UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-10325
VANECK VECTORS ETF TRUST
(Exact name of registrant as specified in charter)
666 Third Avenue, New York, NY 10017
(Address of principal executive offices) (Zip code)
Van Eck Associates Corporation
666 THIRD AVENUE, NEW YORK, NY 10017
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 293-2000
Date of fiscal year end: DECEMBER 31
Date of reporting period: DECEMBER 31, 2018
Item 1. REPORT TO SHAREHOLDERS.
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ANNUAL
REPORT
December 31, 2018 |
VANECK VECTORS ®
| Africa Index ETF | AFK ® |
| Brazil Small-Cap ETF | BRF ® |
| ChinaAMC CSI 300 ETF | PEK ® |
| ChinaAMC SME-ChiNext ETF | CNXT ® |
| Egypt Index ETF | EGPT ® |
| India Small-Cap Index ETF | SCIF ® |
| Indonesia Index ETF | IDX ® |
| Israel ETF | ISRA ® |
| Poland ETF | PLND ® |
| Russia ETF | RSX ® |
| Russia Small-Cap ETF | RSXJ ® |
| Vietnam ETF | VNM ® |
| 800.826.2333 | vaneck.com |
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Certain information contained in this management discussion represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of December 31, 2018.
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December 31, 2018 (unaudited)
Dear Shareholders:
We are pleased to present this annual report, which affords us the opportunity to provide both a brief review of the economic backdrop for the last 12 months and our outlook for 2019.
Review of 2018
As we wrote in our Market Insights research, which can be found at www.vaneck.com/blogs/market-insights/, we began 2018 by noting that global growth had gone from “ticking up” to “firmly in place” and that, while central banks were tightening, Europe remained “two years” behind the U.S. in this trend and had a trickier task. Further, our base case was for 10-year interest rates to rise to 3.5% with the curve not inverting. In its third longest bull market ever, we remained bullish on U.S. equities in the short-term, but were prepared for a correction. Finally, we believed that investors should not be underweight commodities as global growth was supporting the bullish “grind” trade narrative from supply cutbacks.
The big shock to this growth story came with concerns about European and Chinese growth in the summer of 2018. These, together with both unstable politics and weaker bank balance sheets, became obstacles to monetary policy normalization. This resulted in U.S. dollar strength and emerging markets equity weakness. In addition, rather than continuing to “grind” higher, commodities were hit by China worries and other factors and had a disappointing year.
2019 Outlook
Looking forward, three of our macro views for 2019 are that: 1) developed markets central banks are tightening, we believe that Europe continues to be “two years” behind the U.S. in this trend. It will remain a slow process and may well be slower than the U.S.; 2) the pace of U.S. Federal Reserve interest rate hikes slows, with a possible pause to hikes in the next 12 months; and, 3) China’s central bank is stimulating and harder-to-stimulate lending to private companies and financial reform continues. However, the government-the central bank supported by fiscal and other steps—wins in stimulating.
Our market views for the year include: 1) the withdrawal of liquidity will extend to credit and equities, which may result in a bumpier ride for many asset classes; 2) gold should benefit if rate hikes stop; commodities should benefit if China resurgence offsets developed world slowdown; and, 3) emerging markets should benefit on a relative basis if China stimulus works.
To keep you informed on an ongoing basis, we encourage you to stay in touch with us through the videos, email subscriptions, and research blogs available on our website, www.vaneck.com. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find performance discussions and financial statements for each of the funds for the twelve month period ended December 31, 2018. 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
Trustee and President
VanEck Vectors ETF Trust
January 11, 2019
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Funds carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
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VANECK VECTORS ETFs
Management Discussion (unaudited)
Africa
The communication services sector, followed by the materials and financial sectors, were the three greatest detractors from the performance of VanEck Vectors Africa Index ETF, which returned -17.70% for the 12 month period. The information technology sector detracted the least from performance. Geographically, South Africa, with the largest average country weighting during the year, was by far the greatest detractor from performance, while the United Arab Emirates and Côte d’Ivoire were the only two countries to make positive contributions to returns.
Brazil
The VanEck Vectors Brazil Small-Cap ETF returned -11.66%. The performance of Brazilian small-cap stocks was lackluster despite the fact that the country’s economy continued to grow during 2018 and, in the third quarter (even following the nationwide truck strike in May and June), actually grew 0.8% quarter over quarter, its highest growth rate since the first quarter of 2017. 1 Perhaps not surprisingly, in addition to the general sell-off in the emerging markets and the detrimental effects of a strong U.S. dollar, domestic politics in the form of presidential elections provided a great deal of “noise” for much of the year.
There is, now, cautious optimism on the political front. It is generally acknowledged that the new Brazilian president, Jair Bolsonaro (sworn in on January 1, 2019), has not only created an excellent cabinet team, but has also advocated a mostly business-friendly agenda. 2 However, whereas immediately after the elections expectations were high for speedy reforms, these have been tempered by the realization that they are not a “done deal” and the government will have to negotiate with Congress.
Only two sectors, utilities (with the second largest average sector weighting during the year) and materials, contributed positively to returns and then only minimally. All other sectors detracted from performance, with the communication services sector detracting the most.
China
After their positive performances in 2017, the two VanEck Vectors China-focused ETFs experienced double digit declines in 2018, with VanEck Vectors ChinaAMC CSI 300 ETF and VanEck Vectors ChinaAMC SME-ChiNext ETF returning -28.79% and -39.72%, respectively. Over the course of the year, Chinese asset prices and the yuan declined as a trade war unfolded between China and the U.S, and the effects of a multi-year deleveraging effort continued to impact the economy. Towards the second half of 2018, the People’s Bank of China implemented stimulative monetary policies to address growth concerns.
VanEck Vectors ChinaAMC SME-ChiNext ETF seeks to provide exposure not only to China’s market for innovative, non-government owned companies, but also to the sectors that are increasingly underpinning the growth of China’s “New Economy”. The information technology sector, with the largest average sector weighting during the year, was the greatest detractor from performance. The energy sector, comprising a single company, detracted the least from performance. While all sectors contributed negatively to the performance of VanEck Vectors ChinaAMC CSI 300 ETF, financial companies detracted the most from returns.
Egypt
VanEck Vectors Egypt Index ETF lost 12.56% in 2018. At the start of the 2018, Egypt’s economy looked as if it could be back on track, with expectations of, and optimism about, recoveries in both private consumption and economic activity. However, over the year, while growth numbers at the headline level continued to improve, these recoveries faced headwinds on two different fronts. First, faced by the rise in oil prices, the government had to hike fuel prices more aggressively. Second, the subsequent rise in inflation meant that interest rates could not be brought down as soon as was hoped and needed to be kept higher for longer. Both negatively affected investment momentum.
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The top three performing sectors were industrials, consumer staples, and energy. However, together, their positive performance was outweighed by the negative performance of each of real estate, materials, and communication services sectors. Small-cap companies, with the largest average weighting during the period under review, detracted by far the most from performance.
India
The VanEck Vectors India Small-Cap Index ETF posted a negative total return for the year of 38.00%.
Although India’s economy suffered a significant slowdown in the third quarter of the year, with year-on-year GDP (gross domestic product) growth dropping to 7.1% from 8.2% in the previous quarter, 3 it was still (ahead of China) the world’s fastest growing major economy. Stocks were, however, negatively affected by a number of factors during the year. One of the most significant was the weakness of the Indian rupee, which hit a number of record lows during the 12 month period. 4 In addition, having come into 2018 near the top end of their range, stock multiples compressed during the year as they gave back some of their outperformance from 2017. Two further headwinds were concerns about the liquidity of the country’s banking system and the effects of high oil prices during the year.
Companies in the financial sector, together with those in the industrial and materials sectors, were the greatest detractors from performance. While no sector made a positive contribution to performance, telecommunication services detracted the least.
Indonesia
Indonesia suffered from the fallout from the trade tensions between the U.S. and China that captured so much of the market’s attention in 2018. The VanEck Vectors Indonesia Index ETF returned -9.79%.
Indonesia enjoyed firm economic growth over the first three quarters of the year and while the headline figure of 5.17% year-on-year for the third quarter was down slightly on the figure of 5.27% 5 for the second quarter, it remained solid. Increasing nearly 9% during the quarter, information and communication were the top performing sectors of the country’s economy. “Companies services” were up nearly 8.7%. 6 With an internal market of 257 million people and a middle class of 70 million that continues to grow, private consumption is the economy’s key driver. 7 Economic growth in the fourth quarter was expected to remain strong, driven, once again, by solid private consumption.
Only three out of 10 sectors made positive contributions to returns: consumer staples, materials, and utilities. However their aggregate contribution was minimal and was outweighed by the negative performance of the energy alone—the worst performing of all sectors.
Israel
The VanEck Vectors Israel ETF returned -6.94% for the 12 months period under review. According to the country’s Central Bureau for Statistics, expansion in the third quarter was driven by both a sharp increase in public spending and private consumption. 8 In November 2018, The Organization for Economic Co-operation and Development (OECD) described Israel’s underlying growth as remaining strong “despite a temporary slowdown in activity in mid-year.” 9 Strong growth was projected to continue, “but cool slightly through 2020.” 10
Over the period under review, the performances of four sectors, information technology, materials, consumer discretionary, and consumer staples, all contributed positively to returns. However their aggregate performance was easily outweighed by the negative returns of the worst performing sector, healthcare. While both small- and large-cap companies detracted from performance, mid-cap companies made a positive contribution to returns.
Poland
The VanEck Vectors Poland ETF returned -16.28% over the 12 months under review. The Fund’s poor performance belied the fact that, economically, the year was a good one for Poland. Despite forecasts of an impending downturn in the third quarter, the country’s economic performance for the quarter (growth of 5.1%) 11 matched that of the second quarter and was one the best sets of figures of the past decade. 12
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VANECK VECTORS ETFs
(unaudited) (continued)
The World Bank’s expectation for Poland’s economy has been for it to grow by 4% in 2018 13 and that of the country’s central bank for it to grow 4.6%, 14 even in early December ratings agency Fitch had raised its GDP growth forecast for the country from 4.8% to 5.1%. 15 Expectations for 2019 are, however, not so high. As for so many emerging markets countries, stocks were affected by the trade tensions between the U.S. and China, a strong U.S. dollar, and the general sell-off in emerging markets.
Two sectors contributed positively to performance: information technology and energy. All seven other sectors detracted from performance, with the financial sector providing by far the largest negative contribution to returns.
Russia
2018 was a difficult year for the VanEck Vectors Russia Small-Cap ETF and, while not quite so much so, also for its peer investing in larger cap Russian stocks, the VanEck Vectors Russia ETF. As a result of strongly negative performance by companies in the consumer staples and industrials sectors, the former ETF returned a negative 29.09% for the year, while the latter, benefiting from positive performance in the energy sector, returned negative 6.47% over the same period.
Performance was disappointing despite, according to the World Bank, “Growth momentum in Russia [that] increased in the first half of 2018, supported by robust global growth, rising oil prices and a macro policy framework that has promoted stability. Real GDP growth totaled 1.3% year over year in the first quarter of 2018 and 1.9% year over year in the second.” 16 While economic growth, at 1.3% year over year, abated somewhat in the third quarter, it picked up to 2.5% year over year in October. 17
The Economist Intelligence Unit “…estimate[s] real GDP growth of 1.7% in 2018, driven by private consumption and, to a lesser extent, investment. Structural weaknesses, low investment levels and a poor demographic outlook will keep real GDP growth well below 2% per year in the medium term.” 18
The energy sector was by far the most significant contributor to performance in the large-cap ETF. However its performance and that of the materials sector were outweighed by the negative performance of all other sectors. The financial and consumer staples sectors detracted most from performance. For the small-cap ETF, no sector provided positive returns and the consumer staples and industrial sectors were the largest detractors from performance.
Vietnam
VanEck Vectors Vietnam ETF lost 14.15% in 2018. As an emerging markets country, Vietnam was a victim of concerns during the year around both trade and slowing global economic growth stemming, in part, from the unresolved tensions over trade between the U.S. and China. The Fund suffered accordingly.
The disappointing performance of Vietnamese stocks, however, belied the country’s strong economic performance during the year. While GDP growth for the year has been estimated to be 6.8% (beating the government’s target of 6.7%), inflation (as measured by the CPI—consumer price index) has remained stable over the past several years: 2016: 2.66%; 2017: 5.53; and 2018: 4.00 (forecast). 19 Looking forward, with, among other things, its free trade deals with both the EU and South Korea and the cheapness of its manufacturing labor, the country could be “Asia’s biggest trade war winner.” 20 The government’s 2019 targets for GDP growth and CPI, announced at the end of November, were 6.6%-6.8% and 4% respectively. 21
Large-cap companies detracted from performance the least over the reporting period, outperforming the negative returns of mid- and small-cap companies. Three sectors contributed positively to returns: real estate, healthcare, and financial. All other sectors detracted from performance, with industrial companies detracting the most from returns.
| * | Returns based on the funds’ net asset values (NAVs). |
| All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the fund. An index’s performance is not illustrative of the fund’s performance. Indices are not securities in which investments can be made. Results reflect past performance and do not guarantee future results. |
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| 1 | Financial Times: Brazil economy bounces back in third quarter, https://www.ft.com/content/01b2f2c2-f494-11e8-9623-d7f9881e729f |
| 2 | Forbes: Market Considers Bolsonaro Brazil’s “Last Chance” To Reform Economy, https://www.forbes.com/sites/kenrapoza/2019/01/03/market-considers-bolsonaro-brazils-last-chance-to-reform-economy/#39063cf2452d |
| 3 | CNN: India’s economy just suffered a sharp slowdown, https://www.cnn.com/2018/11/30/economy/india-gdp-growth-slowdown/index.html |
| 4 | CNN: India’s currency crashes to another record low, https://edition.cnn.com/2018/10/05/economy/reserve-bank-india-rupee/index.html |
| 5 | Financial Times: Indonesia GDP outperforms in Q3 but trade weighs on outlook, https://www.ft.com/content/070243d2-e0b1-11e8-a6e5-792428919cee |
| 6 | Ibid. |
| 7 | Nordea Trade: The economic context of Indonesia, https://www.nordeatrade.com/en/explore-new-market/indonesia/economical-context |
| 8 | Bloomberg: Israeli Economy Grows 2.3%, Reflecting Global Deceleration, https://www.bloomberg.com/news/articles/2018-11-18/israel-economic-growth-accelerates-to-2-3-in-third-quarter |
| 9 | OECD: Israel-Economic forecast summary (November 2018), http://www.oecd.org/eco/outlook/economic-forecast-summary-israel-oecd-economic-outlook.pdf |
| 10 | Ibid. |
| 11 | Radio Poland: Polish economy grows 5.1% in Q3 2018: stats office, http://www.thenews.pl/1/12/Artykul/394769,Polish-economy-grows-51-in-Q3-2018-stats-office |
| 12 | FocusEconomics: Polish Economic Outlook, https://www.focus-economics.com/countries/poland |
| 13 | Nordea Trade: The economic context of Poland, https://www.nordeatrade.com/no/explore-new-market/poland/economical-context |
| 14 | Radio Poland: Polish central bank forecasts 4.6% GDP growth in 2018, http://www.thenews.pl/1/12/Artykul/373213,Polish-central-bank-forecasts-46-GDP-growth-in-2018 |
| 15 | Telewizja Polska: Fitch raised its forecast for Polish GDP, https://polandin.com/40293017/fitch-raised-its-forecast-for-polish-gdp |
| 16 | The World Bank: Russia Economic Report, http://www.worldbank.org/en/country/russia/publication/rer |
| 17 | Reuters: Russian economy expands in October but consumption slows, https://www.reuters.com/article/us-russia-economy-gdp-idUSKCN1NP1O9 |
| 18 | The Economist—Intelligence Unit: Russia, http://country.eiu.com/Default.aspx?country=russi a (Accessed January 3, 2019) |
| 19 | Viet Nam News: Next year’s growth targets are reachable, https://vietnamnews.vn/print/next-years-growth-targets-are-reachable/480578.html |
| 20 | Bloomberg: Why Vietnam Could Be Asia’s Biggest Trade War Winner, https://www.bloomberg.com/news/articles/2018-12-11/vietnam-wields-cheap-wages-export-deals-as-aces-in-trade-war |
| 21 | Viet Nam News: Next year’s growth targets are reachable, https://vietnamnews.vn/print/next-years-growth-targets-are-reachable/480578.html |
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VANECK VECTORS AFRICA INDEX ETF
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||
| Share Price | NAV | MVAFKTR 1 | Share Price | NAV | MVAFKTR 1 | ||||||||
| One Year | (19.56)% | (17.70)% | (17.03)% | (19.56)% | (17.70)% | (17.03)% | |||||||
| Five Year | (6.55)% | (6.18)% | (4.77)% | (28.72)% | (27.32)% | (21.70)% | |||||||
| Ten Year | 1.56% | 1.56% | 2.94% | 16.69% | 16.73% | 33.64% | |||||||
| 1 | MVIS ® GDP Africa (MVAFKTR) Index is a rules-based, modified-capitalization-weighted, float-adjusted index and is intended to give investors a means of tracking the overall performance of the publicly traded companies in Africa. |
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Index data prior to June 21, 2013 reflects that of the Dow Jones Africa Titans 50 IndexSM. From June 21, 2013, forward, the index data reflects that of the MVIS ® GDP Africa Index (MVAFKTR). All Index history reflects a blend of the performance of the aforementioned Indexes. |
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Hypothetical Growth of $10,000 (Since Inception) |
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| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
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Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
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VANECK VECTORS BRAZIL SMALL-CAP ETF
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||
| Share Price | NAV | MVBRFTR 1 | Share Price | NAV | MVBRFTR 1 | ||||||||
| One Year | (12.43)% | (11.66)% | (11.32)% | (12.43)% | (11.66)% | (11.32)% | |||||||
| Five Year | (3.90)% | (3.81)% | (3.21)% | (18.02)% | (17.66)% | (15.05)% | |||||||
| Life* | 2.26% | 2.31% | 2.97% | 24.08% | 24.63% | 32.59% | |||||||
| * | Commencement of Fund: 5/12/09; First Day of Secondary Market Trading: 5/14/09 |
| 1 | MVIS ® Brazil Small-Cap Index (MVBRFTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded small-capitalization companies that are incorporated in Brazil or that are incorporated outside of Brazil but have at least 50% of their revenues/related assets in Brazil. |
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Hypothetical Growth of $10,000 (Since Inception) |
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| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
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Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
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VANECK VECTORS CHINAAMC CSI 300 ETF
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||
| Share Price | NAV | CSIH0749 1 | Share Price | NAV | CSIH0749 1 | ||||||||
| One Year | (28.86)% | (28.79)% | (27.58)% | (28.86)% | (28.79)% | (27.58)% | |||||||
| Five Year | 2.64% | 3.30% | 4.87% | 13.92% | 17.65% | 26.83% | |||||||
| Life* | (0.85)% | (0.77)% | 0.85% | (6.81)% | (6.12)% | 7.21% | |||||||
| * | Commencement of Fund: 10/13/10; First Day of Secondary Market Trading: 10/14/10 |
| 1 | CSI 300 Index (CSIH0749) is a modified free-float market capitalization weighted index comprised of the largest and most liquid stocks in the Chinese A-share market. Constituent stocks for the CSI 300 Index must have been listed for more than three months (unless the stock’s average daily A-share market capitalization since its initial listing ranks among the top 30 of all A-shares) and must not be experiencing what the Index Provider believes to be obvious abnormal fluctuations or market manipulation. |
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Index data as of October 31, 2018 for all periods presented reflect the CSIH0749 stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate. |
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Hypothetical Growth of $10,000 (Since Inception) |
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This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
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VANECK VECTORS CHINAAMC SME-CHINEXT ETF
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||
| Share Price | NAV | CNI6109 1 | Share Price | NAV | CNI6109 1 | ||||||||
| One Year | (39.48)% | (39.72)% | (37.85)% | (39.48)% | (39.72)% | (37.85)% | |||||||
| Life* | (3.59)% | (3.56)% | (0.96)% | (14.99)% | (14.87)% | (4.19)% | |||||||
| * | Commencement of Fund: 7/23/14; First Day of Secondary Market Trading: 7/24/14 |
| 1 | The SME-ChiNext Index (CNI6109) is a modified, free-float adjusted index intended to track the performance of the 100 largest and most liquid stocks listed and trading on the Small and Medium Enterprise (“SME”) Board and the ChiNext Board of the Shenzhen Stock Exchange. The SME-ChiNext Index is comprised of A-shares. |
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Index data as of October 1, 2015 for all periods presented reflect the CNI6109 stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate. |
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Hypothetical Growth of $10,000 (Since Inception) |
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This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
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VANECK VECTORS EGYPT INDEX ETF
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||
| Share Price | NAV | MVEGPTTR 1 | Share Price | NAV | MVEGPTTR 1 | ||||||||
| One Year | (13.87)% | (12.56)% | (11.20)% | (13.87)% | (12.56)% | (11.20)% | |||||||
| Five Year | (10.90)% | (11.12)% | (6.82)% | (43.83)% | (44.54)% | (29.74)% | |||||||
| Life* | (9.40)% | (9.20)% | (7.04)% | (58.34)% | (57.52)% | (47.68)% | |||||||
| * | Commencement of Fund: 2/16/10; First Day of Secondary Market Trading: 2/18/10 |
| 1 | MVIS ® Egypt Index (MVEGPTTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in Egypt or that are incorporated outside of Egypt but have at least 50% of their revenues/related assets in Egypt. |
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Hypothetical Growth of $10,000 (Since Inception) |
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This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
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VANECK VECTORS INDIA SMALL-CAP INDEX ETF
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||
| Share Price | NAV | MVSCIFTR 1 | Share Price | NAV | MVSCIFTR 1 | ||||||||
| One Year | (37.41)% | (38.00)% | (37.22)% | (37.41)% | (38.00)% | (37.22)% | |||||||
| Five Year | 7.20% | 7.44% | 7.63% | 41.56% | 43.16% | 44.43% | |||||||
| Life* | (6.25)% | (6.26)% | (6.04)% | (41.65)% | (41.72)% | (40.57)% | |||||||
| * | Commencement of Fund: 8/24/10; First Day of Secondary Market Trading: 8/25/10 |
| 1 | MVIS ® India Small-Cap Index (MVSCIFTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded small-capitalization companies that are incorporated in India or that are incorporated outside of India but have at least 50% of their revenues/related assets in India. |
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Hypothetical Growth of $10,000 (Since Inception) |
||
|
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
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VANECK VECTORS INDONESIA INDEX ETF
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||
| Share Price | NAV | MVIDXTR 1 | Share Price | NAV | MVIDXTR 1 | ||||||||
| One Year | (10.47)% | (9.79)% | (9.34)% | (10.47)% | (9.79)% | (9.34)% | |||||||
| Five Year | 2.43% | 2.79% | 3.47% | 12.77% | 14.76% | 18.57% | |||||||
| Life* | 12.13% | 12.18% | 12.98% | 212.74% | 214.12% | 237.22% | |||||||
| * | Commencement of Fund: 1/15/09; First Day of Secondary Market Trading: 1/20/09 |
| 1 | MVIS ® Indonesia Index (MVIDXTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in Indonesia or that are incorporated outside of Indonesia but have at least 50% of their revenues/related assets in Indonesia. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 12 |
|
|
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||
| Share Price | NAV | BLSNTR 1 | Share Price | NAV | BLSNTR 1 | ||||||||
| One Year | (7.00)% | (6.94)% | (6.36)% | (7.00)% | (6.94)% | (6.36)% | |||||||
| Five Year | 0.08% | 0.17% | 0.60% | 0.39% | 0.86% | 3.05% | |||||||
| Life* | 3.41% | 3.42% | 3.88% | 20.33% | 20.41% | 23.36% | |||||||
| * | Commencement of Fund: 6/25/13; First Day of Secondary Market Trading: 6/26/13 |
| 1 | Bluestar Israel Global Index ® (BLSNTR) is a rules based, modified capitalization, float adjusted weighted index comprised of equity securities, which may include depositary receipts, of publicly traded companies that are generally considered by the Index Provider to be Israeli companies. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 13 |
|
|
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||
| Share Price | NAV | MVPLNDTR 1 | Share Price | NAV | MVPLNDTR 1 | ||||||||
| One Year | (16.48)% | (16.28)% | (16.23)% | (16.48)% | (16.28)% | (16.23)% | |||||||
| Five Year | (3.55)% | (3.25)% | (3.28)% | (16.52)% | (15.23)% | (15.37)% | |||||||
| Life* | (1.52)% | (1.47)% | (1.29)% | (12.99)% | (12.61)% | (11.15)% | |||||||
| * | Commencement of Fund: 11/24/09; First Day of Secondary Market Trading: 11/25/09 |
| 1 | MVIS ® Poland Index (MVPLNDTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in Poland or that are incorporated outside of Poland but have at least 50% of their revenues/related assets in Poland. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 14 |
|
|
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||
| Share Price | NAV | MVRSXTR 1 | Share Price | NAV | MVRSXTR 1 | ||||||||
| One Year | (6.98)% | (6.47)% | (6.48)% | (6.98)% | (6.47)% | (6.48)% | |||||||
| Five Year | (4.73)% | (4.63)% | (3.97)% | (21.53)% | (21.09)% | (18.35)% | |||||||
| Ten Year | 6.49% | 6.50% | 6.52% | 87.56% | 87.68% | 88.06% | |||||||
| 1 | MVIS ® Russia Index (MVRSXTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in Russia or that are incorporated outside of Russia but have at least 50% of their revenues/related assets in Russia. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
|
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods. The result is compared with the Fund’s benchmark.
|
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 15 |
|
|
VANECK VECTORS RUSSIA SMALL-CAP ETF
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||
| Share Price | NAV | MVRSXJTR 1 | Share Price | NAV | MVRSXJTR 1 | ||||||||
| One Year | (30.31)% | (29.09)% | (28.26)% | (30.31)% | (29.09)% | (28.26)% | |||||||
| Five Year | (5.85)% | (5.52)% | (5.04)% | (26.03)% | (24.72)% | (22.80)% | |||||||
| Life* | (10.00)% | (9.89)% | (9.52)% | (55.66)% | (55.23)% | (53.79)% | |||||||
| * | Commencement of Fund: 4/13/11; First Day of Secondary Market Trading: 4/14/11 |
| 1 | MVIS ® Russia Small-Cap Index (MVRSXJTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded small-capitalization companies that are incorporated in Russia or that are incorporated outside of Russia but have at least 50% of their revenues/related assets in Russia. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 16 |
|
|
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||
| Share Price | NAV | MVVNMTR 1 | Share Price | NAV | MVVNMTR 1 | ||||||||
| One Year | (16.72)% | (14.15)% | (13.60)% | (16.72)% | (14.15)% | (13.60)% | |||||||
| Five Year | (2.67)% | (2.37)% | (1.35)% | (12.64)% | (11.32)% | (6.56)% | |||||||
| Life* | (3.61)% | (3.52)% | (2.72)% | (29.16)% | (28.59)% | (22.84)% | |||||||
| * | Commencement of Fund: 8/11/09; First Day of Secondary Market Trading: 8/14/09 |
| 1 | MVIS ® Vietnam Index (MVVNMTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in Vietnam or that are incorporated outside of Vietnam but have at least 50% of their revenues/related assets in Vietnam. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 18 for more information.
| 17 |
|
|
VANECK VECTORS ETF TRUST
(unaudited)
The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund may reflect temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Shares may trade at a premium or discount to their NAV in the secondary market.
The net asset value (NAV) of each VanEck Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of each fund; it is calculated by taking the total assets of each fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAVs are not necessarily the same as each ETF’s intraday trading value. VanEck Vectors ETF investors should not expect to buy or sell fund shares at NAV.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
The Africa Index, Brazil Small-Cap Index, Egypt Index, India Small-Cap Index, Indonesia Index, Poland Index, Russia Index, Russia Small-Cap Index, and Vietnam Index are published by MV Index Solutions GmbH (MVIS ® ), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The CSI 300 Index is published by China Securities Index Co., Ltd. (China Securities) and the SME-ChiNext Index is published by the Shenzhen Securities Information Co., Ltd. (Shenzhen Securities), which is a subsidiary of the Shenzhen Stock Exchange. The Israel Index is published by BlueStar Global Investors, LLC (BlueStar).
BlueStar, China Securities, MVIS, and Shenzhen Securities are “Index Providers.” The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.
Premium/discount information regarding how often the closing trading price of the Shares of each Fund were above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund for each of the four previous calendar quarters and the immediately preceding five years (if applicable) can be found at vaneck.com.
| 18 |
|
|
VANECK VECTORS ETF TRUST
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2018 to December 31, 2018.
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.
| 19 |
|
|
VANECK VECTORS ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
|
Beginning
Account Value July 1, 2018 |
Ending
Account Value December 31, 2018 |
Annualized
Expense Ratio During Period |
Expenses Paid
During the Period* July 1, 2018 — December 31, 2018 |
|||||||||||||
| Africa Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 866.70 | 0.78 | % | $ | 3.67 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,021.27 | 0.78 | % | $ | 3.97 | ||||||||
| Brazil Small-Cap ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,146.30 | 0.60 | % | $ | 3.25 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,022.18 | 0.60 | % | $ | 3.06 | ||||||||
| ChinaAMC CSI 300 ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 837.90 | 0.85 | % | $ | 3.94 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,020.92 | 0.85 | % | $ | 4.33 | ||||||||
| ChinaAMC SME-ChiNext ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 716.70 | 0.82 | % | $ | 3.55 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,021.07 | 0.82 | % | $ | 4.18 | ||||||||
| Egypt Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 794.00 | 1.21 | % | $ | 5.47 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,019.11 | 1.21 | % | $ | 6.16 | ||||||||
| India Small-Cap Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 875.10 | 1.02 | % | $ | 4.82 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,020.06 | 1.02 | % | $ | 5.19 | ||||||||
| Indonesia Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,073.00 | 0.57 | % | $ | 2.98 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,022.33 | 0.57 | % | $ | 2.91 | ||||||||
| Israel ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 904.70 | 0.61 | % | $ | 2.93 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,022.13 | 0.61 | % | $ | 3.11 | ||||||||
| Poland ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,043.20 | 0.60 | % | $ | 3.09 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,022.18 | 0.60 | % | $ | 3.06 | ||||||||
