SEMI-ANNUAL REPORT
June 30, 2021 (unaudited)

 

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
Explanation of Expenses 3
Schedule of Investments  
Agribusiness ETF 5
Gold Miners ETF 8
Junior Gold Miners ETF 12
Low Carbon Energy ETF 17
Natural Resources ETF 20
Oil Refiners ETF 28
Oil Services ETF 30
Rare Earth/Strategic Metals ETF 32
Steel ETF 34
Unconventional Oil & Gas ETF 36
Uranium+Nuclear Energy ETF 37
Statements of Assets and Liabilities 39
Statements of Operations 42
Statements of Changes in Net Assets 45
Financial Highlights  
Agribusiness ETF 51
Gold Miners ETF 52
Junior Gold Miners ETF 53
Low Carbon Energy ETF 54
Natural Resources ETF 55
Oil Refiners ETF 56
Oil Services ETF 57
Rare Earth/Strategic Metals ETF 58
Steel ETF 59
Unconventional Oil & Gas ETF 60
Uranium+Nuclear Energy ETF 61
Notes to Financial Statements 62
Approval of Investment Management Agreements 69
Funds’ Liquidity Risk Management Program 73

 

Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of June 30, 2021.

 

VANECK VECTORS ETFs

PRESIDENT’S LETTER

June 30, 2021
(unaudited)

 

Dear Fellow Shareholders:

 

The way we think about the financial markets—since no one knows the future for sure—is to identify potential scenarios. Last year, we said that roaring global growth would push interest rates to 1.5%-2.0% during 2021. This already happened in the first and second quarters! Now that we are into the third quarter, what next?

 

The mainstream, high-probability scenario (“Goldilocks”) continues to be that the rate increases pause and stock markets continue to make new highs. To support this idea of strong-but-tapering growth, the first major country that went through the COVID-19 cycle has continued to level off after its boom. Following some temporary weakness in February, China’s manufacturing PMI (Purchasing Managers’ Index) had a greater than expected rise in March (the services PMI soared), thereafter it tended to be on the weaker side. In May, however, while the official manufacturing PMI was a touch stronger than expected, the services PMI showed a significant (and surprising) pullback, raising concerns about the rebalancing. For updates on this, please follow our Emerging Markets Fixed Income Strategy Chief Economist Natalia Gurushina’s daily emails and our monthly China updates.

 

Another scenario is the “Wage Inflation” scenario. I like to distinguish between commodity price inflation and wage inflation. Commodity prices have been rallying strongly since last summer with almost all commodity prices continuing to touch multi-year highs. But wage inflation is more important for financial markets. Wage inflation is the driver of a longer-lasting inflation and can be hard to extinguish. The level of stimulus from the U.S. Federal Reserve we saw in 2020 was unprecedented, as is the spending planned by the new Biden administration. We may find that we are witnessing a paradigm change in the “environment” of the financial markets and a new “dynamic” compared with the last 10 years. And a burst of commodity price inflation isn’t the concern in this “Wage Inflation” scenario, rather the concern is that investment consequences could endure not only through 2021, but also well into 2022. My investment colleagues are divided on whether wage inflation is possible in an over-stimulated yet deflationary world. We’ll see in 2022.

 

The “Too Hot” scenario remains that, with this tremendous stimulus, we expect to see interest rates rise unexpectedly further in the second half of 2021. In fact, I believe there is a chance that 10-year U.S. interest rates can exceed 2.5% by the end of 2021—“Rate Surprise”—and that investors should have this scenario on their radar screens. This could lead to turbulence in financial markets. By definition, bonds will fall further. But again, this may be okay for equities.

 

Last, there is a “Too Cold” scenario. With rates below 1.5% in early July, we are suddenly facing the risk of a deflationary slowdown. Perhaps the markets think that the Fed will tighten—it did slightly signal this at the last meeting—or that the economy will react badly to the lack of new stimulus in 2022. I would call this a flavor of Goldilocks for the financial markets, but not without worries.

 

We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended June 30, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

 

 

Jan F. van Eck

CEO and President

VanEck Vectors ETF Trust

 

July 20, 2021

1

VANECK VECTORS ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

 

PS The investing outlook can 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.

 

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.

2

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, January 1, 2021 to June 30, 2021.

 

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

 

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

 

    Beginning
Account
Value
January 1, 2021
  Ending
Account
Value
June 30, 2021
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
January 1, 2021 -
June 30, 2021*
Agribusiness ETF                
Actual   $1,000.00   $1,170.70   0.52%   $2.80
Hypothetical**   $1,000.00   $1,022.22   0.52%   $2.61
Gold Miners ETF                
Actual   $1,000.00   $942.80   0.51%   $2.46
Hypothetical**   $1,000.00   $1,022.27   0.51%   $2.56
Junior Gold Miners ETF                
Actual   $1,000.00   $858.80   0.51%   $2.35
Hypothetical**   $1,000.00   $1,022.27   0.51%   $2.56
Low Carbon Energy ETF                
Actual   $1,000.00   $973.40   0.54%   $2.64
Hypothetical**   $1,000.00   $1,022.12   0.54%   $2.71
Natural Resources ETF                
Actual   $1,000.00   $1,194.00   0.49%   $2.67
Hypothetical**   $1,000.00   $1,022.36   0.49%   $2.46
Oil Refiners ETF                
Actual   $1,000.00   $1,179.70   0.59%   $3.19
Hypothetical**   $1,000.00   $1,021.87   0.59%   $2.96
Oil Services ETF                
Actual   $1,000.00   $1,423.40   0.35%   $2.10
Hypothetical**   $1,000.00   $1,023.06   0.35%   $1.76
3

VANECK VECTORS ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

 

    Beginning
Account
Value
January 1, 2021
  Ending
Account
Value
June 30, 2021
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
January 1, 2021 -
June 30, 2021*
Rare Earth/Strategic Metals ETF                
Actual   $1,000.00   $1,306.40   0.52%   $2.97
Hypothetical**   $1,000.00   $1,022.22   0.52%   $2.61
Steel ETF                
Actual   $1,000.00   $1,390.20   0.55%   $3.26
Hypothetical**   $1,000.00   $1,022.07   0.55%   $2.76
Unconventional Oil & Gas ETF                
Actual   $1,000.00   $1,739.90   0.54%   $3.67
Hypothetical**   $1,000.00   $1,022.12   0.54%   $2.71
Uranium+Nuclear Energy ETF                
Actual   $1,000.00   $1,060.60   0.60%   $3.07
Hypothetical**   $1,000.00   $1,021.82   0.60%   $3.01

 

* Expenses are equal to the Fund’s annualized expense ratio (for the six months ended June 30, 2021), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
** Assumes annual return of 5% before expenses
4

VANECK VECTORS AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

June 30, 2021 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.9%                
Australia: 1.5%                
Incitec Pivot Ltd. #     3,024,383     $ 5,402,620  
Treasury Wine Estates Ltd. #     1,414,120       12,395,655  
              17,798,275  
Brazil: 2.7%                
Rumo SA *     3,027,300       11,553,314  
Yara International ASA (NOK) #     383,856       20,238,676  
              31,791,990  
Canada: 5.8%                
Nutrien Ltd. (USD) †     1,114,497       67,549,663  
Chile: 1.4%                
Sociedad Quimica y Minera de Chile SA (ADR) †     358,703       16,977,413  
China: 4.8%                
China Mengniu Dairy Co. Ltd. (HKD) # *     5,455,000       32,948,458  
Wilmar International Ltd. (SGD) #     7,128,351       23,908,485  
              56,856,943  
Denmark: 1.1%                
Bakkafrost P/F (NOK) # †     115,866       9,579,808  
Schouw & Co. #     32,660       3,587,240  
              13,167,048  
Germany: 7.3%                
Bayer AG #     1,309,199       79,603,104  
K+S AG # *     480,710       6,553,804  
              86,156,908  
Indonesia: 0.2%                
Golden Agri-Resources Ltd. (SGD) #     10,838,545       1,858,227  
Israel: 0.8%                
ICL Group Ltd. (USD) †     1,419,109       9,735,088  
Japan: 4.4%                
Kubota Corp. # †     1,972,630       39,943,455  
Maruha Nichiro Corp. #     103,200       2,199,531  
NH Foods Ltd. #     186,400       7,252,659  
Nippon Suisan Kaisha Ltd. #     478,300       2,283,054  
              51,678,699  
Malaysia: 1.7%                
IOI Corp. Bhd #     5,813,955       5,266,716  
Kuala Lumpur Kepong Bhd     812,270       3,983,576  
PPB Group Bhd     1,357,380       5,983,393  
Sime Darby Plantation Bhd #     4,516,200       4,332,279  
              19,565,964  
Netherlands: 0.4%                
OCI NV # *     190,147       4,640,432  
    Number
of Shares
    Value  
Norway: 3.0%                
Leroy Seafood Group ASA #     628,454     $ 5,512,491  
Mowi ASA #     857,181       21,835,966  
Salmar ASA #     116,665       7,749,643  
              35,098,100  
Russia: 0.5%                
PhosAgro PJSC (USD) (GDR) #     302,515       6,120,369  
Singapore: 0.7%                
Charoen Pokphand Indonesia Tbk PT (IDR) #     18,050,900       7,789,103  
Switzerland: 0.8%                
Bucher Industries AG #     16,732       8,770,184  
Taiwan: 0.3%                
Taiwan Fertilizer Co. Ltd. #     1,872,000       3,956,587  
Thailand: 0.9%                
Charoen Pokphand Foods PCL (NVDR) #     12,111,336       10,022,495  
United Kingdom: 3.6%                
CNH Industrial NV (USD)     1,972,739       32,984,196  
Genus Plc #     136,142       9,337,339  
              42,321,535  
United States: 58.0%                
AGCO Corp.     130,579       17,024,890  
Archer-Daniels-Midland Co.     975,574       59,119,784  
Balchem Corp.     59,466       7,805,507  
Bunge Ltd.     262,861       20,542,587  
CF Industries Holdings, Inc.     371,751       19,126,589  
Corteva, Inc.     1,327,886       58,891,744  
Darling Ingredients, Inc. *     245,889       16,597,507  
Deere & Co.     276,507       97,526,784  
Elanco Animal Health, Inc. *     689,014       23,901,896  
FMC Corp.     246,001       26,617,308  
IDEXX Laboratories, Inc. *     138,574       87,516,410  
Mosaic Co.     715,393       22,828,191  
Neogen Corp. *     172,632       7,947,977  
Pilgrim’s Pride Corp. *     122,395       2,714,721  
Sanderson Farms, Inc.     34,772       6,536,093  
Toro Co.     204,359       22,454,967  
Tractor Supply Co.     202,631       37,701,524  
Tyson Foods, Inc.     607,079       44,778,147  
Zoetis, Inc.     546,996       101,938,175  
              681,570,801  
Total Common Stocks
(Cost: $966,675,218)
            1,173,425,824  


 

See Notes to Financial Statements

5

VANECK VECTORS AGRIBUSINESS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Number
of Shares
    Value  
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7%
(Cost: $8,660,946)
       
Money Market Fund: 0.7%                
State Street Navigator Securities Lending Government Money Market Portfolio     8,660,946     $ 8,660,946  
Total Investments: 100.6%
(Cost: $975,336,164)
            1,182,086,770  
Liabilities in excess of other assets: (0.6)%             (6,838,365 )
NET ASSETS: 100.0%           $ 1,175,248,405  


 

 

Definitions:
ADR   American Depositary Receipt
GDR   Global Depositary Receipt
HKD   Hong Kong Dollar
IDR   Indonesian Rupiah
NOK   Norwegian Krone
NVDR   Non-Voting Depositary Receipt
SGD   Singapore Dollar
USD   United States Dollar
     
Footnotes:
#   Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $343,088,380 which represents 29.2% of net assets.
*   Non-income producing
  Security fully or partially on loan. Total market value of securities on loan is $46,191,985.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
                   Value  
Consumer Discretionary                  3.2 %   $ 37,701,524  
Consumer Staples     27.2       318,777,619  
Health Care     26.4       310,244,900  
Industrials     19.6       230,257,790  
Materials     23.6       276,443,991  
      100.0 %   $ 1,173,425,824  

