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
 

 

 

President’s Letter 1
Management Discussion 2
Performance Comparison  
Agribusiness ETF 5
Gold Miners ETF 6
Junior Gold Miners ETF 7
Low Carbon Energy ETF 8
Natural Resources ETF 9
Oil Refiners ETF 10
Oil Services ETF 11
Rare Earth/Strategic Metals ETF 12
Steel ETF 13
Unconventional Oil & Gas ETF 14
Uranium+Nuclear Energy ETF 15
About Fund Performance 16
Explanation of Expenses 17
Schedule of Investments  
Agribusiness ETF 19
Gold Miners ETF 21
Junior Gold Miners ETF 24
Low Carbon Energy ETF 28
Natural Resources ETF 30
Oil Refiners ETF 36
Oil Services ETF 38
Rare Earth/Strategic Metals ETF 39
Steel ETF 41
Unconventional Oil & Gas ETF 42
Uranium+Nuclear Energy ETF 43
Statements of Assets and Liabilities 46
Statements of Operations 48
Statements of Changes in Net Assets 50
Financial Highlights  
Agribusiness ETF 55
Gold Miners ETF 55
Junior Gold Miners ETF 56
Low Carbon Energy ETF 56
Natural Resources ETF 57
Oil Refiners ETF 57
Oil Services ETF 58
Rare Earth/Strategic Metals ETF 58
Steel ETF 59
Unconventional Oil & Gas ETF 59
Uranium+Nuclear Energy ETF 60
Notes to Financial Statements 61
Report of Independent Registered Public Accounting Firm 69
Tax Information 70
Board of Trustees and Officers 71

 

 

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

PRESIDENT’S LETTER

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.

1

VANECK VECTORS ETFs

MANAGEMENT DISCUSSION

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.

2

 

 

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.

3

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
4

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.

5

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.

6

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.

7

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

VANECK VECTORS STEEL ETF

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.

14

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.

15

VANECK VECTORS ETF TRUST

ABOUT FUND PERFORMANCE

(unaudited)

 

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

 

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for 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.

16

VANECK VECTORS ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

 

Hypothetical $1,000 investment at beginning of period

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

 

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

SCHEDULE OF INVESTMENTS

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