| Russia ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 944.20 | 0.62 | % | $ | 3.04 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,022.08 | 0.62 | % | $ | 3.16 | ||||||||
| Russia Small-Cap ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 799.10 | 0.76 | % | $ | 3.45 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,021.37 | 0.76 | % | $ | 3.87 | ||||||||
| Vietnam ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 941.50 | 0.73 | % | $ | 3.57 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,021.53 | 0.73 | % | $ | 3.72 | ||||||||
| * | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2018) multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of days in the fiscal year (to reflect the one-half year period). |
| ** | Assumes annual return of 5% before expenses |
See Notes to Financial Statements
| 20 |
|
|
VANECK VECTORS AFRICA INDEX ETF
December 31, 2018
|
Number
of Shares |
Value | |||||||
| South Africa: (continued) | ||||||||
| 10,128 | Imperial Holdings Ltd. # | $ | 47,904 | |||||
| 18,733 | Investec Ltd. # | 102,358 | ||||||
| 33,228 | Investec Plc (GBP) # | 186,652 | ||||||
| 9,431 | Liberty Holdings Ltd. | 72,117 | ||||||
| 71,478 | Life Healthcare Group Holdings Ltd. † # | 131,452 | ||||||
| 54,709 | MMI Holdings Ltd. * # | 64,975 | ||||||
| 10,128 | Motus Holdings Ltd. * | 61,965 | ||||||
| 16,198 | Mr Price Group Ltd. † # | 276,787 | ||||||
| 110,685 | MTN Group Ltd. # | 684,292 | ||||||
| 21,870 | Naspers Ltd. # | 4,379,495 | ||||||
| 24,368 | Nedbank Group Ltd. # | 464,839 | ||||||
| 84,302 | Netcare Ltd. # | 154,299 | ||||||
| 251,361 | Old Mutual Ltd. (GBP) # | 374,560 | ||||||
| 24,037 | Pick n Pay Stores Ltd. | 113,242 | ||||||
| 9,856 | Pioneer Foods Ltd. | 57,848 | ||||||
| 11,466 | PSG Group Ltd. # | 194,454 | ||||||
| 53,769 | Rand Merchant Investment Holdings Ltd. # | 135,890 | ||||||
| 334,562 | Redefine Properties Ltd. # | 225,228 | ||||||
| 31,466 | Remgro Ltd. # | 425,894 | ||||||
| 18,874 | Resilient REIT Ltd. # | 75,193 | ||||||
| 49,553 | RMB Holdings Ltd. # | 271,514 | ||||||
| 111,924 | Sanlam Ltd. # | 620,076 | ||||||
| 29,139 | Sappi Ltd. # | 165,326 | ||||||
| 36,240 | Sasol Ltd. (ADR) | 1,061,470 | ||||||
| 28,382 | Shoprite Holdings Ltd. # | 374,981 | ||||||
| 10,348 | Spar Group Ltd. # | 149,106 | ||||||
| 79,974 | Standard Bank Group Ltd. # | 993,811 | ||||||
| 17,576 | Telkom SA SOC Ltd. # | 77,410 | ||||||
| 12,102 | Tiger Brands Ltd. † # | 230,195 | ||||||
| 26,316 | Truworths International Ltd. # | 160,957 | ||||||
| 24,988 | Vodacom Group Ltd. # | 229,864 | ||||||
| 63,088 | Woolworths Holdings Ltd. # | 241,659 | ||||||
| 17,980,513 | ||||||||
| United Kingdom: 9.9% | ||||||||
| 57,410 | Anglo American Plc # | 1,282,719 | ||||||
| 365,363 | Cenatamin Plc # | 507,974 | ||||||
| 7,458 | Mondi Ltd. (ZAR) # | 160,677 | ||||||
| 18,498 | Randgold Resources Ltd. (ADR) # | 1,581,280 | ||||||
| 850,411 | Tullow Oil Plc * # | 1,931,888 | ||||||
| 5,464,538 | ||||||||
| United States: 1.9% | ||||||||
| 158,219 | Kosmos Energy Ltd. * | 643,951 | ||||||
| 4,171 | Royal Caribbean Cruises Ltd. | 407,882 | ||||||
| 1,051,833 | ||||||||
|
Total Common Stocks
(Cost: $51,595,319) |
54,861,660 | |||||||
See Notes to Financial Statements
| 21 |
|
|
VANECK VECTORS AFRICA INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.0% | ||||||||
| Repurchase Agreements: 3.0% | ||||||||
| $ | 630,099 | Repurchase agreement dated 12/31/18 with Mizuho Securities USA, Inc., 2.95%, due 1/2/19, proceeds $630,202; (collateralized by various U.S. government and agency obligations, 2.00% to 5.50%, due 2/1/31 to 2/20/48, valued at $642,701 including accrued interest) | $ | 630,099 | ||||
| 1,000,000 | Repurchase agreement dated 12/31/18 with Nomura Securities International, Inc., 3.00%, due 1/2/19, proceeds $1,000,167; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/3/19 to 11/20/68, valued at $1,020,000 including accrued interest) | 1,000,000 | ||||||
| Value | ||||
|
Total Short-Term Investments Held as Collateral for Securities
on Loan
(Cost: $1,630,099) |
$ | 1,630,099 | ||
|
Total Investments: 102.3%
(Cost: $53,225,418) |
56,491,759 | |||
| Liabilities in excess of other assets: (2.3)% | (1,268,902 | ) | ||
| NET ASSETS: 100.0% | $ | 55,222,857 | ||
Definitions:
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| GDR | Global Depositary Receipt |
| USD | United States Dollar |
| ZAR | South African Rand |
| Footnotes: | |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,568,192. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $36,048,524 which represents 65.3% of net assets. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of
Investments |
Value | ||||||
| Communication Services | 19.6 | % | $ | 10,769,213 | ||||
| Consumer Discretionary | 4.0 | 2,220,754 | ||||||
| Consumer Staples | 11.1 | 6,107,508 | ||||||
| Energy | 5.0 | 2,729,557 | ||||||
| Financials | 35.9 | 19,681,793 | ||||||
| Health Care | 1.2 | 643,773 | ||||||
| Industrials | 0.7 | 403,559 | ||||||
| Materials | 21.1 | 11,558,761 | ||||||
| Real Estate | 1.4 | 746,742 | ||||||
| 100.0 | % | $ | 54,861,660 | |||||
See Notes to Financial Statements
| 22 |
|
|
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Canada | $ | 4,425,141 | $ | — | $ | — | $ | 4,425,141 | |||||||||
| Egypt | — | 2,370,351 | — | 2,370,351 | |||||||||||||
| India | 906,949 | — | — | 906,949 | |||||||||||||
| Kenya | 3,983,934 | 1,009,714 | — | 4,993,648 | |||||||||||||
| Monaco | 1,669,154 | — | — | 1,669,154 | |||||||||||||
| Morocco | 4,157,967 | 5,544,610 | — | 9,702,577 | |||||||||||||
| Nigeria | 741,854 | 4,837,022 | — | 5,578,876 | |||||||||||||
| Singapore | — | 718,080 | — | 718,080 | |||||||||||||
| South Africa | 1,876,304 | 16,104,209 | — | 17,980,513 | |||||||||||||
| United Kingdom | — | 5,464,538 | — | 5,464,538 | |||||||||||||
| United States | 1,051,833 | — | — | 1,051,833 | |||||||||||||
| Repurchase Agreements | — | 1,630,099 | — | 1,630,099 | |||||||||||||
| Total | $ | 18,813,136 | $ | 37,678,623 | $ | — | $ | 56,491,759 | |||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 23 |
|
|
VANECK VECTORS BRAZIL SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
December 31, 2018
See Notes to Financial Statements
| 24 |
|
|
|
Principal
Amount |
Value | |||||||
|
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.0%
(Cost: $886,904) |
||||||||
| Repurchase Agreement: 1.0% | ||||||||
| $ | 886,904 | Repurchase agreement dated 12/31/18 with Citigroup Global Markets, Inc., 3.02%, due 1/2/19, proceeds $887,053; (collateralized by various U.S. government and agency obligations, 2.50% to 8.00%, due 1/25/19 to 7/15/60, valued at $904,642 including accrued interest) | $ | 886,904 | ||||
|
Total Investments: 99.3%
(Cost: $75,817,467) |
87,767,675 | |||||||
| Other assets less liabilities: 0.7% | 629,458 | |||||||
| NET ASSETS: 100.0% | $ | 88,397,133 | ||||||
| Definitions: | |
| ADR | American Depositary Receipt |
| BRL | Brazilian Real |
| USD | United States Dollar |
| Footnotes: | |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $868,860. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,014,191 which represents 1.1% of net assets. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $803,227, or 0.9% of net assets. |
See Notes to Financial Statements
| 25 |
|
|
VANECK VECTORS BRAZIL SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of
Investments |
Value | ||||||
| Communication Services | 4.8 | % | $ | 4,210,136 | ||||
| Consumer Discretionary | 23.8 | 20,691,439 | ||||||
| Consumer Staples | 6.1 | 5,313,641 | ||||||
| Energy | 4.7 | 4,120,632 | ||||||
| Financials | 3.0 | 2,591,478 | ||||||
| Health Care | 5.6 | 4,884,088 | ||||||
| Industrials | 9.0 | 7,806,883 | ||||||
| Information Technology | 9.3 | 8,038,833 | ||||||
| Materials | 7.1 | 6,144,008 | ||||||
| Real Estate | 4.2 | 3,614,405 | ||||||
| Utilities | 22.4 | 19,465,228 | ||||||
| 100.0 | % | $ | 86,880,771 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||||
| Common Stocks | ||||||||||||||||||
| Automobiles & Components | $ | 1,347,082 | $ | — | $ | — | $ | 1,347,082 | ||||||||||
| Capital Goods | 1,379,638 | — | — | 1,379,638 | ||||||||||||||
| Commercial & Professional Services | 184,171 | — | — | 184,171 | ||||||||||||||
| Consumer Durables & Apparel | 11,108,397 | — | — | 11,108,397 | ||||||||||||||
| Consumer Services | 6,862,306 | — | — | 6,862,306 | ||||||||||||||
| Energy | 3,106,441 | 1,014,191 | — | 4,120,632 | ||||||||||||||
| Food, Beverage & Tobacco | 5,313,641 | — | — | 5,313,641 | ||||||||||||||
| Health Care Equipment & Services | 4,884,088 | — | — | 4,884,088 | ||||||||||||||
| Insurance | 309,104 | — | — | 309,104 | ||||||||||||||
| Materials | 2,929,560 | — | — | 2,929,560 | ||||||||||||||
| Media & Entertainment | 2,342,734 | — | — | 2,342,734 | ||||||||||||||
| Real Estate | 4,710,873 | — | — | 4,710,873 | ||||||||||||||
| Semiconductor | 884,466 | — | — | 884,466 | ||||||||||||||
| Software & Services | 6,287,016 | — | — | 6,287,016 | ||||||||||||||
| Technology Hardware & Equipment | 867,351 | — | — | 867,351 | ||||||||||||||
| Telecommunication Services | 1,854,706 | — | — | 1,854,706 | ||||||||||||||
| Transportation | 4,076,297 | — | — | 4,076,297 | ||||||||||||||
| Utilities | 16,835,994 | — | — | 16,835,994 | ||||||||||||||
| Preferred Stocks* | 10,545,191 | — | — | 10,545,191 | ||||||||||||||
| Rights* | 18,684 | — | — | 18,684 | ||||||||||||||
| Warrants* | 18,840 | — | — | 18,840 | ||||||||||||||
| Repurchase Agreement | — | 886,904 | — | 886,904 | ||||||||||||||
| Total | $ | 85,866,580 | $ | 1,901,095 | $ | — | $ | 87,767,675 | ||||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 26 |
|
|
VANECK VECTORS CHINAAMC CSI 300 ETF
SCHEDULE OF INVESTMENTS
December 31, 2018
|
Number
of Shares |
Value | |||||||
| Capital Goods: (continued) | ||||||||
| 821,308 | China State Construction Engineering Corp. Ltd. # | $ | 682,940 | |||||
| 380,715 | CRRC Corp. Ltd. # | 501,154 | ||||||
| 42,035 | Fangda Carbon New Material Co. Ltd. # | 102,658 | ||||||
| 33,400 | Han’s Laser Technology Co. Ltd. # | 148,238 | ||||||
| 72,600 | Jiangsu Zhongnan Construction Group Co. Ltd. # | 59,394 | ||||||
| 96,000 | Jiangsu Zhongtian Technology Co. Ltd. # | 114,158 | ||||||
| 96,586 | Luxshare Precision Industry Co. Ltd. # | 198,188 | ||||||
| 279,400 | Metallurgical Corp of China Ltd. # | 126,695 | ||||||
| 71,711 | NARI Technology Development Co. Ltd. # | 193,865 | ||||||
| 239,400 | Power Construction Corp. of China Ltd. # | 169,608 | ||||||
| 213,600 | Sany Heavy Industry Co. Ltd. # | 259,768 | ||||||
| 174,148 | Shanghai Construction Group Co. Ltd. # | 76,920 | ||||||
| 137,900 | Shanghai Electric Group Co. Ltd. # | 99,370 | ||||||
| 39,049 | Shenzhen Inovance Technology Co. Ltd. # | 114,852 | ||||||
| 42,689 | Siasun Robot & Automation Co. Ltd. # | 82,357 | ||||||
| 62,061 | Suzhou Gold Mantis Construction Decoration Co. Ltd. # | 73,351 | ||||||
| 145,307 | TBEA Co. Ltd. # | 144,098 | ||||||
| 189,500 | Weichai Power Co. Ltd. # | 212,980 | ||||||
| 183,900 | XCMG Construction Machinery Co. Ltd. # | 86,774 | ||||||
| 35,200 | Xi’ An Aero-Engine Plc # | 111,622 | ||||||
| 66,600 | Xiamen C & D, Inc. # | 68,474 | ||||||
| 91,000 | Xinjiang Goldwind Science and Technology Co. Ltd. # | 132,939 | ||||||
| 23,400 | Zangge Holding Co. Ltd. * # | 38,359 | ||||||
| 33,700 | Zhejiang Chint Electrics Co. Ltd. # | 119,242 | ||||||
| 41,700 | Zhejiang Sanhua Intelligent Controls Co. Ltd. # | 77,289 | ||||||
| 51,953 | Zhengzhou Yutong Bus Co. Ltd. # | 89,910 | ||||||
| 175,800 | Zoomlion Heavy Industry Science and Technology Co. Ltd. # | 91,246 | ||||||
| 5,719,987 | ||||||||
| Commercial & Professional Services: 0.3% | ||||||||
| 52,500 | Beijing Orient Landscape Co. Ltd. # | 53,397 | ||||||
| 73,941 | Beijing Originwater Technology Co. Ltd. # | 84,272 | ||||||
| 28,032 | Sound Environmental Co. Ltd. # | 42,540 | ||||||
| 180,209 | ||||||||
| Consumer Durables & Apparel: 5.1% | ||||||||
| 188,328 | Gree Electric Appliances, Inc. * # | 982,603 | ||||||
| 18,572 | Hangzhou Robam Appliances Co. Ltd. # | 54,867 | ||||||
| 70,294 | Heilan Home Co. Ltd. # | 86,949 | ||||||
| 181,495 | Midea Group Co. Ltd. # | 979,627 | ||||||
| 4,900 | Oppein Home Group, Inc. # | 57,021 | ||||||
| 143,100 | Qingdao Haier Co. Ltd. # | 289,342 | ||||||
| 25,300 | Suofeiya Home Collection Co. Ltd. # | 61,934 | ||||||
| 424,100 | TCL Corp. # | 151,770 | ||||||
| 3,600 | Xiamen Intretech, Inc. # | 23,085 | ||||||
| 6,400 | Zhejiang Supor Co. Ltd. # | 48,967 | ||||||
| 2,736,165 | ||||||||
| Consumer Services: 1.1% | ||||||||
| 38,200 | China International Travel Service Corp. Ltd. # | 335,231 | ||||||
| 160,520 | Shenzhen Overseas Chinese Town Co. Ltd. # | 148,683 | ||||||
| 28,400 | Songcheng Performance Development Co. Ltd. # | 88,438 | ||||||
| 572,352 | ||||||||
See Notes to Financial Statements
| 27 |
|
|
VANECK VECTORS CHINAAMC CSI 300 ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Number
of Shares |
Value | |||||||
| Diversified Financials: 3.2% | ||||||||
| 85,636 | Anxin Trust Co. Ltd. # | $ | 54,725 | |||||
| 72,600 | Bohai Capital Holding Co. Ltd. # | 38,130 | ||||||
| 15,400 | Caitong Securities Co. Ltd. # | 16,258 | ||||||
| 50,400 | China Galaxy Securities Co. Ltd. # | 50,190 | ||||||
| 17,500 | CSC Financial Co. Ltd. # | 22,298 | ||||||
| 54,000 | Dongxing Securities Co. Ltd. # | 75,371 | ||||||
| 141,517 | East Money Information Co. Ltd. # | 249,901 | ||||||
| 76,471 | Everbright Securities Co. Ltd. # | 97,877 | ||||||
| 82,180 | First Capital Securities Co. Ltd. # | 65,109 | ||||||
| 176,450 | Guotai Junan Securities Co. Ltd. # | 394,551 | ||||||
| 96,230 | Guoyuan Securities Co. Ltd. # | 117,662 | ||||||
| 8,400 | Hithink RoyalFlush Information Network Co. Ltd. # | 46,831 | ||||||
| 70,800 | Huaan Securities Co. Ltd. # | 48,779 | ||||||
| 140,100 | Orient Securities Co. Ltd. # | 162,938 | ||||||
| 33,100 | SDIC Capital Co. Ltd. # | 43,488 | ||||||
| 264,538 | Shenwan Hongyuan Group Co. Ltd. # | 157,117 | ||||||
| 52,200 | Zheshang Securities Co. Ltd. # | 55,381 | ||||||
| 1,696,606 | ||||||||
| Energy: 2.6% | ||||||||
| 71,600 | China Coal Energy Co. Ltd. # | 48,554 | ||||||
| 23,200 | China Oilfield Services Ltd. # | 28,847 | ||||||
| 486,000 | China Petroleum & Chemical Corp. # | 357,490 | ||||||
| 65,500 | China Petroleum Engineering Corp. # | 34,838 | ||||||
| 77,410 | China Shenhua Energy Co. Ltd. # | 202,899 | ||||||
| 86,480 | Offshore Oil Engineering Co. Ltd. # | 61,634 | ||||||
| 316,800 | PetroChina Co. Ltd. # | 332,082 | ||||||
| 156,507 | Shaanxi Coal Industry Co. Ltd. # | 169,856 | ||||||
| 61,600 | Shanxi Xishan Coal and Electricity Power Co. Ltd. # | 49,356 | ||||||
| 243,110 | Wintime Energy Co. Ltd. * | 47,416 | ||||||
| 34,700 | Yanzhou Coal Mining Co. Ltd. # | 44,510 | ||||||
| 1,377,482 | ||||||||
| Financials: 5.1% | ||||||||
| 175,586 | AVIC Capital Co. Ltd. # | 108,659 | ||||||
| 151,400 | Changjiang Securities Co. Ltd. # | 113,802 | ||||||
| 111,900 | China Merchants Securities Co. Ltd. # | 218,903 | ||||||
| 307,900 | CITIC Securities Co. Ltd. # § | 708,147 | ||||||
| 161,050 | Founder Securities Co. Ltd. # | 124,840 | ||||||
| 115,756 | GF Securities Co. Ltd. # | 214,259 | ||||||
| 79,050 | Guoyuan Securities Co. Ltd. # | 80,576 | ||||||
| 316,636 | Haitong Securities Co. Ltd. # | 406,799 | ||||||
| 127,804 | Huatai Securities Co. Ltd. # | 302,219 | ||||||
| 183,450 | Industrial Securities Co. Ltd. # | 124,304 | ||||||
| 94,700 | Sinolink Securities Co. Ltd. # | 99,025 | ||||||
| 93,900 | SooChow Securities Co. Ltd. # | 91,919 | ||||||
| 110,428 | Southwest Securities Co. Ltd. # | 56,090 | ||||||
| 68,514 | Western Securities Co. Ltd. # | 76,684 | ||||||
| 2,726,226 | ||||||||
| Food, Beverage & Tobacco: 8.6% | ||||||||
| 31,700 | Foshan Haitian Flavouring and Food Co. Ltd. # | 319,050 | ||||||
| 30,900 | Guangdong Haid Group Co. Ltd. # | 104,475 | ||||||
| 2,400 | Hebei Yangyuan Zhihui Beverage Co. Ltd. | 14,525 | ||||||
| 38,767 | Henan Shuanghui Investment and Development Co. Ltd. # | 133,565 | ||||||
| 237,844 | Inner Mongolia Yili Industrial Group Co. Ltd. # | 794,138 | ||||||
|
Number
of Shares |
Value | |||||||
| Food, Beverage & Tobacco: (continued) | ||||||||
| 23,599 | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. # | $ | 326,819 | |||||
| 19,626 | Kweichow Moutai Co. Ltd. # | 1,694,122 | ||||||
| 28,693 | Luzhou Laojiao Co. Ltd. # | 170,283 | ||||||
| 24,500 | Muyuan Foodstuff Co. Ltd. # | 102,689 | ||||||
| 82,500 | New Hope Liuhe Co. Ltd. # | 87,537 | ||||||
| 10,160 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd. # | 52,099 | ||||||
| 75,900 | Tongwei Co. Ltd. # | 91,830 | ||||||
| 75,900 | Wuliangye Yibin Co. Ltd. # | 564,031 | ||||||
| 149,756 | Yonghui Superstores Co. Ltd. # | 171,603 | ||||||
| 4,626,766 | ||||||||
| Health Care Equipment & Services: 1.4% | ||||||||
| 37,348 | Aier Eye Hospital Group Co. Ltd. # | 143,394 | ||||||
| 28,534 | Huadong Medicine Co. Ltd. # | 110,170 | ||||||
| 22,000 | Jointown Pharmaceutical Group Co. Ltd. # | 46,764 | ||||||
| 41,800 | Lepu Medical Technology Beijing Co. Ltd. # | 126,837 | ||||||
| 73,295 | Meinian Onehealth Healthcare Holdings Co. Ltd. # | 160,539 | ||||||
| 28,165 | Searainbow Holding Corp. * # | 65,579 | ||||||
| 45,173 | Shanghai Pharmaceuticals Holding Co. Ltd. # | 112,069 | ||||||
| 765,352 | ||||||||
| Insurance: 8.2% | ||||||||
| 65,211 | China Life Insurance Co. Ltd. # | 193,834 | ||||||
| 123,017 | China Pacific Insurance Group Co. Ltd. # | 510,152 | ||||||
| 58,000 | Hubei Biocause Pharmaceutical Co. Ltd. # | 47,502 | ||||||
| 32,676 | New China Life Insurance Co. Ltd. # | 201,370 | ||||||
| 423,858 | Ping An Insurance Group Co. of China Ltd. # | 3,465,213 | ||||||
| 4,418,071 | ||||||||
| Materials: 7.0% | ||||||||
| 257,300 | Aluminum Corporation of China Ltd. * # | 133,095 | ||||||
| 72,200 | Angang Steel Co. Ltd. # | 54,038 | ||||||
| 78,200 | Anhui Conch Cement Co. Ltd. # | 334,477 | ||||||
| 32,700 | Baiyin Nonferrous Group Co. Ltd. # | 14,049 | ||||||
| 348,528 | Baoshan Iron and Steel Co. Ltd. # | 330,248 | ||||||
| 130,500 | BBMG Corp. # | 66,653 | ||||||
| 83,136 | Beijing Kangde Xin Composite Material Co. Ltd. # | 92,244 | ||||||
| 35,152 | Beijing Oriental Yuhong Waterproof Technology Co. Ltd. # | 66,451 | ||||||
| 45,965 | Beijing Sanju Environmental Protection and New Material Co. Ltd. # | 66,055 | ||||||
| 62,100 | Beijing Shougang Co. Ltd. * # | 33,791 | ||||||
| 82,200 | China Jushi Co. Ltd. # | 116,149 | ||||||
| 276,500 | China Molybdenum Co. Ltd. # | 151,803 | ||||||
| 166,200 | Hebei Iron & Steel Co. Ltd. # | 68,939 | ||||||
| 29,700 | Hengli Petrochemical Co. Ltd. # | 57,504 | ||||||
| 45,100 | Hengyi Petrochemical Co. Ltd. # | 75,937 | ||||||
| 2,900 | Hoshine Silicon Industry Co. Ltd. # | 18,574 | ||||||
| 9,800 | Hubei Sanonda Co. Ltd. # | 13,064 | ||||||
| 85,270 | Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. Ltd. # | 109,195 | ||||||
| 132,016 | Inner Mongolia Junzheng Energy & Chemical Industry Co. Ltd. # | 50,458 | ||||||
| 713,360 | Inner Mongolian Baotou Steel Union Co. Ltd. # | 153,893 | ||||||
See Notes to Financial Statements
| 28 |
|
|
|
Number
of Shares |
Value | |||||||
| Materials: (continued) | ||||||||
| 12,036 | Jiangsu Bicon Pharmaceutical Listed Co. Ltd. # | $ | 36,815 | |||||
| 40,600 | Jiangxi Copper Co. Ltd. # | 77,851 | ||||||
| 30,500 | Jiangxi Ganfeng Lithium Co. Ltd. # | 98,549 | ||||||
| 23,900 | Lomon Billions Group Co. Ltd. # | 42,866 | ||||||
| 20,500 | Minmetals Capital Co. Ltd. # | 20,829 | ||||||
| 54,524 | Qinghai Salt Lake Industry Co. Ltd. * # | 55,578 | ||||||
| 49,200 | Rongsheng Petro Chemical Co. Ltd. # | 72,459 | ||||||
| 29,100 | Shandong Gold Mining Co. Ltd. # | 127,668 | ||||||
| 280,540 | Shandong Nanshan Aluminum Co. Ltd. # | 86,361 | ||||||
| 86,000 | Sinopec Shanghai Petrochemical Co. Ltd. # | 62,608 | ||||||
| 26,765 | Tianqi Lithium Industries, Inc. # | 114,967 | ||||||
| 247,100 | Tongling Nonferrous Metals Group Co. Ltd. # | 70,973 | ||||||
| 64,170 | Wanhua Chemical Group Co. Ltd. # | 261,991 | ||||||
| 33,220 | Xiamen Tungsten Co. Ltd. # | 58,615 | ||||||
| 19,518 | Zhejiang Huayou Cobalt Co. Ltd. # | 85,806 | ||||||
| 101,800 | Zhejiang Longsheng Group Co. Ltd. # | 143,391 | ||||||
| 67,546 | Zhongjin Gold Corp. Ltd. # | 84,118 | ||||||
| 473,600 | Zijin Mining Group Co. Ltd. # | 230,325 | ||||||
| 3,738,387 | ||||||||
| Media & Entertainment: 0.8% | ||||||||
| 34,420 | Beijing Enlight Media Co. Ltd. # | 38,158 | ||||||
| 80,567 | BesTV New Media Co. Ltd. # | 120,395 | ||||||
| 29,229 | China Film Co. Ltd. # | 61,062 | ||||||
| 107,350 | CITIC Guoan Information Industry Co. Ltd. # | 52,884 | ||||||
| 23,800 | Giant Network Group Co. Ltd. # | 67,430 | ||||||
| 15,400 | Perfect World Co. Ltd. # | 62,540 | ||||||
| 24,900 | Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd. # | 34,364 | ||||||
| 436,833 | ||||||||
| Pharmaceuticals, Biotechnology: 5.2% | ||||||||
| 21,500 | Beijing Tongrentang Co. Ltd. # | 86,313 | ||||||
| 5,300 | Changchun High & New Technology Industry Group, Inc. # | 135,245 | ||||||
| 5,300 | Chengdu Kanghong Pharmaceutical Group Co. Ltd. # | 26,302 | ||||||
| 18,800 | Chongqing Zhifei Biological Products Co. Ltd. # | 105,984 | ||||||
| 21,961 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. # | 114,652 | ||||||
| 21,860 | Hualan Biological Engineering, Inc. # | 104,634 | ||||||
| 12,800 | Hubei Jumpcan Pharmaceutical Co. Ltd. # | 62,570 | ||||||
| 86,481 | Jiangsu Hengrui Medicine Co. Ltd. # | 666,329 | ||||||
| 116,758 | Kangmei Pharmaceutical Co. Ltd. # | 157,175 | ||||||
| 17,310 | Shandong Buchang Pharmaceuticals Co. Ltd. # | 63,929 | ||||||
| 17,900 | Shandong Dong-E E-Jiao Co. Ltd. # | 103,306 | ||||||
| 39,300 | Shanghai Fosun Pharmaceutical Group Co. Ltd. # | 133,561 | ||||||
| 63,160 | Shanghai RAAS Blood Products Co. Ltd. | 73,637 | ||||||
| 16,386 | Shenzhen Salubris Pharmaceuticals Co. Ltd. # | 49,980 | ||||||
| 33,800 | Sichuan Kelun Pharmaceutical Co. Ltd. # | 101,920 | ||||||
|
Number
of Shares |
Value | |||||||
| Pharmaceuticals, Biotechnology: (continued) | ||||||||
| 35,470 | Tasly Pharmaceutical Group Co. Ltd. # | $ | 99,332 | |||||
| 55,739 | Tonghua Dongbao Pharmaceutical Co. Ltd. # | 113,094 | ||||||
| 48,100 | Walvax Biotechnology Co. Ltd. * # | 134,068 | ||||||
| 4,100 | WuXi AppTec Co. Ltd. * | 44,674 | ||||||
| 20,360 | Yunnan Baiyao Group Co. Ltd. # | 219,344 | ||||||
| 11,791 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. # | 149,202 | ||||||
| 33,600 | Zhejiang NHU Co. Ltd. # | 73,622 | ||||||
| 2,818,873 | ||||||||
| Real Estate: 4.9% | ||||||||
| 70,474 | China Fortune Land Development Co. Ltd. # | 261,988 | ||||||
| 92,759 | China Merchants Shekou Industrial Zone Co. Ltd. # | 234,722 | ||||||
| 190,200 | China Vanke Co. Ltd. # | 661,466 | ||||||
| 46,800 | Financial Street Holdings Co. Ltd. # | 43,976 | ||||||
| 35,300 | Future Land Holdings Co. Ltd. # | 121,942 | ||||||
| 88,301 | Gemdale Corp. # | 123,892 | ||||||
| 142,800 | Greenland Holdings Corp. Ltd. # | 127,196 | ||||||
| 279,204 | Poly Real Estate Group Co. Ltd. # | 480,689 | ||||||
| 12,400 | Red Star Macalline Group Corp. Ltd. # | 20,009 | ||||||
| 68,000 | RiseSun Real Estate Development Co. Ltd. # | 78,839 | ||||||
| 63,400 | Sunshine City Group Co. Ltd. # | 48,011 | ||||||
| 168,181 | Xinhu Zhongbao Co. Ltd. # | 71,206 | ||||||
| 98,074 | Youngor Group Co. Ltd. # | 102,894 | ||||||
| 106,500 | Zhejiang China Commodities City Group Co. Ltd. # | 54,209 | ||||||
| 305,400 | Zhongtian Financial Group Co. Ltd. # | 177,134 | ||||||
| 2,608,173 | ||||||||
| Retailing: 0.7% | ||||||||
| 96,420 | China Grand Automotive Services Co. Ltd. # | 57,108 | ||||||
| 47,900 | Liaoning Cheng Da Co. Ltd. # | 73,132 | ||||||
| 145,700 | Suning Commerce Group Co. Ltd. # | 209,386 | ||||||
| 67,360 | Wuchan Zhongda Group Co. Ltd. # | 45,121 | ||||||
| 384,747 | ||||||||
| Semiconductor: 0.8% | ||||||||
| 5,600 | Gigadevice Semiconductor Beijing, Inc. | 50,797 | ||||||
| 76,460 | LONGi Green Energy Technology Co. Ltd. # | 194,440 | ||||||
| 95,723 | Sanan Optoelectronics Co. Ltd. # | 157,987 | ||||||
| 3,600 | Shenzhen Huiding Technology Co. Ltd. # | 41,312 | ||||||
| 444,536 | ||||||||
| Software & Services: 1.6% | ||||||||
| 15,900 | 360 Security Technology, Inc. # | 47,381 | ||||||
| 43,700 | Aisino Co. Ltd. # | 145,903 | ||||||
| 57,330 | Anhui USTC iFlytek Co. Ltd. # | 206,594 | ||||||
| 12,506 | Beijing Shiji Information Technology Co. Ltd. # | 47,435 | ||||||
| 73,173 | DHC Software Co. Ltd. # | 74,313 | ||||||
| 19,300 | Hundsun Technologies, Inc. # | 146,578 | ||||||
| 57,131 | Wangsu Science and Technology Co. Ltd. # | 65,459 | ||||||
| 37,473 | Yonyou Software Co. Ltd. # | 116,646 | ||||||
| 850,309 | ||||||||
See Notes to Financial Statements
| 29 |
|
|
VANECK VECTORS CHINAAMC CSI 300 ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Number
of Shares |
Value | |||||||
| Technology Hardware & Equipment: 5.2% | ||||||||
| 15,500 | AVIC Jonhon OptronicTechnology Co. Ltd. # | $ | 76,232 | |||||
| 109,754 | Beijing Xinwei Telecom Technology Group Co. Ltd. * # § | 151,513 | ||||||
| 927,400 | BOE Technology Group Co. Ltd. # | 356,210 | ||||||
| 40,900 | Chaozhou Three-Circle Group Co. Ltd. # | 100,932 | ||||||
| 150,100 | Dongxu Optoelectronic Technology Co. Ltd. # | 98,733 | ||||||
| 27,422 | Fiberhome Telecommunication Technologies Co. Ltd. # | 113,722 | ||||||
| 287,112 | Focus Media Information Technology Co. Ltd. # | 218,969 | ||||||
| 46,200 | Foxconn Industrial Internet Co. Ltd. * | 77,937 | ||||||
| 76,200 | GoerTek, Inc. # | 76,428 | ||||||
| 144,364 | Hangzhou Hikvision Digital Technology Co. Ltd. # | 544,375 | ||||||
| 52,180 | Hengtong Optic-electric Co. Ltd. # | 129,593 | ||||||
| 30,849 | Lens Technology Co. Ltd. # | 29,319 | ||||||
| 59,700 | Leyard Optoelectronic Co. Ltd. # | 67,092 | ||||||
| 74,250 | Shenzhen O-film Tech Co. Ltd. # | 99,673 | ||||||
| 30,500 | Shenzhen Sunway Communication Co. Ltd. # | 96,133 | ||||||
| 81,200 | Tsinghua Tongfang Co. Ltd. # | 115,231 | ||||||
| 8,000 | Tsinghua Unisplendour Co. Ltd. # | 36,460 | ||||||
| 70,395 | Zhejiang Dahua Technology Co. Ltd. # | 118,098 | ||||||
| 93,120 | ZTE Corp. * # | 264,861 | ||||||
| 2,771,511 | ||||||||
| Telecommunication Services: 0.5% | ||||||||
| 364,178 | China United Network Communications Ltd. # | 274,676 | ||||||
| Transportation: 3.2% | ||||||||
| 116,900 | Air China Ltd. # | 130,066 | ||||||
| 149,400 | China COSCO Holdings Co. Ltd. * # | 87,996 | ||||||
| 153,500 | China Eastern Airlines Corp. Ltd. # | 106,173 | ||||||
| 21,800 | China Merchants Expressway Network & Technology Holdings Co. Ltd. # | 25,533 | ||||||
| 134,600 | China Southern Airlines Co. Ltd. # | 129,955 | ||||||
| 232,691 | Daqin Railway Co. Ltd. # | 279,078 | ||||||
| 132,700 | Guangshen Railway Co. Ltd. # | 61,158 | ||||||
| 40,500 | Guangzhou Baiyun International Airport Co. Ltd. # | 59,451 | ||||||
| 72,700 | Guangzhou Port Co. Ltd. # | 42,014 | ||||||
| 450,100 | Hainan Airlines Co. Ltd. # | 123,194 | ||||||
| 154,567 | Ningbo Port Co. Ltd. # | 75,269 | ||||||
| 19,000 | SF Holding Co. Ltd. # | 90,670 | ||||||
| 37,700 | Shanghai International Airport Co. Ltd. # | 279,156 | ||||||
| 126,900 | Shanghai International Port Group Co. Ltd. # | 95,830 | ||||||
| 10,800 | Spring Airlines Co. Ltd. # | 49,985 | ||||||
| 12,000 | STO Express Co. Ltd. # | 28,823 | ||||||
| 14,400 | YTO Express Group Co. Ltd. # | 21,053 | ||||||
| 5,400 | Yunda Holding Co. Ltd. # | 23,929 | ||||||
| 1,709,333 | ||||||||
|
Number
of Shares |
Value | |||||||
| Utilities: 3.1% | ||||||||
| 182,699 | China National Nuclear Power Co. Ltd. # | $ | 140,371 | |||||
| 258,200 | China Yangtze Power Co. Ltd. # | 597,348 | ||||||
| 97,000 | Datang International Power Generation Co. Ltd. # | 44,572 | ||||||
| 461,300 | GD Power Development Co. Ltd. # | 172,208 | ||||||
| 127,500 | Huadian Power International Corp. Ltd. # | 88,368 | ||||||
| 70,400 | Huaneng Lancang River Hydropower, Inc. # | 32,369 | ||||||
| 172,131 | Huaneng Power International, Inc. # | 185,258 | ||||||
| 159,300 | SDIC Power Holdings Co. Ltd. # | 186,839 | ||||||
| 68,900 | Sichuan Chuantou Energy Co. Ltd. # | 87,084 | ||||||
| 159,610 | Zhejiang Zheneng Electric Power Co. Ltd. # | 110,111 | ||||||
| 1,644,528 | ||||||||
|
Total Common Stocks
(Cost: $55,824,407) |
53,946,755 | |||||||
|
Principal
Amount |
||||||||
|
FOREIGN DEBT OBLIGATION: 0.0%
(Cost: $17,231) |
||||||||
| Software & Services: 0.0% | ||||||||
| $ | 107,000 | Aisino Corp., 1.50% 06/12/21 | 16,562 | |||||
|
Total Investments: 100.5%
(Cost: $55,841,638) |
53,963,317 | |||||||
| Liabilities in excess of other assets: (0.5)% | (269,870 | ) | ||||||
| NET ASSETS: 100.0% | $ | 53,693,447 | ||||||
See Notes to Financial Statements
| 30 |
|
|
Footnotes:
| * | Non-income producing |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $53,637,769 which represents 99.9% of net assets. |
| § | Illiquid Security — the aggregate value of illiquid securities is $859,660 which represents 1.6% of net assets. |
|
Summary of Investments
by Sector |
% of Investments | Value | ||||||
| Communication Services | 1.3 | % | $ | 711,509 | ||||
| Consumer Discretionary | 9.7 | 5,239,373 | ||||||
| Consumer Staples | 8.6 | 4,626,766 | ||||||
| Energy | 2.6 | 1,377,482 | ||||||
| Financials | 34.7 | 18,740,427 | ||||||
| Health Care | 6.6 | 3,584,225 | ||||||
| Industrials | 14.1 | 7,609,529 | ||||||
| Information Technology | 7.6 | 4,082,918 | ||||||
| Materials | 6.9 | 3,738,387 | ||||||
| Real Estate | 4.8 | 2,608,173 | ||||||
| Utilities | 3.1 | 1,644,528 | ||||||
| 100.0 | % | $ | 53,963,317 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||||
| Common Stocks | |||||||||||||||||||
| Automobiles & Components | $ | — | $ | 1,546,109 | $ | — | $ | 1,546,109 | |||||||||||
| Banks | — | 9,899,524 | — | 9,899,524 | |||||||||||||||
| Capital Goods | — | 5,719,987 | — | 5,719,987 | |||||||||||||||
| Commercial & Professional Services | — | 180,209 | — | 180,209 | |||||||||||||||
| Consumer Durables & Apparel | — | 2,736,165 | — | 2,736,165 | |||||||||||||||
| Consumer Services | — | 572,352 | — | 572,352 | |||||||||||||||
| Diversified Financials | — | 1,696,606 | — | 1,696,606 | |||||||||||||||
| Energy | 47,416 | 1,330,066 | — | 1,377,482 | |||||||||||||||
| Financials | — | 2,726,226 | — | 2,726,226 | |||||||||||||||
| Food, Beverage & Tobacco | 14,525 | 4,612,241 | — | 4,626,766 | |||||||||||||||
| Health Care Equipment & Services | — | 765,352 | — | 765,352 | |||||||||||||||
| Insurance | — | 4,418,071 | — | 4,418,071 | |||||||||||||||
| Materials | — | 3,738,387 | — | 3,738,387 | |||||||||||||||
| Media & Entertainment | — | 436,833 | — | 436,833 | |||||||||||||||
| Pharmaceuticals, Biotechnology | 118,311 | 2,700,562 | — | 2,818,873 | |||||||||||||||
| Real Estate | — | 2,608,173 | — | 2,608,173 | |||||||||||||||
| Retailing | — | 384,747 | — | 384,747 | |||||||||||||||
| Semiconductor | 50,797 | 393,739 | — | 444,536 | |||||||||||||||
| Software & Services | — | 850,309 | — | 850,309 | |||||||||||||||
| Technology Hardware & Equipment | 77,937 | 2,693,574 | — | 2,771,511 | |||||||||||||||
| Telecommunication Services | — | 274,676 | — | 274,676 | |||||||||||||||
| Transportation | — | 1,709,333 | — | 1,709,333 | |||||||||||||||
| Utilities | — | 1,644,528 | — | 1,644,528 | |||||||||||||||
| Foreign Debt Obligation* | — | 16,562 | — | 16,562 | |||||||||||||||
| Total | $ | 308,986 | $ | 53,654,331 | $ | — | $ | 53,963,317 | |||||||||||
| * | See Schedule of Investments for industry breakouts. |
See Notes to Financial Statements
| 31 |
|
|
VANECK VECTORS CHINAAMC SME-CHINEXT ETF
SCHEDULE OF INVESTMENTS
December 31, 2018
|
Number
of Shares |
Value | |||||||
| Food, Beverage & Tobacco: 10.2% | ||||||||
| 244,888 | Guangdong Wens Foodstuffs Group Co. Ltd. # | $ | 935,588 | |||||
| 36,238 | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. # | 501,854 | ||||||
| 38,420 | Muyuan Foodstuff Co. Ltd. # | 161,033 | ||||||
| 1,598,475 | ||||||||
| Health Care Equipment & Services: 6.7% | ||||||||
| 55,100 | Aier Eye Hospital Group Co. Ltd. # | 211,555 | ||||||
| 38,620 | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. # | 110,374 | ||||||
| 65,496 | Lepu Medical Technology Beijing Co. Ltd. # | 198,739 | ||||||
| 118,780 | Meinian Onehealth Healthcare Holdings Co. Ltd. # | 260,147 | ||||||
| 76,100 | Shanghai Kingstar Winning Software Co. Ltd. # | 138,711 | ||||||
| 8,600 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. * | 136,717 | ||||||
| 1,056,243 | ||||||||
| Materials: 9.3% | ||||||||
| 170,595 | Beijing Kangde Xin Composite Material Co. Ltd. # | 189,284 | ||||||
| 60,169 | Beijing Oriental Yuhong Waterproof Technology Co. Ltd. # | 113,743 | ||||||
| 69,589 | Beijing Sanju Environmental Protection and New Material Co. Ltd. # | 100,005 | ||||||
| 232,676 | GEM Co. Ltd. # | 130,453 | ||||||
| 50,300 | Jiangxi Ganfeng Lithium Co. Ltd. # | 162,525 | ||||||
| 96,300 | Kingenta Ecological Engineering Group Co. Ltd. # | 88,829 | ||||||
| 36,100 | Lomon Billions Group Co. Ltd. # | 64,748 | ||||||
| 4,500 | Nanjing Hanrui Cobalt Co. Ltd. # | 48,604 | ||||||
| 76,300 | Rongsheng Petrochemical Co. Ltd. # | 112,371 | ||||||
| 44,200 | Sansteel Minguang Co. Ltd., Fujian # | 82,509 | ||||||
| 47,420 | Tianqi Lithium Industries, Inc. # | 203,689 | ||||||
| 99,300 | Xinjiang Zhongtai Chemical Co. Ltd. # | 102,251 | ||||||
| 69,100 | Zhejiang Transfar Co. Ltd. # | 65,454 | ||||||
| 1,464,465 | ||||||||
| Media & Entertainment: 4.1% | ||||||||
| 61,910 | Beijing Enlight Media Co. Ltd. # | 68,634 | ||||||
| 36,100 | Beijing Kunlun Tech Co. Ltd. # | 67,956 | ||||||
| 29,280 | Giant Network Group Co. Ltd. # | 82,957 | ||||||
| 112,291 | Huayi Brothers Media Corp. # | 76,861 | ||||||
| 167,340 | Ourpalm Co. Ltd. # | 86,475 | ||||||
| 25,900 | Perfect World Co. Ltd. # | 105,181 | ||||||
| 47,450 | Wanda Film Holding Co. Ltd. | 150,769 | ||||||
| 638,833 | ||||||||
| Pharmaceuticals, Biotechnology: 10.0% | ||||||||
| 27,298 | Beijing SL Pharmaceutical Co. Ltd. # | 98,853 | ||||||
| 10,700 | BGI Genomics Co. Ltd. # | 93,815 | ||||||
| 29,600 | Chongqing Zhifei Biological Products Co. Ltd. # | 166,868 | ||||||
| 21,100 | Hangzhou Tigermed Consulting Co. Ltd. # | 131,435 | ||||||
| 35,260 | Hualan Biological Engineering, Inc. # | 168,774 | ||||||
| 91,963 | Shanghai RAAS Blood Products Co. Ltd. | 107,218 | ||||||
See Notes to Financial Statements
| 32 |
|
|
|
Number
of Shares |
Value | |||||||
| Technology Hardware & Equipment: 17.3% | ||||||||
| 69,800 | Chaozhou Three-Circle Group Co. Ltd. # | $ | 172,250 | |||||
| 25,970 | China Aviation Optical-Electrical Technology Co. Ltd. # | 127,726 | ||||||
| 494,760 | Focus Media Information Technology Co. Ltd. # | 377,334 | ||||||
| 130,616 | GoerTek, Inc. # | 131,008 | ||||||
| 105,200 | Guangzhou Haige Communications Group, Inc. Co. # | 119,586 | ||||||
| 225,750 | Hangzhou Hikvision Digital Technology Co. Ltd. # | 851,270 | ||||||
| 47,668 | Lens Technology Co. Ltd. # | 45,304 | ||||||