 

See Notes to Financial Statements

6

 

 

The summary of inputs used to value the Fund’s investments as of June 30, 2021 is as follows:

 

    Level 1
Quoted
Prices
   

Level 2
Significant
Observable

Inputs

    Level 3
Significant Unobservable
Inputs
    Value  
Common Stocks                                
Australia   $     $ 17,798,275     $     $ 17,798,275  
Brazil     11,553,314       20,238,676             31,791,990  
Canada     67,549,663                   67,549,663  
Chile     16,977,413                   16,977,413  
China           56,856,943             56,856,943  
Denmark           13,167,048             13,167,048  
Germany           86,156,908             86,156,908  
Indonesia           1,858,227             1,858,227  
Israel     9,735,088                   9,735,088  
Japan           51,678,699             51,678,699  
Malaysia     9,966,969       9,598,995             19,565,964  
Netherlands           4,640,432             4,640,432  
Norway           35,098,100             35,098,100  
Russia           6,120,369             6,120,369  
Singapore           7,789,103             7,789,103  
Switzerland           8,770,184             8,770,184  
Taiwan           3,956,587             3,956,587  
Thailand           10,022,495             10,022,495  
United Kingdom     32,984,196       9,337,339             42,321,535  
United States     681,570,801                   681,570,801  
Money Market Fund     8,660,946                   8,660,946  
Total Investments   $ 838,998,390     $ 343,088,380     $     $ 1,182,086,770  

 

See Notes to Financial Statements

7

VANECK VECTORS GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2021 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.8%                
Australia: 12.9%                
Evolution Mining Ltd. # ‡     86,300,613     $ 291,897,026  
Gold Road Resources Ltd. # ‡     44,491,168       42,077,491  
Newcrest Mining Ltd. #     37,986,850       721,143,559  
Northern Star Resources Ltd. # ‡     58,762,662       432,020,428  
OceanaGold Corp. (CAD) * † ‡     35,556,872       67,478,518  
Perseus Mining Ltd. # * † ‡     61,945,321       67,890,765  
Ramelius Resources Ltd. # † ‡     41,114,014       52,274,979  
Regis Resources Ltd. # ‡     38,083,786       67,493,539  
Resolute Mining Ltd. # * † ‡     55,754,933       21,167,353  
Silver Lake Resources Ltd. # * ‡     44,526,247       55,522,417  
St Barbara Ltd. # ‡     35,760,585       45,799,556  
Westgold Resources Ltd. # * ‡     21,407,917       30,234,321  
              1,894,999,952  
Brazil: 6.0%                
Wheaton Precious Metals Corp. (USD) †     20,143,813       887,737,839  
Burkina Faso: 0.5%                
IAMGOLD Corp. (USD) * ‡     24,065,131       70,992,136  
Canada: 45.0%                
Agnico Eagle Mines Ltd. (USD)     10,464,812       632,597,885  
Alamos Gold, Inc. (USD) ‡     19,836,324       151,747,879  
B2Gold Corp. (USD) † ‡     53,131,391       223,683,156  
Barrick Gold Corp. (USD)     79,598,320       1,646,093,258  
Dundee Precious Metals, Inc. ‡     9,191,330       55,743,268  
Endeavour Silver Corp. (USD) * † ‡     8,484,771       51,926,798  
Equinox Gold Corp. (USD) * † ‡     15,095,479       104,913,579  
First Majestic Silver Corp. (USD) † ‡     12,689,492       200,620,869  
Fortuna Silver Mines, Inc. (USD) * † ‡     9,359,934       51,947,634  
Franco-Nevada Corp. (USD) †     8,550,035       1,240,353,577  
K92 Mining, Inc. * † ‡     11,136,582       80,581,260  
Kinross Gold Corp. (USD) ‡     63,700,154       404,495,978  
Kirkland Lake Gold Ltd. † ‡     13,488,347       520,341,061  
New Gold, Inc. (USD) * ‡     34,380,498       62,228,701  
Osisko Gold Royalties Ltd. (USD) † ‡     8,457,909       115,873,353  
Pan American Silver Corp. (USD) † ‡     10,620,800       303,436,256  
    Number
of Shares
    Value  
Canada (continued)                
Pretium Resources, Inc. (USD) * † ‡     9,486,912     $ 90,694,879  
Sandstorm Gold Ltd. (USD) * † ‡     9,861,776       77,809,413  
Silvercorp Metals, Inc. (USD) † ‡     8,883,433       48,770,047  
SSR Mining, Inc. (USD) † ‡     11,122,470       173,399,307  
Torex Gold Resources, Inc. * † ‡     4,329,500       49,927,530  
Victoria Gold Corp. * † ‡     3,152,179       46,965,762  
Wesdome Gold Mines Ltd. * † ‡     7,054,611       66,996,871  
Yamana Gold, Inc. (USD) † ‡     48,774,377       205,827,871  
              6,606,976,192  
China: 3.5%                
Zhaojin Mining Industry Co. Ltd. (HKD) # † ‡     131,836,000       125,344,793  
Zijin Mining Group Co. Ltd. (HKD) # ‡     289,822,000       388,830,892  
              514,175,685  
Egypt: 0.6%                
Centamin Plc (GBP) # ‡     58,409,507       81,820,126  
Kyrgyzstan: 0.8%                
Centerra Gold, Inc. (CAD) ‡     14,985,385       113,875,856  
Peru: 0.8%                
Cia de Minas Buenaventura SAA (ADR) * ‡     12,814,558       115,971,750  
South Africa: 3.8%                
DRDGOLD Ltd. (ADR) † ‡     4,366,876       47,467,942  
Gold Fields Ltd. (ADR) † ‡     44,836,420       399,044,138  
Harmony Gold Mining Co. Ltd. (ADR) † ‡     31,115,308       116,060,099  
              562,572,179  
Tanzania: 2.7%                
AngloGold Ashanti Ltd. (ADR) † ‡     21,078,501       391,638,549  
Turkey: 0.6%                
Eldorado Gold Corp. (USD) * † ‡     9,182,596       91,366,830  
United Kingdom: 1.9%                
Endeavour Mining Plc (CAD) † ‡     12,738,133       273,834,370  
United States: 20.7%                
Argonaut Gold, Inc. (CAD) * ‡     15,660,453       37,560,805  
Coeur Mining, Inc. * ‡     12,986,027       115,315,920  
GoGold Resources, Inc. (CAD) * ‡     13,915,696       34,612,246  
Hecla Mining Co. ‡     27,049,384       201,247,417  
Newmont Corp.     35,859,325       2,272,764,018  


 

See Notes to Financial Statements

8

 

 

    Number
of Shares
    Value  
United States (continued)                
Royal Gold, Inc. ‡     3,313,667     $ 378,089,405  
              3,039,589,811  
Total Common Stocks
(Cost: $12,649,498,844)
            14,645,551,275  
                 
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 1.2%

(Cost: $172,349,967)
 
Money Market Fund: 1.2%                
State Street Navigator Securities Lending Government Money Market Portfolio     172,349,967       172,349,967  
Total Investments: 101.0%
(Cost: $12,821,848,811)
            14,817,901,242  
Liabilities in excess of other assets: (1.0)%       (152,131,642)  
NET ASSETS: 100.0%           $ 14,665,769,600  

 


 

 

Definitions:

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

 

Footnotes:

#   Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $2,423,517,245 which represents 16.5% of net assets.
  Affiliated issuer – as defined under the Investment Company Act of 1940.
  Security fully or partially on loan. Total market value of securities on loan is $318,945,380.
*   Non-income producing

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
                   Value  
Gold                94.0 %   $ 13,752,990,009  
Precious Metals & Minerals     0.2       34,612,246  
Silver     5.8       857,949,020  
      100.0 %   $ 14,645,551,275  

 

See Notes to Financial Statements

9

VANECK VECTORS GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

Transactions in securities of affiliates for the period ended June 30, 2021:

 

    Value
12/31/2020
  Purchases   Sales
Proceeds
  Realized Gain
(Loss)
  Dividend
Income
  Net Change in
Unrealized
Appreciation
(Depreciation)
  Value
6/30/2021
Alamos Gold, Inc.   $202,348,029   $15,787,340   $(42,725,560)   $6,909,168   $1,019,684   $(30,571,098)   $151,747,879
AngloGold Ashanti Ltd.   555,316,906   43,090,813   (123,712,676)   21,190,617   10,601,551   (104,247,111)   391,638,549
Argonaut Gold, Inc.     38,485,394         (924,589)   37,560,805
B2Gold Corp.   346,458,398   24,452,244   (67,207,907)   9,339,066   4,377,310   (89,358,645)   223,683,156
Centamin Plc   115,183,901   8,626,053   (23,386,252)   (5,467,700)   1,660,692   (13,135,876)   81,820,126
Centerra Gold, Inc.   201,525,211   12,832,933   (38,040,303)   7,739,253   1,229,726   (70,181,238)   113,875,856
Cia de Minas Buenaventura SAA   182,132,887   12,686,022   (36,534,608)   (5,988,637)     (36,323,914)   115,971,750
Coeur Mining, Inc.   148,558,290   17,650,223   (31,267,028)   8,093,075     (27,718,640)   115,315,920
DRDGOLD Ltd.   –(a)   4,642,543   (11,756,473)   (1,646,777)   1,159,705   (3,494,787)   47,467,942
Dundee Precious Metals, Inc.   76,514,526   6,059,913   (15,856,993)   3,288,634   538,973   (14,262,812)   55,743,268
Eldorado Gold Corp.   136,597,279   12,990,929   (27,322,619)   (4,411,395)     (26,487,364)   91,366,830
Endeavour Mining Plc   223,223,248   342,256,116   (296,055,892)   2,835,609   3,510,947   1,575,289   273,834,370
Endeavour Silver Corp.     51,656,524   (2,212,560)   139,153     2,343,681   51,926,798
Equinox Gold Corp.   147,360,355   32,917,509   (28,414,656)   (359,290)     (46,590,339)   104,913,579
Evolution Mining Ltd.   387,584,793   28,846,200   (76,618,509)   11,072,719   5,139,769   (58,988,177)   291,897,026
First Majestic Silver Corp.   175,080,394   40,914,600   (47,151,488)   20,109,180   48,649   11,668,182   200,620,868
Fortuna Silver Mines, Inc.   89,380,326   6,293,024   (17,985,561)   4,801,862     (30,542,017)   51,947,634
GoGold Resources, Inc.     34,285,815         326,431   34,612,246
Gold Fields Ltd.   482,218,188   42,731,669   (112,553,013)   30,473,838   11,063,346   (43,826,544)   399,044,138
Gold Road Resources Ltd.   52,987,929   4,278,181   (10,913,980)   (1,156,194)   489,653   (3,118,445)   42,077,491
Harmony Gold Mining Co. Ltd.   169,770,136   13,458,095   (37,072,185)   8,236,153   2,298,930   (38,332,100)   116,060,099
Hecla Mining Co.   202,636,786   19,498,012   (44,528,501)   16,904,511   542,620   6,736,609   201,247,417
IAMGOLD Corp.   102,400,153   7,893,671   (20,565,183)   (5,837,543)     (12,898,962)   70,992,136
K92 Mining, Inc.   77,080,191   7,292,236   (16,726,745)   (32,084)     12,967,662   80,581,260
Kinross Gold Corp.   543,900,033   44,663,900   (117,967,337)   21,436,160   3,899,701   (87,536,778)   404,495,978
Kirkland Lake Gold Ltd.   708,338,478   52,296,444   (182,353,050)   10,390,093   4,951,436   (68,330,904)   520,341,061
New Gold, Inc.   87,233,981   6,258,908   (15,999,778)   3,498,302     (18,762,712)   62,228,701
Northern Star Resources Ltd.   426,875,246   268,291,612   (112,821,454)   12,170,029   4,572,667   (162,495,005)   432,020,428
OceanaGold Corp.   80,010,444   6,493,746   (16,252,384)   (4,607,767)     1,834,479   67,478,518
Osisko Gold Royalties Ltd.   124,618,698   10,737,400   (25,708,119)   1,622,995   664,740   4,602,379   115,873,353
Pan American Silver Corp.   427,132,341   31,960,257   (91,970,302)   28,558,648   1,516,854   (92,244,688)   303,436,256
Perseus Mining Ltd.   72,435,336   5,732,563   (14,962,625)   1,723,504     2,961,987   67,890,765
Pretium Resources, Inc.   126,591,808   9,567,033   (26,868,502)   2,164,907     (20,760,367)   90,694,879
Ramelius Resources Ltd.   62,075,381   5,005,792   (12,592,914)   (1,132,729)     (1,080,551)   52,274,979
Regis Resources Ltd.   87,000,503   30,925,147   (16,909,033)   (4,417,999)   861,431   (29,105,079)   67,493,539

