SEMI-ANNUAL REPORT
June 30, 2021
(unaudited)
|
SEMI-ANNUAL REPORT |
| VANECK VECTORS® | |
| Agribusiness ETF | MOO® |
| Gold Miners ETF | GDX® |
| Junior Gold Miners ETF | GDXJ® |
| Low Carbon Energy ETF | SMOG® |
| Natural Resources ETF | HAP® |
| Oil Refiners ETF | CRAK® |
| Oil Services ETF | OIH® |
| Rare Earth/Strategic Metals ETF | REMX® |
| Steel ETF | SLX® |
| Unconventional Oil & Gas ETF | FRAK® |
| Uranium+Nuclear Energy ETF | NLR® |
| 800.826.2333 | vaneck.com |
Certain information contained in this 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
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
(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
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 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 |
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 Oil & Gas, Inc. * | 2,775 | $ | 152,375 | |||||
| Hess Corp. | 13,927 | 1,216,106 | ||||||
| Marathon Oil Corp. | 64,146 | 873,669 | ||||||
| Matador Resources Co. | 10,562 | 380,338 | ||||||
| Murphy Oil Corp. | 14,166 | 329,785 | ||||||
| National Fuel Gas Co. | 8,245 | 430,801 | ||||||
| Occidental Petroleum Corp. | 36,946 | 1,155,301 | ||||||
| Ovintiv, Inc. | 22,240 | 699,893 | ||||||
| PDC Energy, Inc. | 8,722 | 399,380 | ||||||
| Pioneer Natural Resources Co. | 7,947 | 1,291,546 | ||||||
| Range Resources Corp. * | 19,394 | 325,043 | ||||||
| 15,745,291 | ||||||||
| Total Common Stocks (Cost: $20,538,950) |
19,290,286 | |||||||
| SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 0.8% (Cost: $159,387) |
||||||||
| Money Market Fund: 0.8% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 159,387 | 159,387 | ||||||
| Total Investments:
100.8% (Cost: $20,698,337) |
19,449,673 | |||||||
| Liabilities in excess of other assets: (0.8)% | (163,815) | |||||||
| NET ASSETS: 100.0% | $ | 19,285,858 | ||||||
Definitions:
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $1,253,427. | |
| * | Non-income producing |
| Summary
of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Gas Utilities | 2.2 | % | $ | 430,801 | ||||
| Integrated Oil & Gas | 10.8 | 2,075,795 | ||||||
| Oil & Gas Exploration & Production | 87.0 | 16,783,690 | ||||||
| 100.0 | % | $ | 19,290,286 | |||||
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 * | $ | 19,290,286 | $ | — | $ | — | $ | 19,290,286 | ||||||||
| Money Market Fund | 159,387 | — | — | 159,387 | ||||||||||||
| Total Investments | $ | 19,449,673 | $ | — | $ | — | $ | 19,449,673 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 36 |
VANECK VECTORS URANIUM+NUCLEAR ENERGY ETF
SCHEDULE OF INVESTMENTS
June 30, 2021 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.1% | ||||||||
| Canada: 6.9% | ||||||||
| Cameco Corp. (USD) | 57,345 | $ | 1,099,877 | |||||
| NexGen Energy Ltd. * † | 125,231 | 515,770 | ||||||
| Uranium Participation Corp. * † | 34,061 | 150,459 | ||||||
| 1,766,106 | ||||||||
| Czech Republic: 4.6% | ||||||||
| CEZ AS # | 40,063 | 1,187,966 | ||||||
| Finland: 5.5% | ||||||||
| Fortum Oyj # | 51,684 | 1,425,959 | ||||||
| France: 4.4% | ||||||||
| Electricite de France SA # | 83,973 | 1,147,728 | ||||||
| Italy: 4.4% | ||||||||
| Endesa SA # † | 46,280 | 1,123,626 | ||||||
| Japan: 13.3% | ||||||||
| Hokuriku Electric Power Co. # | 48,800 | 266,582 | ||||||
| Kansai Electric Power Co., Inc. # | 123,800 | 1,182,393 | ||||||
| Kyushu Electric Power Co., Inc. # | 108,700 | 837,888 | ||||||
| Tokyo Electric Power Co. Holdings, Inc. # * | 382,300 | 1,139,480 | ||||||
| 3,426,343 | ||||||||
| Kazakhstan: 2.1% | ||||||||
| NAC Kazatomprom JSC (USD) (GDR) * | 18,352 | 532,208 | ||||||
| South Korea: 5.2% | ||||||||
| KEPCO Plant Service & Engineering Co. Ltd. # | 5,349 | 203,299 | ||||||
| Number of Shares |
Value | |||||||
| South Korea (continued) | ||||||||
| Korea Electric Power Corp. (ADR) † | 104,643 | $ | 1,130,144 | |||||
| 1,333,443 | ||||||||
| United States: 53.7% | ||||||||
| BWX Technologies, Inc. | 13,195 | 766,893 | ||||||
| Dominion Energy, Inc. | 28,451 | 2,093,140 | ||||||
| Duke Energy Corp. | 21,467 | 2,119,222 | ||||||
| Energy Fuels, Inc. * † | 38,569 | 233,342 | ||||||
| Entergy Corp. | 15,168 | 1,512,250 | ||||||
| Exelon Corp. | 41,080 | 1,820,255 | ||||||
| PG&E Corp. * † | 132,330 | 1,345,796 | ||||||
| Pinnacle West Capital Corp. | 14,047 | 1,151,433 | ||||||
| PNM Resources, Inc. | 18,222 | 888,687 | ||||||
| Public Service Enterprise Group, Inc. | 28,930 | 1,728,278 | ||||||
| Uranium Energy Corp. * † | 56,777 | 151,027 | ||||||
| 13,810,323 | ||||||||
| Total Common Stocks (Cost: $23,156,106) |
25,753,702 | |||||||
| SHORT-TERM INVESTMENT HELD
AS COLLATERAL FOR SECURITIES ON LOAN: 1.4% (Cost: $355,578) | ||||||||
| Money Market Fund: 1.4% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 355,578 | 355,578 | ||||||
| Total Investments: 101.5% (Cost: $23,511,684) |
26,109,280 | |||||||
| Liabilities in excess of other assets: (1.5)% | (377,181) | |||||||
| NET ASSETS: 100.0% | $ | 25,732,099 | ||||||
Definitions:
| ADR | American Depositary Receipt | |
| GDR | Global Depositary Receipt | |
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $2,868,345. | |
| * | Non-income producing | |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $8,514,921 which represents 33.1% of net assets. |
| Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Energy | 9.8 | % | $ | 2,532,225 | ||||
| Financials | 0.6 | 150,459 | ||||||
| Industrials | 3.8 | 970,192 | ||||||
| Utilities | 85.8 | 22,100,826 | ||||||
| 100.0 | % | $ | 25,753,702 | |||||
See Notes to Financial Statements
| 37 |
VANECK VECTORS URANIUM+NUCLEAR ENERGY 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 | ||||||||||||||||
| Canada | $ | 1,766,106 | $ | — | $ | — | $ | 1,766,106 | ||||||||
| Czech Republic | — | 1,187,966 | — | 1,187,966 | ||||||||||||
| Finland | — | 1,425,959 | — | 1,425,959 | ||||||||||||
| France | — | 1,147,728 | — | 1,147,728 | ||||||||||||
| Italy | — | 1,123,626 | — | 1,123,626 | ||||||||||||
| Japan | — | 3,426,343 | — | 3,426,343 | ||||||||||||
| Kazakhstan | 532,208 | — | — | 532,208 | ||||||||||||
| South Korea | 1,130,144 | 203,299 | — | 1,333,443 | ||||||||||||
| United States | 13,810,323 | — | — | 13,810,323 | ||||||||||||
| Money Market Fund | 355,578 | — | — | 355,578 | ||||||||||||
| Total Investments | $ | 17,594,359 | $ | 8,514,921 | $ | — | $ | 26,109,280 | ||||||||
See Notes to Financial Statements
| 38 |
VANECK VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2021 (unaudited)
