||||||
Australia | 17,579 | 3,940,803 | — | 3,958,382 | |||||||||||||
Austria | — | 178,001 | — | 178,001 | |||||||||||||
Brazil | 1,180,589 | 617,176 | — | 1,797,765 | |||||||||||||
British Virgin Islands | — | 60,526 | — | 60,526 | |||||||||||||
Burkina Faso | 19,593 | — | — | 19,593 | |||||||||||||
Canada | 4,892,731 | — | — | 4,892,731 | |||||||||||||
Chile | 427,466 | — | — | 427,466 | |||||||||||||
China / Hong Kong | — | 1,343,187 | — | 1,343,187 | |||||||||||||
Cyprus | — | 35,526 | — | 35,526 | |||||||||||||
Denmark | — | 712,666 | — | 712,666 | |||||||||||||
Egypt | — | 41,210 | — | 41,210 | |||||||||||||
Finland | — | 401,428 | — | 401,428 | |||||||||||||
France | 12,846 | 1,031,994 | — | 1,044,840 | |||||||||||||
Germany | 7,099 | 330,540 | — | 337,639 | |||||||||||||
Greece | 4,183 | — | — | 4,183 | |||||||||||||
Hungary | — | 29,659 | — | 29,659 | |||||||||||||
India | — | 707,565 | — | 707,565 | |||||||||||||
Indonesia | — | 76,284 | — | 76,284 | |||||||||||||
Ireland | — | 158,806 | — | 158,806 | |||||||||||||
Israel | — | 249,736 | — | 249,736 | |||||||||||||
Italy | — | 306,957 | — | 306,957 | |||||||||||||
Ivory Coast | 32,131 | — | — | 32,131 | |||||||||||||
Japan | — | 2,788,879 | — | 2,788,879 | |||||||||||||
Kazakhstan | — | 41,369 | — | 41,369 | |||||||||||||
Kyrgyzstan | 28,473 | — | — | 28,473 | |||||||||||||
Liechtenstein | — | 76,307 | — | 76,307 | |||||||||||||
Luxembourg | — | 167,142 | — | 167,142 | |||||||||||||
Malaysia | — | 461,443 | — | 461,443 | |||||||||||||
Mexico | 379,615 | 32,129 | — | 411,744 | |||||||||||||
Netherlands | 94,640 | 579,821 | — | 674,461 | |||||||||||||
Norway | — | 782,408 | — | 782,408 | |||||||||||||
Peru | 26,550 | — | — | 26,550 | |||||||||||||
Poland | — | 131,503 | — | 131,503 | |||||||||||||
Portugal | — | 69,526 | — | 69,526 | |||||||||||||
Russia | — | 1,461,471 | — | 1,461,471 | |||||||||||||
Saudi Arabia | — | 21,358 | — | 21,358 | |||||||||||||
South Africa | 114,837 | 793,751 | — | 908,588 | |||||||||||||
South Korea | — | 485,816 | — | 485,816 | |||||||||||||
Spain | 13,255 | 165,190 | — | 178,445 | |||||||||||||
Sweden | — | 373,915 | — | 373,915 | |||||||||||||
Taiwan | — | 255,751 | — | 255,751 | |||||||||||||
Tanzania | 106,088 | — | — | 106,088 | |||||||||||||
Thailand | — | 195,509 | — | 195,509 | |||||||||||||
Turkey | 26,102 | 63,634 | — | 89,736 | |||||||||||||
United Kingdom | 716,100 | 893,499 | — | 1,609,599 | |||||||||||||
United States | 23,780,028 | — | — | 23,780,028 | |||||||||||||
Zambia | 111,560 | — | — | 111,560 | |||||||||||||
Money Market Fund | 340,095 | — | — | 340,095 | |||||||||||||
Total | $ | 32,338,840 | $ | 20,062,485 | $ | — | $ | 52,401,325 |
See Notes to Financial Statements
35 |
VANECK VECTORS OIL REFINERS ETF
SCHEDULE OF INVESTMENTS
December 31, 2020
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.1% | ||||||||
Australia: 4.3% | ||||||||
34,659 | Ampol Ltd. # | $ | 760,715 | |||||
Austria: 4.5% | ||||||||
19,817 | OMV AG # | 792,783 | ||||||
Finland: 8.3% | ||||||||
19,982 | Neste Oil Oyj # | 1,453,024 | ||||||
Greece: 1.2% | ||||||||
14,400 | Motor Oil Hellas Corinth Refineries SA # | 207,359 | ||||||
Hungary: 4.6% | ||||||||
108,482 | MOL Hungarian Oil & Gas Plc * # | 800,952 | ||||||
India: 7.8% | ||||||||
25,140 | Reliance Industries Ltd. 144A (GDR) # | 1,370,642 | ||||||
Japan: 11.9% | ||||||||
13,900 | Cosmo Energy Holdings Co. Ltd. # | 247,697 | ||||||
37,268 | Idemitsu Kosan Co. Ltd. † # | 820,605 | ||||||
283,800 | JXTG Holdings, Inc. # | 1,019,424 | ||||||
2,087,726 | ||||||||
New Zealand: 1.4% | ||||||||
106,420 | Z Energy Ltd. * # | 245,640 | ||||||
Poland: 5.5% | ||||||||
20,915 | Grupa Lotos SA # | 232,796 | ||||||
46,748 | Polski Koncern Naftowy Orlen SA # | 725,607 | ||||||
958,403 | ||||||||
Portugal: 4.3% | ||||||||
71,033 | Galp Energia, SGPS, SA # | 753,864 |
Number of Shares |
Value | |||||||
Saudi Arabia: 3.0% | ||||||||
8,130 | S-Oil Corp. (KRW) # | $ | 518,335 | |||||
South Korea: 7.8% | ||||||||
1,787 | Hyundai Heavy Industries Holdings Co. Ltd. # | 467,235 | ||||||
5,122 | SK Energy Co. Ltd. # | 898,401 | ||||||
1,365,636 | ||||||||
Taiwan: 4.8% | ||||||||
235,000 | Formosa Petrochemical Corp. # | 835,800 | ||||||
Thailand: 5.3% | ||||||||
199,300 | Bangchak Corp. PCL (NVDR) # | 137,055 | ||||||
2,557,700 | IRPC PCL (NVDR) # | 317,699 | ||||||
270,100 | Thai Oil PCL (NVDR) # | 468,401 | ||||||
923,155 | ||||||||
Turkey: 2.4% | ||||||||
29,536 | Tupras-Turkiye Petrol Rafinerileri AS * # | 428,733 | ||||||
United States: 23.0% | ||||||||
25,739 | HollyFrontier Corp. | 665,353 | ||||||
26,635 | Marathon Petroleum Corp. | 1,101,624 | ||||||
17,785 | Phillips 66 | 1,243,883 | ||||||
17,829 | Valero Energy Corp. | 1,008,587 | ||||||
4,019,447 | ||||||||
Total Common Stocks: 100.1%
(Cost: $19,398,107) |
17,522,214 | |||||||
Liabilities in excess of other assets: (0.1)% | (16,110 | ) | ||||||
NET ASSETS: 100.0% | $ | 17,506,104 |
Definitions:
GDR | Global Depositary Receipt |
KRW | Korean Won |
NVDR | Non-Voting Depositary Receipt |
Footnotes:
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $634,148. |
# | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $13,502,767 which represents 77.1% of net assets. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $1,370,642, or 7.8% of net assets. |
Summary of Investments by Sector | % of Investments | Value | ||||||
Energy | 97.3 | % | $ | 17,054,979 | ||||
Industrials | 2.7 | 467,235 | ||||||
100.0 | % | $ | 17,522,214 |
See Notes to Financial Statements
36 |
The summary of inputs used to value the Fund’s investments as of December 31, 2020 is as follows:
Level 2 | Level 3 | ||||||||||||||||
Level 1 | Significant | Significant | |||||||||||||||
Quoted | Observable | Unobservable | |||||||||||||||
Prices | Inputs | Inputs | Value | ||||||||||||||
Common Stocks | |||||||||||||||||
Australia | $ | — | $ | 760,715 | $ | — | $ | 760,715 | |||||||||
Austria | — | 792,783 | — | 792,783 | |||||||||||||
Finland | — | 1,453,024 | — | 1,453,024 | |||||||||||||
Greece | — | 207,359 | — | 207,359 | |||||||||||||
Hungary | — | 800,952 | — | 800,952 | |||||||||||||
India | — | 1,370,642 | — | 1,370,642 | |||||||||||||
Japan | — | 2,087,726 | — | 2,087,726 | |||||||||||||
New Zealand | — | 245,640 | — | 245,640 | |||||||||||||
Poland | — | 958,403 | — | 958,403 | |||||||||||||
Portugal | — | 753,864 | — | 753,864 | |||||||||||||
Saudi Arabia | — | 518,335 | — | 518,335 | |||||||||||||
South Korea | — | 1,365,636 | — | 1,365,636 | |||||||||||||
Taiwan | — | 835,800 | — | 835,800 | |||||||||||||
Thailand | — | 923,155 | — | 923,155 | |||||||||||||
Turkey | — | 428,733 | — | 428,733 | |||||||||||||
United States | 4,019,447 | — | — | 4,019,447 | |||||||||||||
Total | $ | 4,019,447 | $ | 13,502,767 | $ | — | $ | 17,522,214 |
See Notes to Financial Statements
37 |
VANECK VECTORS OIL SERVICES ETF
SCHEDULE OF INVESTMENTS
December 31, 2020
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Netherlands: 5.0% | ||||||||
2,266,020 | Tenaris SA (ADR) † | $ | 36,143,019 | |||||
United Kingdom: 4.9% | ||||||||
3,825,357 | TechnipFMC Plc (USD) | 35,958,356 | ||||||
United States: 90.1% | ||||||||
2,290,449 | Baker Hughes Co. | 47,755,862 | ||||||
1,253,296 | Cactus, Inc. | 32,673,427 | ||||||
2,499,688 | ChampionX Corp. * | 38,245,226 | ||||||
1,047,685 | Core Laboratories NV | 27,774,129 | ||||||
244,026 | DMC Global, Inc. * † | 10,554,124 | ||||||
567,362 | Dril-Quip, Inc. * | 16,805,262 | ||||||
4,215,450 | Frank’s International NV * | 11,550,333 | ||||||
5,001,848 | Halliburton Co. | 94,534,927 | ||||||
3,377,410 | Helix Energy Solutions Group, Inc. * † | 14,185,122 | ||||||
1,366,509 | Helmerich & Payne, Inc. | 31,648,348 | ||||||
1,862,701 | Liberty Oilfield Services, Inc. * | 19,204,447 | ||||||