 

See Notes to Financial Statements

10

 

 

Transactions in securities of affiliates for the period ended June 30, 2021: (continued)

 

    Value
12/31/2020
  Purchases   Sales
Proceeds
  Realized Gain
(Loss)
  Dividend
Income
  Net Change in
Unrealized
Appreciation
 (Depreciation)
  Value
6/30/2021
Resolute Mining Ltd.   39,928,687   2,198,055   (7,189,199)   (6,582,037)     (7,188,153)   21,167,353
Royal Gold, Inc.   410,914,734   36,117,413   (93,817,926)   6,663,267   2,109,370   18,211,917   378,089,405
Sandstorm Gold Ltd.   81,219,860   7,439,331   (17,000,744)   1,748,940     4,402,026   77,809,413
Saracen Mineral Holdings Ltd.   239,553,823   1,779,704   (237,044,851)   78,380,941   370,196   (82,669,617)  
Silver Lake Resources Ltd.   71,711,925   5,392,983   (14,713,390)   (448,239)     (6,420,862)   55,522,417
Silvercorp Metals, Inc.   69,022,757   5,125,708   (13,259,331)   (1,023,068)   105,611   (11,096,019)   48,770,047
SSR Mining, Inc.   259,911,253   18,009,672   (47,190,724)   8,734,540   1,131,173   (66,065,434)   173,399,307
St Barbara Ltd.   75,627,992   4,945,307   (14,777,275)   (6,766,672)   1,215,155   (13,229,796)   45,799,556
Teranga Gold Corp.   105,818,637   795,749   (76,654,819)   1,907,918     (31,867,485)  
Torex Gold Resources, Inc.   75,473,469   5,528,197   (15,300,331)   (1,261,169)     (14,512,636)   49,927,530
Victoria Gold Corp.     47,384,989         (419,227)   46,965,762
Wesdome Gold Mines Ltd.   68,296,995   5,991,238   (12,810,628)   (1,841,805)     7,361,071   66,996,871
Westgold Resources Ltd.   50,723,137   3,242,558   (9,110,183)   (1,557,588)     (13,063,603)   30,234,321
Yamana Gold, Inc.   320,326,946   22,558,102   (57,705,987)   8,379,051   2,516,103   (87,730,241)   205,827,871
Zhaojin Mining Industry Co. Ltd.   183,114,692   12,180,309   (35,212,081)   (2,081,255)   999,109   (32,656,872)   125,344,793
Zijin Mining Group Co. Ltd.   382,742,128   37,257,875   (103,278,354)   59,000,205   5,159,326   13,109,038   388,830,892
    $9,254,957,210   $1,517,506,051   $(2,518,080,013)   $340,892,390   $73,754,427   $(1,410,137,936)   $7,244,861,138

 

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

 

The summary of inputs used to value the Fund’s investments as of June 30, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Australia   $ 67,478,518     $ 1,827,521,434     $     $ 1,894,999,952  
Brazil     887,737,839                   887,737,839  
Burkina Faso     70,992,136                   70,992,136  
Canada     6,606,976,192                   6,606,976,192  
China           514,175,685             514,175,685  
Egypt           81,820,126             81,820,126  
Kyrgyzstan     113,875,856                   113,875,856  
Peru     115,971,750                   115,971,750  
South Africa     562,572,179                   562,572,179  
Tanzania     391,638,549                   391,638,549  
Turkey     91,366,830                   91,366,830  
United Kingdom     273,834,370                   273,834,370  
United States     3,039,589,811                   3,039,589,811  
Money Market Fund     172,349,967                   172,349,967  
Total Investments   $ 12,394,383,997     $ 2,423,517,245     $     $ 14,817,901,242  

 

See Notes to Financial Statements

11

VANECK VECTORS JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2021 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.8%                
Australia: 15.8%                
Alkane Resources Ltd. # * †     24,126,078     $ 20,840,333  
Aurelia Metals Ltd. #     60,172,827       18,536,334  
Australian Strategic Materials Ltd. # *     1       6  
Bellevue Gold Ltd. # * †     34,195,590       24,406,699  
Dacian Gold Ltd. # * †     39,062,168       7,627,205  
De Grey Mining Ltd. # *     55,391,475       51,261,154  
Evolution Mining Ltd. #     71,251,684       240,996,605  
Gold Road Resources Ltd. #     43,456,305       41,098,770  
OceanaGold Corp. (CAD) * †     31,829,979       60,405,758  
Perseus Mining Ltd. # *     59,781,575       65,519,345  
Ramelius Resources Ltd. #     37,287,661       47,409,910  
Red 5 Ltd. # * †     90,890,210       12,988,351  
Regis Resources Ltd. #     37,205,504       65,937,014  
Resolute Mining Ltd. # * †     39,547,435       15,014,178  
Silver Lake Resources Ltd. # *     39,864,575       49,709,502  
Silver Mines Ltd. # * † ‡     66,788,181       12,541,327  
St Barbara Ltd. #     30,762,448       39,398,306  
West African Resources Ltd. # * †     36,822,889       27,511,432  
Westgold Resources Ltd. # *     16,181,332       22,852,834  
              824,055,063  
Burkina Faso: 1.2%                
IAMGOLD Corp. (USD) * †     21,269,071       62,743,759  
Canada: 55.2%                
Alamos Gold, Inc. (USD) †     18,220,039       139,383,298  
Alexco Resource Corp. (USD) * ‡     7,774,137       19,435,343  
Americas Gold & Silver Corp. (USD) * †     6,409,950       9,743,124  
B2Gold Corp. (USD) †     41,965,748       176,675,799  
Calibre Mining Corp. * †     10,210,673       13,605,435  
Discovery Silver Corp. * †     12,045,794       20,622,695  
Dundee Precious Metals, Inc.     6,196,782       37,582,034  
Endeavour Silver Corp. (USD) * ‡     9,373,629       57,366,610  
Equinox Gold Corp. (USD) * †     12,987,282       90,261,610  
First Majestic Silver Corp. (USD) † ‡     13,156,587       208,005,641  
Fortuna Silver Mines, Inc. (USD) * † ‡     9,518,797       52,829,323  
Freegold Ventures Ltd. * †     14,909,644       7,946,673  
Galiano Gold, Inc. (USD) * †     9,482,195       10,335,593  
    Number
of Shares
    Value  
Canada (continued)                
Gold Royalty Corp. (USD) *     1,226,973     $ 6,564,306  
Gold Standard Ventures Corp. (USD) * †     13,216,736       7,401,372  
GoldMining, Inc. (USD) * † ‡     8,210,501       11,823,121  
Gran Colombia Gold Corp. †     4,738,568       19,516,028  
Great Bear Resources Ltd. * †     2,402,497       29,509,795  
Great Panther Mining Ltd. (USD) * † ‡     19,582,137       12,236,877  
i-80 Gold Corp. * †     3,469,269       7,032,113  
Jaguar Mining, Inc. †     1,699,427       7,342,271  
K92 Mining, Inc. *     10,038,663       72,637,019  
Karora Resources, Inc. * † ‡     7,840,087       25,262,010  
Liberty Gold Corp. * †     12,062,969       14,612,334  
Lundin Gold, Inc. * †     5,720,393       48,089,551  
MAG Silver Corp. (USD) * †     4,345,160       90,900,747  
Marathon Gold Corp. * †     11,249,843       29,253,408  
Maverix Metals, Inc. (USD) †     2,971,513       16,016,455  
McEwen Mining, Inc. (USD) * †     22,115,448       30,519,318  
Metalla Royalty & Streaming Ltd. (USD) * † ‡     2,188,188       18,730,889  
New Found Gold Corp. * †     3,020,467       29,294,847  
New Gold, Inc. (USD) * †     32,766,512       59,307,387  
New Pacific Metals  Corp. * †     4,969,953       23,920,633  
Novagold Resources, Inc. (USD) *     10,507,426       84,164,482  
Novo Resources Corp. * †     10,224,745       17,257,302  
Orla Mining Ltd. * †     7,817,713       32,323,904  
Osisko Gold Royalties  Ltd. (USD) †     5,700,641       78,098,782  
Osisko Mining, Inc. * †     14,846,884       37,048,269  
Pan American Silver  Corp. (USD)     10,123,306       289,222,852  
Pretium Resources, Inc. (USD) *     8,608,279       82,295,147  
Pure Gold Mining, Inc. * †     15,507,236       19,034,966  
Roxgold, Inc. *     15,853,485       24,196,953  
Sabina Gold & Silver  Corp. * †     13,692,403       19,350,485  
Sandstorm Gold Ltd. (USD) * † ‡     10,090,227       79,611,891  
Seabridge Gold, Inc. (USD) * †     3,704,698       65,017,450  
Silvercorp Metals, Inc. (USD) † ‡     9,087,898       49,892,560  


 

See Notes to Financial Statements

12

 

 

    Number
of Shares
    Value  
Canada (continued)                
SilverCrest Metals, Inc. (USD) * †     6,864,181     $ 59,924,300  
Skeena Resources Ltd. * †     2,463,831       25,865,948  
SSR Mining, Inc. (USD) †     9,801,601       152,806,960  
Sulliden Mining Capital, Inc. *     1,694,754       153,969  
Torex Gold Resources, Inc. *     3,625,791       41,812,400  
Victoria Gold Corp. * †     2,309,984       34,417,512  
Wallbridge Mining Co. Ltd. * †     34,283,028       14,673,346  
Wesdome Gold Mines  Ltd. * † ‡     7,301,515       69,341,691  
Yamana Gold, Inc. (USD) ‡     49,906,727       210,606,388  
              2,890,881,216  
China: 1.0%                
Real Gold Mining Ltd. (HKD) # *     19,287,400       2  
Zhaojin Mining Industry Co. Ltd. (HKD) #     55,169,000       52,452,645  
              52,452,647  
Egypt: 1.3%                
Centamin Plc (GBP) #     48,915,153       68,520,420  
Indonesia: 2.9%                
Merdeka Copper Gold Tbk PT # *     740,246,000       150,490,501  
Jersey, Channel Islands: 0.1%                
Caledonia Mining Corp. Plc (USD)     441,257       5,339,210  
Kyrgyzstan: 1.3%                
Centerra Gold, Inc. (CAD) †     8,880,799       67,486,327  
Mexico: 1.9%                
Industrias Penoles SAB  de CV *     7,236,286       100,004,342  
Peru: 2.6%                
Cia de Minas Buenaventura SAA (ADR) *     11,143,442       100,848,150  
Hochschild Mining Plc  (GBP) #     17,201,635       36,499,066  
              137,347,216  
Russia: 0.9%                
Petropavlovsk Plc (GBP) # * †     146,451,101       47,971,695  
South Africa: 2.2%                
DRDGOLD Ltd. (ADR) †     2,234,078       24,284,428  
Harmony Gold Mining  Co. Ltd. (ADR) †     23,516,236       87,715,560  
              111,999,988  
    Number
of Shares
    Value  
Turkey: 2.2%                
Eldorado Gold Corp. (USD) * †     8,071,688     $ 80,313,296  
Koza Altin Isletmeleri  AS # *     2,686,752       36,240,810  
              116,554,106  
United Kingdom: 4.5%                
Endeavour Mining Plc  (CAD)     8,444,362       181,530,257  
Greatland Gold Plc # * ‡     217,833,602       52,956,402  
              234,486,659  
United States: 6.7%                
Argonaut Gold, Inc. (CAD) * †     14,563,207       34,929,116  
Aura Minerals, Inc. (BRL) (BDR)     1,833,758       25,106,206  
Coeur Mining, Inc. *     10,872,947       96,551,769  
Gatos Silver, Inc. * †     1,151,231       20,135,030  
Gold Resource Corp. ‡     3,889,950       10,036,071  
Golden Star Resources Ltd. * †     3,268,327       9,249,366  
Hecla Mining Co.     21,056,955       156,663,745  
              352,671,303  
Total Common Stocks
(Cost: $5,016,825,490)
            5,223,004,452  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.6%
(Cost: $189,165,954)
         