| Agribusiness ETF | Gold Miners ETF | Junior Gold Miners ETF |
Low Carbon Energy ETF |
|||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) | ||||||||||||||||
| Unaffiliated issuers (2) | $ | 1,173,425,824 | $ | 7,400,690,137 | $ | 4,332,328,307 | $ | 313,144,422 | ||||||||
| Affiliated issuers (3) | — | 7,244,861,139 | 890,676,145 | — | ||||||||||||
| Short-term investments held as collateral for securities loaned (4) | 8,660,946 | 172,349,967 | 189,165,954 | 7,426,842 | ||||||||||||
| Cash | 840,632 | 15,853,166 | 11,664,551 | 3 | ||||||||||||
| Cash denominated in foreign currency, at value (5) | 425,626 | 898,999 | 379,063 | 37,055 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | 44,967 | 898,327 | 378,839 | 30,073 | ||||||||||||
| Shares of beneficial interest sold | 4,552,744 | 52,262,834 | — | — | ||||||||||||
| Dividends and interest | 1,743,876 | 11,049,871 | 2,642,309 | 416,263 | ||||||||||||
| Prepaid expenses | 1,494 | 30,879 | 11,158 | 239 | ||||||||||||
| Total assets | 1,189,696,109 | 14,898,895,319 | 5,427,246,326 | 321,054,897 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | 4,558,001 | 53,177,342 | 378,879 | 30,123 | ||||||||||||
| Collateral for securities loaned | 8,660,946 | 172,349,967 | 189,165,954 | 7,426,842 | ||||||||||||
| Line of credit | — | — | — | 2,122,602 | ||||||||||||
| Due to Adviser | 505,071 | 6,364,037 | 2,352,864 | 121,901 | ||||||||||||
| Deferred Trustee fees | 560,984 | 1,144,969 | 345,181 | 17,555 | ||||||||||||
| Accrued expenses | 162,702 | 89,404 | 206,732 | 43,894 | ||||||||||||
| Total liabilities | 14,447,704 | 233,125,719 | 192,449,610 | 9,762,917 | ||||||||||||
| NET ASSETS | $ | 1,175,248,405 | $ | 14,665,769,600 | $ | 5,234,796,716 | $ | 311,291,980 | ||||||||
| Shares outstanding | 12,900,000 | 432,302,500 | 112,337,446 | 1,933,298 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 91.10 | $ | 33.92 | $ | 46.60 | $ | 161.02 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 1,609,707,074 | $ | 22,416,157,297 | $ | 9,275,503,414 | $ | 251,317,391 | ||||||||
| Total distributable earnings (loss) | (434,458,669) | (7,750,387,697) | (4,040,706,698) | 59,974,589 | ||||||||||||
| NET ASSETS | $ | 1,175,248,405 | $ | 14,665,769,600 | $ | 5,234,796,716 | $ | 311,291,980 | ||||||||
| (1) Value of securities on loan | $ | 46,191,985 | $ | 318,945,380 | $ | 298,538,485 | $ | 55,384,063 | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 966,675,218 | $ | 6,022,720,909 | $ | 4,236,703,496 | $ | 262,809,095 | ||||||||
| (3) Cost of investments - Affiliated issuers | $ | — | $ | 6,626,777,935 | $ | 780,121,994 | $ | — | ||||||||
| (4) Cost of short-term investments held as collateral for securities loaned | $ | 8,660,946 | $ | 172,349,967 | $ | 189,165,954 | $ | 7,426,842 | ||||||||
| (5) Cost of cash denominated in foreign currency | $ | 430,063 | $ | 899,234 | $ | 379,162 | $ | 37,116 | ||||||||
See Notes to Financial Statements
| 39 |
VANECK VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2021 (unaudited)
| Rare Earth/ | ||||||||||||||||
| Natural | Strategic Metals | |||||||||||||||
| Resources ETF | Oil Refiners ETF | Oil Services ETF | ETF | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) | ||||||||||||||||
| Unaffiliated issuers (2) | $ | 76,248,538 | $ | 21,429,624 | $ | 2,174,994,690 | $ | 717,581,718 | ||||||||
| Affiliated issuers (3) | — | — | 673,974,334 | 24,480,547 | ||||||||||||
| Short-term investments held as collateral for securities loaned (4) | 549,004 | — | 31,765,199 | 24,386,569 | ||||||||||||
| Cash | — | — | — | 13,999,404 | ||||||||||||
| Cash denominated in foreign currency, at value (5) | 144,239 | — | — | 1,076,816 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | 19,002 | — | 21,906,679 | 5,649,995 | ||||||||||||
| Shares of beneficial interest sold | — | — | — | 11,296 | ||||||||||||
| Dividends and interest | 174,266 | 53,434 | 1,929,078 | 275,115 | ||||||||||||
| Prepaid expenses | 134 | 51 | 1,277 | 356 | ||||||||||||
| Total assets | 77,135,183 | 21,483,109 | 2,904,571,257 | 787,461,816 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | 29,827 | — | — | 124,532 | ||||||||||||
| Collateral for securities loaned | 549,004 | — | 31,765,199 | 24,386,569 | ||||||||||||
| Line of credit | 308,724 | — | 1,777,884 | — | ||||||||||||
| Shares of beneficial interest redeemed | — | — | 21,906,522 | 8,432,231 | ||||||||||||
| Due to Adviser | 11,252 | 2,331 | 854,879 | 306,559 | ||||||||||||
| Due to Custodian | 2,239 | 41,714 | 16,725 | — | ||||||||||||
| Deferred Trustee fees | 14,555 | 848 | 202,553 | 21,536 | ||||||||||||
| Accrued expenses | 76,885 | 48,214 | 79,796 | 86,868 | ||||||||||||
| Total liabilities | 992,486 | 93,107 | 56,603,558 | 33,358,295 | ||||||||||||
| NET ASSETS | $ | 76,142,697 | $ | 21,390,002 | $ | 2,847,967,699 | $ | 754,103,521 | ||||||||
| Shares outstanding | 1,650,000 | 725,000 | 13,000,543 | 8,824,987 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 46.15 | $ | 29.50 | $ | 219.07 | $ | 85.45 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 106,930,087 | $ | 26,725,640 | $ | 4,348,276,016 | $ | 881,172,644 | ||||||||
| Total distributable earnings (loss) | (30,787,390) | (5,335,638) | (1,500,308,317) | (127,069,123) | ||||||||||||
| NET ASSETS | $ | 76,142,697 | $ | 21,390,002 | $ | 2,847,967,699 | $ | 754,103,521 | ||||||||
| (1) Value of securities on loan | $ | 4,012,514 | $ | — | $ | 44,302,912 | $ | 113,360,502 | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 62,439,588 | $ | 19,759,562 | $ | 2,286,040,755 | $ | 530,196,010 | ||||||||
| (3) Cost of investments - Affiliated issuers | $ | — | $ | — | $ | 635,719,503 | $ | 23,931,556 | ||||||||
| (4) Cost of short-term investments held as collateral for securities loaned | $ | 549,004 | $ | — | $ | 31,765,199 | $ | 24,386,569 | ||||||||
| (5) Cost of cash denominated in foreign currency | $ | 144,520 | $ | — | $ | — | $ | 1,076,094 | ||||||||
See Notes to Financial Statements
| 40 |
VANECK VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2021 (unaudited)
| Unconventional | Uranium+Nuclear | |||||||||||
| Steel ETF | Oil & Gas ETF | Energy ETF | ||||||||||
| Assets: | ||||||||||||
| Investments, at value (1) | ||||||||||||
| Unaffiliated issuers (2) | $ | 216,788,189 | $ | 19,290,286 | $ | 25,753,702 | ||||||
| Short-term investments held as collateral for securities loaned (3) | 1,399,527 | 159,387 | 355,578 | |||||||||