| 103,150 | Leyard Optoelectronic Co. Ltd. # | 115,923 | ||||||
| 13,000 | NAURA Technology Group Co. Ltd. # | 71,656 | ||||||
| 130,262 | Shenzhen O-film Tech Co. Ltd. # | 174,864 | ||||||
| 54,001 | Shenzhen Sunway Communication Co. Ltd. # | 170,206 | ||||||
| 26,000 | Tongfang Guoxin Electronics Co. Ltd. # | 109,715 | ||||||
| 124,400 | Wuhu Token Science Co. Ltd. # | 75,439 | ||||||
| 106,405 | Zhejiang Dahua Technology Co. Ltd. # | 178,511 | ||||||
| 2,720,792 | ||||||||
| Transportation: 1.6% | ||||||||
| 38,600 | SF Holding Co. Ltd. # | 184,203 | ||||||
| 14,960 | Yunda Holding Co. Ltd. # | 66,294 | ||||||
| 250,497 | ||||||||
|
Total Common Stocks
(Cost: $16,627,751) |
15,739,463 | |||||||
| Liabilities in excess of other assets: (0.1)% | (9,143 | ) | ||||||
| NET ASSETS: 100.0% | $ | 15,730,320 | ||||||
Footnotes:
| * | Non-income producing |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $15,308,243 which represents 97.3% of net assets. |
|
Summary of Investments
by Sector |
% of Investments | Value | ||||||
| Communication Services | 4.1 | % | $ | 638,833 | ||||
| Consumer Discretionary | 8.1 | 1,273,443 | ||||||
| Consumer Staples | 10.2 | 1,598,475 | ||||||
| Financials | 8.8 | 1,390,089 | ||||||
| Health Care | 16.7 | 2,626,933 | ||||||
| Industrials | 15.3 | 2,410,191 | ||||||
| Information Technology | 26.7 | 4,204,979 | ||||||
| Materials | 9.3 | 1,464,465 | ||||||
| Real Estate | 0.8 | 132,055 | ||||||
| 100.0 | % | $ | 15,739,463 | |||||
See Notes to Financial Statements
| 33 |
|
|
VANECK VECTORS CHINAAMC SME-CHINEXT ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||||
| Common Stocks | |||||||||||||||||||
| Automobiles & Components | $ | — | $ | 491,769 | $ | — | $ | 491,769 | |||||||||||
| Banks | — | 367,693 | — | 367,693 | |||||||||||||||
| Capital Goods | — | 2,039,838 | — | 2,039,838 | |||||||||||||||
| Commercial & Professional Services | — | 119,856 | — | 119,856 | |||||||||||||||
| Consumer Durables & Apparel | — | 305,789 | — | 305,789 | |||||||||||||||
| Consumer Services | — | 150,472 | — | 150,472 | |||||||||||||||
| Diversified Financials | — | 1,022,396 | — | 1,022,396 | |||||||||||||||
| Food, Beverage & Tobacco | — | 1,598,475 | — | 1,598,475 | |||||||||||||||
| Health Care Equipment & Services | 136,717 | 919,526 | — | 1,056,243 | |||||||||||||||
| Materials | — | 1,464,465 | — | 1,464,465 | |||||||||||||||
| Media & Entertainment | 150,769 | 488,064 | — | 638,833 | |||||||||||||||
| Pharmaceuticals, Biotechnology | 107,218 | 1,463,472 | — | 1,570,690 | |||||||||||||||
| Real Estate | — | 132,055 | — | 132,055 | |||||||||||||||
| Retailing | — | 325,413 | — | 325,413 | |||||||||||||||
| Semiconductor | — | 188,521 | — | 188,521 | |||||||||||||||
| Software & Services | 36,516 | 1,259,150 | — | 1,295,666 | |||||||||||||||
| Technology Hardware & Equipment | — | 2,720,792 | — | 2,720,792 | |||||||||||||||
| Transportation | — | 250,497 | — | 250,497 | |||||||||||||||
| Total | $ | 431,220 | $ | 15,308,243 | $ | — | $ | 15,739,463 | |||||||||||
See Notes to Financial Statements
| 34 |
|
|
VANECK VECTORS EGYPT INDEX ETF
SCHEDULE OF INVESTMENTS
December 31, 2018
|
Number
of Shares |
Value | |||||||
| Real Estate: 18.7% | ||||||||
| 3,356,835 | Emaar Misr for Development SAE * | $ | 612,548 | |||||
| 710,391 | Heliopolis Housing # | 716,562 | ||||||
| 3,716,087 | Medinet Nasr Housing * # | 1,392,840 | ||||||
| 5,528,607 | Palm Hills Developments SAE * | 672,565 | ||||||
| 1,151,355 | Six of October Development & Investment Co. * # | 863,037 | ||||||
| 3,575,507 | Talaat Moustafa Group # | 1,969,212 | ||||||
| 6,226,764 | ||||||||
| Telecommunication Services: 10.6% | ||||||||
| 8,161,103 | Global Telecom Holding SAE * # | 1,692,413 | ||||||
| 14,354,756 | Orascom Telecom Media and Technology Holding SAE * # | 462,942 | ||||||
| 1,946,407 | Telecom Egypt | 1,377,257 | ||||||
| 3,532,612 | ||||||||
|
Total
Common Stocks
(Cost: $32,592,476) |
33,294,374 | |||||||
|
MONEY MARKET FUND: 1.7%
(Cost: $552,273) |
||||||||
| 552,273 | Dreyfus Government Cash Management Fund — Institutional Shares | 552,273 | ||||||
|
Total Investments: 101.9%
(Cost: $33,144,749) |
33,846,647 | |||||||
| Liabilities in excess of other assets: (1.9)% | (622,769 | ) | ||||||
| NET ASSETS: 100.0% | $ | 33,223,878 | ||||||
Definitions:
| GDR | Global Depositary Receipt |
| USD | United States Dollar |
Footnotes:
| * | Non-income producing |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $19,021,524 which represents 57.3% of net assets. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $162,348, or 0.5% of net assets. |
See Notes to Financial Statements
| 35 |
|
|
VANECK VECTORS EGYPT INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Summary of Investments
by Sector |
% of Investments | Value | ||||||
| Communication Services | 10.4 | % | $ | 3,532,612 | ||||
| Consumer Discretionary | 1.9 | 648,610 | ||||||
| Consumer Staples | 10.8 | 3,649,918 | ||||||
| Energy | 2.1 | 711,408 | ||||||
| Financials | 28.6 | 9,660,121 | ||||||
| Health Care | 3.6 | 1,211,479 | ||||||
| Industrials | 6.4 | 2,167,211 | ||||||
| Materials | 16.2 | 5,486,251 | ||||||
| Real Estate | 18.4 | 6,226,764 | ||||||
| Money Market Fund | 1.6 | 552,273 | ||||||
| 100.0 | % | $ | 33,846,647 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||||
| Common Stock | ||||||||||||||||||
| Banks | $ | — | $ | 3,074,745 | $ | — | $ | 3,074,745 | ||||||||||
| Capital Goods | 2,167,211 | — | — | 2,167,211 | ||||||||||||||
| Consumer Durables & Apparel | 648,610 | — | — | 648,610 | ||||||||||||||
| Diversified Financials | 2,967,899 | 3,617,477 | — | 6,585,376 | ||||||||||||||
| Energy | 711,408 | — | — | 711,408 | ||||||||||||||
| Food, Beverage & Tobacco | 2,221,998 | 1,427,920 | — | 3,649,918 | ||||||||||||||
| Health Care Equipment & Services | 1,211,479 | — | — | 1,211,479 | ||||||||||||||
| Materials | 1,681,875 | 3,804,376 | — | 5,486,251 | ||||||||||||||
| Real Estate | 1,285,113 | 4,941,651 | — | 6,226,764 | ||||||||||||||
| Telecommunication Services | 1,377,257 | 2,155,355 | — | 3,532,612 | ||||||||||||||
| Money Market Fund | 552,273 | — | — | 552,273 | ||||||||||||||
| Total | $ | 14,825,123 | $ | 19,021,524 | $ | — | $ | 33,846,647 | ||||||||||
See Notes to Financial Statements
| 36 |
|
|
VANECK VECTORS INDIA SMALL-CAP INDEX ETF
SCHEDULE OF INVESTMENTS (a)
December 31, 2018
See Notes to Financial Statements
| 37 |
|
|
VANECK VECTORS INDIA SMALL-CAP INDEX ETF
SCHEDULE OF INVESTMENTS (a)
(continued)
|
Number
of Shares |
Value | |||||||
| Health Care Equipment & Services: 0.9% | ||||||||
| 492,746 | Max India Ltd. * # | 603,724 | ||||||
| 173,491 | Shalby Ltd. * # Reg S | 362,498 | ||||||
| 98,621 | Thyrocare Technologies Ltd. # Reg S 144A | 761,376 | ||||||
| 1,727,598 | ||||||||
| Household & Personal Products: 0.3% | ||||||||
| 239,068 | Eveready Industries India Ltd. # | 641,819 | ||||||
| Materials: 20.2% | ||||||||
| 204,956 | Advanced Enzyme Technologies Ltd. # Reg S | 518,575 | ||||||
| 73,007 | Andhra Pradesh Paper Mills * # | 463,217 | ||||||
| 35,887 | Astec Lifesciences Ltd. # | 271,802 | ||||||
| 54,451 | Atul Ltd. # | 2,679,469 | ||||||
| 304,556 | Bhansali Engineering Polymers Ltd. # | 384,943 | ||||||
| 224,304 | Bodal Chemicals Ltd. # | 364,213 | ||||||
| 407,847 | Century Plyboards India Ltd. # | 1,037,948 | ||||||
| 764,038 | Chambal Fertilizers & Chemicals Ltd. # | 1,619,793 | ||||||
| 298,150 | DCM Shriram Ltd. # | 1,443,958 | ||||||
| 161,920 | Deepak Fertilizers & Petrochemicals Corp. Ltd. # | 344,604 | ||||||
| 324,913 | EID Parry India Ltd. # | 961,224 | ||||||
| 179,952 | GHCL Ltd. # | 632,048 | ||||||
| 285,305 | Gujarat Narmada Valley Fertilizers Co. Ltd. # | 1,392,690 | ||||||
| 832,086 | Himadri Speciality Chemical Ltd. # | 1,564,833 | ||||||
| 849,220 | Hindustan Copper Ltd. # | 637,627 | ||||||
| 947,422 | India Cements Ltd. # | 1,302,665 | ||||||
| 45,395 | Indian Metals & Ferro Alloys Ltd. # | 165,851 | ||||||
| 368,531 | Jai Corp. Ltd. # | 586,648 | ||||||
| 904,926 | Jindal Saw Ltd. # | 1,098,671 | ||||||
| 433,110 | Jindal Stainless Hisar Ltd. * # | 572,243 | ||||||
| 216,009 | JK Lakshmi Cement Ltd. # | 906,347 | ||||||
| 327,205 | JK Paper Ltd. # | 713,966 | ||||||
| 80,135 | Kalyani Steels Ltd. # | 258,033 | ||||||
| 57,539 | Kiri Dyes & Chemicals Ltd. * # | 370,412 | ||||||
| 466,850 | Meghmani Organics Ltd. # | 401,387 | ||||||
| 257,928 | Mishra Dhatu Nigam Ltd. # Reg S 144A | 493,017 | ||||||
| 472,898 | MOIL Ltd. # | 1,158,667 | ||||||
| 31,690 | Monsanto India Ltd. # | 1,189,485 | ||||||
| 525,329 | National Fertilizers Ltd. * # | 273,172 | ||||||
| 27,394 | Nilkamal Ltd. # | 580,210 | ||||||
| 303,557 | NOCIL Ltd. # | 717,319 | ||||||
| 316,364 | Phillips Carbon Black Ltd. # | 935,674 | ||||||
| 924,022 | Prism Cement Ltd. # | 1,171,248 | ||||||
| 617,436 | Rain Industries Ltd. # | 1,181,155 | ||||||
| 356,990 | Rallis India Ltd. # | 912,957 | ||||||
| 1,012,745 | Rashtriya Chemicals & Fertilizers Ltd. # | 927,449 | ||||||
| 460,766 | Sanghi Industries Ltd. * # | 400,540 | ||||||
| 66,176 | Sarda Energy & Minerals Ltd. # | 251,590 | ||||||
| 265,483 | SH Kelkar & Co. Ltd. # Reg S 144A | 653,428 | ||||||
| 117,314 | Sharda Cropchem Ltd. # | 507,719 | ||||||
| 3,282,073 | Sintex Plastics Technology Ltd. * # | 1,178,920 | ||||||
| 127,082 | Sudarshan Chemical Industries # | 616,987 | ||||||
| 99,880 | Surya Roshni Ltd. # | 326,809 | ||||||
| 127,051 | Tamil Nadu Newsprint & Papers Ltd. # | 468,038 | ||||||
| 46,422 | Tata Metaliks Ltd. # | 412,096 | ||||||
| 28,270 | Tata Sponge Iron Ltd. # | 347,063 | ||||||
| 187,956 | Thirumalai Chemicals Ltd. # | 299,610 | ||||||
| 192,140 | Tinplate Co. of India Ltd. # | 408,900 | ||||||
|
Number
of Shares |
Value | |||||||
| Materials: (continued) | ||||||||
| 132,560 | Uflex Ltd. # | $ | 536,999 | |||||
| 588,314 | Welspun Corp. Ltd. # | 1,172,263 | ||||||
| 37,814,482 | ||||||||
| Media & Entertainment: 5.2% | ||||||||
| 174,598 | Eros International Media Ltd. * # | 219,181 | ||||||
| 218,987 | Eros International Plc (USD) * | 1,815,402 | ||||||
| 223,655 | GTPL Hathway Ltd. # Reg S 144A | 289,321 | ||||||
| 139,227 | Just Dial Ltd. * # | 1,000,197 | ||||||
| 2,001,983 | Network 18 Media & Investments Ltd. * # | 1,169,522 | ||||||
| 178,748 | PVR Ltd. # | 4,106,100 | ||||||
| 64,205 | S Chand and Co. Ltd. # | 195,799 | ||||||
| 31,961 | Saregama India Ltd. # | 274,597 | ||||||
| 118,648 | TV Today Network Ltd. # | 633,585 | ||||||
| 9,703,704 | ||||||||
| Pharmaceuticals, Biotechnology: 6.2% | ||||||||
| 189,348 | Bliss Gvs Pharma Ltd. # | 446,804 | ||||||
| 952,901 | Granules India Ltd. # | 1,224,057 | ||||||
| 338,256 | Ipca Laboratories Ltd. # | 3,882,460 | ||||||
| 153,411 | JB Chemicals & Pharmaceuticals Ltd. # | 671,283 | ||||||
| 1,534,078 | Marksans Pharma Ltd. # | 611,104 | ||||||
| 30,472 | Merck Ltd. # | 1,341,781 | ||||||
| 335,623 | Strides Shasun Ltd. # | 2,213,380 | ||||||
| 389,425 | Suven Life Sciences Ltd. # | 1,261,851 | ||||||
| 11,652,720 | ||||||||
| Real Estate: 2.4% | ||||||||
| 835,143 | Anant Raj Industries Ltd. # | 434,382 | ||||||
| 1,979,382 | Housing Development & Infrastructure Ltd. * # | 744,626 | ||||||
| 335,754 | OMAXE Ltd. # | 1,027,928 | ||||||
| 282,929 | Sobha Developers Ltd. # | 1,843,627 | ||||||
| 16,999,064 | Unitech Ltd. * # | 498,321 | ||||||
| 4,548,884 | ||||||||
| Retailing: 1.7% | ||||||||
| 833,816 | Future Retail Ltd. * # | 455,969 | ||||||
| 1,267,810 | PC Jeweller Ltd. # | 1,561,424 | ||||||
| 41,945 | Shankara Building Products Ltd. # | 315,053 | ||||||
| 62,550 | V2 Retail Ltd. * # | 249,501 | ||||||
| 148,403 | Yatra Online, Inc. (USD) * | 596,580 | ||||||
| 3,178,527 | ||||||||
| Software & Services: 9.3% | ||||||||
| 56,022 | 8K Miles Software Services Ltd. * # | 112,891 | ||||||
| 188,069 | BLS International Services Ltd. # | 322,282 | ||||||
| 1,267,862 | Firstsource Solutions Ltd. # | 851,097 | ||||||
| 241,302 | Intellect Design Arena Ltd. * # | 775,997 | ||||||
| 1,208,508 | KPIT Cummins Infosystems Ltd. # | 3,773,687 | ||||||
| 51,932 | Majesco Ltd. * # | 371,881 | ||||||
| 89,512 | Mastek Ltd. # | 582,357 | ||||||
| 127,097 | Newgen Software Technologies Ltd. # | 536,706 | ||||||
| 626,328 | NIIT Ltd. * # | 779,640 | ||||||
| 230,898 | NIIT Technologies Ltd. # | 3,799,785 | ||||||
| 118,620 | Quick Heal Technologies Ltd. # Reg S 144A | 361,499 | ||||||
| 241,304 | Sonata Software Ltd. # | 1,045,229 | ||||||
| 271,565 | Take Solutions Ltd. # | 579,119 | ||||||
| 114,234 | Tata Elxsi Ltd. # | 1,669,455 | ||||||
| 3,968,317 | Vakrangee Software Ltd. # | 1,890,698 | ||||||
| 17,452,323 | ||||||||
See Notes to Financial Statements
| 38 |
|
|
|
Number
of Shares |
Value | |||||||
| Utilities: 1.7% | ||||||||
| 69,147 | BF Utilities Ltd. * # | $ | 214,065 | |||||
| 11,006,981 | Jaiprakash Power Ventures Ltd. * # | 323,083 | ||||||
| 1,358,471 | PTC India Ltd. # | 1,804,779 | ||||||
| 204,941 | VA Tech Wabag Ltd. # | 760,246 | ||||||
| 3,102,173 | ||||||||
|
Total Common Stocks
(Cost: $194,627,891) |
187,129,772 | |||||||
|
MONEY MARKET FUND: 0.4%
(Cost: $681,967) |
||||||||
| 681,967 | Dreyfus Government Cash Management Fund — Institutional Shares | 681,967 | ||||||
|
Total Investments: 100.2%
(Cost: $195,309,858) |
187,811,739 | |||||||
| Liabilities in excess of other assets: (0.2)% | (372,577 | ) | ||||||
| NET ASSETS: 100.0% | $ | 187,439,162 | ||||||
Definition:
| USD | United States Dollar |
Footnotes:
| (a) | Represents Consolidated Schedule of Investments. |
| * | Non-income producing |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $184,717,790 which represents 98.5% of net assets. |
| ø | Restricted Security-the aggregate value of restricted securities is $10,459, or 0.0% of net assets. |
| § | Illiquid Security-the aggregate value of illiquid securities is $10,459 which represents 0.0% of net assets. |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $9,763,736, or 5.2% of net assets. |
Restricted securities held by the Fund as of December 31, 2018 are as follows:
| Security |
Acquisition
Date |
Number of
Shares |
Acquisition
Cost |
Value |
% of
Net Assets |
||||||||||||||
| Chennai Super Kings Cricket Ltd. | 10/08/15 | 1,298,085 | $35,108 | $10,459 | 0.0% | ||||||||||||||
See Notes to Financial Statements
| 39 |
|
|
VANECK VECTORS INDIA SMALL-CAP INDEX ETF
SCHEDULE OF INVESTMENTS (a)
(continued)
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Communication Services | 6.9 | % | $ | 12,901,345 | ||||
| Consumer Discretionary | 15.3 | 28,637,926 | ||||||
| Consumer Staples | 6.6 | 12,402,072 | ||||||
| Energy | 1.2 | 2,311,973 | ||||||
| Financials | 13.1 | 24,568,324 | ||||||
| Health Care | 7.1 | 13,380,318 | ||||||
| Industrials | 14.8 | 27,776,106 | ||||||
| Information Technology | 10.6 | 19,900,234 | ||||||
| Materials | 20.1 | 37,814,482 | ||||||
| Real Estate | 2.4 | 4,548,884 | ||||||
| Utilities | 1.5 | 2,888,108 | ||||||
| Money Market Fund | 0.4 | 681,967 | ||||||
| 100.0 | % | $ | 187,811,739 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Automobiles & Components | $ | — | $ | 3,974,730 | $ | — | $ | 3,974,730 | |||||||||
| Banks | — | 13,936,168 | — | 13,936,168 | |||||||||||||
| Capital Goods | — | 20,913,163 | — | 20,913,163 | |||||||||||||
| Consumer Durables & Apparel | — | 15,718,617 | — | 15,718,617 | |||||||||||||
| Consumer Services | — | 5,662,177 | 235,362 | 5,897,539 | |||||||||||||
| Consumer, Cyclical | — | 324,482 | — | 324,482 | |||||||||||||
| Diversified Financials | — | 10,632,156 | — | 10,632,156 | |||||||||||||
| Energy | — | 2,311,973 | — | 2,311,973 | |||||||||||||
| Food, Beverage & Tobacco | — | 11,760,253 | — | 11,760,253 | |||||||||||||
| Health Care Equipment & Services | — | 1,727,598 | — | 1,727,598 | |||||||||||||
| Household & Personal Products | — | 641,819 | — | 641,819 | |||||||||||||
| Materials | — | 37,814,482 | — | 37,814,482 | |||||||||||||
| Media & Entertainment | 1,815,402 | 7,888,302 | — | 9,703,704 | |||||||||||||
| Pharmaceuticals, Biotechnology | — | 11,652,720 | — | 11,652,720 | |||||||||||||
| Real Estate | — | 4,548,884 | — | 4,548,884 | |||||||||||||
| Retailing | 596,580 | 2,581,947 | — | 3,178,527 | |||||||||||||
| Software & Services | — | 17,452,323 | — | 17,452,323 | |||||||||||||
| Technology Hardware & Equipment | — | 2,447,911 | — | 2,447,911 | |||||||||||||
| Telecommunication Services | — | 3,197,641 | — | 3,197,641 | |||||||||||||
| Transportation | — | 6,192,909 | — | 6,192,909 | |||||||||||||
| Utilities | — | 3,102,173 | — | 3,102,173 | |||||||||||||
| Money Market Fund | 681,967 | — | — | 681,967 | |||||||||||||
| Total | $ | 3,093,949 | $ | 184,482,428 | $ | 235,362 | $ | 187,811,739 | |||||||||
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended December 31, 2018:
| Common Stocks | ||||||
| Consumer | ||||||
| Services | ||||||
| Balance as of December 31, 2017 | $ | 11,440 | ||||
| Realized gain (loss) | — | |||||
| Net change in unrealized appreciation (depreciation) | 27,622 | |||||
| Purchases | 196,300 | |||||
| Sales | — | |||||
| Transfers in and/or out of level 3 | — | |||||
| Balance as of December 31, 2018 | $ | 235,362 | ||||
See Notes to Financial Statements
| 40 |
|
|
VANECK VECTORS INDONESIA INDEX ETF
SCHEDULE OF INVESTMENTS
December 31, 2018
See Notes to Financial Statements
| 41 |
|
|
VANECK VECTORS INDONESIA INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Definitions: | |
| ADR | American Depositary Receipt |
| NVDR | Non-Voting Depositary Receipt |
| Footnotes: | |
| * | Non-income producing |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $41,817,345 which represents 93.3% of net assets. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Communication Services | 8.6 | % | $ | 3,866,967 | ||||
| Consumer Discretionary | 11.1 | 4,970,569 | ||||||
| Consumer Staples | 17.7 | 7,971,141 | ||||||
| Energy | 9.4 | 4,229,621 | ||||||
| Financials | 31.1 | 13,978,556 | ||||||
| Health Care | 3.3 | 1,492,426 | ||||||
| Industrials | 1.9 | 852,250 | ||||||
| Materials | 10.8 | 4,847,357 | ||||||
| Real Estate | 3.8 | 1,719,785 | ||||||
| Utilities | 1.9 | 835,385 | ||||||
| Money Market Fund | 0.4 | 183,782 | ||||||
| 100.0 | % | $ | 44,947,839 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Automobiles & Components | $ | — | $ | 3,115,099 | $ | — | $ | 3,115,099 | |||||||||
| Banks | — | 13,302,333 | — | 13,302,333 | |||||||||||||
| Capital Goods | — | 500,447 | — | 500,447 | |||||||||||||
| Diversified Financials | — | 676,223 | — | 676,223 | |||||||||||||
| Energy | — | 4,229,621 | — | 4,229,621 | |||||||||||||
| Food, Beverage & Tobacco | — | 6,007,164 | — | 6,007,164 | |||||||||||||
| Health Care Equipment & Services | — | 337,297 | — | 337,297 | |||||||||||||
| Household & Personal Products | — | 1,963,977 | — | 1,963,977 | |||||||||||||
| Materials | — | 4,847,357 | — | 4,847,357 | |||||||||||||
| Media & Entertainment | — | 402,862 | — | 402,862 | |||||||||||||
| Pharmaceuticals, Biotechnology | — | 1,155,129 | — | 1,155,129 | |||||||||||||
| Real Estate | — | 1,719,785 | — | 1,719,785 | |||||||||||||
| Retailing | — | 1,855,470 | — | 1,855,470 | |||||||||||||
| Telecommunication Services | 2,946,712 | 517,393 | — | 3,464,105 | |||||||||||||
| Transportation | — | 351,803 | — | 351,803 | |||||||||||||
| Utilities | — | 835,385 | — | 835,385 | |||||||||||||
| Money Market Fund | 183,782 | — | — | 183,782 | |||||||||||||
| Total | $ | 3,130,494 | $ | 41,817,345 | $ | — | $ | 44,947,839 | |||||||||
See Notes to Financial Statements
| 42 |
|
|
SCHEDULE OF INVESTMENTS
December 31, 2018
|
Number
of Shares |
Value | |||||||
| Health Care Equipment & Services: 1.7% | ||||||||
| 28,420 | Mediterranean Towers Ltd. # | $ | 48,217 | |||||
| 22,359 | Novocure Ltd. (USD) * | 748,579 | ||||||
| 796,796 | ||||||||
| Insurance: 2.1% | ||||||||
| 9,473 | Clal Insurance Enterprises Holdings Ltd. * # | 133,364 | ||||||
| 7,281 | Direct Insurance Financial # | 81,888 | ||||||
| 37,373 | Harel Insurance Investments & Financial Services Ltd. # | 245,445 | ||||||
| 2,539 | IDI Insurance Co. Ltd. # | 130,090 | ||||||
| 8,593 | Menorah Mivtachim Holdings Ltd. # | 91,347 | ||||||
| 124,099 | Migdal Insurance & Financial Holdings Ltd. # | 105,663 | ||||||
| 33,337 | Phoenix Holdings Ltd. # | 169,341 | ||||||
| 957,138 | ||||||||
| Materials: 3.4% | ||||||||
| 219,327 | Israel Chemicals Ltd. # | 1,247,929 | ||||||
| 1,136 | Israel Corp. Ltd. # | 302,338 | ||||||
| 1,550,267 | ||||||||
| Media & Entertainment: 0.3% | ||||||||
| 21,111 | Taptica international Ltd. (GBP) # | 43,092 | ||||||
| 86,369 | XLMedia Plc (GBP) # | 81,891 | ||||||
| 124,983 | ||||||||
| Pharmaceuticals, Biotechnology: 10.8% | ||||||||
| 57,576 | BioLine RX Ltd. (ADR) * | 25,178 | ||||||
| 23,636 | Compugen Ltd. (USD) * † | 51,290 | ||||||
| 19,752 | Foamix Pharmaceuticals Ltd. (USD) * | 70,910 | ||||||
| 7,254 | Galmed Pharmaceuticals Ltd. (USD) * | 49,545 | ||||||
| 6,668 | Intec Pharma Ltd. (USD) * † | 50,277 | ||||||
| 11,321 | Kamada Ltd. * # | 56,705 | ||||||
| 50,443 | Pluristem Therapeutics, Inc. (USD) * | 39,754 | ||||||
| 75,519 | Protalix BioTherapeutics, Inc. (USD) * | 23,486 | ||||||
| 10,787 | Redhill Biopharma Ltd. (ADR) * | 59,868 | ||||||
| 3,817 | Taro Pharmaceutical Industries Ltd. (USD) | 323,071 | ||||||
| 264,520 | Teva Pharmaceutical Industries Ltd. # | 4,071,691 | ||||||
| 4,364 | UroGen Pharma Ltd. (USD) * † | 187,914 | ||||||
| 5,009,689 | ||||||||
| Real Estate: 7.0% | ||||||||
| 4,136 | A.D.O Group Ltd. * # | 78,513 | ||||||
| 4,548 | Africa Israel Properties Ltd. * # | 101,788 | ||||||
| 23,743 | Airport City Ltd. * # | 292,066 | ||||||
| 36,801 | Alony Hetz Properties & Investments Ltd. # | 344,220 | ||||||
| 49,201 | Amot Investments Ltd. † # | 238,653 | ||||||
| 32,006 | Ashtrom Properties Ltd. # | 131,459 | ||||||
| 11,788 | Azrieli Group Ltd. # | 564,326 | ||||||
| 359 | Bayside Land Corp. # | 152,998 | ||||||
| 1,770 | Big Shopping Centers Ltd. # | 99,271 | ||||||
| 4,270 | Blue Square Real Estate Ltd. # | 136,243 | ||||||
| 1,375 | Brack Capital Properties NV * # | 130,857 | ||||||
| 22,091 | Gazit-Globe Ltd. † # | 153,870 | ||||||
| 56,035 | Industrial Buildings Corp. * # | 77,960 | ||||||
| 72,874 | Jerusalem Economy Ltd. * # | 187,517 | ||||||
| 7,513 | Mega Or Holdings Ltd. # | 78,818 | ||||||
| 5,365 | Melisron Ltd. # | 224,075 | ||||||
| 863 | Property & Building Corp. # | 64,428 | ||||||
| 22,051 | Summit Real Estate Holdings Ltd. # | 181,741 | ||||||
| 3,238,803 | ||||||||
See Notes to Financial Statements
| 43 |
|
|
VANECK VECTORS ISRAEL ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Number
of Shares |
Value | |||||||
| Retailing: 0.1% | ||||||||
| 15,163 | Delek Automotive Systems Ltd. # | $ | 59,750 | |||||
| Semiconductor: 6.3% | ||||||||
| 7,975 | Camtek Ltd. (USD) | 53,991 | ||||||
| 8,100 | Ceva, Inc. * | 178,929 | ||||||
| 8,349 | DSP Group, Inc. * | 93,509 | ||||||
| 16,015 | Mellanox Technologies Ltd. (USD) * | 1,479,466 | ||||||
| 8,288 | Nova Measuring Instruments Ltd. * # | 187,418 | ||||||
| 13,537 | SolarEdge Technologies, Inc. (USD) * † | 475,149 | ||||||
| 31,417 | Tower Semiconductor Ltd. (USD) * | 463,087 | ||||||
| 2,931,549 | ||||||||
| Software & Services: 30.5% | ||||||||
| 10,672 | Allot Communications Ltd. (USD) * | 64,779 | ||||||
| 48,771 | Amdocs Ltd. | 2,857,005 | ||||||
| 6,425 | Attunity Ltd. (USD) * | 126,444 | ||||||
| 40,755 | Check Point Software Technologies Ltd. (USD) * | 4,183,501 | ||||||
| 11,002 | CyberArk Software Ltd. (USD) * | 815,688 | ||||||
| 9,997 | ForeScout Technologies, Inc. * | 259,822 | ||||||
| 2,613 | Formula Systems Ltd. # | 96,826 | ||||||
| 7,746 | Hilan Ltd. # | 182,161 | ||||||
| 18,158 | LivePerson, Inc. * | 342,460 | ||||||
| 9,359 | Magic Software Enterprises Ltd. (USD) † | 71,409 | ||||||
| 20,308 | Matrix IT Ltd. # | 224,666 | ||||||
| 19,738 | NICE Systems Ltd. * # | 2,139,845 | ||||||
| 18,936 | SafeCharge International Group Ltd. # | 56,723 | ||||||
| 9,152 | Sapiens International Corp. NV (USD) | 100,947 | ||||||
| 9,300 | Varonis Systems, Inc. * | 491,970 | ||||||
| 19,917 | Verint Systems, Inc. * | 842,688 | ||||||
| 14,191 | Wix.com Ltd. (USD) * | 1,282,015 | ||||||
| 14,138,949 | ||||||||
| Technology Hardware & Equipment: 4.6% | ||||||||
| 7,790 | AudioCodes Ltd. (USD) | 76,965 | ||||||
| 123,318 | BATM Advanced Communications (GBP) * # | 72,959 | ||||||
| 22,119 | Ceragon Networks Ltd. (USD) * | 83,610 | ||||||
| 17,055 | Gilat Satellite Networks Ltd. * # | 157,940 | ||||||
| 5,554 | Ituran Location and Control Ltd. (USD) | 178,061 | ||||||
| 14,631 | Orbotech Ltd. (USD) * | 827,237 | ||||||
| 4,832 | RADCOM Ltd. (USD) * | 35,853 | ||||||
| 12,876 | Radware Ltd. * | 292,414 | ||||||
| 2,310 | Silicom Ltd. (USD) * | 80,711 | ||||||
| 17,326 | Stratasys Ltd. * † | 312,041 | ||||||
| 63,785 | Suny Cellular Communication Ltd. * # | 29,887 | ||||||
| 2,147,678 | ||||||||
| Telecommunication Services: 2.0% | ||||||||
| 668,282 | Bezeq The Israeli Telecommunication Corp. Ltd. # | 652,557 | ||||||
| 16,865 | Cellcom Israel Ltd. * † # | 99,693 | ||||||
| 33,033 | Partner Communications Co. Ltd. * # | 161,763 | ||||||
| 914,013 | ||||||||
|
Number
of Shares |
Value | |||||||
| Transportation: 0.1% | ||||||||
| 118,508 | El Al Israel Airlines * # | $ | 37,515 | |||||
| Utilities: 2.3% | ||||||||
| 46,146 | Energix-Renewable Energies Ltd. * # | 58,993 | ||||||
| 144,979 | Enlight Renewable Energy Ltd. * # | 68,409 | ||||||
| 7,361 | Kenon Holdings Ltd. (ILS) # | 110,793 | ||||||
| 16,096 | Ormat Technologies, Inc. | 841,821 | ||||||
| 1,080,016 | ||||||||
|
Total Common Stocks
(Cost: $45,355,779) |
46,292,173 | |||||||
|
Principal
Amount |
||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.7% | ||||||||
| Repurchase Agreements: 2.7% | ||||||||
| $ | 1,000,000 | Repurchase agreement dated 12/31/18 with Daiwa Capital Markets America, Inc., 3.05%, due 1/2/19, proceeds $1,000,169; (collateralized by various U.S. government and agency obligations, 2.00% to 6.50%, due 1/25/19 to 2/1/49, valued at $1,020,000 including accrued interest) | 1,000,000 | |||||
| 241,433 | Repurchase agreement dated 12/31/18 with RBC Capital Markets LLC, 3.00%, due 1/2/19, proceeds $241,473; (collateralized by various U.S. government and agency obligations, 2.21% to 6.50%, due 2/1/20 to 11/1/48, valued at $246,262 including accrued interest) | 241,433 | ||||||
|
Total Short-Term Investments Held
as Collateral for Securities on Loan
(Cost: $1,241,433) |
1,241,433 | |||||||
|
Total Investments: 102.7%
(Cost: $46,597,212) |
47,533,606 | |||||||
| Liabilities in excess of other assets: (2.7)% | (1,248,614 | ) | ||||||
| NET ASSETS: 100.0% | $ | 46,284,992 | ||||||
See Notes to Financial Statements
| 44 |
|
|
| Summary of Investments by Sector | ||||||||
| Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Communication Services | 2.3 | % | $ | 1,038,996 | ||||
| Consumer Discretionary | 2.1 | 946,951 | ||||||
| Consumer Staples | 1.5 | 707,442 | ||||||
| Energy | 3.0 | 1,407,067 | ||||||
| Financials | 19.3 | 8,925,648 | ||||||
| Health Care | 12.5 | 5,806,485 | ||||||
| Industrials | 5.1 | 2,372,322 | ||||||
| Information Technology | 41.5 | 19,218,176 | ||||||
| Materials | 3.4 | 1,550,267 | ||||||
| Real Estate | 7.0 | 3,238,803 | ||||||
| Utilities | 2.3 | 1,080,016 | ||||||
| 100.0 | % | $ | 46,292,173 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Banks | $ | — | $ | 7,412,370 | $ | — | $ | 7,412,370 | |||||||||
| Capital Goods | 385,124 | 1,825,135 | — | 2,210,259 | |||||||||||||
| Commercial & Professional Services | 33,850 | 90,698 | — | 124,548 | |||||||||||||
| Consumer Durables & Apparel | — | 448,254 | — | 448,254 | |||||||||||||
| Consumer Services | — | 438,947 | — | 438,947 | |||||||||||||
| Diversified Financials | — | 556,140 | — | 556,140 | |||||||||||||
| Energy | 140,876 | 1,266,191 | — | 1,407,067 | |||||||||||||
| Food & Staples Retailing | — | 366,293 | — | 366,293 | |||||||||||||
| Food, Beverage & Tobacco | — | 341,149 | — | 341,149 | |||||||||||||
| Health Care Equipment & Services | 748,579 | 48,217 | — | 796,796 | |||||||||||||
| Insurance | — | 957,138 | — | 957,138 | |||||||||||||
| Materials | — | 1,550,267 | — | 1,550,267 | |||||||||||||
| Media & Entertainment | — | 124,983 | — | 124,983 | |||||||||||||
| Pharmaceuticals, Biotechnology | 881,293 | 4,128,396 | — | 5,009,689 | |||||||||||||
| Real Estate | — | 3,238,803 | — | 3,238,803 | |||||||||||||
| Retailing | — | 59,750 | — | 59,750 | |||||||||||||
| Semiconductor | 2,744,131 | 187,418 | — | 2,931,549 | |||||||||||||
| Software & Services | 11,438,728 | 2,700,221 | — | 14,138,949 | |||||||||||||
| Technology Hardware & Equipment | 1,886,892 | 260,786 | — | 2,147,678 | |||||||||||||
| Telecommunication Services | — | 914,013 | — | 914,013 | |||||||||||||
| Transportation | — | 37,515 | — | 37,515 | |||||||||||||
| Utilities | 841,821 | 238,195 | — | 1,080,016 | |||||||||||||
| Repurchase Agreements | — | 1,241,433 | — | 1,241,433 | |||||||||||||
| Total | $ | 19,101,294 | $ | 28,432,312 | $ | — | $ | 47,533,606 | |||||||||
See Notes to Financial Statements
| 45 |
|
|
SCHEDULE OF INVESTMENTS
December 31, 2018
See Notes to Financial Statements
| 46 |
|
|
| Definitions: | |
| ZAR | South African Rand |
| Footnotes: | |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $337,944. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $12,474,701 which represents 95.5% of net assets. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $372,264, or 2.8% of net assets. |
| Summary of Investments by Sector | ||||||||
| Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Communication Services | 9.5 | % | $ | 1,271,126 | ||||
| Consumer Discretionary | 7.4 | 987,787 | ||||||
| Consumer Staples | 7.1 | 959,070 | ||||||
| Energy | 17.9 | 2,394,729 | ||||||
| Financials | 38.0 | 5,098,919 | ||||||
| Information Technology | 1.5 | 200,855 | ||||||
| Materials | 7.5 | 1,003,166 | ||||||
| Real Estate | 4.4 | 596,995 | ||||||
| Utilities | 4.2 | 559,049 | ||||||
| Money Market Fund | 2.5 | 335,720 | ||||||
| 100.0 | % | $ | 13,407,416 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Banks | $ | — | $ | 4,000,965 | $ | — | $ | 4,000,965 | |||||||||
| Consumer Durables & Apparel | — | 987,787 | — | 987,787 | |||||||||||||
| Diversified Financials | — | 169,614 | — | 169,614 | |||||||||||||
| Energy | — | 2,394,729 | — | 2,394,729 | |||||||||||||
| Food & Staples Retailing | — | 959,070 | — | 959,070 | |||||||||||||
| Insurance | — | 928,340 | — | 928,340 | |||||||||||||
| Materials | — | 1,003,166 | — | 1,003,166 | |||||||||||||
| Media & Entertainment | — | 1,022,087 | — | 1,022,087 | |||||||||||||
| Real Estate | 596,995 | — | — | 596,995 | |||||||||||||
| Software & Services | — | 200,855 | — | 200,855 | |||||||||||||
| Telecommunication Services | — | 249,039 | — | 249,039 | |||||||||||||
| Utilities | — | 559,049 | — | 559,049 | |||||||||||||
| Money Market Fund | 335,720 | — | — | 335,720 | |||||||||||||
| Repurchase Agreement | — | 353,277 | — | 353,277 | |||||||||||||
| Total | $ | 932,715 | $ | 12,827,978 | $ | — | $ | 13,760,693 | |||||||||
See Notes to Financial Statements
| 47 |
|
|
SCHEDULE OF INVESTMENTS
December 31, 2018
|
Number
of Shares |
Value | |||||||
| Media & Entertainment: 7.3% | ||||||||
| 1,613,028 | Mail.ru Group Ltd. (GDR) * # Reg S | $ | 38,004,272 | |||||
| 2,157,692 | Yandex NV (USD) * | 59,012,876 | ||||||
| 97,017,148 | ||||||||
| Telecommunication Services: 6.5% | ||||||||
| 7,108,266 | Mobile TeleSystems OJSC (ADR) | 49,757,862 | ||||||
| 2,721,392 | Rostelecom OJSC (ADR) # | 17,916,415 | ||||||
| 7,879,493 | VEON Ltd. (ADR) | 18,438,014 | ||||||
| 86,112,291 | ||||||||
| Utilities: 2.4% | ||||||||
| 565,021,410 | Inter Rao Ues PJSC # | 31,499,513 | ||||||
| 7,410,870 | Irkutsk Electronetwork Co. JSC (USD) * # § • | 187,619 | ||||||
| 31,687,132 | ||||||||
|
Total Common Stocks
(Cost: $1,565,974,622) |
1,268,693,693 | |||||||
|
PREFERRED STOCK: 4.5%
(Cost: $63,658,113) |
||||||||
| Energy: 4.5% | ||||||||
| 24,049 | AK Transneft OAO, 4.43% # | 59,278,088 | ||||||
|
Total Investments: 100.2%
(Cost: $1,629,632,735) |
1,327,971,781 | |||||||
| Liabilities in excess of other assets: (0.2)% | (2,350,438 | ) | ||||||
| NET ASSETS: 100.0% | $ | 1,325,621,343 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| GBP | British Pound |
| GDR | Global Depositary Receipt |
| USD | United States Dollar |
Footnotes:
| * | Non-income producing |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,146,368,146 which represents 86.5% of net assets. |
| § | Illiquid Security — the aggregate value of illiquid securities is $187,619 which represents 0.0% of net assets. |
| • | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
See Notes to Financial Statements
| 48 |
|
|
|
Summary of
Investments by Sector |
% of Investments | Value | ||||||
| Communication Services | 13.8 | % | $ | 183,129,439 | ||||
| Consumer Staples | 8.7 | 115,134,074 | ||||||
| Energy | 40.8 | 541,551,837 | ||||||
| Financials | 11.7 | 156,258,359 | ||||||
| Materials | 22.6 | 300,210,940 | ||||||
| Utilities | 2.4 | 31,687,132 | ||||||
| 100.0 | % | $ | 1,327,971,781 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
| Level 2 | Level 3 | ||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Banks | $ | — | $ | 131,989,026 | $ | — | $ | 131,989,026 | |||||||||
| Diversified Financials | — | 24,269,333 | — | 24,269,333 | |||||||||||||
| Energy | — | 482,273,749 | — | 482,273,749 | |||||||||||||
| Food & Staples Retailing | 13,717,446 | 101,416,628 | — | 115,134,074 | |||||||||||||
| Materials | 40,677,437 | 259,533,503 | — | 300,210,940 | |||||||||||||
| Media & Entertainment | 59,012,876 | 38,004,272 | — | 97,017,148 | |||||||||||||
| Telecommunication Services | 68,195,876 | 17,916,415 | — | 86,112,291 | |||||||||||||
| Utilities | — | 31,499,513 | 187,619 | 31,687,132 | |||||||||||||
| Preferred Stock* | — | 59,278,088 | — | 59,278,088 | |||||||||||||
| Total | $ | 181,603,635 | $ | 1,146,180,527 | $ | 187,619 | $ | 1,327,971,781 | |||||||||
| * | See Schedule of Investments for industry sector breakouts. |
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended December 31, 2018:
| Common Stocks | |||||
| Utilities | |||||
| Balance as of December 31, 2017 | $ | 250,487 | |||
| Realized gain (loss) | — | ||||
| Net change in unrealized appreciation (depreciation) | (62,868 | ) | |||
| Purchases | — | ||||
| Sales | — | ||||
| Transfers in and/or out of level 3 | — | ||||
| Balance as of December 31, 2018 | $ | 187,619 | |||
See Notes to Financial Statements
| 49 |
|
|
VANECK VECTORS RUSSIA SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
December 31, 2018
Definitions:
| ADR | American Depositary Receipt |
| GBP | British Pound |
| GDR | Global Depositary Receipt |
| SDR | Swedish Depositary Receipt |
| SEK | Swedish Krona |
Footnotes:
| * | Non-income producing |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $25,234,530 which represents 77.2% of net assets. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
See Notes to Financial Statements
| 50 |
|
|
|
Summary of
Investments by Sector |
% of Investments | Value | ||||||
