June 30, 2022
(unaudited)
|
SEMI-ANNUAL
REPORT June 30, 2022 (unaudited) |
| Africa Index ETF | AFK® |
| Brazil Small-Cap ETF | BRF® |
| China Growth Leaders ETF | GLCN |
| ChiNext ETF | CNXT® |
| Digital India ETF | DGIN |
| Egypt Index ETF | EGPT® |
| India Growth Leaders ETF | GLIN |
| Indonesia Index ETF | IDX® |
| Israel ETF | ISRA™ |
| Vietnam ETF | VNM® |
| 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, 2022.
PRESIDENT’S LETTER
June 30, 2022 (unaudited)
Dear Fellow Shareholders:
When will market volatility be over? The short answer: not yet. Financial tightening by central banks is never good for financial assets. And while the first half of 2022 has already been painful, we are only now, in midsummer, experiencing the onset of “quantitative tightening,” when the central banks stop buying bonds. This, to me, is the final act in this process and it may take a few months to work itself out. I am hoping that there are no implosions by major, indebted countries, or major dislocations in fixed income or banking markets.
The second signal that will imply less pressure on financial markets—stocks and bonds—is weaker labor markets, because only that, I believe, will slow wage pressure and therefore inflation. While there will likely be many minor signals and headlines, we may not have confirmation of cooling wage pressure until year-end or later.
For over a year, I’ve been saying that we would be in a better position to gauge inflation persistence in the second half of 2022, because only now would we know whether inflationary psychology had affected wages. Well, here we are. Despite a cooling U.S. economy, the labor market is still hot. There is a strong relationship between wages and inflation, which historically becomes more pronounced during periods of high inflation. Based on the fact that the record-setting spending stimulus has led to wage inflation, our view now is that inflation will be higher for longer.
Rising Correlation: Upward Pressure on Wages Leads to Upward Pressure on Inflation
While we expect to be in an elevated inflation regime for an extended period of time, there should be some temporary relief on the horizon from the negative wealth effect from declining asset values, a recent pullback in commodity prices and improving supply chains. But asset values can still fall further from here, commodity prices are still high by historical standards, and supply chain pressures are still at last summer’s levels.
Consumers are being squeezed from high inflation and more restrictive, yet still accommodative, monetary policy. We estimate the evisceration of over $40 trillion from the global stock, bond and crypto markets as a result of the current macro-economic conditions. That equates to nearly half of the world’s GDP!
Multi-Year Investment Themes: Resources Transition and Blockchain Disruption
So, we continue to focus on two multi-year investment themes.
Commodities have broken out of their prolonged bear market to reach record highs, driven by forces—primarily, the supply-demand imbalance—that have been in place even before Russia’s invasion of Ukraine. The Russia-Ukraine crisis has, however, accelerated efforts to reduce dependency on Russian energy supply in Europe, and part of that plan includes a shift towards renewable energy.
Commodity prices have more than doubled from their COVID-19 lows. Yet, the supply response across all industries has been limited due to the emphasis on capital discipline and environmental, social and governance constraints. If we are in the early stages of an economic slowdown, then it is very unlikely that we will see an increase in capital expenditures leading to additional supply. This should lead to a swift rebound in prices when economic growth resumes.
We still like commodity equities, particularly companies involved in green metals used in electric vehicle and clean energy components and, perhaps with a longer-term horizon, agribusiness companies looking to innovate for more efficient, climate-friendly and sustainable food production. Fears of global recession have hurt these investments, but I believe the longer-term trends will prevail.
The fallout from the Terra ecosystem’s collapse in May on the broader digital assets market cannot be understated. It caused major damage, and bankruptcies and liquidations of borrowing/lending firms are likely ahead, not to mention litigation from retail investors. Volatility is a given with crypto, with Bitcoin and Ethereum under the most pressure from their status as the “reserve” holdings for many in the crypto world. However, while I used to think Bitcoin’s drawdown risk was 90% back in 2017, I expected the drawdowns to
| 1 |
VANECK ETF TRUST
PRESIDENT’S LETTER
(unaudited) (continued)
be more muted in current times. This is because the underlying blockchain technology is being used to gain efficiency and reduce risk in the financial system, and I believe adoption will keep expanding.
Growth is Less Rich Relative to Value
For much of 2021, many growth stocks were very richly valued. At the end of 2021, the price-to-earnings (“P/E”) ratio of the Russell 1000 Growth Index was hovering around 40. By comparison, during that same period, the P/E ratio of the Russell 1000 Value Index was below 20. That equated to a valuation spread of roughly 20.
We hadn’t seen such a big dislocation between growth and value stocks since the tech bubble in the early 2000s. That is why, at the start of 2022, we said to wait to buy growth. We could be getting closer, but investors should be cautious. The current spread between the P/E ratios of growth and value stocks is over 11 and the long-term average is 8. If inflation remains persistently high, as we expect, then this spread may go even lower.
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each the funds for the six month period ended June 30, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.
Jan F.
van Eck
CEO and President
VanEck ETF Trust
July 12, 2022
PS The investing outlook can change suddenly, as it certainly did in 2021. 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.
| 2 |
EXPLANATION OF EXPENSES
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2022 to June 30, 2022.
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, 2022 |
Ending Account Value June 30, 2022 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period January 1, 2022 - June 30, 2022(a) | |||||||||||||
| Africa Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $834.30 | 0.84 | % | $ | 3.82 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,020.63 | 0.84 | % | $ | 4.21 | |||||||||
| Brazil Small-Cap ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $855.00 | 0.59 | % | $ | 2.71 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.87 | 0.59 | % | $ | 2.96 | |||||||||
| China Growth Leaders ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $856.90 | 0.60 | % | $ | 2.76 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.82 | 0.60 | % | $ | 3.01 | |||||||||
| ChiNext ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $804.70 | 0.65 | % | $ | 2.91 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.57 | 0.65 | % | $ | 3.26 | |||||||||
| Digital India ETF | ||||||||||||||||
| Actual (c) | $ | 1,000.00 | $793.60 | 0.75 | % | $ | 2.49 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.08 | 0.75 | % | $ | 3.76 | |||||||||
| Egypt Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $658.60 | 1.07 | % | $ | 4.40 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,019.49 | 1.07 | % | $ | 5.36 | |||||||||
| India Growth Leaders ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $733.70 | 0.81 | % | $ | 3.48 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,020.78 | 0.81 | % | $ | 4.06 | |||||||||
| 3 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
| Beginning Account Value January 1, 2022 |
Ending Account Value June 30, 2022 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period January 1, 2022 - June 30, 2022(a) | |||||||||||||
| Indonesia Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $989.70 | 0.57 | % | $ | 2.81 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.97 | 0.57 | % | $ | 2.86 | |||||||||
| Israel ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $766.30 | 0.59 | % | $ | 2.58 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.87 | 0.59 | % | $ | 2.96 | |||||||||
| Vietnam ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $681.30 | 0.61 | % | $ | 2.54 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.77 | 0.61 | % | $ | 3.06 | |||||||||
| (a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended June 30, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period). |
| (b) | Assumes annual return of 5% before expenses |
| (c) | Expenses are equal to the Fund’s annualized expense ratio (for the period from February 16, 2022 (commencement of operations) to June 30, 2022) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year. |
| 4 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 101.5% | ||||||||
| Australia: 4.0% | ||||||||
| AVZ Minerals Ltd. # * | 1,399,901 | $ | 530,223 | |||||
| Paladin Energy Ltd. # * † | 559,641 | 223,739 | ||||||
| Perseus Mining Ltd. # | 922,421 | 997,091 | ||||||
| Sandfire Resources Ltd. # | 76,123 | 233,789 | ||||||
| 1,984,842 | ||||||||
| Burkina Faso: 0.3% | ||||||||
| IAMGOLD Corp. (USD) * | 93,923 | 151,216 | ||||||
| Canada: 4.7% | ||||||||
| B2Gold Corp. (USD) | 22,577 | 76,536 | ||||||
| Barrick Gold Corp. (USD) | 43,912 | 776,803 | ||||||
| Ivanhoe Mines Ltd. * † | 257,082 | 1,476,784 | ||||||
| 2,330,123 | ||||||||
| China: 1.5% | ||||||||
| CMOC Group Ltd. (HKD) # * † | 1,353,000 | 755,512 | ||||||
| Egypt: 4.9% | ||||||||
| Centamin Plc (GBP) # | 580,668 | 553,848 | ||||||
| Commercial International Bank Egypt SAE (USD) (GDR) # | 1,119,875 | 1,849,620 | ||||||
| 2,403,468 | ||||||||
| Germany: 1.1% | ||||||||
| Jumia Technologies AG (ADR) * | 88,975 | 539,188 | ||||||
| Ghana: 2.4% | ||||||||
| Kosmos Energy Ltd. (USD) * | 188,822 | 1,168,808 | ||||||
| India: 0.6% | ||||||||
| MakeMyTrip Ltd. (USD) * † | 11,069 | 284,252 | ||||||
| Indonesia: 0.4% | ||||||||
| Golden Agri-Resources Ltd. (SGD) # | 1,228,100 | 220,694 | ||||||
| Kenya: 10.9% | ||||||||
| East African Breweries Ltd. | 559,600 | 651,443 | ||||||
| Equity Group Holdings Plc | 4,700,100 | 1,714,201 | ||||||
| Safaricom Plc | 14,176,400 | 3,000,010 | ||||||
| 5,365,654 | ||||||||
| Morocco: 9.7% | ||||||||
| Attijariwafa Bank | 51,938 | 2,206,359 | ||||||
| Bank of Africa # | 46,328 | 859,268 | ||||||
| Banque Centrale Populaire | 39,266 | 992,263 | ||||||
| Co. Sucrerie Marocaine et de Raffinage | 32,695 | 713,090 | ||||||
| 4,770,980 | ||||||||
| Nigeria: 12.0% | ||||||||
| Guaranty Trust Holding Co. Plc | 29,131,767 | 1,319,490 | ||||||
| MTN Nigeria Communications Plc | 4,835,386 | 2,457,222 | ||||||
| Nestle Nigeria Plc | 266,761 | 825,156 | ||||||
| Zenith Bank Plc | 27,658,608 | 1,326,098 | ||||||
| 5,927,966 | ||||||||
| Norway: 0.2% | ||||||||
| Scatec ASA 144A # | 9,163 | 79,444 | ||||||
| South Africa: 34.0% | ||||||||
| Absa Group Ltd. # | 46,623 | 442,080 | ||||||
| Anglo American Platinum Ltd. # | 4,942 | 428,211 | ||||||
| Anglo American Plc (GBP) # | 50,981 | 1,818,230 | ||||||
| Number of Shares |
Value | |||||||
| South Africa (continued) | ||||||||
| Aspen Pharmacare Holdings Ltd. # | 25,449 | $ | 217,235 | |||||
| AVI Ltd. | 24,738 | 99,239 | ||||||
| Bid Corp. Ltd. | 17,851 | 334,312 | ||||||
| Bidvest Group Ltd. | 20,525 | 262,587 | ||||||
| Capitec Bank Holdings Ltd. # | 7,621 | 927,546 | ||||||
| Clicks Group Ltd. | 15,798 | 263,559 | ||||||
| Coronation Fund Managers Ltd. | 18,927 | 37,802 | ||||||
| Discovery Ltd. # * † | 29,076 | 228,366 | ||||||
| Exxaro Resources Ltd. # | 11,464 | 138,316 | ||||||
| FirstRand Ltd. # | 233,862 | 893,752 | ||||||
| Foschini Group Ltd. | 11,158 | 83,093 | ||||||
| Gold Fields Ltd. (ADR) | 57,720 | 526,406 | ||||||
| Growthpoint Properties Ltd. | 213,025 | 160,590 | ||||||
| Harmony Gold Mining Co. Ltd. (ADR) | 35,547 | 111,262 | ||||||
| Impala Platinum Holdings Ltd. # | 53,546 | 589,938 | ||||||
| Investec Plc (GBP) # | 43,839 | 238,160 | ||||||
| Life Healthcare Group Holdings Ltd. # | 59,873 | 65,659 | ||||||
| Momentum Metropolitan Holdings # | 104,914 | 91,350 | ||||||
| Mr Price Group Ltd. # | 17,998 | 195,989 | ||||||
| MTN Group Ltd. # | 110,313 | 891,451 | ||||||
| MultiChoice Group | 20,804 | 147,066 | ||||||
| Naspers Ltd. # | 14,294 | 2,073,661 | ||||||
| Nedbank Group Ltd. # | 28,130 | 357,553 | ||||||
| Netcare Ltd. # | 93,186 | 81,701 | ||||||
| Northam Platinum Holdings Ltd. # * | 18,998 | 197,751 | ||||||
| Old Mutual Ltd. # | 271,481 | 182,723 | ||||||
| Pepkor Holdings Ltd. 144A | 108,520 | 126,654 | ||||||
| Pick n Pay Stores Ltd. | 17,946 | 61,575 | ||||||
| Rand Merchant Investment Holdings Ltd. | 50,274 | 85,434 | ||||||
| Remgro Ltd. | 36,616 | 290,358 | ||||||
| Resilient REIT Ltd. † | 25,555 | 83,330 | ||||||
| Sanlam Ltd. # | 132,352 | 427,187 | ||||||
| Sappi Ltd. # * | 39,970 | 131,801 | ||||||
| Sasol Ltd. (ADR) * † | 38,513 | 888,110 | ||||||
| Shoprite Holdings Ltd. # | 35,144 | 425,222 | ||||||
| Sibanye Stillwater Ltd. (ADR) † | 50,198 | 500,474 | ||||||
| SPAR Group Ltd. | 10,251 | 86,426 | ||||||
| Standard Bank Group Ltd. # | 98,244 | 930,814 | ||||||
| Thungela Resources Ltd. # | 8,948 | 125,992 | ||||||
| Tiger Brands Ltd. † | 7,914 | 68,616 | ||||||
| Vodacom Group Ltd. # | 32,569 | 261,913 | ||||||
| Woolworths Holdings Ltd. | 63,448 | 210,106 | ||||||
| 16,789,600 | ||||||||
| Switzerland: 0.3% | ||||||||
| Mediclinic International Plc (GBP) # * | 29,428 | 164,300 | ||||||
| Tanzania: 3.5% | ||||||||
| AngloGold Ashanti Ltd. (ADR) | 27,461 | 406,148 | ||||||
| Helios Towers Plc (GBP) # * † | 899,275 | 1,325,814 | ||||||
| 1,731,962 | ||||||||
See Notes to Financial Statements
| 5 |
VANECK AFRICA INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||||
| United Arab Emirates: 3.2% | ||||||||
| Itissalat Al-Maghrib (MAD) # | 134,411 | $ | 1,586,374 | |||||
| United Kingdom: 6.2% | ||||||||
| Airtel Africa Plc 144A # | 1,339,171 | 2,219,508 | ||||||
| Endeavour Mining Plc # | 33,460 | 691,616 | ||||||
| Kumba Iron Ore Ltd. (ZAR) # | 4,857 | 156,366 | ||||||
| 3,067,490 | ||||||||
| United States: 0.2% | ||||||||
| Royal Caribbean Cruises Ltd. * | 3,391 | 118,380 | ||||||
| Zambia: 1.4% | ||||||||
| First Quantum Minerals Ltd. (CAD) | 37,703 | 713,754 | ||||||
| Zimbabwe: 0.0% | ||||||||
| Delta Corp. Ltd. # | 15,980 | 7,759 | ||||||
| Number of Shares |
Value | |||||||
| Zimbabwe (continued) | ||||||||
| Ecocash Holdings Zimbabwe Ltd. * | 32,900 | $ | 3,242 | |||||
| 11,001 | ||||||||
| Total Common Stocks (Cost: $51,093,400) |
50,165,008 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES
ON LOAN: 1.5% (Cost: $733,800) |
||||||||
| Money Market Fund: 1.5% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 733,800 | 733,800 | ||||||
| Total Investments: 103.0% (Cost: $51,827,200) |
50,898,808 | |||||||
| Liabilities in excess of other assets: (3.0)% | (1,502,844) | |||||||
| NET ASSETS: 100.0% | $ | 49,395,964 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| GDR | Global Depositary Receipt |
| HKD | Hong Kong Dollar |
| MAD | Moroccan Dirham |
| SGD | Singapore Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |
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 $24,817,566 which represents 50.2% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $4,412,253. |
| 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 $2,425,606, or 4.9% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Communication Services | 23.7 | % | $ | 11,889,358 | ||||
| Consumer Discretionary | 7.2 | 3,631,322 | ||||||
| Consumer Staples | 7.5 | 3,757,088 | ||||||
| Energy | 3.3 | 1,656,855 | ||||||
| Financials | 30.7 | 15,403,669 | ||||||
| Health Care | 1.0 | 528,895 | ||||||
| Industrials | 0.5 | 262,587 | ||||||
| Materials | 25.4 | 12,711,871 | ||||||
| Real Estate | 0.5 | 243,919 | ||||||
| Utilities | 0.2 | 79,444 | ||||||
| 100.0 | % | $ | 50,165,008 | |||||
See Notes to Financial Statements
| 6 |
The summary of inputs used to value the Fund's investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 1,984,842 | $ | — | $ | 1,984,842 | ||||||||
| Burkina Faso | 151,216 | — | — | 151,216 | ||||||||||||
| Canada | 2,330,123 | — | — | 2,330,123 | ||||||||||||
| China | — | 755,512 | — | 755,512 | ||||||||||||
| Egypt | — | 2,403,468 | — | 2,403,468 | ||||||||||||
| Germany | 539,188 | — | — | 539,188 | ||||||||||||
| Ghana | 1,168,808 | — | — | 1,168,808 | ||||||||||||
| India | 284,252 | — | — | 284,252 | ||||||||||||
| Indonesia | — | 220,694 | — | 220,694 | ||||||||||||
| Kenya | 5,365,654 | — | — | 5,365,654 | ||||||||||||
| Morocco | 3,911,712 | 859,268 | — | 4,770,980 | ||||||||||||
| Nigeria | 5,927,966 | — | — | 5,927,966 | ||||||||||||
| Norway | — | 79,444 | — | 79,444 | ||||||||||||
| South Africa | 4,426,999 | 12,362,601 | — | 16,789,600 | ||||||||||||
| Switzerland | — | 164,300 | — | 164,300 | ||||||||||||
| Tanzania | 406,148 | 1,325,814 | — | 1,731,962 | ||||||||||||
| United Arab Emirates | — | 1,586,374 | — | 1,586,374 | ||||||||||||
| United Kingdom | — | 3,067,490 | — | 3,067,490 | ||||||||||||
| United States | 118,380 | — | — | 118,380 | ||||||||||||
| Zambia | 713,754 | — | — | 713,754 | ||||||||||||
| Zimbabwe | 3,242 | 7,759 | — | 11,001 | ||||||||||||
| Money Market Fund | 733,800 | — | — | 733,800 | ||||||||||||
| Total Investments | $ | 26,081,242 | $ | 24,817,566 | $ | — | $ | 50,898,808 | ||||||||
See Notes to Financial Statements
| 7 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 88.7% | ||||||||
| Automobiles & Components: 1.1% | ||||||||
| Mahle-Metal Leve SA | 27,050 | $ | 119,862 | |||||
| Tupy SA * | 37,550 | 159,500 | ||||||
| 279,362 | ||||||||
| Capital Goods: 2.1% | ||||||||
| Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA | 220,950 | 118,213 | ||||||
| Armac Locacao Logistica E Servicos SA | 53,500 | 124,103 | ||||||
| Iochpe Maxion SA | 66,002 | 198,128 | ||||||
| Portobello SA | 58,550 | 71,153 | ||||||
| 511,597 | ||||||||
| Commercial & Professional Services: 1.5% | ||||||||
| Ambipar Participacoes e Empreendimentos SA | 31,000 | 132,270 | ||||||
| Boa Vista Servicos SA | 116,000 | 118,583 | ||||||
| Orizon Valorizacao de Residuos SA * | 20,100 | 107,770 | ||||||
| 358,623 | ||||||||
| Consumer Durables & Apparel: 11.5% | ||||||||
| Arezzo Industria e Comercio SA | 44,750 | 594,706 | ||||||
| Construtora Tenda SA * | 33,000 | 24,592 | ||||||
| Cury Construtora e Incorporadora SA | 65,700 | 77,206 | ||||||