Money Market Fund: 3.6%                
State Street Navigator Securities Lending Government Money Market Portfolio     189,165,954       189,165,954  
Total Investments: 103.4%
(Cost: $5,205,991,444)
            5,412,170,406  
Liabilities in excess of other assets: (3.4)%       (177,373,690)  
NET ASSETS: 100.0%           $ 5,234,796,716  


 

See Notes to Financial Statements

13

VANECK VECTORS JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

 

Definitions:

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

 

Footnotes:

  Security fully or partially on loan. Total market value of securities on loan is $298,538,485.
#   Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,208,780,846 which represents 23.1% of net assets.
*   Non-income producing
  Affiliated issuer – as defined under the Investment Company Act of 1940.
  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

 

Summary of Investments by Sector   % of    
Excluding Collateral for Securities Loaned   Investments               Value
Diversified Metals & Mining     4.6 %   $ 232,200,393  
Environmental & Facilities Services     0.4       19,435,343  
Gold     73.3       3,834,374,686  
Precious Metals & Minerals     3.4       178,813,500  
Silver     18.3       958,180,530  
      100.0 %   $ 5,223,004,452  

 

See Notes to Financial Statements

14

 

 

Transactions in securities of affiliates for the period ended June 30, 2021:

 

    Value
12/31/2020
  Purchases   Sales
Proceeds
  Realized Gain
(Loss)
  Dividend
Income
  Net Change in
Unrealized
Appreciation
(Depreciation)
  Value
6/30/2021
Alexco Resource Corp.   $23,466,863   $2,576,819   $(1,681,638)   $763,502   $–   $(5,690,203)   $19,435,343
Argonaut Gold, Inc.   32,376,438   2,724,354   (4,100,917)   278,696     3,650,545   –(a)
Endeavour Silver Corp.   45,123,019   7,237,545   (3,884,906)   1,676,815     7,214,137   57,366,610
First Majestic Silver Corp.   –(b)   71,937,810   (13,184,131)   6,835,373   43,879   13,936,465   208,005,641
Fortuna Silver Mines, Inc.   76,799,832   6,644,883   (5,610,950)   2,298,600     (27,303,042)   52,829,323
Freegold Ventures Ltd.   8,326,263   1,504,823   (536,673)   (162,150)     (1,185,590)   –(a)
Gold Resource Corp.   10,463,080   1,977,372   (1,096,434)   (276,978)   88,075   (1,030,969)   10,036,071
GoldMining, Inc.   18,351,915   18,946,962   (206,093)   (20,724)     (25,248,938)   11,823,122
Great Panther Mining Ltd.   17,099,397   1,081,061   (1,544,496)   364,612     (4,763,697)   12,236,877
Greatland Gold Plc   111,017,621   6,021,653   (7,187,642)   (761,324)     (56,133,906)   52,956,402
Karora Resources, Inc.   –(b)   5,447,634   (1,503,378)   521,890     1,600,850   25,262,010
Metalla Royalty & Streaming Ltd.   26,786,699   6,944,657   (5,976,832)   (1,376,885)     (7,646,750)   18,730,889
Pan American Silver Corp.   371,133,447   26,019,318   (43,288,662)   9,632,178   1,473,538   (74,273,429)   –(a)
Sabina Gold & Silver Corp.   43,570,859   2,689,080   (8,256,116)   (2,844,523)     (15,808,815)   –(a)
Sandstorm Gold Ltd.   70,654,435   7,534,898   (5,438,472)   1,605,411     5,255,619   79,611,891
Silver Mines Ltd.     12,725,052   (205,238)   33,074     (11,561)   12,541,327
Silvercorp Metals, Inc.   59,975,000   4,759,141   (4,551,982)   2,422,906   110,409   (12,712,505)   49,892,560
Wesdome Gold Mines Ltd.   –(b)   9,218,576   (4,114,439)   2,061,322     6,147,363   69,341,691
Yamana Gold, Inc.   275,275,800   25,126,084   (18,610,485)   7,253,079   2,573,270   (78,438,090)   210,606,388
    $1,190,420,668   $221,117,722   $(130,979,484)   $30,304,874   $4,289,171   $(272,442,516)   $890,676,145
   
(a) Security held by the Fund, however not classified as an affiliate at the end of the reporting period.
(b) Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period.

 

See Notes to Financial Statements

15

VANECK VECTORS JUNIOR GOLD MINERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

The summary of inputs used to value the Fund’s investments as of June 30, 2021 is as follows:

  

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Australia   $ 60,405,758     $ 763,649,305     $     $ 824,055,063  
Burkina Faso     62,743,759                   62,743,759  
Canada     2,890,881,216                   2,890,881,216  
China           52,452,645       2       52,452,647  
Egypt           68,520,420             68,520,420  
Indonesia           150,490,501             150,490,501  
Jersey, Channel Islands     5,339,210                   5,339,210  
Kyrgyzstan     67,486,327                   67,486,327  
Mexico     100,004,342                   100,004,342  
Peru     100,848,150       36,499,066             137,347,216  
Russia           47,971,695             47,971,695  
South Africa     111,999,988                   111,999,988  
Turkey     80,313,296       36,240,810             116,554,106  
United Kingdom     181,530,257       52,956,402             234,486,659  
United States     352,671,303                   352,671,303  
Money Market Fund     189,165,954                   189,165,954  
Total Investments   $ 4,203,389,560     $ 1,208,780,844     $ 2     $ 5,412,170,406  

 

See Notes to Financial Statements

16

VANECK VECTORS LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

June 30, 2021 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.6%                
Austria: 0.8%                
Verbund AG #     28,012     $ 2,580,819  
Brazil: 0.8%                
Centrais Eletricas Brasileiras SA (ADR) †     167,090       1,445,329  
Cia Energetica de Minas Gerais (ADR) †     477,801       1,137,166  
              2,582,495  
Canada: 3.7%                
Ballard Power Systems, Inc. (USD) * †     117,182       2,123,338  
Boralex, Inc.     38,888       1,185,514  
Brookfield Renewable Corp. (USD)     46,369       1,944,716  
Canadian Solar, Inc. (USD) * †     17,950       804,878  
Innergex Renewable Energy, Inc. †     46,197       803,961  
Northland Power, Inc. †     112,324       3,836,051  
TransAlta Renewables, Inc. †     53,227       895,355  
              11,593,813  
Chile: 1.1%                
Enel Americas SA (ADR) †     374,457       2,703,580  
Enel Chile SA (ADR) †     248,317       732,535  
              3,436,115  
China: 20.3%                
BYD Co. Ltd. (HKD) # †     313,500       9,408,226  
China Everbright Environment Group Ltd. (HKD) #     1,746,000       989,244  
China Longyuan Power Group Corp. Ltd. (HKD) #     933,000       1,606,035  
Daqo New Energy Corp. (ADR) *     26,026       1,692,211  
GCL-Poly Energy Holdings Ltd. (HKD) # *     14,269,000       2,762,141  
Li Auto, Inc. (ADR) * †     289,899       10,129,071  
NIO, Inc. (ADR) *     407,823       21,696,184  
Xinyi Solar Holdings Ltd. (HKD) # †     2,504,000       5,388,589  
XPeng, Inc. (ADR) * †     216,138       9,600,850  
              63,272,551  
Denmark: 9.7%                
Orsted A/S 144A #     77,557       10,887,221  
Rockwool International #     3,705       1,804,618  
Vestas Wind Systems A/S #     447,709       17,494,844  
              30,186,683  
France: 0.3%                
Neoen SA 144A # * †     17,590       790,987  
    Number
of Shares
    Value  
Germany: 1.7%                
Encavis AG #     35,205     $ 666,087  
Nordex SE # *     38,619       939,806  
Siemens Gamesa Renewable Energy SA # *     112,081       3,747,754  
              5,353,647  
Ireland: 2.1%                
Kingspan Group Plc #     70,483       6,662,421  
Italy: 6.0%                
Enel SpA #     1,933,881       17,973,582  
ERG SpA #     27,733       822,657  
              18,796,239  
Japan: 0.3%                
Horiba Ltd. # †     14,584       947,403  
New Zealand: 1.8%                
Contact Energy Ltd. #     336,688       1,949,605  
Mercury NZ Ltd. #     319,264       1,487,364  
Meridian Energy Ltd. #     536,570       1,999,870  
              5,436,839  
Norway: 0.9%                
NEL ASA # * †     726,652       1,697,709  
Scatec Solar ASA 144A #     45,152       1,197,375  
              2,895,084  
Portugal: 0.9%                
EDP Renovaveis SA     119,741       2,774,698  
South Korea: 5.2%                
Hanwha Solutions Corp. # *     51,504       2,034,085  
Samsung SDI Co. Ltd. #     22,630       14,011,087  
              16,045,172  
Spain: 7.0%                
Acciona SA # * †     12,309       1,859,241  
Atlantica Sustainable                
Infrastructure Plc (USD)     24,837       924,433  
Iberdrola SA # *     1,564,763       19,084,166  
              21,867,840  
Sweden: 2.4%                
Nibe Industrier AB #     711,220       7,499,618  
Switzerland: 1.6%                
Landis+Gyr Group AG #     10,667       745,727  
VAT Group AG 144A #     12,565       4,182,673  
              4,928,400  
Taiwan: 0.4%                
Simplo Technology Co. Ltd. # *     85,000       1,094,597  
Thailand: 0.6%                
Energy Absolute PCL (NVDR)     892,700       1,701,508  
United Kingdom: 1.8%                
Ceres Power Holdings Plc # *     58,859       860,389  
ITM Power Plc # * †     189,457       1,194,328  


 

See Notes to Financial Statements

17

VANECK VECTORS LOW CARBON ENERGY ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Number
of Shares
    Value  
United Kingdom (continued)                
Johnson Matthey Plc #     81,061     $ 3,446,656  
              5,501,373  
United States: 31.2%                
Badger Meter, Inc.     9,602       942,148  
Bloom Energy Corp. * †     54,804       1,472,583  
EnerSys     15,804       1,544,525  
Enphase Energy, Inc. *     50,071       9,194,538  
First Solar, Inc. *     34,987       3,166,673  
Fisker, Inc. *     66,600       1,284,048  
FuelCell Energy, Inc. * †     149,519       1,330,719  
Hannon Armstrong Sustainable Infrastructure Capital, Inc. †     29,813       1,674,000  
Installed Building Products, Inc.     7,404       905,953  
NextEra Energy, Inc.     320,779       23,506,685  
Nikola Corp. *     109,976       1,986,166  
Ormat Technologies, Inc.     13,120       912,234  
Owens Corning     37,503       3,671,544  
Plug Power, Inc. * †     212,535       7,266,572  
Renewable Energy Group, Inc. *     14,973       933,417  
    Number
of Shares
    Value  
United States (continued)                
SolarEdge Technologies, Inc. *     19,956     $ 5,515,240  
Sunnova Energy International, Inc. * †     37,966       1,429,800  
Sunrun, Inc. * †     55,927       3,119,608  
Tesla, Inc. *     38,813       26,381,196  
Workhorse Group, Inc. * †     57,774       958,471  
              97,196,120  
Total Common Stocks
(Cost: $262,809,095)
            313,144,422  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4%
(Cost: $7,426,842)
         