166,620 | Nabors Industries Ltd. * | 9,702,283 | ||||||
2,331,772 | National Oilwell Varco, Inc. | 32,015,230 | ||||||
2,787,429 | NexTier Oilfield Solutions, Inc. * † | 9,588,756 | ||||||
1,954,362 | Oceaneering International, Inc. | 15,537,178 | ||||||
1,136,775 | Oil States International, Inc. * | 5,706,611 | ||||||
3,951,687 | Patterson-UTI Energy, Inc. | 20,785,874 |
Number of Shares |
Value | |||||||
United States: (continued) | ||||||||
1,808,689 | ProPetro Holding Corp. * | $ | 13,366,212 | |||||
3,250,057 | RPC, Inc. † | 10,237,680 | ||||||
6,403,422 | Schlumberger Ltd. | 139,786,702 | ||||||
2,135,925 | Select Energy Services, Inc. * | 8,757,292 | ||||||
14,051,217 | Transocean Ltd. * † | 32,458,311 | ||||||
1,247,461 | US Silica Holdings, Inc. | 8,757,176 | ||||||
651,630,512 | ||||||||
Total Common Stocks
(Cost: $926,029,173) |
723,731,887 | |||||||
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 3.1% (Cost: $22,425,566) |
||||||||
Money Market Fund: 3.1% | ||||||||
22,425,566 | State Street Navigator Securities Lending Government Money Market Portfolio | 22,425,566 | ||||||
Total Investments: 103.1%
(Cost: $948,454,739) |
746,157,453 | |||||||
Liabilities in excess of other assets: (3.1)% | (22,736,644 | ) | ||||||
NET ASSETS: 100.0% | $ | 723,420,809 |
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 $40,399,525. |
Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
Oil & Gas Drilling | 13.1 | % | $ | 94,594,816 | ||||
Oil & Gas Equipment & Services | 86.9 | 629,137,071 | ||||||
100.0 | % | $ | 723,731,887 |
The summary of inputs used to value the Fund’s investments as of December 31, 2020 is as follows:
Level 2 | Level 3 | ||||||||||||||||
Level 1 | Significant | Significant | |||||||||||||||
Quoted | Observable | Unobservable | |||||||||||||||
Prices | Inputs | Inputs | Value | ||||||||||||||
Common Stocks* | $ | 723,731,887 | $ | — | $ | — | $ | 723,731,887 | |||||||||
Money Market Fund | 22,425,566 | — | — | 22,425,566 | |||||||||||||
Total | $ | 746,157,453 | $ | — | $ | — | $ | 746,157,453 |
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
38 |
VANECK VECTORS RARE EARTH/STRATEGIC METALS ETF
SCHEDULE OF INVESTMENTS
December 31, 2020
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.1% | ||||||||
Australia: 26.1% | ||||||||
8,218,236 | Galaxy Resources Ltd. * # | $ | 14,199,104 | |||||
2,879,222 | Iluka Resources Ltd. # | 14,471,036 | ||||||
34,749,573 | Jupiter Mines Ltd. † # | 8,186,954 | ||||||
5,784,425 | Lynas Rare Earths Ltd. * † # | 17,838,910 | ||||||
4,205,363 | Orocobre Ltd. * † # | 14,524,125 | ||||||
21,865,286 | Pilbara Minerals Ltd. * † # | 14,781,125 | ||||||
84,001,254 | ||||||||
Canada: 4.9% | ||||||||
1,254,078 | Lithium Americas Corp. (USD) * † | 15,738,679 | ||||||
China / Hong Kong: 46.2% | ||||||||
32,254,952 | China Molybdenum Co. Ltd. # | 31,092,614 | ||||||
10,122,510 | China Northern Rare Earth Group High-Tech Co. Ltd. * # | 20,426,752 | ||||||
1,480,400 | Ganfeng Lithium Co. Ltd. Reg S 144A † # | 17,727,610 | ||||||
13,813,401 | Jinduicheng Molybdenum Co. Ltd. # | 13,220,143 | ||||||
11,559,714 | Shenghe Resources Holding Co. Ltd. * # | 15,841,725 | ||||||
7,414,549 | Xiamen Tungsten Co. Ltd. # | 19,267,953 | ||||||
2,540,961 | Zhejiang Huayou Cobalt Co. Ltd. * # | 31,051,935 | ||||||
148,628,732 | ||||||||
France: 4.2% | ||||||||
257,539 | Eramet SA * † # | 13,507,815 |
Number of Shares |
Value | |||||||
Japan: 3.1% | ||||||||
1,152,647 | Toho Titanium Co. Ltd. † # | $ | 9,922,049 | |||||
Netherlands: 4.0% | ||||||||
435,142 | AMG Advanced Metallurgical † # | 13,013,293 | ||||||
United States: 11.6% | ||||||||
1,017,928 | AXT, Inc. * | 9,741,571 | ||||||
774,944 | Livent Corp. * † | 14,599,945 | ||||||
893,192 | Tronox Holdings Plc | 13,058,467 | ||||||
37,399,983 | ||||||||
Total Common
Stocks (Cost: $230,846,528) |
322,211,805 | |||||||
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 2.9% (Cost: $9,421,120) |
||||||||
Money Market Fund: 2.9% | ||||||||
9,421,120 | State Street Navigator Securities Lending Government Money Market Portfolio | 9,421,120 | ||||||
Total Investments:
103.0% (Cost: $240,267,648) |
331,632,925 | |||||||
Liabilities in excess of other assets: (3.0)% | (9,510,365 | ) | ||||||
NET ASSETS: 100.0% | $ | 322,122,560 |
Definitions: | |
USD | United States Dollar |
Footnotes:
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $49,851,637. |
# | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $269,073,143 which represents 83.5% of net assets. |
Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $17,727,610, or 5.5% of net assets. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
Information Technology | 3.0 | % | $ | 9,741,571 | ||||
Materials | 97.0 | 312,470,234 | ||||||
100.0 | % | $ | 322,211,805 |
See Notes to Financial Statements
39 |
VANECK VECTORS RARE EARTH/STRATEGIC METALS ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2020 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | ||||||||||||||
Common Stocks | |||||||||||||||||
Australia | $ | — | $ | 84,001,254 | $ | — | $ | 84,001,254 | |||||||||
Canada | 15,738,679 | — | — | 15,738,679 | |||||||||||||
China / Hong Kong | — | 148,628,732 | — | 148,628,732 | |||||||||||||
France | — | 13,507,815 | — | 13,507,815 | |||||||||||||
Japan | — | 9,922,049 | — | 9,922,049 | |||||||||||||
Netherlands | — | 13,013,293 | — | 13,013,293 | |||||||||||||
United States | 37,399,983 | — | — | 37,399,983 | |||||||||||||
Money Market Fund | 9,421,120 | — | — | 9,421,120 | |||||||||||||
Total | $ | 62,559,782 | $ | 269,073,143 | $ | — | $ | 331,632,925 |
See Notes to Financial Statements
40 |
SCHEDULE OF INVESTMENTS
December 31, 2020
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Australia: 14.8% | ||||||||
151,430 | Rio Tinto Plc (ADR) † | $ | 11,390,565 | |||||
Brazil: 23.8% | ||||||||
608,187 | Cia Siderurgica Nacional SA (ADR) † | 3,618,713 | ||||||
728,679 | Gerdau SA (ADR) | 3,402,931 | ||||||
673,219 | Vale SA (ADR) † | 11,283,150 | ||||||
18,304,794 | ||||||||
India: 4.9% | ||||||||
432,054 | Vedanta Ltd. (ADR) † | 3,793,434 | ||||||
Luxembourg: 7.7% | ||||||||
257,291 | ArcelorMittal SA (USD) † | 5,891,964 | ||||||
Netherlands: 8.6% | ||||||||
209,669 | Tenaris SA (ADR) | 3,344,220 | ||||||
113,270 | Ternium SA (ADR) | 3,293,892 | ||||||
6,638,112 | ||||||||
South Korea: 7.1% | ||||||||
87,806 | POSCO (ADR) | 5,471,192 | ||||||
United States: 33.0% | ||||||||
76,319 | Allegheny Technologies, Inc. * | 1,279,870 | ||||||
28,898 | Carpenter Technology Corp. | 841,510 | ||||||
250,790 | Cleveland-Cliffs, Inc. * † | 3,651,502 | ||||||
72,258 | Commercial Metals Co. | 1,484,179 | ||||||
19,572 | Gibraltar Industries, Inc. * | 1,408,010 | ||||||
76,019 | Nucor Corp. | 4,043,451 | ||||||
29,206 | Reliance Steel & Aluminum Co. | 3,497,418 | ||||||
22,939 | Ryerson Holding Corp. * | 312,888 |
Number of Shares |
Value | |||||||
United States: (continued) | ||||||||
16,522 | Schnitzer Steel Industries, Inc. | $ | 527,217 | |||||
93,048 | Steel Dynamics, Inc. | 3,430,680 | ||||||
49,803 | SunCoke Energy, Inc. | 216,643 | ||||||
27,173 | TimkenSteel Corp. * | 126,898 | ||||||
132,641 | United States Steel Corp. † | 2,224,389 | ||||||
30,804 | Warrior Met Coal, Inc. | 656,741 | ||||||
31,748 | Worthington Industries, Inc. | 1,629,942 | ||||||
25,331,338 | ||||||||
Total Common
Stocks (Cost: $71,825,201) |
76,821,399 | |||||||
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 1.9% (Cost: $1,467,173) |
||||||||
Money Market Fund: 1.9% | ||||||||
1,467,173 | State Street Navigator Securities Lending Government Money Market Portfolio | 1,467,173 | ||||||
Total Investments: 101.8%
(Cost: $73,292,374) |
78,288,572 | |||||||
Liabilities in excess of other assets: (1.8)% | (1,398,479 | ) | ||||||