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 182,750 | 412,750 | ||||||
| Direcional Engenharia SA * | 51,700 | 101,850 | ||||||
| Even Construtora e Incorporadora SA | 70,050 | 57,957 | ||||||
| Ez Tec Empreendimentos e Participacoes SA | 104,152 | 287,572 | ||||||
| Grendene SA | 139,650 | 187,589 | ||||||
| Grupo de Moda Soma SA | 264,983 | 465,820 | ||||||
| Guararapes Confeccoes SA * | 59,650 | 77,277 | ||||||
| MRV Engenharia e Participacoes SA | 159,750 | 238,399 | ||||||
| Vivara Participacoes SA | 68,150 | 286,224 | ||||||
| 2,811,942 | ||||||||
| Consumer Services: 7.9% | ||||||||
| Afya Ltd. * | 19,675 | 195,766 | ||||||
| Anima Holding SA * | 139,250 | 103,770 | ||||||
| Arco Platform Ltd. * † | 5,524 | 82,473 | ||||||
| Arcos Dorados Holdings, Inc. | 53,236 | 358,811 | ||||||
| BK Brasil Operacao e Assessoria a Restaurantes SA * | 123,950 | 131,684 | ||||||
| Cogna Educacao * | 1,122,100 | 458,836 | ||||||
| Cruzeiro do Sul Educacional SA | 86,000 | 47,819 | ||||||
| CVC Brasil Operadora e Agencia de Viagens SA * | 132,883 | 177,230 | ||||||
| Ser Educacional SA 144A | 24,475 | 29,370 | ||||||
| YDUQS Participacoes SA | 141,300 | 352,882 | ||||||
| 1,938,641 | ||||||||
| Diversified Financials: 1.8% | ||||||||
| Banco Modal SA * | 67,700 | 95,080 | ||||||
| Number of Shares |
Value | |||||||
| Diversified Financials (continued) | ||||||||
| BR Advisory Partners Participacoes SA | 28,850 | $ | 72,381 | |||||
| TC Traders Club SA | 67,350 | 61,643 | ||||||
| Vinci Partners Investments Ltd. † | 19,249 | 205,964 | ||||||
| 435,068 | ||||||||
| Energy: 8.2% | ||||||||
| 3R Petroleum Oleo e Gas SA * | 109,750 | 737,126 | ||||||
| AES Brasil Energia SA | 135,050 | 275,083 | ||||||
| Enauta Participacoes SA | 56,050 | 188,174 | ||||||
| Karoon Energy Ltd. # * | 360,737 | 433,420 | ||||||
| Modec, Inc. # | 14,300 | 123,051 | ||||||
| Petroreconcavo SA | 49,000 | 240,063 | ||||||
| 1,996,917 | ||||||||
| Food & Staples Retailing: 2.2% | ||||||||
| Cia Brasileira de Distribuicao (ADR) † | 113,730 | 352,563 | ||||||
| Dimed SA Distribuidora da Medicamentos | 67,750 | 124,148 | ||||||
| Empreendimentos Pague Menos SA * | 62,400 | 51,866 | ||||||
| 528,577 | ||||||||
| Food, Beverage & Tobacco: 8.1% | ||||||||
| Adecoagro SA | 39,960 | 338,062 | ||||||
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 35,300 | 164,445 | ||||||
| Camil Alimentos SA | 68,400 | 128,606 | ||||||
| Jalles Machado SA | 97,400 | 142,561 | ||||||
| Minerva SA | 200,800 | 509,151 | ||||||
| SLC Agricola SA | 65,720 | 554,170 | ||||||
| Tres Tentos Agroindustrial SA | 87,250 | 133,373 | ||||||
| 1,970,368 | ||||||||
| Health Care Equipment & Services: 5.2% | ||||||||
| Alliar Medicos A Frente SA * | 27,500 | 102,518 | ||||||
| Fleury SA | 156,600 | 487,743 | ||||||
| Hospital Mater Dei SA | 29,600 | 43,155 | ||||||
| Instituto Hermes Pardini SA | 27,650 | 105,614 | ||||||
| Odontoprev SA | 159,940 | 285,746 | ||||||
| Oncoclinicas do Brasil Servicos Medicos SA * | 111,500 | 97,152 | ||||||
| Qualicorp Consultoria e Corretora de Seguros SA | 73,900 | 157,446 | ||||||
| 1,279,374 | ||||||||
| Insurance: 1.0% | ||||||||
| IRB Brasil Resseguros SA * | 651,100 | 252,555 | ||||||
| Materials: 2.4% | ||||||||
| ERO Copper Corp. * | 54,109 | 456,934 | ||||||
| Largo, Inc. * † | 19,153 | 130,623 | ||||||
| 587,557 | ||||||||
| Media & Entertainment: 0.7% | ||||||||
| Meliuz SA 144A * | 367,450 | 75,828 | ||||||
| VTEX * † | 28,022 | 86,308 | ||||||
| 162,136 | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences: 0.4% | ||||||||
| Blau Farmaceutica SA | 22,700 | 108,697 | ||||||
See Notes to Financial Statements
| 8 |
| Number of Shares |
Value | |||||||
| Real Estate: 7.9% | ||||||||
| Aliansce Sonae Shopping Centers SA | 97,188 | $ | 297,314 | |||||
| BR Malls Participacoes SA | 349,550 | 502,272 | ||||||
| BR Properties SA | 116,750 | 197,430 | ||||||
| Iguatemi SA | 185,750 | 638,516 | ||||||
| JHSF Participacoes SA | 181,550 | 202,244 | ||||||
| LOG Commercial Properties e Participacoes SA | 30,950 | 108,047 | ||||||
| 1,945,823 | ||||||||
| Retailing: 2.8% | ||||||||
| C&A MODAS SA * | 65,100 | 28,610 | ||||||
| Grupo SBF SA | 70,050 | 253,379 | ||||||
| Lojas Quero Quero SA * | 61,900 | 67,418 | ||||||
| Via SA * | 899,500 | 330,001 | ||||||
| 679,408 | ||||||||
| Semiconductors & Semiconductor Equipment: 1.3% | ||||||||
| SMART Global Holdings, Inc. * † | 19,604 | 320,917 | ||||||
| Software & Services: 2.1% | ||||||||
| Clear Sale SA * | 50,250 | 36,679 | ||||||
| Infracommerce CXAAS SA * | 128,750 | 110,214 | ||||||
| Locaweb Servicos de Internet SA 144A * | 236,700 | 254,183 | ||||||
| Sonda SA | 343,141 | 102,757 | ||||||
| 503,833 | ||||||||
| Technology Hardware & Equipment: 1.0% | ||||||||
| Ituran Location and Control Ltd. | 5,344 | 130,875 | ||||||
| Multilaser Industrial SA | 150,100 | 113,576 | ||||||
| 244,451 | ||||||||
| Telecommunication Services: 1.9% | ||||||||
| Brisanet Participacoes SA | 56,850 | 19,119 | ||||||
| Oi SA * | 3,672,566 | 392,979 | ||||||
| Unifique Telecomunicacoes SA | 89,150 | 57,407 | ||||||
| 469,505 | ||||||||
| Transportation: 5.4% | ||||||||
| EcoRodovias Infraestrutura e Logistica SA * | 161,690 | 176,104 | ||||||
| Gol Linhas Aereas Inteligentes SA (ADR) * † | 62,760 | 214,012 | ||||||
| Hidrovias do Brasil SA * | 320,900 | 138,577 | ||||||
| Log-in Logistica Intermodal SA * | 11,900 | 68,988 | ||||||
| Movida Participacoes SA | 94,300 | 235,144 | ||||||
| Santos Brasil Participacoes SA | 333,850 | 415,921 | ||||||
| Sequoia Logistica e Transportes SA * | 76,750 | 80,219 | ||||||
| 1,328,965 | ||||||||
| Utilities: 12.2% | ||||||||
| Alupar Investimento SA | 154,637 | 766,766 | ||||||
| Auren Energia SA | 211,008 | 549,146 | ||||||
| Cia de Saneamento de Minas Gerais | 133,738 | 294,388 | ||||||
| Cia de Saneamento do Parana | 212,600 | 740,969 | ||||||
| Light SA | 170,350 | 188,140 | ||||||
| Number of Shares |
Value | |||||||
| Utilities (continued) | ||||||||
| Omega Energia SA * | 195,202 | $ | 447,587 | |||||
| 2,986,996 | ||||||||
| Total Common
Stocks (Cost: $30,038,577) |
21,701,312 | |||||||
| PREFERRED SECURITIES: 8.4% | ||||||||
| Banks: 2.6% | ||||||||
| Banco ABC Brasil SA | 51,470 | 152,637 | ||||||
| Banco do Estado do Rio Grande do Sul SA | 121,950 | 208,786 | ||||||
| Banco Pan SA | 223,650 | 261,109 | ||||||
| 622,532 | ||||||||
| Capital Goods: 1.5% | ||||||||
| Marcopolo SA | 298,059 | 140,673 | ||||||
| Randon SA Implementos e Participacoes | 125,800 | 225,473 | ||||||
| 366,146 | ||||||||
| Information Technology: 1.4% | ||||||||
| Cia Ferro Ligas da Bahia | 24,450 | 217,382 | ||||||
| Taurus Armas SA | 43,300 | 134,282 | ||||||
| 351,664 | ||||||||
| Materials: 2.9% | ||||||||
| Unipar Carbocloro SA | 40,449 | 704,106 | ||||||
| Total Preferred
Securities (Cost: $1,915,431) |
2,044,448 | |||||||
| CLOSED-END FUNDS: 2.8% | ||||||||
| CSHG Logistica FI Imobiliario | 15,310 | 480,996 | ||||||
| FII BTG Pactual Corporate Office Fund | 17,615 | 208,313 | ||||||
| Total Closed-End
Funds (Cost: $775,574) |
689,309 | |||||||
| Total
Investments Before Collateral for Securities Loaned: 99.9% (Cost: $32,729,582) |
24,435,069 | |||||||
| SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 1.3% (Cost: $321,617) |
||||||||
| Money Market Fund: 1.3% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 321,617 | 321,617 | ||||||
| Total Investments: 101.2% (Cost: $33,051,199) |
24,756,686 | |||||||
| Liabilities in excess of other assets: (1.2)% | (288,737) | |||||||
| NET ASSETS: 100.0% | $ | 24,467,949 | ||||||
See Notes to Financial Statements
| 9 |
VANECK BRAZIL SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
| ADR | American Depositary Receipt |
Footnotes:
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $760,212. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $556,471 which represents 2.3% 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 $359,381, or 1.5% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Communication Services | 2.6 | % | $ | 631,640 | ||||
| Consumer Discretionary | 23.3 | 5,709,353 | ||||||
| Consumer Staples | 10.3 | 2,498,945 | ||||||
| Energy | 7.1 | 1,721,834 | ||||||
| Financials | 5.4 | 1,310,155 | ||||||
| Health Care | 5.6 | 1,388,071 | ||||||
| Industrials | 10.5 | 2,565,332 | ||||||
| Information Technology | 5.8 | 1,420,865 | ||||||
| Materials | 5.3 | 1,291,663 | ||||||
| Real Estate | 10.8 | 2,635,132 | ||||||
| Utilities | 13.3 | 3,262,079 | ||||||
| 100.0 | % | $ | 24,435,069 | |||||
See Notes to Financial Statements
| 10 |
The summary of inputs used to value the Fund's investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Automobiles & Components | $ | 279,362 | $ | — | $ | — | $ | 279,362 | ||||||||
| Capital Goods | 511,597 | — | — | 511,597 | ||||||||||||
| Commercial & Professional Services | 358,623 | — | — | 358,623 | ||||||||||||
| Consumer Durables & Apparel | 2,811,942 | — | — | 2,811,942 | ||||||||||||
| Consumer Services | 1,938,641 | — | — | 1,938,641 | ||||||||||||
| Diversified Financials | 435,068 | — | — | 435,068 | ||||||||||||
| Energy | 1,989,592 | 556,471 | — | 2,546,063 | ||||||||||||
| Food & Staples Retailing | 528,577 | — | — | 528,577 | ||||||||||||
| Food, Beverage & Tobacco | 1,970,368 | — | — | 1,970,368 | ||||||||||||
| Health Care Equipment & Services | 1,279,374 | — | — | 1,279,374 | ||||||||||||
| Insurance | 252,555 | — | — | 252,555 | ||||||||||||
| Materials | 587,557 | — | — | 587,557 | ||||||||||||
| Media & Entertainment | 162,136 | — | — | 162,136 | ||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 108,697 | — | — | 108,697 | ||||||||||||
| Real Estate | 1,945,823 | — | — | 1,945,823 | ||||||||||||
| Retailing | 679,408 | — | — | 679,408 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 320,917 | — | — | 320,917 | ||||||||||||
| Software & Services | 503,833 | — | — | 503,833 | ||||||||||||
| Technology Hardware & Equipment | 244,451 | — | — | 244,451 | ||||||||||||
| Telecommunication Services | 469,505 | — | — | 469,505 | ||||||||||||
| Transportation | 1,328,965 | — | — | 1,328,965 | ||||||||||||
| Utilities | 2,437,850 | — | — | 2,437,850 | ||||||||||||
| Preferred Securities * | 2,044,448 | — | — | 2,044,448 | ||||||||||||
| Closed-End Funds | 689,309 | — | — | 689,309 | ||||||||||||
| Money Market Fund | 321,617 | — | — | 321,617 | ||||||||||||
| Total Investments | $ | 24,200,215 | $ | 556,471 | $ | — | $ | 24,756,686 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 11 |
VANECK CHINA GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 99.4% | ||||||||
| Capital Goods: 7.0% | ||||||||
| Beijing Bei Mo Gao Ke Friction Material Co. Ltd. # | 7,473 | $ | 65,225 | |||||
| Beijing New Building Materials Plc # | 20,700 | 107,156 | ||||||
| China International Marine Containers Group Co. Ltd. # | 55,600 | 114,889 | ||||||
| Dajin Heavy Industry Co. Ltd. # * | 6,600 | 40,978 | ||||||
| Guangdong Lingxiao Pump Industry Co. Ltd. # | 5,700 | 17,479 | ||||||
| Guangdong Yizumi Precision Machinery Co. Ltd. # | 5,900 | 16,088 | ||||||
| Guangzhou KDT Machinery Co. Ltd. # | 7,560 | 18,874 | ||||||
| Hangzhou Zhongtai Cryogenic Technology Corp. # | 3,500 | 7,995 | ||||||
| Harbin Boshi Automation Co. Ltd. # | 11,200 | 19,787 | ||||||
| IFE Elevators Co. Ltd. # | 8,000 | 8,963 | ||||||
| Jiangsu Hengli Hydraulic Co. Ltd. # | 11,116 | 102,467 | ||||||
| Jiangsu NanFang Precision Co. Ltd. # | 5,900 | 8,249 | ||||||
| Jingjin Equipment, Inc. # | 10,500 | 48,630 | ||||||
| Nantong Jianghai Capacitor Co. Ltd. # | 11,400 | 39,740 | ||||||
| Nanxing Machinery Co. Ltd. # | 3,200 | 5,561 | ||||||
| Ningbo Orient Wires & Cables Co. Ltd. # | 8,800 | 100,606 | ||||||
| Ocean’s King Lighting Science & Technology Co. Ltd. # | 9,500 | 17,629 | ||||||
| Sany Heavy Industry Co. Ltd. # | 138,400 | 394,378 | ||||||
| Shanghai Hanbell Precise Machinery Co. Ltd. # | 4,800 | 16,684 | ||||||
| Sinotruk Hong Kong Ltd. # | 16,000 | 22,519 | ||||||
| Warom Technology, Inc. Co. # * | 3,500 | 13,327 | ||||||
| Wuxi Shangji Automation Co. Ltd. # | 2,940 | 68,608 | ||||||
| Zhefu Holding Group Co. Ltd. # | 48,100 | 34,475 | ||||||
| Zhuzhou Kibing Group Co. Ltd. # | 42,100 | 80,383 | ||||||
| 1,370,690 | ||||||||
| Commercial & Professional Services: 0.6% | ||||||||
| Shanghai M&G Stationery, Inc. # | 8,200 | 68,690 | ||||||
| Zhejiang Weiming Environment Protection Co. Ltd. # | 9,056 | 45,107 | ||||||
| 113,797 | ||||||||
| Consumer Durables & Apparel: 4.7% | ||||||||
| Biem.L.Fdlkk Garment Co. Ltd. # | 9,700 | 36,570 | ||||||
| Chow Tai Seng Jewellery Co. Ltd. # | 9,700 | 22,489 | ||||||
| DR Corp. Ltd. # | 10,100 | 112,043 | ||||||
| Ecovacs Robotics Co. Ltd. # | 4,100 | 74,752 | ||||||
| Li Ning Co. Ltd. # * | 60,500 | 563,310 | ||||||
| Ningbo Peacebird Fashion Co. Ltd. # | 2,300 | 6,957 | ||||||
| Number of Shares |
Value | |||||||
| Consumer Durables & Apparel (continued) | ||||||||
| Q Technology Group Co. Ltd. # * † | 11,000 | $ | 7,592 | |||||
| Shanghai Yaoji Technology Co. Ltd. # * | 4,700 | 11,710 | ||||||
| Shenzhen Aoni Electronic Co. Ltd. # | 2,800 | 13,935 | ||||||
| Tonze New Energy Technology Co. Ltd. # | 5,100 | 20,718 | ||||||
| Yantai Tayho Advanced Materials Co. Ltd. # | 15,300 | 38,262 | ||||||
| 908,338 | ||||||||
| Consumer Services: 0.1% | ||||||||
| Fu Shou Yuan International Group Ltd. # | 25,000 | 18,007 | ||||||
| Diversified Financials: 1.9% | ||||||||
| 360 DigiTech, Inc. (ADR) | 2,928 | 50,654 | ||||||
| CSC Financial Co. Ltd. 144A # | 137,500 | 145,924 | ||||||
| Hithink RoyalFlush Information Network Co. Ltd. # | 12,724 | 183,067 | ||||||
| 379,645 | ||||||||
| Energy: 1.2% | ||||||||
| Shaanxi Coal Industry Co. Ltd. # | 67,200 | 212,092 | ||||||
| Shandong Sunway Chemical Group Co. Ltd. # | 15,600 | 12,991 | ||||||
| 225,083 | ||||||||
| Food, Beverage & Tobacco: 16.1% | ||||||||
| Anhui Yingjia Distillery Co. Ltd. # | 4,500 | 43,794 | ||||||
| Cheng De Lolo Co. Ltd. # * | 14,400 | 20,851 | ||||||
| China Feihe Ltd. 144A # | 98,000 | 112,839 | ||||||
| Chongqing Brewery Co. Ltd. # | 5,400 | 118,256 | ||||||
| COFCO Joycome Foods Ltd. # * | 59,000 | 28,612 | ||||||
| Ganso Co. Ltd. # | 2,100 | 5,529 | ||||||
| Jiangsu King’s Luck Brewery JSC Ltd. # | 12,400 | 94,463 | ||||||
| JiuGui Liquor Co. Ltd. # | 5,800 | 161,064 | ||||||
| Luzhou Laojiao Co. Ltd. # | 17,928 | 660,737 | ||||||
| Shanghai Bairun Investment Holding Group Co. Ltd. # | 19,236 | 86,334 | ||||||
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. # | 9,495 | 460,995 | ||||||
| Sichuan Swellfun Co. Ltd. # | 4,500 | 62,244 | ||||||
| Want Want China Holdings Ltd. # | 102,000 | 88,949 | ||||||
| Wuliangye Yibin Co. Ltd. # | 36,430 | 1,099,800 | ||||||
| Yihai International Holding Ltd. # * | 14,000 | 50,504 | ||||||
| Yunnan Shennong Agricultural Industry Group Co. Ltd. # | 12,480 | 47,954 | ||||||
| 3,142,925 | ||||||||
| Health Care Equipment & Services: 4.3% | ||||||||
| Blue Sail Medical Co. Ltd. # | 15,300 | 21,805 | ||||||
| Dian Diagnostics Group Co. Ltd. # | 13,500 | 62,575 | ||||||
| Guangzhou Kingmed Diagnostics Group Co. Ltd. # * | 6,800 | 83,755 | ||||||
| Guangzhou Wondfo Biotech Co. Ltd. # | 7,530 | 45,765 | ||||||
See Notes to Financial Statements
| 12 |
| Number of Shares |
Value | |||||||
| Health Care Equipment & Services (continued) | ||||||||
| Intco Medical Technology Co. Ltd. # | 13,680 | $ | 51,782 | |||||
| Jafron Biomedical Co. Ltd. # | 14,950 | 113,666 | ||||||
| Jiangsu Bioperfectus Technologies Co. Ltd. # | 1,077 | 18,338 | ||||||
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. # | 15,300 | 58,589 | ||||||
| Kangji Medical Holdings Ltd. # † | 8,500 | 8,469 | ||||||
| Ovctek China, Inc. # | 13,509 | 115,517 | ||||||
| Sansure Biotech, Inc. # | 6,076 | 26,823 | ||||||
| Shanghai Kindly Enterprise Development Group Co. Ltd. # | 6,200 | 18,453 | ||||||
| Shanghai ZJ Bio-Tech Co. Ltd. # | 3,055 | 17,057 | ||||||
| Tibet Rhodiola Pharmaceutical Holding Co. # | 2,300 | 14,262 | ||||||
| Tofflon Science & Technology Group Co. Ltd. # | 8,800 | 44,551 | ||||||
| Winner Medical Co. Ltd. # | 3,800 | 37,690 | ||||||
| Wuhan Easydiagnosis Biomedicine Co. Ltd. | 2,384 | 24,380 | ||||||
| Zhejiang Gongdong Medical Technology Co. Ltd. # | 3,000 | 55,687 | ||||||
| Zhende Medical Co. Ltd. # | 2,200 | 13,821 | ||||||
| 832,985 | ||||||||
| Household & Personal Products: 0.1% | ||||||||
| Mingchen Health Co. Ltd. # | 2,100 | 6,215 | ||||||
| Tongling Jieya Biologic Technology Co. Ltd. # | 1,900 | 11,234 | ||||||
| 17,449 | ||||||||
| Industrials: 0.0% | ||||||||
| Sichuan Languang Justbon Services Group Co. Ltd. | 3,300 | 0 | ||||||
| Materials: 18.4% | ||||||||
| Anhui Conch Cement Co. Ltd. # | 56,567 | 298,225 | ||||||
| Anhui Guangxin Agrochemical Co. Ltd. # | 9,100 | 38,282 | ||||||
| Anhui Wanwei Updated High-Tech Material Industry Co. Ltd. # | 31,000 | 35,129 | ||||||
| China Hongqiao Group Ltd. # † | 53,100 | 59,818 | ||||||
| China Jushi Co. Ltd. # | 59,000 | 153,364 | ||||||
| Citic Pacific Special Steel Group Co. Ltd. # | 37,070 | 111,639 | ||||||
| City Development Environment Co. Ltd. # | 4,700 | 6,523 | ||||||
| CNNC Hua Yuan Titanium Dioxide Co. Ltd. # | 43,745 | 46,605 | ||||||
| CNSIG Inner Mongolia Chemical Industry Co. Ltd. # | 13,900 | 48,912 | ||||||
| DeHua TB New Decoration Materials Co. Ltd. # | 9,500 | 16,491 | ||||||
| Epoxy Base Electronic Material Corp. Ltd. # | 11,900 | 9,969 | ||||||
| Fangda Special Steel Technology Co. Ltd. # | 26,100 | 27,236 | ||||||
| Gansu Shangfeng Cement Co. Ltd. # | 8,280 | 19,526 | ||||||
| Number of Shares |
Value | |||||||
| Materials (continued) | ||||||||
| Guangzhou Tinci Materials Technology Co. Ltd. # | 37,900 | $ | 351,584 | |||||
| HBIS Resources Co. Ltd. # | 6,600 | 13,469 | ||||||
| Hoshine Silicon Industry Co. Ltd. # | 4,200 | 74,151 | ||||||
| Huafon Chemical Co. Ltd. # | 75,600 | 95,387 | ||||||
| Hubei Yihua Chemical Industry Co. Ltd. # * | 14,900 | 45,283 | ||||||
| Hunan Haili Chemical Industry Co. Ltd. # * | 9,070 | 9,703 | ||||||
| Inner Mongolia ERDOS Resources Co. Ltd. # | 13,580 | 36,521 | ||||||
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. # | 41,200 | 30,020 | ||||||
| Jiangsu Huachang Chemical Co. Ltd. # | 12,600 | 18,339 | ||||||
| Jiangsu Sopo Chemical Co. # | 12,500 | 21,653 | ||||||
| Jiangxi Chenguang New Materials Co. Ltd. # | 4,160 | 26,416 | ||||||
| Jiangxi Wannianqing Cement Co. Ltd. # | 9,700 | 15,712 | ||||||
| KBC Corp. Ltd. # | 1,510 | 66,487 | ||||||
| Luoyang Jianlong Micro-Nano New Material Co. Ltd. # | 858 | 14,400 | ||||||
| Luxi Chemical Group Co. Ltd. # * | 28,300 | 73,103 | ||||||
| Satellite Chemical Co. Ltd. # | 24,725 | 95,482 | ||||||