Money Market Fund: 2.4%                
State Street Navigator Securities Lending Government Money Market Portfolio     7,426,842       7,426,842  
Total Investments: 103.0%
(Cost: $270,235,937)
            320,571,264  
Liabilities in excess of other assets: (3.0)%             (9,279,284 )
NET ASSETS: 100.0%           $ 311,291,980  


 

 

Definitions:
ADR   American Depositary Receipt
HKD   Hong Kong Dollar
NVDR   Non-Voting Depositary Receipt
USD   United States Dollar
     
Footnotes:
#   Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $149,816,924 which represents 48.1% of net assets.
  Security fully or partially on loan. Total market value of securities on loan is $55,384,063.
*   Non-income producing
144A   Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $17,058,256, or 5.5% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
              Value  
Consumer Discretionary             25.7 %   $ 80,363,999  
Energy     0.3       933,417  
Financials     0.5       1,674,000  
Industrials     22.2       69,588,458  
Information Technology     14.8       46,265,232  
Materials     1.7       5,480,742  
Utilities     34.8       108,838,574  
      100.0 %   $ 313,144,422  

 

See Notes to Financial Statements

18

 

 

The summary of inputs used to value the Fund’s investments as of June 30, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Austria   $     $ 2,580,819     $     $ 2,580,819  
Brazil     2,582,495                   2,582,495  
Canada     11,593,813                   11,593,813  
Chile     3,436,115                   3,436,115  
China     43,118,316       20,154,235             63,272,551  
Denmark           30,186,683             30,186,683  
France           790,987             790,987  
Germany           5,353,647             5,353,647  
Ireland           6,662,421             6,662,421  
Italy           18,796,239             18,796,239  
Japan           947,403             947,403  
New Zealand           5,436,839             5,436,839  
Norway           2,895,084             2,895,084  
Portugal     2,774,698                   2,774,698  
South Korea           16,045,172             16,045,172  
Spain     924,433       20,943,407             21,867,840  
Sweden           7,499,618             7,499,618  
Switzerland           4,928,400             4,928,400  
Taiwan           1,094,597             1,094,597  
Thailand     1,701,508                   1,701,508  
United Kingdom           5,501,373             5,501,373  
United States     97,196,120                   97,196,120  
Money Market Fund     7,426,842                   7,426,842  
Total Investments   $ 170,754,340     $ 149,816,924     $     $ 320,571,264  

 

See Notes to Financial Statements

19

VANECK VECTORS NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

June 30, 2021 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.2%                
Argentina: 0.0%                
Cresud SACIF y A (ADR) *     2,816     $ 16,840  
Australia: 6.5%                
AGL Energy Ltd. # †     4,524       27,824  
Alumina Ltd. #     30,673       37,801  
Ampol Ltd. #     1,821       38,584  
APA Group # †     9,018       60,238  
Bega Cheese Ltd. #     22,279       98,538  
BHP Group Ltd. #     38,444       1,400,097  
BlueScope Steel Ltd. #     6,574       108,138  
Costa Group Holdings Ltd. # *     34,939       86,818  
Elders Ltd. #     11,769       102,065  
Evolution Mining Ltd. #     25,699       86,922  
Fortescue Metals Group Ltd. #     21,698       379,445  
Glencore Plc (GBP) #     76,375       327,370  
GrainCorp Ltd. #     18,134       70,277  
Newcrest Mining Ltd. #     12,281       233,143  
Northern Star Resources Ltd. #     17,499       128,652  
Nufarm Ltd./Australia # *     25,276       86,864  
Oil Search Ltd. #     14,134       40,422  
Origin Energy Ltd. #     13,460       45,506  
OZ Minerals Ltd. # †     4,330       72,873  
Rio Tinto Plc (GBP) #     14,093       1,162,349  
Santos Ltd. #     14,328       76,185  
South32 Ltd. #     62,390       136,966  
Woodside Petroleum Ltd. #     7,354       122,587  
              4,929,664  
Austria: 0.3%                
Mayr Melnhof Karton AG     125       26,625  
OMV AG #     1,101       62,839  
Verbund AG #     702       64,677  
Voestalpine AG # *     1,631       66,536  
              220,677  
Brazil: 3.7%                
Adecoagro SA (USD) *     9,335       93,723  
Cia de Saneamento Basico do Estado de Sao Paulo (ADR)     2,013       14,896  
Cia Siderurgica Nacional SA (ADR) †     8,329       73,129  
Cosan SA     6,550       31,276  
Gerdau SA (ADR)     13,759       81,178  
Klabin SA *     16,200       85,038  
Minerva SA     21,350       39,868  
Petroleo Brasileiro SA (ADR)     14,220       173,911  
SLC Agricola SA     6,800       69,547  
Suzano SA *     10,350       123,366  
Vale SA (ADR)     44,826       1,022,481  
Wheaton Precious Metals Corp. (USD)     6,760       297,913  
    Number
of Shares
    Value  
Brazil (continued)                
Yara International ASA (NOK) #     13,597     $ 716,897  
              2,823,223  
British Virgin Islands: 0.1%                
JAPFA LTD (SGD) #     44,900       27,589  
Lee & Man Paper Manufacturing Ltd. (HKD) #     17,600       13,393  
Nine Dragons Paper Holdings Ltd. (HKD) #     25,057       32,123  
              73,105  
Burkina Faso: 0.0%                
IAMGOLD Corp. (CAD) * †     7,149       21,072  
Canada: 9.6%                
Agnico Eagle Mines Ltd. (USD)     3,655       220,945  
Alamos Gold, Inc. †     5,907       45,174  
Algonquin Power & Utilities Corp. †     3,526       52,592  
B2Gold Corp.     15,809       66,387  
Barrick Gold Corp. (USD)     26,745       553,087  
Boralex, Inc.     490       14,938  
Cameco Corp. (USD)     5,179       99,333  
Canadian Natural Resources Ltd. (USD) †     9,060       328,697  
Canadian Solar, Inc. (USD) * †     272       12,196  
Canadian Utilities Ltd. †     1,527       42,420  
Canfor Corp. *     876       20,062  
Cenovus Energy, Inc.     9,559       91,553  
Enbridge, Inc. (USD) †     15,480       619,819  
Equinox Gold Corp. * †     3,833       26,651  
First Majestic Silver Corp. †     2,946       46,582  
Franco-Nevada Corp.     2,872       417,220  
Innergex Renewable Energy, Inc. †     700       12,182  
Ivanhoe Mines Ltd. *     7,246       52,372  
Kinross Gold Corp. (USD)     18,925       120,174  
Kirkland Lake Gold Ltd.     4,016       154,926  
Lundin Gold, Inc. *     971       8,163  
Methanex Corp. †     359       11,913  
Novagold Resources, Inc. (USD) *     3,638       29,140  
Nutrien Ltd. (USD)     45,115       2,734,420  
Osisko Gold Royalties Ltd.     2,240       30,734  
Pan American Silver Corp. (USD)     3,162       90,338  
Pembina Pipeline Corp. †     4,203       133,696  
Pretium Resources, Inc. *     2,824       27,047  
SSR Mining, Inc. (USD)     3,294       51,353  
Stella-Jones, Inc.     960       34,600  
Suncor Energy, Inc. (USD)     11,656       279,394  


 

See Notes to Financial Statements

20

 

 

    Number
of Shares
    Value  
Canada (continued)                
Sundial Growers, Inc. (USD) * †     145,906     $ 138,465  
TC Energy Corp. (USD)     7,475       370,162  
Teck Resources Ltd. (USD)     6,079       140,060  
TransAlta Renewables, Inc. †     629       10,581  
Village Farms International, Inc. * †     4,995       53,609  
West Fraser Timber Co. Ltd.     1,515       108,875  
Yamana Gold, Inc. (USD)     14,503       61,203  
              7,311,063  
Chile: 0.9%                
Empresas CMPC SA     16,039       38,550  
Lundin Mining Corp. (CAD)     8,359       75,469  
Sociedad Quimica y Minera de Chile SA (ADR)     11,316       535,586  
              649,605  
China: 2.2%                
Aluminum Corp. of China Ltd. (HKD) # *     51,400       30,467  
Angang Steel Co. Ltd. (HKD) # †     18,240       11,545  
Beijing Enterprises Water Group Ltd. (HKD) # †     27,100       10,266  
China Coal Energy Co. Ltd. (HKD) #     15,700       9,349  
China Gas Holdings Ltd. (HKD) #     20,300       61,828  
China Hongqiao Group Ltd. (HKD) #     29,100       39,397  
China Longyuan Power Group Corp. Ltd. (HKD) #     19,729       33,961  
China Molybdenum Co. Ltd. (HKD) # †     48,700       28,852  
China Petroleum & Chemical Corp. (HKD) #     194,627       98,901  
China Shenhua Energy Co. Ltd. (HKD) #     25,891       50,705  
ENN Energy Holdings Ltd. (HKD) #     5,800       110,211  
Guangdong Investment Ltd. (HKD) #     17,200       24,700  
Jiangxi Copper Co. Ltd. (HKD) #     13,800       28,177  
Kunlun Energy Co. Ltd. (HKD) #     29,700       27,336  
Maanshan Iron & Steel Co. Ltd. (HKD) #     11,700       5,072  
    Number
of Shares
    Value  
China (continued)                
PetroChina Co. Ltd. (HKD) #     162,040     $ 79,337  
Shandong Chenming Paper Holdings Ltd. (HKD) # †     5,700       3,550  
Shandong Gold Mining Co. Ltd. (HKD) 144A # †     10,300       18,205  
Sinofert Holdings Ltd. (HKD) # * †     139,000       20,043  
Wilmar International Ltd. (SGD) #     225,264       755,535  
Xinyi Solar Holdings Ltd. (HKD) # †     24,000       51,648  
Yanzhou Coal Mining Co. Ltd. (HKD) # †     12,000       16,111  
Zhaojin Mining Industry Co. Ltd. (HKD) #     17,400       16,543  
Zijin Mining Group Co. Ltd. (HKD) #     86,761       116,400  
              1,648,139  
Cyprus: 0.1%                
Novolipetsk Steel PJSC (USD) (GDR) #     1,642       51,760  
Denmark: 0.9%                
Bakkafrost P/F (NOK) #     3,936       325,429  
Orsted A/S 144A #     1,114       156,380  
Vestas Wind Systems A/S #     5,949       232,465  
              714,274  
Egypt: 0.0%                
Centamin Plc (GBP) #     17,386       24,354  
Finland: 0.5%                
Metsa Board Oyj #     2,587       26,615  
Neste Oyj #     3,292       201,964  
Stora Enso Oyj #     8,929       163,072  
              391,651  
France: 1.4%                
Neoen SA 144A # * †     252       11,332  
Suez SA # * †     2,406       57,249  
SunPower Corp. (USD) *     472       13,792  
TotalEnergies SE # * †     19,094       865,102  
Veolia Environnement SA #     3,141       94,967  
Voltalia SA # *     163       4,353  
              1,046,795  
Germany: 0.8%                
E.ON SE #     13,225       153,028  
Encavis AG #     538       10,179  
K+S AG # *     15,166       206,767  
Nordex SE # *     429       10,440  
Siemens Energy AG # *     3,054       92,008  
Siemens Gamesa Renewable Energy SA # *     1,324       44,272  


 