| Communication Services | 10.5 | % | $ | 3,472,452 | ||||
| Consumer Discretionary | 4.8 | 1,606,135 | ||||||
| Consumer Staples | 13.3 | 4,425,312 | ||||||
| Energy | 3.2 | 1,077,654 | ||||||
| Financials | 13.3 | 4,424,911 | ||||||
| Industrials | 15.8 | 5,257,539 | ||||||
| Information Technology | 4.0 | 1,339,680 | ||||||
| Materials | 12.2 | 4,042,113 | ||||||
| Real Estate | 9.6 | 3,195,451 | ||||||
| Utilities | 13.3 | 4,409,478 | ||||||
| 100.0 | % | $ | 33,250,725 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
| Level 2 | Level 3 | ||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Banks | $ | — | $ | 2,435,903 | $ | — | $ | 2,435,903 | |||||||||
| Capital Goods | — | 1,166,020 | — | 1,166,020 | |||||||||||||
| Diversified Financials | — | 1,989,008 | — | 1,989,008 | |||||||||||||
| Energy | 1,077,654 | — | — | 1,077,654 | |||||||||||||
| Food & Staples Retailing | 1,561,809 | — | — | 1,561,809 | |||||||||||||
| Food, Beverage & Tobacco | — | 1,387,286 | — | 1,387,286 | |||||||||||||
| Household & Personal Products | — | 1,476,217 | — | 1,476,217 | |||||||||||||
| Materials | 889,992 | 3,152,121 | — | 4,042,113 | |||||||||||||
| Media & Entertainment | — | 1,633,555 | — | 1,633,555 | |||||||||||||
| Real Estate | — | 3,195,451 | — | 3,195,451 | |||||||||||||
| Retailing | 1,606,135 | — | — | 1,606,135 | |||||||||||||
| Software & Services | 1,339,680 | — | — | 1,339,680 | |||||||||||||
| Telecommunication Services | — | 1,838,897 | — | 1,838,897 | |||||||||||||
| Transportation | 1,540,925 | 2,550,594 | — | 4,091,519 | |||||||||||||
| Utilities | — | 4,409,478 | — | 4,409,478 | |||||||||||||
| Total | $ | 8,016,195 | $ | 25,234,530 | $ | — | $ | 33,250,725 | |||||||||
See Notes to Financial Statements
| 51 |
|
|
SCHEDULE OF INVESTMENTS
December 31, 2018
|
Number
of Shares |
Value | |||||||
| Technology Hardware & Equipment: 9.5% | ||||||||
| 1,114,679 | BH Co. Ltd. * # | $ | 16,865,490 | |||||
| 470,577 | Mcnex Co. Ltd. # | 5,479,577 | ||||||
| 3,107,102 | Synopex, Inc. * # | 7,945,727 | ||||||
| 30,290,794 | ||||||||
| Utilities: 1.3% | ||||||||
| 3,742,209 | PetroVietnam Nhon Trach 2 Power JSC # | 3,968,918 | ||||||
|
Total Common Stocks
(Cost: $305,292,500) |
317,636,272 | |||||||
|
MONEY MARKET FUND: 1.2%
(Cost: $3,869,138) |
||||||||
| 3,869,138 | Dreyfus Government Cash Management Fund — Institutional Shares | 3,869,138 | ||||||
|
Total Investments Before Collateral
for Securities Loaned: 101.2%
(Cost: $309,161,638) |
321,505,410 | |||||||
|
Principal
Amount |
||||||||
|
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 0.0%
(Cost: $107,813) |
||||||||
| Repurchase Agreement: 0.0% | ||||||||
| $ | 107,813 | Repurchase agreement dated 12/31/18 with RBC Capital Markets LLC, 3.00%, due 1/2/19, proceeds $107,831; (collateralized by various U.S. government and agency obligations, 2.21% to 6.50%, due 2/1/20 to 11/1/48, valued at $109,969 including accrued interest) | 107,813 | |||||
|
Total Investments: 101.2%
(Cost: $309,269,451) |
321,613,223 | |||||||
| Liabilities in excess of other assets: (1.2)% | (3,944,114 | ) | ||||||
| NET ASSETS: 100.0% | $ | 317,669,109 | ||||||
See Notes to Financial Statements
| 52 |
|
|
Footnotes:
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $98,097. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $297,065,712 which represents 93.5% of net assets. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $31,214,663, or 9.8% of net assets. |
A summary of the Fund’s transactions in securities of affiliates for the year ended December 31, 2018 is set forth below:
| (a) | Security held by the Fund, however not classified as an affiliate at the end of the reporting period. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Consumer Discretionary | 12.0 | % | $ | 38,681,775 | ||||
| Consumer Staples | 14.4 | 46,091,054 | ||||||
| Energy | 2.9 | 9,260,724 | ||||||
| Financials | 15.5 | 49,823,986 | ||||||
| Health Care | 4.0 | 12,717,885 | ||||||
| Industrials | 7.8 | 25,136,254 | ||||||
| Information Technology | 9.4 | 30,290,794 | ||||||
| Materials | 5.8 | 18,761,277 | ||||||
| Real Estate | 25.8 | 82,903,605 | ||||||
| Utilities | 1.2 | 3,968,918 | ||||||
| Money Market Fund | 1.2 | 3,869,138 | ||||||
| 100.0 | % | $ | 321,505,410 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
| Level 2 | Level 3 | ||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Banks | $ | — | $ | 23,548,621 | $ | — | $ | 23,548,621 | |||||||||
| Capital Goods | — | 25,136,254 | — | 25,136,254 | |||||||||||||
| Consumer Durables & Apparel | — | 38,681,775 | — | 38,681,775 | |||||||||||||
| Diversified Financials | — | 11,621,676 | — | 11,621,676 | |||||||||||||
| Energy | — | 9,260,724 | — | 9,260,724 | |||||||||||||
| Food, Beverage & Tobacco | — | 46,091,054 | — | 46,091,054 | |||||||||||||
| Health Care Equipment & Services | — | 12,717,885 | — | 12,717,885 | |||||||||||||
| Insurance | — | 14,653,689 | — | 14,653,689 | |||||||||||||
| Materials | — | 18,761,277 | — | 18,761,277 | |||||||||||||
| Real Estate | 20,570,560 | 62,333,045 | — | 82,903,605 | |||||||||||||
| Technology Hardware & Equipment | — | 30,290,794 | — | 30,290,794 | |||||||||||||
| Utilities | — | 3,968,918 | — | 3,968,918 | |||||||||||||
| Money Market Fund | 3,869,138 | — | — | 3,869,138 | |||||||||||||
| Repurchase Agreement | — | 107,813 | — | 107,813 | |||||||||||||
| Total | $ | 24,439,698 | $ | 297,173,525 | $ | — | $ | 321,613,223 | |||||||||
See Notes to Financial Statements
| 53 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2018
|
Africa
Index ETF |
Brazil
Small-Cap ETF |
ChinaAMC
CSI 300 ETF |
ChinaAMC
SME-ChiNext ETF |
||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||
| Investments, at value | |||||||||||||||||||||||||
| Unaffiliated issuers (1) (2) | $ | 54,861,660 | $ | 86,880,771 | $ | 53,963,317 | $ | 15,739,463 | |||||||||||||||||
| Short-term investments held as collateral for securities loaned (3) | 1,630,099 | 886,904 | — | — | |||||||||||||||||||||
| Cash | 33,718 | — | — | 5,706 | |||||||||||||||||||||
| Cash denominated in foreign currency, at value (4) | 361,897 | 1,750,011 | 2,126,571 | (b) | 43,629 | (c) | |||||||||||||||||||
| Receivables: | |||||||||||||||||||||||||
| Investment securities sold | 433,528 | — | 24,595 | 1,472,269 | |||||||||||||||||||||
| Shares sold | — | 10,172 | — | — | |||||||||||||||||||||
| Due from Adviser | 18,178 | — | 51,592 | 30,168 | |||||||||||||||||||||
| Dividends and Interest | 5,317 | 412,322 | 130 | — | |||||||||||||||||||||
| Prepaid expenses | 751 | 1,072 | 786 | 245 | |||||||||||||||||||||
| Total assets | 57,345,148 | 89,941,252 | 56,166,991 | 17,291,480 | |||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||
| Payables: | |||||||||||||||||||||||||
| Investment securities purchased | 360,711 | — | 24,656 | 1,444,531 | |||||||||||||||||||||
| Collateral for securities loaned | 1,630,099 | 886,904 | — | — | |||||||||||||||||||||
| IRS compliance fee for foreign withholding tax claims (See Note 12) | — | — | — | — | |||||||||||||||||||||
| Line of credit. | — | 209,015 | 2,251,725 | — | |||||||||||||||||||||
| Shares redeemed | — | — | 2,991 | — | |||||||||||||||||||||
| Due to Adviser | — | 21,046 | — | — | |||||||||||||||||||||
| Due to custodian | — | — | — | — | |||||||||||||||||||||
| Distribution to shareholders | — | 299,200 | — | — | |||||||||||||||||||||
| Deferred Trustee fees | 9,157 | 31,994 | 3,499 | 370 | |||||||||||||||||||||
| Accrued expenses | 122,324 | 95,960 | 190,673 | 116,259 | |||||||||||||||||||||
| Total liabilities | 2,122,291 | 1,544,119 | 2,473,544 | 1,561,160 | |||||||||||||||||||||
| NET ASSETS | $ | 55,222,857 | $ | 88,397,133 | $ | 53,693,447 | $ | 15,730,320 | |||||||||||||||||
| Shares outstanding | 2,750,000 | 4,400,000 | 1,700,000 | 750,000 | |||||||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 20.08 | $ | 20.09 | $ | 31.58 | $ | 20.97 | |||||||||||||||||
| Net assets consist of: | |||||||||||||||||||||||||
| Aggregate paid in capital | $ | 109,285,552 | $ | 247,781,587 | $ | 59,379,352 | $ | 28,942,252 | |||||||||||||||||
| Total distributable earnings (loss) | (54,062,695 | ) | (159,384,454 | ) | (5,685,905 | ) | (13,211,932 | ) | |||||||||||||||||
| $ | 55,222,857 | $ | 88,397,133 | $ | 53,693,447 | $ | 15,730,320 | ||||||||||||||||||
| (1) | Value of securities on loan | $ | 1,568,192 | $ | 868,860 | $ | — | $ | — | ||||||||||||||||
| (2) | Cost of investments | $ | 51,595,319 | $ | 74,930,563 | $ | 55,841,638 | $ | 16,627,751 | ||||||||||||||||
| (3) | Cost of short-term investments held as collateral for securities loaned | $ | 1,630,099 | $ | 886,904 | $ | — | $ | — | ||||||||||||||||
| (4) | Cost of cash denominated in foreign currency | $ | 361,898 | $ | 1,733,584 | $ | 2,117,448 | $ | 43,803 | ||||||||||||||||
| (a) | Represents consolidated Statement of Assets and Liabilities. |
| (b) | Includes $1,548 on foreign investor minimum settlement reserve funds (See Note 2J). |
| (c) | Includes $6,621 on foreign investor minimum settlement reserve funds (See Note 2J). |
See Notes to Financial Statements
| 54 |
|
|
|
Egypt
Index ETF |
India
Small-Cap Index ETF(a) |
Indonesia
Index ETF |
Israel ETF | Poland ETF | Russia ETF |
Russia
Small-Cap ETF |
||||||||||||||||||||||||||||||||||
| $ | 33,846,647 | $ | 187,811,739 | $ | 44,947,839 | $ | 46,292,173 | $ | 13,407,416 | $ | 1,327,971,781 | $ | 33,250,725 | |||||||||||||||||||||||||||
| — | — | — | 1,241,433 | 353,277 | — | — | ||||||||||||||||||||||||||||||||||
| — | — | — | — | — | 14,646,428 | 321,678 | ||||||||||||||||||||||||||||||||||
| 188,422 | 155,962 | 26,657 | 183,608 | — | 3,991,600 | 20,936 | ||||||||||||||||||||||||||||||||||
| — | — | 3,224 | 1,443,428 | — | — | 8,993 | ||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| 71,200 | — | — | 33,753 | 23,376 | — | — | ||||||||||||||||||||||||||||||||||
| 144,374 | 64,419 | 18,214 | 13,478 | 8,605 | 5,180,938 | 126,493 | ||||||||||||||||||||||||||||||||||
| 729 | 3,210 | 614 | 453 | 174 | 26,810 | 543 | ||||||||||||||||||||||||||||||||||
| 34,251,372 | 188,035,330 | 44,996,548 | 49,208,326 | 13,792,848 | 1,351,817,557 | 33,729,368 | ||||||||||||||||||||||||||||||||||
| 81,194 | 38,892 | 26,659 | 195,616 | — | 20,265,516 | 351,609 | ||||||||||||||||||||||||||||||||||
| — | — | — | 1,241,433 | 353,277 | — | — | ||||||||||||||||||||||||||||||||||
| — | — | — | — | 300,445 | — | — | ||||||||||||||||||||||||||||||||||
| 253,340 | — | — | 391,896 | — | 4,114,660 | 568,449 | ||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| — | 77,188 | 19,765 | — | — | 747,682 | 9,937 | ||||||||||||||||||||||||||||||||||
| 552,274 | 129,460 | — | 993,857 | — | — | — | ||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| 4,067 | 9,777 | 26,101 | 2,084 | 2,681 | 138,291 | 2,074 | ||||||||||||||||||||||||||||||||||
| 136,619 | 340,851 | 123,457 | 98,448 | 71,846 | 930,065 | 120,237 | ||||||||||||||||||||||||||||||||||
| 1,027,494 | 596,168 | 195,982 | 2,923,334 | 728,249 | 26,196,214 | 1,052,306 | ||||||||||||||||||||||||||||||||||
| $ | 33,223,878 | $ | 187,439,162 | $ | 44,800,566 | $ | 46,284,992 | $ | 13,064,599 | $ | 1,325,621,343 | $ | 32,677,062 | |||||||||||||||||||||||||||
| 1,174,974 | 4,424,967 | 2,050,000 | 1,650,000 | 800,000 | 70,550,000 | 1,183,318 | ||||||||||||||||||||||||||||||||||
| $ | 28.28 | $ | 42.36 | $ | 21.85 | $ | 28.05 | $ | 16.33 | $ | 18.79 | $ | 27.61 | |||||||||||||||||||||||||||
| $ | 63,374,529 | $ | 217,217,753 | $ | 156,299,424 | $ | 55,186,327 | $ | 34,518,933 | $ | 3,046,230,318 | $ | 53,471,366 | |||||||||||||||||||||||||||
| (30,150,651 | ) | (29,778,591 | ) | (111,498,858 | ) | (8,901,335 | ) | (21,454,334 | ) | (1,720,608,975 | ) | (20,794,304 | ) | |||||||||||||||||||||||||||
| $ | 33,223,878 | $ | 187,439,162 | $ | 44,800,566 | $ | 46,284,992 | $ | 13,064,599 | $ | 1,325,621,343 | $ | 32,677,062 | |||||||||||||||||||||||||||
| $ | — | $ | — | $ | — | $ | 1,060,635 | $ | 337,944 | $ | — | $ | — | |||||||||||||||||||||||||||
| $ | 33,144,749 | $ | 195,309,858 | $ | 55,156,351 | $ | 45,355,779 | $ | 15,154,563 | $ | 1,629,632,735 | $ | 45,842,436 | |||||||||||||||||||||||||||
| $ | — | $ | — | $ | — | $ | 1,241,433 | $ | 353,277 | $ | — | $ | — | |||||||||||||||||||||||||||
| $ | 188,319 | $ | 152,714 | $ | 26,614 | $ | 183,607 | $ | — | $ | 3,960,872 | $ | 20,936 | |||||||||||||||||||||||||||
See Notes to Financial Statements
| 55 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2018 (continued)
| Vietnam ETF | |||||||
| Assets: | |||||||
| Investments, at value | |||||||
| Unaffiliated issuers (2) | $ | 321,505,410 | |||||
| Short-term investments held as collateral for securities loaned (3) | 107,813 | ||||||
| Cash denominated in foreign currency, at value (4) | 3,650,559 | ||||||
| Receivables: | |||||||
| Dividends and interest | 812,589 | ||||||
| Prepaid expenses | 3,903 | ||||||
| Total assets | 326,080,274 | ||||||
| Liabilities: | |||||||
| Payables: | |||||||
| Collateral for securities loaned | 107,813 | ||||||
| Line of credit | 3,984,818 | ||||||
| Due to Adviser | 139,118 | ||||||
| Due to custodian | 3,869,138 | ||||||
| Deferred Trustee fees | 33,089 | ||||||
| Accrued expenses | 277,189 | ||||||
| Total liabilities | 8,411,165 | ||||||
| NET ASSETS | $ | 317,669,109 | |||||
| Shares outstanding | 21,400,000 | ||||||
| Net asset value, redemption and offering price per share | $ | 14.84 | |||||
| Net assets consist of: | |||||||
| Aggregate paid in capital | $ | 572,293,509 | |||||
| Total distributable earnings (loss) | (254,624,400 | ) | |||||
| 317,669,109 | |||||||
| (1) | Value of securities on loan | $ | 98,097 | ||||
| (2) | Cost of investments | $ | 309,161,638 | ||||
| (3) | Cost of short-term investments held as collateral for securities loaned | $ | 107,813 | ||||
| (4) | Cost of cash denominated in foreign currency | $ | 3,627,432 | ||||
See Notes to Financial Statements
| 56 |
|
|
[This Page Intentionally Left Blank.]
| 57 |
|
|
VANECK VECTORS ETF TRUST
For the Year Ended December 31, 2018
|
Africa
Index ETF |
Brazil
Small-Cap ETF |
ChinaAMC
CSI 300 ETF |
ChinaAMC
SME-ChiNext ETF |
|||||||||||||||||||||
| Income: | ||||||||||||||||||||||||
| Dividends | $ | 2,428,364 | $ | 3,593,310 | $ | 1,280,654 | $ | 218,829 | ||||||||||||||||
| Interest | — | — | 228 | 112 | ||||||||||||||||||||
| Securities lending income | 10,576 | 18,721 | — | — | ||||||||||||||||||||
| Foreign taxes withheld | (236,133 | ) | (40,371 | ) | (128,346 | ) | (21,866 | ) | ||||||||||||||||
| 2,202,807 | 3,571,660 | 1,152,536 | 197,075 | |||||||||||||||||||||
| Adjustment to IRS compliance fee for foreign withholding tax claims (See Note 12) | — | — | — | — | ||||||||||||||||||||
| Total Income | 2,202,807 | 3,571,660 | 1,152,536 | 197,075 | ||||||||||||||||||||
| Expenses: | ||||||||||||||||||||||||
| Management fees | 341,222 | 463,249 | 320,689 | 107,722 | ||||||||||||||||||||
| Professional fees | 75,796 | 77,545 | 57,092 | 49,762 | ||||||||||||||||||||
| Insurance | 691 | 952 | 764 | 217 | ||||||||||||||||||||
| Trustees’ fees and expenses | 1,880 | 974 | 1,793 | 626 | ||||||||||||||||||||
| Reports to shareholders | 21,890 | 19,694 | 15,606 | 15,446 | ||||||||||||||||||||
| Indicative optimized portfolio value fee | 6,432 | 2,494 | 6,411 | 4,690 | ||||||||||||||||||||
| Custodian fees | 144,396 | 74,120 | 122,498 | 56,602 | ||||||||||||||||||||
| Registration fees | 2,010 | 5,028 | 5,125 | 5,126 | ||||||||||||||||||||
| Transfer agent fees | 2,414 | 2,414 | 2,414 | 2,414 | ||||||||||||||||||||
| Fund accounting fees | 12,759 | 6,044 | 80,149 | 18,181 | ||||||||||||||||||||
| Interest | 2,627 | 12,678 | 81,980 | 9,242 | ||||||||||||||||||||
| Other | 9,221 | 8,918 | 56,770 | 17,052 | ||||||||||||||||||||
| Total expenses | 621,338 | 674,110 | 751,291 | 287,080 | ||||||||||||||||||||
| Waiver of management fees | (86,405 | ) | (114,798 | ) | (207,518 | ) | (107,722 | ) | ||||||||||||||||
| Expenses assumed by the Adviser | — | — | — | (2,068 | ) | |||||||||||||||||||
| Net expenses | 534,933 | 559,312 | 543,773 | 177,290 | ||||||||||||||||||||
| Net investment income (loss) | 1,667,874 | 3,012,348 | 608,763 | 19,785 | ||||||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||||||
| Investments—unaffiliated issuers | (1,502,164 | ) | 4,290,112 | (b) | 4,994,956 | (3,515,299 | ) | |||||||||||||||||
| In-kind redemptions | 1,497,286 | 390,161 | — | — | ||||||||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (22,879 | ) | (198,162 | ) | (64,449 | ) | (60,787 | ) | ||||||||||||||||
| Net realized gain (loss) | (27,757 | ) | 4,482,111 | 4,930,507 | (3,576,086 | ) | ||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||
| Investments—unaffiliated issuers | (14,092,483 | ) | (19,311,882 | ) | (26,388,962 | ) | (7,064,903 | ) | ||||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (4,953 | ) | 23,832 | (39,978 | ) | (2,023 | ) | |||||||||||||||||
| Net change in unrealized appreciation (depreciation) | (14,097,436 | ) | (19,288,050 | ) | (26,428,940 | ) | (7,066,926 | ) | ||||||||||||||||
| Net Decrease in Net Assets Resulting from Operations | $ | (12,457,319 | ) | $ | (11,793,591 | ) | $ | (20,889,670 | ) | $ | (10,623,227 | ) | ||||||||||||
| (a) | Represents Consolidated Statement of Operations. |
| (b) | Includes $313,974 of capital gains tax. |
See Notes to Financial Statements
| 58 |
|
|
|
Egypt
Index ETF |
India
Small-Cap Index ETF(a) |
Indonesia
Index ETF |
Israel ETF | Poland ETF | Russia ETF |
Russia
Small-Cap ETF |
||||||||||||||||||||||||||||||||||
| $ | 1,740,669 | $ | 2,020,576 | $ | 1,432,216 | $ | 812,790 | $ | 331,438 | $ | 94,238,074 | $ | 2,002,853 | |||||||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| 12,538 | — | 1,453 | 23,283 | 6,281 | — | — | ||||||||||||||||||||||||||||||||||
| (157,628 | ) | (3,419 | ) | (246,364 | ) | (148,366 | ) | (53,448 | ) | (13,068,201 | ) | (185,892 | ) | |||||||||||||||||||||||||||
| 1,595,579 | 2,017,157 | 1,187,305 | 687,707 | 284,271 | 81,169,873 | 1,816,961 | ||||||||||||||||||||||||||||||||||
| — | — | — | — | 13,000 | — | — | ||||||||||||||||||||||||||||||||||
| 1,595,579 | 2,017,157 | 1,187,305 | 687,707 | 297,271 | 81,169,873 | 1,816,961 | ||||||||||||||||||||||||||||||||||
| 293,582 | 1,265,299 | 271,381 | 237,652 | 76,304 | 8,560,553 | 228,252 | ||||||||||||||||||||||||||||||||||
| 66,217 | 248,386 | 64,830 | 78,430 | 86,579 | 96,409 | 63,167 | ||||||||||||||||||||||||||||||||||
| 654 | 3,116 | 653 | 421 | 166 | 18,465 | 509 | ||||||||||||||||||||||||||||||||||
| 933 | 45,487 | 531 | 1,188 | 261 | 44,891 | 1,346 | ||||||||||||||||||||||||||||||||||
| 14,176 | 18,710 | 8,811 | 10,593 | 11,875 | 57,887 | 11,064 | ||||||||||||||||||||||||||||||||||
| 5,028 | 6,411 | 6,411 | 5,026 | 5,028 | 1,445 | 6,888 | ||||||||||||||||||||||||||||||||||
| 270,202 | 250,201 | 24,511 | 104,552 | 21,863 | 1,979,141 | 87,771 | ||||||||||||||||||||||||||||||||||
| 5,028 | 5,158 | 5,028 | 8,141 | 5,028 | 9,890 | 5,028 | ||||||||||||||||||||||||||||||||||
| 2,414 | 4,828 | 2,414 | 2,413 | 2,414 | 1,001 | 2,414 | ||||||||||||||||||||||||||||||||||
| 7,010 | 90,122 | 9,315 | 18,879 | 5,923 | 96,186 | 4,615 | ||||||||||||||||||||||||||||||||||
| 25,400 | 79,641 | 1,482 | 5,608 | 14 | 141,443 | 5,032 | ||||||||||||||||||||||||||||||||||
| 10,314 | 77,414 | 12,086 | 10,875 | 10,344 | 65,954 | 11,314 | ||||||||||||||||||||||||||||||||||
| 700,958 | 2,094,773 | 407,453 | 483,778 | 225,799 | 11,073,265 | 427,400 | ||||||||||||||||||||||||||||||||||
| (123,623 | ) | — | (96,596 | ) | (197,740 | ) | (76,304 | ) | — | (79,989 | ) | |||||||||||||||||||||||||||||
| — | — | — | — | (57,917 | ) | — | — | |||||||||||||||||||||||||||||||||
| 577,335 | 2,094,773 | 310,857 | 286,038 | 91,578 | 11,073,265 | 347,411 | ||||||||||||||||||||||||||||||||||
| 1,018,244 | (77,616 | ) | 876,448 | 401,669 | 205,693 | 70,096,608 | 1,469,550 | |||||||||||||||||||||||||||||||||
| 5,568,324 | 3,975,796 | (3,298,843 | ) | (5,524,523 | ) | (1,394,046 | ) | (131,064,689 | ) | (5,163,296 | ) | |||||||||||||||||||||||||||||
| 1,056,087 | 670,287 | (819,105 | ) | 526,828 | 179,989 | 197,827,244 | 2,333,954 | |||||||||||||||||||||||||||||||||
| (394,258 | ) | (519,566 | ) | (16,482 | ) | (7,366 | ) | 7 | (87,050 | ) | 1,630 | |||||||||||||||||||||||||||||
| 6,230,153 | 4,126,517 | (4,134,430 | ) | (5,005,061 | ) | (1,214,050 | ) | 66,675,505 | (2,827,712 | ) | ||||||||||||||||||||||||||||||
| (11,591,985 | ) | (131,819,116 | ) | (3,716,829 | ) | 907,596 | (1,829,886 | ) | (226,300,534 | ) | (12,429,467 | ) | ||||||||||||||||||||||||||||
| 739 | 1,606 | 235 | 3,550 | (609 | ) | 14,674 | (4,310 | ) | ||||||||||||||||||||||||||||||||
| (11,591,246 | ) | (131,817,510 | ) | (3,716,594 | ) | 911,146 | (1,830,495 | ) | (226,285,860 | ) | (12,433,777 | ) | ||||||||||||||||||||||||||||
| $ | (4,342,849 | ) | $ | (127,768,609 | ) | $ | (6,974,576 | ) | $ | (3,692,246 | ) | $ | (2,838,852 | ) | $ | (89,513,747 | ) | $ | (13,791,939 | ) | ||||||||||||||||||||
See Notes to Financial Statements
| 59 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2018 (continued)
| Vietnam ETF | ||||||
| Income: | ||||||
| Dividends | $ | 6,477,631 | ||||
| Securities lending income | 16,546 | |||||
| Foreign taxes withheld | (202,350 | ) | ||||
| Total Income | 6,291,827 | |||||
| Expenses: | ||||||
| Management fees | 1,893,406 | |||||
| Professional fees | 72,092 | |||||
| Insurance | 3,363 | |||||
| Trustees’ fees and expenses | 5,833 | |||||
| Reports to shareholders | 31,175 | |||||
| Indicative optimized portfolio value fee | 6,413 | |||||
| Custodian fees | 324,528 | |||||
| Registration fees | 2,522 | |||||
| Transfer agent fees | 2,414 | |||||
| Fund accounting fees | 26,916 | |||||
| Interest | 163,312 | |||||
| Other | 39,034 | |||||
| Total expenses | 2,571,008 | |||||
| Net investment income | 3,720,819 | |||||
| Net realized loss on: | ||||||
| Investments—unaffiliated issuers | (282,331 | ) | ||||
| Investments—affiliated issuers | (1,822,116 | ) | ||||
| In-kind redemptions | 1,232,886 | |||||
| Foreign currency transactions and foreign denominated assets and liabilities | (815,845 | ) | ||||
| Net realized loss | (1,687,406 | ) | ||||
| Net change in unrealized appreciation (depreciation) on: | ||||||
| Investments—unaffiliated issuers | (57,196,709 | ) | ||||
| Investments—affiliated issuers | (5,931,775 | ) | ||||
| Foreign currency transactions and foreign denominated assets and liabilities | 22,446 | |||||
| Net change in unrealized appreciation (depreciation) | (63,106,038 | ) | ||||
| Net Decrease in Net Assets Resulting from Operations | $ | (61,072,625 | ) | |||
See Notes to Financial Statements
| 60 |
|
|
[This Page Intentionally Left Blank.]
| 61 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Africa Index ETF | Brazil Small-Cap ETF | |||||||||||||||||||
|
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
|||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income (loss) | $ | 1,667,874 | $ | 1,243,799 | $ | 3,012,348 | $ | 2,322,197 | ||||||||||||
| Net realized gain (loss) | (27,757 | ) | 2,191,708 | 4,482,111 | 17,528,708 | |||||||||||||||
| Net change in unrealized appreciation (depreciation) | (14,097,436 | ) | 13,246,791 | (19,288,050 | ) | 20,099,730 | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations | (12,457,319 | ) | 16,682,298 | (11,793,591 | ) | 39,950,635 | ||||||||||||||
| Distributions to shareholders: (a) | ||||||||||||||||||||
| Dividends and Distributions | (924,000 | ) | (1,580,800 | ) | (2,547,600 | ) | (5,049,250 | ) | ||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | — | 1,196,030 | 5,522,935 | 20,774,766 | ||||||||||||||||
| Cost of shares redeemed | (7,073,702 | ) | (6,915,711 | ) | (11,268,857 | ) | (30,089,605 | ) | ||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | (7,073,702 | ) | (5,719,681 | ) | (5,745,922 | ) | (9,314,839 | ) | ||||||||||||
| Total increase (decrease) in net assets | (20,455,021 | ) | 9,381,817 | (20,087,113 | ) | 25,586,546 | ||||||||||||||
| Net Assets, beginning of year | 75,677,878 | 66,296,061 | 108,484,246 | 82,897,700 | ||||||||||||||||
| Net Assets, end of year (b) | $ | 55,222,857 | $ | 75,677,878 | $ | 88,397,133 | $ | 108,484,246 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | — | 50,000 | 250,000 | 900,000 | ||||||||||||||||
| Shares redeemed | (300,000 | ) | (300,000 | ) | (500,000 | ) | (1,400,000 | ) | ||||||||||||
| Net increase (decrease) | (300,000 | ) | (250,000 | ) | (250,000 | ) | (500,000 | ) | ||||||||||||
| (a) | Current year and prior year presentation of distributions conforms with S-X Disclosure Simplification. See Note 2-D. |
| (b) | S-X Disclosure Simplification eliminated the requirement to disclose undistributed net investment income (loss) in 2018. See Note 2-D. |
See Notes to Financial Statements
| 62 |
|
|
| ChinaAMC CSI 300 ETF | ChinaAMC SME-ChiNext ETF | Egypt Index ETF | ||||||||||||||||||||||||||
|
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
|||||||||||||||||||||||
| $ | 608,763 | $ | 933,299 | $ | 19,785 | $ | (8,663 | ) | $ | 1,018,244 | $ | 1,614,778 | ||||||||||||||||
| 4,930,507 | 501,852 | (3,576,086 | ) | (116,108 | ) | 6,230,153 | (2,522,734 | ) | ||||||||||||||||||||
| (26,428,940 | ) | 25,186,415 | (7,066,926 | ) | 4,174,049 | (11,591,246 | ) | 15,141,019 | ||||||||||||||||||||
| (20,889,670 | ) | 26,621,566 | (10,623,227 | ) | 4,049,278 | (4,342,849 | ) | 14,233,063 | ||||||||||||||||||||
| (4,841,600 | ) | (1,021,800 | ) | — | (42,250 | ) | (560,463 | ) | (575,568 | ) | ||||||||||||||||||
| 14,985,222 | 24,077,249 | 7,672,886 | 6,344,435 | 15,041,752 | 25,969,597 | |||||||||||||||||||||||
| (29,881,468 | ) | (40,646,130 | ) | (3,932,406 | ) | (11,095,431 | ) | (53,373,990 | ) | (4,152,935 | ) | |||||||||||||||||
| (14,896,246 | ) | (16,568,881 | ) | 3,740,480 | (4,750,996 | ) | (38,332,238 | ) | 21,816,662 | |||||||||||||||||||
| (40,627,516 | ) | 9,030,885 | (6,882,747 | ) | (743,968 | ) | (43,235,550 | ) | 35,474,157 | |||||||||||||||||||
| 94,320,963 | 85,290,078 | 22,613,067 | 23,357,035 | 76,459,428 | 40,985,271 | |||||||||||||||||||||||
| $ | 53,693,447 | $ | 94,320,963 | $ | 15,730,320 | $ | 22,613,067 | $ | 33,223,878 | $ | 76,459,428 | |||||||||||||||||
| 400,000 | 550,000 | 250,000 | 100,000 | 400,000 | 900,000 | |||||||||||||||||||||||
| (650,000 | ) | (900,000 | ) | (150,000 | ) | (250,000 | ) | (1,550,000 | ) | (150,000 | ) | |||||||||||||||||
| (250,000 | ) | (350,000 | ) | 100,000 | (150,000 | ) | (1,150,000 | ) | 750,000 | |||||||||||||||||||
See Notes to Financial Statements
| 63 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| India Small-Cap Index ETF # | Indonesia Index ETF | |||||||||||||||||||
|
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
|||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income (loss) | $ | (77,616 | ) | $ | 113,742 | $ | 876,448 | $ | 1,172,187 | |||||||||||
| Net realized gain (loss) | 4,126,517 | 23,119,902 | (4,134,430 | ) | (2,136,309 | ) | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | (131,817,510 | ) | 112,044,856 | (3,716,594 | ) | 14,380,985 | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations | (127,768,609 | ) | 135,278,500 | (6,974,576 | ) | 13,416,863 | ||||||||||||||
| Distributions to shareholders: (a) | ||||||||||||||||||||
| Dividends and Distributions | (216,823 | ) | (414,748 | ) | (975,800 | ) | (1,150,000 | ) | ||||||||||||
| Return of capital | — | — | — | — | ||||||||||||||||
| Total Dividends and Distributions | (216,823 | ) | (414,748 | ) | (975,800 | ) | (1,150,000 | ) | ||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | 6,506,209 | 123,305,942 | 8,643,814 | — | ||||||||||||||||
| Cost of shares redeemed | (96,327,507 | ) | (36,550,840 | ) | (17,756,773 | ) | (35,643,355 | ) | ||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | (89,821,298 | ) | 86,755,102 | (9,112,959 | ) | (35,643,355 | ) | |||||||||||||
| Total increase (decrease) in net assets | (217,806,730 | ) | 221,618,854 | (17,063,335 | ) | (23,376,492 | ) | |||||||||||||
| Net Assets, beginning of year | 405,245,892 | 183,627,038 | 61,863,901 | 85,240,393 | ||||||||||||||||
| Net Assets, end of year (b) | $ | 187,439,162 | $ | 405,245,892 | $ | 44,800,566 | $ | 61,863,901 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 150,000 | 2,100,000 | 350,000 | — | ||||||||||||||||
| Shares redeemed | (1,650,000 | ) | (650,000 | ) | (800,000 | ) | (1,500,000 | ) | ||||||||||||
| Net increase (decrease) | (1,500,000 | ) | 1,450,000 | (450,000 | ) | (1,500,000 | ) | |||||||||||||
| # | Represents consolidated Statement of Changes in Net Assets. |
| (a) | Current year and prior year presentation of distributions conforms with S-X Disclosure Simplification. See Note 2-D. |
| (b) | S-X Disclosure Simplification eliminated the requirement to disclose undistributed net investment income (loss) in 2018. See Note 2-D. |
See Notes to Financial Statements
| 64 |
|
|
| Israel ETF | Poland ETF | Russia ETF | ||||||||||||||||||||||||||
|
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
|||||||||||||||||||||||
| $ | 401,669 | $ | 424,913 | $ | 205,693 | $ | 296,272 | $ | 70,096,608 | $ | 75,283,178 | |||||||||||||||||
| (5,005,061 | ) | (476,866 | ) | (1,214,050 | ) | 1,188,188 | 66,675,505 | 78,237,276 | ||||||||||||||||||||
| 911,146 | 5,514,296 | (1,830,495 | ) | 5,627,577 | (226,285,860 | ) | (134,034,079 | ) | ||||||||||||||||||||
| (3,692,246 | ) | 5,462,343 | (2,838,852 | ) | 7,112,037 | (89,513,747 | ) | 19,486,375 | ||||||||||||||||||||
| (349,800 | ) | (670,600 | ) | (181,785 | ) | (874,800 | ) | (68,511,950 | ) | (77,787,600 | ) | |||||||||||||||||
| — | — | (13,415 | ) | — | — | — | ||||||||||||||||||||||
| (349,800 | ) | (670,600 | ) | (195,200 | ) | (874,800 | ) | (68,511,950 | ) | (77,787,600 | ) | |||||||||||||||||
| 9,336,069 | 2,926,885 | — | 5,956,748 | 898,492,169 | 540,313,797 | |||||||||||||||||||||||
| (1,529,591 | ) | (1,434,123 | ) | (1,725,708 | ) | (7,862,936 | ) | (1,221,552,842 | ) | (1,280,469,661 | ) | |||||||||||||||||
| 7,806,478 | 1,492,762 | (1,725,708 | ) | (1,906,188 | ) | (323,060,673 | ) | (740,155,864 | ) | |||||||||||||||||||
| 3,764,432 | 6,284,505 | (4,759,760 | ) | 4,331,049 | (481,086,370 | ) | (798,457,089 | ) | ||||||||||||||||||||
| 42,520,560 | 36,236,055 | 17,824,359 | 13,493,310 | 1,806,707,713 | 2,605,164,802 | |||||||||||||||||||||||
| $ | 46,284,992 | $ | 42,520,560 | $ | 13,064,599 | $ | 17,824,359 | $ | 1,325,621,343 | $ | 1,806,707,713 | |||||||||||||||||
| 300,000 | 100,000 | — | 300,000 | 42,350,000 | 25,150,000 | |||||||||||||||||||||||
| (50,000 | ) | (50,000 | ) | (100,000 | ) | (400,000 | ) | (57,250,000 | ) | (63,200,000 | ) | |||||||||||||||||
| 250,000 | 50,000 | (100,000 | ) | (100,000 | ) | (14,900,000 | ) | (38,050,000 | ) | |||||||||||||||||||
See Notes to Financial Statements
| 65 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| Russia Small-Cap ETF | Vietnam ETF | |||||||||||||||||||
|
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
|||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 1,469,550 | $ | 1,916,897 | $ | 3,720,819 | $ | 4,083,851 | ||||||||||||
| Net realized gain (loss) | (2,827,712 | ) | 14,201,154 | (1,687,406 | ) | (3,987,649 | ) | |||||||||||||
| Net change in unrealized appreciation (depreciation) | (12,433,777 | ) | (9,897,882 | ) | (63,106,038 | ) | 92,437,526 | |||||||||||||
| Net increase (decrease) in net assets resulting from operations | (13,791,939 | ) | 6,220,169 | (61,072,625 | ) | 92,533,728 | ||||||||||||||
| Dividends and Distributions to shareholders: (a) | ||||||||||||||||||||
| Dividends and Distributions | (1,440,098 | ) | (2,099,811 | ) | (2,610,800 | ) | (3,499,225 | ) | ||||||||||||
| Return of capital | — | — | — | (33,175 | ) | |||||||||||||||
| Total Dividends and Distributions | (1,440,098 | ) | (2,099,811 | ) | (2,610,800 | ) | (3,532,400 | ) | ||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | 3,757,271 | 16,509,389 | 96,453,951 | 34,995,235 | ||||||||||||||||
| Cost of shares redeemed | (14,160,540 | ) | (51,072,615 | ) | (64,130,429 | ) | (32,516,406 | ) | ||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | (10,403,269 | ) | (34,563,226 | ) | 32,323,522 | 2,478,829 | ||||||||||||||
| Total increase (decrease) in net assets | (25,635,306 | ) | (30,442,868 | ) | (31,359,903 | ) | 91,480,157 | |||||||||||||
| Net Assets, beginning of year | 58,312,368 | 88,755,236 | 349,029,012 | 257,548,855 | ||||||||||||||||
| Net Assets, end of year (b) | $ | 32,677,062 | $ | 58,312,368 | $ | 317,669,109 | $ | 349,029,012 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 100,000 | 400,000 | 5,200,000 | 2,400,000 | ||||||||||||||||
| Shares redeemed | (350,000 | ) | (1,300,000 | ) | (3,800,000 | ) | (2,250,000 | ) | ||||||||||||
| Net increase (decrease) | (250,000 | ) | (900,000 | ) | 1,400,000 | 150,000 | ||||||||||||||
| (a) | Current year and prior year presentation of distributions conforms with S-X Disclosure Simplification. See Note 2-D. |
| (b) | S-X Disclosure Simplification eliminated the requirement to disclose undistributed net investment income (loss) in 2018. See Note 2-D. |
See Notes to Financial Statements
| 66 |
|
|
VANECK VECTORS ETF TRUST
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (d) | Excludes reimbursement from prior year custodial charge of 0.01%. |
See Notes to Financial Statements
| 67 |
|
|
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (d) | Commencement of operations |
| (e) | Not Annualized |
| (f) | Annualized |
| (g) | Excludes reimbursement from prior year custodial charge of 0.02%. |
See Notes to Financial Statements
| 68 |
|
|
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (d) | Represents consolidated Financial Highlights. |
| (e) | Excludes reimbursement from prior year custodial charge of 0.01%. |
See Notes to Financial Statements
| 69 |
|
|
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 70 |
|
|
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (d) | For the year ended December 31, 2017, 0.52% of total return, representing $0.10 net investment income per share, resulted from a positive effect of foreign withholding tax claims, net of the associated IRS compliance fee (See Note 12). |
| (e) | For the year ended December 31, 2018, 0.10% of total return, representing $0.02 net investment income per share, resulted from a positive effect of an accrual adjustment associated with the IRS compliance fee (See Note 12). |
| (f) | Effective May 1, 2016, the Fund excludes depositary receipt fees in excess of 0.10% of average daily net assets (See Note 3). |
See Notes to Financial Statements
| 71 |
|
|
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (d) | Effective May 1, 2016, the Fund excludes depositary receipt fees in excess of 0.08% of average daily net assets (See Note 3). |
| (e) | Amount represents less than $0.005 per share. |
See Notes to Financial Statements
| 72 |
|
|
VANECK VECTORS ETF TRUST
December 31, 2018
Note 1—Fund Organization— VanEck Vectors ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and as of December 31, 2018, offers fifty-eight investment portfolios, each of which represents a separate series of the Trust.