| Shaanxi Xinghua Chemistry Co. Ltd. # | 7,000 | 5,986 | ||||||
| Shandong Bohui Paper Industrial Co. Ltd. # * | 15,000 | 17,354 | ||||||
| Shandong Fiberglass Group Co. Ltd. # | 8,380 | 14,336 | ||||||
| Shandong Head Group Co. Ltd. # * | 5,300 | 28,828 | ||||||
| Shandong Hualu Hengsheng Chemical Co. Ltd. # | 34,900 | 152,284 | ||||||
| Shandong Jinjing Science & Technology Co. Ltd. # * | 23,200 | 26,210 | ||||||
| Shangdong Lubei Chemical Co. Ltd. # | 9,000 | 10,920 | ||||||
| Shanghai Chlor-Alkali Chemical Co. Ltd. # | 7,800 | 14,597 | ||||||
| Sichuan Anning Iron and Titanium Co. Ltd. # | 4,400 | 25,401 | ||||||
| Sichuan Hebang Biotechnology Co. Ltd. # | 126,600 | 80,604 | ||||||
| Sichuan Xinjinlu Group Co. Ltd. # * | 13,100 | 11,517 | ||||||
| Suzhou TA&A Ultra Clean Technology Co. Ltd. # | 12,700 | 166,511 | ||||||
| Wanhua Chemical Group Co. Ltd. # | 71,000 | 1,029,425 | ||||||
| West China Cement Ltd. # | 48,000 | 6,072 | ||||||
| Xinjiang Ba Yi Iron & Steel Co. Ltd. # * | 17,200 | 14,436 | ||||||
| Xinxiang Chemical Fiber Co. Ltd. # | 25,100 | 13,650 | ||||||
See Notes to Financial Statements
| 13 |
VANECK CHINA GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||||
| Materials (continued) | ||||||||
| Zhejiang Jiuli Hi-tech Metals Co. Ltd. # | 15,500 | $ | 37,049 | |||||
| Zhejiang Wansheng Co. Ltd. # | 6,800 | 18,958 | ||||||
| Zhejiang Xinan Chemical Industrial Group Co. Ltd. # | 20,040 | 64,865 | ||||||
| 3,598,432 | ||||||||
| Media & Entertainment: 10.5% | ||||||||
| G-bits Network Technology Xiamen Co. Ltd. # | 900 | 52,230 | ||||||
| Guangdong South New Media Co. Ltd. # | 4,300 | 24,301 | ||||||
| Hangzhou Electronic Soul Network Technology Co. Ltd. # | 1,800 | 5,453 | ||||||
| NetEase, Inc. (ADR) | 11,311 | 1,055,995 | ||||||
| Shanghai Fengyuzhu Culture and Technology Co. Ltd. # * | 3,600 | 10,373 | ||||||
| Shenzhen Shengxunda Technology Co. Ltd. # * | 2,000 | 18,079 | ||||||
| Tencent Holdings Ltd. # | 19,600 | 887,180 | ||||||
| 2,053,611 | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences: 7.4% | ||||||||
| Anhui Anke Biotechnology Group Co. Ltd. # | 33,000 | 49,789 | ||||||
| Beijing Hotgen Biotech Co. Ltd. # | 1,345 | 14,944 | ||||||
| Changchun High & New Technology Industry Group, Inc. # | 8,800 | 307,146 | ||||||
| China Medical System Holdings Ltd. # | 31,000 | 48,328 | ||||||
| Chongqing Zhifei Biological Products Co. Ltd. # | 26,600 | 441,120 | ||||||
| Daan Gene Co. Ltd. # | 22,900 | 58,637 | ||||||
| Guangdong Hybribio Biotech Co. Ltd. # | 4,900 | 15,626 | ||||||
| Hainan Poly Pharm Co. Ltd. # | 7,800 | 40,967 | ||||||
| Hangzhou Biotest Biotech Co. Ltd. # | 2,583 | 23,764 | ||||||
| Hubei Jumpcan Pharmaceutical Co. Ltd. # | 7,300 | 29,637 | ||||||
| Jenkem Technology Co. Ltd. # | 604 | 21,824 | ||||||
| Livzon Pharmaceutical Group, Inc. # | 13,100 | 70,709 | ||||||
| Maccura Biotechnology Co. Ltd. # | 11,300 | 34,595 | ||||||
| Renhe Pharmacy Co. Ltd. # | 22,200 | 21,152 | ||||||
| Shandong Wohua Pharmaceutical Co. Ltd. # | 6,300 | 5,848 | ||||||
| Shenyang Xingqi Pharmaceutical Co. Ltd. # | 1,800 | 41,225 | ||||||
| Tonghua Dongbao Pharmaceutical Co. Ltd. # | 27,900 | 43,078 | ||||||
| Zhejiang Cheng Yi Pharmaceutical Co. Ltd. # | 3,600 | 7,166 | ||||||
| Zhejiang NHU Co. Ltd. # | 34,592 | 117,746 | ||||||
| Number of Shares |
Value | |||||||
| Pharmaceuticals, Biotechnology & Life Sciences (continued) | ||||||||
| Zhejiang Orient Gene Biotech Co. Ltd. # | 2,903 | $ | 49,391 | |||||
| 1,442,692 | ||||||||
| Real Estate: 2.7% | ||||||||
| A-Living Smart City Services Co. Ltd. 144A # | 17,250 | 27,769 | ||||||
| CIFI Ever Sunshine Services Group Ltd. # † | 22,000 | 28,202 | ||||||
| Country Garden Services Holdings Co. Ltd. # | 51,000 | 228,877 | ||||||
| Evergrande Property Services Group Ltd. 144A # * †∞ | 44,000 | 8,439 | ||||||
| KWG Living Group Holdings Ltd. # † | 25,000 | 7,836 | ||||||
| Logan Group Co. Ltd. # † | 43,000 | 8,305 | ||||||
| Longfor Group Holdings Ltd. 144A # | 38,000 | 180,730 | ||||||
| S-Enjoy Service Group Co. Ltd. # * † | 7,000 | 8,190 | ||||||
| Shenzhen Properties & Resources Development Group Ltd. # * | 4,900 | 9,915 | ||||||
| Tianjin Jinbin Development Co. Ltd. # * | 29,300 | 11,080 | ||||||
| 519,343 | ||||||||
| Retailing: 5.7% | ||||||||
| Easyhome New Retail Group Co. Ltd. # | 54,500 | 36,244 | ||||||
| JD.com, Inc. (ADR) | 16,326 | 1,048,456 | ||||||
| Pop Mart International Group Ltd. 144A # † | 4,400 | 21,348 | ||||||
| 1,106,048 | ||||||||
| Semiconductors & Semiconductor Equipment: 9.6% | ||||||||
| Daqo New Energy Corp. (ADR) * | 1,713 | 122,274 | ||||||
| Gigadevice Semiconductor Beijing, Inc. # | 11,680 | 249,013 | ||||||
| LONGi Green Energy Technology Co. Ltd. # | 109,190 | 1,090,469 | ||||||
| Shanghai Bright Power Semiconductor Co. Ltd. # | 1,429 | 34,126 | ||||||
| Shenzhen Sunmoon Microelectronics Co. Ltd. # | 1,258 | 20,389 | ||||||
| StarPower Semiconductor Ltd. # | 2,300 | 132,727 | ||||||
| Xinyi Solar Holdings Ltd. # | 108,000 | 167,348 | ||||||
| Yangzhou Yangjie Electronic Technology Co. Ltd. # | 5,400 | 57,659 | ||||||
| 1,874,005 | ||||||||
| Software & Services: 0.9% | ||||||||
| Chinasoft International Ltd. # * | 72,000 | 73,890 | ||||||
| Shanghai Baosight Software Co. Ltd. # * | 12,020 | 98,199 | ||||||
| Sichuan Jiuyuan Yinhai Software Co. Ltd. # | 5,460 | 11,746 | ||||||
| 183,835 | ||||||||
See Notes to Financial Statements
| 14 |
| Number of Shares |
Value | |||||||
| Technology Hardware & Equipment: 7.4% | ||||||||
| Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. # | 4,400 | $ | 88,232 | |||||
| BOE Technology Group Co. Ltd. # | 745,800 | 438,715 | ||||||
| Canaan, Inc. (ADR) * † | 3,879 | 12,490 | ||||||
| Chongqing Chuanyi Automation Co. Ltd. # | 9,700 | 25,593 | ||||||
| Cubic Sensor and Instrument Co. Ltd. # | 1,321 | 29,157 | ||||||
| Eoptolink Technology, Inc. Ltd. # | 10,923 | 42,806 | ||||||
| Goldenmax International Technology Ltd. # | 5,700 | 7,695 | ||||||
| Maxscend Microelectronics Co. Ltd. # | 9,920 | 200,352 | ||||||
| Shanghai Friendess Electronic Technology Corp. Ltd. # | 3,435 | 113,038 | ||||||
| Shengyi Technology Co. Ltd. # | 25,200 | 64,008 | ||||||
| Sihui Fuji Electronic Technology Co. Ltd. # | 2,200 | 12,102 | ||||||
| Sunny Optical Technology Group Co. Ltd. # | 19,900 | 326,290 | ||||||
| Suntront Techonology Co. Ltd. # | 18,800 | 10,115 | ||||||
| Suzhou Etron Technologies Co. Ltd. # | 1,400 | 8,140 | ||||||
| Wuxi Xinje Electric Co. Ltd. # | 2,200 | 13,534 | ||||||
| Number of Shares |
Value | |||||||
| Technology Hardware & Equipment (continued) | ||||||||
| Zhuzhou Hongda Electronics Corp. Ltd. # | 5,400 | $ | 49,335 | |||||
| 1,441,602 | ||||||||
| Transportation: 0.7% | ||||||||
| Anhui Expressway Co. Ltd. # | 7,700 | 8,579 | ||||||
| Bondex Supply Chain Management Co. Ltd. # | 5,000 | 13,684 | ||||||
| COSCO SHIPPING Holdings Co. Ltd. # | 58,700 | 122,051 | ||||||
| 144,314 | ||||||||
| Utilities: 0.1% | ||||||||
| Xinjiang Xintai Natural Gas Co. Ltd. # | 4,900 | 15,629 | ||||||
| Total
Common Stocks (Cost: $18,872,388) |
19,388,430 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON
LOAN: 0.1% (Cost: $20,733) |
||||||||
| Money Market Fund: 0.1% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 20,733 | 20,733 | ||||||
| Total
Investments: 99.5% (Cost: $18,893,121) |
19,409,163 | |||||||
| Other assets less liabilities: 0.5% | 101,806 | |||||||
| NET ASSETS: 100.0% | $ | 19,510,969 | ||||||
Definitions:
| ADR | American Depositary Receipt |
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 $17,074,181 which represents 87.5% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $108,661. |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $497,049, or 2.5% of net assets. |
See Notes to Financial Statements
| 15 |
VANECK CHINA GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Communication Services | 10.6 | % | $ | 2,053,611 | ||||
| Consumer Discretionary | 10.5 | 2,032,393 | ||||||
| Consumer Staples | 16.3 | 3,160,374 | ||||||
| Energy | 1.2 | 225,083 | ||||||
| Financials | 1.9 | 379,645 | ||||||
| Health Care | 11.7 | 2,275,677 | ||||||
| Industrials | 8.4 | 1,628,801 | ||||||
| Information Technology | 18.0 | 3,499,442 | ||||||
| Materials | 18.6 | 3,598,432 | ||||||
| Real Estate | 2.7 | 519,343 | ||||||
| Utilities | 0.1 | 15,629 | ||||||
| 100.0 | % | $ | 19,388,430 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Capital Goods | $ | — | $ | 1,370,690 | $ | — | $ | 1,370,690 | ||||||||
| Commercial & Professional Services | — | 113,797 | — | 113,797 | ||||||||||||
| Consumer Durables & Apparel | — | 908,338 | — | 908,338 | ||||||||||||
| Consumer Services | — | 18,007 | — | 18,007 | ||||||||||||
| Diversified Financials | 50,654 | 328,991 | — | 379,645 | ||||||||||||
| Energy | — | 225,083 | — | 225,083 | ||||||||||||
| Food, Beverage & Tobacco | — | 3,142,925 | — | 3,142,925 | ||||||||||||
| Health Care Equipment & Services | 24,380 | 808,605 | — | 832,985 | ||||||||||||
| Household & Personal Products | — | 17,449 | — | 17,449 | ||||||||||||
| Industrials | — | — | — | — | ||||||||||||
| Materials | — | 3,598,432 | — | 3,598,432 | ||||||||||||
| Media & Entertainment | 1,055,995 | 997,616 | — | 2,053,611 | ||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | — | 1,442,692 | — | 1,442,692 | ||||||||||||
| Real Estate | — | 510,904 | 8,439 | 519,343 | ||||||||||||
| Retailing | 1,048,456 | 57,592 | — | 1,106,048 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 122,274 | 1,751,731 | — | 1,874,005 | ||||||||||||
| Software & Services | — | 183,835 | — | 183,835 | ||||||||||||
| Technology Hardware & Equipment | 12,490 | 1,429,112 | — | 1,441,602 | ||||||||||||
| Transportation | — | 144,314 | — | 144,314 | ||||||||||||
| Utilities | — | 15,629 | — | 15,629 | ||||||||||||
| Money Market Fund | 20,733 | — | — | 20,733 | ||||||||||||
| Total Investments | $ | 2,334,982 | $ | 17,065,742 | $ | 8,439 | $ | 19,409,163 | ||||||||
See Notes to Financial Statements
| 16 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Capital Goods: 36.8% | ||||||||
| Beijing Easpring Material Technology Co. Ltd. # | 19,500 | $ | 263,959 | |||||
| Contemporary Amperex Technology Co. Ltd. # | 59,500 | 4,759,647 | ||||||
| Dongguan Yiheda Automation Co. Ltd. # * | 1,800 | 21,862 | ||||||
| East Group Co. Ltd. # | 49,700 | 60,269 | ||||||
| Eve Energy Co. Ltd. # * | 60,396 | 883,447 | ||||||
| Ginlong Technologies Co. Ltd. # | 8,450 | 269,707 | ||||||
| JL Mag Rare-Earth Co. Ltd. # | 16,200 | 89,101 | ||||||
| Luoyang Xinqianglian Slewing Bearing Co. Ltd. # | 7,300 | 96,992 | ||||||
| Qingdao TGOOD Electric Co. Ltd. # | 30,100 | 77,855 | ||||||
| Shenzhen Inovance Technology Co. Ltd. # | 89,585 | 882,497 | ||||||
| Shenzhen Yinghe Technology Co. Ltd. # | 17,200 | 73,118 | ||||||
| Sungrow Power Supply Co. Ltd. # | 48,300 | 710,104 | ||||||
| Sunwoda Electronic Co. Ltd. # * | 58,500 | 276,851 | ||||||
| Suzhou Maxwell Technologies Co. Ltd. # | 4,340 | 319,265 | ||||||
| Wuxi Lead Intelligent Equipment Co. Ltd. # | 47,920 | 452,511 | ||||||
| Xi’an Triangle Defense Co. Ltd. # * | 13,400 | 96,109 | ||||||
| 9,333,294 | ||||||||
| Commercial & Professional Services: 1.2% | ||||||||
| Beijing Originwater Technology Co. Ltd. # | 91,200 | 71,005 | ||||||
| Centre Testing International Group Co. Ltd. # | 68,100 | 236,247 | ||||||
| 307,252 | ||||||||
| Consumer Durables & Apparel: 0.3% | ||||||||
| Huali Industrial Group Co. Ltd. # | 7,300 | 79,524 | ||||||
| Consumer Services: 0.7% | ||||||||
| Songcheng Performance Development Co. Ltd. # | 71,221 | 163,392 | ||||||
| Diversified Financials: 8.1% | ||||||||
| East Money Information Co. Ltd. # | 501,620 | 1,907,749 | ||||||
| Hithink RoyalFlush Information Network Co. Ltd. # | 9,800 | 140,998 | ||||||
| 2,048,747 | ||||||||
| Food, Beverage & Tobacco: 3.9% | ||||||||
| Ligao Foods Co. Ltd. # | 2,800 | 43,473 | ||||||
| Wens Foodstuffs Group Co. Ltd. # | 226,360 | 719,733 | ||||||
| Yihai Kerry Arawana Holdings Co. Ltd. # * | 27,300 | 220,347 | ||||||
| 983,553 | ||||||||
| Health Care Equipment & Services: 11.1% | ||||||||
| Aier Eye Hospital Group Co. Ltd. # * | 110,811 | 741,512 | ||||||
| Number of Shares |
Value | |||||||
| Health Care Equipment & Services (continued) | ||||||||
| Dian Diagnostics Group Co. Ltd. # | 22,400 | $ | 103,828 | |||||
| Guangzhou Wondfo Biotech Co. Ltd. # | 11,900 | 72,324 | ||||||
| Intco Medical Technology Co. Ltd. # | 21,120 | 79,942 | ||||||
| Jafron Biomedical Co. Ltd. # | 20,500 | 155,863 | ||||||
| Lepu Medical Technology Beijing Co. Ltd. # | 55,413 | 153,684 | ||||||
| Ovctek China, Inc. # | 21,500 | 183,849 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. # | 21,400 | 1,001,971 | ||||||
| Shenzhen New Industries Biomedical Engineering Co. Ltd. # | 14,000 | 94,409 | ||||||
| Tofflon Science & Technology Group Co. Ltd. # | 12,200 | 61,764 | ||||||
| Winner Medical Co. Ltd. # | 5,100 | 50,584 | ||||||
| Winning Health Technology Group Co. Ltd. # * | 84,866 | 111,435 | ||||||
| 2,811,165 | ||||||||
| Household & Personal Products: 1.2% | ||||||||
| By-health Co. Ltd. # | 41,900 | 135,529 | ||||||
| Yunnan Botanee Bio-Technology Group Co. Ltd. # | 5,000 | 162,288 | ||||||
| 297,817 | ||||||||
| Materials: 6.7% | ||||||||
| CNGR Advanced Material Co. Ltd. # | 9,400 | 174,077 | ||||||
| Huabao Flavours & Fragrances Co. Ltd. # | 5,800 | 24,083 | ||||||
| Nanjing Hanrui Cobalt Co. Ltd. # | 10,400 | 90,176 | ||||||
| Shandong Dongyue Organosilicon Material Co. Ltd. # | 16,300 | 44,899 | ||||||
| Shandong Sinocera Functional Material Co. Ltd. # | 36,700 | 196,936 | ||||||
| Shenzhen Capchem Technology Co. Ltd. # | 22,800 | 179,305 | ||||||
| Shenzhen Dynanonic Co. Ltd. # | 5,160 | 314,836 | ||||||
| Shenzhen Senior Technology Material Co. Ltd. # | 48,091 | 209,086 | ||||||
| Sinofibers Technology Co. Ltd. # | 14,800 | 106,609 | ||||||
| Suzhou TA&A Ultra Clean Technology Co. Ltd. # | 18,900 | 247,800 | ||||||
| Weihai Guangwei Composites Co. Ltd. # | 13,600 | 119,645 | ||||||
| 1,707,452 | ||||||||
| Media & Entertainment: 1.6% | ||||||||
| Beijing Enlight Media Co. Ltd. # | 51,842 | 73,359 | ||||||
| Bluefocus Intelligent Communications Group Co. Ltd. # | 106,500 | 104,118 | ||||||
| Kunlun Tech Co. Ltd. # | 36,700 | 87,796 | ||||||
See Notes to Financial Statements
| 17 |
VANECK CHINEXT ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||||
| Media & Entertainment (continued) | ||||||||
| Mango Excellent Media Co. Ltd. # * | 29,970 | $ | 149,747 | |||||
| 415,020 | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences: 13.3% | ||||||||
| Anhui Anke Biotechnology Group Co. Ltd. # | 52,000 | 78,455 | ||||||
| Betta Pharmaceuticals Co. Ltd. # | 11,900 | 108,142 | ||||||
| BGI Genomics Co. Ltd. # | 11,200 | 119,869 | ||||||
| Chengdu Kanghua Biological Products Co. Ltd. # | 2,800 | 48,368 | ||||||
| China Resources Boya Bio-pharmaceutical Group Co. Ltd. # | 13,700 | 73,604 | ||||||
| Chongqing Zhifei Biological Products Co. Ltd. # | 36,469 | 604,782 | ||||||
| Hainan Poly Pharm Co. Ltd. # | 12,700 | 66,702 | ||||||
| Hangzhou Tigermed Consulting Co. Ltd. # | 25,359 | 433,957 | ||||||
| Imeik Technology Development Co. Ltd. # | 4,300 | 385,831 | ||||||
| PharmaBlock Sciences Nanjing, Inc. # | 7,300 | 107,944 | ||||||
| Pharmaron Beijing Co. Ltd. # | 20,550 | 292,049 | ||||||
| Porton Pharma Solutions Ltd. # | 15,300 | 178,171 | ||||||
| Shenzhen Kangtai Biological Products Co. Ltd. # | 27,620 | 186,519 | ||||||
| Sino Biological, Inc. # | 1,600 | 30,933 | ||||||
| Walvax Biotechnology Co. Ltd. # | 78,100 | 564,464 | ||||||
| Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. # | 12,700 | 98,653 | ||||||
| 3,378,443 | ||||||||
| Semiconductors & Semiconductor Equipment: 5.0% | ||||||||
| Goke Microelectronics Co. Ltd. # | 4,600 | 56,235 | ||||||
| Hangzhou Chang Chuan Technology Co. Ltd. # | 16,400 | 110,764 | ||||||
| Ingenic Semiconductor Co. Ltd. # | 10,500 | 167,156 | ||||||
| SG Micro Corp. # | 10,350 | 282,138 | ||||||
| Shenzhen SC New Energy Technology Corp. # | 10,900 | 145,740 | ||||||
| Yangling Metron New Material, Inc. # * | 5,700 | 79,064 | ||||||
| Yangzhou Yangjie Electronic Technology Co. Ltd. # | 12,400 | 132,402 | ||||||
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. # | 28,600 | 289,394 | ||||||
| 1,262,893 | ||||||||
| Software & Services: 2.9% | ||||||||
| Beijing E-Hualu Information Technology Co. Ltd. # | 19,600 | 50,964 | ||||||
| Beijing Sinnet Technology Co. Ltd. # | 54,400 | 84,781 | ||||||
| Lakala Payment Co. Ltd. # * | 24,400 | 69,618 | ||||||
| Number of Shares |
Value | |||||||
| Software & Services (continued) | ||||||||
| Longshine Technology Group Co. Ltd. # | 18,100 | $ | 68,191 | |||||
| Sangfor Technologies, Inc. # | 11,200 | 173,787 | ||||||
| Thunder Software Technology Co. Ltd. # | 14,600 | 285,185 | ||||||
| 732,526 | ||||||||
| Technology Hardware & Equipment: 7.2% | ||||||||
| Anker Innovations Technology Co. Ltd. # | 6,400 | 63,394 | ||||||
| Chaozhou Three-Circle Group Co. Ltd. # | 54,900 | 246,861 | ||||||
| Eoptolink Technology, Inc. Ltd. # | 20,500 | 80,338 | ||||||
| Lens Technology Co. Ltd. # | 93,868 | 155,624 | ||||||
| Leyard Optoelectronic Co. Ltd. # | 97,500 | 106,584 | ||||||
| Maxscend Microelectronics Co. Ltd. # | 15,820 | 319,513 | ||||||
| Shenzhen Everwin Precision Technology Co. Ltd. # * | 37,800 | 58,306 | ||||||
| Shenzhen Sunway Communication Co. Ltd. # | 39,001 | 98,283 | ||||||
| Victory Giant Technology Huizhou Co. Ltd. # * | 28,200 | 77,450 | ||||||
| Wuhan DR Laser Technology Corp. Ltd. # | 3,800 | 98,353 | ||||||
| Wuhan Raycus Fiber Laser Technologies Co. Ltd. # | 10,700 | 62,177 | ||||||
| Wuhu Token Science Co. Ltd. # | 98,700 | 109,621 | ||||||
| Yealink Network Technology Corp. Ltd. # | 15,100 | 171,785 | ||||||
| Zhongji Innolight Co. Ltd. # | 27,400 | 127,061 | ||||||
| Zhuzhou Hongda Electronics Corp. Ltd. # | 5,600 | 51,162 | ||||||
| 1,826,512 | ||||||||
| Total
Common Stocks (Cost: $18,225,378) |
25,347,590 | |||||||
| Total
Investments: 100.0% (Cost: $18,225,378) |
25,347,590 | |||||||
| Other assets less liabilities: 0.0% | 5,787 | |||||||
| NET ASSETS: 100.0% | $ | 25,353,377 | ||||||
See Notes to Financial Statements
| 18 |
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 $25,347,590 which represents 100.0% of net assets. |
| * | Non-income producing |
| Summary of Investments by Sector | % of Investments |
Value | ||||||
| Communication Services | 1.6 | % | $ | 415,020 | ||||
| Consumer Discretionary | 1.0 | 242,916 | ||||||
| Consumer Staples | 5.1 | 1,281,370 | ||||||
| Financials | 8.1 | 2,048,747 | ||||||