| Cash | 525,376 | 75,961 | 501,485 | |||||||||
| Cash denominated in foreign currency, at value (4) | — | 3,777 | — | |||||||||
| Receivables: | ||||||||||||
| Investment securities sold | 15,342,583 | 3,746 | — | |||||||||
| Shares of beneficial interest sold | 7,761,504 | — | — | |||||||||
| Dividends and interest | 890,447 | 14,580 | 61,633 | |||||||||
| Prepaid expenses | 119 | 33 | 50 | |||||||||
| Total assets | 242,707,745 | 19,547,770 | 26,672,448 | |||||||||
| Liabilities: | ||||||||||||
| Payables: | ||||||||||||
| Investment securities purchased | 14,901,779 | 3,757 | 498,960 | |||||||||
| Collateral for securities loaned | 1,399,527 | 159,387 | 355,578 | |||||||||
| Shares of beneficial interest redeemed | 9,276,531 | — | — | |||||||||
| Due to Adviser | 101,008 | 1,150 | 4,666 | |||||||||
| Deferred Trustee fees | 19,778 | 4,683 | 12,904 | |||||||||
| Accrued expenses | 129,681 | 92,935 | 68,241 | |||||||||
| Total liabilities | 25,828,304 | 261,912 | 940,349 | |||||||||
| NET ASSETS | $ | 216,879,441 | $ | 19,285,858 | $ | 25,732,099 | ||||||
| Shares outstanding | 3,500,000 | 145,000 | 491,632 | |||||||||
| Net asset value, redemption and offering price per share | $ | 61.97 | $ | 133.01 | $ | 52.34 | ||||||
| Net Assets consist of: | ||||||||||||
| Aggregate paid in capital | $ | 325,577,714 | $ | 74,007,492 | $ | 107,079,468 | ||||||
| Total distributable earnings (loss) | (108,698,273) | (54,721,634) | (81,347,369) | |||||||||
| NET ASSETS | $ | 216,879,441 | $ | 19,285,858 | $ | 25,732,099 | ||||||
| (1) Value of securities on loan | $ | 56,928,883 | $ | 1,253,427 | $ | 2,868,345 | ||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 203,451,607 | $ | 20,538,950 | $ | 23,156,106 | ||||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | 1,399,527 | $ | 159,387 | $ | 355,578 | ||||||
| (4) Cost of cash denominated in foreign currency | $ | — | $ | 3,775 | $ | — | ||||||
See Notes to Financial Statements
| 41 |
VANECK VECTORS ETF TRUST
For the Period Ended June 30, 2021 (unaudited)
| Junior Gold | Low Carbon | |||||||||||||||
| Agribusiness ETF | Gold Miners ETF | Miners ETF | Energy ETF | |||||||||||||
| Income: | ||||||||||||||||
| Dividends - unaffiliated issuers | $ | 12,870,422 | $ | 83,709,979 | $ | 38,500,387 | $ | 1,368,718 | ||||||||
| Dividends - affiliated issuers | — | 73,754,427 | 4,289,171 | — | ||||||||||||
| Interest | 19 | 3,152 | 5,930 | — | ||||||||||||
| Securities lending income | 137,977 | 311,620 | 2,309,323 | 133,437 | ||||||||||||
| Foreign taxes withheld | (1,172,929) | (12,066,607) | (3,296,371) | (95,866) | ||||||||||||
| Total income | 11,835,489 | 145,712,571 | 41,808,440 | 1,406,289 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 2,739,225 | 37,442,491 | 13,970,782 | 751,187 | ||||||||||||
| Professional fees | 30,723 | 32,017 | 37,980 | 28,574 | ||||||||||||
| Custody and accounting fees | 21,327 | 86,645 | 107,769 | 15,921 | ||||||||||||
| Reports to shareholders | 14,987 | 264,556 | 77,748 | 9,674 | ||||||||||||
| Trustees’ fees and expenses | 7,508 | 221,438 | 67,057 | 1,044 | ||||||||||||
| Registration fees | 2,985 | 8,543 | 9,946 | 2,976 | ||||||||||||
| Insurance | 6,782 | 71,845 | 35,491 | 2,139 | ||||||||||||
| Interest | 1,470 | 15,951 | 885 | 4,589 | ||||||||||||
| Other | 4,315 | 89,826 | 58,620 | 3,434 | ||||||||||||
| Total expenses | 2,829,322 | 38,233,312 | 14,366,278 | 819,538 | ||||||||||||
| Net investment income | 9,006,167 | 107,479,259 | 27,442,162 | 586,751 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments - unaffiliated issuers | (4,831,526) | (31,991,982) | 87,718,543 | (777,936) | ||||||||||||
| Investments – affiliated issuers | — | (122,593,184) | (9,554,317) | — | ||||||||||||
| In-kind redemptions - unaffiliated issuers | 79,747,566 | 406,440,996 | 118,360,108 | 63,949,831 | ||||||||||||
| In-kind redemptions - affiliated issuers | — | 463,485,574 | 39,859,191 | — | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (55,686) | (867,361) | (585,250) | (136,555) | ||||||||||||
| Net realized gain | 74,860,354 | 714,474,043 | 235,798,275 | 63,035,340 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments - unaffiliated issuers | 67,150,409 | (347,449,994) | (858,947,396) | (73,690,901) | ||||||||||||
| Investments – affiliated issuers | — | (1,410,137,936) | (272,442,516) | — | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (36,506) | (7,791) | (7,249) | (5,409) | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 67,113,903 | (1,757,595,721) | (1,131,397,161) | (73,696,310) | ||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 150,980,424 | $ | (935,642,419) | $ | (868,156,724) | $ | (10,074,219) | ||||||||
See Notes to Financial Statements
| 42 |
VANECK VECTORS ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended June 30, 2021 (unaudited)
| Rare Earth/ | ||||||||||||||||
| Natural | Strategic Metals | |||||||||||||||
| Resources ETF | Oil Refiners ETF | Oil Services ETF | ETF | |||||||||||||
| Income: | ||||||||||||||||
| Dividends - unaffiliated issuers | $ | 1,023,682 | $ | 314,791 | $ | 17,281,091 | $ | 2,563,961 | ||||||||
| Dividends - affiliated issuers | — | — | 584,399 | — | ||||||||||||
| Interest | 4 | — | 267 | 2,399 | ||||||||||||
| Securities lending income | 6,942 | 292 | 33,385 | 490,887 | ||||||||||||
| Foreign taxes withheld | (60,039) | (27,711) | (3,083) | (229,158) | ||||||||||||
| Total income | 970,589 | 287,372 | 17,896,059 | 2,828,089 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 163,310 | 50,016 | 2,620,972 | 1,547,665 | ||||||||||||
| Professional fees | 32,568 | 28,078 | 32,372 | 27,653 | ||||||||||||
| Custody and accounting fees | 48,638 | 12,555 | 6,657 | 21,884 | ||||||||||||
| Reports to shareholders | 4,412 | 4,360 | 16,516 | 9,173 | ||||||||||||
| Trustees’ fees and expenses | 394 | 229 | 4,184 | 2,536 | ||||||||||||
| Registration fees | 2,985 | 2,986 | 5,969 | 2,985 | ||||||||||||
| Insurance | 1,098 | 959 | 6,419 | 2,326 | ||||||||||||
| Interest | 679 | — | 3,342 | 3,317 | ||||||||||||
| Other | 657 | 478 | 9,680 | 2,109 | ||||||||||||
| Total expenses | 254,741 | 99,661 | 2,706,111 | 1,619,648 | ||||||||||||
| Waiver of management fees | (94,018) | (40,642) | (80,777) | — | ||||||||||||
| Net expenses | 160,723 | 59,019 | 2,625,334 | 1,619,648 | ||||||||||||
| Net investment income | 809,866 | 228,353 | 15,270,725 | 1,208,441 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments - unaffiliated issuers | (1,445,671) | (595,536) | (150,947,278) | (12,619,213) | ||||||||||||