These financial statements relate only to the following investment portfolios: Africa Index ETF, Brazil Small-Cap ETF, ChinaAMC CSI 300 ETF, ChinaAMC SME-ChiNext ETF, Egypt Index ETF, India Small-Cap Index ETF, Indonesia Index ETF, Israel ETF, Poland ETF, Russia ETF, Russia Small-Cap ETF and Vietnam ETF (each a “Fund” and, together, the “Funds”). China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to ChinaAMC CSI 300 ETF and ChinaAMC SME-ChiNext ETF, ChinaAMC CSI 300 ETF and ChinaAMC SME-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. India Small-Cap Index ETF makes its investments through the India Small-Cap Mauritius Fund (the “Subsidiary”), a wholly owned subsidiary organized in the Republic of Mauritius. 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 substantially the same weighting, in an index published by the China Securities Index Co. Ltd., Shenzhen Securities Information Co., Ltd., BlueStar Global Investors LLC or MV Index Solutions GmbH, a wholly owned subsidiary of Van Eck Associates Corporation (the “Adviser”).
The Funds’ respective indices are presented below:
| Fund | Index | ||
| Africa Index ETF | MVIS ® GDP Africa Index* | ||
| Brazil Small-Cap ETF | MVIS ® Brazil Small-Cap Index* | ||
| ChinaAMC CSI 300 ETF | CSI 300 Index | ||
| ChinaAMC SME-ChiNext ETF | SME-ChiNext 100 Index | ||
| Egypt Index ETF | MVIS ® Egypt Index* | ||
| India Small-Cap Index ETF | MVIS ® India Small-Cap Index* | ||
| Indonesia Index ETF | MVIS ® Indonesia Index* | ||
| Israel ETF | BlueStar Israel Global Index ® | ||
| Poland ETF | MVIS ® Poland Index* | ||
| Russia ETF | MVIS ® Russia Index* | ||
| Russia Small-Cap ETF | MVIS ® Russia Small-Cap Index* | ||
| Vietnam ETF | MVIS ® Vietnam Index* |
| * | Published by MV Index Solutions GmbH. |
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 are following accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services—Investment Companies.
The following is a summary of significant accounting policies followed by the Funds.
| 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 or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System 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, |
| 73 |
|
|
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
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. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Funds’ Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and/or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. 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 considered to be Level 1 in the fair value hierarchy. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset is not readily available, or if the Adviser believes it does 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 classified 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 Small-Cap Index ETF (the “SCIF”) in order to effect certain investments on behalf of the SCIF. The SCIF is the sole shareholder of the Subsidiary, and it is intended that the SCIF will remain the sole shareholder and will continue to control the Subsidiary. The consolidated financial statements of the SCIF include the financial results of its wholly owned subsidiary. All material interfund account balances and transactions have been eliminated in consolidation. |
| 74 |
|
|
| 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 taxable income to its shareholders. Therefore, no federal income tax provision is required. |
| D. | Dividends and 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. |
| Effective with the current reporting period, it is no longer required to present the sources of distributions to shareholders. Additionally, undistributed net investment income included in net assets is no longer disclosed separately in the Statement of Changes. The December 31, 2017 sources of distributions and undistributed net investment income loss were as follows: |
| 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 Statement 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) 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. | Repurchase Agreements— The Funds may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Adviser, to generate income from their excess cash balances and to invest securities lending cash collateral. A repurchase agreement is an agreement under which a Fund acquires securities from a seller, subject to resale to the seller at an agreed upon price and date. A Fund, through its custodian/securities lending agent, takes possession of securities collateralizing the repurchase agreement. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Funds will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the |
| 75 |
|
|
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
| Funds maintain their right to sell the underlying securities at market value and may claim any resulting loss against the seller. Repurchase agreements held as of December 31, 2018 are reflected in the Schedules of Investments. | |
| H. | 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 setoff in those agreements allows the Funds to set off any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may pledge or receive cash and/or securities as collateral for derivative instruments, securities lending and repurchase agreements. For financial reporting purposes, the Funds present securities lending and repurchase agreement assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Collateral held at December 31, 2018 is presented in the Schedules of Investments. Refer to related disclosures in Note 2G (Repurchase Agreements) and Note 9 (Securities Lending). |
| I. | Components of Capital— Effective with the current reporting period, Net unrealized appreciation (depreciation), Undistributed net investment income (loss), and Accumulated net realized gain (loss) are aggregated and disclosed as Total distributable earnings (loss) in the Statement of Assets and Liabilities. |
| J. | 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. |
| 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 December 31, 2018, ChinaAMC CSI 300 and ChinaAMC SME-ChiNext included $1,548 and $6,621, respectively, in cash denominated in foreign currency, 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 0.50% of each Fund’s average daily net assets. The Adviser has agreed, until at least May 1, 2019, 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; and for Russia ETF and Russia Small-Cap ETF, depositary receipt fees up to 0.10% and 0.08% of average daily net assets, respectively) from exceeding the expense limitations as listed in the table below. Refer to the Statements of Operations for the amounts waived/assumed by the Advisor for the year ended December 31, 2018.
| Fund |
Expense
Limitations |
|||
| Africa Index ETF | 0.78 | % | ||
| Brazil Small-Cap ETF | 0.59 | |||
| ChinaAMC CSI 300 ETF* | 0.72 | |||
| ChinaAMC SME-ChiNext ETF* | 0.78 | |||
| Egypt Index ETF | 0.94 | |||
| India Small-Cap Index ETF | 0.85 | |||
| Indonesia Index ETF | 0.57 | |||
| Israel ETF | 0.59 | |||
| Poland ETF | 0.60 | |||
| Russia ETF | 0.62 | |||
| Russia Small-Cap ETF | 0.67 | |||
| Vietnam ETF | 0.76 | |||
| * | The Adviser paid sub-advisory fees directly to the Sub-Adviser. |
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.
| 76 |
|
|
Note 4—Investments— For the year ended December 31, 2018, the cost of purchases and proceeds from sales of investments other than U.S. government obligations and short-term obligations (excluding in-kind transactions described in Note 6) were as follows:
| Fund |
Cost of Investments
Purchased |
Proceeds from
Investments Sold |
||||||
| Africa Index ETF | $ | 15,490,086 | $ | 17,578,408 | ||||
| Brazil Small-Cap ETF | 41,410,055 | 47,862,302 | ||||||
| ChinaAMC CSI 300 ETF | 22,186,237 | 41,828,624 | ||||||
| ChinaAMC SME-ChiNext ETF | 10,758,639 | 7,704,686 | ||||||
| Egypt Index ETF | 24,316,683 | 54,686,710 | ||||||
| India Small-Cap Index ETF | 100,963,836 | 188,308,401 | ||||||
| Indonesia Index ETF | 7,748,685 | 7,879,067 | ||||||
| Israel ETF | 10,834,568 | 10,792,454 | ||||||
| Poland ETF | 3,125,559 | 3,097,734 | ||||||
| Russia ETF | 348,253,395 | 342,739,163 | ||||||
| Russia Small-Cap ETF | 23,319,367 | 22,728,203 | ||||||
| Vietnam ETF | 212,532,092 | 183,041,957 | ||||||
Note 5—Income Taxes— As of December 31, 2018, 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 | $ | 54,082,106 | $ | 8,465,129 | $ | (6,055,476 | ) | $ | 2,409,653 | |||||||
| Brazil Small-Cap ETF | 82,829,834 | 17,914,034 | (12,976,193 | ) | 4,937,841 | |||||||||||
| ChinaAMC CSI 300 ETF | 57,376,442 | 8,019,991 | (11,433,116 | ) | (3,413,125 | ) | ||||||||||
| ChinaAMC SME-ChiNext ETF | 18,197,793 | 2,206,472 | (4,664,802 | ) | (2,458,330 | ) | ||||||||||
| Egypt Index ETF | 37,137,764 | 3,993,510 | (7,284,627 | ) | (3,291,117 | ) | ||||||||||
| India Small-Cap Index ETF | 206,810,336 | 30,660,213 | (49,658,810 | ) | (18,998,597 | ) | ||||||||||
| Indonesia Index ETF | 55,622,575 | 5,419,813 | (16,094,549 | ) | (10,674,736 | ) | ||||||||||
| Israel ETF | 47,438,709 | 7,375,331 | (7,280,434 | ) | 94,897 | |||||||||||
| Poland ETF | 15,561,533 | 1,432,468 | (3,233,308 | ) | (1,800,840 | ) | ||||||||||
| Russia ETF | 1,658,640,320 | 66,297,228 | (396,965,767 | ) | (330,668,539 | ) | ||||||||||
| Russia Small-Cap ETF | 46,151,985 | 1,544,544 | (14,445,804 | ) | (12,901,260 | ) | ||||||||||
| Vietnam ETF | 326,607,551 | 62,503,290 | (67,497,618 | ) | (4,994,328 | ) | ||||||||||
At December 31, 2018, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:
| Fund |
Undistributed
Ordinary Income |
Accumulated
Capital Losses |
Qualified
Late-Year Losses* |
Other
Temporary Differences |
Unrealized
Appreciation (Depreciation) |
Total
Distributable Earnings (loss) |
||||||||||||||||||
| Africa Index ETF | $ | 36,430 | $ | (56,499,118 | ) | $ | — | $ | (9,157 | ) | $ | 2,409,150 | $ | (54,062,695 | ) | |||||||||
| Brazil Small-Cap ETF | 56,771 | (164,365,875 | ) | — | (31,994 | ) | 4,956,644 | (159,384,454 | ) | |||||||||||||||
| ChinaAMC CSI 300 ETF | 4,145 | — | (2,282,487 | ) | (3,499 | ) | (3,404,064 | ) | (5,685,905 | ) | ||||||||||||||
| ChinaAMC SME-ChiNext ETF | — | (10,743,375 | ) | (479 | ) | (9,612 | ) | (2,458,466 | ) | (13,211,932 | ) | |||||||||||||
| Egypt Index ETF | — | (26,826,046 | ) | (29,468 | ) | (4,067 | ) | (3,291,070 | ) | (30,150,651 | ) | |||||||||||||
| India Small-Cap Index ETF | — | (10,693,460 | ) | — | (89,418 | ) | (18,995,713 | ) | (29,778,591 | ) | ||||||||||||||
| Indonesia Index ETF | 76,087 | (100,874,343 | ) | — | (26,101 | ) | (10,674,501 | ) | (111,498,858 | ) | ||||||||||||||
| Israel ETF | 2,976 | (9,000,704 | ) | — | (2,084 | ) | 98,477 | (8,901,335 | ) | |||||||||||||||
| Poland ETF | — | (19,349,112 | ) | (1,151 | ) | (303,125 | ) | (1,800,946 | ) | (21,454,334 | ) | |||||||||||||
| Russia ETF | 1,666,035 | (1,391,482,854 | ) | — | (138,291 | ) | (330,653,865 | ) | (1,720,608,975 | ) | ||||||||||||||
| Russia Small-Cap ETF | — | (7,886,901 | ) | (2,363 | ) | (2,074 | ) | (12,902,966 | ) | (20,794,304 | ) | |||||||||||||
| Vietnam ETF | 22,326 | (249,644,600 | ) | — | (33,089 | ) | (4,969,037 | ) | (254,624,400 | ) | ||||||||||||||
| * | Qualified late year losses incurred after October 31, 2018 are deemed to arise on January 1, 2019. |
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VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
The tax character of dividends paid to shareholders were as follows:
| 2018 Dividends | 2017 Dividends | |||||||||||||||||||
| Fund |
Ordinary
Income |
Return of
Capital |
Long-Term
Capital Gains |
Ordinary
Income** |
Return of
Capital |
|||||||||||||||
| Africa Index ETF | 924,000 | — | — | 1,580,800 | — | |||||||||||||||
| Brazil Small-Cap ETF | 2,547,600 | — | — | 5,049,250 | — | |||||||||||||||
| ChinaAMC CSI 300 ETF | 525,300 | — | 4,316,300 | 1,021,800 | — | |||||||||||||||
| ChinaAMC SME-ChiNext ETF | — | — | — | 42,250 | — | |||||||||||||||
| Egypt Index ETF | 560,463 | — | — | 575,568 | — | |||||||||||||||
| India Small-Cap Index ETF | 216,823 | — | — | 414,748 | — | |||||||||||||||
| Indonesia Index ETF | 975,800 | — | — | 1,150,000 | — | |||||||||||||||
| Israel ETF | 349,800 | — | — | 670,600 | — | |||||||||||||||
| Poland ETF | 181,785 | 13,414 | — | 874,800 | — | |||||||||||||||
| Russia ETF | 68,511,950 | — | — | 77,787,600 | — | |||||||||||||||
| Russia Small-Cap ETF | 1,440,098 | — | — | 2,099,811 | — | |||||||||||||||
| Vietnam ETF | 2,610,800 | — | — | 3,499,225 | 33,175 | |||||||||||||||
| ** | Includes short-term capital gains (if any) |
At December 31, 2018, the Funds had capital loss carryforwards available to offset future capital gains, as follow:
| Fund |
Short-Term
Capital Losses with No Expiration |
Long-Term
Capital Losses with No Expiration |
Total | |||||||||
| Africa Index ETF | (8,382,998 | ) | (48,116,120 | ) | (56,499,118 | ) | ||||||
| Brazil Small-Cap ETF | (22,839,034 | ) | (141,526,841 | ) | (164,365,875 | ) | ||||||
| ChinaAMC CSI 300 ETF | — | — | — | |||||||||
| ChinaAMC SME-ChiNext ETF | (7,662,937 | ) | (3,080,438 | ) | (10,743,375 | ) | ||||||
| Egypt Index ETF | (10,710,517 | ) | (16,115,529 | ) | (26,826,046 | ) | ||||||
| India Small-Cap Index ETF | (10,693,460 | ) | — | (10,693,460 | ) | |||||||
| Indonesia Index ETF | (37,168,759 | ) | (63,705,584 | ) | (100,874,343 | ) | ||||||
| Israel ETF | (1,104,339 | ) | (7,896,365 | ) | (9,000,704 | ) | ||||||
| Poland ETF | (2,852,505 | ) | (16,496,607 | ) | (19,349,112 | ) | ||||||
| Russia ETF | (223,522,045 | ) | (1,167,960,809 | ) | (1,391,482,854 | ) | ||||||
| Russia Small-Cap ETF | (3,569,743 | ) | (4,317,158 | ) | (7,886,901 | ) | ||||||
| Vietnam ETF | (66,259,395 | ) | (183,385,205 | ) | (249,644,600 | ) | ||||||
During the year ended December 31, 2018, $1,095,985, $128,400, $2,845,870, $171,326, $121,306,708, and $1,860,199 of Africa Index ETF, Egypt Index ETF, Indonesia Index ETF, Poland ETF, Russia ETF and Vietnam ETF’s capital loss carryovers respectively, available from prior years expired unutilized.
Additionally, Brazil Small-Cap ETF, ChinaAMC CSI 300 ETF, Egypt Index ETF and India Small-Cap ETF utilized $2,025,608, $1,450,786, $4,711,063 and $289,510 of their capital loss carryovers respectively, available from prior years.
During the year ended December 31, 2018, as a result of permanent book to tax differences, primarily due to the expiration of capital loss carryforwards, deemed distributions attributable to the redemption of shares, tax net operating losses and the tax treatment of gains/losses from securities redeemed in-kind, the Funds incurred differences that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.
| 78 |
|
|
| Fund |
Increase (Decrease)
in Distributable Earnings |
Increase (Decrease)
in Aggregate Paid in Capital |
||||||
| Africa Index ETF | (344,646 | ) | 344,646 | |||||
| Brazil Small-Cap ETF | (383,984 | ) | 383,984 | |||||
| ChinaAMC CSI 300 ETF | (1,186,997 | ) | 1,186,997 | |||||
| ChinaAMC SME-ChiNext ETF | 76,074 | (76,074 | ) | |||||
| Egypt Index ETF | (895,062 | ) | 895,062 | |||||
| India Small-Cap Index ETF | (182,563 | ) | 182,563 | |||||
| Indonesia Index ETF | 3,676,960 | (3,676,960 | ) | |||||
| Israel ETF | (384,109 | ) | 384,109 | |||||
| Poland ETF | 44,483 | (44,483 | ) | |||||
| Russia ETF | (68,001,796 | ) | 68,001,796 | |||||
| Russia Small-Cap ETF | (2,078,811 | ) | 2,078,811 | |||||
| Vietnam ETF | 827,050 | (827,050 | ) | |||||
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2018, 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 ChinaAMC CSI 300 ETF and ChinaAMC SME-ChiNext ETF (the “Funds”). China generally imposes withholding income tax (“WHT”) at a rate of 10% on dividends and interest (excluding government bond interest) 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. However, on November 7, 2018, the PRC Ministry of Finance (MOF) and PRC State Administration of Taxation (SAT) jointly issued Caishui [2018] 108 (Circular 108) to clarify the temporary three-year tax exemption on bond interest derived by foreign institutional investors (FIIs). Pursuant to Circular 108, FIIs are temporarily exempt from withholding income tax and value added tax with respect to bond interest income derived in the domestic bond market (via QFII, RQFII, CIBM and Hong Kong Bond Connect) from November 7, 2018 to November 6, 2021. China also 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: The Subsidiary of India Small-Cap Index ETF (the “Fund”) holds a tax residency certificate issued by the Mauritian Revenue authorities which entitles it to claim the benefits of the double taxation avoidance agreement entered between the Government of India and Mauritius (the “tax treaty”). Since the Fund makes its investments through the Subsidiary, this structure permits the Fund to benefit from the tax treaty. The taxable profits derived from the worldwide income of the Subsidiary is subject to income tax at the rate of 15% in the Republic of Mauritius. As with all Mauritian tax residents, the Subsidiary is entitled to a foreign tax credit (“FTC”) on its foreign sourced income. The FTC is based on the lower of the Mauritian tax or the foreign tax incurred. Where documentary evidence is not available to substantiate the foreign taxes suffered, the FTC can be presumed to be 80% of the Mauritius tax on its foreign source income. The presumed FTC effectively reduces the Mauritian income tax rate on the foreign sourced income of the Subsidiary to a maximum of 3%.
| 79 |
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|
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
In 2012, the Indian Finance Minister introduced a general anti-avoidance rule (“GAAR”), which became effective from April 1, 2017 and affects the Subsidiary. On May 10, 2016, the Governments of India and Mauritius signed the Protocol for amending the tax treaty between India and Mauritius which clarified the applicability of GAAR to a Mauritius subsidiary deemed a tax resident of Mauritius. As per the Protocol, India commenced taxation on short-term capital gains at a rate of 15% (plus applicable surcharge and education cess) 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.
Additionally, the Finance Bill (2018) provided that long-term capital gains from listed equity shares sold after April 1, 2018 which were previously exempt from capital gains tax are now subject to a tax of 10% (plus applicable surcharge and education cess). Taxpayers received a cost step-up to the fair market value of shares held on January 31, 2018 provided the shares had unrealized gains as of that date. The Fund’s existing Indian capital loss carryforward of $(17,279,396) may be utilized to offset capital gains realized. These changes may reduce the return to the Fund on its investments made after April 1, 2017 and the return received by Fund shareholders.
Note 6—Capital Share Transactions— As of December 31, 2018, 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”), consisting of 50,000 shares or multiples thereof.
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 a requirement to maintain on deposit at the Custodian for the benefit of the Funds, collateral consisting of cash in the form of U.S. dollars at least equal to 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 Bank of New York Mellon. In addition, the Funds may impose certain variable fees for creations and redemptions with respect to transactions in Creation Units for cash, or on transactions effected outside the clearing process, which are treated as increases in capital. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
For the year ended December 31, 2018, the Funds had in-kind contributions and redemptions as follows:
| Fund | In-Kind Contributions | In-Kind Redemptions | ||||||
| Africa Index ETF | $ | — | $ | 4,518,120 | ||||
| Brazil Small-Cap ETF | 609,047 | 1,180,731 | ||||||
| ChinaAMC CSI 300 ETF | — | — | ||||||
| ChinaAMC SME-ChiNext ETF | — | — | ||||||
| Egypt Index ETF | 2,979,101 | 10,357,294 | ||||||
| India Small-Cap Index ETF | 197,356 | 2,762,690 | ||||||
| Indonesia Index ETF | 8,635,407 | 17,756,389 | ||||||
| Israel ETF | 9,334,127 | 1,528,577 | ||||||
| Poland ETF | — | 1,723,516 | ||||||
| Russia ETF | 897,957,015 | 1,220,923,891 | ||||||
| Russia Small-Cap ETF | 3,757,222 | 14,158,236 | ||||||
| Vietnam ETF | 11,512,221 | 7,726,433 | ||||||
The table represents the accumulation of each Fund’s daily net in-kind shareholder transactions including rebalancing activity, while the Statements of Changes in Net Assets reflect shareholder transactions including any cash component of the transactions.
Note 7—Principal Risks— The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index, as indicated in the name
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of each Fund. The Adviser uses a “passive” or index approach to achieve each Fund’s investment objective by investing in a portfolio of securities that generally replicates the Funds’ index. Each of the Funds (except Africa Index ETF, Brazil Small-Cap ETF, ChinaAMC CSI 300 ETF, ChinaAMC SME-ChiNext ETF and India Small-Cap Index ETF) is classified as a non-diversified fund under the 1940 Act. Non-diversified funds generally hold securities of fewer issuers than diversified funds 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 political and economic developments and local/regional conflicts. These risks are heightened for investments in emerging market countries. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of comparable U.S. issuers. In addition, for Africa Index ETF and Egypt Index ETF there may be limitations or delays in the convertibility or repatriation of certain African currencies, which would adversely affect the U.S. dollar value and/or liquidity of the Fund’s investments denominated in such African currencies, may impair the Fund’s ability to achieve its investment objective and/or may impede the Fund’s ability to satisfy redemption requests in timely manner.
As a result of certain events, the United States and the European Union (“EU”) have imposed sanctions on certain Russian individuals and companies. These sanctions do not currently impact the Funds. Additional economic sanctions may be imposed or other actions may be taken that may adversely affect the value and liquidity of the Russian-related issuers’ held by the Funds.
Should the Chinese government impose restrictions on the ability of ChinaAMC CSI 300 ETF and ChinaAMC SME-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.
A more complete description of risks is included in each Fund’s prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan— The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
The expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.
Note 9—Securities Lending— To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with The Bank of New York Mellon, the securities lending agent and also the Funds’ custodian. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, U.S. government or U.S. government agency securities, shares of an investment trust or mutual fund, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value plus accrued interest on the 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. The Funds may pay reasonable finders’, administrative and custodial fees in connection with a loan of its securities. Securities lending income is disclosed as such in the Statements of Operations. The collateral for securities loaned is recognized in the Schedules of Investments and the Statements of Assets and Liabilities. The cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in repurchase agreements collateralized by obligations of the U.S. Treasury and/or Government Agencies. 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 lender 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 collateral outstanding at December 31, 2018 are presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities.
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|
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
The following table presents repurchase agreements held as collateral by type of security on loan as of December 31, 2018:
|
Gross Amount of Recognized
Liabilities for Securities Loaned in the Statements of Assets and Liabilities* |
||||
| Fund | Equity Securities | |||
| Africa Index ETF | $ | 1,630,099 | ||
| Brazil Small-Cap ETF | 886,904 | |||
| Israel ETF | 1,241,433 | |||
| Poland ETF | 353,277 | |||
| Vietnam ETF | 107,813 | |||
| * | Remaining contractual maturity of the agreements: overnight and continuous |
Note 10—Bank Line of Credit— The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds at rates based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2018, the following Funds borrowed under this Facility:
| Fund |
Days
Outstanding |
Average Daily
Loan Balance |
Average
Interest Rate |
Outstanding Loan
Balance as of December 31, 2018 |
||||||||||||
| Africa Index ETF | 73 | $ | 362,414 | 3.22 | % | $ | — | |||||||||
| Brazil Small-Cap ETF | 298 | 460,464 | 3.18 | 209,015 | ||||||||||||
| China AMC CSI 300 ETF | 357 | 2,364,867 | 3.23 | 2,251,725 | ||||||||||||
| ChinaAMC SME-ChiNext ETF | 314 | 341,955 | 3.19 | — | ||||||||||||
| Egypt Index ETF | 256 | 1,053,923 | 3.35 | 253,340 | ||||||||||||
| India Small-Cap Index ETF | 215 | 3,169,299 | 3.34 | — | ||||||||||||
| Indonesia Index ETF | 41 | 326,989 | 3.11 | — | ||||||||||||
| Israel ETF | 234 | 239,579 | 3.38 | 391,896 | ||||||||||||
| Russia ETF | 176 | 8,294,213 | 3.32 | 4,114,660 | ||||||||||||
| Russia Small-Cap ETF | 162 | 301,301 | 3.27 | 568,449 | ||||||||||||
| Vietnam ETF | 322 | 5,335,102 | 3.27 | 3,984,818 | ||||||||||||
Note 11—Custodian Fees— The Funds have entered into an expense offset agreement with the custodian wherein they receive a credit toward the reduction of custodian fees whenever there are uninvested cash balances. The Funds could have invested their cash balances elsewhere if they had not agreed to a reduction in fees under the expense offset agreement with the custodian. For the year ended December 31, 2018, there were offsets to custodian fees and these amounts are reflected in custody expense in the Statements of Operations.
Note 12—Foreign Withholding Tax Claims— In 2015, the VanEck Vectors Poland ETF (the “Fund”) filed claims to recover taxes withheld by Poland on dividend income received during calendar years 2010 through 2014 on the basis that Poland had violated certain provisions in the Treaty on the Functioning of the European Union. In October 2016 through June 2017, the Fund received favorable rulings from various local Polish tax offices. The Fund later received cash refunds of $153,952 and $413,347 during calendar years 2016 and 2017 and recorded them as an offset to foreign withholding tax expense. The Fund continues to accrue Polish foreign withholding taxes due to the need to file further claims in order to potentially recover any additional amounts. Professional fees associated with the filing of claims in Poland that resulted in the recovery of these taxes were approved by the Board of Trustees as appropriate expenses of the Fund.
For calendar years 2010 through 2014, the Fund elected to pass through the Polish withholding taxes as foreign tax credits to its shareholders. The Fund’s shareholders benefitted from the tax savings generated from foreign tax credits claimed on their tax returns in prior years. Accordingly, the Fund is obligated to return a portion of the Polish refund received to the Internal Revenue Service (“IRS”) to compensate for prior years’ U.S. income tax liabilities attributable to the foreign taxes refunded. The IRS has stated that they are willing to enter into closing agreements with funds in order to satisfy these obligations. A closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf
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of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by the Fund’s shareholders on their tax returns in prior years. The Fund is in the process of filing a closing agreement with the IRS. The Fund decreased its estimated liability by $13,000 in 2018 and has a remaining accrued liability of $300,445 for the estimated IRS compliance fee and associated expenses. The actual IRS compliance fee and expenses may differ from the estimate and that difference may be material.
Note 13—Recent Accounting Pronouncements— The Funds early adopted certain provisions of Accounting Standards Update No. 2018-13 Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) that eliminate and modify certain disclosure requirements for fair value measurements. The adoption of certain provisions of the ASU 2018-13 had no material effect on financial statements and related disclosures. Management is currently evaluating the potential impact of additional requirements, not yet adopted, of the ASU 2018-13 to financial statements. Public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years.
On August 17, 2018, the SEC adopted amendments to Regulation S-X. These changes are effective for periods after November 5, 2018. The updates to Registered Investment Companies were mainly focused on simplifying the presentation of distributable earnings by eliminating the need to present the components of distributable earnings on a book basis in the Statement of Assets & Liabilities. The update also impacted the presentation of undistributed net investment income and distributions to shareholders in the Statement of Changes in Net Assets. The amounts presented in the current Statement of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately.
Note 14—Subsequent Event Review— The Funds have evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.
Effective January 10, 2019, the expense limitation for ChinaAMC CSI 300 ETF was reduced from 0.72% to 0.60%. Effective January 10, 2019, the expense limitation for ChinaAMC SME-ChiNext ETF was reduced from 0.78% to 0.65%.
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VANECK VECTORS ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Trustees of VanEck Vectors ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities (consolidated as it relates to VanEck Vectors India Small-Cap Index ETF) of VanEck Vectors Africa Index ETF, VanEck Vectors Brazil Small-Cap ETF, VanEck Vectors ChinaAMC CSI 300 ETF, VanEck Vectors ChinaAMC SME-ChiNext ETF, VanEck Vectors Egypt Index ETF, VanEck Vectors India Small-Cap Index ETF, VanEck Vectors Indonesia Index ETF, VanEck Vectors Israel ETF, VanEck Vectors Poland ETF, VanEck Vectors Russia ETF, VanEck Vectors Russia Small-Cap ETF, and VanEck Vectors Vietnam ETF (collectively referred to as the “Funds”) (twelve of the funds constituting VanEck Vectors ETF Trust (the “Trust”)), including the schedules of investments (consolidated as it relates to VanEck Vectors India Small-Cap Index ETF), as of December 31, 2018, and the related statements of operations (consolidated as it relates to VanEck Vectors India Small-Cap Index ETF), changes in net assets (consolidated as it relates to VanEck Vectors India Small-Cap Index ETF), and the financial highlights (consolidated as it relates to VanEck Vectors India Small-Cap Index ETF) for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position (consolidated as it relates to VanEck Vectors India Small-Cap Index ETF) of each of the Funds (twelve of the funds constituting VanEck Vectors ETF Trust) at December 31, 2018, and the results of their operations (consolidated as it relates to VanEck Vectors India Small-Cap Index ETF), changes in net assets (consolidated as it relates to VanEck Vectors India Small-Cap Index ETF) and financial highlights (consolidated as it relates to VanEck Vectors India Small-Cap Index ETF) for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
|
Individual fund constituting
the VanEck Vectors ETF Trust |
Statement
of operations |
Statements of
changes in net assets |
Financial highlights | |||
|
VanEck
Vectors
Africa Index ETF |
For the year ended
December 31, 2018 |
For each of the two years in the period ended December 31, 2018 | For each of the five years in the period ended December 31, 2018 | |||
|
VanEck Vectors Brazil
Small-Cap ETF |
||||||
|
VanEck Vectors
ChinaAMC CSI 300 ETF |
||||||
|
VanEck Vectors
ChinaAMC SME-ChiNext ETF |
For the year ended
December 31, 2018 |
For each of the two years in the period ended December 31, 2018 | For each of the four years in the period ended December 31, 2018 and the period from July 23, 2014 (commencement of operations) through December 31, 2014 | |||
|
VanEck Vectors
Egypt Index ETF |
For the year ended
December 31, 2018 |
For each of the two years in the period ended December 31, 2018 | For each of the five years in the period ended December 31, 2018 | |||
|
VanEck Vectors India
Small-Cap Index ETF |
||||||
|
VanEck Vectors
Indonesia Index ETF |
||||||
|
VanEck Vectors
Israel ETF |
||||||
|
VanEck Vectors
Poland ETF |
||||||
|
VanEck Vectors
Russia ETF |
||||||
|
VanEck Vectors
Russia Small-Cap ETF |
||||||
|
VanEck Vectors
Vietnam ETF |
| 84 |
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|
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more of the VanEck investment companies since 1999.
New York, NY
February 25, 2019
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VANECK VECTORS ETF TRUST
(unaudited)
The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2018:
|
Africa
Index ETF |
Brazil Small-Cap ETF |
ChinaAMC
CSI 300 ETF |
Egypt
Index ETF |
India
Small-Cap Index ETF |
||||||||||||||||||||
| Record Date | 12/21/2018 | 12/21/2018 | 12/28/2018 | 12/21/2018 | 12/21/2018 | 12/21/2018 | ||||||||||||||||||
| Ex Date | 12/20/2018 | 12/20/2018 | 12/27/2018 | 12/20/2018 | 12/20/2018 | 12/20/2018 | ||||||||||||||||||
| Payable Date | 12/27/2018 | 12/27/2018 | 01/03/2019 | 12/27/2018 | 12/27/2018 | 12/27/2018 | ||||||||||||||||||
| Total Distribution Paid Per Share | $ | 0.336000 | $ | 0.511000 | $ | 0.068000 | $ | 0.309000 | $ | 0.477000 | $ | 0.049000 | ||||||||||||
| Ordinary Income Per Share | $ | 0.336000 | $ | 0.511000 | $ | 0.068000 | $ | 0.309000 | $ | 0.477000 | $ | 0.049000 | ||||||||||||
| Long-Term Capital Gain Per Share | $ | — | $ | — | $ | — | $ | 2.539000 | $ | — | $ | — | ||||||||||||
| Ordinary Income: | ||||||||||||||||||||||||
| Qualified Dividend Income for Individuals | 85.36 | %* | 2.86 | %* | 3.09 | %* | 100.00 | %* | 100.00 | %* | 100.00 | %* | ||||||||||||
| Dividends Qualifying for the Dividends Received Deduction for Corporations | — | — | — | — | — | — | ||||||||||||||||||
| Foreign Source Income | 100.00 | %* | 93.27 | %* | 100.00 | %* | 100.00 | %* | 100.00 | %* | 65.27 | %* | ||||||||||||
| Foreign Taxes Paid Per Share | 0.078783 | ** | 0.069199 | ** | 0.009208 | ** | 0.075498 | ** | 0.134154 | ** | — | |||||||||||||
|
Indonesia
Index ETF |
Israel
ETF |
Poland
ETF |
Russia
ETF |
Russia
Small-Cap ETF |
Vietnam
ETF |
|||||||||||||||||||
| Record Date | 12/21/2018 | 12/21/2018 | 12/21/2018 | 12/21/2018 | 12/21/2018 | 12/21/2018 | ||||||||||||||||||
| Ex Date | 12/20/2018 | 12/20/2018 | 12/20/2018 | 12/20/2018 | 12/20/2018 | 12/20/2018 | ||||||||||||||||||
| Payable Date | 12/27/2018 | 12/27/2018 | 12/27/2018 | 12/27/2018 | 12/27/2018 | 12/27/2018 | ||||||||||||||||||
| Total Distribution Paid Per Share | $ | 0.476000 | $ | 0.212000 | $ | 0.244000 | $ | 0.967000 | $ | 1.217000 | $ | 0.122000 | ||||||||||||
| Ordinary Income Per Share | $ | 0.476000 | $ | 0.212000 | $ | 0.227231 | $ | 0.967000 | $ | 1.217000 | $ | 0.122000 | ||||||||||||
| Return of Capital Per Share | $ | — | $ | — | $ | 0.016769 | (a) | $ | — | $ | — | $ | — | |||||||||||
| Ordinary Income: | ||||||||||||||||||||||||
| Qualified Dividend Income for Individuals | 100.00 | %* | 100.00 | %* | 93.59 | %* | 53.93 | %* | 44.80 | %* | 53.52 | %* | ||||||||||||
| Dividends Qualifying for the Dividends Received Deduction for Corporations | — | 4.45 | %* | — | — | — | — | |||||||||||||||||
| Foreign Source Income | 100.00 | %* | 100.00 | %* | 93.92 | %* | 100.00 | %* | 100.00 | %* | 100.00 | %* | ||||||||||||
| Foreign Taxes Paid Per Share | 0.118036 | ** | 0.088362 | ** | — | 0.183020 | ** | 0.157094 | ** | 0.009441 | ** | |||||||||||||
| * | Expressed as a percentage of the ordinary income distribution grossed up for foreign taxes. |
| ** | The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. |
| (a) | A return of capital is not considered taxable income to shareholders. The portion of a distribution which is a dividend is includable in gross income while the portion of the distribution which is not a dividend shall be applied against and reduces the adjusted basis of the stock. Accordingly, shareholders who received these distributions should not include these amounts in taxable income, but instead should treat them as a reduction of the cost basis of the applicable shares upon which these distributions were paid. |
| Additionally, ChinaAMC CSI 300 ETF hereby designates $1,187,033 of long-term capital gains in addition to the capital gain distribution paid to shareholders on 12/27/2018. |
| 86 |
|
|
BOARD OF TRUSTEES AND OFFICERS
December 31, 2018 (unaudited)
| 1 | The address for each Trustee is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
| 3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
| 4 | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
| 5 | “Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of the Adviser. |
| * | Member of the Audit Committee. |
| † | Member of the Nominating and Corporate Governance Committee. |
| 87 |
|
|
VANECK VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
December 31, 2018 (unaudited) (continued)
|
Officer’s Name,
Address 1 and Year of Birth |
Position(s)
Held with the Trust |
Term of Office
2
and Length of Time Served |
Principal Occupation(s) During The Past Five Years | |||
|
Matthew A. Babinsky,
1983 |
Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of the Adviser, VESC and VEARA (since 2016); Associate, Clifford Chance US LLP (October 2011 to April 2016); Officer of other investment companies advised by the Adviser. | |||
|
Russell G. Brennan,
1964 |
Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of the Adviser (since 2008); Manager (Portfolio Administration) of the Adviser, September 2005 to October 2008; Officer of other investment companies advised by the Adviser. | |||
|
Charles T. Cameron,
1960 |
Vice President | Since 2006 | Director of Trading (since 1995) and Portfolio Manager (since 1997) for the Adviser; Officer of other investment companies advised by the Adviser. | |||
|
John J. Crimmins,
1957 |
Vice President, Treasurer, Chief Financial Officer and Principal Accounting | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of Portfolio Administration of the Adviser, June 2009 to present; Officer of other investment companies advised by the Adviser. | |||
|
Eduardo Escario,
1975 |
Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of the Adviser (since July 2008); Regional Director (Spain, Portugal, South America and Africa) of Dow Jones Indexes and STOXX Ltd. (May 2001 to July 2008). | |||
|
Henry Glynn,
1983 |
Assistant Vice President | Since February 2018 | Head of ETF Capital Markets Europe of Van Eck Switzerland AG (since 2017); member of the Capital Markets team at Vanguard Group (September 2013 to October 2016). | |||
|
F. Michael Gozzillo,
1965 |
Chief Compliance Officer | Since January 2018 | Vice President and Chief Compliance Officer of the Adviser and VEARA (since January 2018); Chief Compliance Officer of VESC (since October 2018); Chief Compliance Officer, City National Rochdale, LLC and City National Rochdale Funds (December 2012 to January 2018); Officer of other investment companies advised by the Adviser. | |||
|
Nicholas Jackson,
1974 |
Assistant Vice President | Since February 2018 | Vice President, Business Development of VanEck Australia Pty Ltd. (since August 2013); Business Development Manager NSW, Leveraged Equities Limited (October 2006 to July 2013). | |||
|
Susan C. Lashley,
1955 |
Vice President | Since 2006 | Vice President of the Adviser and VESC; Officer of other investment companies advised by the Adviser. | |||
|
Laura I. Martínez,
1980 |
Vice President and Assistant Secretary | Vice President (Since 2016) and Assistant Secretary Since 2008) | Vice President (since 2016), Associate General Counsel and Assistant Secretary (since 2008) and Assistant Vice President (2008 to 2016) of the Adviser, VESC and VEARA; Officer of other investment companies advised by the Adviser. | |||
|
Matthew McKinnon,
1970 |
Assistant Vice President | Since February 2018 | Head of Business Development of Asia Pacific of VanEck Australia Pty Ltd. (since February 2018) and Director, Intermediaries and Institutions (July 2013 to February 2018) of VanEck Australia Pty Ltd.; General Manager, Retail Sales, Equities at Perpetual Limited (December 2006 to May 2012). | |||
|
Arian Neiron,
1979 |
Vice President | Since February 2018 | Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd. (since September 2012). | |||
|
James Parker,
1969 |
Assistant Treasurer | Since June 2014 | Assistant Vice President (since May 2017) and Manager - Portfolio Administration (June 2010 - May 2017) of the Adviser. | |||
|
Adam Phillips,
1970 |
Vice President | Since February 2018 | VanEck Vectors ETFs’ Chief Operating Officer of the Adviser (since 2012). | |||
|
Philipp Schlegel,
1974 |
Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG (since 2010). | |||
|
Jonathan R. Simon,
1974 |
Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016) and Secretary and Chief Legal Officer (Since 2014) | Senior Vice President (since 2016), General Counsel and Secretary (since 2014) and Vice President (2006 to 2016) of the Adviser, VESC and VEARA; Officer of other investment companies advised by the Adviser. |
| 1 | The address for each Officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Officers are elected yearly by the Trustees. |
| 88 |
|
|
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck Vectors ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Qs are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
| Investment Adviser: | Van Eck Associates Corporation | |
| Distributor: | Van Eck Securities Corporation | |
| 666 Third Avenue, New York, NY 10017 | ||
| vaneck.com | ||
| Account Assistance: | 800.826.2333 | INTLAR |
|
|
|
ANNUAL
REPORT
December 31, 2018 |
VANECK VECTORS ®
| Agribusiness ETF | MOO ® |
| Coal ETF | KOL ® |
| Global Alternative Energy ETF | GEX ® |
| Gold Miners ETF | GDX ® |
| Junior Gold Miners ETF | GDXJ ® |
| Natural Resources ETF | HAP ® |
| Oil Refiners ETF | CRAK ® |
| Oil Services ETF | OIH ® |
| Rare Earth/Strategic Metals ETF | REMX ® |
| Steel ETF | SLX ® |
| Unconventional Oil & Gas ETF | FRAK ® |
| Uranium+Nuclear Energy ETF | NLR ® |
| 800.826.2333 | vaneck.com |
|
|
Certain information contained in this management discussion represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. The information contained herein regarding each index has been provided by the relevant index provider. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of December 31, 2018.
|
|
VANECK VECTORS ETFs
December 31, 2018 (unaudited)
We are pleased to present this annual report, which affords us the opportunity to provide both a brief review of the economic backdrop for the last 12 months and our outlook for 2019.