| Health Care | 24.4 | 6,189,608 | ||||||
| Industrials | 38.0 | 9,640,546 | ||||||
| Information Technology | 15.1 | 3,821,931 | ||||||
| Materials | 6.7 | 1,707,452 | ||||||
| 100.0 | % | $ | 25,347,590 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks * | $ | — | $ | 25,347,590 | $ | — | $ | 25,347,590 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 19 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.1% | ||||||||
| Capital Goods: 0.6% | ||||||||
| IndiaMart InterMesh Ltd. 144A # | 177 | $ | 8,578 | |||||
| Commercial & Professional Services: 1.6% | ||||||||
| L&T Technology Services Ltd. 144A # | 609 | 23,471 | ||||||
| Consumer Durables & Apparel: 1.1% | ||||||||
| Dixon Technologies India Ltd. # | 342 | 15,546 | ||||||
| Consumer Services: 1.8% | ||||||||
| MakeMyTrip Ltd. * | 1,016 | 26,091 | ||||||
| Diversified Financials: 1.4% | ||||||||
| ICICI Securities Ltd. 144A # | 1,861 | 10,135 | ||||||
| Indian Energy Exchange Ltd. 144A # | 5,182 | 10,458 | ||||||
| 20,593 | ||||||||
| Energy: 7.9% | ||||||||
| Reliance Industries Ltd. 144A (GDR) # * | 1,744 | 114,017 | ||||||
| Insurance: 1.3% | ||||||||
| PB Fintech Ltd. # * | 2,592 | 18,858 | ||||||
| Media & Entertainment: 5.5% | ||||||||
| Affle India Ltd. # * | 768 | 10,353 | ||||||
| Info Edge India Ltd. # | 1,452 | 69,336 | ||||||
| 79,689 | ||||||||
| Retailing: 2.2% | ||||||||
| Zomato Ltd. # * | 45,394 | 31,145 | ||||||
| Software & Services: 62.6% | ||||||||
| Coforge Ltd. # | 351 | 15,789 | ||||||
| Cyient Ltd. # | 1,802 | 17,332 | ||||||
| Happiest Minds Technologies Ltd. # | 847 | 8,946 | ||||||
| Number of Shares |
Value | |||||||
| Software & Services (continued) | ||||||||
| HCL Technologies Ltd. # | 6,949 | $ | 86,042 | |||||
| Infosys Ltd. (ADR) | 6,408 | 118,613 | ||||||
| KPIT Technologies Ltd. # | 3,952 | 26,096 | ||||||
| Larsen & Toubro Infotech Ltd. 144A # | 1,011 | 51,153 | ||||||
| Mastek Ltd. # | 353 | 9,647 | ||||||
| Mindtree Ltd. # | 1,545 | 56,766 | ||||||
| Mphasis Ltd. # | 1,988 | 58,016 | ||||||
| One 97 Communications Ltd. # * | 3,741 | 32,172 | ||||||
| Oracle Financial Services Software Ltd. # | 498 | 19,600 | ||||||
| Persistent Systems Ltd. # | 900 | 38,934 | ||||||
| Tanla Platforms Ltd. # | 1,607 | 20,574 | ||||||
| Tata Consultancy Services Ltd. # | 2,453 | 101,864 | ||||||
| Tata Elxsi Ltd. # | 359 | 37,323 | ||||||
| Tech Mahindra Ltd. # | 5,306 | 67,498 | ||||||
| Wipro Ltd. (ADR) | 14,140 | 75,083 | ||||||
| WNS Holdings Ltd. (ADR) * | 775 | 57,846 | ||||||
| 899,294 | ||||||||
| Technology Hardware & Equipment: 1.4% | ||||||||
| Redington India Ltd. # | 12,580 | 20,068 | ||||||
| Telecommunication Services: 12.7% | ||||||||
| Bharti Airtel Ltd. # * | 11,692 | 101,699 | ||||||
| Indus Towers Ltd. # | 15,541 | 41,310 | ||||||
| Tata Communications Ltd. # | 1,643 | 19,087 | ||||||
| Vodafone Idea Ltd. # * | 185,217 | 19,827 | ||||||
| 181,923 | ||||||||
| Total
Common Stocks (Cost: $1,807,150) |
1,439,273 | |||||||
| Total
Investments: 100.1% (Cost: $1,807,150) |
1,439,273 | |||||||
| Liabilities in excess of other assets: (0.1)% | (974 | ) | ||||||
| NET ASSETS: 100.0% | $ | 1,438,299 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
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 $1,161,640 which represents 80.8% 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 $217,812, or 15.1% of net assets. |
See Notes to Financial Statements
| 20 |
| Summary of Investments by Sector | % of Investments |
Value | ||||||
| Communication Services | 18.2 | % | $ | 261,611 | ||||
| Consumer Discretionary | 5.1 | 72,782 | ||||||
| Energy | 7.9 | 114,017 | ||||||
| Financials | 2.7 | 39,452 | ||||||
| Industrials | 2.2 | 32,049 | ||||||
| Information Technology | 63.9 | 919,362 | ||||||
| 100.0 | % | $ | 1,439,273 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Capital Goods | $ | — | $ | 8,578 | $ | — | $ | 8,578 | ||||||||
| Commercial & Professional Services | — | 23,471 | — | 23,471 | ||||||||||||
| Consumer Durables & Apparel | — | 15,546 | — | 15,546 | ||||||||||||
| Consumer Services | 26,091 | — | — | 26,091 | ||||||||||||
| Diversified Financials | — | 20,593 | — | 20,593 | ||||||||||||
| Energy | — | 114,017 | — | 114,017 | ||||||||||||
| Insurance | — | 18,858 | — | 18,858 | ||||||||||||
| Media & Entertainment | — | 79,689 | — | 79,689 | ||||||||||||
| Retailing | — | 31,145 | — | 31,145 | ||||||||||||
| Software & Services | 251,542 | 647,752 | — | 899,294 | ||||||||||||
| Technology Hardware & Equipment | — | 20,068 | — | 20,068 | ||||||||||||
| Telecommunication Services | — | 181,923 | — | 181,923 | ||||||||||||
| Total Investments | $ | 277,633 | $ | 1,161,640 | $ | — | $ | 1,439,273 | ||||||||
See Notes to Financial Statements
| 21 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Banks: 7.4% | ||||||||
| Commercial International Bank Egypt SAE (GDR) # | 643,926 | $ | 1,063,528 | |||||
| Capital Goods: 4.2% | ||||||||
| ElSewedy Electric Co. # * | 1,852,167 | 597,042 | ||||||
| Consumer Durables & Apparel: 2.2% | ||||||||
| Oriental Weavers # | 894,725 | 313,830 | ||||||
| Consumer Services: 5.9% | ||||||||
| Cairo Investment & Real Estate Development Co. SAE # | 1,067,096 | 638,648 | ||||||
| Taaleem Management Services Co. SAE # * | 1,227,946 | 197,723 | ||||||
| 836,371 | ||||||||
| Diversified Financials: 6.3% | ||||||||
| Egyptian Financial Group-Hermes Holding Co. * | 733,021 | 465,156 | ||||||
| Egyptian Financial Group-Hermes Holding Co. (GDR) * | 268,183 | 429,093 | ||||||
| 894,249 | ||||||||
| Energy: 3.2% | ||||||||
| TransGlobe Energy Corp. | 136,682 | 463,352 | ||||||
| Food, Beverage & Tobacco: 10.4% | ||||||||
| Eastern Co. SAE # | 1,923,397 | 1,052,393 | ||||||
| Juhayna Food Industries # | 1,125,697 | 433,677 | ||||||
| 1,486,070 | ||||||||
| Health Care Equipment & Services: 5.7% | ||||||||
| Cleopatra Hospital # * | 2,554,592 | 638,016 | ||||||
| Ibnsina Pharma SAE # | 2,218,140 | 173,099 | ||||||
| 811,115 | ||||||||
| Number of Shares |
Value | |||||||
| Materials: 25.9% | ||||||||
| Abou Kir Fertilizers & Chemical Industries # | 756,550 | $ | 912,482 | |||||
| Alexandria Mineral Oils Co. # | 1,689,109 | 319,188 | ||||||
| Centamin Plc # | 690,542 | 658,646 | ||||||
| Egypt Kuwait Holding Co. SAE # | 972,697 | 1,242,220 | ||||||
| Ezz Steel Co. SAE # | 548,114 | 326,290 | ||||||
| Sidi Kerir Petrochemicals Co. # * | 612,081 | 234,868 | ||||||
| 3,693,694 | ||||||||
| Real Estate: 16.0% | ||||||||
| Emaar Misr for Development SAE # * | 2,200,256 | 272,682 | ||||||
| Heliopolis Housing # | 1,396,890 | 364,877 | ||||||
| Medinet Nasr Housing # * | 3,990,555 | 532,459 | ||||||
| Palm Hills Developments SAE # | 5,453,746 | 346,630 | ||||||
| Real Estate Egyptian Consortium SAE * | 330,283 | 12,509 | ||||||
| Talaat Moustafa Group # | 2,042,973 | 761,394 | ||||||
| 2,290,551 | ||||||||
| Software & Services: 8.3% | ||||||||
| E-Finance for Digital & Financial Investments # | 955,156 | 686,062 | ||||||
| Fawry for Banking & Payment Technology Services SAE * | 2,615,712 | 493,924 | ||||||
| 1,179,986 | ||||||||
| Telecommunication Services: 4.5% | ||||||||
| Telecom Egypt Co. # | 878,038 | 646,198 | ||||||
| Total
Common Stocks (Cost: $17,358,052) |
14,275,986 | |||||||
| Total
Investments: 100.0% (Cost: $17,358,052) |
14,275,986 | |||||||
| Liabilities in excess of other assets: 0.0% | (4,100) | |||||||
| NET ASSETS: 100.0% | $ | 14,271,886 | ||||||
Definitions:
| GDR | Global Depositary Receipt |
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 $12,411,952 which represents 87.0% of net assets. |
| * | Non-income producing |
| Summary of Investments by Sector | % of Investments |
Value | ||||||
| Communication Services | 4.5 | % | $ | 646,198 | ||||
| Consumer Discretionary | 8.1 | 1,150,201 | ||||||
| Consumer Staples | 10.4 | 1,486,070 | ||||||
| Energy | 3.2 | 463,352 | ||||||
| Financials | 13.7 | 1,957,777 | ||||||
| Health Care | 5.7 | 811,115 | ||||||
| Industrials | 4.2 | 597,042 | ||||||
| Information Technology | 8.3 | 1,179,986 | ||||||
| Materials | 25.9 | 3,693,694 | ||||||
| Real Estate | 16.0 | 2,290,551 | ||||||
| 100.0 | % | $ | 14,275,986 | |||||
See Notes to Financial Statements
| 22 |
The summary of inputs used to value the Fund’s investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | — | $ | 1,063,528 | $ | — | $ | 1,063,528 | ||||||||
| Capital Goods | — | 597,042 | — | 597,042 | ||||||||||||
| Consumer Durables & Apparel | — | 313,830 | — | 313,830 | ||||||||||||
| Consumer Services | — | 836,371 | — | 836,371 | ||||||||||||
| Diversified Financials | 894,249 | — | — | 894,249 | ||||||||||||
| Energy | 463,352 | — | — | 463,352 | ||||||||||||
| Food, Beverage & Tobacco | — | 1,486,070 | — | 1,486,070 | ||||||||||||
| Health Care Equipment & Services | — | 811,115 | — | 811,115 | ||||||||||||
| Materials | — | 3,693,694 | — | 3,693,694 | ||||||||||||
| Real Estate | 12,509 | 2,278,042 | — | 2,290,551 | ||||||||||||
| Software & Services | 493,924 | 686,062 | — | 1,179,986 | ||||||||||||
| Telecommunication Services | — | 646,198 | — | 646,198 | ||||||||||||
| Total Investments | $ | 1,864,034 | $ | 12,411,952 | $ | — | $ | 14,275,986 | ||||||||
See Notes to Financial Statements
| 23 |
VANECK INDIA GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.1% | ||||||||
| Automobiles & Components: 2.2% | ||||||||
| Balkrishna Industries Ltd. # | 37,770 | $ | 1,032,719 | |||||
| Capital Goods: 6.6% | ||||||||
| Ashoka Buildcon Ltd. # * | 63,545 | 59,189 | ||||||
| Astral Ltd. # | 38,904 | 818,225 | ||||||
| Bharat Electronics Ltd. # | 571,511 | 1,696,041 | ||||||
| Data Patterns India Ltd. # * | 4,710 | 38,272 | ||||||
| LG Balakrishnan & Bros Ltd. # | 10,772 | 81,735 | ||||||
| Prince Pipes & Fittings Ltd. # | 15,724 | 119,261 | ||||||
| Tega Industries Ltd. # * | 6,589 | 38,487 | ||||||
| Timken India Ltd. # | 11,800 | 356,367 | ||||||
| 3,207,577 | ||||||||
| Consumer Durables & Apparel: 1.5% | ||||||||
| Filatex India Ltd. # | 29,517 | 34,973 | ||||||
| KPR Mill Ltd. # | 45,626 | 298,540 | ||||||
| LUX Industries Ltd. # | 3,935 | 87,747 | ||||||
| Mirza International Ltd. # * | 19,057 | 55,782 | ||||||
| Rupa & Co. Ltd. # | 9,625 | 42,421 | ||||||
| Vardhman Textiles Ltd. # | 50,586 | 170,246 | ||||||
| 689,709 | ||||||||
| Consumer Services: 0.1% | ||||||||
| Easy Trip Planners Ltd. # | 14,006 | 69,714 | ||||||
| Diversified Financials: 2.5% | ||||||||
| Angel One Ltd. # | 16,780 | 258,058 | ||||||
| Central Depository Services India Ltd. # | 47,978 | 680,598 | ||||||
| ICICI Securities Ltd. 144A # | 43,793 | 238,507 | ||||||
| IIFL Securities Ltd. # | 60,195 | 53,457 | ||||||
| 1,230,620 | ||||||||
| Energy: 3.1% | ||||||||
| Oil India Ltd. # | 159,961 | 508,648 | ||||||
| Petronet LNG Ltd. # | 354,778 | 977,803 | ||||||
| 1,486,451 | ||||||||
| Food, Beverage & Tobacco: 0.1% | ||||||||
| Dwarikesh Sugar Industries Ltd. # | 46,214 | 59,398 | ||||||
| Radico Khaitan Ltd. # | 100 | 1,110 | ||||||
| 60,508 | ||||||||
| Health Care Equipment & Services: 0.6% | ||||||||
| Krishna Institute of Medical Sciences Ltd. 144A # * | 20,745 | 311,724 | ||||||
| Materials: 33.2% | ||||||||
| Balaji Amines Ltd. # | 4,658 | 169,965 | ||||||
| BASF India Ltd. # | 5,249 | 182,137 | ||||||
| Carborundum Universal Ltd. # | 54,232 | 494,525 | ||||||
| Chemplast Sanmar Ltd. # * | 30,764 | 183,962 | ||||||
| Coromandel International Ltd. # | 57,926 | 701,345 | ||||||
| Deepak Nitrite Ltd. # | 35,547 | 784,597 | ||||||
| Everest Kanto Cylinder Ltd. # | 16,645 | 38,359 | ||||||
| Fineotex Chemical Ltd. # | 19,748 | 46,601 | ||||||
| Gravita India Ltd. # | 7,515 | 27,762 | ||||||
| Greenpanel Industries Ltd. # | 25,088 | 138,206 | ||||||
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. # | 39,346 | 285,980 | ||||||
| Gujarat State Fertilizers & Chemicals Ltd. # | 104,799 | 175,826 | ||||||
| Number of Shares |
Value | |||||||
| Materials (continued) | ||||||||
| Hindustan Zinc Ltd. # | 663,072 | $ | 2,099,655 | |||||
| Jindal Poly Films Ltd. # | 3,482 | 43,637 | ||||||
| Jindal Stainless Ltd. # * | 68,818 | 87,286 | ||||||
| JSW Steel Ltd. # | 339,406 | 2,436,633 | ||||||
| National Aluminium Co. Ltd. # | 409,032 | 358,164 | ||||||
| NMDC Ltd. # | 512,891 | 705,028 | ||||||
| PCBL Ltd. | 85,155 | 112,951 | ||||||
| PI Industries Ltd. # | 39,571 | 1,286,384 | ||||||
| Polyplex Corp. Ltd. # | 6,378 | 178,488 | ||||||
| Sharda Cropchem Ltd. # | 11,074 | 89,083 | ||||||
| Steel Authority of India Ltd. # | 676,515 | 590,551 | ||||||
| Sumitomo Chemical India Ltd. # | 60,513 | 325,946 | ||||||
| Supreme Industries Ltd. # | 28,654 | 642,911 | ||||||
| Tata Metaliks Ltd. # | 5,458 | 46,733 | ||||||
| Tata Steel Long Products Ltd. # | 5,288 | 38,718 | ||||||
| Tata Steel Ltd. # | 168,393 | 1,856,688 | ||||||
| Thirumalai Chemicals Ltd. # | 29,809 | 93,309 | ||||||
| Tinplate Co. of India Ltd./The # | 11,649 | 46,792 | ||||||
| Vedanta Ltd. # | 543,980 | 1,540,654 | ||||||
| 15,808,876 | ||||||||
| Media & Entertainment: 4.9% | ||||||||
| Brightcom Group Ltd. # | 817,646 | 326,444 | ||||||
| Chennai Super Kings Cricket Ltd. # * ∞ | 1,298,085 | 1,635,499 | ||||||
| Sun TV Network Ltd. # | 41,395 | 216,861 | ||||||
| TV18 Broadcast Ltd. # * | 315,599 | 156,342 | ||||||
| 2,335,146 | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences: 16.7% | ||||||||
| Ajanta Pharma Ltd. # | 18,815 | 294,503 | ||||||
| Alkem Laboratories Ltd. # | 14,138 | 537,626 | ||||||
| Divi's Laboratories Ltd. # | 51,336 | 2,366,260 | ||||||
| Gland Pharma Ltd. 144A # * | 23,603 | 809,611 | ||||||
| Laurus Labs Ltd. 144A # | 165,722 | 978,250 | ||||||
| Pfizer Ltd. # | 7,423 | 383,801 | ||||||
| Sun Pharmaceutical Industries Ltd. # | 250,029 | 2,633,466 | ||||||
| 8,003,517 | ||||||||
| Software & Services: 26.5% | ||||||||
| eClerx Services Ltd. # | 6,115 | 149,416 | ||||||
| Happiest Minds Technologies Ltd. # | 17,239 | 182,068 | ||||||
| Infosys Ltd. (ADR) | 119,193 | 2,206,262 | ||||||
| Larsen & Toubro Infotech Ltd. 144A # | 20,087 | 1,016,336 | ||||||
| Mastek Ltd. # | 6,078 | 166,106 | ||||||
| Mindtree Ltd. # | 26,559 | 975,825 | ||||||
| NIIT Ltd. # | 30,709 | 161,870 | ||||||
| Oracle Financial Services Software Ltd. # | 11,119 | 437,613 | ||||||
| Persistent Systems Ltd. # | 22,954 | 992,985 | ||||||
| Tanla Platforms Ltd. # | 35,218 | 450,892 | ||||||
| Tata Consultancy Services Ltd. # | 59,382 | 2,465,949 | ||||||
| Tata Elxsi Ltd. # | 16,281 | 1,692,617 | ||||||
| Wipro Ltd. # | 363,902 | 1,926,090 | ||||||
| 12,824,029 | ||||||||
See Notes to Financial Statements
| 24 |
| Number of Shares |
Value | |||||||
| Telecommunication Services: 1.9% | ||||||||
| Indus Towers Ltd. # | 349,563 | $ | 929,176 | |||||
| Transportation: 0.2% | ||||||||
| Allcargo Logistics Ltd. # | 33,190 | 110,632 | ||||||
| Total Common
Stocks (Cost: $46,035,537) |
48,100,398 | |||||||
| Total Investments: 100.1% (Cost: $46,035,537) |
48,100,398 | |||||||
| Liabilities in excess of other assets: (0.1)% | (67,030) | |||||||
| NET ASSETS: 100.0% | $ | 48,033,368 | ||||||
| Definitions: | |
| ADR | American Depositary Receipt |
| 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 $45,781,185 which represents 95.3% of net assets. |
| * | Non-income producing |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy |
| ø | Restricted Security – the aggregate value of restricted securities is $1,635,499, or 3.4% 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 $3,354,428, or 7.0% of net assets. |
Restricted securities held by the Fund as of June 30, 2022 are as follows:
| Security | Acquisition
Date |
Number
of Shares |
Acquisition
Cost |
Value | %
of Net Assets | |||||
| Chennai Super Kings Cricket Ltd. | 10/08/2015 | 1,298,085 | $35,108 | $1,635,499 | 3.4% |
| Summary of Investments by Sector | % of Investments |
Value | ||||||
| Communication Services | 6.8 | % | $ | 3,264,323 | ||||
| Consumer Discretionary | 3.6 | 1,792,142 | ||||||
| Consumer Staples | 0.1 | 60,508 | ||||||
| Energy | 3.1 | 1,486,451 | ||||||
| Financials | 2.6 | 1,230,620 | ||||||
| Health Care | 17.3 | 8,315,241 | ||||||
| Industrials | 6.9 | 3,318,208 | ||||||
| Information Technology | 26.7 | 12,824,029 | ||||||
| Materials | 32.9 | 15,808,876 | ||||||
| 100.0 | % | $ | 48,100,398 | |||||
See Notes to Financial Statements
| 25 |
VANECK INDIA GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund's investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Automobiles & Components | $ | — | $ | 1,032,719 | $ | — | $ | 1,032,719 | ||||||||
| Capital Goods | — | 3,207,577 | — | 3,207,577 | ||||||||||||
| Consumer Durables & Apparel | — | 689,709 | — | 689,709 | ||||||||||||
| Consumer Services | — | 69,714 | — | 69,714 | ||||||||||||
| Diversified Financials | — | 1,230,620 | — | 1,230,620 | ||||||||||||
| Energy | — | 1,486,451 | — | 1,486,451 | ||||||||||||
| Food, Beverage & Tobacco | — | 60,508 | — | 60,508 | ||||||||||||
| Health Care Equipment & Services | — | 311,724 | — | 311,724 | ||||||||||||
| Materials | 112,951 | 15,695,925 | — | 15,808,876 | ||||||||||||
| Media & Entertainment | — | 699,647 | 1,635,499 | 2,335,146 | ||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | — | 8,003,517 | — | 8,003,517 | ||||||||||||
| Software & Services | 2,206,262 | 10,617,767 | — | 12,824,029 | ||||||||||||
| Telecommunication Services | — | 929,176 | — | 929,176 | ||||||||||||
| Transportation | — | 110,632 | — | 110,632 | ||||||||||||
| Total Investments | $ | 2,319,213 | $ | 44,145,686 | $ | 1,635,499 | $ | 48,100,398 | ||||||||
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2022:
| Common Stock | |||
| Media & Entertainment | |||
| Balance as of December 31, 2021 | $1,021,381 | ||
| Realized gain (loss) | – | ||
| Net change in unrealized appreciation (depreciation) | 614,118 | ||
| Purchases | – | ||
| Sales | – | ||
| Transfers in/out of level 3 | – | ||
| Balance as of June 30, 2022 | $1,635,499 |
The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2022:
| Value
as of June 30, 2022 |
Valuation Technique |
Unobservable Input Description(1) |
Unobservable Input |
Impact
to Valuation from an Increase in Input(2) |
Fair
Value Price | |||||||
| Common Stock | ||||||||||||
| Media & Entertainment | $1,635,499 | Market Approach | Revenue Multiple | 10.8x – 12.1x | Increase | $1.26 | ||||||
| Discount for lack of marketability | 17½% | Decrease | ||||||||||
| Discount for lack of control | 20% | Decrease |
(1) In determining certain of these inputs, management evaluates a variety of factors including economic condition, industry and market developments, market valuations of comparable companies and company specific developments.
(2) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.