| Investments – affiliated issuers | — | — | (29,729,451) | 218,947 | ||||||||||||
| In-kind redemptions - unaffiliated issuers | 3,709 | — | 225,605,853 | 21,429,491 | ||||||||||||
| In-kind redemptions - affiliated issuers | — | — | 100,845,835 | 192,511 | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (3,315) | (1,252) | — | (351,088) | ||||||||||||
| Net realized gain (loss) | (1,445,277) | (596,788) | 145,774,959 | 8,870,648 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments - unaffiliated issuers | 10,633,021 | 3,545,954 | 76,223,821 | 95,589,407 | ||||||||||||
| Investments – affiliated issuers | — | — | 53,282,231 | 980,016 | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (1,918) | (1,996) | — | (5,813) | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 10,631,103 | 3,543,958 | 129,506,052 | 96,563,610 | ||||||||||||
| Net Increase in Net Assets Resulting from Operations | $ | 9,995,692 | $ | 3,175,523 | $ | 290,551,736 | $ | 106,642,699 | ||||||||
See Notes to Financial Statements
| 43 |
VANECK VECTORS ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended June 30, 2021 (unaudited)
| Unconventional | Uranium+Nuclear | |||||||||||
| Steel ETF | Oil & Gas ETF | Energy ETF | ||||||||||
| Income: | ||||||||||||
| Dividends | $ | 3,477,678 | $ | 149,394 | $ | 400,036 | ||||||
| Interest | 59 | 32 | 21 | |||||||||
| Securities lending income | 46,403 | 612 | 6,662 | |||||||||
| Foreign taxes withheld | (79,368) | (3,545) | (35,633) | |||||||||
| Total income | 3,444,772 | 146,493 | 371,086 | |||||||||
| Expenses: | ||||||||||||
| Management fees | 382,841 | 39,010 | 53,568 | |||||||||
| Professional fees | 27,469 | 27,313 | 27,735 | |||||||||
| Custody and accounting fees | 8,099 | 9,896 | 11,961 | |||||||||
| Reports to shareholders | 5,618 | 3,705 | 3,723 | |||||||||
| Trustees’ fees and expenses | 534 | 138 | 166 | |||||||||
| Registration fees | 1,223 | 2,985 | 2,985 | |||||||||
| Insurance | 1,073 | 923 | 953 | |||||||||
| Interest | 547 | — | — | |||||||||
| Other | 799 | 1,087 | 902 | |||||||||
| Total expenses | 428,203 | 85,057 | 101,993 | |||||||||
| Waiver of management fees | (6,415) | (39,010) | (37,712) | |||||||||
| Expenses assumed by the Adviser | — | (3,916) | — | |||||||||
| Net expenses | 421,788 | 42,131 | 64,281 | |||||||||
| Net investment income | 3,022,984 | 104,362 | 306,805 | |||||||||
| Net realized gain (loss) on: | ||||||||||||
| Investments | (1,269,500) | (1,840,381) | (214,192) | |||||||||
| In-kind redemptions | 27,163,560 | — | — | |||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (335) | 211 | |||||||||
| Net realized gain (loss) | 25,894,060 | (1,840,716) | (213,981) | |||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||
| Investments | 8,340,384 | 9,937,950 | 1,139,371 | |||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (40) | (210) | |||||||||
| Net change in unrealized appreciation (depreciation) | 8,340,384 | 9,937,910 | 1,139,161 | |||||||||
| Net Increase in Net Assets Resulting from Operations | $ | 37,257,428 | $ | 8,201,556 | $ | 1,231,985 | ||||||
See Notes to Financial Statements
| 44 |
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Agribusiness ETF | Gold Miners ETF | |||||||||||||||
| Six Months | Year Ended | Six Months | Year Ended | |||||||||||||
| Ended | December 31, | Ended | December 31, | |||||||||||||
| June 30, 2021 | 2020 | June 30, 2021 | 2020 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 9,006,167 | $ | 8,584,299 | $ | 107,479,259 | $ | 91,180,763 | ||||||||
| Net realized gain | 74,860,354 | 11,598,119 | 714,474,043 | 1,036,835,301 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 67,113,903 | 60,982,374 | (1,757,595,721) | 1,508,513,719 | ||||||||||||
| Net increase (decrease) in net assets resulting from operations | 150,980,424 | 81,164,792 | (935,642,419) | 2,636,529,783 | ||||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | — | (8,649,640) | — | (85,977,700) | ||||||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 417,313,894 | 106,178,252 | 1,390,846,602 | 4,987,854,222 | ||||||||||||
| Cost of shares redeemed | (186,846,387) | (101,652,572) | (2,292,953,225) | (4,033,614,138) | ||||||||||||
| Increase (decrease) in net assets resulting from share transactions | 230,467,507 | 4,525,680 | (902,106,623) | 954,240,084 | ||||||||||||
| Total increase (decrease) in net assets | 381,447,931 | 77,040,832 | (1,837,749,042) | 3,504,792,167 | ||||||||||||
| Net Assets, beginning of period | 793,800,474 | 716,759,642 | 16,503,518,642 | 12,998,726,475 | ||||||||||||
| Net Assets, end of period | $ | 1,175,248,405 | $ | 793,800,474 | $ | 14,665,769,600 | $ | 16,503,518,642 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 4,800,000 | 1,450,000 | 38,100,000 | 154,150,000 | ||||||||||||
| Shares redeemed | (2,100,000) | (1,700,000) | (64,450,000) | (138,550,000) | ||||||||||||
| Net increase (decrease) | 2,700,000 | (250,000 | ) | (26,350,000 | ) | 15,600,000 | ||||||||||
See Notes to Financial Statements
| 45 |
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Junior Gold Miners ETF | Low Carbon Energy ETF | |||||||||||||||
| Six Months | Year Ended | Six Months | Year Ended | |||||||||||||
| Ended | December 31, | Ended | December 31, | |||||||||||||
| June 30, 2021 | 2020 | June 30, 2021 | 2020 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 27,442,162 | $ | 24,991,250 | $ | 586,751 | $ | 225,072 | ||||||||
| Net realized gain | 235,798,275 | 661,439,961 | 63,035,340 | 42,010,149 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | (1,131,397,161) | 532,899,939 | (73,696,310) | 91,345,627 | ||||||||||||
| Net increase (decrease) in net assets resulting from operations | (868,156,724) | 1,219,331,150 | (10,074,219) | 133,580,848 | ||||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | — | (99,001,811) | — | (149,937) | ||||||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 230,306,222 | 2,296,605,753 | 185,630,917 | 32,017,566 | ||||||||||||
| Cost of shares redeemed | (442,320,454) | (2,321,187,674) | (134,423,249) | — | ||||||||||||
| Increase (decrease) in net assets resulting from share transactions | (212,014,232) | (24,581,921) | 51,207,668 | 32,017,566 | ||||||||||||
| Total increase (decrease) in net assets | (1,080,170,956) | 1,095,747,418 | 41,133,449 | 165,448,477 | ||||||||||||