Review of 2018
As we wrote in our Market Insights research, which can be found at www.vaneck.com/blogs/market-insights/, we began 2018 by noting that global growth had gone from “ticking up” to “firmly in place” and that, while central banks were tightening, Europe remained “two years” behind the U.S. in this trend and had a trickier task. Further, our base case was for 10-year interest rates to rise to 3.5% with the curve not inverting. In its third longest bull market ever, we remained bullish on U.S. equities in the short-term, but were prepared for a correction. Finally, we believed that investors should not be underweight commodities as global growth was supporting the bullish “grind” trade narrative from supply cutbacks.
The big shock to this growth story came with concerns about European and Chinese growth in the summer of 2018. These, together with both unstable politics and weaker bank balance sheets, became obstacles to monetary policy normalization. This resulted in U.S. dollar strength and emerging markets equity weakness. In addition, rather than continuing to “grind” higher, commodities were hit by China worries and other factors and had a disappointing year.
2019 Outlook
Looking forward, three of our macro views for 2019 are that: 1) developed markets central banks are tightening, we believe that Europe continues to be “two years” behind the U.S. in this trend. It will remain a slow process and may well be slower than the U.S.; 2) the pace of U.S. Federal Reserve interest rate hikes slows, with a possible pause to hikes in the next 12 months; and, 3) China’s central bank is stimulating and harder-to-stimulate lending to private companies and financial reform continues. However, the government-the central bank supported by fiscal and other steps-wins in stimulating.
Our market views for the year include: 1) the withdrawal of liquidity will extend to credit and equities, which may result in a bumpier ride for many asset classes; 2) gold should benefit if rate hikes stop; commodities should benefit if China resurgence offsets developed world slowdown; and, 3) emerging markets should benefit on a relative basis if China stimulus works.
To keep you informed on an ongoing basis, we encourage you to stay in touch with us through the videos, email subscriptions, and research blogs available on our website, www.vaneck.com. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find performance discussions and financial statements for each of the funds for the twelve month period ended December 31, 2018. 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
Trustee and President
VanEck Vectors ETF Trust
January 11, 2019
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Funds carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
| 1 |
|
|
VANECK VECTORS ETFs
(continued)
Management Discussion (unaudited)
Agribusiness
During 2018, agribusiness stocks essentially moved sideways, without any major ups or downs, until early-December. Thereafter they declined precipitously, before a brief recovery in the final week of the year. The Fund finished the year returning -5.76% for the 12 month period. The primary drivers of negative performance were companies in the industrial sector and, in particular, those in the machinery segment. While companies in the healthcare and consumer discretionary sectors contributed positively to returns, their contribution was not sufficient to outweigh the negative performances of not only the industrial sector, but also the materials and consumer staples sectors. The greatest negative returns came from companies in Japan and the United Kingdom, while the greatest positive returns came from those in Norway and Singapore.
Coal
Following a lackluster first six months in 2018, after the end of June the performance of coal stocks declined slowly through mid-November. Thereafter they experienced a significant decline, with the Fund returning -15.97% for the period under review.
Although U.S. coal exports of 87 million short tons (MMst) 1 for the first nine months of the year were up 26% over the same period in 2017, in mid-December the U.S. Energy Information Administration (EIA) expected U.S. coal production would total 762 MMst in 2018 (down 2% from 2017) and 742 MMst in 2019 (down 3% from 2018). It also expected total coal consumption in the U.S. in 2018 to be down 2.80% from 2017 and, in the electric power sector specifically, down 3.10%. 2
While the long-term benefits of any of the current U.S. Administration’s initiatives to provide support for the domestic coal industry remain debatable, over 2018 demonstrable benefits for coal stocks, not least in the U.S., appeared few. However, coal continues to supply a third of all energy used globally and accounts for 38% of electricity generation, in addition to playing a crucial role in industries such as iron and steel. 3 China was the single largest negative contributor to returns, followed by Indonesia and the U.S. No country contributed positively to performance.
Global Alternative Energy
The performance of global alternative energy stocks during the 12 month period was disappointing, with the Fund recording a negative return of 9.02%. Companies in the information technology sector detracted by far the most from performance, those in the utilities sector were the only positive contributors to performance. The U.S. and China were by far the worst performing countries with negative performance far outweighing the positive performance of Denmark, Austria, Sweden, and Spain.
Gold Miners
Both major gold miners and their junior peers had a roller coaster year. Despite fitful recoveries in the last three to four months of the year, neither recovered from the severe sell-off groups experienced through July and the first half of August. In addition, over the 12 month period, the price of gold fell 1.58% 4 (on the back of a stronger U.S. dollar and rising U.S. interest rates). The larger gold miners (VanEck Vectors Gold Miners ETF) posted a negative return of 8.92%; junior gold miners (VanEck Vectors Junior Gold Miners ETF) posted a negative return of 11.58% for the period.
Among the larger mining stocks, Canadian companies, with the largest average country weighting, detracted the most from performance. Companies in Australia contributed the most to performance.
The situation was similar among the juniors, with Australia the strongest contributor, followed by South Africa. Canada detracted by far the most from performance.
| 2 |
|
|
Natural Resources
The Fund returned -10.69% over the 12 months period under review. The consumer discretionary sector was the single sector to contribute positively to returns. Companies in the materials, energy, and consumer staples sectors detracted the most from performance. Companies in the U.S. detracted by far the most from performance, while those from Russia contributed the most to performance.
Oil Refiners
While refining stocks performed quite well over the first nine months of the year, over the final three months they experienced a marked decline, erasing gains from earlier in the year and ending the 12 month period down 9.22%.
In addition to falling victim to the broader market sell off, refiners in the U.S. suffered from the narrowing of two important crude oil price differentials. Not only did the differential between West Texas Intermediate (WTI) sold at Midland and at Cushing narrow significantly over the last four months of the year, but so, too, over much the last two months of the year, did that between WTI and Western Canadian Select (WSC) following the announcement by Alberta that it would cut oil production by 350,000 barrels per day. 5
Exposure to refiners in the India, Finland, Hungary, and Poland contributed most to performance. All other countries detracted from performance, with Japan, with the second largest average country weighting, detracting the most.
Oil Services
Oil services stocks, too, had a dismal year with the Fund losing 44.93% over the 12 month period. As with oil refining stocks, the last quarter of the year was particularly challenging. Having, essentially, moved sideways during the first nine months of the year, thereafter stock prices plummeted.
Many energy companies remained loath to ramp up production too quickly and, by the end of the year at 1,083, the Baker Hughes U.S. rig count was only slightly higher than it was at the end of 2017 (929). The count still remains considerably lower than its peak in the U.S. of over 1,900 prior to the oil glut and consequent price crash of 2015. 6
The oil service stocks in the U.S., with the largest average country weighting, detracted the most from performance. Companies in the U.K. and Netherlands also detracted from performance.
Rare Earth and Strategic Metals
The Fund had another disappointing year, losing 48.70%. Having hit a high in mid-January, stocks in the Fund’s portfolio declined, with little respite, through the end of the year. The greatest detractors from performance were companies with mining operations and/or production involving cobalt and lithium. No company contributed positively to returns. Large-cap companies performed better than either their small- or mid-cap peers during the period under review.
Steel
In 2018, steel stocks experience a number of quite violent ups and downs, with the Fund’s NAV reaching highs above $51 and a low below $34 over the course of the year. The Fund ended the year under review recording a loss of 18.94%. The continuing trade dispute between the U.S. and both its ostensible allies and China has done little to reduce the volatility not only of steel prices, but also those of steel stocks. Perhaps surprisingly, companies in the U.S., with the largest average country weighting, were by far the greatest detractors from performance. Brazil, with the second largest average weighting during the period under review, was the only country to contribute positively to returns.
Unconventional Oil & Gas
Having suffered roller coaster movements during the first three quarters of the year and a steep downturn during the final quarter, the Fund ended the 12 month under review having lost 29.96%. From a high of $76.41 on October 3, 2018 a barrel at the start of October, by the end of the year the front month West Texas Intermediate
| 3 |
|
|
VANECK VECTORS ETFs
(unaudited) (continued)
(WTI) crude oil price 7 had dropped nearly 40% to $45.41. Unconventional oil and gas, particularly shale oil, companies suffered accordingly. U.S. stocks (on average approximately 85% of the Fund by weight during the period under review) detracted the most from performance.
Uranium+Nuclear Energy
The Fund had a positive 12 months and gained 5.15%. Utility companies, with the largest average sector weighting over the period, produced the vast majority of the Fund’s positive total return, with only the industrial sector detracting from performance. Geographically, companies in Japan contributed the most to performance, while South Korea was the greatest detractor from performance. According to the World Nuclear Association, by the start of January 2019, there were some 450 operable nuclear power reactors in 30 countries and 56 power reactors currently under construction in 16 countries, notably China, Russia, India, and the South Korea. 8
Returns based on funds’ net asset values (NAVs).
| 1 | One short ton = 2,000 lb (907.19 kg). |
| 2 | EIA: Short-Term Energy Outlook (Dated: December 11, 2018; Accessed: January 2, 2019), https://www.eia.gov/outlooks/steo/report/coal.cfm |
| 3 | International Energy Agency: Coal (Accessed: June 18, 2018), https://www.iea.org/topics/coal/ |
| 4 | Gold Closing Price (per ounce): December 29, 2017 (last trading day of the year)-$1,303.05; and December 31, 2018-$1,282.45 |
| 5 | Fort Saskatchewan Record: Notley moves to slash 350,000 bpd of oil production in face of oil price crisis, https://www.fortsaskatchewanrecord.com/news/local-news/notley-moves-to-slash-350000-bpd-of-oil-production-in-face-of-oil-price-crisis |
| 6 | Baker Hughes: Baker Hughes Rig Count, http://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-rigcountsoverview |
| 7 | Front month: “Used in the context of options and futures, the term Front Month means the month closest to delivery (futures) or expiration (options)-which is often in the same month.” www.wikinvest.com/wiki/Front_Month |
| 8 | World Nuclear Association: World Nuclear Power Reactors & Uranium Requirements (Accessed January 2, 2018), http://www.world-nuclear.org/information-library/facts-and-figures/world-nuclear-power-reactors-and-uranium-requireme.aspx (Accessed January 2, 2018) |
| 4 |
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|
VANECK VECTORS AGRIBUSINESS ETF
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||||||||
| Share Price | NAV | MVMOOTR 1 | Share Price | NAV | MVMOOTR 1 | ||||||||||||||
| One Year | (6.03 | )% | (5.76 | )% | (6.08 | )% | (6.03 | )% | (5.76 | )% | (6.08 | )% | |||||||
| Five Year | 3.20 | % | 3.29 | % | 3.21 | % | 17.07 | % | 17.55 | % | 17.09 | % | |||||||
| Ten Year | 9.27 | % | 9.36 | % | 9.74 | % | 142.57 | % | 144.57 | % | 153.40 | % | |||||||
| 1 | MVIS ® Global Agribusiness Index (MVMOOTR) is a rules based index intended to give investors a means of tracking the overall performance of the companies in the global agribusiness industry. |
| Index data prior to March 18, 2013 reflects that of the DAXglobal Agribusiness Index (DXAG). From March 18, 2013, forward, the index data reflects that of the MVIS ® Global Agribusiness Index (MVMOOTR). All Index history reflects a blend of the performance of the aforementioned Indexes. | |
|
Hypothetical Growth of $10,000 |
||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods. The result is compared with the Fund’s benchmark. |
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
| 5 |
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|
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||||||||
| Share Price | NAV | MVKOLTR 1 | Share Price | NAV | MVKOLTR 1 | ||||||||||||||
| One Year | (16.45 | )% | (15.97 | )% | (16.01 | )% | (16.45 | )% | (15.97 | )% | (16.01 | )% | |||||||
| Five Year | (5.03 | )% | (4.94 | )% | (4.64 | )% | (22.75 | )% | (22.39 | )% | (21.13 | )% | |||||||
| Ten Year | 0.75 | % | 1.06 | % | 1.56 | % | 7.81 | % | 11.17 | % | 16.72 | % | |||||||
| 1 | MVIS ® Global Coal Index (MVKOLTR) is a rules based index intended to give investors a means of tracking the overall performance of companies in the global coal industry. |
| Index data prior to September 24, 2012 reflects that of the Stowe Coal Index SM (TCOAL). From September 24, 2012 forward, the index data reflects that of the MVIS ® Global Coal Index (MVKOLTR). All Index history reflects a blend of the performance of the aforementioned Indexes. | |
|
Hypothetical Growth of $10,000 (Since Inception) |
||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
| 6 |
|
|
VANECK VECTORS GLOBAL ALTERNATIVE ENERGY ETF
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||||||||
| Share Price | NAV | AGIXLT 1 | Share Price | NAV | AGIXLT 1 | ||||||||||||||
| One Year | (10.17 | )% | (9.02 | )% | (8.65 | )% | (10.17 | )% | (9.02 | )% | (8.65 | )% | |||||||
| Five Year | 0.46 | % | 0.66 | % | 0.79 | % | 2.31 | % | 3.35 | % | 4.00 | % | |||||||
| Ten Year | (1.31 | )% | (1.11 | )% | (1.28 | )% | (12.36 | )% | (10.55 | )% | (12.07 | )% | |||||||
| 1 | Ardour Global Index SM (Extra Liquid) (AGIXLT) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the alternative energy industry. |
|
Hypothetical Growth of $10,000 |
||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods. The result is compared with the Fund’s benchmark. |
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
| 7 |
|
|
VANECK VECTORS GOLD MINERS ETF
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||||||||
| Share Price | NAV | GDMNTR 1 | Share Price | NAV | GDMNTR 1 | ||||||||||||||
| One Year | (8.80 | )% | (8.92 | )% | (8.54 | )% | (8.80 | )% | (8.92 | )% | (8.54 | )% | |||||||
| Five Year | 0.58 | % | 0.53 | % | 0.95 | % | 2.92 | % | 2.67 | % | 4.86 | % | |||||||
| Ten Year | (4.04 | )% | (4.00 | )% | (3.52 | )% | (33.79 | )% | (33.51 | )% | (30.08 | )% | |||||||
| 1 | NYSE Arca Gold Miners Index (GDMNTR) is a modified market capitalization weighted index primarily comprised of publicly traded companies involved in the mining for gold and silver. |
|
Hypothetical Growth of $10,000 |
||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods. The result is compared with the Fund’s benchmark. |
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
| 8 |
|
|
VANECK VECTORS JUNIOR GOLD MINERS ETF
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||||||||
| Share Price | NAV | MVGDXJTR 1 | Share Price | NAV | MVGDXJTR 1 | ||||||||||||||
| One Year | (11.05 | )% | (11.58 | )% | (11.25 | )% | (11.05 | )% | (11.58 | )% | (11.25 | )% | |||||||
| Five Year | 0.88 | % | 0.91 | % | 1.09 | % | 4.50 | % | 4.63 | % | 5.58 | % | |||||||
| Life* | (9.80 | )% | (9.83 | )% | (9.62 | )% | (61.05 | )% | (61.17 | )% | (60.33 | )% | |||||||
| * | Commencement of Fund: 11/10/09; First Day of Secondary Market Trading: 11/11/09 |
| 1 | MVIS ® Global Junior Gold Miners Index (MVGDXJTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of small-capitalization companies that are involved primarily in the mining for gold and/or silver. |
|
Hypothetical Growth of $10,000 (Since Inception) |
||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
| 9 |
|
|
VANECK VECTORS NATURAL RESOURCES ETF
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||||||||||||||
| Share Price | NAV | RVEIT 1 | Share Price | NAV | RVEIT 1 | ||||||||||||||||||||
| One Year | (10.68 | )% | (10.69 | )% | (10.43 | )% | (10.68 | )% | (10.69 | )% | (10.43 | )% | |||||||||||||
| Five Year | (0.55 | )% | (0.58 | )% | (0.36 | )% | (2.74 | )% | (2.87 | )% | (1.81 | )% | |||||||||||||
| Ten Year | 5.18 | % | 5.41 | % | 5.82 | % | 65.65 | % | 69.42 | % | 76.02 | % | |||||||||||||
| 1 | VanEck ® Natural Resources Index (RVEIT) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the production and distribution of commodities and commodity-related products and services. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark. |
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
| 10 |
|
|
VANECK VECTORS OIL REFINERS ETF
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||||||||||||||
| Share Price | NAV | MVCRAKTR 1 | Share Price | NAV | MVCRAKTR 1 | ||||||||||||||||||||
| One Year | (10.46 | )% | (9.22 | )% | (9.01 | )% | (10.46 | )% | (9.22 | )% | (9.01 | )% | |||||||||||||
| Life* | 12.05 | % | 12.19 | % | 12.24 | % | 46.74 | % | 47.33 | % | 47.58 | % | |||||||||||||
| * | Commencement of Fund: 8/18/15; First Day of Secondary Market Trading: 8/19/15 |
| 1 | MVIS ® Global Oil Refiners Index (MVCRAKTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in crude oil refining which may include: gasoline, diesel, jet fuel, fuel oil, naphtha, and other petrochemicals. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
|
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
|
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
| 11 |
|
|
VANECK VECTORS OIL SERVICES ETF
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||||||||||||||
| Share Price | NAV | MVOIHTR 1 | Share Price | NAV | MVOIHTR 1 | ||||||||||||||||||||
| One Year | (44.99 | )% | (44.93 | )% | (44.90 | )% | (44.99 | )% | (44.93 | )% | (44.90 | )% | |||||||||||||
| Five Year | (20.13 | )% | (20.14 | )% | (20.31 | )% | (67.50 | )% | (67.52 | )% | (67.86 | )% | |||||||||||||
| Life* | (11.52 | )% | (11.62 | )% | (11.72 | )% | (57.69 | )% | (58.04 | )% | (58.37 | )% | |||||||||||||
| * | Commencement of Fund: 12/20/11; First Day of Secondary Market Trading: 12/21/11 |
| 1 | MVIS ® US Listed Oil Services 25 Index (MVOIHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the largest and the most liquid common stocks and depositary receipts of U.S. exchange-listed companies involved in oil services to the upstream oil sector. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
|
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
|
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
| 12 |
|
|
VANECK VECTORS RARE EARTH/STRATEGIC METALS ETF
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||||||||||||||
| Share Price | NAV | MVREMXTR 1 | Share Price | NAV | MVREMXTR 1 | ||||||||||||||||||||
| One Year | (49.27 | )% | (48.70 | )% | (49.12 | )% | (49.27 | )% | (48.70 | )% | (49.12 | )% | |||||||||||||
| Five Year | (13.72 | )% | (13.81 | )% | (14.09 | )% | (52.18 | )% | (52.43 | )% | (53.21 | )% | |||||||||||||
| Life* | (16.24 | )% | (16.24 | )% | (16.68 | )% | (76.53 | )% | (76.53 | )% | (77.52 | )% | |||||||||||||
| * | Commencement of Fund: 10/27/10; First Day of Secondary Market Trading: 10/28/10 |
| 1 | MVIS ® Global Rare Earth/Strategic Metals Index (MVREMXTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the rare earth and strategic metals segment. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
|
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
|
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
| 13 |
|
|
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||||||||||||||
| Share Price | NAV | STEEL 1 | Share Price | NAV | STEEL 1 | ||||||||||||||||||||
| One Year | (19.21 | )% | (18.94 | )% | (18.65 | )% | (19.21 | )% | (18.94 | )% | (18.65 | )% | |||||||||||||
| Five Year | (3.47 | )% | (3.47 | )% | (3.36 | )% | (16.18 | )% | (16.17 | )% | (15.73 | )% | |||||||||||||
| Ten Year | 4.55 | % | 4.54 | % | 4.78 | % | 56.04 | % | 55.84 | % | 59.46 | % | |||||||||||||
| 1 | NYSE Arca Steel Index (STEEL) is a modified market capitalization weighted index comprised of common stocks and ADRs of selected companies that are primarily involved in a variety of activities that are related to steel production. |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods. The result is compared with the Fund’s benchmark. |
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
| 14 |
|
|
VANECK VECTORS UNCONVENTIONAL OIL & GAS ETF
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||||||||||||||
| Share Price | NAV | MVFRAKTR 1 | Share Price | NAV | MVFRAKTR 1 | ||||||||||||||||||||
| One Year | (29.71 | )% | (29.96 | )% | (29.79 | )% | (29.71 | )% | (29.96 | )% | (29.79 | )% | |||||||||||||
| Five Year | (16.46 | )% | (16.46 | )% | (16.30 | )% | (59.32 | )% | (59.30 | )% | (58.93 | )% | |||||||||||||
| Life* | (10.43 | )% | (10.41 | )% | (10.25 | )% | (53.11 | )% | (53.07 | )% | (52.46 | )% | |||||||||||||
| * | Commencement of Fund: 2/14/12; First Day of Secondary Market Trading: 2/15/12 |
| 1 | MVIS ® Global Unconventional Oil & Gas Index (MVFRAKTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the exploration, development, extraction and/or production of unconventional oil and natural gas. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
|
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with the Fund’s benchmark.
|
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
| 15 |
|
|
VANECK VECTORS URANIUM+NUCLEAR ENERGY ETF
PERFORMANCE COMPARISON
December 31, 2018 (unaudited)
| Average Annual Total Returns | Cumulative Total Returns | ||||||||||||||||||||||||
| Share Price | NAV | MVNLRTR 1 | Share Price | NAV | MVNLRTR 1 | ||||||||||||||||||||
| One Year | 5.01 | % | 5.15 | % | 4.84 | % | 5.01 | % | 5.15 | % | 4.84 | % | |||||||||||||
| Five Year | 4.24 | % | 4.27 | % | 3.80 | % | 23.10 | % | 23.26 | % | 20.48 | % | |||||||||||||
| Ten Year | 2.40 | % | 2.60 | % | 2.53 | % | 26.71 | % | 29.29 | % | 28.35 | % | |||||||||||||
| 1 | MVIS ® Global Uranium & Nuclear Energy Index (MVNLRTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in uranium and nuclear energy. |
| Index data prior to March 24, 2014 reflects that of the DAXglobal ® Nuclear Energy Index (DXNE). From March 24, 2014, forward, the index data reflects that of the MVIS(R) Global Uranium & Nuclear Energy Index (MVNLRTR). All index history reflects a blend of the performance of the aforementioned Indexes. | |
| Hypothetical Growth of $10,000 (Since Inception) | ||
|
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV and at Share Price over the past 10 fiscal year periods. The result is compared with the Fund’s benchmark.
|
|
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 17 for more information.
| 16 |
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VANECK VECTORS ETF TRUST
(unaudited)
The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for certain Funds reflect temporary waivers of expenses and/or fees. Had these Funds incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Shares may trade at a premium or discount to their NAV in the secondary market.
The net asset value (NAV) of each VanEck Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of each fund; it is calculated by taking the total assets of each fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAVs are not necessarily the same as each ETF’s intraday trading value. VanEck Vectors ETF investors should not expect to buy or sell fund shares at NAV.
All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made.
The Gold Miners Index and Steel Index are published by ICE Data Indices, LLC (ICE Data). The Agribusiness Index, Coal Index, Junior Gold Miners Index, Oil & Gas Index, Oil Refiners Index, Oil Services Index, Rare Earth/Strategic Metals Index and Uranium & Nuclear Energy Index are published by MV Index Solutions GmbH (MVIS ® ), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The Natural Resources Index is published by S-Network Global Indexes, LLC (S-Network). The Ardour Global Index is published by Ardour Global Indexes SM , LLC (Ardour).
ICE Data, MVIS, S-Network, and Ardour are referred to herein as the “Index Providers”. The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.
Premium/discount information regarding how often the closing trading price of the Shares of each Fund were above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund for each of the four previous calendar quarters and the immediately preceding five years (if applicable) can be found at vaneck.com.
| 17 |
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VANECK VECTORS ETF TRUST
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2018 to December 31, 2018.
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.
| 18 |
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| Beginning | Ending | Annualized | Expenses Paid | |||||||
| Account | Account | Expense | During the Period* | |||||||
| Value | Value | Ratio | July 1, 2018- | |||||||
| July 1, 2018 | December 31, 2018 | During Period | December 31, 2018 | |||||||
| Agribusiness ETF | ||||||||||
| Actual | $1,000.00 | $ | 934.10 | 0.55% | $2.68 | |||||
| Hypothetical** | $1,000.00 | $ | 1,022.43 | 0.55% | $2.80 | |||||
| Coal ETF | ||||||||||
| Actual | $1,000.00 | $ | 853.90 | 0.60% | $2.80 | |||||
| Hypothetical** | $1,000.00 | $ | 1,022.18 | 0.60% | $3.06 | |||||
| Global Alternative Energy ETF | ||||||||||
| Actual | $1,000.00 | $ | 954.40 | 0.63% | $3.10 | |||||
| Hypothetical** | $1,000.00 | $ | 1,022.03 | 0.63% | $3.21 | |||||
| Gold Miners ETF | ||||||||||
| Actual | $1,000.00 | $ | 950.80 | 0.52% | $2.56 | |||||
| Hypothetical** | $1,000.00 | $ | 1,022.58 | 0.52% | $2.65 | |||||
| Junior Gold Miners ETF | ||||||||||
| Actual | $1,000.00 | $ | 926.10 | 0.54% | $2.62 | |||||
| Hypothetical** | $1,000.00 | $ | 1,022.48 | 0.54% | $2.75 | |||||
| Natural Resources ETF | ||||||||||
| Actual | $1,000.00 | $ | 894.80 | 0.50% | $2.39 | |||||
| Hypothetical** | $1,000.00 | $ | 1,022.68 | 0.50% | $2.55 | |||||
| Oil Refiners ETF | ||||||||||
| Actual | $1,000.00 | $ | 870.90 | 0.60% | $2.83 | |||||
| Hypothetical** | $1,000.00 | $ | 1,022.18 | 0.60% | $3.06 | |||||
| Oil Services ETF | ||||||||||
| Actual | $1,000.00 | $ | 545.30 | 0.35% | $1.36 | |||||
| Hypothetical** | $1,000.00 | $ | 1,023.44 | 0.35% | $1.79 | |||||
| Rare Earth/Strategic Metals ETF | ||||||||||
| Actual | $1,000.00 | $ | 656.20 | 0.60% | $2.50 | |||||
| Hypothetical** | $1,000.00 | $ | 1,022.18 | 0.60% | $3.06 | |||||
| Steel ETF | ||||||||||
| Actual | $1,000.00 | $ | 818.00 | 0.56% | $2.57 | |||||
| Hypothetical** | $1,000.00 | $ | 1,022.38 | 0.56% | $2.85 | |||||
| Unconventional Oil & Gas ETF | ||||||||||
| Actual | $1,000.00 | $ | 632.50 | 0.54% | $2.22 | |||||
| Hypothetical** | $1,000.00 | $ | 1,022.48 | 0.54% | $2.75 | |||||
| Uranium+Nuclear Energy ETF | ||||||||||
| Actual | $1,000.00 | $ | 1,012.70 | 0.60% | $3.04 | |||||
| Hypothetical** | $1,000.00 | $ | 1,022.18 | 0.60% | $3.06 | |||||
| * | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2018) multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of days in the fiscal year (to reflect the one-half year period). | |
| ** | Assumes annual return of 5% before expenses |
| 19 |
|
|
VANECK VECTORS AGRIBUSINESS ETF
December 31, 2018
| Number | ||||||||
| of Shares | Value | |||||||
| Singapore: 2.8% | ||||||||
| 13,720,645 | Golden Agri-Resources Ltd. # | $ | 2,463,314 | |||||
| 8,250,851 | Wilmar International Ltd. # | 18,894,158 | ||||||
| 21,357,472 | ||||||||
| South Korea: 0.2% | ||||||||
| 107,043 | Komipharm International Co. Ltd. * # | 1,949,534 | ||||||
| Switzerland: 0.6% | ||||||||
| 17,150 | Bucher Industries AG # | 4,612,598 | ||||||
| Taiwan: 0.4% | ||||||||
| 2,112,000 | Taiwan Fertilizer Co. Ltd. # | 2,971,085 | ||||||
| Thailand: 1.4% | ||||||||
| 13,672,436 | Charoen Pokphand Foods (NVDR) # | 10,333,201 | ||||||
| Ukraine: 0.2% | ||||||||
| 111,517 | Kernel Holding SA (PLN) # | 1,454,793 | ||||||
| United Kingdom: 3.7% | ||||||||
| 2,379,734 | CNH Industrial NV (USD) † | 21,917,350 | ||||||
| 147,525 | Genus Plc # | 4,017,829 | ||||||
| 7,208,222 | Sirius Minerals Plc * † # | 1,913,983 | ||||||
| 27,849,162 | ||||||||
| United States: 50.1% | ||||||||
| 153,149 | AGCO Corp. | 8,525,805 | ||||||
| 47,345 | Andersons, Inc. | 1,415,142 | ||||||
| 1,096,767 | Archer-Daniels-Midland Co. | 44,934,544 | ||||||
| 57,596 | Balchem Corp. | 4,512,647 | ||||||
| 264,007 | Bunge Ltd. | 14,108,534 | ||||||
| 359,875 | CF Industries Holdings, Inc. | 15,658,161 | ||||||
| 425,049 | Deere & Co. | 63,404,559 | ||||||
| 207,321 | Elanco Animal Health, Inc. * † | 6,536,831 | ||||||
| 293,970 | FMC Corp. | 21,742,021 | ||||||
| 176,030 | IDEXX Laboratories, Inc. * | 32,745,101 | ||||||
| 819,656 | Mosaic Co. | 23,942,152 | ||||||
| 95,518 | Neogen Corp. * | 5,444,526 | ||||||
| 155,301 | Pilgrim’s Pride Corp. * | 2,408,719 | ||||||
| 351,510 | Platform Specialty Products Corp. * † | 3,631,098 | ||||||
| 38,856 | Sanderson Farms, Inc. | 3,858,012 | ||||||
| 224,392 | Toro Co. | 12,539,025 | ||||||
| 287,242 | Tractor Supply Co. | 23,967,472 | ||||||
| 577,301 | Tyson Foods, Inc. | 30,827,873 | ||||||
| 694,012 | Zoetis, Inc. | 59,365,787 | ||||||
| 379,568,009 | ||||||||
|
Total Common Stocks
(Cost: $768,044,203) |
756,198,938 | |||||||
|
MONEY MARKET FUND: 0.3%
(Cost: $1,799,700) |
||||||||
| 1,799,700 | Dreyfus Government Cash Management Fund—Institutional Shares | 1,799,700 | ||||||
|
Total Investments Before Collateral
for Securities Loaned: 100.2%
(Cost: $769,843,903) |
757,998,638 | |||||||
See Notes to Financial Statements
| 20 |
|
|
| Principal | ||||||||
| Amount | Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.4% | ||||||||
| Repurchase Agreements: 5.4% | ||||||||
| $ | 9,786,301 | Repurchase agreement dated 12/31/18 with Credit Agricole CIB, 3.00%, due 1/2/19, proceeds $9,787,932; (collateralized by various U.S. government and agency obligations, 4.00% to 4.50%, due 6/20/48 to 8/1/48, valued at $9,982,027 including accrued interest) | $ | 9,786,301 | ||||
| 9,786,301 | Repurchase agreement dated 12/31/18 with Daiwa Capital Markets America, Inc., 3.05%, due 1/2/19, proceeds $9,787,959; (collateralized by various U.S. government and agency obligations, 2.00% to 6.50%, due 1/25/19 to 2/1/49, valued at $9,982,027 including accrued interest) | 9,786,301 | ||||||
| 9,786,301 | Repurchase agreement dated 12/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 3.00%, due 1/2/19, proceeds $9,787,932; (collateralized by various U.S. government and agency obligations, 2.73% to 5.50%, due 1/1/34 to 1/1/49, valued at $9,982,027 including accrued interest) | 9,786,301 | ||||||
| Principal | ||||||||
| Amount | Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| $ | 9,786,301 | Repurchase agreement dated 12/31/18 with Nomura Securities International, Inc., 3.00%, due 1/2/19, proceeds $9,787,932; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/3/19 to 11/20/68, valued at $9,982,027 including accrued interest) | $ | 9,786,301 | ||||
| 2,052,051 | Repurchase agreement dated 12/31/18 with RBC Capital Markets LLC, 3.00%, due 1/2/19, proceeds $2,052,393; (collateralized by various U.S. government and agency obligations, 2.21% to 6.50%, due 2/1/20 to 11/1/48, valued at $2,093,092 including accrued interest) | 2,052,051 | ||||||
|
Total Short-Term Investments Held
as Collateral for Securities on Loan
(Cost: $41,197,255) |
41,197,255 | |||||||
|
Total Investments: 105.6%
(Cost: $811,041,158) |
799,195,893 | |||||||
| Liabilities in excess of other assets: (5.6)% | (42,479,781 | ) | ||||||
| NET ASSETS: 100.0% | $ | 756,716,112 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| NOK | Norwegian Krone |
| NVDR | Non-Voting Depositary Receipt |
| PLN | Polish Zloty |
| USD | United States Dollar |
Footnotes:
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $37,911,477. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $256,630,318 which represents 33.9% of net assets. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Consumer Discretionary | 3.2 | % | $ | 23,967,472 | ||||
| Consumer Staples | 34.8 | 263,572,876 | ||||||
| Health Care | 14.5 | 110,059,608 | ||||||
| Industrials | 21.1 | 159,759,858 | ||||||
| Materials | 26.2 | 198,839,124 | ||||||
| Money Market Fund | 0.2 | 1,799,700 | ||||||
| 100.0 | % | $ | 757,998,638 | |||||
See Notes to Financial Statements
| 21 |
|
|
VANECK VECTORS AGRIBUSINESS ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