See Notes to Financial Statements
| 26 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 99.9% | ||||||||
| Automobiles & Components: 5.4% | ||||||||
| Astra International Tbk PT # | 5,938,500 | $ | 2,646,590 | |||||
| Banks: 28.0% | ||||||||
| Allo Bank Indonesia Tbk PT * | 1,403,800 | 358,076 | ||||||
| Bank Aladin Syariah Tbk PT * | 2,285,500 | 293,790 | ||||||
| Bank Central Asia Tbk PT # | 8,154,800 | 3,970,895 | ||||||
| Bank Jago Tbk PT # * | 1,671,000 | 1,028,504 | ||||||
| Bank Mandiri Persero Tbk PT # | 5,533,602 | 2,955,029 | ||||||
| Bank Negara Indonesia Persero Tbk PT # | 3,212,532 | 1,696,986 | ||||||
| Bank Neo Commerce Tbk PT # * | 1,988,200 | 131,794 | ||||||
| Bank Rakyat Indonesia Persero Tbk PT # | 12,131,633 | 3,387,947 | ||||||
| 13,823,021 | ||||||||
| Capital Goods: 1.7% | ||||||||
| Jardine Cycle & Carriage Ltd. # | 42,388 | 862,531 | ||||||
| Diversified Financials: 0.5% | ||||||||
| BFI Finance Indonesia Tbk PT # | 3,507,000 | 258,279 | ||||||
| Energy: 8.0% | ||||||||
| Adaro Energy Indonesia Tbk PT # | 6,887,800 | 1,326,476 | ||||||
| Banpu PCL (NVDR) # | 2,768,229 | 988,875 | ||||||
| Bukit Asam Tbk PT # | 1,687,100 | 433,211 | ||||||
| United Tractors Tbk PT # | 642,469 | 1,226,994 | ||||||
| 3,975,556 | ||||||||
| Food & Staples Retailing: 2.3% | ||||||||
| Sumber Alfaria Trijaya Tbk PT # | 8,405,200 | 1,152,392 | ||||||
| Food, Beverage & Tobacco: 8.3% | ||||||||
| Charoen Pokphand Indonesia Tbk PT # | 3,107,300 | 1,252,074 | ||||||
| First Pacific Co. Ltd. # | 771,250 | 299,783 | ||||||
| Golden Agri-Resources Ltd. # | 2,021,000 | 363,180 | ||||||
| Gudang Garam Tbk PT # | 198,800 | 416,218 | ||||||
| Indofood CBP Sukses Makmur Tbk PT # | 954,200 | 612,219 | ||||||
| Indofood Sukses Makmur Tbk PT # | 1,890,900 | 895,656 | ||||||
| Japfa Comfeed Indonesia Tbk PT # | 2,272,500 | 235,203 | ||||||
| 4,074,333 | ||||||||
| Health Care Equipment & Services: 0.9% | ||||||||
| Mitra Keluarga Karyasehat Tbk PT # | 2,318,397 | 428,228 | ||||||
| Household & Personal Products: 1.6% | ||||||||
| Unilever Indonesia Tbk PT # | 2,464,600 | 790,244 | ||||||
| Materials: 14.9% | ||||||||
| Aneka Tambang Tbk # | 3,622,200 | 437,349 | ||||||
| Avia Avian Tbk PT | 6,670,600 | 364,930 | ||||||
| Barito Pacific Tbk PT # | 11,708,800 | 594,078 | ||||||
| Berkah Beton Sadaya Tbk PT | 1,899,300 | 471,717 | ||||||
| Bumi Resources Minerals Tbk PT * | 34,806,100 | 574,747 | ||||||
| Chandra Asri Petrochemical Tbk PT # | 1,117,659 | 676,054 | ||||||
| Number of Shares |
Value | |||||||
| Materials (continued) | ||||||||
| Indah Kiat Pulp & Paper Tbk PT # | 1,107,300 | $ | 565,985 | |||||
| Indocement Tunggal Prakarsa Tbk PT # | 777,000 | 494,979 | ||||||
| Merdeka Copper Gold Tbk PT # * | 5,607,295 | 1,501,776 | ||||||
| Nickel Industries Ltd. # | 729,306 | 490,019 | ||||||
| Pabrik Kertas Tjiwi Kimia Tbk PT # | 536,400 | 232,547 | ||||||
| Semen Indonesia Persero Tbk PT # | 1,251,900 | 599,773 | ||||||
| Vale Indonesia Tbk PT # * | 898,600 | 341,961 | ||||||
| 7,345,915 | ||||||||
| Media & Entertainment: 1.4% | ||||||||
| Elang Mahkota Teknologi Tbk PT # * | 6,330,200 | 683,984 | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences: 1.9% | ||||||||
| Kalbe Farma Tbk PT # | 8,479,000 | 945,812 | ||||||
| Real Estate: 1.7% | ||||||||
| Bumi Serpong Damai Tbk PT # * | 3,829,600 | 234,259 | ||||||
| Ciputra Development Tbk PT | 3,756,795 | 216,872 | ||||||
| Pakuwon Jati Tbk PT # * | 6,429,900 | 203,861 | ||||||
| Summarecon Agung Tbk PT # * | 4,677,900 | 179,442 | ||||||
| 834,434 | ||||||||
| Retailing: 9.9% | ||||||||
| Ace Hardware Indonesia Tbk PT # | 2,954,500 | 152,692 | ||||||
| Bukalapak.com PT Tbk # * | 23,968,800 | 455,219 | ||||||
| GoTo Gojek Tokopedia Tbk PT * | 163,956,600 | 4,270,191 | ||||||
| 4,878,102 | ||||||||
| Telecommunication Services: 11.3% | ||||||||
| Indosat Tbk PT # | 486,200 | 214,030 | ||||||
| Sarana Menara Nusantara Tbk PT # | 10,106,600 | 746,667 | ||||||
| Smartfren Telecom Tbk PT # * | 38,731,500 | 216,004 | ||||||
| Telkom Indonesia Persero Tbk PT (ADR) | 119,332 | 3,226,737 | ||||||
| Tower Bersama Infrastructure Tbk PT # | 4,293,500 | 848,929 | ||||||
| XL Axiata Tbk PT # | 1,801,475 | 315,120 | ||||||
| 5,567,487 | ||||||||
| Transportation: 1.1% | ||||||||
| Jasa Marga Persero Tbk PT # * | 937,550 | 222,930 | ||||||
| Transcoal Pacific Tbk PT * | 430,700 | 305,010 | ||||||
| 527,940 | ||||||||
| Utilities: 1.0% | ||||||||
| Perusahaan Gas Negara Tbk PT # | 4,489,400 | 479,948 | ||||||
| Total Common
Stocks (Cost: $58,105,028) |
49,274,796 | |||||||
| Total Investments: 99.9% (Cost: $58,105,028) |
49,274,796 | |||||||
| Other assets less liabilities: 0.1% | 51,350 | |||||||
| NET ASSETS: 100.0% | $ | 49,326,146 | ||||||
See Notes to Financial Statements
| 27 |
VANECK INDONESIA INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Definitions: | |
| ADR | American Depositary Receipt |
| NVDR | Non-Voting Depositary Receipt |
| 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 $39,192,726 which represents 79.5% of net assets. |
| * | Non-income producing |
| Summary of Investments by Sector | % of Investments |
Value | ||||||
| Communication Services | 12.7 | % | $ | 6,251,471 | ||||
| Consumer Discretionary | 15.3 | 7,524,692 | ||||||
| Consumer Staples | 12.2 | 6,016,969 | ||||||
| Energy | 8.1 | 3,975,556 | ||||||
| Financials | 28.5 | 14,081,300 | ||||||
| Health Care | 2.8 | 1,374,040 | ||||||
| Industrials | 2.8 | 1,390,471 | ||||||
| Materials | 14.9 | 7,345,915 | ||||||
| Real Estate | 1.7 | 834,434 | ||||||
| Utilities | 1.0 | 479,948 | ||||||
| 100.0 | % | $ | 49,274,796 | |||||
The summary of inputs used to value the Fund's investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Automobiles & Components | $ | — | $ | 2,646,590 | $ | — | $ | 2,646,590 | ||||||||
| Banks | 651,866 | 13,171,155 | — | 13,823,021 | ||||||||||||
| Capital Goods | — | 862,531 | — | 862,531 | ||||||||||||
| Diversified Financials | — | 258,279 | — | 258,279 | ||||||||||||
| Energy | — | 3,975,556 | — | 3,975,556 | ||||||||||||
| Food & Staples Retailing | — | 1,152,392 | — | 1,152,392 | ||||||||||||
| Food, Beverage & Tobacco | — | 4,074,333 | — | 4,074,333 | ||||||||||||
| Health Care Equipment & Services | — | 428,228 | — | 428,228 | ||||||||||||
| Household & Personal Products | — | 790,244 | — | 790,244 | ||||||||||||
| Materials | 1,411,394 | 5,934,521 | — | 7,345,915 | ||||||||||||
| Media & Entertainment | — | 683,984 | — | 683,984 | ||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | — | 945,812 | — | 945,812 | ||||||||||||
| Real Estate | 216,872 | 617,562 | — | 834,434 | ||||||||||||
| Retailing | 4,270,191 | 607,911 | — | 4,878,102 | ||||||||||||
| Telecommunication Services | 3,226,737 | 2,340,750 | — | 5,567,487 | ||||||||||||
| Transportation | 305,010 | 222,930 | — | 527,940 | ||||||||||||
| Utilities | — | 479,948 | — | 479,948 | ||||||||||||
| Total Investments | $ | 10,082,070 | $ | 39,192,726 | $ | — | $ | 49,274,796 | ||||||||
See Notes to Financial Statements
| 28 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 99.8% | ||||||||
| Banks: 16.1% | ||||||||
| Bank Hapoalim BM # | 331,148 | $ | 2,773,419 | |||||
| Bank Leumi Le-Israel BM # | 379,617 | 3,387,141 | ||||||
| First International Bank Of Israel Ltd. # | 13,277 | 496,203 | ||||||
| Israel Discount Bank Ltd. # | 331,605 | 1,731,861 | ||||||
| Mizrahi Tefahot Bank Ltd. # | 46,143 | 1,532,091 | ||||||
| 9,920,715 | ||||||||
| Capital Goods: 5.1% | ||||||||
| Ashtrom Group Ltd. # | 8,587 | 189,621 | ||||||
| Elbit Systems Ltd. | 6,919 | 1,586,804 | ||||||
| Elco Ltd. # | 2,506 | 161,553 | ||||||
| Electra Ltd. # | 324 | 180,256 | ||||||
| Kornit Digital Ltd. * † | 15,679 | 497,024 | ||||||
| RADA Electronic Industries Ltd. * † | 13,663 | 126,246 | ||||||
| Shapir Engineering and Industry Ltd. # | 25,458 | 208,101 | ||||||
| Shikun & Binui Ltd. # * | 56,146 | 229,653 | ||||||
| 3,179,258 | ||||||||
| Commercial & Professional Services: 0.3% | ||||||||
| Danel Adir Yeoshua Ltd. # | 1,304 | 164,764 | ||||||
| Consumer Durables & Apparel: 0.7% | ||||||||
| Delta Galil Industries Ltd. # | 3,049 | 149,987 | ||||||
| Electra Consumer Products 1970 Ltd. # | 2,066 | 86,981 | ||||||
| Maytronics Ltd. # | 12,975 | 183,327 | ||||||
| 420,295 | ||||||||
| Consumer Services: 0.6% | ||||||||
| 888 Holdings Plc # | 109,046 | 222,117 | ||||||
| Fattal Holdings 1998 Ltd. # * | 1,370 | 143,029 | ||||||
| 365,146 | ||||||||
| Diversified Financials: 1.5% | ||||||||
| Altshuler Shaham Penn Ltd. | 20,060 | 52,960 | ||||||
| Isracard Ltd. # | 55,038 | 196,483 | ||||||
| Plus500 Ltd. # | 28,673 | 582,980 | ||||||
| Tel Aviv Stock Exchange Ltd. # | 27,830 | 126,769 | ||||||
| 959,192 | ||||||||
| Energy: 2.2% | ||||||||
| Delek Group Ltd. # * | 3,166 | 410,250 | ||||||
| Energean Plc # * | 36,249 | 483,787 | ||||||
| Oil Refineries Ltd. # | 663,552 | 237,804 | ||||||
| Paz Oil Co. Ltd. # * | 1,840 | 220,739 | ||||||
| 1,352,580 | ||||||||
| Food & Staples Retailing: 0.7% | ||||||||
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. # | 2,431 | 173,797 | ||||||
| Shufersal Ltd. # | 38,762 | 254,643 | ||||||
| 428,440 | ||||||||
| Food, Beverage & Tobacco: 0.5% | ||||||||
| Strauss Group Ltd. # | 13,416 | 329,548 | ||||||
| Health Care Equipment & Services: 3.4% | ||||||||
| Inmode Ltd. * | 25,373 | 568,609 | ||||||
| Nano-X Imaging Ltd. * † | 15,905 | 179,726 | ||||||
| Novocure Ltd. * | 13,486 | 937,277 | ||||||
| Number of Shares |
Value | |||||||
| Health Care Equipment & Services (continued) | ||||||||
| OPKO Health, Inc. * † | 159,679 | $ | 403,988 | |||||
| 2,089,600 | ||||||||
| Insurance: 3.0% | ||||||||
| Clal Insurance Enterprises Holdings Ltd. # * | 19,602 | 349,812 | ||||||
| Harel Insurance Investments & Financial Services Ltd. # | 34,637 | 338,364 | ||||||
| IDI Insurance Co. Ltd. # | 2,540 | 66,155 | ||||||
| Lemonade, Inc. * † | 12,998 | 237,343 | ||||||
| Menora Mivtachim Holdings Ltd. # * | 8,105 | 149,027 | ||||||
| Migdal Insurance & Financial Holdings Ltd. # | 128,744 | 191,713 | ||||||
| Phoenix Holdings Ltd. # | 52,020 | 515,175 | ||||||
| 1,847,589 | ||||||||
| Materials: 3.6% | ||||||||
| ICL Group Ltd. | 187,810 | 1,705,315 | ||||||
| Israel Corp. Ltd. # * | 1,149 | 507,970 | ||||||
| 2,213,285 | ||||||||
| Media & Entertainment: 1.3% | ||||||||
| Perion Network Ltd. * | 15,073 | 274,027 | ||||||
| Playtika Holding Corp. * | 20,991 | 277,921 | ||||||
| Taboola.com Ltd. * | 52,746 | 133,447 | ||||||
| Tremor International Ltd. (ADR) * † | 12,712 | 110,340 | ||||||
| 795,735 | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences: 4.2% | ||||||||
| Taro Pharmaceutical Industries Ltd. * | 2,806 | 101,465 | ||||||
| Teva Pharmaceutical Industries Ltd. (ADR) * | 331,562 | 2,493,346 | ||||||
| 2,594,811 | ||||||||
| Real Estate: 5.9% | ||||||||
| AFI Properties Ltd. # | 2,821 | 135,906 | ||||||
| Airport City Ltd. # * | 15,630 | 267,672 | ||||||
| Alony Hetz Properties & Investments Ltd. # | 31,957 | 401,547 | ||||||
| Amot Investments Ltd. # | 51,000 | 307,415 | ||||||
| Azrieli Group Ltd. # | 12,345 | 866,830 | ||||||
| Big Shopping Centers Ltd. # | 2,371 | 292,674 | ||||||
| G City Ltd. # | 18,063 | 103,129 | ||||||
| Gav-Yam Lands Corp. Ltd. # | 9,462 | 78,592 | ||||||
| Israel Canada T.R Ltd. # | 27,764 | 107,429 | ||||||
| Isras Investment Co. Ltd. # | 422 | 80,723 | ||||||
| Mega Or Holdings Ltd. # | 3,462 | 104,585 | ||||||
| Melisron Ltd. # * | 4,833 | 323,299 | ||||||
| Mivne Real Estate KD Ltd. # | 119,931 | 349,847 | ||||||
| Summit Real Estate Holdings Ltd. # | 7,772 | 124,214 | ||||||
| YH Dimri Construction & Development Ltd. # | 1,143 | 87,656 | ||||||
| 3,631,518 | ||||||||
| Retailing: 2.0% | ||||||||
| Delek Automotive Systems Ltd. # | 10,574 | 115,153 | ||||||
| Fiverr International Ltd. * † | 10,728 | 368,936 | ||||||
See Notes to Financial Statements
| 29 |
VANECK ISRAEL ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||||
| Retailing (continued) | ||||||||
| Fox Wizel Ltd. # | 1,385 | $ | 157,720 | |||||
| Global-e Online Ltd. * † | 22,300 | 449,791 | ||||||
| Tadiran Group Ltd. # | 903 | 120,610 | ||||||
| 1,212,210 | ||||||||
| Semiconductors & Semiconductor Equipment: 11.8% | ||||||||
| Camtek Ltd. * † | 9,083 | 225,803 | ||||||
| CEVA, Inc. * | 5,749 | 192,937 | ||||||
| Nova Ltd. * | 8,174 | 723,644 | ||||||
| SolarEdge Technologies, Inc. * | 17,291 | 4,732,201 | ||||||
| Tower Semiconductor Ltd. * | 30,351 | 1,401,609 | ||||||
| 7,276,194 | ||||||||
| Software & Services: 28.3% | ||||||||
| Amdocs Ltd. | 31,679 | 2,639,178 | ||||||
| Check Point Software Technologies Ltd. * | 31,735 | 3,864,688 | ||||||
| Cognyte Software Ltd. * | 16,945 | 72,016 | ||||||
| CyberArk Software Ltd. * | 12,573 | 1,608,841 | ||||||
| Formula Systems 1985 Ltd. # | 1,453 | 131,447 | ||||||
| Hilan Ltd. # | 3,032 | 159,955 | ||||||
| ironSource Ltd. * | 174,680 | 415,738 | ||||||
| JFrog Ltd. * | 19,445 | 409,706 | ||||||
| LivePerson, Inc. * | 12,884 | 182,180 | ||||||
| Magic Software Enterprises Ltd. | 6,161 | 109,481 | ||||||
| Matrix IT Ltd. # | 7,683 | 178,567 | ||||||
| Monday.com Ltd. * † | 4,726 | 487,534 | ||||||
| Nice Ltd. (ADR) * † | 17,878 | 3,440,621 | ||||||
| One Software Technologies Ltd. # | 7,523 | 118,931 | ||||||
| Payoneer Global, Inc. * † | 48,989 | 192,037 | ||||||
| Sapiens International Corp. NV | 7,287 | 176,273 | ||||||
| SentinelOne, Inc. * † | 52,051 | 1,214,350 | ||||||
| Varonis Systems, Inc. * | 23,795 | 697,670 | ||||||
| Verint Systems, Inc. * | 11,632 | 492,615 | ||||||
| Wix.com Ltd. * | 13,064 | 856,345 | ||||||
| 17,448,173 | ||||||||
| Technology Hardware & Equipment: 1.8% | ||||||||
| AudioCodes Ltd. | 7,470 | 164,639 | ||||||
| Gilat Satellite Networks Ltd. * † | 14,581 | 88,069 | ||||||
| Number of Shares |
Value | |||||||
| Technology Hardware & Equipment (continued) | ||||||||
| Ituran Location and Control Ltd. | 2,578 | $ | 63,135 | |||||
| Nano Dimension Ltd. (ADR) * † | 73,456 | 230,652 | ||||||
| Radware Ltd. * | 11,056 | 239,584 | ||||||
| Stratasys Ltd. * | 17,126 | 320,941 | ||||||
| 1,107,020 | ||||||||
| Telecommunication Services: 2.1% | ||||||||
| Bezeq The Israeli Telecommunication Corp. Ltd. # | 685,053 | 1,065,019 | ||||||
| Cellcom Israel Ltd. # * | 20,027 | 98,836 | ||||||
| Partner Communications Co. Ltd. # * | 23,247 | 165,587 | ||||||
| 1,329,442 | ||||||||
| Transportation: 2.1% | ||||||||
| ZIM Integrated Shipping Services Ltd. † | 27,646 | 1,305,721 | ||||||
| Utilities: 2.6% | ||||||||
| Energix-Renewable Energies Ltd. # | 63,596 | 193,326 | ||||||
| Enlight Renewable Energy Ltd. # * | 155,815 | 297,481 | ||||||
| Kenon Holdings Ltd. # | 5,120 | 206,330 | ||||||
| OPC Energy Ltd. # * | 13,726 | 134,875 | ||||||
| Ormat Technologies, Inc. † | 9,894 | 775,195 | ||||||
| 1,607,207 | ||||||||
| Total Common
Stocks (Cost: $52,265,248) |
61,578,443 | |||||||
| SHORT-TERM INVESTMENT
HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.8% (Cost: $2,935,848) | ||||||||
| Money Market Fund: 4.8% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 2,935,848 | 2,935,848 | ||||||
| Total Investments: 104.6% (Cost: $55,201,096) |
64,514,291 | |||||||
| Liabilities in excess of other assets: (4.6)% | (2,846,815) | |||||||
| NET ASSETS: 100.0% | $ | 61,667,476 | ||||||
| Definitions: | |
| ADR | American Depositary Receipt |
| 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 $23,750,475 which represents 38.5% of net assets. |
| † | Security fully or partially on loan. Total market value of securities on loan is $6,021,624. |
| * | Non-income producing |
See Notes to Financial Statements
| 30 |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Communication Services | 3.5 | % | $ | 2,125,177 | ||||
| Consumer Discretionary | 3.3 | 1,997,651 | ||||||
| Consumer Staples | 1.2 | 757,988 | ||||||
| Energy | 2.2 | 1,352,580 | ||||||
| Financials | 20.6 | 12,727,496 | ||||||
| Health Care | 7.6 | 4,684,411 | ||||||
| Industrials | 7.6 | 4,649,743 | ||||||
| Information Technology | 41.9 | 25,831,387 | ||||||
| Materials | 3.6 | 2,213,285 | ||||||
| Real Estate | 5.9 | 3,631,518 | ||||||
| Utilities | 2.6 | 1,607,207 | ||||||
| 100.0 | % | $ | 61,578,443 | |||||
The summary of inputs used to value the Fund's investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | — | $ | 9,920,715 | $ | — | $ | 9,920,715 | ||||||||
| Capital Goods | 2,210,074 | 969,184 | — | 3,179,258 | ||||||||||||
| Commercial & Professional Services | — | 164,764 | — | 164,764 | ||||||||||||
| Consumer Durables & Apparel | — | 420,295 | — | 420,295 | ||||||||||||
| Consumer Services | — | 365,146 | — | 365,146 | ||||||||||||
| Diversified Financials | 52,960 | 906,232 | — | 959,192 | ||||||||||||
| Energy | — | 1,352,580 | — | 1,352,580 | ||||||||||||
| Food & Staples Retailing | — | 428,440 | — | 428,440 | ||||||||||||
| Food, Beverage & Tobacco | — | 329,548 | — | 329,548 | ||||||||||||
| Health Care Equipment & Services | 2,089,600 | — | — | 2,089,600 | ||||||||||||
| Insurance | 237,343 | 1,610,246 | — | 1,847,589 | ||||||||||||
| Materials | 1,705,315 | 507,970 | — | 2,213,285 | ||||||||||||
| Media & Entertainment | 795,735 | — | — | 795,735 | ||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 2,594,811 | — | — | 2,594,811 | ||||||||||||
| Real Estate | — | 3,631,518 | — | 3,631,518 | ||||||||||||
| Retailing | 818,727 | 393,483 | — | 1,212,210 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 7,276,194 | — | — | 7,276,194 | ||||||||||||
| Software & Services | 16,859,273 | 588,900 | — | 17,448,173 | ||||||||||||
| Technology Hardware & Equipment | 1,107,020 | — | — | 1,107,020 | ||||||||||||
| Telecommunication Services | — | 1,329,442 | — | 1,329,442 | ||||||||||||
| Transportation | 1,305,721 | — | — | 1,305,721 | ||||||||||||
| Utilities | 775,195 | 832,012 | — | 1,607,207 | ||||||||||||
| Money Market Fund | 2,935,848 | — | — | 2,935,848 | ||||||||||||
| Total Investments | $ | 40,763,816 | $ | 23,750,475 | $ | — | $ | 64,514,291 | ||||||||
See Notes to Financial Statements
| 31 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 99.7% | ||||||||
| Banks: 8.2% | ||||||||
| Bank for Foreign Trade of Vietnam JSC # | 3,960,845 | $ | 12,738,579 | |||||
| Saigon - Hanoi Commercial Joint Stock Bank # * | 5,818,000 | 3,377,687 | ||||||
| Saigon Thuong Tin Commercial JSB # * | 15,778,100 | 14,592,540 | ||||||
| 30,708,806 | ||||||||
| Capital Goods: 7.7% | ||||||||
| Bamboo Capital JSC # * | 3,159,300 | 1,914,467 | ||||||
| Development Investment Construction JSC # * | 2,050,100 | 3,123,211 | ||||||
| Gelex Group JSC # * | 4,560,964 | 3,831,687 | ||||||
| Ha Do Group JSC # | 1,023,600 | 2,490,073 | ||||||
| Hoang Huy Investment Financial Services JSC # * | 3,579,220 | 1,648,580 | ||||||
| IDICO Corp. JSC # | 1,822,810 | 3,936,585 | ||||||
| JAKS Resources Bhd # * | 14,529,000 | 906,455 | ||||||
| Tan Tao Investment & Industry JSC # * | 4,869,000 | 1,600,162 | ||||||
| Tasco JSC # * | 2,713,600 | 2,919,514 | ||||||
| Thaiholdings JSC * | 2,197,000 | 5,354,391 | ||||||
| Vietnam Construction and Import-Export JSC # | 1,875,390 | 1,409,312 | ||||||
| 29,134,437 | ||||||||
| Consumer Durables & Apparel: 10.3% | ||||||||
| Eclat Textile Co. Ltd. # | 1,092,160 | 15,297,813 | ||||||
| Feng TAY Enterprise Co. Ltd. # | 2,804,000 | 16,545,309 | ||||||
| Hansae Co. Ltd. # † | 137,258 | 1,798,409 | ||||||
| Taiwan Paiho Ltd. # | 2,294,000 | 5,314,589 | ||||||
| 38,956,120 | ||||||||
| Diversified Financials: 4.2% | ||||||||
| Sai Gon-Ha Noi Securities JSC | 2,703,000 | 1,580,090 | ||||||
| SSI Securities Corp. # | 5,733,072 | 4,635,491 | ||||||
| Viet Capital Securities JSC # | 1,850,500 | 2,632,964 | ||||||
| VIX Securities JSC # * | 3,493,300 | 1,342,898 | ||||||
| VNDirect Securities Corp. # | 7,542,580 | 5,644,137 | ||||||
| 15,835,580 | ||||||||
| Energy: 0.9% | ||||||||
| PetroVietnam Drilling & Well Services JSC # * | 2,114,780 | 1,506,474 | ||||||
| PetroVietnam Technical Services Corp. # | 1,960,100 | 2,013,388 | ||||||
| 3,519,862 | ||||||||
| Food, Beverage & Tobacco: 15.5% | ||||||||
| Hoang Anh Gia Lai International Agriculture JSC # * | 5,845,100 | 1,257,352 | ||||||
| KIDO Group Corp. | 1,095,130 | 3,054,973 | ||||||
| Masan Group Corp. # | 5,268,076 | 25,395,375 | ||||||
| Saigon Beer Alcohol Beverage Corp. # | 536,700 | 3,567,179 | ||||||
| Thanh Thanh Cong - Bien Hoa JSC # * | 2,527,481 | 2,028,682 | ||||||
| Vietnam Dairy Products JSC # | 6,297,041 | 19,549,950 | ||||||
| Vinh Hoan Corp. # | 868,000 | 3,492,487 | ||||||
| 58,345,998 | ||||||||
| Number of Shares |
Value | |||||||
| Health Care Equipment & Services: 1.6% | ||||||||
| Mani, Inc. # | 626,300 | $ | 6,088,255 | |||||
| Insurance: 0.5% | ||||||||
| Bao Viet Holdings # | 807,696 | 1,825,486 | ||||||
| Materials: 11.2% | ||||||||
| An Phat Holdings JSC # * | 1,388,000 | 716,818 | ||||||
| Duc Giang Chemicals JSC # | 2,143,932 | 10,720,671 | ||||||