| Net Assets, beginning of period | 6,314,967,672 | 5,219,220,254 | 270,158,531 | 104,710,054 | ||||||||||||
| Net Assets, end of period | $ | 5,234,796,716 | $ | 6,314,967,672 | $ | 311,291,980 | $ | 270,158,531 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 4,700,000 | 58,350,000 | 1,150,000 | 250,000 | ||||||||||||
| Shares redeemed | (8,750,000) | (65,100,000) | (850,000) | — | ||||||||||||
| Net increase (decrease) | (4,050,000) | (6,750,000) | 300,000 | 250,000 | ||||||||||||
See Notes to Financial Statements
| 46 |
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Natural Resources ETF | Oil Refiners ETF | |||||||||||||||
| Six Months | Year Ended | Six Months | Year Ended | |||||||||||||
| Ended | December 31, | Ended | December 31, | |||||||||||||
| June 30, 2021 | 2020 | June 30, 2021 | 2020 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 809,866 | $ | 1,288,402 | $ | 228,353 | $ | 463,107 | ||||||||
| Net realized loss | (1,445,277) | (1,997,874) | (596,788) | (4,049,751) | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 10,631,103 | (1,678,874) | 3,543,958 | 1,115,608 | ||||||||||||
| Net increase (decrease) in net assets resulting from operations | 9,995,692 | (2,388,346) | 3,175,523 | (2,471,036) | ||||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | — | (1,274,940) | — | (450,520) | ||||||||||||
| Return of capital | — | — | — | (11,480) | ||||||||||||
| Total distributions | — | (1,274,940) | — | (462,000) | ||||||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 13,971,736 | 11,167,537 | 708,375 | 10,352,663 | ||||||||||||
| Cost of shares redeemed | — | (25,822,931) | — | (24,728,022) | ||||||||||||
| Increase (decrease) in net assets resulting from share transactions | 13,971,736 | (14,655,394) | 708,375 | (14,375,359) | ||||||||||||
| Total increase (decrease) in net assets | 23,967,428 | (18,318,680) | 3,883,898 | (17,308,395) | ||||||||||||
| Net Assets, beginning of period | 52,175,269 | 70,493,949 | 17,506,104 | 34,814,499 | ||||||||||||
| Net Assets, end of period | $ | 76,142,697 | $ | 52,175,269 | $ | 21,390,002 | $ | 17,506,104 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 300,000 | 300,000 | 25,000 | 525,000 | ||||||||||||
| Shares redeemed | — | (850,000) | — | (1,025,000) | ||||||||||||
| Net increase (decrease) | 300,000 | (550,000) | 25,000 | (500,000) | ||||||||||||
See Notes to Financial Statements
| 47 |
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Oil Services ETF (a) | Rare Earth/Strategic Metals ETF (b) | |||||||||||||||
| Six Months | Year Ended | Six Months | Year Ended | |||||||||||||
| Ended | December 31, | Ended | December 31, | |||||||||||||
| June 30, 2021 | 2020 | June 30, 2021 | 2020 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 15,270,725 | $ | 8,553,781 | $ | 1,208,441 | $ | 2,402,890 | ||||||||
| Net realized gain (loss) | 145,774,959 | (600,555,052) | 8,870,648 | (15,633,653) | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 129,506,052 | 363,927,111 | 96,563,610 | 112,754,285 | ||||||||||||
| Net increase (decrease) in net assets resulting from operations | 290,551,736 | (228,074,160) | 106,642,699 | 99,523,522 | ||||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | — | (8,700,087) | — | (2,500,183) | ||||||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 3,315,652,670 | 1,565,472,841 | 395,359,998 | 133,894,168 | ||||||||||||
| Cost of shares redeemed | (1,481,657,516) | (1,378,601,348) | (70,021,736) | (101,731,782) | ||||||||||||
| Increase in net assets resulting from share transactions | 1,833,995,154 | 186,871,493 | 325,338,262 | 32,162,386 | ||||||||||||
| Total increase (decrease) in net assets | 2,124,546,890 | (49,902,754) | 431,980,961 | 129,185,725 | ||||||||||||
| Net Assets, beginning of period | 723,420,809 | 773,323,563 | 322,122,560 | 192,936,835 | ||||||||||||
| Net Assets, end of period | $ | 2,847,967,699 | $ | 723,420,809 | $ | 754,103,521 | $ | 322,122,560 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 15,300,000 | 11,320,000 | 4,800,000 | 2,933,333 | ||||||||||||
| Shares redeemed | (7,000,000) | (9,532,500) | (900,000) | (2,783,333) | ||||||||||||
| Net increase | 8,300,000 | 1,787,500 | 3,900,000 | 150,000 | ||||||||||||
(a) Share activity has been adjusted to reflect the 1 for 20 reverse share split which took place on April 15, 2020 (See Note 11).
(b) Share activity has been adjusted to reflect the 1 for 3 reverse share split which took place on April 15, 2020 (See Note 11).
See Notes to Financial Statements
| 48 |
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Steel ETF | Unconventional Oil & Gas ETF (a) | |||||||||||||||
| Six Months | Year Ended | Six Months | Year Ended | |||||||||||||
| Ended | December 31, | Ended | December 31, | |||||||||||||
| June 30, 2021 | 2020 | June 30, 2021 | 2020 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 3,022,984 | $ | 1,084,820 | $ | 104,362 | $ | 211,241 | ||||||||
| Net realized gain (loss) | 25,894,060 | (7,764,415) | (1,840,716) | (6,444,209) | ||||||||||||
| Net change in unrealized appreciation (depreciation) | 8,340,384 | 12,848,203 | 9,937,910 | 1,112,836 | ||||||||||||
| Net increase (decrease) in net assets resulting from operations | 37,257,428 | 6,168,608 | 8,201,556 | (5,120,132) | ||||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | — | (1,160,720) | — | (175,001) | ||||||||||||
| Return of capital | — | (89,230) | — | — | ||||||||||||
| Total distributions | — | (1,249,950) | — | (175,001) | ||||||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 182,926,829 | 32,148,724 | — | — | ||||||||||||
| Cost of shares redeemed | (80,194,909) | (26,219,056) | — | (3,221,221) | ||||||||||||
| Increase (decrease) in net assets resulting from share transactions | 102,731,920 | 5,929,668 | — | (3,221,221) | ||||||||||||
| Total increase (decrease) in net assets | 139,989,348 | 10,848,326 | 8,201,556 | (8,516,354) | ||||||||||||
| Net Assets, beginning of period | 76,890,093 | 66,041,767 | 11,084,302 | 19,600,656 | ||||||||||||
| Net Assets, end of period | $ | 216,879,441 | $ | 76,890,093 | $ | 19,285,858 | $ | 11,084,302 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 3,125,000 | 800,000 | — | — | ||||||||||||
| Shares redeemed | (1,350,000) | (825,000) | — | (30,000) | ||||||||||||
| Net increase (decrease) | 1,775,000 | (25,000) | — | (30,000) | ||||||||||||
(a) Share activity has been adjusted to reflect the 1 for 10 reverse share split which took place on April 15, 2020 (See Note 11).