See Notes to Financial Statements

21

VANECK VECTORS NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Number
of Shares
    Value  
Germany (continued)                
Suedzucker AG #     5,015     $ 80,331  
VERBIO Vereinigte BioEnergie AG #     186       9,418  
              606,443  
Greece: 0.0%                
Terna Energy SA #     280       3,951  
Hong Kong: 0.4%                
Astra Agro Lestari Tbk PT (IDR) #     30,500       16,004  
CP Pokphand Co. Ltd. #     495,000       54,162  
Hong Kong & China Gas Co. Ltd. #     80,105       124,356  
Power Assets Holdings Ltd. #     10,500       64,416  
United Tractors Tbk PT (IDR) #     11,400       15,949  
              274,887  
Hungary: 0.0%                
MOL Hungarian Oil & Gas Plc # *     3,820       30,434  
India: 0.9%                
Reliance Industries Ltd. (USD) 144A (GDR)     12,355       699,293  
Indonesia: 0.2%                
Golden Agri-Resources Ltd. (SGD) #     422,419       72,422  
Indah Kiat Pulp & Paper Tbk PT #     37,500       19,300  
Merdeka Copper Gold Tbk PT # *     148,200       30,129  
Pabrik Kertas Tjiwi Kimia Tbk PT #     18,200       9,801  
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT #     221,700       15,686  
              147,338  
Ireland: 0.3%                
Smurfit Kappa Group Plc (GBP) #     3,762       204,398  
Israel: 0.5%                
Energix-Renewable Energies Ltd. #     1,309       5,025  
ICL Group Ltd. #     54,968       373,173  
              378,198  
Italy: 0.4%                
Eni SpA #     19,290       235,204  
ERG SpA #     328       9,730  
Snam SpA #     16,182       93,621  
              338,555  
Japan: 5.1%                
Chubu Electric Power Co., Inc. #     5,500       67,354  
Daio Paper Corp. #     1,900       31,481  
ENEOS Holdings, Inc. #     23,500       98,577  
    Number
of Shares
    Value  
Japan (continued)                
Hitachi Metals Ltd. # * †     2,617     $ 50,058  
Hokuto Corp. #     2,000       34,611  
Idemitsu Kosan Co. Ltd. #     1,700       41,112  
Inpex Corp. # †     8,300       62,179  
JFE Holdings, Inc. #     7,564       88,824  
Kubota Corp. # †     91,000       1,842,644  
Kumiai Chemical Industry Co. Ltd. #     7,800       59,893  
Kurita Water Industries Ltd. #     665       31,996  
Maruha Nichiro Corp. #     3,536       75,364  
NH Foods Ltd. #     8,200       319,055  
Nippon Steel Corp. #     12,400       209,860  
Nippon Suisan Kaisha Ltd. #     22,014       105,079  
Nisshin Seifun Group, Inc. #     19,750       289,821  
Oji Holdings Corp. #     13,876       79,817  
Rengo Co. Ltd. #     3,570       29,783  
Sakata Seed Corp. #     2,900       95,295  
Sumitomo Forestry Co. Ltd. # †     2,483       45,496  
Sumitomo Metal Mining Co. Ltd. #     3,600       140,139  
Tokyo Gas Co. Ltd. #     3,100       58,526  
              3,856,964  
Kazakhstan: 0.1%                
NAC Kazatomprom JSC (USD) (GDR) *     3,385       98,165  
Kyrgyzstan: 0.0%                
Centerra Gold, Inc. (CAD)     3,293       25,024  
Liechtenstein: 0.1%                
Antofagasta Plc (GBP) #     4,503       89,426  
Luxembourg: 0.4%                
ArcelorMittal SA #     9,211       283,616  
Malaysia: 0.8%                
Genting Plantations Bhd     17,751       30,529  
HAP Seng Consolidated Bhd #     51,300       96,455  
IOI Corp. Bhd #     139,394       126,274  
Kuala Lumpur Kepong Bhd     24,878       122,008  
Petronas Dagangan Bhd #     1,200       5,379  
PPB Group Bhd     42,800       188,664  
Press Metal Aluminium Holdings Bhd #     43,200       49,765  
              619,074  
Mexico: 0.7%                
Fresnillo Plc (GBP) #     2,771       29,590  
Gruma SAB de CV     16,270       182,071  
Grupo Mexico SAB de CV     40,664       191,490  


 

See Notes to Financial Statements

22

 

 

    Number
of Shares
    Value  
Mexico (continued)                
Industrias Penoles SAB de CV *     1,882     $ 26,009  
Southern Copper Corp. (USD)     1,110       71,395  
              500,555  
Netherlands: 1.1%                
OCI NV # *     6,011       146,695  
Royal Dutch Shell Plc (GBP) #     28,325       549,132  
Tenaris SA (ADR)     3,081       67,474  
Ternium SA (ADR)     2,562       98,534  
              861,835  
Norway: 1.6%                
Equinor ASA #     8,216       174,021  
Mowi ASA #     35,647       908,077  
Norsk Hydro ASA #     17,821       113,842  
              1,195,940  
Peru: 0.0%                
Cia de Minas Buenaventura SAA (ADR) *     3,205       29,005  
Poland: 0.2%                
KGHM Polska Miedz SA #     1,775       87,473  
Polski Koncern Naftowy ORLEN SA #     2,223       44,890  
Polskie Gornictwo Naftowe i Gazownictwo SA #     12,365       21,670  
              154,033  
Portugal: 0.1%                
EDP Renovaveis SA     1,285       29,776  
Galp Energia SGPS SA #     3,301       35,895  
Navigator Co. SA/The # †     3,243       11,109  
              76,780  
Russia: 2.5%                
Evraz Plc (GBP) #     6,853       56,148  
Gazprom PJSC (ADR) #     46,137       352,193  
Lukoil PJSC (ADR) #     2,912       270,270  
MMC Norilsk Nickel PJSC (ADR) #     7,848       267,767  
Novatek PJSC (USD) (GDR) #     1,439       315,766  
PhosAgro PJSC (USD) (GDR) #     10,774       217,975  
Polymetal International Plc (GBP) #     5,393       115,981  
Polyus PJSC (USD) (GDR) #     13       1,259  
Rosneft Oil Co. PJSC (USD) (GDR) #     810       6,282  
Severstal PAO (USD) (GDR) #     2,475       53,269  
Surgutneftegas PJSC (ADR) #     27,304       135,626  
Tatneft PJSC (ADR) #     1,970       86,124  
              1,878,660  
    Number
of Shares
    Value  
Saudi Arabia: 0.0%                
S-Oil Corp. (KRW) #     318     $ 28,957  
Singapore: 0.4%                
Charoen Pokphand Indonesia Tbk PT (IDR) #     571,700       246,693  
Olam International Ltd. # †     55,400       66,047  
              312,740  
South Africa: 1.9%                
Anglo American Platinum Ltd. #     838       96,792  
Anglo American Plc (GBP) #     16,544       657,474  
Gold Fields Ltd. (ADR)     13,286       118,245  
Harmony Gold Mining Co. Ltd. (ADR)     8,061       30,067  
Impala Platinum Holdings Ltd. #     11,849       194,903  
Kumba Iron Ore Ltd. # †     715       31,954  
Northam Platinum Ltd. # *     4,294       64,870  
Sasol Ltd. # *     4,413       67,234  
Sibanye Stillwater Ltd. #     41,333       172,266  
              1,433,805  
South Korea: 0.9%                
Coway Co. Ltd. #     152       10,606  
Hyundai Steel Co. #     1,115       53,231  
Korea Zinc Co. Ltd. #     165       63,273  
POSCO #     1,047       323,575  
SK Innovation Co. Ltd. # *     403       105,670  
SK, Inc. #     360       90,233  
              646,588  
Spain: 0.3%                
Atlantica Sustainable Infrastructure Plc (USD) †     352       13,101  
Enagas SA # †     1,902       43,966  
Repsol SA # * †     11,024       138,508  
              195,575  
Sweden: 0.6%                
BillerudKorsnas AB #     2,672       53,089  
Boliden AB #     3,569       137,429  
Holmen AB #     1,351       61,067  
Lundin Energy AB # †     1,246       44,205  
SSAB AB # *     7,955       34,870  
Svenska Cellulosa AB #     8,741       143,471  
              474,131  
Taiwan: 0.5%                
China Steel Corp. #     164,472       233,575  
Formosa Petrochemical Corp. # *     12,920       49,375  
Taiwan Fertilizer Co. Ltd. #     59,200       125,123  
              408,073  


 

See Notes to Financial Statements

23

VANECK VECTORS NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Number
of Shares
    Value  
Tanzania: 0.2%                
AngloGold Ashanti Ltd. (ADR)     6,270     $ 116,497  
Thailand: 0.2%                
Energy Absolute PCL (NVDR) #     10,800       20,585  
PTT Exploration & Production PCL (NVDR) #     10,600       38,786  
PTT PCL (NVDR) #     80,800       99,155  
Thaifoods Group PCL (NVDR) #     168,800       26,040  
              184,566  
Turkey: 0.2%                
Eldorado Gold Corp. (USD) *     2,703       26,895  
Eregli Demir ve Celik Fabrikalari TAS #     17,814       36,941  
Gubre Fabrikalari TAS *     4,234       25,124  
Hektas Ticaret TAS # *     47,019       40,926  
              129,886  
United Kingdom: 3.3%                
BP Plc #     145,427       636,901  
Ceres Power Holdings Plc # *     673       9,838  
CNH Industrial NV (USD)     78,920       1,319,542  
DS Smith Plc #     19,015       109,943  
Endeavour Mining Plc (CAD)     2,741       58,924  
ITM Power Plc # * †     1,784       11,246  
Mondi Plc #     7,080       186,155  
Pennon Group Plc #     2,487       39,032  
Severn Trent Plc #     1,427       49,333  
United Utilities Group Plc #     4,017       54,146  
              2,475,060  
United States: 49.1%                
A.O. Smith Corp.     798       57,504  
Advances Drainage Systems     331       38,585  
AGCO Corp.     4,887       637,167  
Alcoa Corp. *     2,426       89,374  
American States Water Co.     217       17,265  
American Vanguard Corp.     2,150       37,646  
American Water Works Co., Inc.     1,069       164,765  
Andersons, Inc.     2,446       74,676  
APA Corp.     2,888       62,467  
Archer-Daniels-Midland Co.     44,247       2,681,368  
Atmos Energy Corp.     979       94,092  
Baker Hughes Co.     5,571       127,409  
Bunge Ltd.     11,106       867,934  
Cabot Oil & Gas Corp.     3,053       53,305  
    Number
of Shares
    Value  
United States (continued)                
California Water Service Group     297     $ 16,495  
Cal-Maine Foods, Inc.     2,961       107,218  
CF Industries Holdings, Inc.     16,957       872,438  
Cheniere Energy, Inc. *     1,938       168,102  
Chevron Corp.     14,736       1,543,449  
Clearway Energy, Inc. †     452       11,969  
Cleveland-Cliffs, Inc. * †     5,990       129,144  
Coeur Mining, Inc. *     3,663       32,527  
ConocoPhillips     10,354       630,559  
Continental Resources, Inc.     474       18,026  
Corteva, Inc.     58,957       2,614,743  
Cree, Inc. * †     679       66,494  
Darling Ingredients, Inc. *     12,884       869,670  
Deere & Co.     18,253       6,438,016  
Devon Energy Corp.     4,836       141,163  
Diamondback Energy, Inc.     1,382       129,756  
Domtar Corp. *     803       44,133  
EOG Resources, Inc.     4,460       372,142  
Essential Utilities, Inc.     1,315       60,096  
Evoqua Water Technologies Corp. *     705       23,815  
Exxon Mobil Corp.     32,355       2,040,953  
First Solar, Inc. *     524       47,427  
FMC Corp.     10,250       1,109,050  
Franklin Electric Co., Inc.     226       18,220  
Freeport-McMoRan, Inc.     19,033       706,315  
Fresh Del Monte Produce, Inc.     2,402       78,978  
FuelCell Energy, Inc. * †     1,766       15,717  
Graphic Packaging Holding Co.     3,904       70,819  
Halliburton Co.     6,792       157,031  
Hecla Mining Co.     8,049       59,885  
Hess Corp.     2,088       182,324  
HollyFrontier Corp.     1,142       37,572  
Howmet Aerospace, Inc. *     5,376       185,311  
Hydrofarm Holdings Group, Inc. * †     1,861       110,004  
Imperial Oil Ltd. †     1,683       51,163  
Ingredion, Inc.     5,307       480,284  
International Paper Co.     5,732       351,429  
Itron, Inc. *     261       26,095  
Kinder Morgan, Inc.     14,884       271,335  
Lindsay Corp.     861       142,306  
Louisiana-Pacific Corp.     1,553       93,630  
Marathon Oil Corp.     6,033       82,169  
Marathon Petroleum Corp.     4,977       300,710  
Mosaic Co.     27,334       872,228  