| Hoa Phat Group JSC # | 26,743,797 | 25,632,194 | ||||||
| Hoa Sen Group # * | 3,428,000 | 2,376,118 | ||||||
| Petrovietnam Fertilizer & Chemicals JSC # | 1,310,100 | 2,870,803 | ||||||
| 42,316,604 | ||||||||
| Real Estate: 30.5% | ||||||||
| CEO Group JSC * | 1,572,300 | 1,777,412 | ||||||
| Dat Xanh Group JSC # * | 4,220,300 | 3,543,826 | ||||||
| Khang Dien House Trading and Investment JSC # * | 1,022,400 | 1,710,739 | ||||||
| Kinh Bac City Development Share Holding Corp. # * | 4,946,799 | 6,966,742 | ||||||
| No Va Land Investment Group Corp. # * | 7,016,958 | 22,470,916 | ||||||
| Phat Dat Real Estate Development Corp. # * | 2,248,500 | 5,008,419 | ||||||
| Van Phu - Invest Investment JSC # * | 810,200 | 2,193,513 | ||||||
| Vincom Retail JSC # * | 7,797,322 | 9,582,401 | ||||||
| Vingroup JSC # * | 9,904,149 | 31,311,356 | ||||||
| Vinhomes JSC 144A # | 11,292,167 | 30,179,727 | ||||||
| 114,745,051 | ||||||||
| Technology Hardware & Equipment: 4.8% | ||||||||
| BH Co. Ltd. # † | 225,487 | 4,243,107 | ||||||
| Dreamtech Co. Ltd. # | 247,982 | 1,838,660 | ||||||
| INTOPS Co. Ltd. # | 97,889 | 1,968,134 | ||||||
| KH Vatec Co. Ltd. # † | 152,588 | 2,194,887 | ||||||
| Mcnex Co. Ltd. # | 109,834 | 2,647,356 | ||||||
| Seojin System Co. Ltd. # † | 217,024 | 2,503,873 | ||||||
| Synopex, Inc. # * | 570,090 | 1,356,935 | ||||||
| UTI, Inc. # | 100,375 | 1,295,602 | ||||||
| 18,048,554 | ||||||||
| Transportation: 3.7% | ||||||||
| Vietjet Aviation JSC * | 2,493,140 | 13,931,150 | ||||||
| Utilities: 0.6% | ||||||||
| PetroVietnam Power Corp. # | 3,920,010 | 2,289,335 | ||||||
| Total Common
Stocks (Cost: $365,837,888) |
375,745,238 | |||||||
| RIGHTS:
0.1% (Cost: $0) |
||||||||
| Diversified Financials: 0.1% | ||||||||
| SSI Securities Corp., VND 15,000.00, exp. 07/25/22 # | 5,733,072 | 468,207 | ||||||
| EXCHANGE TRADED FUND: 0.0% (Cost: $42,158) |
||||||||
See Notes to Financial Statements
| 32 |
| Number of Shares |
Value | |||||||
| DCVFMVN Diamond ETF # | 62,610 | $ | 74,243 | |||||
| Total Investments: 99.8% (Cost: $365,880,046) |
376,287,688 | |||||||
| Other assets less liabilities: 0.2% | 692,856 | |||||||
| NET ASSETS: 100.0% | $ | 376,980,544 | ||||||
| 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 $350,589,672 which represents 93.0% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,570,439. |
| 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 $30,179,727, or 8.0% of net assets. |
| Summary of Investments by Sector | % of Investments |
Value | ||||||
| Consumer Discretionary | 10.4 | % | $ | 38,956,120 | ||||
| Consumer Staples | 15.5 | 58,345,998 | ||||||
| Energy | 0.9 | 3,519,862 | ||||||
| Exchange Traded Fund | 0.0 | 74,244 | ||||||
| Financials | 13.0 | 48,838,079 | ||||||
| Health Care | 1.6 | 6,088,255 | ||||||
| Industrials | 11.4 | 43,065,587 | ||||||
| Information Technology | 4.8 | 18,048,553 | ||||||
| Materials | 11.3 | 42,316,604 | ||||||
| Real Estate | 30.5 | 114,745,051 | ||||||
| Utilities | 0.6 | 2,289,335 | ||||||
| 100.0 | % | $ | 376,287,688 | |||||
The summary of inputs used to value the Fund's investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | — | $ | 30,708,806 | $ | — | $ | 30,708,806 | ||||||||
| Capital Goods | 5,354,391 | 23,780,046 | — | 29,134,437 | ||||||||||||
| Consumer Durables & Apparel | — | 38,956,120 | — | 38,956,120 | ||||||||||||
| Diversified Financials | 1,580,090 | 14,255,490 | — | 15,835,580 | ||||||||||||
| Energy | — | 3,519,862 | — | 3,519,862 | ||||||||||||
| Food, Beverage & Tobacco | 3,054,973 | 55,291,025 | — | 58,345,998 | ||||||||||||
| Health Care Equipment & Services | — | 6,088,255 | — | 6,088,255 | ||||||||||||
| Insurance | — | 1,825,486 | — | 1,825,486 | ||||||||||||
| Materials | — | 42,316,604 | — | 42,316,604 | ||||||||||||
| Real Estate | 1,777,412 | 112,967,639 | — | 114,745,051 | ||||||||||||
| Technology Hardware & Equipment | — | 18,048,554 | — | 18,048,554 | ||||||||||||
| Transportation | 13,931,150 | — | — | 13,931,150 | ||||||||||||
| Utilities | — | 2,289,335 | — | 2,289,335 | ||||||||||||
| Rights * | — | 468,207 | — | 468,207 | ||||||||||||
| Exchange Traded Fund | — | 74,243 | — | 74,243 | ||||||||||||
| Total Investments | $ | 25,698,016 | $ | 350,589,672 | $ | — | $ | 376,287,688 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 33 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2022 (unaudited)
| Africa Index ETF | Brazil Small-Cap ETF |
China Growth Leaders ETF |
ChiNext ETF | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) | ||||||||||||||||
| Unaffiliated issuers (2) | $ | 50,165,008 | $ | 24,435,069 | $ | 19,388,430 | $ | 25,347,590 | ||||||||
| Short-term investments held as collateral for securities loaned (3) | 733,800 | 321,617 | 20,733 | — | ||||||||||||
| Cash | 8,834 | 10,966 | 824,693 | — | ||||||||||||
| Cash denominated in foreign currency, at value (4) | 3,334,231 | 49,937 | 70,435 | 764,900 | (a) | |||||||||||
| Receivables: | ||||||||||||||||
| Due from Adviser | — | — | 11,815 | 341 | ||||||||||||
| Dividends and interest | 167,660 | 111,446 | 20,459 | 929 | ||||||||||||
| Prepaid expenses | 115 | 105 | 79 | 97 | ||||||||||||
| Total assets | 54,409,648 | 24,929,140 | 20,336,644 | 26,113,857 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Collateral for securities loaned | 733,800 | 321,617 | 20,733 | — | ||||||||||||
| Line of credit | 4,136,479 | — | 665,244 | 640,045 | ||||||||||||
| Due to Adviser | 19,586 | 3,281 | — | — | ||||||||||||
| Due to custodian | — | — | — | 24,555 | ||||||||||||
| Deferred Trustee fees | 11,997 | 32,487 | 5,238 | 1,134 | ||||||||||||
| Accrued expenses | 111,822 | 103,806 | 134,460 | 94,746 | ||||||||||||
| Total liabilities | 5,013,684 | 461,191 | 825,675 | 760,480 | ||||||||||||
| NET ASSETS | $ | 49,395,964 | $ | 24,467,949 | $ | 19,510,969 | $ | 25,353,377 | ||||||||
| Shares outstanding | 2,950,000 | 1,750,000 | 600,000 | 650,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 16.74 | $ | 13.98 | $ | 32.52 | $ | 39.01 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 116,939,182 | $ | 193,696,214 | $ | 20,979,697 | $ | 21,639,223 | ||||||||
| Total distributable earnings (loss) | (67,543,218 | ) | (169,228,265 | ) | (1,468,728 | ) | 3,714,154 | |||||||||
| NET ASSETS | $ | 49,395,964 | $ | 24,467,949 | $ | 19,510,969 | $ | 25,353,377 | ||||||||
| (1) Value of securities on loan | $ | 4,412,253 | $ | 760,212 | $ | 108,661 | $ | — | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 51,093,400 | $ | 32,729,582 | $ | 18,872,388 | $ | 18,225,378 | ||||||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | 733,800 | $ | 321,617 | $ | 20,733 | $ | — | ||||||||
| (4) Cost of cash denominated in foreign currency | $ | 3,631,217 | $ | 50,027 | $ | 71,949 | $ | 762,846 | ||||||||
(a) Includes $24,068 on foreign investor minimum settlement reserve funds (see Note 2H).
See Notes to Financial Statements
34
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2022 (unaudited)
| Digital India ETF | Egypt Index ETF | India Growth Leaders ETF (a) |
Indonesia Index ETF |
|||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value | ||||||||||||||||
| Unaffiliated issuers (1) | $ | 1,439,273 | $ | 14,275,986 | $ | 48,100,398 | $ | 49,274,796 | ||||||||
| Cash | — | 1,376,256 | — | 13,351 | ||||||||||||
| Cash denominated in foreign currency, at value (2) | — | 158,330 | 318,961 | 50,816 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | — | — | — | 987,748 | ||||||||||||
| Dividends and interest | 705 | 27,983 | 126,109 | 140,292 | ||||||||||||
| Prepaid expenses | — | 43 | 150 | 73 | ||||||||||||
| Total assets | 1,439,978 | 15,838,598 | 48,545,618 | 50,467,076 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Shares of beneficial interest redeemed | — | — | — | 986,522 | ||||||||||||
| Line of credit | — | 1,486,176 | 273,134 | — | ||||||||||||
| Due to Adviser | 914 | 2,993 | 21,377 | 18,746 | ||||||||||||
| Due to custodian | 765 | — | 10,122 | — | ||||||||||||
| Deferred Trustee fees | — | 5,305 | 13,672 | 27,155 | ||||||||||||
| Accrued expenses | — | 72,238 | 193,945 | 108,507 | ||||||||||||
| Total liabilities | 1,679 | 1,566,712 | 512,250 | 1,140,930 | ||||||||||||
| NET ASSETS | $ | 1,438,299 | $ | 14,271,886 | $ | 48,033,368 | $ | 49,326,146 | ||||||||
| Shares outstanding | 50,000 | 799,974 | 1,524,967 | 2,500,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 28.77 | $ | 17.84 | $ | 31.50 | $ | 19.73 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 1,815,466 | $ | 56,673,100 | $ | 126,927,826 | $ | 169,905,589 | ||||||||
| Total distributable earnings (loss) | (377,167 | ) | (42,401,214 | ) | (78,894,458 | ) | (120,579,443 | ) | ||||||||
| NET ASSETS | $ | 1,438,299 | $ | 14,271,886 | $ | 48,033,368 | $ | 49,326,146 | ||||||||
| (1) Cost of investments - Unaffiliated issuers | $ | 1,807,150 | $ | 17,358,052 | $ | 46,035,537 | $ | 58,105,028 | ||||||||
| (2) Cost of cash denominated in foreign currency | $ | — | $ | 158,918 | $ | 324,782 | $ | 50,936 | ||||||||
(a) Consolidated Statement of Assets and Liabilities
See Notes to Financial Statements
35
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2022 (unaudited)
| Israel ETF | Vietnam ETF | |||||||
| Assets: | ||||||||
| Investments, at value (1) | ||||||||
| Unaffiliated issuers (2) | $ | 61,578,443 | $ | 376,287,688 | ||||
| Short-term investments held as collateral for securities loaned (3) | 2,935,848 | — | ||||||
| Cash | 115,853 | — | ||||||
| Cash denominated in foreign currency, at value (4) | — | 1,472,066 | ||||||
| Receivables: | ||||||||
| Dividends and interest | 91,985 | 640,582 | ||||||
| Prepaid expenses | 159 | 1,013 | ||||||
| Total assets | 64,722,288 | 378,401,349 | ||||||
| Liabilities: | ||||||||
| Payables: | ||||||||
| Investment securities purchased | 9,389 | — | ||||||
| Collateral for securities loaned | 2,935,848 | — | ||||||
| Line of credit | — | 1,043,982 | ||||||
| Due to Adviser | 23,483 | 163,898 | ||||||
| Due to custodian | 12 | 3,215 | ||||||
| Deferred Trustee fees | 4,146 | 47,914 | ||||||
| Accrued expenses | 81,934 | 161,796 | ||||||
| Total liabilities | 3,054,812 | 1,420,805 | ||||||
| NET ASSETS | $ | 61,667,476 | $ | 376,980,544 | ||||
| Shares outstanding | 1,650,000 | 25,900,000 | ||||||
| Net asset value, redemption and offering price per share | $ | 37.37 | $ | 14.56 | ||||
| Net Assets consist of: | ||||||||
| Aggregate paid in capital | $ | 60,527,287 | $ | 661,018,611 | ||||
| Total distributable earnings (loss) | 1,140,189 | (284,038,067 | ) | |||||
| NET ASSETS | $ | 61,667,476 | $ | 376,980,544 | ||||
| (1) Value of securities on loan | $ | 6,021,624 | $ | 1,570,439 | ||||
| (2) Cost of investments - Unaffiliated issuers | $ | 52,265,248 | $ | 365,880,046 | ||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | 2,935,848 | $ | — | ||||
| (4) Cost of cash denominated in foreign currency | $ | — | $ | 1,474,752 | ||||
See Notes to Financial Statements
36
VANECK ETF TRUST
For the Period Ended June 30, 2022 (unaudited)
| Africa Index ETF | Brazil Small-Cap ETF |
China Growth Leaders ETF |
ChiNext ETF | |||||||||||||
| Income: | ||||||||||||||||
| Dividends | $ | 1,522,985 | $ | 553,858 | $ | 322,550 | $ | 92,871 | ||||||||
| Interest | 5 | — | 3,691 | 2,203 | ||||||||||||
| Securities lending income | 31,082 | 17,547 | 1,681 | — | ||||||||||||
| Foreign taxes withheld | (147,584 | ) | (24,362 | ) | (23,570 | ) | (9,344 | ) | ||||||||
| Total income | 1,406,488 | 547,043 | 304,352 | 85,730 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 145,998 | 80,505 | 51,019 | 70,308 | ||||||||||||
| Professional fees | 24,813 | 25,366 | 24,170 | 38,123 | ||||||||||||
| Custody and accounting fees | 44,537 | 29,771 | 23,057 | 24,544 | ||||||||||||
| Reports to shareholders | 9,529 | 6,147 | 5,550 | 6,214 | ||||||||||||
| Trustees' fees and expenses | 725 | 521 | 354 | 590 | ||||||||||||
| Registration fees | 2,968 | 2,968 | 2,589 | 3,866 | ||||||||||||
| Insurance | 1,584 | 1,568 | 850 | 1,562 | ||||||||||||
| Interest | 17,870 | 734 | 19,629 | 5,828 | ||||||||||||
| Other | 1,297 | 427 | 632 | 1,094 | ||||||||||||
| Total expenses | 249,321 | 148,007 | 127,850 | 152,129 | ||||||||||||
| Waiver of management fees | (3,694 | ) | (52,278 | ) | (51,019 | ) | (60,728 | ) | ||||||||
| Expenses assumed by the Adviser | — | — | (15,609 | ) | — | |||||||||||
| Net expenses | 245,627 | 95,729 | 61,222 | 91,401 | ||||||||||||
| Net investment income (loss) | 1,160,861 | 451,314 | 243,130 | (5,671 | ) | |||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | (520,009 | ) | (1,278,477 | ) | (1,931,350 | ) | (3,004,795 | ) | ||||||||
| In-kind redemptions | — | 47,871 | (182,451 | ) | — | |||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (16,034 | ) | 11,203 | 2,658 | (42,927 | ) | ||||||||||
| Net realized loss | (536,043 | ) | (1,219,403 | ) | (2,111,143 | ) | (3,047,722 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | (10,163,731 | ) | (2,842,276 | ) | (2,018,054 | ) | (5,002,648 | ) | ||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (254,137 | ) | (8,262 | ) | (8,904 | ) | (1,454 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | (10,417,868 | ) | (2,850,538 | ) | (2,026,958 | ) | (5,004,102 | ) | ||||||||
| Net Decrease in Net Assets Resulting from Operations | $ | (9,793,050 | ) | $ | (3,618,627 | ) | $ | (3,894,971 | ) | $ | (8,057,495 | ) | ||||
See Notes to Financial Statements
37
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended June 30, 2022 (unaudited)
| Digital India ETF (a) |
Egypt Index ETF | India Growth Leaders ETF (b) |
Indonesia Index ETF |
|||||||||||||
| Income: | ||||||||||||||||
| Dividends | $ | 9,536 | $ | 400,084 | $ | 713,192 | $ | 1,684,117 | ||||||||
| Interest | — | — | 50 | 139 | ||||||||||||
| Securities lending income | — | — | — | 95 | ||||||||||||
| Foreign taxes withheld | (1,764 | ) | (18,394 | ) | (147,362 | ) | (312,467 | ) | ||||||||
| Total income | 7,772 | 381,690 | 565,880 | 1,371,884 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 4,597 | 45,258 | 158,272 | 177,800 | ||||||||||||
| Professional fees | — | 23,389 | 37,212 | 24,071 | ||||||||||||
| Custody and accounting fees | — | 24,338 | 31,090 | 16,308 | ||||||||||||
| Reports to shareholders | — | 4,319 | 7,148 | 5,348 | ||||||||||||
| Trustees' fees and expenses | — | 326 | 1,333 | 483 | ||||||||||||
| Registration fees | — | 2,968 | 2,452 | 2,968 | ||||||||||||
| Insurance | — | 771 | 1,647 | 824 | ||||||||||||
| Interest and taxes | — | 11,781 | 18,791 | 431 | ||||||||||||
| Other | — | 533 | 4,695 | 514 | ||||||||||||
| Total expenses | 4,597 | 113,683 | 262,640 | 228,747 | ||||||||||||
| Waiver of management fees | — | (16,817 | ) | (6,441 | ) | (25,624 | ) | |||||||||
| Net expenses | 4,597 | 96,866 | 256,199 | 203,123 | ||||||||||||
| Net investment income | 3,175 | 284,824 | 309,681 | 1,168,761 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | (20,075 | ) | (551,271 | ) | 1,708,074 | (3,741,599 | ) | |||||||||
| In-kind redemptions | — | — | 334,750 | 4,647,940 | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | 7,616 | (172,396 | ) | (148,757 | ) | (13,421 | ) | |||||||||
| Net realized gain (loss) | (12,459 | ) | (723,667 | ) | 1,894,067 | 892,920 | ||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | (367,877 | ) | (6,959,319 | ) | (21,117,000 | ) | (2,909,682 | ) | ||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (6 | ) | (1,011 | ) | (8,998 | ) | (246 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | (367,883 | ) | (6,960,330 | ) | (21,125,998 | ) | (2,909,928 | ) | ||||||||
| Net Decrease in Net Assets Resulting from Operations | $ | (377,167 | ) | $ | (7,399,173 | ) | $ | (18,922,250 | ) | $ | (848,247 | ) | ||||
(a) For the period February 16, 2022 (commencement of operations) through June 30, 2022. (b) Consolidated Statement of Operations
See Notes to Financial Statements
38
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended June 30, 2022 (unaudited)
| Israel ETF | Vietnam ETF | |||||||
| Income: | ||||||||
| Dividends | $ | 917,888 | $ | 3,072,041 | ||||
| Interest | 117 | 18 | ||||||
| Securities lending income | 68,463 | 60,665 | ||||||
| Foreign taxes withheld | (202,746 | ) | (84,830 | ) | ||||
| Total income | 783,722 | 3,047,894 | ||||||
| Expenses: | ||||||||
| Management fees | 178,081 | 1,213,670 | ||||||
| Professional fees | 24,720 | 25,005 | ||||||
| Custody and accounting fees | 18,782 | 182,827 | ||||||
| Reports to shareholders | 5,613 | 21,905 | ||||||
| Trustees' fees and expenses | 904 | 4,549 | ||||||
| Registration fees | 2,968 | 2,037 | ||||||
| Insurance | 1,661 | 5,171 | ||||||
| Interest | 120 | 26,789 | ||||||
| Other | 377 | 1,670 | ||||||
| Total expenses | 233,226 | 1,483,623 | ||||||
| Waiver of management fees | (22,971 | ) | — | |||||
| Net expenses | 210,255 | 1,483,623 | ||||||
| Net investment income | 573,467 | 1,564,271 | ||||||
| Net realized gain (loss) on: | ||||||||
| Investments | (1,060,197 | ) | (2,907,816 | ) | ||||
| In-kind redemptions | 474,851 | 180,010 | ||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (2,679 | ) | (218,085 | ) | ||||
| Net realized loss | (588,025 | ) | (2,945,891 | ) | ||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||
| Investments | (18,920,378 | ) | (181,234,118 | ) | ||||
| Foreign currency transactions and foreign denominated assets and liabilities | (340 | ) | (10,247 | ) | ||||
| Net change in unrealized appreciation (depreciation) | (18,920,718 | ) | (181,244,365 | ) | ||||
| Net Decrease in Net Assets Resulting from Operations | $ | (18,935,276 | ) | $ | (182,625,985 | ) | ||
See Notes to Financial Statements
39
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Africa Index ETF | Brazil Small-Cap ETF | |||||||||||||||
| Period Ended June 30, 2022 |
Year Ended December 31, 2021 |
Period Ended June 30, 2022 |
Year Ended December 31, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 1,160,861 | $ | 1,512,749 | $ | 451,314 | $ | 1,031,653 | ||||||||
| Net realized gain (loss) | (536,043 | ) | 607,063 | (1,219,403 | ) | 4,567,945 | ||||||||||
| Net change in unrealized appreciation (depreciation) | (10,417,868 | ) | (935,663 | ) | (2,850,538 | ) | (14,729,558 | ) | ||||||||
| Net increase (decrease) in net assets resulting from operations | (9,793,050 | ) | 1,184,149 | (3,618,627 | ) | (9,129,960 | ) | |||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | — | (2,475,050 | ) | — | (951,015 | ) | ||||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | — | 13,099,656 | — | 976,221 | ||||||||||||
| Cost of shares redeemed | — | (5,051,376 | ) | (3,800,241 | ) | (13,670,320 | ) | |||||||||
| Increase (decrease) in net assets resulting from share transactions | — | 8,048,280 | (3,800,241 | ) | (12,694,099 | ) | ||||||||||
| Total increase (decrease) in net assets | (9,793,050 | ) | 6,757,379 | (7,418,868 | ) | (22,775,074 | ) | |||||||||
| Net Assets, beginning of period | 59,189,014 | 52,431,635 | 31,886,817 | 54,661,891 | ||||||||||||
| Net Assets, end of period | $ | 49,395,964 | $ | 59,189,014 | $ | 24,467,949 | $ | 31,886,817 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | — | 600,000 | — | 50,000 | ||||||||||||
| Shares redeemed | — | (250,000 | ) | (200,000 | ) | (650,000 | ) | |||||||||
| Net increase (decrease) | — | 350,000 | (200,000 | ) | (600,000 | ) | ||||||||||
See Notes to Financial Statements
40
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| China Growth Leaders ETF | ChiNext ETF | |||||||||||||||
| Period Ended June 30, 2022 |
Year Ended December 31, 2021 |
Period Ended June 30, 2022 |
Year Ended December 31, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income (loss) | $ | 243,130 | $ | 209,347 | $ | (5,671 | ) | $ | (56,408 | ) | ||||||
| Net realized gain (loss) | (2,111,143 | ) | 2,246,096 | (3,047,722 | ) | 15,492,912 | ||||||||||
| Increase from payment from Advisor (See Note 3) | — | — | — | 19,569 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | (2,026,958 | ) | (7,717,109 | ) | (5,004,102 | ) | (11,688,824 | ) | ||||||||
| Net increase (decrease) in net assets resulting from operations | (3,894,971 | ) | (5,261,666 | ) | (8,057,495 | ) | 3,767,249 | |||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | — | (1,404,410 | ) | — | (3,198,624 | ) | ||||||||||
| Return of capital | — | — | — | (601,386 | ) | |||||||||||
| Total distributions | — | (1,404,410 | ) | — | (3,800,010 | ) | ||||||||||
| Share transactions*: | ||||||||||||||||
| Cost of shares redeemed | (3,158,818 | ) | (18,287,121 | ) | (7,788,438 | ) | (7,716,947 | ) | ||||||||
| Decrease in net assets resulting from share transactions | (3,158,818 | ) | (18,287,121 | ) | (7,788,438 | ) | (7,716,947 | ) | ||||||||
| Total decrease in net assets | (7,053,789 | ) | (24,953,197 | ) | (15,845,933 | ) | (7,749,708 | ) | ||||||||
| Net Assets, beginning of period | 26,564,758 | 51,517,955 | 41,199,310 | 48,949,018 | ||||||||||||