NET ASSETS: 100.0% | $ | 76,890,093 |
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 $14,911,116. |
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
Energy | 4.4 | % | $ | 3,344,220 | ||||
Industrials | 1.8 | 1,408,010 | ||||||
Materials | 93.8 | 72,069,169 | ||||||
100.0 | % | $ | 76,821,399 |
The summary of inputs used to value the Fund’s investments as of December 31, 2020 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | ||||||||||||||
Common Stocks* | $ | 76,821,399 | $ | — | $ | — | $ | 76,821,399 | |||||||||
Money Market Fund | 1,467,173 | — | — | 1,467,173 | |||||||||||||
Total | $ | 78,288,572 | $ | — | $ | — | $ | 78,288,572 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
41 |
VANECK VECTORS UNCONVENTIONAL OIL & GAS ETF
SCHEDULE OF INVESTMENTS
December 31, 2020
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Canada: 15.3% | ||||||||
34,141 | ARC Resources Ltd. | $ | 160,790 | |||||
77,561 | Cenovus Energy, Inc. (USD) * | 468,468 | ||||||
56,571 | Crescent Point Energy Corp. (USD) | 132,376 | ||||||
21,454 | Enerplus Corp. (USD) † | 67,151 | ||||||
34,605 | Husky Energy, Inc. † | 171,124 | ||||||
9,482 | PrairieSky Royalty Ltd. † | 75,097 | ||||||
24,483 | Seven Generations Energy Ltd. * | 127,027 | ||||||
26,248 | Tourmaline Oil Corp. | 353,544 | ||||||
35,609 | Whitecap Resources, Inc. † | 135,840 | ||||||
1,691,417 | ||||||||
United States: 84.7% | ||||||||
17,884 | Antero Resources Corp. * | 97,468 | ||||||
26,859 | Apache Corp. | 381,129 | ||||||
27,903 | Cabot Oil & Gas Corp. | 454,261 | ||||||
8,893 | Cimarex Energy Co. | 333,576 | ||||||
14,172 | CNX Resources Corp. * | 153,058 | ||||||
10,052 | Concho Resources, Inc. | 586,534 | ||||||
21,275 | ConocoPhillips | 850,787 | ||||||
7,964 | Continental Resources, Inc. * † | 129,813 | ||||||
29,852 | Devon Energy Corp. | 471,960 | ||||||
9,427 | Diamondback Energy, Inc. | 456,267 | ||||||
17,153 | EOG Resources, Inc. | 855,420 | ||||||
20,783 | EQT Corp. * | 264,152 | ||||||
12,596 | Hess Corp. | 664,943 | ||||||
61,604 | Marathon Oil Corp. | 410,899 | ||||||
8,447 | Matador Resources Co. * | 101,871 |
Number of Shares |
Value | |||||||
United States: (continued) | ||||||||
9,695 | Murphy Oil Corp. | $ | 117,309 | |||||
5,845 | National Fuel Gas Co. | 240,405 | ||||||
38,066 | Occidental Petroleum Corp. | 658,922 | ||||||
21,771 | Ovintiv, Inc. | 312,632 | ||||||
33,293 | Parsley Energy, Inc. | 472,761 | ||||||
7,661 | PDC Energy, Inc. * | 157,280 | ||||||
6,946 | Pioneer Natural Resources Co. | 791,080 | ||||||
17,062 | Range Resources Corp. * | 114,315 | ||||||
38,632 | WPX Energy, Inc. * | 314,851 | ||||||
9,391,693 | ||||||||
Total Common Stocks
(Cost: $22,269,724) |
11,083,110 | |||||||
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 2.3% (Cost: $253,074) |
||||||||
Money Market Fund: 2.3% | ||||||||
253,074 | State Street Navigator Securities Lending Government Money Market Portfolio | 253,074 | ||||||
Total Investments:
102.3% (Cost: $22,522,798) |
11,336,184 | |||||||
Liabilities in excess of other assets: (2.3)% | (251,882 | ) | ||||||
NET ASSETS: 100.0% | $ | 11,084,302 |
Definitions: | |
USD | United States Dollar |
Footnotes: | |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $523,899. |
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
Gas Utilities | 2.2 | % | $ | 240,405 | ||||
Integrated Oil & Gas | 11.7 | 1,298,514 | ||||||
Oil & Gas Exploration & Production | 86.1 | 9,544,191 | ||||||
100.0 | % | $ | 11,083,110 |
The summary of inputs used to value the Fund’s investments as of December 31, 2020 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | ||||||||||||||
Common Stocks* | $ | 11,083,110 | $ | — | $ | — | $ | 11,083,110 | |||||||||
Money Market Fund | 253,074 | — | — | 253,074 | |||||||||||||
Total | $ | 11,336,184 | $ | — | $ | — | $ | 11,336,184 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
42 |
VANECK VECTORS URANIUM+NUCLEAR ENERGY ETF
SCHEDULE OF INVESTMENTS
December 31, 2020
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Canada: 6.8% | ||||||||
67,341 | Cameco Corp. (USD) | $ | 902,369 | |||||
86,135 | NexGen Energy Ltd. * † | 237,311 | ||||||
24,786 | Uranium Participation Corp. * | 95,525 | ||||||
1,235,205 | ||||||||
Czech Republic: 4.8% | ||||||||
36,322 | CEZ AS # | 871,708 | ||||||
Finland: 5.2% | ||||||||
38,825 | Fortum Oyj # | 939,476 | ||||||
France: 4.4% | ||||||||
50,379 | Electricite de France SA # | 798,454 | ||||||
Italy: 4.4% | ||||||||
28,564 | Endesa SA † # | 784,698 | ||||||
Japan: 15.1% | ||||||||
44,400 | Hokuriku Electric Power Co. # | 289,699 | ||||||
87,800 | Kansai Electric Power Co., Inc. # | 830,499 | ||||||
95,900 | Kyushu Electric Power Co., Inc. # | 827,395 | ||||||
295,000 | Tokyo Electric Power Co., Inc. * # | 779,287 | ||||||
2,726,880 | ||||||||
Kazakhstan: 1.6% | ||||||||
15,604 | NAC Kazatomprom JSC Reg S (GDR) | 280,872 | ||||||
South Korea: 5.8% | ||||||||
3,673 | KEPCO Plant Service & Engineering Co. Ltd. # | 100,545 | ||||||
77,614 | Korea Electric Power Corp. (ADR) * | 952,324 | ||||||
1,052,869 |
Number of Shares |
Value | |||||||
United States: 51.8% | ||||||||
10,780 | BWX Technologies, Inc. | $ | 649,818 | |||||
18,670 | Dominion Energy, Inc. | 1,403,984 | ||||||
15,143 | Duke Energy Corp. | 1,386,493 | ||||||
30,521 | Energy Fuels, Inc. * † | 130,019 | ||||||
9,108 | Entergy Corp. | 909,343 | ||||||
29,471 | Exelon Corp. | 1,244,266 | ||||||
83,774 | PG&E Corp. * | 1,043,824 | ||||||
9,572 | Pinnacle West Capital Corp. | 765,281 | ||||||
12,651 | PNM Resources, Inc. | 613,953 | ||||||
19,765 | Public Service Enterprise Group, Inc. | 1,152,300 | ||||||
44,649 | Uranium Energy Corp. * | 78,582 | ||||||
9,377,863 | ||||||||
Total Common
Stocks (Cost: $16,609,800) |
18,068,025 | |||||||
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 5.7% (Cost: $1,037,199) |
||||||||
Money Market Fund: 5.7% | ||||||||
1,037,199 | State Street Navigator Securities Lending Government Money Market Portfolio | 1,037,199 | ||||||
Total Investments:
105.6% (Cost: $17,646,999) |
19,105,224 | |||||||
Liabilities in excess of other assets: (5.6)% | (1,011,988 | ) | ||||||
NET ASSETS: 100.0% | $ | 18,093,236 |
Definitions: | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
USD | United States Dollar |
Footnotes:
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $975,422. |
# | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $6,221,761 which represents 34.4% of net assets. |
Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
See Notes to Financial Statements
43 |
VANECK VECTORS URANIUM+NUCLEAR ENERGY ETF
SCHEDULE OF INVESTMENTS
(continued)
Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
Energy | 9.0 | % | $ | 1,629,153 | ||||
Financials | 0.5 | 95,525 | ||||||
Industrials | 4.2 | 750,363 | ||||||
Utilities | 86.3 | 15,592,984 | ||||||
100.0 | % | $ | 18,068,025 |
The summary of inputs used to value the Fund’s investments as of December 31, 2020 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | ||||||||||||||
Common Stocks | |||||||||||||||||
Canada | $ | 1,235,205 | $ | — | $ | — | $ | 1,235,205 | |||||||||
Czech Republic | — | 871,708 | — | 871,708 | |||||||||||||
Finland | — | 939,476 | — | 939,476 | |||||||||||||
France | — | 798,454 | — | 798,454 | |||||||||||||
Italy | — | 784,698 | — | 784,698 | |||||||||||||
Japan | — | 2,726,880 | — | 2,726,880 | |||||||||||||
Kazakhstan | 280,872 | — | — | 280,872 | |||||||||||||
South Korea | 952,324 | 100,545 | — | 1,052,869 | |||||||||||||
United States | 9,377,863 | — | — | 9,377,863 | |||||||||||||
Money Market Fund | 1,037,199 | — | — | 1,037,199 | |||||||||||||
Total | $ | 12,883,463 | $ | 6,221,761 | $ | — | $ | 19,105,224 |
See Notes to Financial Statements
44 |
[This Page Intentionally Left Blank.]