| Level 2 | Level 3 | ||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Australia | $ | — | $ | 29,092,649 | $ | — | $ | 29,092,649 | |||||||||
| Brazil | 12,991,627 | — | — | 12,991,627 | |||||||||||||
| Canada | 54,424,966 | — | — | 54,424,966 | |||||||||||||
| Chile | 13,071,139 | — | — | 13,071,139 | |||||||||||||
| China / Hong Kong | — | 18,075,599 | — | 18,075,599 | |||||||||||||
| Denmark | — | 7,352,787 | — | 7,352,787 | |||||||||||||
| Germany | — | 9,790,944 | — | 9,790,944 | |||||||||||||
| Indonesia | — | 10,290,120 | — | 10,290,120 | |||||||||||||
| Israel | 11,093,436 | — | — | 11,093,436 | |||||||||||||
| Japan | — | 51,201,719 | — | 51,201,719 | |||||||||||||
| Malaysia | 6,502,093 | 22,245,690 | — | 28,747,783 | |||||||||||||
| Netherlands | — | 3,644,754 | — | 3,644,754 | |||||||||||||
| Norway | — | 52,669,964 | — | 52,669,964 | |||||||||||||
| Russia | — | 3,655,597 | — | 3,655,597 | |||||||||||||
| Singapore | — | 21,357,472 | — | 21,357,472 | |||||||||||||
| South Korea | — | 1,949,534 | — | 1,949,534 | |||||||||||||
| Switzerland | — | 4,612,598 | — | 4,612,598 | |||||||||||||
| Taiwan | — | 2,971,085 | — | 2,971,085 | |||||||||||||
| Thailand | — | 10,333,201 | — | 10,333,201 | |||||||||||||
| Ukraine | — | 1,454,793 | — | 1,454,793 | |||||||||||||
| United Kingdom | 21,917,350 | 5,931,812 | — | 27,849,162 | |||||||||||||
| United States | 379,568,009 | — | — | 379,568,009 | |||||||||||||
| Money Market Fund | 1,799,700 | — | — | 1,799,700 | |||||||||||||
| Repurchase Agreements | — | 41,197,255 | — | 41,197,255 | |||||||||||||
| Total | $ | 501,368,320 | $ | 297,827,573 | $ | — | $ | 799,195,893 | |||||||||
See Notes to Financial Statements
| 22 |
|
|
SCHEDULE OF INVESTMENTS
December 31, 2018
| Number | ||||||||
| of Shares | Value | |||||||
| COMMON STOCKS: 99.7% | ||||||||
| Australia: 19.3% | ||||||||
| 1,254,959 | Aurizon Holdings Ltd. # | $ | 3,784,331 | |||||
| 449,066 | Corondao Global Resourse * Reg S 144A | 967,396 | ||||||
| 150,248 | Washington H Soul Pattinson & Co. Ltd. # | 2,633,545 | ||||||
| 1,070,845 | Whitehaven Coal Ltd. # | 3,261,719 | ||||||
| 10,646,991 | ||||||||
| Canada: 10.4% | ||||||||
| 205,280 | Teck Cominco Ltd. (USD) | 4,421,731 | ||||||
| 84,957 | Westshore Terminals Investment Corp. † | 1,280,140 | ||||||
| 5,701,871 | ||||||||
| China / Hong Kong: 19.3% | ||||||||
| 6,510,000 | Agritrade Resources Ltd. † # | 1,121,111 | ||||||
| 4,865,095 | China Coal Energy Co. Ltd. # | 1,914,213 | ||||||
| 1,991,408 | China Shenhua Energy Co. Ltd. # | 4,343,789 | ||||||
| 4,310,067 | Fushan International Energy Group Ltd. # | 874,853 | ||||||
| 29,780,000 | National United Resources Holdings Ltd. * # § ∞ | 0 | ||||||
| 2,960,000 | Yanzhou Coal Mining Co. Ltd. # | 2,390,964 | ||||||
| 10,644,930 | ||||||||
| Indonesia: 18.9% | ||||||||
| 30,046,915 | Adaro Energy Tbk PT # | 2,541,953 | ||||||
| 117,123,100 | Bumi Resources Tbk PT * # | 840,407 | ||||||
| 918,752 | Indo Tambangraya Megah Tbk PT # | 1,295,717 | ||||||
| 7,226,200 | Tambang Batubara Bukit Asam Tbk PT # | 2,164,810 | ||||||
| 1,859,000 | United Tractors Tbk PT # | 3,539,076 | ||||||
| 10,381,963 | ||||||||
| Philippines: 2.4% | ||||||||
| 2,962,330 | Semirara Mining and Power Corp. # | 1,300,995 | ||||||
| Poland: 4.0% | ||||||||
| 122,742 | Jastrzebska Spolka Weglowa SA * # | 2,210,648 | ||||||
| South Africa: 4.9% | ||||||||
| 281,256 | Exxaro Resources Ltd. # | 2,713,673 | ||||||
| Thailand: 5.0% | ||||||||
| 6,052,889 | Banpu PCL (NVDR) # | 2,754,463 | ||||||
| United States: 15.5% | ||||||||
| 23,583 | Arch Coal, Inc. | 1,957,153 | ||||||
| 44,527 | CONSOL Energy, Inc. * | 1,411,951 | ||||||
| 81,743 | Peabody Energy Corp. | 2,491,527 | ||||||
| 69,192 | SunCoke Energy, Inc. * | 591,592 | ||||||
| 87,017 | Warrior Met Coal, Inc. | 2,097,980 | ||||||
| 8,550,203 | ||||||||
|
Total Common Stocks
(Cost: $67,746,927) |
54,905,737 | |||||||
|
MONEY MARKET FUND: 0.2%
(Cost: $135,895) |
||||||||
| 135,895 | Dreyfus Government Cash Management Fund — Institutional Shares | 135,895 | ||||||
|
Total Investments Before Collateral
for Securities Loaned: 99.9%
(Cost: $67,882,822) |
55,041,632 | |||||||
| Principal | ||||||||
| Amount | Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.7% | ||||||||
| Repurchase Agreements: 2.7% | ||||||||
| $ | 461,143 | Repurchase agreement dated 12/31/18 with HSBC Securities USA, Inc., 3.00%, due 1/2/19, proceeds $461,220; (collateralized by various U.S. government and agency obligations, 0.00% to 1.44%, due 1/31/20 to 11/15/43, valued at $470,366 including accrued interest) | $ | 461,143 | ||||
| 1,000,000 | Repurchase agreement dated 12/31/18 with Nomura Securities International, Inc., 3.00%, due 1/2/19, proceeds $1,000,167; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/3/19 to 11/20/68, valued at $1,020,000 including accrued interest) | 1,000,000 | ||||||
|
Total Short-Term Investments Held
as Collateral for Securities on Loan
(Cost: $1,461,143) |
1,461,143 | |||||||
|
Total Investments: 102.6%
(Cost: $69,343,965) |
56,502,775 | |||||||
| Liabilities in excess of other assets: (2.6)% | (1,419,135 | ) | ||||||
| NET ASSETS: 100.0% | $ | 55,083,640 | ||||||
See Notes to Financial Statements
| 23 |
|
|
VANECK VECTORS COAL ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
| NVDR | Non-Voting Depositary Receipt |
| USD | United States Dollar |
Footnotes:
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,365,099. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $39,686,267 which represents 72.0% of net assets. |
| § | Illiquid Security — the aggregate value of illiquid securities is $0 which represents 0.0% of net assets. |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $967,396, or 1.8% of net assets. |
| Summary of Investments by Sector | ||||||||
| Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Energy | 70.3 | % | $ | 38,677,066 | ||||
| Industrials | 9.2 | 5,064,471 | ||||||
| Materials | 20.3 | 11,164,200 | ||||||
| Money Market Fund | 0.2 | 135,895 | ||||||
| 100.0 | % | $ | 55,041,632 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
| Level 2 | Level 3 | ||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Australia | $ | 967,396 | $ | 9,679,595 | $ | — | $ | 10,646,991 | |||||||||
| Canada | 5,701,871 | — | — | 5,701,871 | |||||||||||||
| China / Hong Kong | — | 10,644,930 | 0 | 10,644,930 | |||||||||||||
| Indonesia | — | 10,381,963 | — | 10,381,963 | |||||||||||||
| Philippines | — | 1,300,995 | — | 1,300,995 | |||||||||||||
| Poland | — | 2,210,648 | — | 2,210,648 | |||||||||||||
| South Africa | — | 2,713,673 | — | 2,713,673 | |||||||||||||
| Thailand | — | 2,754,463 | — | 2,754,463 | |||||||||||||
| United States | 8,550,203 | — | — | 8,550,203 | |||||||||||||
| Repurchase Agreements | — | 1,461,143 | — | 1,461,143 | |||||||||||||
| Money Market Fund | 135,895 | — | — | 135,895 | |||||||||||||
| Total | $ | 15,355,365 | $ | 41,147,410 | $ | 0 | $ | 56,502,775 | |||||||||
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended December 31, 2018:
| Common Stocks | |||||
| China / Hong Kong | |||||
| Balance as of December 31, 2017 | $ | 0 | |||
| Realized gain (loss) | — | ||||
| Change in unrealized appreciation (depreciation) | 0 | ||||
| Purchases | — | ||||
| Sales | — | ||||
| Transfers in and/or out of Level 3 | — | ||||
| Balance as of December 31, 2018 | $ | 0 | |||
See Notes to Financial Statements
| 24 |
|
|
VANECK VECTORS GLOBAL ALTERNATIVE ENERGY ETF
SCHEDULE OF INVESTMENTS
December 31, 2018
| Number | ||||||||
| of Shares | Value | |||||||
| COMMON STOCKS: 99.8% | ||||||||
| Austria: 3.6% | ||||||||
| 66,410 | Verbund-Oesterreichische Elektrizis AG # | $ | 2,836,665 | |||||
| Brazil: 1.5% | ||||||||
| 133,548 | Cosan Ltd. (USD) | 1,175,222 | ||||||
| Canada: 0.8% | ||||||||
| 44,471 | Canadian Solar, Inc. (USD) * | 637,714 | ||||||
| China / Hong Kong: 5.8% | ||||||||
| 3,341,000 | China Longyuan Power Group Corp. Ltd. # | 2,281,057 | ||||||
| 12,120,600 | GCL-Poly Energy Holdings Ltd. * † # | 735,219 | ||||||
| 36,262 | JinkoSolar Holding Co. Ltd. (ADR) * † | 358,631 | ||||||
| 722,000 | Tianneng Power International Ltd. # | 602,123 | ||||||
| 650,180 | Xinjiang Goldwind Science & Technology Co. Ltd. † # | 575,096 | ||||||
| 4,552,126 | ||||||||
| Denmark: 8.9% | ||||||||
| 93,306 | Vestas Wind Systems A/S # | 7,050,750 | ||||||
| Japan: 3.3% | ||||||||
| 106,904 | Kurita Water Industries Ltd. # | 2,585,657 | ||||||
| Spain: 3.4% | ||||||||
| 224,842 | Gamesa Corp. Tecnologica SA * † # | 2,731,336 | ||||||
| Sweden: 4.7% | ||||||||
| 364,354 | Nibe Industrier AB # | 3,744,111 | ||||||
| United States: 67.8% | ||||||||
| 104,414 | Ametek, Inc. | 7,068,828 | ||||||
| 29,122 | Badger Meter, Inc. | 1,433,094 | ||||||
| 116,673 | Covanta Holding Corp. | 1,565,752 | ||||||
| 90,615 | Cree, Inc. * | 3,876,057 | ||||||
| 105,844 | Eaton Corp. Plc | 7,267,249 | ||||||
| 42,134 | EnerSys, Inc. | 3,270,020 | ||||||
| 25,918 | ESCO Technologies, Inc. | 1,709,292 | ||||||
| 75,479 | First Solar, Inc. * | 3,204,461 | ||||||
| 38,785 | Franklin Electric Co., Inc. | 1,663,101 | ||||||
| 38,955 | Green Plains Renewable Energy, Inc. † | 510,700 | ||||||
| 33,414 | Itron, Inc. * | 1,580,148 | ||||||
| 103,462 | Microchip Technology, Inc. | 7,440,987 | ||||||
| 50,645 | Ormat Technologies, Inc. | 2,648,733 | ||||||
| 29,415 | Power Integrations, Inc. | 1,793,727 | ||||||
| 37,270 | Renewable Energy Group, Inc. * | 957,839 | ||||||
| 60,645 | Sunpower Corp. * † | 301,406 | ||||||
| 19,888 | Tesla Motors, Inc. * | 6,618,726 | ||||||
| 16,057 | Vicor Corp. * | 606,794 | ||||||
| 53,516,914 | ||||||||
|
Total Common Stocks
(Cost: $71,136,975) |
78,830,495 | |||||||
|
MONEY MARKET FUND: 0.2%
(Cost: $116,678) |
||||||||
| 116,678 | Dreyfus Government Cash Management Fund — Institutional Shares | 116,678 | ||||||
|
Total Investments Before Collateral
for Securities Loaned: 100.0%
(Cost: $71,253,653) |
78,947,173 | |||||||
| Principal | ||||||||
| Amount | Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.3% | ||||||||
| Repurchase Agreements: 5.3% | ||||||||
| $ | 1,001,515 | Repurchase agreement dated 12/31/18 with Citigroup Global Markets, Inc., 3.02%, due 1/2/19, proceeds $1,001,683; (collateralized by various U.S. government and agency obligations, 2.50% to 8.00%, due 1/25/19 to 7/15/60, valued at $1,021,545 including accrued interest) | $ | 1,001,515 | ||||
| 1,001,515 | Repurchase agreement dated 12/31/18 with Daiwa Capital Markets America, Inc., 3.05%, due 1/2/19, proceeds $1,001,685; (collateralized by various U.S. government and agency obligations, 2.00% to 6.50%, due 1/25/19 to 2/1/49, valued at $1,021,545 including accrued interest) | 1,001,515 | ||||||
| 1,001,515 | Repurchase agreement dated 12/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 3.00%, due 1/2/19, proceeds $1,001,682; (collateralized by various U.S. government and agency obligations, 2.73% to 5.50%, due 1/1/34 to 1/1/49, valued at $1,021,545 including accrued interest) | 1,001,515 | ||||||
| 1,001,515 | Repurchase agreement dated 12/31/18 with Nomura Securities International, Inc., 3.00%, due 1/2/19, proceeds $1,001,682; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/3/19 to 11/20/68, valued at $1,021,545 including accrued interest) | 1,001,515 | ||||||
| 209,986 | Repurchase agreement dated 12/31/18 with RBC Capital Markets LLC, 3.00%, due 1/2/19, proceeds $210,021; (collateralized by various U.S. government and agency obligations, 2.21% to 6.50%, due 2/1/20 to 11/1/48, valued at $214,186 including accrued interest) | 209,986 | ||||||
|
Total Short-Term Investments Held
as Collateral for Securities on Loan
(Cost: $4,216,046) |
4,216,046 | |||||||
|
Total Investments: 105.3%
(Cost: $75,469,699) |
83,163,219 | |||||||
| Liabilities in excess of other assets: (5.3)% | (4,187,473 | ) | ||||||
| NET ASSETS: 100.0% | $ | 78,975,746 | ||||||
See Notes to Financial Statements
| 25 |
|
|
VANECK VECTORS GLOBAL ALTERNATIVE ENERGY ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
| ADR | American Depositary Receipt |
| USD | United States Dollar |
Footnotes:
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $4,018,680. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $23,142,014 which represents 29.3% of net assets. |
| Summary of Investments by Sector | ||||||||
| Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Consumer Discretionary | 9.1 | % | $ | 7,220,849 | ||||
| Energy | 3.4 | 2,643,761 | ||||||
| Industrials | 50.5 | 39,837,986 | ||||||
| Information Technology | 27.1 | 21,361,444 | ||||||
| Utilities | 9.8 | 7,766,455 | ||||||
| Money Market Fund | 0.1 | 116,678 | ||||||
| 100.0 | % | $ | 78,947,173 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
| Level 2 | Level 3 | ||||||||||||||||
| Level 1 | Significant | Significant | |||||||||||||||
| Quoted | Observable | Unobservable | |||||||||||||||
| Prices | Inputs | Inputs | Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Austria | $ | — | $ | 2,836,665 | $ | — | $ | 2,836,665 | |||||||||
| Brazil | 1,175,222 | — | — | 1,175,222 | |||||||||||||
| Canada | 637,714 | — | — | 637,714 | |||||||||||||
| China / Hong Kong | 358,631 | 4,193,495 | — | 4,552,126 | |||||||||||||
| Denmark | — | 7,050,750 | — | 7,050,750 | |||||||||||||
| Japan | — | 2,585,657 | — | 2,585,657 | |||||||||||||
| Spain | — | 2,731,336 | — | 2,731,336 | |||||||||||||
| Sweden | — | 3,744,111 | — | 3,744,111 | |||||||||||||
| United States | 53,516,914 | — | — | 53,516,914 | |||||||||||||
| Money Market Fund | 116,678 | — | — | 116,678 | |||||||||||||
| Repurchase Agreements | — | 4,216,046 | — | 4,216,046 | |||||||||||||
| Total | $ | 55,805,159 | $ | 27,358,060 | $ | — | $ | 83,163,219 | |||||||||
See Notes to Financial Statements
| 26 |
|
|
VANECK VECTORS GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
December 31, 2018
| Number | ||||||||
| of Shares | Value | |||||||
| United Kingdom: 5.8% | ||||||||
| 81,845,767 | Cenatamin Plc ‡ # | $ | 113,792,339 | |||||
| 5,827,529 | Randgold Resources Ltd. (ADR) ‡ # | 498,159,398 | ||||||
| 611,951,737 | ||||||||
| United States: 14.8% | ||||||||
| 14,407,832 | Coeur Mining, Inc. ‡ * | 64,403,009 | ||||||
| 34,036,095 | Hecla Mining Co. ‡ † | 80,325,184 | ||||||
| 27,248,002 | Newmont Mining Corp. ‡ | 944,143,269 | ||||||
| 4,643,249 | Royal Gold, Inc. ‡ | 397,694,277 | ||||||
| 22,207,850 | Tahoe Resources, Inc. ‡ * | 81,058,653 | ||||||
| 1,567,624,392 | ||||||||
|
Total Common Stocks
(Cost: $11,432,117,373) |
10,578,508,571 | |||||||
|
Principal
Amount |
||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.5% | ||||||||
| Repurchase Agreements: 2.5% | ||||||||
| $ | 61,779,923 | Repurchase agreement dated 12/31/18 with Citigroup Global Markets, Inc., 3.02%, due 1/2/19, proceeds $61,790,288; (collateralized by various U.S. government and agency obligations, 2.50% to 8.00%, due 1/25/19 to 7/15/60, valued at $63,015,522 including accrued interest) | 61,779,923 | |||||
| 14,480,800 | Repurchase agreement dated 12/31/18 with Credit Agricole CIB, 3.00%, due 1/2/19, proceeds $14,483,213; (collateralized by various U.S. government and agency obligations, 4.00% to 4.50%, due 6/20/48 to 8/1/48, valued at $14,770,416 including accrued interest) | 14,480,800 | ||||||
| 63,098,939 | Repurchase agreement dated 12/31/18 with Daiwa Capital Markets America, Inc., 3.05%, due 1/2/19, proceeds $63,109,631; (collateralized by various U.S. government and agency obligations, 2.00% to 6.50%, due 1/25/19 to 2/1/49, valued at $64,360,918 including accrued interest) | 63,098,939 | ||||||
| 63,098,939 | Repurchase agreement dated 12/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 3.00%, due 1/2/19, proceeds $63,109,455; (collateralized by various U.S. government and agency obligations, 2.73% to 5.50%, due 1/1/34 to 1/1/49, valued at $64,360,918 including accrued interest) | 63,098,939 | ||||||
See Notes to Financial Statements
| 27 |
|
|
VANECK VECTORS GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
| Principal | ||||||||
| Amount | Value | |||||||
| $ | 63,098,939 | Repurchase agreement dated 12/31/18 with Nomura Securities International, Inc., 3.00%, due 1/2/19, proceeds $63,109,455; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/3/19 to 11/20/68, valued at $64,360,918 including accrued interest) | $ | 63,098,939 | ||||
|
Total Short-Term Investments Held
as Collateral for Securities on Loan
(Cost: $265,557,540) |
265,557,540 | |||||||
|
Total Investments: 102.5%
(Cost: $11,697,674,913) |
10,844,066,111 | |||||||
| Liabilities in excess of other assets: (2.5)% | (268,379,318 | ) | ||||||
| NET ASSETS: 100.0% | $ | 10,575,686,793 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| USD | United States Dollar |
Footnotes:
| ‡ | Affiliated issuer–as defined under the Investment Company Act of 1940. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $261,227,376. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $2,462,974,960 which represents 23.3% of net assets. |
| Summary of Investments by Sector | ||||||||
| Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Gold | 91.1 | % | $ | 9,637,728,397 | ||||
| Silver | 8.9 | 940,780,174 | ||||||
| 100.0 | % | $ | 10,578,508,571 | |||||
See Notes to Financial Statements
| 28 |
|
|
A summary of the Fund’s transactions in securities of affiliates for the year ended December 31, 2018 is set forth below:
| Affiliates |
Value
12/31/17 |
Purchases |
Sales
Proceeds |
Realized Gain
(Loss) |
Dividend
Income |
Net Change in
Unrealized Appreciation (Depreciation) |
Value
12/31/18 |
|||||||||||||||||||||
| Agnico-Eagle Mines Ltd. | $ — | (a) | $ | 400,725,733 | $ | (225,062,400 | ) | $ | (9,599,507 | ) | $ | 4,674,447 | $ | (22,262,306 | ) | $ | 520,137,718 | |||||||||||
| Alamos Gold, Inc. | — | (a) | 95,860,292 | (34,651,210 | ) | (7,795,292 | ) | 275,598 | (32,477,292 | ) | 99,464,864 | |||||||||||||||||
| AngloGold Ashanti Ltd. | — | (a) | 202,680,946 | (93,861,370 | ) | (31,705,153 | ) | 1,078,478 | 100,718,151 | 366,913,231 | ||||||||||||||||||
| B2Gold Corp. | — | (a) | 133,092,513 | (64,773,898 | ) | (1,044,922 | ) | — | 147,324 | 204,816,687 | ||||||||||||||||||
| Barrick Gold Corp. | — | (a) | 626,863,795 | (405,491,430 | ) | (103,609,420 | ) | 10,461,465 | 123,873,009 | 808,713,532 | ||||||||||||||||||
| Cenatamin Plc | — | (a) | 93,534,826 | (52,083,173 | ) | (1,147,714 | ) | 6,969,248 | (37,875,898 | ) | 113,792,339 | |||||||||||||||||
| Centerra Gold, Inc. | — | (a) | 69,761,586 | (36,321,264 | ) | (4,034,079 | ) | — | (8,438,644 | ) | 88,781,167 | |||||||||||||||||
| Cia de Minas Buenaventura SA | — | (a) | 204,828,564 | (99,433,095 | ) | 3,005,484 | 1,336,010 | 32,317,500 | 316,030,237 | |||||||||||||||||||
| Coeur Mining, Inc. | — | (a) | 66,830,393 | (33,093,692 | ) | (10,335,610 | ) | — | (22,061,060 | ) | 64,403,009 | |||||||||||||||||
| Detour Gold Corp. | — | (a) | 77,296,562 | (41,349,985 | ) | (18,638,618 | ) | — | (5,975,517 | ) | 104,674,993 | |||||||||||||||||
| Eldorado Gold Corp. | — | (a) | 37,695,436 | (20,105,553 | ) | (55,954,331 | ) | — | 19,351,590 | 32,416,577 | ||||||||||||||||||
| Endeavour Mining Corp. | — | (a) | 91,665,701 | (44,915,018 | ) | (518,269 | ) | — | (19,402,855 | ) | 124,894,732 | |||||||||||||||||
| Evolution Mining Ltd. | — | (a) | 202,766,001 | (94,180,051 | ) | 10,002,931 | 5,254,495 | 35,946,290 | 312,760,951 | |||||||||||||||||||
| First Majestic Silver Corp. | — | (a) | 58,253,993 | (20,819,925 | ) | (3,332,350 | ) | — | (3,874,202 | ) | 80,812,220 | |||||||||||||||||
| Fortuna Silver Mines, Inc. | — | (a) | 37,622,774 | (19,478,623 | ) | (2,126,969 | ) | — | (12,352,364 | ) | 41,480,198 | |||||||||||||||||
| Franco-Nevada Corp. | — | (a) | 569,151,982 | (346,617,472 | ) | (6,261,821 | ) | 8,065,878 | (45,662,091 | ) | 668,954,538 | |||||||||||||||||
| Gold Fields Ltd. | — | (a) | 144,917,746 | (69,124,918 | ) | (19,548,667 | ) | 2,363,175 | (11,285,040 | ) | 204,968,051 | |||||||||||||||||
| Goldcorp, Inc. | — | (a) | 462,843,733 | (231,145,049 | ) | (119,892,647 | ) | 3,189,711 | (2,522,676 | ) | 482,050,171 | |||||||||||||||||
| Harmony Gold Mining Co. Ltd. | — | (a) | 46,160,517 | (16,906,181 | ) | (2,913,305 | ) | — | 3,518,411 | 67,526,656 | ||||||||||||||||||
| Hecla Mining Co. | — | (a) | 73,996,646 | (28,341,934 | ) | (4,073,703 | ) | 221,312 | (33,007,628 | ) | 80,325,184 | |||||||||||||||||
| IAMGOLD Corp. | — | (a) | 113,762,462 | (56,350,214 | ) | (808,049 | ) | — | (57,621,624 | ) | 121,697,254 | |||||||||||||||||
| Kinross Gold Corp. | — | (a) | 215,693,967 | (109,405,384 | ) | (26,703,944 | ) | — | (37,745,577 | ) | 285,843,557 | |||||||||||||||||
| Kirkland Lake Gold Ltd. | — | (a) | 217,327,383 | (90,544,965 | ) | 30,036,178 | 1,100,799 | 86,706,047 | 387,709,075 | |||||||||||||||||||
| McEwen Mining, Inc. | — | (a) | 35,070,272 | (16,929,120 | ) | (4,571,792 | ) | 160,763 | (4,446,667 | ) | 43,509,870 | |||||||||||||||||
| New Gold, Inc. | — | (a) | 46,119,528 | (26,808,667 | ) | (27,811,749 | ) | — | (46,396,442 | ) | 30,868,670 | |||||||||||||||||
| Newcrest Mining Ltd. | — | (a) | 522,933,081 | (318,953,942 | ) | (9,788,235 | ) | 6,561,633 | (49,799,408 | ) | 603,699,623 | |||||||||||||||||
| Newmont Mining Corp. | — | (a) | 837,240,099 | (519,221,954 | ) | 3,482,802 | 13,584,171 | (49,845,785 | ) | 944,143,269 | ||||||||||||||||||
| Northern Star Resources Ltd. | — | (a) | 180,435,305 | (79,727,514 | ) | 22,273,512 | 2,284,927 | 42,334,961 | 295,708,750 | |||||||||||||||||||
| OceanaGold Corp. | — | (a) | 91,043,811 | (43,194,730 | ) | (1,518,392 | ) | 1,021,761 | 41,694,718 | 159,840,290 | ||||||||||||||||||
| Osisko Gold Royalties Ltd. | — | (a) | 71,511,386 | (35,656,641 | ) | (8,315,435 | ) | 1,323,451 | (12,390,853 | ) | 97,337,468 | |||||||||||||||||
| Pan American Silver Corp. | — | (a) | 122,993,392 | (61,106,231 | ) | (2,565,096 | ) | 1,120,060 | (8,612,826 | ) | 158,659,602 | |||||||||||||||||
| Pretium Resources, Inc. | — | (a) | 72,079,126 | (36,037,995 | ) | (4,103,250 | ) | — | (15,758,967 | ) | 109,881,257 | |||||||||||||||||
| Randgold Resources Ltd. | — | (a) | 328,444,079 | (137,396,892 | ) | (15,789,453 | ) | 8,460,277 | (15,940,570 | ) | 498,159,398 | |||||||||||||||||
| Regis Resources Ltd. | — | (a) | 86,854,043 | (41,807,883 | ) | 10,459,952 | 3,277,003 | (9,416,715 | ) | 122,392,528 | ||||||||||||||||||
| Resolute Mining Ltd. | — | (a) | 34,426,970 | (16,732,252 | ) | (4,633,362 | ) | 652,862 | 876,961 | 43,706,450 | ||||||||||||||||||
| Royal Gold, Inc. | — | (a) | 280,578,697 | (135,875,402 | ) | 5,062,671 | 3,276,098 | 4,866,332 | 397,694,277 | |||||||||||||||||||
| Sandstorm Gold Ltd. | — | (a) | 41,159,158 | (19,860,216 | ) | (2,237,465 | ) | — | (612,149 | ) | 59,675,136 | |||||||||||||||||
| Saracen Mineral Holdings Ltd. | — | (a) | 66,467,070 | (29,115,680 | ) | 3,980,672 | — | 30,125,134 | 120,142,275 | |||||||||||||||||||
| Semafo, Inc. | — | (a) | 42,484,318 | (21,839,586 | ) | (3,091,278 | ) | — | (9,631,370 | ) | 49,849,492 | |||||||||||||||||
| SSR Mining, Inc. | — | (a) | 62,269,276 | (27,979,199 | ) | (1,514,913 | ) | — | 22,661,842 | 103,045,923 | ||||||||||||||||||
| St. Barbara Ltd. | — | (a) | 85,455,500 | (36,390,147 | ) | 6,994,094 | 2,561,647 | (277,848 | ) | 123,029,927 | ||||||||||||||||||
| Tahoe Resources, Inc. | — | (a) | 65,662,943 | (32,400,510 | ) | (32,776,175 | ) | — | 12,710,894 | 81,058,653 | ||||||||||||||||||
| Torex Gold Resources, Inc. | — | (a) | 33,294,658 | (16,567,080 | ) | (7,846,648 | ) | — | 10,234,782 | 53,530,337 | ||||||||||||||||||
| Wheaton Precious Metals Corp. | — | (a) | 310,791,235 | (121,959,012 | ) | (580,803 | ) | 7,343,684 | (41,232,070 | ) | 515,099,961 | |||||||||||||||||
| Yamana Gold, Inc. | — | (a) | 132,528,400 | (65,875,879 | ) | (28,043,951 | ) | 1,062,047 | (13,889,152 | ) | 158,725,755 | |||||||||||||||||
| Zhaojin Mining Industry Co. Ltd. | — | (a) | 45,084,246 | (20,516,923 | ) | (2,278,844 | ) | 424,268 | 16,426,118 | 75,479,429 | ||||||||||||||||||
| Zijin Mining Group Ltd. | — | (a) | 117,258,317 | (61,547,332 | ) | 5,744,307 | 3,424,658 | (5,377,721 | ) | 154,103,290 | ||||||||||||||||||
| $ — | $ | 7,955,518,461 | $ | (4,157,557,591 | ) | $ | (486,468,608 | ) | $ | 101,529,926 | $ | (51,683,253 | ) | $ | 10,578,508,571 | |||||||||||||
| (a) | Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period. |
See Notes to Financial Statements
| 29 |
|
|
VANECK VECTORS GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Australia | $ | 159,840,290 | $ | 1,621,440,504 | $ | — | $ | 1,781,280,794 | |||||||||
| Canada | 5,307,736,022 | — | — | 5,307,736,022 | |||||||||||||
| China / Hong Kong | — | 229,582,719 | — | 229,582,719 | |||||||||||||
| Monaco | 124,894,732 | — | — | 124,894,732 | |||||||||||||
| Peru | 316,030,237 | — | — | 316,030,237 | |||||||||||||
| South Africa | 639,407,938 | — | — | 639,407,938 | |||||||||||||
| United Kingdom | — | 611,951,737 | — | 611,951,737 | |||||||||||||
| United States | 1,567,624,392 | — | — | 1,567,624,392 | |||||||||||||
| Repurchase Agreements | — | 265,557,540 | — | 265,557,540 | |||||||||||||
| Total | $ | 8,115,533,611 | $ | 2,728,532,500 | $ | — | $ | 10,844,066,111 | |||||||||
See Notes to Financial Statements
| 30 |
|
|
VANECK VECTORS JUNIOR GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
December 31, 2018
|
Number
of Shares |
Value | |||||||
| China / Hong Kong: 1.4% | ||||||||
| 13,306,000 | Hengxing Gold Holding Co. Ltd. † # Reg S | $ | 11,636,167 | |||||
| 19,287,400 | Real Gold Mining Ltd. * # § ∞ | 0 | ||||||
| 45,397,500 | Zhaojin Mining Industry Co. Ltd. † # | 46,070,390 | ||||||
| 57,706,557 | ||||||||
| Monaco: 1.6% | ||||||||
| 4,253,351 | Endeavour Mining Corp. (CAD) * | 69,570,846 | ||||||
| Peru: 6.3% | ||||||||
| 14,444,784 | Cia de Minas Buenaventura SA (ADR) ‡ | 234,294,396 | ||||||
| 16,984,165 | Hochschild Mining Plc (GBP) # | 33,825,976 | ||||||
| 268,120,372 | ||||||||
| Russia: 0.6% | ||||||||
| 14,300,048 | Highland Gold Mining Ltd. (GBP) # | 25,948,460 | ||||||
| South Africa: 13.8% | ||||||||
| 22,549,683 | AngloGold Ashanti Ltd. (ADR) ‡ † | 282,998,522 | ||||||
| 2,907,647 | DRDGOLD Ltd. (ADR) † | 6,047,906 | ||||||
| 48,019,599 | Gold Fields Ltd. (ADR) ‡ | 169,028,988 | ||||||
| 29,494,281 | Harmony Gold Mining Co. Ltd. (USD) ‡ * † | 52,794,763 | ||||||
| 27,955,427 | Sibanye Gold Ltd. (ADR) * † | 79,113,858 | ||||||
| 589,984,037 | ||||||||
| Turkey: 0.8% | ||||||||
| 3,472,913 | Koza Altin Isletmeleri AS * # | 33,396,065 | ||||||
| United Kingdom: 2.3% | ||||||||
| 7,772,602 | African Barrick Gold Ltd. * † | 18,145,205 | ||||||
| 57,763,019 | Cenatamin Plc ‡ # | 80,309,456 | ||||||
| 386,037 | Patagonia Gold Plc * # | 275,261 | ||||||
| 98,729,922 | ||||||||
| United States: 5.1% | ||||||||
| 18,959,771 | Alacer Gold Corp. (CAD) ‡ * | 34,982,152 | ||||||
| 10,184,192 | Coeur Mining, Inc. ‡ * | 45,523,338 | ||||||
| 3,329,926 | Gold Resource Corp. ‡ | 13,319,704 | ||||||
| 25,516,579 | Hecla Mining Co. ‡ | 60,219,126 | ||||||
| 17,837,883 | Tahoe Resources, Inc. ‡ * | 65,108,273 | ||||||
| 219,152,593 | ||||||||
|
Total Common Stocks
(Cost: $4,616,537,540) |
4,261,856,042 | |||||||
|
MONEY MARKET FUND: 0.3%
(Cost: $11,945,173) |
||||||||
| 11,945,173 | Dreyfus Government Cash Management Fund — Institutional Shares | 11,945,173 | ||||||
|
Total Investments Before Collateral for Securities Loaned: 100.0%
(Cost: $4,628,482,713) |
4,273,801,215 | |||||||
See Notes to Financial Statements
| 31 |
|
|
VANECK VECTORS JUNIOR GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Principal
Amount |
Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.1% | ||||||||
| Repurchase Agreements: 4.1% | ||||||||
| $ | 41,878,234 | Repurchase agreement dated 12/31/18 with Credit Agricole CIB, 3.00%, due 1/2/19, proceeds $41,885,214; (collateralized by various U.S. government and agency obligations, 4.00% to 4.50%, due 6/20/48 to 8/1/48, valued at $42,715,799 including accrued interest) | $ | 41,878,234 | ||||
| 41,878,234 | Repurchase agreement dated 12/31/18 with Daiwa Capital Markets America, Inc., 3.05%, due 1/2/19, proceeds $41,885,330; (collateralized by various U.S. government and agency obligations, 2.00% to 6.50%, due 1/25/19 to 2/1/49, valued at $42,715,799 including accrued interest) | 41,878,234 | ||||||
| 41,878,234 | Repurchase agreement dated 12/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 3.00%, due 1/2/19, proceeds $41,885,214; (collateralized by various U.S. government and agency obligations, 2.73% to 5.50%, due 1/1/34 to 1/1/49, valued at $42,715,799 including accrued interest) | 41,878,234 | ||||||
|
Principal
Amount |
Value | |||||||
| $ | 41,878,234 | Repurchase agreement dated 12/31/18 with Nomura Securities International, Inc., 3.00%, due 1/2/19, proceeds $41,885,214; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/3/19 to 11/20/68, valued at $42,715,799 including accrued interest) | $ | 41,878,234 | ||||
| 8,779,584 | Repurchase agreement dated 12/31/18 with RBC Capital Markets LLC, 3.00%, due 1/2/19, proceeds $8,781,047; (collateralized by various U.S. government and agency obligations, 2.21% to 6.50%, due 2/1/20 to 11/1/48, valued at $8,955,176 including accrued interest) | 8,779,584 | ||||||
|
Total Short-Term Investments Held as Collateral for Securities on Loan
(Cost: $176,292,520) |
176,292,520 | |||||||
|
Total Investments: 104.1%
(Cost: $4,804,775,233) |
4,450,093,735 | |||||||
| Liabilities in excess of other assets: (4.1)% | (176,698,551 | ) | ||||||
| NET ASSETS: 100.0% | $ | 4,273,395,184 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| USD | United States Dollar |
Footnotes:
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $171,948,320. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,094,640,377 which represents 25.6% of net assets. |
| § | Illiquid Security – the aggregate value of illiquid securities is $0 which represents 0.0% of net assets. |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
See Notes to Financial Statements
| 32 |
|
|
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Gold | 88.4 | % | $ | 3,779,183,003 | ||||
| Precious Metals & Minerals | 0.5 | 21,192,478 | ||||||
| Silver | 10.8 | 461,480,561 | ||||||
| Money Market Fund | 0.3 | 11,945,173 | ||||||
| 100.0 | % | $ | 4,273,801,215 | |||||
A summary of the Fund’s transactions in securities of affiliates for the year ended December 31, 2018 is set forth below:
| Affiliates |
Value
12/31/17 |
Purchases |
Sales
Proceeds |
Realized
Gain (Loss) |
Dividend
Income |
Net Change in
Unrealized Appreciation (Depreciation) |
Value
12/31/18 |
|||||||||||||||||||||
| Alacer Gold Corp. | $ | 39,908,724 | $ | 18,163,043 | $ | (23,386,201 | ) | $ | (1,075,309 | ) | $ | — | $ | 1,371,895 | $ | 34,982,152 | ||||||||||||
| Alamos Gold, Inc. | 140,175,553 | 51,678,132 | (58,092,791 | ) | (15,962,700 | ) | 454,797 | (49,519,521 | ) | — | (b) | |||||||||||||||||
| AngloGold Ashanti Ltd. | — | 273,995,297 | (110,408,212 | ) | 21,726,374 | — | 97,685,063 | 282,998,522 | ||||||||||||||||||||
| Argonaut Gold, Inc. | 24,036,977 | 10,202,130 | (9,946,223 | ) | (3,653,208 | ) | — | (7,690,229 | ) | 12,949,447 | ||||||||||||||||||
| Asanko Gold, Inc. | 9,119,788 | 5,594,633 | (8,362,963 | ) | (10,054,866 | ) | — | 8,629,208 | — | (b) | ||||||||||||||||||
| B2Gold Corp. | 160,608,629 | 62,717,688 | (80,991,136 | ) | 5,219,987 | — | (13,748,040 | ) | — | (b) | ||||||||||||||||||
| Cenatamin Plc | 148,079,397 | 57,668,456 | (70,022,433 | ) | (12,600,857 | ) | 8,939,166 | (42,815,107 | ) | 80,309,456 | ||||||||||||||||||
| Cia de Minas Buenaventura SA | — | 232,549,313 | — | — | — | 1,745,083 | 234,294,396 | |||||||||||||||||||||
| Coeur Mining, Inc. | 77,056,387 | 33,237,254 | (29,899,308 | ) | (5,213,079 | ) | — | (29,657,916 | ) | 45,523,338 | ||||||||||||||||||
| Continental Gold, Inc. | 25,621,420 | 12,982,553 | (11,774,116 | ) | (1,707,410 | ) | — | (10,267,157 | ) | — | (b) | |||||||||||||||||
| Detour Gold Corp. | 129,244,120 | 50,069,524 | (52,705,554 | ) | (6,172,038 | ) | — | (31,686,954 | ) | 88,749,098 | ||||||||||||||||||
| DRDGOLD Ltd. | 9,730,031 | 3,797,099 | (3,798,981 | ) | (861,118 | ) | 125,236 | (2,819,125 | ) | — | (b) | |||||||||||||||||
| Eldorado Gold Corp. | 78,550,255 | 22,166,012 | (31,875,303 | ) | (29,273,110 | ) | — | (14,223,895 | ) | 25,343,959 | ||||||||||||||||||
| Endeavour Silver Corp. | 23,311,118 | 12,026,698 | (12,240,952 | ) | (3,859,707 | ) | — | 365,662 | 19,602,819 | |||||||||||||||||||
| Evolution Mining Ltd. | 180,160,455 | 124,836,567 | (121,761,908 | ) | 13,368,481 | 5,609,189 | 34,520,792 | 231,124,387 | ||||||||||||||||||||
| First Majestic Silver Corp. | 80,896,014 | 46,116,497 | (44,867,296 | ) | (7,703,021 | ) | — | (8,633,306 | ) | 65,808,888 | ||||||||||||||||||
| First Mining Finance Corp. | 20,902,939 | — | (25,819,883 | ) | 5,470 | — | 4,911,474 | — | ||||||||||||||||||||
| First Mining Gold Corp. | — | 32,041,062 | (5,523,666 | ) | (3,904,839 | ) | — | (15,550,217 | ) | 7,062,340 | ||||||||||||||||||
| Fortuna Silver Mines, Inc. | 55,614,047 | 27,076,217 | (26,267,048 | ) | (1,946,522 | ) | — | (18,684,290 | ) | 35,792,404 | ||||||||||||||||||
| Gold Fields Ltd. | 207,010,394 | 89,972,265 | (85,233,548 | ) | (4,112,623 | ) | 2,832,596 | (38,607,500 | ) | 169,028,988 | ||||||||||||||||||
| Gold Resource Corp. | 17,928,733 | 9,092,333 | (11,636,338 | ) | 1,775,272 | 82,910 | (3,840,296 | ) | 13,319,704 | |||||||||||||||||||
| Golden Star Resources Ltd. | 24,259,745 | 9,366,730 | (10,620,526 | ) | (1,160,097 | ) | — | (6,755,500 | ) | — | (b) | |||||||||||||||||
| Great Panther Silver Ltd. | 16,615,777 | 6,655,738 | (6,046,836 | ) | (2,324,747 | ) | — | (6,513,947 | ) | 8,385,985 | ||||||||||||||||||
| Guyana Goldfields, Inc. | 38,827,811 | 15,938,594 | (14,087,045 | ) | (5,167,451 | ) | — | (25,635,641 | ) | — | (b) | |||||||||||||||||
| Harmony Gold Mining Co. Ltd. | 54,146,482 | 32,801,939 | (30,980,508 | ) | (2,920,408 | ) | — | (252,742 | ) | 52,794,763 | ||||||||||||||||||
| Hecla Mining Co. | 87,671,646 | 57,556,175 | (41,138,624 | ) | (12,813,428 | ) | 258,898 | (31,056,643 | ) | 60,219,126 | ||||||||||||||||||
| IAMGOLD Corp. | 172,039,814 | 71,650,879 | (71,827,823 | ) | 9,646,993 | — | (78,544,254 | ) | 102,965,609 | |||||||||||||||||||