 

See Notes to Financial Statements

24

 

 

    Number
of Shares
    Value  
United States (continued)                
New Fortress Energy, Inc. †     758     $ 28,713  
Newmont Corp.     12,037       762,905  
NextEra Energy, Inc.     11,545       846,018  
NiSource, Inc.     2,995       73,377  
NOV, Inc. *     2,967       45,454  
Nucor Corp.     3,890       373,168  
Occidental Petroleum Corp.     7,120       222,642  
ONEOK, Inc.     3,401       189,232  
Ormat Technologies, Inc.     264       18,356  
Packaging Corp. of America     1,383       187,286  
Pentair Plc     978       66,005  
PG&E Corp. *     11,376       115,694  
Phillips 66     3,338       286,467  
Pilgrim’s Pride Corp. *     3,859       85,593  
Pioneer Natural Resources Co.     1,655       268,971  
Plug Power, Inc. *     2,457       84,005  
PotlatchDeltic Corp.     976       51,874  
Rayonier, Inc.     2,010       72,219  
Reliance Steel & Aluminum Co.     830       125,247  
Renewable Energy Group, Inc. *     261       16,271  
Royal Gold, Inc.     987       112,617  
Schlumberger NV     10,687       342,091  
Scotts Miracle-Gro Co.     3,224       618,750  
Seaboard Corp.     20       77,375  
SJW Group     155       9,811  
SolarEdge Technologies, Inc. *     304       84,016  
Southern Co.     8,075       488,618  
Steel Dynamics, Inc.     2,616       155,914  
Targa Resources Corp.     1,748       77,699  
Tractor Supply Co.     9,215       1,714,543  
Tyson Foods, Inc.     22,185       1,636,366  
UGI Corp.     1,594       73,818  
United States Steel Corp.     3,425       82,200  
Valero Energy Corp.     3,123       243,844  
Watts Water Technologies, Inc.     162       23,637  
Westrock Co.     3,842       204,471  
Weyerhaeuser Co.     10,903       375,281  
Williams Cos, Inc.     9,277       246,304  
Xylem, Inc.     1,062       127,398  
              37,398,717  
Zambia: 0.2%                
First Quantum Minerals Ltd. (CAD)     7,208       166,303  
Total Common Stocks
(Cost: $62,439,588)
            76,245,694  
    Number
of Shares
    Value  
WARRANTS: 0.0%  
(Cost: $0)
               
Thailand: 0.0%                
Thaifoods Group PCL, THB 5.50, expiring 05/14/24     12,820     $ 680  
                 
RIGHTS: 0.0%  
(Cost: $0)
               
Singapore: 0.0%                
Olam International Ltd., SGD 1.25, expiring 07/19/21 # *   8,310       2,164  
Total Investments Before Collateral for Securities Loaned: 100.2%
(Cost: $62,439,588)
            76,248,538  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7%
(Cost: $549,004)
               
Money Market Fund: 0.7%                
State Street Navigator Securities Lending Government Money Market Portfolio     549,004       549,004  
Total Investments: 100.9%
(Cost: $62,988,592)
            76,797,542  
Liabilities in excess of other assets: (0.9)%             (654,845 )
NET ASSETS: 100.0%           $ 76,142,697  


 

See Notes to Financial Statements

25

VANECK VECTORS NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

 

Definitions:
ADR   American Depositary Receipt
CAD   Canadian Dollar
GBP   British Pound
GDR   Global Depositary Receipt
HKD   Hong Kong Dollar
IDR   Indonesian Rupiah
KRW   Korean Won
NOK   Norwegian Krone
NVDR   Non-Voting Depositary Receipt
SGD   Singapore Dollar
THB   Thai Baht
USD   United States Dollar

 

Footnotes:

*   Non-income producing
  Security fully or partially on loan. Total market value of securities on loan is $4,012,514.
#   Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $24,969,683 which represents 32.8% 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 $885,210, or 1.2% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Consumer Discretionary                  2.3 %   $ 1,770,645  
Consumer Staples     15.4       11,737,371  
Energy     21.8       16,623,862  
Health Care     0.2       138,465  
Industrials     15.4       11,748,828  
Information Technology     0.4       301,669  
Materials     38.9       29,642,546  
Real Estate     0.7       516,215  
Utilities     4.9       3,768,937  
      100.0 %   $ 76,248,538  

 

See Notes to Financial Statements

26

 

 

The summary of inputs used to value the Fund’s investments as of June 30, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Argentina   $ 16,840     $     $          —     $ 16,840  
Australia           4,929,664             4,929,664  
Austria     26,625       194,052             220,677  
Brazil     2,106,326       716,897             2,823,223  
British Virgin Islands           73,105             73,105  
Burkina Faso     21,072                   21,072  
Canada     7,311,063                   7,311,063  
Chile     649,605                   649,605  
China           1,648,139             1,648,139  
Cyprus           51,760             51,760  
Denmark           714,274             714,274  
Egypt           24,354             24,354  
Finland           391,651             391,651  
France     13,792       1,033,003             1,046,795  
Germany           606,443             606,443  
Greece           3,951             3,951  
Hong Kong           274,887             274,887  
Hungary           30,434             30,434  
India     699,293                   699,293  
Indonesia           147,338             147,338  
Ireland           204,398             204,398  
Israel           378,198             378,198  
Italy           338,555             338,555  
Japan           3,856,964             3,856,964  
Kazakhstan     98,165                   98,165  
Kyrgyzstan     25,024                   25,024  
Liechtenstein           89,426             89,426  
Luxembourg           283,616             283,616  
Malaysia     341,201       277,873             619,074  
Mexico     470,965       29,590             500,555  
Netherlands     166,008       695,827             861,835  
Norway           1,195,940             1,195,940  
Peru     29,005                   29,005  
Poland           154,033             154,033  
Portugal     29,776       47,004             76,780  
Russia           1,878,660             1,878,660  
Saudi Arabia           28,957             28,957  
Singapore           312,740             312,740  
South Africa     148,312       1,285,493             1,433,805  
South Korea           646,588             646,588  
Spain     13,101       182,474             195,575  
Sweden           474,131             474,131  
Taiwan           408,073             408,073  
Tanzania     116,497                   116,497  
Thailand           184,566             184,566  
Turkey     52,019       77,867             129,886  
United Kingdom     1,378,466       1,096,594             2,475,060  
United States     37,398,717                   37,398,717  
Zambia     166,303                   166,303  
Warrants     680                   680  
Rights           2,164             2,164  
Money Market Fund     549,004                   549,004  
Total Investments   $ 51,827,859     $ 24,969,683     $     $ 76,797,542  

 

See Notes to Financial Statements

27

VANECK VECTORS OIL REFINERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2021 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.2%                
Australia: 4.0%                
Ampol Ltd. #     40,236     $ 852,529  
Austria: 4.4%                
OMV AG #     16,553       944,758  
Finland: 6.2%                
Neste Oyj #     21,701       1,331,353  
Hungary: 4.3%                
MOL Hungarian Oil & Gas Plc # *     116,738       930,047  
India: 7.9%                
Reliance Industries Ltd. (USD) 144A (GDR)     29,923       1,693,642  
Japan: 11.2%                
Cosmo Energy Holdings Co. Ltd. #     12,300       282,625  
ENEOS Holdings, Inc. #     263,700       1,106,159  
Idemitsu Kosan Co. Ltd. #     41,368       1,000,425  
              2,389,209  
New Zealand: 1.1%                
Z Energy Ltd. #     124,873       239,076  
Poland: 5.9%                
Grupa Lotos SA #     22,924       323,699  
Polski Koncern Naftowy ORLEN SA #     46,330       935,552  
              1,259,251  
Portugal: 4.4%                
Galp Energia SGPS SA #     86,511       940,724  
    Number
of Shares
    Value  
Saudi Arabia: 3.9%                
S-Oil Corp. (KRW) #     9,208     $ 838,491  
South Korea: 8.9%                
Hyundai Heavy Industries Holdings Co. Ltd. #     9,170       576,682  
SK Innovation Co. Ltd. # *     5,041       1,321,793  
              1,898,475  
Taiwan: 4.6%                
Formosa Petrochemical Corp. # *     256,000       978,329  
Thailand: 4.0%                
IRPC PCL (NVDR) #     2,965,100       356,078  
Thai Oil PCL (NVDR) #     296,000       504,786  
              860,864  
Turkey: 1.7%                
Turkiye Petrol Rafinerileri AS # *     32,372       354,021  
United States: 27.7%                
Delek US Holdings, Inc.     12,084       261,256  
HollyFrontier Corp.     28,761       946,237  
Marathon Petroleum Corp.     24,821       1,499,685  
PBF Energy, Inc. *     16,144       247,003  
Phillips 66     19,517       1,674,949  
Valero Energy Corp.     16,518       1,289,725  
              5,918,855  
Total Common Stocks
(Cost: $19,759,562)
            21,429,624  
Total Investments: 100.2%
(Cost: $19,759,562)
            21,429,624  
Liabilities in excess of other assets: (0.2)%             (39,622)  
NET ASSETS: 100.0%           $ 21,390,002  


 

 

Definitions:
GDR Global Depositary Receipt
KRW Korean Won
NVDR Non-Voting Depositary Receipt
USD United States Dollar

 

Footnotes:

# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $13,817,127 which represents 64.6% of net assets.
* Non-income producing
144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $1,693,642, or 7.9% of net assets.

 

Summary of Investments by Sector              % of
Investments
                      Value  
Energy                 97.3 %   $    20,852,942  
Industrials     2.7       576,682  
      100.0 %   $ 21,429,624  

 

See Notes to Financial Statements

28

 

 

The summary of inputs used to value the Fund’s investments as of June 30, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Australia   $     $ 852,529     $     $ 852,529  
Austria           944,758             944,758  
Finland           1,331,353             1,331,353  
Hungary           930,047             930,047  
India     1,693,642                   1,693,642  
Japan           2,389,209             2,389,209  
New Zealand           239,076             239,076  
Poland           1,259,251             1,259,251  
Portugal           940,724             940,724  
Saudi Arabia           838,491             838,491  
South Korea           1,898,475             1,898,475  
Taiwan           978,329             978,329  
Thailand           860,864             860,864  
Turkey           354,021             354,021  
United States     5,918,855                   5,918,855  
Total Investments   $ 7,612,497     $ 13,817,127     $     $ 21,429,624  

 

See Notes to Financial Statements

29

VANECK VECTORS OIL SERVICES ETF

SCHEDULE OF INVESTMENTS

June 30, 2021 (unaudited)

 

    Number
of Shares
         Value  
COMMON STOCKS: 100.1%                
Netherlands: 5.1%                
Tenaris SA (ADR) †     6,651,996     $ 145,678,712  
United Kingdom: 4.2%                
TechnipFMC Plc (USD) *     13,173,231       119,217,741  
United States: 90.8%                
Baker Hughes Co.     8,433,930       192,883,979  
Cactus, Inc. ‡     3,292,105       120,886,096  
ChampionX Corp. *     5,717,294       146,648,591  
Core Laboratories NV     2,060,967       80,274,665  
DMC Global, Inc. *     585,044       32,885,323  
Dril-Quip, Inc. *     1,487,624       50,326,320  
Frank’s International NV * †     8,987,536       27,232,234  
Halliburton Co.     16,319,047       377,296,367  
Helix Energy Solutions Group, Inc. * † ‡     8,227,197       46,977,295  
Helmerich & Payne, Inc.     4,198,764       137,005,669  
Liberty Oilfield Services, Inc. * †     5,849,350       82,826,796  
Nabors Industries Ltd. * ‡     585,581       66,896,773  
NexTier Oilfield Solutions, Inc. * †     5,610,743       26,707,137  
NOV, Inc. *     8,031,150       123,037,218  
Oceaneering International, Inc. * ‡     5,109,874       79,560,738  
Oil States International, Inc. * ‡     3,499,384       27,470,164  
Patterson-UTI Energy, Inc. ‡     10,923,290       108,577,502  
ProPetro Holding Corp. *     4,809,898       44,058,666  
    Number
of Shares
         Value  
United States (continued)                
RPC, Inc. *     7,971,307     $ 39,457,970  
Schlumberger NV     17,158,270       549,236,223  
Select Energy Services, Inc. * ‡     5,016,958       30,302,426  
Transocean Ltd. * † ‡     33,186,410       150,002,573  
US Silica Holdings, Inc. * ‡     3,745,741       43,300,766  
              2,583,851,491  
Total Common Stocks
(Cost: $2,921,760,258)
            2,848,747,944  
                 