45 |
VANECK VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2020
Agribusiness ETF |
Gold Miners ETF |
Junior Gold Miners ETF |
Low Carbon Energy ETF |
Natural Resources ETF | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Investments, at value (1) | |||||||||||||||||||||||||
Unaffiliated issuers (2) | $ | 793,414,282 | $ | 7,234,231,356 | $ | 5,113,057,361 | $ | 270,168,254 | $ | 52,061,230 | |||||||||||||||
Affiliated issuers (3) | — | 9,254,957,210 | 1,190,420,668 | — | — | ||||||||||||||||||||
Short-term investments held as collateral for securities loaned (4) | 434,046 | 124,038,217 | 187,646,529 | 13,994,705 | 340,095 | ||||||||||||||||||||
Cash | 145 | 17,877,003 | 11,276,108 | 57,187 | — | ||||||||||||||||||||
Cash denominated in foreign currency, at value (5) | 437,475 | 470 | 15,693 | — | 110,061 | ||||||||||||||||||||
Receivables: | |||||||||||||||||||||||||
Investment securities sold | — | — | 2,042,220 | — | 308,231 | ||||||||||||||||||||
Shares of beneficial interest sold | — | 18,990 | — | — | — | ||||||||||||||||||||
Due from Adviser | — | — | — | — | — | ||||||||||||||||||||
Dividends and interest | 1,233,234 | 4,746,728 | 2,454,903 | 160,857 | 108,605 | ||||||||||||||||||||
Prepaid expenses | 4,352 | 21,625 | 17,344 | 1,751 | 879 | ||||||||||||||||||||
Total assets | 795,523,534 | 16,635,891,599 | 6,506,930,826 | 284,382,754 | 52,929,101 | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Payables: | |||||||||||||||||||||||||
Investment securities purchased | — | — | 1,021,110 | — | 198,584 | ||||||||||||||||||||
Collateral for securities loaned | 434,046 | 124,038,217 | 187,646,529 | 13,994,705 | 340,095 | ||||||||||||||||||||
Line of credit | 189,688 | — | — | — | — | ||||||||||||||||||||
Shares of beneficial interest redeemed | — | 9,495 | — | — | — | ||||||||||||||||||||
Due to Adviser | 322,166 | 6,826,609 | 2,576,709 | 127,148 | 37,109 | ||||||||||||||||||||
Due to custodian | — | — | — | — | 77,185 | ||||||||||||||||||||
Deferred Trustee fees | 531,981 | 1,097,032 | 270,591 | 13,364 | 13,734 | ||||||||||||||||||||
Accrued expenses | 245,179 | 401,604 | 448,215 | 89,006 | 87,125 | ||||||||||||||||||||
Total liabilities | 1,723,060 | 132,372,957 | 191,963,154 | 14,224,223 | 753,832 | ||||||||||||||||||||
NET ASSETS | $ | 793,800,474 | $ | 16,503,518,642 | $ | 6,314,967,672 | $ | 270,158,531 | $ | 52,175,269 | |||||||||||||||
Shares outstanding | 10,200,000 | 458,652,500 | 116,387,446 | 1,633,298 | 1,350,000 | ||||||||||||||||||||
Net asset value, redemption and offering price per share | $ | 77.82 | $ | 35.98 | $ | 54.26 | $ | 165.41 | $ | 38.65 | |||||||||||||||
Net Assets consist of: | |||||||||||||||||||||||||
Aggregate paid in capital | $ | 1,379,239,567 | $ | 23,318,263,919 | $ | 9,487,517,646 | $ | 200,109,723 | $ | 92,958,351 | |||||||||||||||
Total distributable earnings (loss) | (585,439,093 | ) | (6,814,745,277 | ) | (3,172,549,974 | ) | 70,048,808 | (40,783,082 | ) | ||||||||||||||||
NET ASSETS | $ | 793,800,474 | $ | 16,503,518,642 | $ | 6,314,967,672 | $ | 270,158,531 | $ | 52,175,269 | |||||||||||||||
(1) Value of securities on loan | $ | 35,130,908 | $ | 277,024,023 | $ | 281,119,293 | $ | 56,269,478 | $ | 2,644,227 | |||||||||||||||
(2) Cost of investments — Unaffiliated issuers | $ | 653,814,085 | $ | 5,512,949,139 | $ | 4,141,418,620 | $ | 146,142,026 | $ | 48,885,301 | |||||||||||||||
(3) Cost of investments — Affiliated issuers | $ | — | $ | 7,222,599,066 | $ | 824,490,536 | $ | — | $ | — | |||||||||||||||
(4) Cost of short-term investments held as collateral for securities loaned | $ | 434,046 | $ | 124,038,217 | $ | 187,646,529 | $ | 13,994,705 | $ | 340,095 | |||||||||||||||
(5) Cost of cash denominated in foreign currency | $ | 420,786 | $ | 458 | $ | 15,549 | $ | — | $ | 110,141 |
See Notes to Financial Statements
46 |
Oil Refiners ETF |
Oil Services ETF |
Rare Earth/ Strategic Metals ETF |
Steel ETF |
Unconventional Oil & Gas ETF |
Uranium+Nuclear Energy ETF | ||||||||||||||||||||||||
$ | 17,522,214 | $ | 723,731,887 | $ | 322,211,805 | $ | 76,821,399 | $ | 11,083,110 | $ | 18,068,025 | ||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||||||
— | 22,425,566 | 9,421,120 | 1,467,173 | 253,074 | 1,037,199 | ||||||||||||||||||||||||
15,795 | 109 | 149 | 173,192 | 101,105 | 388,195 | ||||||||||||||||||||||||
— | — | 1,070,882 | — | 2,546 | — | ||||||||||||||||||||||||
— | — | — | 19,228,632 | 2,534 | 2,597 | ||||||||||||||||||||||||
— | — | 26,740 | 20,833 | — | — | ||||||||||||||||||||||||
— | — | — | — | 184 | — | ||||||||||||||||||||||||
43,207 | 698,185 | 100,074 | 90,179 | 9,704 | 22,362 | ||||||||||||||||||||||||
875 | 4,343 | 1,748 | 879 | 870 | 873 | ||||||||||||||||||||||||
17,582,091 | 746,860,090 | 332,832,518 | 97,802,287 | 11,453,127 | 19,519,251 | ||||||||||||||||||||||||
— | — | — | 8,047,909 | 2,540 | 285,131 | ||||||||||||||||||||||||
— | 22,425,566 | 9,421,120 | 1,467,173 | 253,074 | 1,037,199 | ||||||||||||||||||||||||
— | 499,706 | 1,020,606 | — | — | — | ||||||||||||||||||||||||
— | — | — | 11,220,642 | — | — | ||||||||||||||||||||||||
7,259 | 206,527 | 116,138 | 1,031 | — | 5,664 | ||||||||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||||||
641 | 182,952 | 17,273 | 18,069 | 4,285 | 11,932 | ||||||||||||||||||||||||
68,087 | 124,530 | 134,821 | 157,370 | 108,926 | 86,089 | ||||||||||||||||||||||||
75,987 | 23,439,281 | 10,709,958 | 20,912,194 | 368,825 | 1,426,015 | ||||||||||||||||||||||||
$ | 17,506,104 | $ | 723,420,809 | $ | 322,122,560 | $ | 76,890,093 | $ | 11,084,302 | $ | 18,093,236 | ||||||||||||||||||
700,000 | 4,700,543 | 4,924,987 | 1,725,000 | 145,000 | 366,632 | ||||||||||||||||||||||||
$ | 25.01 | $ | 153.90 | $ | 65.41 | $ | 44.57 | $ | 76.44 | $ | 49.35 | ||||||||||||||||||
$ | 26,017,265 | $ | 2,514,280,861 | $ | 555,834,382 | $ | 222,845,794 | $ | 74,007,492 | $ | 100,672,591 | ||||||||||||||||||
(8,511,161 | ) | (1,790,860,052 | ) | (233,711,822 | ) | (145,955,701 | ) | (62,923,190 | ) | (82,579,355 | ) | ||||||||||||||||||
$ | 17,506,104 | $ | 723,420,809 | $ | 322,122,560 | $ | 76,890,093 | $ | 11,084,302 | $ | 18,093,236 | ||||||||||||||||||
$ | 634,148 | $ | 40,399,525 | $ | 49,851,637 | $ | 14,911,116 | $ | 523,899 | $ | 975,422 | ||||||||||||||||||
$ | 19,398,107 | $ | 926,029,173 | $ | 230,846,528 | $ | 71,825,201 | $ | 22,269,724 | $ | 16,609,800 | ||||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
$ | — | $ | 22,425,566 | $ | 9,421,120 | $ | 1,467,173 | $ | 253,074 | $ | 1,037,199 | ||||||||||||||||||
$ | — | $ | — | $ | 1,064,853 | $ | — | $ | 2,542 | $ | — |
See Notes to Financial Statements
47 |
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2020
Agribusiness ETF |
Gold Miners ETF |
Junior Gold Miners ETF |
Low Carbon Energy ETF |
Natural Resources ETF |
|||||||||||||||||||||
Income: | |||||||||||||||||||||||||
Dividends – unaffiliated issuers | $ | 12,920,590 | $ | 96,427,085 | $ | 42,667,193 | $ | 1,111,727 | $ | 1,613,231 | |||||||||||||||
Dividends – affiliated issuers | — | 85,380,976 | 10,943,049 | — | — | ||||||||||||||||||||
Interest | 938 | 10,563 | 33,990 | 140 | 77 | ||||||||||||||||||||
Securities lending income | 213,338 | 1,016,015 | 3,520,954 | 32,133 | 15,914 | ||||||||||||||||||||
Foreign taxes withheld | (1,203,369 | ) | (15,207,817 | ) | (4,128,866 | ) | (65,065 | ) | (94,921 | ) | |||||||||||||||
Total income | 11,931,497 | 167,626,822 | 53,036,320 | 1,078,935 | 1,534,301 | ||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Management fees | 3,045,901 | 74,909,513 | 26,972,600 | 685,772 | 248,945 | ||||||||||||||||||||
Professional fees | 70,261 | 101,525 | 139,982 | 83,426 | 82,403 | ||||||||||||||||||||
Custody and accounting fees | 108,267 | 197,154 | 225,898 | 48,802 | 81,511 | ||||||||||||||||||||
Reports to shareholders | 57,692 | 437,380 | 148,834 | 38,717 | 15,548 | ||||||||||||||||||||
IOPV fees | — | — | 5,038 | 5,038 | 5,882 | ||||||||||||||||||||
Trustees’ fees and expenses | 24,660 | 337,383 | 175,279 | 4,646 | 2,589 | ||||||||||||||||||||
Registration fees | 5,995 | 6,680 | 20,426 | 8,518 | 5,995 | ||||||||||||||||||||
Insurance | 12,532 | 98,695 | 52,789 | 3,725 | 2,837 | ||||||||||||||||||||
Interest | 8,036 | 45,475 | 82,295 | 2,962 | 2,099 | ||||||||||||||||||||
Other | 13,854 | 312,254 | 221,929 | 2,225 | 1,668 | ||||||||||||||||||||
Total expenses | 3,347,198 | 76,446,059 | 28,045,070 | 883,831 | 449,477 | ||||||||||||||||||||
Waiver of management fees | — | — | — | (29,968 | ) | (203,578 | ) | ||||||||||||||||||
Expenses assumed by the Adviser | — | — | — | — | — | ||||||||||||||||||||
Net expenses | 3,347,198 | 76,446,059 | 28,045,070 | 853,863 | 245,899 | ||||||||||||||||||||
Net investment income | 8,584,299 | 91,180,763 | 24,991,250 | 225,072 | 1,288,402 | ||||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||||||||
Investments – unaffiliated issuers | (6,563,399 | ) | (14,510,776 | ) | 187,710,247 | 42,036,606 | (2,939,573 | ) | |||||||||||||||||
Investments – affiliated issuers | — | (180,425,783 | ) | (74,347,989 | ) | — | — | ||||||||||||||||||
In-kind redemptions – unaffiliated issuers | 18,100,504 | 637,443,205 | 390,659,972 | — | 951,638 | ||||||||||||||||||||