| Net Assets, end of period | $ | 19,510,969 | $ | 26,564,758 | $ | 25,353,377 | $ | 41,199,310 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares redeemed | (100,000 | ) | (400,000 | ) | (200,000 | ) | (150,000 | ) | ||||||||
| Net decrease | (100,000 | ) | (400,000 | ) | (200,000 | ) | (150,000 | ) | ||||||||
See Notes to Financial Statements
41
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Digital India ETF | Egypt Index ETF | |||||||||||
| Period Ended June 30, 2022 (a) |
Period Ended June 30, 2022 |
Year Ended December 31, 2021 |
||||||||||
| (unaudited) | (unaudited) | |||||||||||
| Operations: | ||||||||||||
| Net investment income | $ | 3,175 | $ | 284,824 | $ | 629,784 | ||||||
| Net realized loss | (12,459 | ) | (723,667 | ) | (1,215,585 | ) | ||||||
| Net change in unrealized appreciation (depreciation) | (367,883 | ) | (6,960,330 | ) | 2,368,154 | |||||||
| Net increase (decrease) in net assets resulting from operations | (377,167 | ) | (7,399,173 | ) | 1,782,353 | |||||||
| Distributions to shareholders from: | ||||||||||||
| Distributable earnings | — | — | (565,063 | ) | ||||||||
| Share transactions*: | ||||||||||||
| Proceeds from sale of shares | 1,815,466 | — | 10,557,639 | |||||||||
| Cost of shares redeemed | — | — | (9,316,583 | ) | ||||||||
| Increase in net assets resulting from share transactions | 1,815,466 | — | 1,241,056 | |||||||||
| Total increase (decrease) in net assets | 1,438,299 | (7,399,173 | ) | 2,458,346 | ||||||||
| Net Assets, beginning of period | — | 21,671,059 | 19,212,713 | |||||||||
| Net Assets, end of period | $ | 1,438,299 | $ | 14,271,886 | $ | 21,671,059 | ||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||
| Shares sold | 50,000 | — | 425,000 | |||||||||
| Shares redeemed | — | — | (375,000 | ) | ||||||||
| Net increase | 50,000 | — | 50,000 | |||||||||
(a) For the period February 16, 2022 (commencement of operations) through June 30, 2022.
See Notes to Financial Statements
42
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| India Growth Leaders ETF (a) | Indonesia Index ETF | |||||||||||||||
| Period Ended June 30, 2022 |
Year Ended December 31, 2021 |
Period Ended June 30, 2022 |
Year Ended December 31, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 309,681 | $ | 163,405 | $ | 1,168,761 | $ | 521,549 | ||||||||
| Net realized gain (loss) | 1,894,067 | 14,403,480 | 892,920 | (5,923,730 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) | (21,125,998 | ) | 4,822,915 | (2,909,928 | ) | 4,485,428 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | (18,922,250 | ) | 19,389,800 | (848,247 | ) | (916,753 | ) | |||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | — | — | — | (570,015 | ) | |||||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | — | 2,036,081 | 36,448,757 | 26,398,550 | ||||||||||||
| Cost of shares redeemed | (11,385,474 | ) | (11,443,172 | ) | (40,098,582 | ) | (6,936,585 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | (11,385,474 | ) | (9,407,091 | ) | (3,649,825 | ) | 19,461,965 | |||||||||
| Total increase (decrease) in net assets | (30,307,724 | ) | 9,982,709 | (4,498,072 | ) | 17,975,197 | ||||||||||
| Net Assets, beginning of period | 78,341,092 | 68,358,383 | 53,824,218 | 35,849,021 | ||||||||||||
| Net Assets, end of period | $ | 48,033,368 | $ | 78,341,092 | $ | 49,326,146 | $ | 53,824,218 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | — | 50,000 | 1,750,000 | 1,300,000 | ||||||||||||
| Shares redeemed | (300,000 | ) | (300,000 | ) | (1,950,000 | ) | (350,000 | ) | ||||||||
| Net increase (decrease) | (300,000 | ) | (250,000 | ) | (200,000 | ) | 950,000 | |||||||||
(a) Consolidated Statement of Changes in Net Assets
See Notes to Financial Statements
43
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Israel ETF | Vietnam ETF | |||||||||||||||
| Period Ended June 30, 2022 |
Year Ended December 31, 2021 |
Period Ended June 30, 2022 |
Year Ended December 31, 2021 |
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 573,467 | $ | 463,888 | $ | 1,564,271 | $ | 3,102,974 | ||||||||
| Net realized gain (loss) | (588,025 | ) | 5,192,896 | (2,945,891 | ) | 48,603,835 | ||||||||||
| Net change in unrealized appreciation (depreciation) | (18,920,718 | ) | 1,978,244 | (181,244,365 | ) | 56,165,880 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | (18,935,276 | ) | 7,635,028 | (182,625,985 | ) | 107,872,689 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | — | (1,025,145 | ) | — | (2,850,715 | ) | ||||||||||
| Share transactions*: | ||||||||||||||||
| Proceeds from sale of shares | 1,155,251 | 5,887,632 | — | 41,690,264 | ||||||||||||
| Cost of shares redeemed | (1,016,637 | ) | (7,100,586 | ) | (31,077,686 | ) | (13,317,449 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | 138,614 | (1,212,954 | ) | (31,077,686 | ) | 28,372,815 | ||||||||||
| Total increase (decrease) in net assets | (18,796,662 | ) | 5,396,929 | (213,703,671 | ) | 133,394,789 | ||||||||||
| Net Assets, beginning of period | 80,464,138 | 75,067,209 | 590,684,215 | 457,289,426 | ||||||||||||
| Net Assets, end of period | $ | 61,667,476 | $ | 80,464,138 | $ | 376,980,544 | $ | 590,684,215 | ||||||||
| *Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 25,000 | 125,000 | — | 2,200,000 | ||||||||||||
| Shares redeemed | (25,000 | ) | (150,000 | ) | (1,750,000 | ) | (650,000 | ) | ||||||||
| Net increase (decrease) | — | (25,000 | ) | (1,750,000 | ) | 1,550,000 | ||||||||||
See Notes to Financial Statements
44
VANECK ETF TRUST
For a share outstanding throughout each period:
| Africa Index ETF | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $20.06 | $20.17 | $20.50 | $20.08 | $24.81 | $20.09 | ||||||||||||||||||
| Net investment income (a) | 0.39 | 0.53 | 0.52 | 1.09 | 0.57 | 0.39 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (3.71) | 0.20(b) | (0.05) | 0.62 | (4.96) | 4.82 | ||||||||||||||||||
| Total from investment operations | (3.32) | 0.73 | 0.47 | 1.71 | (4.39) | 5.21 | ||||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (0.84 | ) | (0.80 | ) | (1.29 | ) | (0.34 | ) | (0.49 | ) | |||||||||||||
| Net asset value, end of period | $16.74 | $20.06 | $20.17 | $20.50 | $20.08 | $24.81 | ||||||||||||||||||
| Total return (c) | (16.57)% | (d) | 3.69 | % | 2.29 | % | 8.52 | % | (17.70) | % | 26.02 | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Gross expenses | 0.85% | (e) | 0.77 | % | 0.92 | % | 0.90 | % | 0.91 | % | 0.87 | % | ||||||||||||
| Net expenses | 0.84% | (e) | 0.77 | % | 0.79 | % | 0.79 | % | 0.78 | % | 0.84 | % | ||||||||||||
| Net expenses excluding interest | 0.78% | (e) | 0.77 | % | 0.78 | % | 0.78 | % | 0.78 | % | 0.78 | % | ||||||||||||
| Net investment income | 3.98% | (e) | 2.50 | % | 3.00 | % | 5.13 | % | 2.44 | % | 1.73 | % | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $49 | $59 | $52 | $50 | $55 | $76 | ||||||||||||||||||
| Portfolio turnover rate (f) | 19% | (d) | 37 | % | 37 | % | 46 | % | 23 | % | 38 | % | ||||||||||||
| (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 rate excludes in-kind transactions. |
See Notes to Financial Statements
| 45 |
VANECK ETF TRUST
For a share outstanding throughout each period:
| Brazil Small-Cap ETF | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $16.35 | $21.44 | $27.50 | $20.09 | $23.33 | $16.10 | ||||||||||||||||||
| Net investment income (a) | 0.24 | 0.48 | 0.33 | 0.58 | 0.68 | 0.48 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (2.61) | (5.08) | (6.04) | 7.42 | (3.34) | 7.81 | ||||||||||||||||||
| Payment from Adviser | — | — | — | 0.11(b) | — | — | ||||||||||||||||||
| Total from investment operations | (2.37) | (4.60) | (5.71) | 8.11 | (2.66) | 8.29 | ||||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (0.49 | ) | (0.35 | ) | (0.70 | ) | (0.58 | ) | (1.06 | ) | |||||||||||||
| Net asset value, end of period | $13.98 | $16.35 | $21.44 | $27.50 | $20.09 | $23.33 | ||||||||||||||||||
| Total return (c) | (14.50)% | (d) | (21.38) | % | (20.75) | % | 40.81% | (b) | (11.66) | % | 51.71 | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Gross expenses | 0.92%(e) | (f) | 0.84% | (f) | 0.84 | % | 0.73 | % | 0.73 | % | 0.68 | % | ||||||||||||
| Net expenses | 0.59%(e) | (f) | 0.59% | (f) | 0.60 | % | 0.63 | % | 0.60 | % | 0.60 | % | ||||||||||||
| Net expenses excluding interest | 0.59%(e) | (f) | 0.59% | (f) | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
| Net investment income | 2.80%(e) | (f) | 2.32% | (f) | 1.73 | % | 2.52 | % | 3.25 | % | 2.24 | % | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $24 | $32 | $55 | $98 | $88 | $108 | ||||||||||||||||||
| Portfolio turnover rate (g) | 19% | (d) | 56 | % | 31 | % | 38 | % | 45 | % | 53 | % | ||||||||||||
| (a) | Calculated based upon average shares outstanding |
| (b) | For the year ended December 31, 2019, 0.55% of total return, representing $0.11 per share, consisted of a payment from the Adviser (See Note 3). |
| (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) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 46 |
VANECK ETF TRUST
For a share outstanding throughout each period:
| China Growth Leaders ETF | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $37.95 | $46.83 | $42.14 | $31.58 | $48.37 | $37.08 | ||||||||||||||||||
| Net investment income (a) | 0.38 | 0.26 | 0.38 | 0.63 | 0.41 | 0.41 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (5.81) | (7.13) | 10.29 | 10.55 | (14.35) | 11.40 | ||||||||||||||||||
| Payment from Adviser | — | — | 0.05(b) | — | — | — | ||||||||||||||||||
| Total from investment operations | (5.43) | (6.87) | 10.72 | 11.18 | (13.94) | 11.81 | ||||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (0.36 | ) | (0.07 | ) | (0.62 | ) | (0.31 | ) | (0.52 | ) | |||||||||||||
| Net realized capital gains | — | (1.65 | ) | (5.96 | ) | — | (2.54 | ) | — | |||||||||||||||
| Total distributions | — | (2.01) | (6.03) | (0.62) | (2.85) | (0.52) | ||||||||||||||||||
| Net asset value, end of period | $32.52 | $37.95 | $46.83 | $42.14 | $31.58 | $48.37 | ||||||||||||||||||
| Total return (c) | (14.31)% | (d) | (14.67) | % | 25.95% | (b) | 35.40 | % | (28.79) | % | 31.86 | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Gross expenses | 1.25% | (e) | 1.40 | % | 1.27 | % | 1.07 | % | 1.17 | % | 0.82 | % | ||||||||||||
| Net expenses | 0.60% | (e) | 0.60 | % | 0.60 | % | 0.61 | % | 0.85 | % | 0.78 | % | ||||||||||||
| Net expenses excluding interest (f) | 0.60% | (e) | 0.60 | % | 0.60 | % | 0.61 | % | 0.72 | % | 0.72 | % | ||||||||||||
| Net investment income | 2.38% | (e) | 0.57 | % | 0.90 | % | 1.60 | % | 0.95 | % | 0.96 | % | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $20 | $27 | $52 | $67 | $54 | $94 | ||||||||||||||||||
| Portfolio turnover rate (g) | 32% | (d) | 59 | % | 199 | % | 42 | % | 34 | % | 37 | % | ||||||||||||
| (a) | Calculated based upon average shares outstanding |
| (b) | For the year ended December 31, 2020, 0.12% of total return, representing $0.05 per share, consisted of a payment from the Adviser (See Note 3). |
| (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) | Effective January 10, 2019, the Fund includes interest expense in the calculation of the expense limitation. The ratio only excludes interest expense accrued prior to January 10, 2019 and not waived under the expense limit agreement. |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 47 |
VANECK ETF TRUST
For a share outstanding throughout each period:
| ChiNext ETF | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $48.47 | $48.95 | $29.81 | $20.97 | $34.79 | $29.20 | ||||||||||||||||||
| Net investment income (loss) (a) | (0.01) | (0.06) | 0.03 | 0.10 | 0.03 | (0.01) | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (9.45) | 4.03 | 19.09 | 8.88 | (13.85) | 5.67 | ||||||||||||||||||
| Payment from Adviser | — | 0.02(b) | 0.02(c) | — | — | — | ||||||||||||||||||
| Total from investment operations | (9.46) | 3.99 | 19.14 | 8.98 | (13.82) | 5.66 | ||||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | — | — | (d) | (0.14 | ) | — | (0.07 | ) | |||||||||||||||
| Net realized capital gains | — | (3.74 | ) | — | — | — | — | |||||||||||||||||
| Return of capital | — | (0.73 | ) | — | — | — | — | |||||||||||||||||
| Total distributions | — | (4.47) | — | (0.14) | — | (0.07 | ) | |||||||||||||||||
| Net asset value, end of period | $39.01 | $48.47 | $48.95 | $29.81 | $20.97 | $34.79 | ||||||||||||||||||
| Total return (e) | (19.53)% | (f) | 8.21% | (b) | 64.23% | (c) | 42.80 | % | (39.72) | % | 19.37 | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Gross expenses | 1.08% | (g) | 0.89 | % | 1.15 | % | 1.08 | % | 1.33 | % | 1.38 | % | ||||||||||||
| Net expenses | 0.65% | (g) | 0.65 | % | 0.65 | % | 0.65 | % | 0.82 | % | 0.82 | % | ||||||||||||
| Net expenses excluding interest (h) | 0.65% | (g) | 0.65 | % | 0.65 | % | 0.65 | % | 0.78 | % | 0.78 | % | ||||||||||||
| Net investment income (loss) | (0.04)% | (g) | (0.12) | % | 0.07 | % | 0.39 | % | 0.09 | % | (0.04) | % | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $25 | $41 | $49 | $30 | $16 | $23 | ||||||||||||||||||
| Portfolio turnover rate (i) | 5% | (f) | 59 | % | 96 | % | 43 | % | 36 | % | 34 | % | ||||||||||||
| (a) | Calculated based upon average shares outstanding |
| (b) | For the year ended December 31, 2021, 0.04% of total return, representing $0.02 per share, consisted of a payment from the Adviser (See Note 3). |
| (c) | For the year ended December 31, 2020, 0.07% of total return, representing $0.02 per share, consisted of a payment from the Adviser (See Note 3). |
| (d) | Amount represents less than $0.005 per share. |
| (e) | 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. |
| (f) | Not Annualized |
| (g) | Annualized |
| (h) | Effective January 10, 2019, the Fund includes interest expense in the calculation of the expense limitation. The ratio only excludes interest expense accrued prior to January 10, 2019 and not waived under the expense limit agreement. |
| (i) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 48 |
VANECK ETF TRUST
For a share outstanding throughout each period:
| Digital India ETF | ||||
| Period Ended June 30, 2022(a) | ||||
| (unaudited) | ||||
| Net asset value, beginning of period | $36.25 | |||
| Net investment income (b) | 0.06 | |||
| Net realized and unrealized loss on investments | (7.54) | |||
| Total from investment operations | (7.48) | |||
| Net asset value, end of period | $28.77 | |||
| Total return (c) | (20.64)% | (d) | ||
| Ratios to average net assets | ||||
| Expenses | 0.75% | (e) | ||
| Net investment income | 0.52% | (e) | ||
| Supplemental data | ||||
| Net assets, end of period (in millions) | $1 | |||
| Portfolio turnover rate (f) | 11% | (d) | ||
| (a) | For the period February 16, 2022 (commencement of operations) through June 30, 2022. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 49 |
VANECK ETF TRUST
For a share outstanding throughout each period:
| Egypt Index ETF | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $27.09 | $25.62 | $29.20 | $28.28 | $32.89 | $26.02 | ||||||||||||||||||
| Net investment income (a) | 0.36 | 0.75 | 0.61 | 0.59 | 0.60 | 0.81 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (9.61) | 1.38 | (3.56) | 0.93(b) | (4.73) | 6.31 | ||||||||||||||||||
| Total from investment operations | (9.25) | 2.13 | (2.95) | 1.52 | (4.13) | 7.12 | ||||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (0.66 | ) | (0.63 | ) | (0.60 | ) | (0.48 | ) | (0.25 | ) | |||||||||||||
| Net asset value, end of period | $17.84 | $27.09 | $25.62 | $29.20 | $28.28 | $32.89 | ||||||||||||||||||
| Total return (c) | (34.14)% | (d) | 8.36 | % | (10.09) | % | 5.42 | % | (12.56) | % | 27.39 | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Gross expenses | 1.26% | (e) | 1.10 | % | 1.11 | % | 1.11 | % | 1.19 | % | 1.09 | % | ||||||||||||
| Net expenses | 1.07% | (e) | 1.02 | % | 0.98 | % | 1.01 | % | 0.98 | % | 0.94 | % | ||||||||||||
| Net expenses excluding interest | 0.94% | (e) | 0.94 | % | 0.94 | % | 0.94 | % | 0.94 | % | 0.94 | % | ||||||||||||
| Net investment income | 3.15% | (e) | 2.92 | % | 2.43 | % | 1.88 | % | 1.73 | % | 2.82 | % | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $14 | $22 | $19 | $31 | $33 | $76 | ||||||||||||||||||
| Portfolio turnover rate (f) | 22% | (d) | 73 | % | 27 | % | 76 | % | 41 | % | 41 | % | ||||||||||||
| (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 rate excludes in-kind transactions. |
See Notes to Financial Statements
| 50 |
VANECK ETF TRUST
For a share outstanding throughout each period:
| India Growth Leaders ETF(a) | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $42.93 | $32.94 | $32.76 | $42.36 | $68.40 | $41.03 | ||||||||||||||||||
| Net investment income (loss) (b) | 0.18 | 0.08 | 0.15 | 0.50 | (0.02 | ) | 0.02 | |||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (11.61) | 9.91 | 0.11(c) | (9.68) | (25.97 | ) | 27.42 | |||||||||||||||||
| Total from investment operations | (11.43) | 9.99 | 0.26 | (9.18) | (25.99 | ) | 27.44 | |||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | — | (0.08 | ) | (0.42 | ) | (0.05 | ) | (0.07 | ) | ||||||||||||||
| Net asset value, end of period | $31.50 | $42.93 | $32.94 | $32.76 | $42.36 | $68.40 | ||||||||||||||||||
| Total return (d) | (26.63)% | (e) | 30.30 | % | 0.80 | % | (21.65) | % | (38.00) | % | 66.88 | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Gross expenses | 0.83% | (f) | 1.00 | % | 1.24 | % | 0.86 | % | 0.83 | % | 0.72 | % | ||||||||||||
| Net expenses | 0.81% | (f) | 0.90 | % | 1.05 | % | 0.86 | % | 0.83 | % | 0.72 | % | ||||||||||||
| Net expenses excluding interest and taxes . | 0.75% | (f) | 0.83 | % | 0.85 | % | 0.83 | % | 0.80 | % | 0.70 | % | ||||||||||||
| Net investment income (loss) | 0.98% | (f) | 0.22 | % | 0.55 | % | 1.35 | % | (0.03) | % | 0.04 | % | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $48 | $78 | $68 | $122 | $187 | $405 | ||||||||||||||||||
| Portfolio turnover rate (g) | 47% | (e) | 67 | % | 133 | % | 51 | % | 39 | % | 42 | % | ||||||||||||
| (a) | Consolidated Financial Highlights |
| (b) | Calculated based upon average shares outstanding |
| (c) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
| (d) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (e) | Not Annualized |
| (f) | Annualized |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 51 |
VANECK ETF TRUST
For a share outstanding throughout each period:
| Indonesia Index ETF | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $19.93 | $20.49 | $22.68 | $21.85 | $24.75 | $21.31 | ||||||||||||||||||
| Net investment income (a) | 0.34 | 0.27 | 0.36 | 0.40 | 0.36 | 0.35 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (0.54) | (0.61) | (2.21) | 0.90 | (2.78) | 3.55 | ||||||||||||||||||
| Total from investment operations | (0.20) | (0.34) | (1.85) | 1.30 | (2.42) | 3.90 | ||||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (0.22 | ) | (0.34 | ) | (0.47 | ) | (0.48 | ) | (0.46 | ) | |||||||||||||
| Net asset value, end of period | $19.73 | $19.93 | $20.49 | $22.68 | $21.85 | $24.75 | ||||||||||||||||||
| Total return (b) | (1.03)% | (c) | (1.65) | % | (8.20) | % | 5.97 | % | (9.79) | % | 18.35 | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Gross expenses | 0.64% | (d) | 0.82 | % | 0.97 | % | 0.80 | % | 0.75 | % | 0.73 | % | ||||||||||||
| Net expenses | 0.57% | (d) | 0.57 | % | 0.57 | % | 0.57 | % | 0.57 | % | 0.57 | % | ||||||||||||
| Net investment income | 3.29% | (d) | 1.38 | % | 2.03 | % | 1.78 | % | 1.61 | % | 1.53 | % | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $49 | $54 | $36 | $41 | $45 | $62 | ||||||||||||||||||
| Portfolio turnover rate (e) | 13% | (c) | 36 | % | 13 | % | 10 | % | 14 | % | 14 | % | ||||||||||||
| (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 rate excludes in-kind transactions. |
See Notes to Financial Statements
| 52 |
VANECK ETF TRUST
For a share outstanding throughout each period:
| Israel ETF | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $48.77 | $44.82 | $35.03 | $28.05 | $30.37 | $26.84 | ||||||||||||||||||
| Net investment income (a) | 0.35 | 0.27 | 0.08 | 0.19 | 0.27 | 0.30 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (11.75) | 4.30 | 9.79 | 7.27 | (2.38) | 3.71 | ||||||||||||||||||
| Total from investment operations | (11.40) | 4.57 | 9.87 | 7.46 | (2.11) | 4.01 | ||||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (0.62 | ) | (0.08 | ) | (0.48 | ) | (0.21 | ) | (0.48 | ) | |||||||||||||
| Net asset value, end of period | $37.37 | $48.77 | $44.82 | $35.03 | $28.05 | $30.37 | ||||||||||||||||||
| Total return (b) | (23.37)% | (c) | 10.20 | % | 28.14 | % | 26.64 | % | (6.94) | % | 14.96 | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Gross expenses | 0.65% | (d) | 0.71 | % | 0.80 | % | 0.94 | % | 1.02 | % | 0.92 | % | ||||||||||||
| Net expenses | 0.59% | (d) | 0.59 | % | 0.60 | % | 0.62 | % | 0.60 | % | 0.59 | % | ||||||||||||