WARRANTS: 0.0%
(Cost: $0)
               
United States: 0.0%                
Nabors Industries Ltd., USD 166.67, expiring 06/11/26     22,108       221,080  
Total Investments Before Collateral for Securities Loaned: 100.1%
(Cost: $2,921,760,258)
      2,848,969,024  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.1%
(Cost: $31,765,199)
         
Money Market Fund: 1.1%                
State Street Navigator Securities Lending Government Money Market Portfolio     31,765,199       31,765,199  
Total Investments: 101.2%
(Cost: $2,953,525,457)
            2,880,734,223  
Liabilities in excess of other assets: (1.2)%       (32,766,524)  
NET ASSETS: 100.0%           $ 2,847,967,699  


 

 

Definitions:
ADR American Depositary Receipt
USD United States Dollar
 
Footnotes:
Security fully or partially on loan. Total market value of securities on loan is $44,302,912.
* Non-income producing
Affiliated issuer – as defined under the Investment Company Act of 1940.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
                 Value  
Oil & Gas Drilling                 16.2 %   $ 462,703,598  
Oil & Gas Equipment & Services     83.8       2,386,265,426  
      100.0 %   $ 2,848,969,024  

 

See Notes to Financial Statements

30

 

 

Transactions in securities of affiliates for the period ended June 30, 2021:

 

    Value
12/31/2020
  Purchases   Sales
Proceeds
  Realized Gain
(Loss)
  Dividend
Income
  Net Change in
Unrealized
Appreciation
(Depreciation)
  Value
6/30/2021
                             
Cactus, Inc.          $–(a)   $137,643,109   $(62,460,493)   $12,014,768   $336,581   $1,015,285   $120,886,096
Helix Energy Solutions Group, Inc.   –(a)   51,959,291   (25,092,679)   3,814,702     2,110,859   46,977,295
Nabors Industries Ltd.   –(a)   68,386,016   (24,492,962)   12,143,798     1,157,638   66,896,773
Oceaneering International, Inc.   –(a)   83,005,993   (34,734,707)   15,943,800     (191,526)   79,560,738
Oil States International, Inc.   –(a)   27,686,234   (10,454,906)   1,963,901     2,568,325   27,470,164
Patterson-UTI Energy, Inc.   –(a)   108,372,439   (44,606,248)   16,755,926   247,818   7,269,512   108,577,503
Select Energy Services, Inc.   –(a)   41,651,883   (22,147,467)   1,187,931     852,786   30,302,426
Transocean Ltd.   –(a)   150,020,100   (73,799,664)   (890,987)     42,214,813   150,002,573
US Silica Holdings, Inc.   –(a)   47,659,124   (17,582,618)   8,182,545     (3,715,461)   43,300,766
    $–   $716,384,189   $(315,371,744)   $71,116,384   $584,399   $53,282,231   $673,974,334

 

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

 

The summary of inputs used to value the Fund’s investments as of June 30, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 2,848,747,944     $     $     $ 2,848,747,944  
Warrants *     221,080                   221,080  
Money Market Fund     31,765,199                   31,765,199  
Total Investments   $ 2,880,734,223     $     $     $ 2,880,734,223  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

31

VANECK VECTORS RARE EARTH/STRATEGIC METALS ETF

SCHEDULE OF INVESTMENTS

June 30, 2021 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 98.4%                
Australia: 24.0%                
Galaxy Resources Ltd. # *     11,170,294     $ 30,734,362  
Iluka Resources Ltd. #     5,428,426       37,208,543  
Lynas Rare Earths Ltd. # * †     11,307,077       48,386,019  
Orocobre Ltd. # * †     6,380,635       30,922,709  
Pilbara Minerals Ltd. # *     31,178,644       33,851,813  
              181,103,446  
Canada: 6.9%                
Lithium Americas Corp. (USD) * †     2,140,183       31,760,316  
Standard Lithium Ltd. * †     4,990,956       20,515,195  
              52,275,511  
China: 39.4%                
China Northern Rare Earth Group High- Tech Co. Ltd. #     17,636,498       56,404,430  
Ganfeng Lithium Co. Ltd. (HKD) 144A # †     3,136,400       46,830,413  
Jinduicheng Molybdenum Co. Ltd. #     34,013,215       34,096,495  
Shenghe Resources Holding Co. Ltd. # *     18,803,562       50,486,847  
Xiamen Tungsten Co. Ltd. #     12,505,708       40,287,337  
Zhejiang Huayou Cobalt Co. Ltd. #     3,914,606       68,932,168  
              297,037,690  
    Number
of Shares
    Value  
France: 4.3%                
Eramet SA # * †     494,340     $ 32,327,625  
Japan: 2.7%                
Toho Titanium Co. Ltd. #     2,209,847       20,611,504  
Netherlands: 4.3%                
AMG Advanced Metallurgical Group NV # †     935,215       32,072,009  
United States: 16.8%                
AXT, Inc. * ‡     2,229,558       24,480,547  
Livent Corp. * †     1,605,667       31,085,713  
MP Materials Corp. * †     979,223       36,094,159  
Tronox Holdings Plc     1,561,342       34,974,061  
              126,634,480  
Total Common Stocks
(Cost: $554,127,566)
            742,062,265  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.2%
(Cost: $24,386,569)
         
Money Market Fund: 3.2%                
State Street Navigator Securities Lending Government Money Market Portfolio     24,386,569       24,386,569  
Total Investments: 101.6%
(Cost: $578,514,135)
            766,448,834  
Liabilities in excess of other assets: (1.6)%       (12,345,313)  
NET ASSETS: 100.0%           $ 754,103,521  


 

 

Definitions:
HKD Hong Kong Dollar
USD United States Dollar

 

Footnotes:

# Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $563,152,274 which represents 74.7% of net assets.
* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $113,360,502.
Affiliated issuer – as defined under the Investment Company Act of 1940.
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 $46,830,413, or 6.2% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
                  Value  
Information Technology                   3.3 %   $ 24,480,547  
Materials     96.7       717,581,718  
      100.0 %   $ 742,062,265  

 

See Notes to Financial Statements

32

 

 

Transactions in securities of affiliates for the period ended June 30, 2021:

 

    Value
12/31/2020
  Purchases   Sales
Proceeds
  Realized Gain
(Loss)
  Dividend
Income
  Net Change in
Unrealized
Appreciation
(Depreciation)
  Value
6/30/2021
                             
AXT, Inc.         $–(a)   $20,257,375   $(6,909,873)   $411,458   $–   $980,016   $24,480,547

 

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

 

The summary of inputs used to value the Fund’s investments as of June 30, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Australia   $     $ 181,103,446     $     $ 181,103,446  
Canada     52,275,511                   52,275,511  
China           297,037,690             297,037,690  
France           32,327,625             32,327,625  
Japan           20,611,504             20,611,504  
Netherlands           32,072,009             32,072,009  
United States     126,634,480                   126,634,480  
Money Market Fund     24,386,569                   24,386,569  
Total Investments   $ 203,296,560     $ 563,152,274     $     $ 766,448,834  

 

See Notes to Financial Statements

33

VANECK VECTORS STEEL ETF

SCHEDULE OF INVESTMENTS

June 30, 2021 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.0%                
Australia: 14.7%                
Rio Tinto Plc (ADR) †     379,510     $ 31,837,094  
Brazil: 25.0%                
Cia Siderurgica Nacional SA (ADR) †     1,178,191       10,344,517  
Gerdau SA (ADR)     1,644,516       9,702,644  
Vale SA (ADR)     1,494,637       34,092,670  
              54,139,831  
China: 0.1%                
ZK International Group Co. Ltd. (USD) * †     27,551       118,194  
India: 4.4%                
Vedanta Ltd. (ADR) †     677,502       9,620,528  
Luxembourg: 7.2%                
ArcelorMittal SA (USD) †     505,005       15,685,455  
Netherlands: 9.4%                
Tenaris SA (ADR)     425,280       9,313,632  
Ternium SA (ADR)     286,810       11,030,713  
              20,344,345  
South Korea: 6.1%                
POSCO (ADR)     172,344       13,230,849  
United States: 33.1%                
Allegheny Technologies, Inc. *     138,406       2,885,765  
Carpenter Technology Corp.     52,263       2,102,018  
Cleveland-Cliffs, Inc. * †     443,142       9,554,142  
Commercial Metals Co.     131,206       4,030,648  
    Number
of Shares
    Value  
United States (continued)                
Gibraltar Inustries, Inc. *     35,503     $ 2,709,234  
Nucor Corp.     147,879       14,186,033  
Olympic Steel, Inc.     12,139       356,765  
Reliance Steel & Aluminum Co.     60,683       9,157,065  
Ryerson Holding Corp. *     41,863       611,200  
Schnitzer Steel Industries, Inc.     29,666       1,455,117  
Steel Dynamics, Inc.     158,806       9,464,838  
Suncoke Energy, Inc.     90,286       644,642  
TimkenSteel Corp. *     49,728       703,651  
United States Steel Corp.     394,215       9,461,160  
Warrior Met Coal, Inc.     55,936       962,099  
Worthington Industries, Inc.     57,658       3,527,516  
              71,811,893  
Total Common Stocks
(Cost: $203,451,607)
            216,788,189  
                 
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 0.6%

(Cost: $1,399,527)
 
Money Market Fund: 0.6%  
State Street Navigator Securities Lending Government Money Market Portfolio     1,399,527       1,399,527  
Total Investments: 100.6%
(Cost: $204,851,134)
            218,187,716  
Liabilities in excess of other assets: (0.6)%       (1,308,275)
NET ASSETS: 100.0%           $ 216,879,441  


 

 

Definitions:

ADR   American Depositary Receipt
USD   United States Dollar

 

Footnotes:

  Security fully or partially on loan. Total market value of securities on loan is $56,928,883.
*   Non-income producing

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
                       % of
Investments
       Value  
Energy                    4.3   $ 9,313,632  
Industrials     1.2       2,709,234  
Materials     94.5       204,765,323  
      100.0 %   $ 216,788,189  

 

See Notes to Financial Statements

34

 

 

The summary of inputs used to value the Fund's investments as of June 30, 2021 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $ 216,788,189     $     $     $ 216,788,189  
Money Market Fund     1,399,527                   1,399,527  
Total Investments   $ 218,187,716     $     $     $ 218,187,716  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

35

VANECK VECTORS UNCONVENTIONAL OIL & GAS ETF

SCHEDULE OF INVESTMENTS

June 30, 2021 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.0%
Canada: 18.4%                
ARC Resources Ltd. †     79,687     $ 678,913  
Cenovus Energy, Inc. (USD)     96,085       920,495  
Crescent Point Energy Corp. (USD) †     67,853       307,374  
Enerplus Corp. (USD)     28,211       202,837  
PrairieSky Royalty Ltd. †     10,829       131,263  
Tourmaline Oil Corp. †     33,480       957,923  
Whitecap Resources, Inc. †     69,592       346,190  
              3,544,995  
United States: 81.6%                
Antero Resources Corp. *     27,699       416,316  
APA Corp.     27,743       600,081  
Cabot Oil & Gas Corp.     30,383       530,487  
Cimarex Energy Co.     10,378       751,886  
CNX Resources Corp. *     14,974       204,545  
ConocoPhillips     25,528       1,554,655  
Continental Resources, Inc.     9,153       348,089  
Devon Energy Corp.     38,177       1,114,387  
Diamondback Energy, Inc.     9,708       911,484  
EOG Resources, Inc.     17,755       1,481,477  
EQT Corp. *     25,950       577,647  
                 
    Number
of Shares
    Value  
United States (continued)                
Extraction O