In-kind redemptions – affiliated issuers | — | 594,850,341 | 154,828,519 | — | — | ||||||||||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | 61,014 | (521,686 | ) | 2,589,212 | (26,457 | ) | (9,939 | ) | |||||||||||||||||
Net realized gain (loss) | 11,598,119 | 1,036,835,301 | 661,439,961 | 42,010,149 | (1,997,874 | ) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||||||||||
Investments – unaffiliated issuers | 60,964,379 | 656,241,857 | 329,409,136 | 91,337,333 | (1,679,909 | ) | |||||||||||||||||||
Investments – affiliated issuers | — | 852,297,564 | 203,494,214 | — | — | ||||||||||||||||||||
Foreign currency transactions and foreign denominated assets and liabilities | 17,995 | (25,702 | ) | (3,411 | ) | 8,294 | 1,035 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 60,982,374 | 1,508,513,719 | 532,899,939 | 91,345,627 | (1,678,874 | ) | |||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 81,164,792 | $ | 2,636,529,783 | $ | 1,219,331,150 | $ | 133,580,848 | $ | (2,388,346 | ) |
See Notes to Financial Statements
48 |
Oil Refiners ETF |
Oil Services ETF |
Rare Earth/ Strategic Metals ETF |
Steel ETF |
Unconventional Oil & Gas ETF |
Uranium+Nuclear Energy ETF |
||||||||||||||||||||||||
$ | 620,448 | $ | 9,053,159 | $ | 1,507,888 | $ | 1,347,382 | $ | 268,507 | $ | 518,768 | ||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||||||
— | 1,481 | 1,367 | 41 | 177 | 175 | ||||||||||||||||||||||||
1,254 | 1,315,176 | 1,964,089 | 38,425 | 3,578 | 9,819 | ||||||||||||||||||||||||
(50,939 | ) | (29,467 | ) | (96,280 | ) | (39,848 | ) | (5,913 | ) | (38,137 | ) | ||||||||||||||||||
570,763 | 10,340,349 | 3,377,064 | 1,346,000 | 266,349 | 490,625 | ||||||||||||||||||||||||
90,743 | 1,781,434 | 831,684 | 234,556 | 51,070 | 95,610 | ||||||||||||||||||||||||
67,700 | 73,700 | 71,589 | 71,250 | 71,631 | 72,404 | ||||||||||||||||||||||||
47,128 | 40,041 | 60,797 | 110,404 | 41,136 | 42,385 | ||||||||||||||||||||||||
12,267 | 68,936 | 29,768 | 13,970 | 13,080 | 9,895 | ||||||||||||||||||||||||
5,038 | 5,038 | 5,882 | 3,983 | 5,354 | 5,882 | ||||||||||||||||||||||||
1,614 | 34,840 | 7,200 | 2,887 | 3,022 | 962 | ||||||||||||||||||||||||
5,862 | 12,250 | 5,997 | 1,221 | 5,995 | 5,995 | ||||||||||||||||||||||||
1,839 | 13,931 | 4,116 | 2,789 | 1,854 | 1,762 | ||||||||||||||||||||||||
900 | 8,135 | 25,011 | 2,975 | — | 330 | ||||||||||||||||||||||||
343 | 2,394 | 3,418 | 937 | 620 | 3,259 | ||||||||||||||||||||||||
233,434 | 2,040,699 | 1,045,462 | 444,972 | 193,762 | 238,484 | ||||||||||||||||||||||||
(90,743 | ) | (254,131 | ) | (71,288 | ) | (183,792 | ) | (51,070 | ) | (95,610 | ) | ||||||||||||||||||
(35,035 | ) | — | — | — | (87,584 | ) | (27,894 | ) | |||||||||||||||||||||
107,656 | 1,786,568 | 974,174 | 261,180 | 55,108 | 114,980 | ||||||||||||||||||||||||
463,107 | 8,553,781 | 2,402,890 | 1,084,820 | 211,241 | 375,645 | ||||||||||||||||||||||||
(3,830,307 | ) | (656,826,956 | ) | (17,445,558 | ) | (11,516,503 | ) | (6,195,297 | ) | (1,889,604 | ) | ||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||||||
(206,773 | ) | 56,271,904 | 1,853,141 | 3,752,088 | (248,917 | ) | 1,216,426 | ||||||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||||||
(12,671 | ) | — | (41,236 | ) | — | 5 | 3,555 | ||||||||||||||||||||||
(4,049,751 | ) | (600,555,052 | ) | (15,633,653 | ) | (7,764,415 | ) | (6,444,209 | ) | (669,623 | ) | ||||||||||||||||||
1,113,021 | 363,927,111 | 112,751,242 | 12,848,203 | 1,113,009 | 1,096,615 | ||||||||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||||||
2,587 | — | 3,043 | — | (173 | ) | (114 | ) | ||||||||||||||||||||||
1,115,608 | 363,927,111 | 112,754,285 | 12,848,203 | 1,112,836 | 1,096,501 | ||||||||||||||||||||||||
$ | (2,471,036 | ) | $ | (228,074,160 | ) | $ | 99,523,522 | $ | 6,168,608 | $ | (5,120,132 | ) | $ | 802,523 |
See Notes to Financial Statements
49 |
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Agribusiness ETF | Gold Miners ETF | |||||||||||||||||||
Year Ended December 31, 2020 |
Year Ended December 31, 2019 |
Year Ended December 31, 2020 |
Year Ended December 31, 2019 |
|||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 8,584,299 | $ | 9,325,082 | $ | 91,180,763 | $ | 81,818,784 | ||||||||||||
Net realized gain (loss) | 11,598,119 | 44,797,316 | 1,036,835,301 | 379,314,111 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | 60,982,374 | 90,494,954 | 1,508,513,719 | 3,098,738,866 | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 81,164,792 | 144,617,352 | 2,636,529,783 | 3,559,871,761 | ||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (8,649,640 | ) | (9,500,095 | ) | (85,977,700 | ) | (83,020,376 | ) | ||||||||||||
Share transactions:** | ||||||||||||||||||||
Proceeds from sale of shares | 106,178,252 | 105,326,430 | 4,987,854,222 | 3,041,614,263 | ||||||||||||||||
Cost of shares redeemed | (101,652,572 | ) | (280,400,157 | ) | (4,033,614,138 | ) | (4,095,425,966 | ) | ||||||||||||
Increase (decrease) in net assets resulting from share transactions | 4,525,680 | (175,073,727 | ) | 954,240,084 | (1,053,811,703 | ) | ||||||||||||||
Total increase (decrease) in net assets | 77,040,832 | (39,956,470 | ) | 3,504,792,167 | 2,423,039,682 | |||||||||||||||
Net Assets, beginning of year | 716,759,642 | 756,716,112 | 12,998,726,475 | 10,575,686,793 | ||||||||||||||||
Net Assets, end of year | $ | 793,800,474 | $ | 716,759,642 | $ | 16,503,518,642 | $ | 12,998,726,475 | ||||||||||||
** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
Shares sold | 1,450,000 | 1,600,000 | 154,150,000 | 110,700,000 | ||||||||||||||||
Shares redeemed | (1,700,000 | ) | (4,400,000 | ) | (138,550,000 | ) | (169,500,000 | ) | ||||||||||||
Net increase (decrease) | (250,000 | ) | (2,800,000 | ) | 15,600,000 | (58,800,000 | ) |
See Notes to Financial Statements
50 |
Junior Gold Miners ETF | Low Carbon Energy ETF | Natural Resources ETF | ||||||||||||||||||||||||||
Year Ended December 31, 2020 |
Year Ended December 31, 2019 |
Year Ended December 31, 2020 |
Year Ended December 31, 2019 |
Year Ended December 31, 2020 |
Year Ended December 31, 2019 | |||||||||||||||||||||||
$ | 24,991,250 | $ | 10,138,692 | $ | 225,072 | $ | 70,269 | $ | 1,288,402 | $ | 1,907,303 | |||||||||||||||||
661,439,961 | 389,351,781 | 42,010,149 | 3,957,336 | (1,997,874 | ) | 1,861,690 | ||||||||||||||||||||||
532,899,939 | 1,159,349,428 | 91,345,627 | 24,995,612 | (1,678,874 | ) | 8,604,689 | ||||||||||||||||||||||
1,219,331,150 | 1,558,839,901 | 133,580,848 | 29,023,217 | (2,388,346 | ) | 12,373,682 | ||||||||||||||||||||||
(99,001,811 | ) | (19,760,414 | ) | (149,937 | ) | — | (1,274,940 | ) | (1,900,000 | ) | ||||||||||||||||||
2,296,605,753 | 1,571,000,381 | 32,017,566 | 3,279,996 | 11,167,537 | 3,749,265 | |||||||||||||||||||||||
(2,321,187,674 | ) | (2,164,254,798 | ) | — | (6,568,905 | ) | (25,822,931 | ) | (21,011,129 | ) | ||||||||||||||||||
(24,581,921 | ) | (593,254,417 | ) | 32,017,566 | (3,288,909 | ) | (14,655,394 | ) | (17,261,864 | ) | ||||||||||||||||||
1,095,747,418 | 945,825,070 | 165,448,477 | 25,734,308 | (18,318,680 | ) | (6,788,182 | ) | |||||||||||||||||||||
5,219,220,254 | 4,273,395,184 | 104,710,054 | 78,975,746 | 70,493,949 | 77,282,131 | |||||||||||||||||||||||
$ | 6,314,967,672 | $ | 5,219,220,254 | $ | 270,158,531 | $ | 104,710,054 | $ | 52,175,269 | $ | 70,493,949 | |||||||||||||||||
58,350,000 | 44,500,000 | 250,000 | 50,000 | 300,000 | 100,000 | |||||||||||||||||||||||
(65,100,000 | ) | (63,300,000 | ) | — | (100,000 | ) | (850,000 | ) | (600,000 | ) | ||||||||||||||||||
(6,750,000 | ) | (18,800,000 | ) | 250,000 | (50,000 | ) | (550,000 | ) | (500,000 | ) |
See Notes to Financial Statements
51 |
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
Oil Refiners ETF | Oil Services ETF (a) | |||||||||||||||||||
Year Ended December 31, 2020 |
Year Ended December 31, 2019 |
Year Ended December 31, 2020 |
Year Ended December 31, 2019 | |||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 463,107 | $ | 472,933 | $ | 8,553,781 | $ | 17,732,991 | ||||||||||||
Net realized loss | (4,049,751 | ) | (4,102,029 | ) | (600,555,052 | ) | (732,283,769 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) | 1,115,608 | 6,240,728 | 363,927,111 | 792,379,286 | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,471,036 | ) | 2,611,632 | (228,074,160 | ) | 77,828,508 | ||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (450,520 | ) | (496,080 | ) | (8,700,087 | ) | (17,651,031 | ) | ||||||||||||
Return of capital | (11,480 | ) | — | — | — | |||||||||||||||
Total distributions | (462,000 | ) | (496,080 | ) | (8,700,087 | ) | (17,651,031 | ) | ||||||||||||
Share transactions:** | ||||||||||||||||||||
Proceeds from sale of shares | 10,352,663 | 21,310,441 | 1,565,472,841 | 1,831,589,993 | ||||||||||||||||
Cost of shares redeemed | (24,728,022 | ) | (37,120,710 | ) | (1,378,601,348 | ) | (2,163,278,689 | ) | ||||||||||||
Increase (decrease) in net assets resulting from share transactions | (14,375,359 | ) | (15,810,269 | ) | 186,871,493 | (331,688,696 | ) | |||||||||||||