See Notes to Financial Statements
| 49 |
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Uranium+Nuclear Energy ETF | ||||||||
| Six Months | Year Ended | |||||||
| Ended | December 31, | |||||||
| June 30, 2021 | 2020 | |||||||
| (unaudited) | ||||||||
| Operations: | ||||||||
| Net investment income | $ | 306,805 | $ | 375,645 | ||||
| Net realized loss | (213,981) | (669,623) | ||||||
| Net change in unrealized appreciation (depreciation) | 1,139,161 | 1,096,501 | ||||||
| Net increase in net assets resulting from operations | 1,231,985 | 802,523 | ||||||
| Distributions to shareholders from: | ||||||||
| Distributable earnings | — | (401,975) | ||||||
| Share transactions**: | ||||||||
| Proceeds from sale of shares | 6,406,878 | — | ||||||
| Cost of shares redeemed | — | (5,037,717) | ||||||
| Increase (decrease) in net assets resulting from share transactions | 6,406,878 | (5,037,717) | ||||||
| Total increase (decrease) in net assets | 7,638,863 | (4,637,169) | ||||||
| Net Assets, beginning of period | 18,093,236 | 22,730,405 | ||||||
| Net Assets, end of period | $ | 25,732,099 | $ | 18,093,236 | ||||
| **Shares of Common Stock Issued (no par value) | ||||||||
| Shares sold | 125,000 | — | ||||||
| Shares redeemed | — | (100,000) | ||||||
| Net increase (decrease) | 125,000 | (100,000) | ||||||
See Notes to Financial Statements
| 50 |
VANECK VECTORS ETF TRUST
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 51 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 52 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
| (f) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 53 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 54 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Annualized |
| (f) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 55 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 56 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| # | On April 15, 2020, the Fund effected a 1 for 20 reverse share split (See Note 11). Per share data prior to April 15, 2020 has been adjusted to reflect the reverse share split. |
| (a) | based upon average shares outstanding |
| (b) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Annualized |
| (f) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 57 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| ## | On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 11). Per share data prior to April 15, 2020 has been adjusted to reflect the reverse share split. |
| (a) | Calculated based upon average shares outstanding |
| (b) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Annualized |
| (f) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 58 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 59 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| # | On April 15, 2020, the Fund effected a 1 for 10 reverse share split (See Note 11). Per share data prior to April 15, 2020 has been adjusted to reflect the reverse share split. |
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 60 |
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 61 |
VANECK VECTORS ETF TRUST
June 30, 2021 (unaudited)
Note 1—Fund Organization—VanEck Vectors ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
| Fund | Diversification Classification |
| Agribusiness ETF | Non-Diversified |
| Gold Miners ETF | Non-Diversified |
| Junior Gold Miners ETF | Non-Diversified |
| Low Carbon Energy ETF | Non-Diversified |
| Natural Resources ETF | Diversified |
| Oil Refiners ETF | Non-Diversified |
| Oil Services ETF | Non-Diversified |
| Rare Earth/Strategic Metals ETF | Non-Diversified |
| Steel ETF | Non-Diversified |
| Unconventional Oil & Gas ETF | Non-Diversified |
| Uranium+Nuclear Energy ETF | Non-Diversified |
Each Fund was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.
The following summarizes the Funds’ significant accounting policies.
| A. | Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of Van Eck Associates Corporation (the “Adviser”) provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of |
| 62 |
| financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. | |
| Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. | |
| The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below: | |
| Level 1 — Quoted prices in active markets for identical securities. | |
| Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
| Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). | |
| A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. |
| B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income to its shareholders. Therefore, no federal income tax provision is required. |
| C. | Distributions to Shareholders— Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
| D. | Currency Translation— Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in |
| 63 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
| unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. |
| E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
| F. | Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at June 30, 2021 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending). |
| G. | Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned. |
| The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. | |
| In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least May 1, 2022, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.
The expense limitations and management fee rates for the period ended June 30, 2021, are as follows:
| Fund | Expense Limitations |
Management Fees | ||||||
| Agribusiness ETF | 0.56 | % | 0.50 | % | ||||
| Gold Miners ETF | 0.53 | 0.50 | ||||||
| Junior Gold Miners ETF | 0.56 | 0.50 | ||||||
| Low Carbon Energy ETF | 0.62 | 0.50 | ||||||
| Natural Resources ETF | 0.49 | 0.50 | ||||||
| Oil Refiners ETF | 0.59 | 0.50 | ||||||
| Oil Services ETF | 0.35 | 0.35 | ||||||
| Rare Earth/Strategic Metals ETF | 0.57 | 0.50 | ||||||
| Steel ETF | 0.55 | 0.50 | ||||||
| Unconventional Oil & Gas ETF | 0.54 | 0.50 | ||||||
| Uranium+Nuclear Energy ETF | 0.60 | 0.50 | ||||||
Refer to the Statements of Operations for amounts waived/assumed by the Adviser.
| 64 |
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
At June 30, 2021, the Adviser owned approximately 2,500 shares of Gold Miners ETF.
Note 4—Capital Share Transactions—As of June 30, 2021, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
Note 5—Investments—For the period ended June 30, 2021, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
| In-Kind Capital Share Transactions | ||||||||||||||||
| Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
| Agribusiness ETF | $ | 107,125,792 | $ | 90,675,297 | $ | 402,247,596 | $ | 180,752,998 | ||||||||
| Gold Miners ETF | 1,244,188,194 | 1,144,436,469 | 1,391,135,958 | 2,292,278,449 | ||||||||||||
| Junior Gold Miners ETF | 962,350,597 | 945,367,273 | 230,206,367 | 441,140,615 | ||||||||||||
| Low Carbon Energy ETF | 216,843,636 | 193,602,718 | 164,756,942 | 134,505,398 | ||||||||||||
| Natural Resources ETF | 11,216,448 | 9,743,333 | 13,586,244 | — | ||||||||||||
| Oil Refiners ETF | 2,238,185 | 1,879,716 | 598,522 | — | ||||||||||||
| Oil Services ETF | 297,943,115 | 282,193,968 | 3,055,607,554 | 1,221,400,576 | ||||||||||||
| Rare Earth/Strategic Metals ETF | 313,266,135 | 189,587,275 | 233,054,113 | 42,673,671 | ||||||||||||
| Steel ETF | 13,620,195 | 10,596,627 | 181,301,561 | 78,592,784 | ||||||||||||
| Unconventional Oil & Gas ETF | 2,095,922 | 1,986,315 | — | — | ||||||||||||
| Uranium+Nuclear Energy ETF | 2,482,615 | 2,083,551 | 6,361,433 | — | ||||||||||||
Note 6—Income Taxes—As of June 30, 2021, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
| Gross | Gross | Net Unrealized | ||||||||||||||
| Tax Cost of | Unrealized | Unrealized | Appreciation | |||||||||||||
| Fund | Investments | Appreciation | Depreciation | (Depreciation) | ||||||||||||
| Agribusiness ETF | $ | 982,883,536 | $ | 247,181,511 | $ | (47,978,277 | ) | $ | 199,203,234 | |||||||
| Gold Miners ETF | 12,850,911,091 | 2,492,430,632 | (525,440,481 | ) | 1,966,990,151 | |||||||||||
| Junior Gold Miners ETF | 5,380,664,523 | 766,142,006 | (734,636,123 | ) | 31,505,883 | |||||||||||
| Low Carbon Energy ETF | 269,889,324 | 62,362,493 | (11,680,553 | ) | 50,681,940 | |||||||||||
| Natural Resources ETF | 63,120,185 | 15,537,098 | (1,859,741 | ) | 13,677,357 | |||||||||||
| Oil Refiners ETF | 20,067,704 | 2,935,980 | (1,574,060 | ) | 1,361,920 | |||||||||||
| Oil Services ETF | 2,955,866,188 | 50,303,241 | (125,435,206 | ) | (75,131,965 | ) | ||||||||||
| Rare Earth/Strategic Metals ETF | 590,551,135 | 194,517,734 | (18,620,035 | ) | 175,897,699 | |||||||||||
| Steel ETF | 205,193,037 | 14,654,656 | (1,659,977 | ) | 12,994,679 | |||||||||||
| 65 |
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
| Fund | Tax Cost of Investments |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) | ||||||||||||
| Unconventional Oil & Gas ETF | 21,219,379 | 2,016,926 | (3,786,632 | ) | (1,769,706 | ) | ||||||||||
| Uranium+Nuclear Energy ETF | 23,626,735 | 3,559,532 | (1,076,987 | ) | 2,482,545 | |||||||||||
The tax character of current year distributions will be determined at the end of the current fiscal year.