| Net expenses excluding interest | 0.59% | (d) | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
| Net investment income | 1.61% | (d) | 0.57 | % | 0.24 | % | 0.60 | % | 0.85 | % | 1.04 | % | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $62 | $80 | $75 | $58 | $46 | $43 | ||||||||||||||||||
| Portfolio turnover rate (e) | 7% | (c) | 32 | % | 22 | % | 14 | % | 23 | % | 21 | % | ||||||||||||
| (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 rate excludes in-kind transactions. |
See Notes to Financial Statements
| 53 |
VANECK ETF TRUST
For a share outstanding throughout each period:
| Vietnam ETF | ||||||||||||||||||||||||
| Period | Year Ended December 31, | |||||||||||||||||||||||
| Ended June 30, 2022 |
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Net asset value, beginning of period | $21.36 | $17.52 | $16.05 | $14.84 | $17.45 | $12.97 | ||||||||||||||||||
| Net investment income (a) | 0.06 | 0.11 | 0.08 | 0.14 | 0.17 | 0.20 | ||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | (6.86) | 3.83 | 1.46 | 1.19 | (2.66) | 4.46 | ||||||||||||||||||
| Total from investment operations | (6.80) | 3.94 | 1.54 | 1.33 | (2.49) | 4.66 | ||||||||||||||||||
| Distributions from: | ||||||||||||||||||||||||
| Net investment income | — | (0.10 | ) | (0.06 | ) | (0.12 | ) | (0.12 | ) | (0.18 | ) | |||||||||||||
| Return of capital | — | — | (0.01 | ) | — | — | — | (b) | ||||||||||||||||
| Total distributions | — | (0.10) | (0.07) | (0.12) | (0.12) | (0.18) | ||||||||||||||||||
| Net asset value, end of period | $14.56 | $21.36 | $17.52 | $16.05 | $14.84 | $17.45 | ||||||||||||||||||
| Total return (c) | (31.87)% | (d) | 22.52 | % | 9.72 | % | 8.86 | % | (14.15) | % | 35.76 | % | ||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||
| Expenses | 0.61%(e) | (f) | 0.59% | (f) | 0.61 | % | 0.66 | % | 0.68 | % | 0.66 | % | ||||||||||||
| Expenses excluding interest | 0.60%(e) | (f) | 0.58% | (f) | 0.60 | % | 0.63 | % | 0.64 | % | 0.63 | % | ||||||||||||
| Net investment income | 0.64%(e) | (f) | 0.58% | (f) | 0.55 | % | 0.89 | % | 0.98 | % | 1.37 | % | ||||||||||||
| Supplemental data | ||||||||||||||||||||||||
| Net assets, end of period (in millions) | $377 | $591 | $457 | $443 | $318 | $349 | ||||||||||||||||||
| Portfolio turnover rate (g) | 21% | (d) | 57 | % | 33 | % | 33 | % | 49 | % | 50 | % | ||||||||||||
| (a) | Calculated based upon average shares outstanding |
| (b) | Amount represents less than $0.005 per share. |
| (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) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 54 |
VANECK ETF TRUST
June 30, 2022 (unaudited)
Note 1—Fund Organization—VanEck ETF Trust (the “Trust”) (formerly known as VanEck Vectors ETF 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 |
| Africa Index ETF | Diversified |
| Brazil Small-Cap ETF | Diversified |
| China Growth Leaders ETF | Diversified |
| ChiNext ETF | Diversified |
| Digital India ETF | Non-Diversified |
| Egypt Index ETF | Non-Diversified |
| India Growth Leaders ETF | Diversified |
| Indonesia Index ETF | Non-Diversified |
| Israel ETF | Non-Diversified |
| Vietnam 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. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to China Growth Leaders ETF and ChiNext ETF. China Growth Leaders ETF and ChiNext ETF seek to achieve their investment objectives by primarily investing directly in A-shares through the Hong Kong-Shanghai Stock Connect program and via the A-share quota granted to the Sub-Adviser.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
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, |
| 55 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
| which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review 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. | Basis for Consolidation—The Subsidiary, an Indian exempted company, was incorporated on February 25, 2010 and acts as an investment vehicle for the India Growth Leaders ETF (the “Fund”) in order to effect certain investments on behalf of the Fund. The Fund is the sole shareholder of the Subsidiary, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. The consolidated financial statements of the Fund include the financial results of its wholly owned subsidiary. All material interfund account balances and transactions have been eliminated in consolidation. |
| C. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. |
| D. | Distributions to Shareholders— Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
| 56 |
| E. | Currency Translation— Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. |
| F. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
| G. | 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, 2022 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). |
| H. | 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. | |
| At June 30, 2022, ChiNext ETF included $24,068 in cash, at value on the Statements of Assets and Liabilities, which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited. |
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, 2023, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations for the funds listed in the table below. Effective January 10, 2019, China Growth Leaders ETF and ChiNext ETF no longer exclude interest expense from their expense limitations. Refer to the Statements of Operations for the amounts waived/assumed by the Adviser for the period ended June 30, 2022.
| 57 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
The management fee rates and expense limitations for the period ended June 30, 2022, are as follows:
| Fund | Management Fees |
Expense Limitations | ||||||
| Africa Index ETF | 0.50 | % | 0.78 | % | ||||
| Brazil Small-Cap ETF | 0.50 | 0.59 | ||||||
| China Growth Leaders ETF | 0.50 | 0.60 | ||||||
| ChiNext ETF | 0.50 | 0.65 | ||||||
| Egypt Index ETF | 0.50 | 0.94 | ||||||
| India Growth Leaders ETF | 0.50 | 0.75 | ||||||
| Indonesia Index ETF | 0.50 | 0.57 | ||||||
| Israel ETF | 0.50 | 0.59 | ||||||
| Vietnam ETF | 0.50 | 0.76 | ||||||
Digital India ETF utilizes a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.
| Fund | Unitary Management Fee Rate | |||
| Digital India ETF | 0.75 | % | ||
During the year ended December 31, 2019, the Adviser reimbursed the Brazil Small-Cap ETF $372,975 for an investment loss. The per share and total return impact to the Fund is reflected in the Financial Highlights.
During the year ended December 31, 2020, the Adviser reimbursed the China Growth Leaders ETF and ChiNext ETF $57,732 and $17,518, respectively, for transactional losses. The per share and total return impacts to the Funds are reflected in the Financial Highlights.
During the year ended December 31, 2021, the Adviser reimbursed the ChiNext ETF $19,569 for an investment loss. This reimbursement is reflected in the Statement of Changes in Net Assets as a net increase from payment from Adviser. The per share and total return impact to the Fund is reflected in the Financial Highlights.
In addition, Van Eck Securities Corporation (the “Distributor”), an affiliate of the Adviser, acts as the Funds’ distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
Note 4—Capital Share Transactions—As of June 30, 2022, 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
| 58 |
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, 2022, 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 | ||||||||||||
| Africa Index ETF | $ | 13,031,941 | $ | 11,313,858 | $ | — | $ | — | ||||||||
| Brazil Small-Cap ETF | 6,067,833 | 8,789,813 | — | 531,094 | ||||||||||||
| China Growth Leaders ETF | 6,683,021 | 8,856,277 | — | 882,020 | ||||||||||||
| ChiNext ETF | 1,388,547 | 9,209,035 | — | — | ||||||||||||
| Digital India ETF | 1,516,451 | 183,532 | 496,307 | — | ||||||||||||
| Egypt Index ETF | 4,627,193 | 3,965,510 | — | — | ||||||||||||
| India Growth Leaders ETF | 30,098,482 | 40,670,540 | — | 575,577 | ||||||||||||
| Indonesia Index ETF | 10,163,838 | 9,156,928 | 36,449,594 | 40,059,266 | ||||||||||||
| Israel ETF | 5,396,580 | 4,715,383 | 1,155,545 | 1,016,499 | ||||||||||||
| Vietnam ETF | 101,454,402 | 128,861,717 | — | 597,212 | ||||||||||||
Note 6—Income Taxes—As of June 30, 2022, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
| Fund | Tax Cost of Investments |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) | ||||||||||||
| Africa Index ETF | $52,814,748 | $6,132,966 | $(8,048,906 | ) | $(1,915,940 | ) | ||||||||||
| Brazil Small-Cap ETF | 37,801,331 | 2,543,792 | (15,588,437 | ) | (13,044,645 | ) | ||||||||||
| China Growth Leaders ETF | 18,955,581 | 3,425,348 | (2,971,766 | ) | 453,582 | |||||||||||
| ChiNext ETF | 18,580,778 | 9,593,258 | (2,826,446 | ) | 6,766,812 | |||||||||||
| Digital India ETF | 1,807,150 | 7,520 | (375,397 | ) | (367,877 | ) | ||||||||||
| Egypt Index ETF | 20,601,059 | 1,260,122 | (7,585,195 | ) | (6,325,073 | ) | ||||||||||
| India Growth Leaders ETF | 46,077,446 | 8,989,107 | (6,966,155 | ) | 2,022,952 | |||||||||||
| Indonesia Index ETF | 58,584,750 | 846,554 | (10,156,508 | ) | (9,309,954 | ) | ||||||||||
| Israel ETF | 56,560,387 | 18,984,957 | (11,031,053 | ) | 7,953,904 | |||||||||||
| Vietnam ETF | 383,543,936 | 82,813,058 | (90,069,306 | ) | (7,256,248 | ) | ||||||||||
The tax character of dividends paid to shareholders will be determined at the end of the current fiscal year.
At December 31, 2021, 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 | |||||||||
| Africa Index ETF | (11,902,643 | ) | (54,028,747 | ) | (65,931,390 | ) | ||||||
| Brazil Small-Cap ETF | (21,054,589 | ) | (134,423,828 | ) | (155,478,417 | ) | ||||||
| Egypt Index ETF | (12,961,222 | ) | (22,659,874 | ) | (35,621,096 | ) | ||||||
| India Growth Leaders ETF | (11,884,171 | ) | (71,205,664 | ) | (83,089,835 | ) | ||||||
| Indonesia Index ETF | (37,861,382 | ) | (75,446,065 | ) | (113,307,447 | ) | ||||||
| Israel ETF | (296,343 | ) | (6,671,627 | ) | (6,967,970 | ) | ||||||
| Vietnam ETF | (74,923,618 | ) | (201,883,414 | ) | (276,807,032 | ) | ||||||
| 59 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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, 2022, the Funds did not incur any interest or penalties.
Investments in China: Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-Shares could result in unexpected tax liabilities for the China Growth Leaders ETF and ChiNext ETF (the "Funds"). China generally imposes withholding income tax (“WHT”) at a rate of 10% on dividends derived by non-PRC resident enterprises (including a Qualified Foreign Institutional Investor (“QFII”) and a Renminbi Qualified Foreign Institutional Investor (“RQFII”)) from issuers resident in China. China imposes WHT at a rate of 10% on capital gains derived by non-PRC resident enterprises from the disposal in shares of PRC enterprises. Effective November 17, 2014, investments through the Hong Kong-Shanghai Stock Connect program, QFIIs and RQFIIs, which includes these Funds, were exempted temporarily from WHT with respect to gains derived from the trading of equity investments (including A-shares). However, uncertainties remain regarding the taxation of capital gains in China. PRC rules for taxation of RQFIIs (and QFIIs) and the PRC tax regulations to be issued by the PRC State Administration of Taxation and/or PRC MOF to clarify the subject matter may apply retrospectively, even if such rules are adverse to the nonresident investors. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding the taxation of capital gains derived by QFIIs, RQFIIs and other nonresident investors WHT on gains from such investments the Funds could be subject to additional tax liabilities.
Investments in India: As a result of renegotiation of the India Mauritius Tax treaty, India commenced taxation on capital gains arising from disposition of shares acquired on or after April 1, 2017 in a company resident in India, with shares acquired on or before March 31, 2017 being grandfathered as exempt from capital gains taxation subject to treaty relief. India currently assesses a capital gains tax on shares sold on the exchange of 15% on short term capital gains and 10% on long term capital gains (plus applicable surcharge and cess). Further, long-term capital gains on certain shares that were held as of January 31, 2018, may be eligible for a step up in cost basis which may reduce realized taxable gains. Existing Indian capital loss carryforwards may be utilized to offset capital gains realized on securities sold.
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 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.
| 60 |
Should the Chinese government impose restrictions on the ability of China Growth Leaders ETF and ChiNext ETF to repatriate funds associated with direct investment in A-Shares, the Funds may be unable to satisfy distribution requirements applicable to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended, and the Funds may therefore be subject to Fund-level U.S. federal taxes.
Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in a Fund could be heightened and the Fund’s investments (and thus a shareholder’s investment in a Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.
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. Digital India ETF commenced operations with a unitary management fee and therefore bears no costs or liabilities relative to the Plan.
Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at June 30, 2022 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, 2022:
| Fund | Market Value of Securities on Loan |
Cash Collateral |
Non-Cash Collateral |
Total Collateral | ||||||||||||
| Africa Index ETF | $ | 4,412,253 | $ | 733,800 | $ | 4,043,257 | $ | 4,777,057 | ||||||||
| Brazil Small-Cap ETF | 760,212 | 321,617 | 561,589 | 883,206 | ||||||||||||
| China Growth Leaders ETF | 108,661 | 20,733 | 104,707 | 125,440 | ||||||||||||
| Israel ETF | 6,021,624 | 2,935,848 | 3,368,116 | 6,303,964 | ||||||||||||
| Vietnam ETF | 1,570,439 | – | 1,655,443 | 1,655,443 | ||||||||||||
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
The following table presents money market fund investments held as collateral by type of security on loan as of June 30, 2022:
| Gross Amount
of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities | ||||
| Fund | Equity Securities | |||
| Africa Index ETF | $ | 733,800 | ||
| Brazil Small-Cap ETF | 321,617 | |||
| China Growth Leaders ETF | 20,733 | |||
| Israel ETF | 2,935,848 | |||
| * | 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 participating 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, 2022, the following Funds borrowed under this Facility:
| Fund | Days Outstanding |
Average Daily Loan Balance |
Average Interest Rate | |||||||||
| Africa Index ETF | 179 | $ | 1,500,197 | 1.79 | % | |||||||
| Brazil Small-Cap ETF | 35 | 143,575 | 2.12 | |||||||||
| China Growth Leaders ETF | 164 | 980,464 | 1.81 | |||||||||
| ChiNext ETF | 172 | 648,693 | 1.78 | |||||||||
| Egypt Index ETF | 175 | 1,266,996 | 1.79 | |||||||||
| India Growth Leaders ETF | 108 | 607,147 | 2.03 | |||||||||
| Indonesia Index ETF | 29 | 255,067 | 1.97 | |||||||||
| Israel ETF | 6 | 97,337 | 1.68 | |||||||||
| Vietnam ETF | 173 | 2,801,608 | 1.79 | |||||||||
Outstanding loan balances as of June 30, 2022, if any, are reflected in the Statements of Assets and Liabilities.
Note 11—Subsequent Event Review—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
| 62 |
VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT
June 30, 2022 (unaudited)
At a meeting held on June 7, 2022 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck® 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 Africa Index ETF, Agribusiness ETF, Brazil Small-Cap ETF, China Growth Leaders ETF, ChiNext ETF, Digital India ETF, Egypt Index ETF, Gold Miners ETF, Green Metals 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, 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 China Growth Leaders ETF and 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 6, 2022. 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. They also considered the fact that each of the VanEck Digital India ETF and Green Metals ETF had only recently commenced operations and therefore each had a limited operational history that could be used for comparative purposes, since tracking error measurements and the performance comparisons provided by Broadridge were not available for each Fund. 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 Trustees also considered the Adviser’s efforts to navigate significant regulatory restrictions and other operational challenges in managing the VanEck Russia ETF and Russia Small-Cap ETF during recent periods.
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 6, 2022 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, (i) (with respect to the VanEck Digital India ETF, Green Metals ETF, Natural Resources ETF and Oil Services ETF) (the “Unitary Funds”) the Adviser’s agreement to pay all of the direct expenses of the Funds (excluding the fee payment under the Investment Management Agreements, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) and (ii) (with respect to all other Funds) (the “Non-Unitary Funds”) the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds
| 63 |
VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT
June 30, 2022 (unaudited) (continued)
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 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 (except as noted) had management fees (after the effect of any applicable fee waiver) below the average and median of its respective peer group of funds, each of the VanEck Gold Miners ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Rare Earth/Strategic Metals ETF and Steel ETF had management fees (after the effect of any applicable fee waiver) below the average and equal to the median of its respective peer group of funds, each of the VanEck Africa Index ETF, Agribusiness ETF, Oil Services ETF, Russia ETF and Vietnam ETF had management fees (after the effect of any applicable fee waiver) above the average and equal to the median of its respective peer group of funds, and each of the VanEck Digital India ETF, Green Metals ETF and Natural Resources ETF had management fees above the average and median of its respective peer group of funds. The Trustees also noted that the information provided showed that each Fund (except as noted) had a total expense ratio (after the effect of any applicable expense limitation) below the average and median of its respective peer group of funds, each of the VanEck Brazil Small-Cap ETF, Gold Miners ETF, Indonesia Index ETF and Oil Services ETF had a total expense ratio (after the effect of any applicable expense limitation) below the average and equal to the median of its respective peer group of funds, each of the VanEck Israel ETF and Vietnam ETF had a total expense ratio (after the effect of any applicable expense limitation) below the average and above the median of its respective peer group of funds, and Junior Gold Miners ETF had a total expense ratio (after the effect of any applicable expense limitation) equal to the average and above the median of its respective peer group of funds, each of ChiNext ETF, Digital India ETF, Green Metals ETF, India Growth Leaders ETF and Oil Refiners ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and equal to the median of its respective peer group of funds, and each of the VanEck Africa Index ETF, Egypt Index ETF, Russia Small-Cap ETF and Uranium + Nuclear Energy ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective peer group of funds. The Trustees reviewed the amount by which certain Funds’ management fees and/or total expense ratios (after the effect of any applicable fee waivers and/or expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. With respect to the VanEck Russia ETF and Russia Small-Cap ETF, the Trustees noted that the Adviser had voluntarily agreed to waive all of the Funds’ management fees beginning March 11, 2022 (although such waiver could be terminated at any time). 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.
| 64 |
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, as applicable, 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 the 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 also considered the risks being assumed by the Adviser under the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary Funds and noted that the Adviser has capped expenses on each of the Non-Unitary Funds 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 6, 2022 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.
| 65 |
VANECK 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, 2021 to December 31, 2021 (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 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 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 | INTLSAR |