Total increase (decrease) in net assets | (17,308,395 | ) | (13,694,717 | ) | (49,902,754 | ) | (271,511,219 | ) | ||||||||||||
Net Assets, beginning of year | 34,814,499 | 48,509,216 | 773,323,563 | 1,044,834,782 | ||||||||||||||||
Net Assets, end of year | $ | 17,506,104 | $ | 34,814,499 | $ | 723,420,809 | $ | 773,323,563 | ||||||||||||
** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
Shares sold | 525,000 | 700,000 | 11,320,000 | 6,570,000 | ||||||||||||||||
Shares redeemed | (1,025,000 | ) | (1,300,000 | ) | (9,532,500 | ) | (7,380,000 | ) | ||||||||||||
Net increase (decrease) | (500,000 | ) | (600,000 | ) | 1,787,500 | (810,000 | ) |
(a) | Share activity has been adjusted to reflect the 1 for 20 reverse share split which took place on April 15, 2020 (See Note 11). |
(b) | Share activity has been adjusted to reflect the 1 for 3 reverse share split which took place on April 15, 2020 (See Note 11). |
(c) | Share activity has been adjusted to reflect the 1 for 10 reverse share split which took place on April 15, 2020 (See Note 11). |
See Notes to Financial Statements
52 |
Rare Earth/Strategic Metals ETF (b) | Steel ETF | Unconventional Oil & Gas ETF (c) | ||||||||||||||||||||||||||
Year Ended December 31, 2020 |
Year Ended December 31, 2019 |
Year Ended December 31, 2020 |
Year Ended December 31, 2019 |
Year Ended December 31, 2020 |
Year Ended December 31, 2019 | |||||||||||||||||||||||
$ | 2,402,890 | $ | 3,627,666 | $ | 1,084,820 | $ | 1,819,995 | $ | 211,241 | $ | 286,559 | |||||||||||||||||
(15,633,653 | ) | (34,444,235 | ) | (7,764,415 | ) | (4,736,577 | ) | (6,444,209 | ) | (6,395,006 | ) | |||||||||||||||||
112,754,285 | 20,064,586 | 12,848,203 | 9,706,290 | 1,112,836 | 8,707,027 | |||||||||||||||||||||||
99,523,522 | (10,751,983 | ) | 6,168,608 | 6,789,708 | (5,120,132 | ) | 2,598,580 | |||||||||||||||||||||
(2,500,183 | ) | (3,000,424 | ) | (1,160,720 | ) | (1,830,265 | ) | (175,001 | ) | (350,000 | ) | |||||||||||||||||
— | — | (89,230 | ) | — | — | — | ||||||||||||||||||||||
(2,500,183 | ) | (3,000,424 | ) | (1,249,950 | ) | (1,830,265 | ) | (175,001 | ) | (350,000 | ) | |||||||||||||||||
133,894,168 | 179,145,791 | 32,148,724 | 22,421,304 | — | 1,675,305 | |||||||||||||||||||||||
(101,731,782 | ) | (64,994,094 | ) | (26,219,056 | ) | (18,873,013 | ) | (3,221,221 | ) | (14,385,844 | ) | |||||||||||||||||
32,162,386 | 114,151,697 | 5,929,668 | 3,548,291 | (3,221,221 | ) | (12,710,539 | ) | |||||||||||||||||||||
129,185,725 | 100,399,290 | 10,848,326 | 8,507,734 | (8,516,354 | ) | (10,461,959 | ) | |||||||||||||||||||||
192,936,835 | 92,537,545 | 66,041,767 | 57,534,033 | 19,600,656 | 30,062,615 | |||||||||||||||||||||||
$ | 322,122,560 | $ | 192,936,835 | $ | 76,890,093 | $ | 66,041,767 | $ | 11,084,302 | $ | 19,600,656 | |||||||||||||||||
2,933,333 | 4,033,333 | 800,000 | 600,000 | — | 15,000 | |||||||||||||||||||||||
(2,783,333 | ) | (1,533,333 | ) | (825,000 | ) | (500,000 | ) | (30,000 | ) | (115,000 | ) | |||||||||||||||||
150,000 | 2,500,000 | (25,000 | ) | 100,000 | (30,000 | ) | (100,000 | ) |
See Notes to Financial Statements
53 |
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
Uranium+Nuclear Energy ETF | ||||||||||
Year Ended | Year Ended | |||||||||
December 31, | December 31, | |||||||||
2020 | 2019 | |||||||||
Operations: | ||||||||||
Net investment income | $ | 375,645 | $ | 516,417 | ||||||
Net realized loss | (669,623 | ) | (123,124 | ) | ||||||
Net change in unrealized appreciation (depreciation) | 1,096,501 | (269,910 | ) | |||||||
Net increase in net assets resulting from operations | 802,523 | 123,383 | ||||||||
Distributions to shareholders: | ||||||||||
From distributable earnings | (401,975 | ) | (550,019 | ) | ||||||
Share transactions:** | ||||||||||
Cost of shares redeemed | (5,037,717 | ) | (2,503,957 | ) | ||||||
Decrease in net assets resulting from share transactions | (5,037,717 | ) | (2,503,957 | ) | ||||||
Total decrease in net assets | (4,637,169 | ) | (2,930,593 | ) | ||||||
Net Assets, beginning of year | 22,730,405 | 25,660,998 | ||||||||
Net Assets, end of year | $ | 18,093,236 | $ | 22,730,405 | ||||||
** Shares of Common Stock Issued (no par value) | ||||||||||
Shares redeemed | (100,000 | ) | (50,000 | ) | ||||||
Net decrease | (100,000 | ) | (50,000 | ) |
See Notes to Financial Statements
54 |
VANECK VECTORS ETF TRUST
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
(c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
55 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
(c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
(d) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
See Notes to Financial Statements
56 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
(c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
(d) | The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the year due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund. |
See Notes to Financial Statements
57 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
(c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
(d) | The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the year due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund. |
# | On April 15, 2020, the Fund effected a 1 for 20 reverse share split (See Note 11). Per share data prior to April 15, 2020 has been adjusted to reflect the reverse share split. |
## | On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 11). Per share data prior to April 15, 2020 has been adjusted to reflect the reverse share split. |
See Notes to Financial Statements
58 |
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
(c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
# | On April 15, 2020, The Fund effected a 1 for 10 reverse share split (See Note 11). Per share data prior to April 15, 2020 has been adjusted to reflect the reverse share split. |
See Notes to Financial Statements
59 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
(a) | Calculated based upon average shares outstanding |
(b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return includes adjustments in accordance with U.S. generally accepted accounting principles and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
(c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
60 |
VANECK VECTORS ETF TRUST
December 31, 2020
Note 1—Fund Organization—VanEck Vectors 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 | |
Gold Miners 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 | |
Unconventional Oil & Gas ETF | Non-Diversified | |
Uranium+Nuclear Energy ETF | Non-Diversified |
Each Fund 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.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services—Investment Companies.
The following summarizes the Funds’ significant accounting policies.
A. | Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of Van Eck Associates Corporation (the “Adviser”) provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review |
61 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. | |
Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. | |
The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below: | |
Level 1 — Quoted prices in active markets for identical securities. | |
Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). | |
A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. | |
B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. |
C. | Distributions to Shareholders—Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
D. | Currency Translation—Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. |
E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
62 |
F. | Offsetting Assets and Liabilities—In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may pledge or receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at December 31, 2020 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending). |
G. | Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned. |
The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. | |
In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of 0.50% of each Fund’s average daily net assets (except for Oil Services ETF). The management fee rate for Oil Services ETF is 0.35%. The Adviser has agreed, until at least May 1, 2021 to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding expense limitations listed in the table below.
The current expense limitations for the year ended December 31, 2020 are as follows:
Fund | Expense Limitations | |||
Agribusiness ETF | 0.56 | % | ||
Gold Miners ETF | 0.53 | |||
Junior Gold Miners ETF | 0.56 | |||
Low Carbon Energy ETF | 0.62 | |||
Natural Resources ETF | 0.49 | |||
Oil Refiners ETF | 0.59 | |||
Oil Services ETF | 0.35 | |||
Rare Earth/Strategic Metals ETF | 0.57 | |||
Steel ETF | 0.55 | |||
Unconventional Oil & Gas ETF | 0.54 | |||
Uranium+Nuclear Energy ETF | 0.60 |
Refer to Statement of Operations for the amounts waived/assumed by the Adviser.
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
At December 31, 2020, the Adviser owned 2,500 shares of Gold Miners ETF.
Note 4—Capital Share Transactions—As of December 31, 2020, 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”).