At December 31, 2020, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
| Fund | Short-Term Capital Losses with No Expiration |
Long-Term Capital Losses with No Expiration |
Total | |||||||||
| Agribusiness ETF | $ | (177,519,804 | ) | $ | (539,764,122 | ) | $ | (717,283,926 | ) | |||
| Gold Miners ETF | (1,519,879,482 | ) | (9,026,462,682 | ) | (10,546,342,164 | ) | ||||||
| Junior Gold Miners ETF | (1,507,314,030 | ) | (2,890,516,296 | ) | (4,397,830,326 | ) | ||||||
| Low Carbon Energy ETF | – | (54,410,011 | ) | (54,410,011 | ) | |||||||
| Natural Resources ETF | (3,328,176 | ) | (40,523,234 | ) | (43,851,410 | ) | ||||||
| Oil Refiners ETF | (3,155,792 | ) | (3,173,965 | ) | (6,329,757 | ) | ||||||
| Oil Services ETF | (154,740,702 | ) | (1,431,391,678 | ) | (1,586,132,380 | ) | ||||||
| Rare Earth/Strategic Metals ETF | (81,323,804 | ) | (233,588,147 | ) | (314,911,951 | ) | ||||||
| Steel ETF | (8,646,064 | ) | (141,945,862 | ) | (150,591,926 | ) | ||||||
| Unconventional Oil & Gas ETF | (7,192,997 | ) | (44,063,544 | ) | (51,256,541 | ) | ||||||
| Uranium+Nuclear Energy ETF | (13,943,688 | ) | (70,487,452 | ) | (84,431,140 | ) | ||||||
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended June 30, 2021, the Funds did not incur any interest or penalties.
Note 7—Principal Risks— Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the recent coronavirus outbreak. Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.
The respiratory disease caused by a novel coronavirus, which has spread internationally and declared as a pandemic by the World Health Organization, has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, loss of life, as well as general concern and uncertainty. The coronavirus
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has already negatively impacted the economies of many nations, individual companies, and the market. This pandemic is expected to have a continued impact in ways that cannot necessarily be foreseen presently.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds of the Trust as directed by the Trustees.
The expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.
Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at June 30, 2021 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of June 30, 2021:
| Fund | Market Value of Securities on Loan |
Cash Collateral |
Non-Cash Collateral |
Total Collateral | ||||||||||||
| Agribusiness ETF | $ | 46,191,985 | $ | 8,660,946 | $ | 39,844,369 | $ | 48,505,315 | ||||||||
| Gold Miners ETF | 318,945,380 | 172,349,967 | 153,886,934 | 326,236,901 | ||||||||||||
| Junior Gold Miners ETF | 298,538,485 | 189,165,954 | 119,470,987 | 308,636,941 | ||||||||||||
| Low Carbon Energy ETF | 55,384,063 | 7,426,842 | 50,458,180 | 57,885,022 | ||||||||||||
| Natural Resources ETF | 4,012,514 | 549,004 | 3,667,424 | 4,216,428 | ||||||||||||
| Oil Services ETF | 44,302,912 | 31,765,199 | 15,019,054 | 46,784,253 | ||||||||||||
| Rare Earth/Strategic Metals ETF | 113,360,502 | 24,386,569 | 89,651,351 | 114,037,920 | ||||||||||||
| Steel ETF | 56,928,883 | 1,399,527 | 57,051,299 | 58,450,826 | ||||||||||||
| Unconventional Oil & Gas ETF | 1,253,427 | 159,387 | 1,163,057 | 1,322,444 | ||||||||||||
| Uranium+Nuclear Energy ETF | 2,868,345 | 355,578 | 2,644,032 | 2,999,610 | ||||||||||||
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The following table presents money market fund investments held as collateral by type of security on loan as of June 30, 2021:
| Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities | ||||
| Fund | Equity Securities | |||
| Agribusiness ETF | $ | 8,660,946 | ||
| Gold Miners ETF | 172,349,967 | |||
| Junior Gold Miners ETF | 189,165,954 | |||
| Low Carbon Energy ETF | 7,426,842 | |||
| Natural Resources ETF | 549,004 | |||
| Oil Services ETF | 31,765,199 | |||
| Rare Earth/Strategic Metals ETF | 24,386,569 | |||
| Steel ETF | 1,399,527 | |||
| Unconventional Oil & Gas ETF | 159,387 | |||
| Uranium+Nuclear Energy ETF | 355,578 | |||
| * | Remaining contractual maturity: overnight and continuous |
Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the period ended June 30, 2021, the following Funds borrowed under this Facility:
| Fund | Days Outstanding |
Average Daily Loan Balance |
Average Interest Rate | |||||||
| Agribusiness ETF | 62 | $633,061 | 1.44 | % | ||||||
| Gold Miners ETF | 68 | 6,365,823 | 1.43 | |||||||
| Junior Gold Miners ETF | 1 | 23,766,360 | 1.46 | |||||||
| Low Carbon Energy ETF | 99 | 1,199,551 | 1.44 | |||||||
| Natural Resources ETF | 96 | 190,174 | 1.44 | |||||||
| Oil Services ETF | 86 | 1,063,010 | 1.26 | |||||||
| Rare Earth/Strategic Metals ETF | 81 | 1,095,901 | 1.43 | |||||||
| Steel ETF | 31 | 474,374 | 1.44 | |||||||
Outstanding loan balances as of June 30, 2021, if any, are reflected in the Statements of Assets and Liabilities.
Note 11—Share Split— The Board of Trustees approved a 1 for 20 reverse share split for Oil Services ETF, a 1 for 3 reverse share split for Rare Earth/Strategic Metals ETF, and a 1 for 10 reverse share split for Unconventional Oil & Gas ETF. On April 15, 2020, shares began trading on a split-adjusted basis. The Statements of Changes in net Assets and Financial Highlights prior to April 15, 2020 have been adjusted to reflect these reverse share splits.
Note 12—Other— At a meeting held on February 24, 2021, the Board of Trustees of the Trust approved changing VanEck Vectors Low Carbon Energy ETF benchmark index from the Ardour Global Index (Extra Liquid) to the MVIS Global Low Carbon Energy Index effective on or after April 26, 2021. As a result of this change they also approved changing the Fund’s investment objective and its principal investment strategy. The Fund seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS Global Low Carbon Energy Index.