63 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to 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, 2020, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and 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 | $ | 79,844,412 | $ | 80,180,545 | $ | 101,671,061 | $ | 96,603,670 | ||||||||
Gold Miners ETF | 1,901,606,567 | 1,909,646,632 | 4,987,916,767 | 4,032,695,421 | ||||||||||||
Junior Gold Miners ETF | 1,838,686,125 | 1,917,585,976 | 2,295,670,869 | 2,320,860,558 | ||||||||||||
Low Carbon Energy ETF | 118,873,764 | 118,600,358 | 32,018,541 | — | ||||||||||||
Natural Resources ETF | 12,872,534 | 13,441,193 | 10,829,073 | 25,062,501 | ||||||||||||
Oil Refiners ETF | 6,802,135 | 8,938,723 | 8,599,720 | 20,805,481 | ||||||||||||
Oil Services ETF | 168,336,306 | 168,033,988 | 1,313,023,985 | 1,126,206,001 | ||||||||||||
Rare Earth/Strategic Metals ETF | 133,994,752 | 119,889,659 | 79,560,938 | 61,504,112 | ||||||||||||
Steel ETF | 16,686,551 | 16,988,651 | 32,170,634 | 26,287,430 | ||||||||||||
Unconventional Oil & Gas ETF | 2,507,011 | 2,472,434 | — | 3,221,244 | ||||||||||||
Uranium+Nuclear Energy ETF | 4,747,154 | 4,745,942 | — | 5,005,026 |
Note 6—Income Taxes—As of December 31, 2020, 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 | $ | 661,795,503 | $ | 200,296,842 | $ | (68,244,017 | ) | $ | 132,052,825 | |||||||
Gold Miners ETF | 12,888,648,702 | 4,153,804,987 | (429,226,905 | ) | 3,724,578,082 | |||||||||||
Junior Gold Miners ETF | 5,328,228,763 | 1,506,811,485 | (343,915,689 | ) | 1,162,895,796 | |||||||||||
Low Carbon Energy ETF | 159,790,118 | 125,059,847 | (687,006 | ) | 124,372,841 | |||||||||||
Natural Resources ETF | 49,356,990 | 10,383,508 | (7,339,173 | ) | 3,044,335 | |||||||||||
Oil Refiners ETF | 19,706,249 | 2,573,876 | (4,757,910 | ) | (2,184,034 | ) | ||||||||||
Oil Services ETF | 950,795,470 | 67,754,108 | (272,392,125 | ) | (204,638,017 | ) | ||||||||||
Rare Earth/Strategic Materials ETF | 252,304,648 | 96,767,495 | (17,439,218 | ) | 79,328,277 | |||||||||||
Steel ETF | 73,634,278 | 8,854,957 | (4,200,663 | ) | 4,654,294 | |||||||||||
Unconventional Oil & Gas ETF | 23,043,840 | 1,036,686 | (12,744,341 | ) | (11,707,655 | ) | ||||||||||
Uranium+Nuclear Energy ETF | 17,762,050 | 2,717,020 | (1,373,846 | ) | 1,343,174 |
64 |
At December 31, 2020, the components of total distributable earnings (losses) on a tax basis, for each Fund, were as follows:
Fund | Undistributed Ordinary Income |
Accumulated Capital Losses |
Qualified Late Year Losses* |
Other Temporary Differences |
Unrealized Appreciation (Depreciation) |
Total Distributable Earnings (Losses) | ||||||||||||||||||
Agribusiness ETF | $ | 296,345 | $ | (717,283,926 | ) | $ | — | $ | (531,980 | ) | $ | 132,080,468 | $ | (585,439,093 | ) | |||||||||
Gold Miners ETF | 8,113,614 | (10,546,342,164 | ) | — | (1,097,033 | ) | 3,724,580,306 | (6,814,745,277 | ) | |||||||||||||||
Junior Gold Miners ETF | 62,653,148 | (4,397,830,326 | ) | — | (270,590 | ) | 1,162,897,794 | (3,172,549,974 | ) | |||||||||||||||
Low Carbon Energy ETF | 89,513 | (54,410,011 | ) | — | (13,364 | ) | 124,382,670 | 70,048,808 | ||||||||||||||||
Natural Resources ETF | 35,329 | (43,851,410 | ) | — | (13,734 | ) | 3,046,733 | (40,783,082 | ) | |||||||||||||||
Oil Refiners ETF | — | (6,329,757 | ) | — | (639 | ) | (2,180,765 | ) | (8,511,161 | ) | ||||||||||||||
Oil Services ETF | 93,298 | (1,586,132,380 | ) | — | (182,953 | ) | (204,638,017 | ) | (1,790,860,052 | ) | ||||||||||||||
Rare Earth/Strategic Materials ETF | 1,882,860 | (314,911,951 | ) | — | (17,274 | ) | 79,334,543 | (233,711,822 | ) | |||||||||||||||
Steel ETF | — | (150,591,926 | ) | — | (18,069 | ) | 4,654,294 | (145,955,701 | ) | |||||||||||||||
Unconventional Oil & Gas ETF | 45,285 | (51,256,541 | ) | — | (4,284 | ) | (11,707,650 | ) | (62,923,190 | ) | ||||||||||||||
Uranium+Nuclear Energy ETF | 520,596 | (84,431,140 | ) | — | (11,932 | ) | 1,343,121 | (82,579,355 | ) |
* | Qualified late year losses incurred after October 31, 2020 are deemed to arise on the January 1, 2021. |
The tax character of dividends paid to shareholders during the years ended December 31, 2020 and December 31, 2019 was as follows:
2020 Dividends | 2019 Dividends | |||||||||||
Fund | Ordinary Income * |
Return of Capital |
Ordinary Income * |
|||||||||
Agribusiness ETF | $ | 8,649,640 | $ | — | $ | 9,500,095 | ||||||
Gold Miners ETF | 85,977,700 | — | 83,020,376 | |||||||||
Junior Gold Miners ETF | 99,001,811 | — | 19,760,414 | |||||||||
Low Carbon Energy ETF | 149,937 | — | — | |||||||||
Natural Resources ETF | 1,274,940 | — | 1,900,000 | |||||||||
Oil Refiners ETF | 450,520 | 11,480 | 496,080 | |||||||||
Oil Services ETF | 8,700,087 | — | 17,651,031 | |||||||||
Rare Earth/Strategic Materials ETF | 2,500,183 | — | 3,000,424 | |||||||||
Steel ETF | 1,160,720 | 89,230 | 1,830,265 | |||||||||
Unconventional Oil & Gas ETF | 175,001 | — | 350,000 | |||||||||
Uranium+Nuclear Energy ETF | 401,975 | — | 550,019 |
* | Includes short-term capital gains (if any) |
At December 31, 2020, the Funds had capital loss carryforwards available to offset future capital gains, as follow:
Fund | Short-Term Capital Losses with No Expiration |
Long-Term Capital Losses with No Expiration |
Total | |||||||||
Agribusiness ETF | $ | (177,519,804 | ) | $ | (539,764,122 | ) | $ | (717,283,926 | ) | |||
Gold Miners ETF | (1,519,879,482 | ) | (9,026,462,682 | ) | (10,546,342,164 | ) | ||||||
Junior Gold Miners ETF | (1,507,314,030 | ) | (2,890,516,296 | ) | (4,397,830,326 | ) | ||||||
Low Carbon Energy ETF | — | (54,410,011 | ) | (54,410,011 | ) | |||||||
Natural Resources ETF | (3,328,176 | ) | (40,523,234 | ) | (43,851,410 | ) | ||||||
Oil Refiners ETF | (3,155,792 | ) | (3,173,965 | ) | (6,329,757 | ) | ||||||
Oil Services ETF | (154,740,702 | ) | (1,431,391,678 | ) | (1,586,132,380 | ) | ||||||
Rare Earth/Strategic Materials ETF | (81,323,804 | ) | (233,588,147 | ) | (314,911,951 | ) | ||||||
Steel ETF | (8,646,064 | ) | (141,945,862 | ) | (150,591,926 | ) | ||||||
Unconventional Oil & Gas ETF | (7,192,997 | ) | (44,063,544 | ) | (51,256,541 | ) | ||||||
Uranium+Nuclear Energy ETF | (13,943,688 | ) | (70,487,452 | ) | (84,431,140 | ) |
During the year ended December 31, 2020, Junior Gold Miners ETF and Low Carbon Energy ETF, utilized $128,602,802 and $41,917,163 of their capital loss carryovers available from prior years.
65 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
During the year ended December 31, 2020, as a result of permanent book to tax differences, primarily due to the tax treatment of gains/losses from securities redeemed in-kind, 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 Distributable Earnings |
Increase (Decrease) in Aggregate Paid in Capital | ||||||
Agribusiness ETF | $ | (18,335,506 | ) | $ | 18,335,506 | |||
Gold Miners ETF | (1,226,208,198 | ) | 1,226,208,198 | |||||
Junior Gold Miners ETF | (518,196,363 | ) | 518,196,363 | |||||
Natural Resources ETF | (731,531 | ) | 731,531 | |||||
Oil Refiners ETF | 443,518 | (443,518 | ) | |||||
Oil Services ETF | (47,369,009 | ) | 47,369,009 | |||||
Rare Earth/Strategic Materials ETF | (1,301,221 | ) | 1,301,221 | |||||
Steel ETF | (3,504,922 | ) | 3,504,922 | |||||
Unconventional Oil & Gas ETF | 432,883 | (432,883 | ) | |||||
Uranium+Nuclear Energy ETF | (1,188,609 | ) | 1,188,609 |
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2020, 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 respiratory disease caused by a novel coronavirus, which has spread internationally and declared as a pandemic by the World Health Organization, has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, loss of life, as well as general concern and uncertainty. The coronavirus has already negatively impacted the economies of many nations, individual companies, and the market. This pandemic is expected to have a continued impact in ways that cannot necessarily be foreseen presently.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
66 |
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.
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, 2020 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, 2020:
Fund | Market Value of Securities on Loan |
Cash Collateral |
Non-Cash Collateral |
Total Collateral | ||||||||||||
Agribusiness ETF | $ | 35,130,908 | $ | 434,046 | $ | 36,567,540 | $ | 37,001,586 | ||||||||
Gold Miners ETF | 277,024,023 | 124,038,217 | 168,762,740 | 292,800,957 | ||||||||||||
Junior Gold Miners ETF | 281,119,293 | 187,646,529 | 108,390,734 | 296,037,263 | ||||||||||||
Low Carbon Energy ETF | 56,269,478 | 13,994,705 | 44,607,780 | 58,602,485 | ||||||||||||
Natural Resources ETF | 2,644,227 | 340,095 | 2,437,865 | 2,777,960 | ||||||||||||
Oil Refiners ETF | 634,148 | — | 666,146 | 666,146 | ||||||||||||
Oil Services ETF | 40,399,525 | 22,425,566 | 20,392,026 | 42,817,592 | ||||||||||||
Rare Earth/Strategic Metals ETF | 49,851,637 | 9,421,120 | 42,589,617 | 52,010,737 | ||||||||||||
Steel ETF | 14,911,116 | 1,467,173 | 14,242,723 | 15,709,896 | ||||||||||||
Unconventional Oil & Gas ETF | 523,899 | 253,074 | 303,286 | 556,360 | ||||||||||||
Uranium+Nuclear Energy ETF | 975,422 | 1,037,199 | — | 1,037,199 |
The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2020:
Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities | ||||
Fund | Equity Securities | |||
Agribusiness ETF | $ | 434,046 | ||
Gold Miners ETF | 124,038,217 | |||
Junior Gold Miners ETF | 187,646,529 | |||
Low Carbon Energy ETF | 13,994,705 | |||
Natural Resources ETF | 340,095 | |||
Oil Services ETF | 22,425,566 | |||
Rare Earth/Strategic Metals ETF | 9,421,120 | |||
Steel ETF | 1,467,173 | |||
Unconventional Oil & Gas ETF | 253,074 | |||
Uranium+Nuclear Energy ETF | 1,037,199 |
* | Remaining contractual maturity of the agreements: overnight and continuous |
67 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
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, 2020, the following Funds borrowed under this Facility:
Fund | Days Outstanding |
Average Daily Loan Balance |
Average Interest Rate | |||||||||
Agribusiness ETF | 146 | $ | 946,165 | 1.67 | % | |||||||
Gold Miners ETF | 149 | 5,734,792 | 1.75 | |||||||||
Junior Gold Miners ETF | 69 | 13,078,780 | 2.66 | |||||||||
Low Carbon Energy ETF | 94 | 311,430 | 1.43 | |||||||||
Natural Resources ETF | 157 | 148,344 | 1.76 | |||||||||
Oil Refiners ETF | 29 | 162,825 | 2.07 | |||||||||
Oil Services ETF | 127 | 1,068,194 | 1.93 | |||||||||
Rare Earth/Strategic Metals ETF | 265 | 1,177,800 | 1.83 | |||||||||
Steel ETF | 143 | 170,802 | 2.00 |
Outstanding loan balances as of December 31, 2020, if any, are reflected in the Statements of Assets and Liabilities.