Note 13—Subsequent Event Review—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
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VANECK VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
June 30, 2021 (unaudited)
At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck Vectors® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Vectors Africa Index ETF, Agribusiness ETF, Brazil Small-Cap ETF, China Growth Leaders ETF, ChinaAMC SME-ChiNext ETF, Egypt Index ETF, Gold Miners ETF, India Growth Leaders ETF, Indonesia Index ETF, Israel ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Natural Resources ETF, Oil Refiners ETF, Oil Services ETF, Rare Earth/Strategic Metals ETF, Russia ETF, Russia Small-Cap ETF, Steel ETF, Unconventional Oil & Gas ETF, Uranium+Nuclear Energy ETF and Vietnam ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to each of VanEck Vectors China Growth Leaders ETF and ChinaAMC SME-ChiNext ETF (together, the “China Funds”). The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”
The Board’s approval of the Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2021. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Funds) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and the Funds’ peer funds (certain other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. For these and other reasons, the Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2021 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the China Funds), including the background and experience of the portfolio manager(s) and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser and the Sub-Adviser (with respect to the China Funds) provide under, the Agreements, including, where applicable, the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Funds and the Sub-Adviser’s experience with respect to Renminbi Qualified Foreign Institutional Investors Scheme funds. The Trustees also noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., Ltd., one of China’s largest asset management companies measured by fund assets under management.
The Trustees concluded that the Adviser, the Sub-Adviser (with respect to the China Funds) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each Fund, the Trustees reviewed various performance metrics but relied principally on a
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VANECK VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
June 30, 2021 (unaudited) (continued)
comparison of the “gross” performance of each Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying securities. Based on the foregoing, the Trustees concluded that the investment performance of the Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser and the Sub-Adviser (with respect to the China Funds) and the current status, as they understood it, of the Adviser’s and Sub-Adviser’s (with respect to the China Funds) compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Funds’ expenses and performance to that of certain other ETFs. The Trustees noted that the information provided showed that each Fund had management fees (after the effect of any applicable fee waiver) below or equal to the average and median of its respective peer group of funds, except for each of VanEck Vectors Agribusiness ETF, Rare Earth/Strategic Metals ETF, Russia ETF and Vietnam ETF, which had management fees (after the effect of any applicable fee waiver) greater than the average and/or median of its respective peer group of funds. The Trustees also noted that the information provided showed that each Fund had a total expense ratio (after the effect of any applicable expense limitation) below or equal to the average and median of its respective peer group of funds, except for each of VanEck Vectors Africa Index ETF, Egypt Index ETF, India Growth Leaders ETF, Rare Earth/Strategic Metals ETF, Russia Small-Cap ETF and Unconventional Oil & Gas ETF, which had a total expense ratio (after the effect of any applicable expense limitation) greater than the average and/or median of its respective peer group of funds. With respect to these Funds, the Trustees reviewed the amount by which these Funds’ management fees and/or total expense ratios (after the effect of any applicable expense limitation) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Funds were reasonable in light of the performance of the Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds and the fact that the Sub-Adviser had not identified any such monetary benefits.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes in which certain of the Funds invest, potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds effectively incorporate the benefits of economies of scale. The Trustees noted that the Adviser has capped expenses on each Fund since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory fee rates for the China Funds are reasonable and appropriate in relation to the current asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2021 meeting as part of their consideration of the Agreements.
In voting to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, each Agreement is in the best interest of each Fund and such Fund’s shareholders.
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VanEck Vectors Bitcoin Strategy ETF
At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck Vectors® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Vectors Bitcoin Strategy ETF (the “Fund”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 7, 2021. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 7, 2021 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. In evaluating the terms of the Investment Management Agreement at the Renewal Meeting and the May 7, 2021 meeting, the Trustees considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s commitment to waive certain fees and/or pay expenses of the Fund to the extent necessary to prevent the operating expenses of the Fund from exceeding an agreed upon limit for a period of at least one year following the effective date of the Fund’s registration statement. The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund has not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 7, 2021 meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Investment Management Agreement is in the best interest of the Fund and its shareholders.
VanEck Future of Food ETF
At a meeting held on June 17, 2021 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck Vectors® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved an investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Future of Food ETF (the “Fund”).
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VANECK VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
June 30, 2021 (unaudited) (continued)
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of the Fund’s proposed investment program, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Meeting regarding the management of the Fund, information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. The Trustees also considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
The Trustees considered the benefits, other than the fees under the Investment Management Agreement, that the Adviser would receive from serving as adviser to the Fund. The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund had not yet commenced operations. In addition, because the Fund had not yet commenced operations, the Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that the Investment Management Agreement is in the best interest of the Fund and the Fund’s shareholders.
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VANECK VECTORS ETF TRUST
FUNDS’ LIQUIDITY RISK MANAGEMENT PROGRAM
(unaudited)
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the 1940 Act, the Funds have implemented a Liquidity Risk Management Program (the “Program”). The Program outlines certain techniques, tools and arrangements employed for the assessment and management of Fund liquidity risk, and the terms, contents and frequency of reporting of certain issues to the Board. Liquidity is managed taking account of the Funds’ investment strategy, liquidity profile, and, importantly, the fact that for most funds redemptions are settled primarily as in-kind redemptions. In this regard, certain of the Funds qualify as “In-Kind ETFs” under the Liquidity Rule because they meet redemptions through in-kind transfers of securities, positions and assets other than a de minimis amount of cash and publish their portfolio holdings daily. In-Kind ETFs are exempt from the Liquidity Rule’s classification and highly liquid investment minimum (“HLIM”) provisions, discussed below.
Under the Program and in accordance with the Liquidity Rule, each Fund’s liquidity risk is assessed at least annually taking into consideration certain factors enumerated in the Liquidity Rule, as applicable. The Liquidity Rule calls for considering certain such factors under both normal and reasonably foreseeable stressed market conditions.
With respect to each Fund that does not qualify under the Liquidity Rule as an “In-Kind ETF,” the Liquidity Rule and the Program require that each portfolio holding be classified into one of four liquidity classification categories. The Liquidity Rule requires that such classification determinations be made taking into account relevant market, trading and investment-specific considerations as well as market depth. The relevant Funds utilize data from a third-party vendor to assist with these determinations.
Funds that do not qualify as “In-Kind ETFs” are also required to determine and periodically review an HLIM – a minimum percentage of Fund net assets that are to be invested in Highly Liquid Investments that are assets – and adopt certain related procedures. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.
The Liquidity Rule provides an exemption from the HLIM requirements for Funds that “primarily” hold Highly Liquid Investments, as defined in the Program. For the period January 1, 2020 to December 31, 2020 (the “Review Period”), the Funds that were not In-Kind ETFs qualified for an exemption and therefore have not determined an HLIM or adopted the related procedures.
The Board reviewed a report (“Report”) prepared by each Fund’s Adviser regarding the operation and effectiveness of the Program for the Review Period. The Report noted that, during the Review Period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as “Highly Liquid Investments.” The Report also noted significant market volatility occurring during a portion of the Review Period and the effectiveness of the Funds’ liquidity risk management during such time. Further information on liquidity risks applicable to the Fund can be found in the Fund’s prospectus.
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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck Vectors ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
| Investment Adviser: | VanEck Associates Corporation | |
| Distributor: | VanEck Securities Corporation | |
| 666 Third Avenue, New York, NY 10017 | ||
| vaneck.com | ||
| Account Assistance: | 800.826.2333 | NRSAR |