Note 11—Share Split—The Board of Trustees approved a 1 for 20 reverse share split for Oil Services ETF, a 1 for 3 reverse share split for Rare Earth/Strategic Metals ETF, and a 1 for 10 reverse share split for Unconventional Oil & Gas ETF. On April 15, 2020, shares began trading on a split-adjusted basis. The Statements of Changes in net Assets and Financial Highlights prior to April 15, 2020 have been adjusted to reflect these reverse share splits.
Note 12—Recent Accounting Pronouncements—The Funds adopted all provisions of the Accounting Standards Update No. 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) that eliminate and modify certain disclosure requirements for fair value measurements. Based on management’s evaluation, the adoption of the ASU 2018-13 had no material impact on the financial statements and related disclosures.
Note 13—Subsequent Event Review—The Funds have evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.
At a meeting held on February 24, 2021, the Board of Trustees of the Trust approved changing VanEck Vectors Low Carbon Energy ETF benchmark index from the Ardour Global Index (Extra Liquid) to the MVIS Global Low Carbon Energy Index effective on or after April 26, 2021. As a result of this change they also approved changing the Funds investment objective and its principal investment strategy. The Fund will seek to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS Global Low Carbon Energy Index.
68 |
VANECK VECTORS ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of VanEck Vectors Agribusiness ETF, VanEck Vectors Gold Miners ETF, VanEck Vectors Junior Gold Miners ETF, VanEck Vectors Low Carbon Energy ETF, VanEck Vectors Natural Resources ETF, VanEck Vectors Oil Refiners ETF, VanEck Vectors Oil Services ETF, VanEck Vectors Rare Earth/Strategic Metals ETF, VanEck Vectors Steel ETF, VanEck Vectors Unconventional Oil & Gas ETF and VanEck Vectors Uranium+Nuclear Energy ETF and the Board of Trustees of VanEck Vectors ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of VanEck Vectors Agribusiness ETF, VanEck Vectors Gold Miners ETF, VanEck Vectors Junior Gold Miners ETF, VanEck Vectors Low Carbon Energy ETF, VanEck Vectors Natural Resources ETF, VanEck Vectors Oil Refiners ETF, VanEck Vectors Oil Services ETF, VanEck Vectors Rare Earth/Strategic Metals ETF, VanEck Vectors Steel ETF, VanEck Vectors Unconventional Oil & Gas ETF and VanEck Vectors Uranium+Nuclear Energy ETF (collectively referred to as the “Funds”) (eleven of the series constituting VanEck Vectors ETF Trust (the “Trust”)), including the schedules of investments, as of December 31, 2020, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (eleven of the series constituting VanEck Vectors ETF Trust) at December 31, 2020, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from broker were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more of the VanEck investment companies since 1999.
New York, New York
February 25, 2021
69 |
VANECK VECTORS ETF TRUST
(unaudited)
The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2020:
Record Date | 12/22/2020 |
Ex Date | 12/21/2020 |
Payable Date | 12/28/2020 |
Agribusiness ETF |
Gold Miners ETF |
Junior Gold Miners ETF |
Low Carbon Energy ETF |
Natural Resources ETF |
Oil Refiners ETF | |||||||||||||||||||||||||
Total Distribution Paid Per Share | $ | 0.856400 | $ | 0.189900 | $ | 0.855400 | $ | 0.091800 | $ | 0.944400 | $ | 0.643600 | ||||||||||||||||||
Ordinary Income Per Share | $ | 0.856400 | $ | 0.189900 | $ | 0.855400 | $ | 0.091800 | $ | 0.944400 | $ | 0.627200 | ||||||||||||||||||
Return of Capital Per Share | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.016400 | (a) | |||||||||||||||||
Ordinary Income: | ||||||||||||||||||||||||||||||
Qualified Dividend Income for Individuals | 100.00 | % | 100.00 | %* | 33.70 | %* | 100.00 | % | 97.50 | %* | 100.00 | %* | ||||||||||||||||||
Dividends Qualifying for the Dividends Received Deduction for Corporations | 49.71 | % | 37.95 | %* | 0.38 | %* | 97.77 | % | 44.37 | %* | 52.71 | %* | ||||||||||||||||||
Foreign Source Income | — | 75.08 | %* | 32.82 | %* | — | 59.17 | %* | 57.79 | %* | ||||||||||||||||||||
Foreign Taxes Paid Per Share | — | 0.033754 | ** | $ | 0.033378 | ** | $— | $ | 0.047881 | ** | $ | 0.064871 | ** | |||||||||||||||||
Oil Services ETF |
Rare Earth / Strategic Metals ETF |
Steel ETF | Unconventional Oil & Gas ETF |
Uranium+ Nuclear Energy ETF |
||||||||||||||||||||||||||
Total Distribution Paid Per Share | $ | 1.891100 | $ | 0.534800 | $ | 0.833300 | $ | 1.206900 | $ | 1.096400 | ||||||||||||||||||||
Ordinary Income Per Share | $ | 1.891100 | $ | 0.534800 | $ | 0.773813 | $ | 1.206900 | $ | 1.096400 | ||||||||||||||||||||
Return of Capital Per Share | $ | — | $ | — | $ | 0.059487 | (a) | $ | — | $ | — | |||||||||||||||||||
Ordinary Income: | ||||||||||||||||||||||||||||||
Qualified Dividend Income for Individuals | 62.61 | % | 40.93 | %* | 99.80 | %* | 100.00 | % | 100.00 | % | ||||||||||||||||||||
Dividends Qualifying for the Dividends Received Deduction for Corporations | 55.58 | % | — | 31.24 | %* | 100.00 | % | 89.20 | % | |||||||||||||||||||||
Foreign Source Income | — | 29.61 | %* | 62.93 | %* | — | — | |||||||||||||||||||||||
Foreign Taxes Paid Per Share | $ | — | $ | 0.011871 | ** | $ | 0.024901 | ** | — | — |
* | Expressed as a percentage of the ordinary income distribution grossed up for foreign taxes. |
** | The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting dleduction from gross income or may be taken as a credit for taxes paid to foreign governments. |
(a) | A return of capital is not considered taxable income to shareholders. The portion of a distribution which is a dividend is includable in gross income while the portion of the distribution which is not a dividend shall be applied against and reduces the adjusted basis of the stock. Accordingly, shareholders who received these distributions should not include these amounts in taxable income, but instead should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. |
Please consult your tax advisor for proper treatment of this information.
70 |
VANECK VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
December 31, 2020 (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 Outside
the Fund Complex3 During Past Five Years | |||||
Independent Trustees | ||||||||||
David H. Chow, 1957*† | Chairman Trustee | Since 2008 Since 2006 |
Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 56 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Risk and Compliance Committee. | |||||
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). | 56 | Trustee, First Eagle Senior Loan Fund. Formerly, 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). | 67 | Chairman and Independent Director, EULAV Asset Management; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds. | |||||
Peter J. Sidebottom, 1962*† | Trustee | Since 2012 | Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012. | 56 | Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016. | |||||
Richard D. Stamberger, 1959*† | Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (global media company), July 2020 to present; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2019. | 67 | Director, Food and Friends, Inc. | |||||
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 | 67 | Director, National Committee on US-China Relations. | |||||
1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
4 | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
5 | “Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
* | Member of the Audit Committee. |
† | Member of the Nominating and Corporate Governance Committee. |
71 |
VANECK VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
December 31, 2020 (unaudited) (continued)
Officer’s Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 and Length of Time Served |
Principal Occupation(s) During Past Five Years | |||
Officer Information | ||||||
Matthew A. Babinsky, 1983 |
Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Associate, Clifford Chance US LLP. | |||
Russell G. Brennan, 1964 |
Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. | |||
Charles T. Cameron, 1960 |
Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. | |||
John J. Crimmins, 1957 |
Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) |
Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. | |||
Eduardo Escario, 1975 |
Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. | |||
Henry Glynn, 1983 |
Assistant Vice President | Since 2018 | Head of ETF Capital Markets Europe of Van Eck Switzerland AG. Formerly, Member of the Capital Markets team at Vanguard Group. | |||
F. Michael Gozzillo, 1965 |
Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. | |||
Laura Hamilton, 1977 |
Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. | |||
Nicholas Jackson, 1974 |
Assistant Vice President | Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. | |||
Laura I. Martínez, 1980 |
Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) |
Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. | |||
Matthew McKinnon, 1970 |
Assistant Vice President | Since 2018 | Head of Business Development of Asia Pacific of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. | |||
Arian Neiron, 1979 |
Vice President | Since 2018 | Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | |||
James Parker, 1969 |
Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. | |||
Adam Phillips, 1970 |
Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. | |||
Philipp Schlegel, 1974 |
Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. | |||
Jonathan R. Simon, 1974 |
Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer (Since 2014) |
Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. |
1 | The address for each Officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
2 | Officers are elected yearly by the Trustees. |
72 |
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 Vectors 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: | Van Eck Associates Corporation | |
Distributor: | Van Eck Securities Corporation | |
666 Third Avenue, New York, NY 10017 | ||
vaneck.com | ||
Account Assistance: | 800.826.2333 | HAAR |