| Kinross Gold Corp. | — | 254,802,474 | — | — | — | 9,642,872 | 264,445,346 | |||||||||||||||||||||
| Kirkland Lake Gold Ltd. | 186,539,075 | 85,153,040 | (307,522,932 | ) | 141,609,094 | 487,958 | (105,778,277 | ) | — | |||||||||||||||||||
| McEwen Mining, Inc. | 40,781,115 | 19,512,098 | (20,745,355 | ) | (1,570,013 | ) | 183,911 | (7,688,735 | ) | — | (b) | |||||||||||||||||
| Munsun Capital Group Ltd. | 6,654,743 | 2,539,891 | (2,930,020 | ) | (18,152,141 | ) | — | 11,887,527 | — | |||||||||||||||||||
| New Gold, Inc. | 134,667,626 | 35,649,455 | (31,286,013 | ) | (19,592,342 | ) | — | (90,844,900 | ) | 28,593,826 | ||||||||||||||||||
| Northern Star Resources Ltd. | 168,694,335 | 111,535,894 | (111,716,994 | ) | 26,616,752 | 2,762,035 | 42,395,099 | 237,525,086 | ||||||||||||||||||||
| OceanaGold Corp. | 99,372,763 | 53,773,078 | (74,000,881 | ) | 2,253,431 | 1,270,963 | 38,432,336 | 119,830,727 | ||||||||||||||||||||
| Pan American Silver Corp. | 159,067,328 | 81,956,303 | (87,284,853 | ) | (5,995,082 | ) | 1,567,893 | (8,407,151 | ) | 139,336,545 | ||||||||||||||||||
| Perseus Mining Ltd. | 19,003,941 | 8,905,235 | (11,518,555 | ) | 1,244,230 | — | (1,119,178 | ) | 16,515,673 | |||||||||||||||||||
| Premier Gold Mines Ltd. | 31,674,029 | 12,712,973 | (11,708,633 | ) | (4,004,762 | ) | — | (15,770,740 | ) | 12,902,867 | ||||||||||||||||||
| Pretium Resources, Inc. | 118,257,450 | 49,371,487 | (49,137,706 | ) | 1,336,941 | — | (30,389,924 | ) | 89,438,248 | |||||||||||||||||||
| Ramelius Resources Ltd. | 11,241,363 | 6,143,632 | (8,013,994 | ) | (463,353 | ) | — | 900,158 | 9,807,806 | |||||||||||||||||||
| Regis Resources Ltd. | 124,131,148 | 59,206,807 | (71,203,281 | ) | 22,270,577 | 4,646,462 | (22,982,265 | ) | 111,422,986 | |||||||||||||||||||
| Sandstorm Gold Ltd. | 63,706,427 | 28,793,221 | (36,169,685 | ) | 2,911,032 | — | (7,472,737 | ) | 51,768,258 | |||||||||||||||||||
| Saracen Mineral Holdings Ltd. | 71,734,287 | 38,564,278 | (55,353,374 | ) | 27,663,409 | — | 15,181,267 | 97,789,867 | ||||||||||||||||||||
| Seabridge Gold, Inc. | 38,582,336 | 17,695,980 | (22,630,461 | ) | 2,369,370 | — | 3,975,226 | — | (b) | |||||||||||||||||||
| Semafo, Inc. | 55,758,881 | 24,282,791 | (29,809,527 | ) | (4,257,668 | ) | — | (11,272,122 | ) | — | (b) | |||||||||||||||||
| Sibanye Gold Ltd. | 162,676,276 | 61,684,085 | (83,471,389 | ) | (36,627,724 | ) | — | (25,147,390 | ) | — | (b) | |||||||||||||||||
| Silver Lake Resources Ltd. | 10,625,961 | 6,014,479 | (7,806,232 | ) | 279,976 | — | 2,799,239 | 11,913,423 | ||||||||||||||||||||
| Silvercorp Metals, Inc. | 33,685,696 | 15,876,294 | (17,015,871 | ) | (598,348 | ) | 343,735 | (7,403,303 | ) | 24,544,468 | ||||||||||||||||||
See Notes to Financial Statements
| 33 |
|
|
VANECK VECTORS JUNIOR GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
| Affiliates (continued) |
Value
12/31/17 |
Purchases |
Sales
Proceeds |
Realized
Gain (Loss) |
Dividend
Income |
Net Change in
Unrealized Appreciation (Depreciation) |
Value
12/31/18 |
|||||||||||||||||||||
| SSR Mining, Inc. | $ | 76,304,127 | $ | 39,746,894 | $ | (50,845,511 | ) | $ | 12,481,803 | $ | — | $ | 17,209,491 | $ | 94,896,804 | |||||||||||||
| St. Barbara Ltd. | 97,682,108 | 65,410,020 | (68,573,813 | ) | 14,450,312 | 2,845,372 | (985,358 | ) | 107,983,269 | |||||||||||||||||||
| Tahoe Resources, Inc. | 97,549,471 | 54,583,684 | (61,743,678 | ) | (36,016,893 | ) | 3,619 | 10,735,689 | 65,108,273 | |||||||||||||||||||
| Teranga Gold Corp. | 16,053,605 | 10,104,684 | (11,591,739 | ) | (155,348 | ) | — | 2,939,341 | 17,350,543 | |||||||||||||||||||
| Torex Gold Resources, Inc. | — | (a) | 28,759,452 | (21,879,827 | ) | (4,664,688 | ) | — | 4,810,126 | 42,916,086 | ||||||||||||||||||
| Wesdome Gold Mines Ltd. | 14,313,868 | 7,962,369 | (12,632,134 | ) | (336,497 | ) | — | 12,258,126 | — | (b) | ||||||||||||||||||
| Westgold Resources Ltd. | 23,954,960 | 10,571,557 | (9,480,600 | ) | (4,706,281 | ) | — | (10,265,141 | ) | — | (b) | |||||||||||||||||
| Yamana Gold, Inc. | 197,456,335 | 86,822,322 | (81,776,239 | ) | 643,718 | 1,338,892 | (55,225,294 | ) | 147,920,842 | |||||||||||||||||||
| Zhaojin Mining Industry Co. Ltd. | 45,005,365 | 19,571,692 | (32,633,445 | ) | 2,775,863 | 580,807 | 11,350,915 | — | (b) | |||||||||||||||||||
| $ | 3,926,690,875 | $ | 2,667,658,997 | $ | (2,389,797,964 | ) | $ | 41,021,407 | $ | 34,334,439 | $ | (503,508,206 | ) | $ | 3,263,266,324 | |||||||||||||
| (a) | Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period. |
| (b) | Security held by the Fund, however not classified as an affiliate at the end of the reporting period. |
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Australia | $ | 119,830,727 | $ | 863,178,602 | $ | — | $ | 983,009,329 | |||||||||
| Canada | 1,916,237,861 | — | — | 1,916,237,861 | |||||||||||||
| China / Hong Kong | — | 57,706,557 | 0 | 57,706,557 | |||||||||||||
| Monaco | 69,570,846 | — | — | 69,570,846 | |||||||||||||
| Peru | 234,294,396 | 33,825,976 | — | 268,120,372 | |||||||||||||
| Russia | — | 25,948,460 | — | 25,948,460 | |||||||||||||
| South Africa | 589,984,037 | — | — | 589,984,037 | |||||||||||||
| Turkey | — | 33,396,065 | — | 33,396,065 | |||||||||||||
| United Kingdom | 18,145,205 | 80,584,717 | — | 98,729,922 | |||||||||||||
| United States | 219,152,593 | — | — | 219,152,593 | |||||||||||||
| Money Market Fund | 11,945,173 | — | — | 11,945,173 | |||||||||||||
| Repurchase Agreements | — | 176,292,520 | — | 176,292,520 | |||||||||||||
| Total | $ | 3,179,160,838 | $ | 1,270,932,897 | $ | 0 | $ | 4,450,093,735 | |||||||||
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended December 31, 2018:
| Common Stocks | |||||
| China / Hong Kong | |||||
| Balance as of December 31, 2017 | $ | 338,263 | |||
| Realized gain (loss) | — | ||||
| Change in unrealized appreciation (depreciation) | (338,263 | ) | |||
| Purchases | — | ||||
| Sales | — | ||||
| Transfers in and/or out of level 3 | — | ||||
| Balance as of December 31, 2018 | $ | 0 | |||
See Notes to Financial Statements
| 34 |
|
|
VANECK VECTORS NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
December 31, 2018
|
Number
of Shares |
Value | |||||||
| Canada: (continued) | ||||||||
| 19,243 | IAMGOLD Corp. * | $ | 70,587 | |||||
| 1,723 | Imperial Oil Ltd. (USD) † | 43,626 | ||||||
| 51,567 | Kinross Gold Corp. (USD) * | 167,077 | ||||||
| 7,754 | Kirkland Lake Gold Ltd. | 202,110 | ||||||
| 14,053 | Lundin Mining Corp. | 58,031 | ||||||
| 89,888 | Nutrien Ltd. (USD) | 4,224,736 | ||||||
| 3,932 | Osisko Gold Royalties Ltd. † | 34,460 | ||||||
| 6,323 | Pan American Silver Corp. (USD) | 92,316 | ||||||
| 7,018 | Pretium Resources, Inc. * | 59,451 | ||||||
| 12,995 | Suncor Energy, Inc. (USD) | 363,470 | ||||||
| 12,508 | Teck Resources Ltd. (USD) | 269,422 | ||||||
| 7,244 | TransCanada Corp. (USD) | 258,611 | ||||||
| 40,669 | Turquoise Hill Resources Ltd. * | 66,998 | ||||||
| 1,332 | West Fraser Timber Co. Ltd. † | 65,771 | ||||||
| 18,295 | Wheaton Precious Metals Corp. (USD) | 357,301 | ||||||
| 39,143 | Yamana Gold, Inc. (USD) | 92,377 | ||||||
| 8,961,157 | ||||||||
| Chile: 1.0% | ||||||||
| 83,962 | Aguas Andinas SA | 46,182 | ||||||
| 7,614 | Antofagasta Plc (GBP) # | 76,092 | ||||||
| 26,016 | Empresas CMPC SA | 82,700 | ||||||
| 11,067 | Inversiones Aguas Metropolitanas SA | 16,151 | ||||||
| 15,474 | Sociedad Quimica y Minera de Chile SA (ADR) † | 592,654 | ||||||
| 813,779 | ||||||||
| China / Hong Kong: 1.8% | ||||||||
| 88,000 | Aluminum Corp of China Ltd. * # | 28,164 | ||||||
| 23,800 | Angang New Steel Co. Ltd. # | 16,421 | ||||||
| 322,914 | China Agri-Industries Holdings Ltd. # | 115,029 | ||||||
| 32,500 | China Coal Energy Co. Ltd. # | 12,787 | ||||||
| 13,400 | China Gas Holdings Ltd. # | 47,789 | ||||||
| 40,600 | China Hongqiao Group Ltd. # | 23,092 | ||||||
| 87,500 | China Molybdenum Co. Ltd. (Class H) # | 32,227 | ||||||
| 15,300 | China Oilfield Services Ltd. (Class H) # | 13,169 | ||||||
| 203,427 | China Petroleum & Chemical Corp. # | 145,026 | ||||||
| 27,391 | China Shenhua Energy Co. Ltd. # | 59,747 | ||||||
| 128,679 | CNOOC Ltd. # | 198,236 | ||||||
| 53,100 | Fosun International Ltd. # | 77,396 | ||||||
| 30,600 | Health and Happiness H&H International Holdings Ltd. * # | 175,514 | ||||||
| 33,700 | Huaneng Power International, Inc. # | 21,394 | ||||||
| 25,300 | Jiangxi Copper Co. Ltd. (Class H) # | 29,738 | ||||||
| 26,200 | Kunlun Energy Co. Ltd. # | 27,841 | ||||||
| 30,600 | Lee & Man Paper Manufacturing Ltd. # | 25,900 | ||||||
| 37,600 | Maanshan Iron and Steel Co. Ltd. (Class H) # | 16,591 | ||||||
| 39,257 | Nine Dragons Paper Holdings Ltd. # | 36,270 | ||||||
| 167,540 | PetroChina Co. Ltd. (Class-H) # | 103,973 | ||||||
| 11,400 | Shandong Chenming Paper Holdings Ltd. (Class B) # | 6,128 | ||||||
| 13,300 | Yanzhou Coal Mining Co. Ltd. # | 10,743 | ||||||
| 43,100 | Zhaojin Mining Industry Co. Ltd. # | 43,739 | ||||||
| 235,661 | Zijin Mining Group Ltd. # | 89,321 | ||||||
| 1,356,235 | ||||||||
| Denmark: 0.6% | ||||||||
| 6,458 | Vestas Wind Systems A/S # | 488,004 | ||||||
See Notes to Financial Statements
| 35 |
|
|
VANECK VECTORS NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Number
of Shares |
Value | |||||||
| Finland: 0.3% | ||||||||
| 1,125 | Neste Oil Oyj # | $ | 86,903 | |||||
| 13,595 | Stora Enso Oyj (R Shares) # | 157,259 | ||||||
| 244,162 | ||||||||
| France: 2.1% | ||||||||
| 13,308 | Suez Environnement Co. | 175,406 | ||||||
| 20,163 | Total SA # | 1,061,086 | ||||||
| 17,653 | Veolia Environnement SA # | 360,699 | ||||||
| 1,597,191 | ||||||||
| Germany: 0.4% | ||||||||
| 794 | Aurubis AG # | 39,255 | ||||||
| 289 | KWS Saat AG # | 85,586 | ||||||
| 10,853 | ThyssenKrupp AG # | 186,009 | ||||||
| 310,850 | ||||||||
| Hungary: 0.1% | ||||||||
| 3,794 | MOL Hungarian Oil & Gas Plc # | 41,573 | ||||||
| India: 0.6% | ||||||||
| 14,157 | Reliance Industries Ltd. (GDR) # 144A | 450,535 | ||||||
| Indonesia: 0.2% | ||||||||
| 56,276 | Astra Agro Lestari Tbk PT # | 46,353 | ||||||
| 60,800 | Indah Kiat Pulp and Paper Corp. Tbk PT # | 48,821 | ||||||
| 29,400 | Pabrik Kertas Tjiwi Kimia PT # | 22,711 | ||||||
| 408,600 | Perusahaan Perkebunan London Sumatra Indonesia Tbk PT # | 35,612 | ||||||
| 153,497 | ||||||||
| Ireland: 0.3% | ||||||||
| 18,344 | Origin Enterprises Plc | 122,674 | ||||||
| 5,603 | Smurfit Kappa Group Plc (GBP) # | 148,650 | ||||||
| 271,324 | ||||||||
| Italy: 0.4% | ||||||||
| 20,309 | ENI S.p.A. # | 320,097 | ||||||
| Japan: 3.8% | ||||||||
| 10,900 | Calbee, Inc. # | 340,114 | ||||||
| 2,800 | Daio Paper Corp. # | 32,223 | ||||||
| 4,417 | Hitachi Metals Ltd. # | 45,893 | ||||||
| 3,800 | Hokuto Corp. # | 66,498 | ||||||
| 1,300 | Idemitsu Kosan Co. Ltd. # | 42,242 | ||||||
| 8,700 | Inpex Holdings, Inc. # | 77,012 | ||||||
| 12,764 | JFE Holdings, Inc. # | 203,105 | ||||||
| 27,400 | JX Holdings, Inc. # | 142,160 | ||||||
| 8,100 | Kobe Steel Ltd. # | 56,086 | ||||||
| 3,365 | Kurita Water Industries Ltd. # | 81,388 | ||||||
| 2,900 | Mitsubishi Materials Corp. # | 76,340 | ||||||
| 2,500 | Nippon Paper Industries Co. Ltd. # | 44,566 | ||||||
| 19,500 | Nippon Steel Corp. # | 334,692 | ||||||
| 42,014 | Nippon Suisan Kaisha Ltd. # | 234,098 | ||||||
| 38,250 | Nisshin Seifun Group, Inc. # | 787,024 | ||||||
| 22,876 | OJI Paper Co. Ltd. # | 116,766 | ||||||
| 5,770 | Rengo Co. Ltd. # | 45,479 | ||||||
| 4,083 | Sumitomo Forestry Co. Ltd. # | 53,400 | ||||||
| 6,000 | Sumitomo Metal Mining Ltd. # | 160,516 | ||||||
| 2,939,602 | ||||||||
| Luxembourg: 0.6% | ||||||||
| 14,207 | Arcelormittal # | 293,423 | ||||||
| 1,885 | Tenaris SA (ADR) | 40,188 | ||||||
| 4,332 | Ternium SA (ADR) | 117,397 | ||||||
| 451,008 | ||||||||
|
Number
of Shares |
Value | |||||||
| Malaysia: 1.8% | ||||||||
| 39,951 | Genting Plantation Bhd # | $ | 95,221 | |||||
| 357,994 | IOI Corp. Bhd # | 384,661 | ||||||
| 63,878 | Kuala Lumpur Kepong Bhd | 382,109 | ||||||
| 212,200 | Malyan Banking Bhd # | 487,457 | ||||||
| 1,200 | Petronas Dagangan Bhd # | 7,681 | ||||||
| 48,500 | Press Metal Aluminium Holdings Bhd # | 56,590 | ||||||
| 1,413,719 | ||||||||
| Mexico: 1.4% | ||||||||
| 63,215 | Gruma, SAB de CV | 714,845 | ||||||
| 79,064 | Grupo Mexico, SAB de CV | 162,353 | ||||||
| 16,392 | Industrias Penoles, SAB de CV | 199,713 | ||||||
| 1,076,911 | ||||||||
| Netherlands: 1.2% | ||||||||
| 29,903 | Royal Dutch Shell Plc (GBP) # | 893,323 | ||||||
| Norway: 3.4% | ||||||||
| 8,709 | Equinor ASA # | 184,467 | ||||||
| 60,860 | Mowi ASA # | 1,280,903 | ||||||
| 30,133 | Norsk Hydro ASA # | 136,335 | ||||||
| 2,609 | Norway Royal Salmon ASA # | 53,948 | ||||||
| 25,542 | Yara International ASA # | 983,189 | ||||||
| 2,638,842 | ||||||||
| Peru: 0.3% | ||||||||
| 9,297 | Cia de Minas Buenaventura SA (ADR) | 150,797 | ||||||
| 1,876 | Southern Copper Corp. (USD) | 57,725 | ||||||
| 208,522 | ||||||||
| Poland: 0.2% | ||||||||
| 1,166 | Jastrzebska Spolka Weglowa SA * # | 21,000 | ||||||
| 3,001 | KGHM Polska Miedz SA * # | 70,924 | ||||||
| 2,322 | Polski Koncern Naftowy Orlen SA # | 67,019 | ||||||
| 12,917 | Polskie Gornictwo Naftowe I Gazownictwo SA # | 23,792 | ||||||
| 182,735 | ||||||||
| Portugal: 0.1% | ||||||||
| 3,448 | Galp Energia, SGPS, SA # | 54,168 | ||||||
| 5,253 | Portucel-Empresa Productora de Pasta e Papel SA # | 21,622 | ||||||
| 75,790 | ||||||||
| Russia: 2.6% | ||||||||
| 12,103 | Evraz Plc (GBP) # | 74,054 | ||||||
| 5,209 | Lukoil PJSC (ADR) # | 373,041 | ||||||
| 17,111 | MMC Norilsk Nickel PJSC (ADR) # | 321,098 | ||||||
| 674 | Novatek OAO (GDR) # Reg S | 115,163 | ||||||
| 2,116 | Novolipetsk Steel (GDR) # Reg S | 48,503 | ||||||
| 94,500 | OAO Gazprom (ADR) # | 418,381 | ||||||
| 17,594 | PhosAgro OAO (GDR) # Reg S | 224,566 | ||||||
| 10,039 | Polymetal International (GBP) # | 105,237 | ||||||
| 9,308 | Rosneft Oil Co. (GDR) # Reg S | 57,436 | ||||||
| 4,120 | Severstal OAO (GDR) Reg S | 56,238 | ||||||
| 28,521 | Surgutneftegas OJSC (ADR) # | 108,313 | ||||||
| 2,087 | Tatneft PJSC Sponsored (ADR) # | 131,434 | ||||||
| 2,033,464 | ||||||||
| Singapore: 1.3% | ||||||||
| 967,319 | Golden Agri-Resources Ltd. # | 173,666 | ||||||
| 378,864 | Wilmar International Ltd. # | 867,585 | ||||||
| 1,041,251 | ||||||||
See Notes to Financial Statements
| 36 |
|
|
|
Number
of Shares |
Value | |||||||
| United Kingdom: (continued) | ||||||||
| 30,684 | DS Smith Plc # | $ | 116,923 | |||||
| 5,143 | KAZ Minerals Plc # | 34,962 | ||||||
| 8,673 | Mondi Plc # | 180,497 | ||||||
| 13,200 | Pennon Group Plc # | 116,596 | ||||||
| 3,868 | Randgold Resources Ltd. (ADR) # | 330,651 | ||||||
| 25,262 | Rio Tinto Plc # | 1,208,909 | ||||||
| 7,446 | Severn Trent Plc # | 172,468 | ||||||
| 3,411 | TechnipFMC Plc (USD) | 66,787 | ||||||
| 21,408 | United Utilities Group Plc # | 201,131 | ||||||
| 5,556,229 | ||||||||
| United States: 44.7% | ||||||||
| 9,708 | AGCO Corp. | 540,444 | ||||||
| 4,115 | Alcoa Corp. * | 109,377 | ||||||
| 1,153 | American States Water Co. | 77,297 | ||||||
| 4,088 | Anadarko Petroleum Corp. | 179,218 | ||||||
| 3,845 | Andersons, Inc. | 114,927 | ||||||
| 3,030 | Apache Corp. | 79,538 | ||||||
| 5,585 | Aqua America, Inc. † | 190,951 | ||||||
| 81,762 | Archer-Daniels-Midland Co. | 3,349,789 | ||||||
| 14,405 | Arconic, Inc. | 242,868 | ||||||
| 4,059 | Baker Hughes a GE Co. | 87,269 | ||||||
| 20,606 | Bunge Ltd. | 1,101,185 | ||||||
| 3,522 | Cabot Oil & Gas Corp. | 78,717 | ||||||
| 1,509 | California Water Service Group | 71,919 | ||||||
| 34,103 | CF Industries Holdings, Inc. | 1,483,822 | ||||||
| 3,371 | Chefs’ Warehouse, Inc. * | 107,805 | ||||||
| 1,928 | Cheniere Energy, Inc. * | 114,118 | ||||||
| 15,298 | Chevron Corp. | 1,664,269 | ||||||
| 761 | Cimarex Energy Co. | 46,916 | ||||||
| 2,582 | Commercial Metals Co. | 41,364 | ||||||
| 1,599 | Concho Resources, Inc. * | 164,361 | ||||||
| 9,278 | ConocoPhillips | 578,483 | ||||||
| 690 | Continental Resources, Inc. * | 27,731 | ||||||
| 3,195 | Cree, Inc. * | 136,666 | ||||||
| 24,051 | Darling International, Inc. * | 462,741 | ||||||
| 46,987 | Deere & Co. | 7,009,051 | ||||||
| 3,551 | Devon Energy Corp. | 80,040 | ||||||
| 760 | Diamondback Energy, Inc. | 70,452 | ||||||
| 1,485 | Domtar Corp. | 52,168 | ||||||
| 4,624 | EOG Resources, Inc. | 403,259 | ||||||
| 2,108 | EQT Corp. | 39,820 | ||||||
| 2,032 | Equitrans Midstream Corp. * | 40,681 | ||||||
| 33,801 | Exxon Mobil Corp. | 2,304,890 | ||||||
| 2,369 | First Solar, Inc. * | 100,576 | ||||||
| 31,975 | Freeport-McMoRan Copper & Gold, Inc. | 329,662 | ||||||
| 7,329 | Graphic Packaging Holding Co. | 77,981 | ||||||
| 6,994 | Halliburton Co. | 185,901 | ||||||
| 19,674 | Hecla Mining Co. | 46,431 | ||||||
| 870 | Helmerich & Payne, Inc. | 41,708 | ||||||
| 2,010 | Hess Corp. | 81,405 | ||||||
| 1,392 | HollyFrontier Corp. | 71,159 | ||||||
| 10,375 | Ingredion, Inc. | 948,275 | ||||||
| 9,656 | International Paper Co. | 389,716 | ||||||
| 1,049 | Itron, Inc. * | 49,607 | ||||||
| 15,152 | Kinder Morgan, Inc. | 233,038 | ||||||
| 1,572 | Lindsay Corp. | 151,305 | ||||||
| 3,370 | Louisiana-Pacific Corp. | 74,881 | ||||||
| 6,819 | Marathon Oil Corp. | 97,784 | ||||||
See Notes to Financial Statements
| 37 |
|
|
VANECK VECTORS NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Number
of Shares |
Value | |||||||
| United States: (continued) | ||||||||
| 51,238 | Mosaic Co. | $ | 1,496,662 | |||||
| 3,055 | National Oilwell Varco, Inc. | 78,514 | ||||||
| 1,595 | Newfield Exploration Co. * | 23,383 | ||||||
| 22,001 | Newmont Mining Corp. | 762,335 | ||||||
| 3,857 | Noble Energy, Inc. | 72,357 | ||||||
| 6,980 | Nucor Corp. | 361,634 | ||||||
| 6,105 | Occidental Petroleum Corp. | 374,725 | ||||||
| 3,283 | ONEOK, Inc. | 177,118 | ||||||
| 1,589 | Ormat Technologies, Inc. | 83,105 | ||||||
| 2,231 | Packaging Corp. of America | 186,199 | ||||||
| 3,706 | Phillips 66 | 319,272 | ||||||
| 7,638 | Pilgrim’s Pride Corp. * | 118,465 | ||||||
| 1,360 | Pioneer Natural Resources Co. | 178,867 | ||||||
| 1,596 | Reliance Steel & Aluminum Co. | 113,587 | ||||||
| 1,445 | Royal Gold, Inc. | 123,764 | ||||||
| 11,050 | Schlumberger Ltd. | 398,684 | ||||||
| 40 | Seaboard Corp. | 141,520 | ||||||
| 4,766 | Steel Dynamics, Inc. | 143,171 | ||||||
| 12,923 | Tahoe Resources, Inc. * | 47,169 | ||||||
| 1,800 | Targa Resources Corp. | 64,836 | ||||||
| 8,096 | The Southern Co. | 355,576 | ||||||
| 17,792 | Tractor Supply Co. | 1,484,564 | ||||||
| 43,226 | Tyson Foods, Inc. | 2,308,268 | ||||||
| 3,910 | United States Steel Corp. | 71,318 | ||||||
| 3,412 | Valero Energy Corp. | 255,798 | ||||||
| 5,988 | WestRock Co. | 226,107 | ||||||
| 17,893 | Weyerhaeuser Co. | 391,141 | ||||||
| 9,655 | Williams Companies, Inc. | 212,893 | ||||||
| 892 | Worthington Industries, Inc. | 31,077 | ||||||
| 34,533,674 | ||||||||
|
Total Common Stocks
(Cost: $81,038,659) |
77,292,168 | |||||||
See Notes to Financial Statements
| 38 |
|
|
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Consumer Discretionary | 2.1 | % | $ | 1,647,467 | ||||
| Consumer Staples | 19.7 | 15,229,339 | ||||||
| Energy | 22.9 | 17,723,614 | ||||||
| Financials | 0.6 | 487,457 | ||||||
| Industrials | 13.1 | 10,136,788 | ||||||
| Information Technology | 0.4 | 286,849 | ||||||
| Materials | 37.7 | 29,135,595 | ||||||
| Real Estate | 0.6 | 455,208 | ||||||
| Utilities | 2.9 | 2,189,851 | ||||||
| 100.0 | % | $ | 77,292,168 | |||||
See Notes to Financial Statements
| 39 |
|
|
VANECK VECTORS NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Argentina | $ | 203,155 | $ | — | $ | — | $ | 203,155 | |||||||||
| Australia | 92,873 | 3,919,404 | — | 4,012,277 | |||||||||||||
| Austria | — | 221,315 | — | 221,315 | |||||||||||||
| Brazil | 1,468,608 | — | — | 1,468,608 | |||||||||||||
| Canada | 8,961,157 | — | — | 8,961,157 | |||||||||||||
| Chile | 737,687 | 76,092 | — | 813,779 | |||||||||||||
| China / Hong Kong | — | 1,356,235 | — | 1,356,235 | |||||||||||||
| Denmark | — | 488,004 | — | 488,004 | |||||||||||||
| Finland | — | 244,162 | — | 244,162 | |||||||||||||
| France | 175,406 | 1,421,785 | — | 1,597,191 | |||||||||||||
| Germany | — | 310,850 | — | 310,850 | |||||||||||||
| Hungary | — | 41,573 | — | 41,573 | |||||||||||||
| India | — | 450,535 | — | 450,535 | |||||||||||||
| Indonesia | — | 153,497 | — | 153,497 | |||||||||||||
| Ireland | 122,674 | 148,650 | — | 271,324 | |||||||||||||
| Italy | — | 320,097 | — | 320,097 | |||||||||||||
| Japan | — | 2,939,602 | — | 2,939,602 | |||||||||||||
| Luxembourg | 157,585 | 293,423 | — | 451,008 | |||||||||||||
| Malaysia | 382,109 | 1,031,610 | — | 1,413,719 | |||||||||||||
| Mexico | 1,076,911 | — | — | 1,076,911 | |||||||||||||
| Netherlands | — | 893,323 | — | 893,323 | |||||||||||||
| Norway | — | 2,638,842 | — | 2,638,842 | |||||||||||||
| Peru | 208,522 | — | — | 208,522 | |||||||||||||
| Poland | — | 182,735 | — | 182,735 | |||||||||||||
| Portugal | — | 75,790 | — | 75,790 | |||||||||||||
| Russia | 56,238 | 1,977,226 | — | 2,033,464 | |||||||||||||
| Singapore | — | 1,041,251 | — | 1,041,251 | |||||||||||||
| South Africa | 467,244 | 455,187 | — | 922,431 | |||||||||||||
| South Korea | — | 836,238 | — | 836,238 | |||||||||||||
| Spain | — | 289,139 | — | 289,139 | |||||||||||||
| Sweden | — | 411,439 | — | 411,439 | |||||||||||||
| Switzerland | — | 345,546 | — | 345,546 | |||||||||||||
| Taiwan | — | 261,009 | — | 261,009 | |||||||||||||
| Thailand | — | 205,339 | — | 205,339 | |||||||||||||
| Turkey | — | 62,198 | — | 62,198 | |||||||||||||
| United Kingdom | 1,406,741 | 4,149,488 | — | 5,556,229 | |||||||||||||
| United States | 34,533,674 | — | — | 34,533,674 | |||||||||||||
| Repurchase Agreements | — | 2,762,110 | — | 2,762,110 | |||||||||||||
| Total | $ | 50,050,584 | $ | 30,003,694 | $ | — | $ | 80,054,278 | |||||||||
See Notes to Financial Statements
| 40 |
|
|
VANECK VECTORS OIL REFINERS ETF
SCHEDULE OF INVESTMENTS
December 31, 2018
| Definitions: | |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| NVDR | Non-Voting Depositary Receipt |
| Footnotes: | |
| † | Security fully or partially on loan. Total market value of securities on loan is $34,528. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $33,441,025 which represents 68.9% of net assets. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $4,145,326, or 8.5% of net assets. |
See Notes to Financial Statements
| 41 |
|
|
VANECK VECTORS OIL REFINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Energy | 98.9 | % | $ | 47,921,458 | ||||
| Materials | 1.0 | 480,112 | ||||||
| Money Market Fund | 0.1 | 34,772 | ||||||
| 100.0 | % | $ | 48,436,342 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Australia | $ | — | $ | 1,840,119 | $ | — | $ | 1,840,119 | |||||||||
| Austria | — | 2,061,879 | — | 2,061,879 | |||||||||||||
| China / Hong Kong | 480,112 | — | — | 480,112 | |||||||||||||
| Finland | — | 2,584,141 | — | 2,584,141 | |||||||||||||
| Hungary | — | 2,064,050 | — | 2,064,050 | |||||||||||||
| India | — | 4,145,326 | — | 4,145,326 | |||||||||||||
| Japan | — | 6,682,046 | — | 6,682,046 | |||||||||||||
| Poland | — | 3,026,309 | — | 3,026,309 | |||||||||||||
| Portugal | — | 2,182,808 | — | 2,182,808 | |||||||||||||
| South Korea | — | 3,807,370 | — | 3,807,370 | |||||||||||||
| Taiwan | — | 2,196,535 | — | 2,196,535 | |||||||||||||
| Thailand | — | 1,782,944 | — | 1,782,944 | |||||||||||||
| Turkey | — | 1,067,498 | — | 1,067,498 | |||||||||||||
| United States | 14,480,433 | — | — | 14,480,433 | |||||||||||||
| Money Market Fund | 34,772 | — | — | 34,772 | |||||||||||||
| Repurchase Agreement | — | 35,244 | — | 35,244 | |||||||||||||
| Total | $ | 14,995,317 | $ | 33,476,269 | $ | — | $ | 48,471,586 | |||||||||
See Notes to Financial Statements
| 42 |
|
|
VANECK VECTORS OIL SERVICES ETF
SCHEDULE OF INVESTMENTS
December 31, 2018
|
Principal
Amount |
Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| $ | 11,485,206 | Repurchase agreement dated 12/31/18 with Daiwa Capital Markets America, Inc., 3.05%, due 1/2/19, proceeds $11,487,152; (collateralized by various U.S. government and agency obligations, 2.00% to 6.50%, due 1/25/19 to 2/1/49, valued at $11,714,910 including accrued interest) | $ | 11,485,206 | ||||
| 11,485,206 | Repurchase agreement dated 12/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 3.00%, due 1/2/19, proceeds $11,487,120; (collateralized by various U.S. government and agency obligations, 2.73% to 5.50%, due 1/1/34 to 1/1/49, valued at $11,714,910 including accrued interest) | 11,485,206 | ||||||
| 11,485,206 | Repurchase agreement dated 12/31/18 with Nomura Securities International, Inc., 3.00%, due 1/2/19, proceeds $11,487,120; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/3/19 to 11/20/68, valued at $11,714,910 including accrued interest) | 11,485,206 | ||||||
| 2,407,737 | Repurchase agreement dated 12/31/18 with RBC Capital Markets LLC, 3.00%, due 1/2/19, proceeds $2,408,138; (collateralized by various U.S. government and agency obligations, 2.21% to 6.50%, due 2/1/20 to 11/1/48, valued at $2,455,892 including accrued interest) | 2,407,737 | ||||||
|
Total Short-Term Investments Held as Collateral
for Securities on Loan
(Cost: $48,348,561) |
48,348,561 | |||||||
|
Total Investments: 104.6%
(Cost: $2,451,731,522) |
1,093,127,839 | |||||||
| Liabilities in excess of other assets: (4.6)% | (48,293,057 | ) | ||||||
| NET ASSETS: 100.0% | $ | 1,044,834,782 | ||||||
See Notes to Financial Statements
| 43 |
|
|
VANECK VECTORS OIL SERVICES ETF
SCHEDULE OF INVESTMENTS
(continued)
| Definitions: | |
| ADR | American Depositary Receipt |
| USD | United States Dollar |
| Footnotes: | |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $44,927,607. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Oil & Gas Drilling | 21.4 | % | $ | 223,320,596 | ||||
| Oil & Gas Equipment & Services | 78.6 | 821,458,682 | ||||||
| 100.0 | % | $ | 1,044,779,278 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks* | $ | 1,044,779,278 | $ | — | $ | — | $ | 1,044,779,278 | |||||||||
| Repurchase Agreements | — | 48,348,561 | — | 48,348,561 | |||||||||||||
| Total | $ | 1,044,779,278 | $ | 48,348,561 | $ | — | $ | 1,093,127,839 | |||||||||
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
| 44 |
|
|
VANECK VECTORS RARE EARTH/STRATEGIC METALS ETF
SCHEDULE OF INVESTMENTS
December 31, 2018
|
Principal
Amount |
Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 21.4% | ||||||||
| Repurchase Agreements: 21.4% | ||||||||
| $ | 4,712,351 | Repurchase agreement dated 12/31/18 with Credit Agricole CIB, 3.00%, due 1/2/19, proceeds $4,713,136; (collateralized by various U.S. government and agency obligations, 4.00% to 4.50%, due 6/20/48 to 8/1/48, valued at $4,806,598 including accrued interest) | $ | 4,712,351 | ||||
| 4,712,351 | Repurchase agreement dated 12/31/18 with Daiwa Capital Markets America, Inc., 3.05%, due 1/2/19, proceeds $4,713,149; (collateralized by various U.S. government and agency obligations, 2.00% to 6.50%, due 1/25/19 to 2/1/49, valued at $4,806,598 including accrued interest) | 4,712,351 | ||||||
| 4,712,351 | Repurchase agreement dated 12/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 3.00%, due 1/2/19, proceeds $4,713,136; (collateralized by various U.S. government and agency obligations, 2.73% to 5.50%, due 1/1/34 to 1/1/49, valued at $4,806,598 including accrued interest) | 4,712,351 | ||||||
| 4,712,351 | Repurchase agreement dated 12/31/18 with Nomura Securities International, Inc., 3.00%, due 1/2/19, proceeds $4,713,136; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/3/19 to 11/20/68, valued at $4,806,598 including accrued interest) | 4,712,351 | ||||||
| 988,008 | Repurchase agreement dated 12/31/18 with RBC Capital Markets LLC, 3.00%, due 1/2/19, proceeds $988,173; (collateralized by various U.S. government and agency obligations, 2.21% to 6.50%, due 2/1/20 to 11/1/48, valued at $1,007,768 including accrued interest) | 988,008 | ||||||
|
Total Short-Term Investments Held
as Collateral for Securities on Loan
(Cost: $19,837,412) |
19,837,412 | |||||||
|
Total Investments: 121.3%
(Cost: $153,712,327) |
112,261,286 | |||||||
| Liabilities in excess of other assets: (21.3)% | (19,723,741 | ) | ||||||
| NET ASSETS: 100.0% | $ | 92,537,545 | ||||||
See Notes to Financial Statements
| 45 |
|
|
VANECK VECTORS RARE EARTH/STRATEGIC METALS ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
| AUD | Australian Dollar |
| GBP | British Pound |
| Footnotes: | |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $17,642,471. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $66,171,613 which represents 71.5% of net assets. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Commodity Chemicals | 5.0 | % | $ | 4,614,536 | ||||
| Diversified Metals & Mining | 30.7 | 28,347,398 | ||||||
| Materials | 60.7 | 56,156,155 | ||||||
| Steel | 3.6 | 3,305,785 | ||||||
| 100.0 | % | $ | 92,423,874 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Australia | $ | — | $ | 17,228,239 | $ | — | $ | 17,228,239 | |||||||||
| Canada | 9,620,953 | — | — | 9,620,953 | |||||||||||||
| China / Hong Kong | — | 26,955,685 | — | 26,955,685 | |||||||||||||
| France | — | 5,051,738 | — | 5,051,738 | |||||||||||||
| Japan | — | 7,847,302 | — | 7,847,302 | |||||||||||||
| Malaysia | — | 4,378,457 | — | 4,378,457 | |||||||||||||
| Netherlands | — | 4,710,192 | — | 4,710,192 | |||||||||||||
| South Africa | 8,710,987 | — | — | 8,710,987 | |||||||||||||
| United States | 4,614,536 | — | — | 4,614,536 | |||||||||||||
| Preferred Stocks* | 3,305,785 | — | — | 3,305,785 | |||||||||||||
| Repurchase Agreements | — | 19,837,412 | — | 19,837,412 | |||||||||||||
| Total | $ | 26,252,261 | $ | 86,009,025 | $ | — | $ | 112,261,286 | |||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 46 |
|
|
SCHEDULE OF INVESTMENTS
December 31, 2018
|
Principal
Amount |
Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 19.9% | ||||||||
| Repurchase Agreements: 19.9% | ||||||||
| $ | 2,727,003 | Repurchase agreement dated 12/31/18 with Credit Agricole CIB, 3.00%, due 1/2/19, proceeds $2,727,458; (collateralized by various U.S. government and agency obligations, 4.00% to 4.50%, due 6/20/48 to 8/1/48, valued at $2,781,543 including accrued interest) | $ | 2,727,003 | ||||
| 2,727,003 | Repurchase agreement dated 12/31/18 with Daiwa Capital Markets America, Inc., 3.05%, due 1/2/19, proceeds $2,727,465; (collateralized by various U.S. government and agency obligations, 2.00% to 6.50%, due 1/25/19 to 2/1/49, valued at $2,781,543 including accrued interest) | 2,727,003 | ||||||
| 2,727,003 | Repurchase agreement dated 12/31/18 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 3.00%, due 1/2/19, proceeds $2,727,458; (collateralized by various U.S. government and agency obligations, 2.73% to 5.50%, due 1/1/34 to 1/1/49, valued at $2,781,543 including accrued interest) | 2,727,003 | ||||||
| 2,727,003 | Repurchase agreement dated 12/31/18 with Nomura Securities International, Inc., 3.00%, due 1/2/19, proceeds $2,727,458; (collateralized by various U.S. government and agency obligations, 0.00% to 7.50%, due 1/3/19 to 11/20/68, valued at $2,781,543 including accrued interest) | 2,727,003 | ||||||
| 571,552 | Repurchase agreement dated 12/31/18 with RBC Capital Markets LLC, 3.00%, due 1/2/19, proceeds $571,647; (collateralized by various U.S. government and agency obligations, 2.21% to 6.50%, due 2/1/20 to 11/1/48, valued at $582,983 including accrued interest) | 571,552 | ||||||
|
Total Short-Term Investments Held as Collateral for Securities
on Loan
(Cost: $11,479,564) |
11,479,564 | |||||||
|
Total Investments: 120.4%
(Cost: $86,845,416) |
69,287,122 | |||||||
| Liabilities in excess of other assets: (20.4)% | (11,753,089 | ) | ||||||
| NET ASSETS: 100.0% | $ | 57,534,033 | ||||||
See Notes to Financial Statements
| 47 |
|
|
VANECK VECTORS STEEL ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
| ADR | American Depositary Receipt |
| USD | United States Dollar |
Footnotes:
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $11,192,000. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Energy | 5.1 | % | $ | 2,961,497 | ||||
| Industrials | 1.4 | 781,023 | ||||||
| Materials | 93.0 | 53,761,440 | ||||||
| Money Market Fund | 0.5 | 303,598 | ||||||
| 100.0 | % | $ | 57,807,558 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks* | $ | 57,503,960 | $ | — | $ | — | $ | 57,503,960 | |||||||||
| Money Market Fund | 303,598 | — | — | 303,598 | |||||||||||||
| Repurchase Agreements | — | 11,479,564 | — | 11,479,564 | |||||||||||||
| Total | $ | 57,807,558 | $ | 11,479,564 | $ | — | $ | 69,287,122 | |||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 48 |
|
|
VANECK VECTORS UNCONVENTIONAL OIL & GAS ETF
SCHEDULE OF INVESTMENTS
December 31, 2018
See Notes to Financial Statements
| 49 |
|
|
VANECK VECTORS UNCONVENTIONAL OIL & GAS ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
| USD | United States Dollar |
Footnotes:
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,168,408. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Gas Utilities | 1.3 | % | $ | 403,452 | ||||
| Integrated Oil & Gas | 13.4 | 4,033,056 | ||||||
| Oil & Gas Exploration & Production | 85.2 | 25,615,486 | ||||||
| Money Market Fund | 0.1 | 25,493 | ||||||
| 100.0 | % | $ | 30,077,487 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks* | $ | 30,051,994 | $ | — | $ | — | $ | 30,051,994 | |||||||||
| Money Market Fund | 25,493 | — | — | 25,493 | |||||||||||||
| Repurchase Agreements | — | 1,213,660 | — | 1,213,660 | |||||||||||||
| Total | $ | 30,077,487 | $ | 1,213,660 | $ | — | $ | 31,291,147 | |||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 50 |
|
|
VANECK VECTORS URANIUM+NUCLEAR ENERGY ETF
SCHEDULE OF INVESTMENTS
December 31, 2018
|
Principal
Amount |
Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.3% | ||||||||
| Repurchase Agreements: 5.3% | ||||||||
| $ | 1,000,000 | Repurchase agreement dated 12/31/18 with Daiwa Capital Markets America, Inc., 3.05%, due 1/2/19, proceeds $1,000,169; (collateralized by various U.S. government and agency obligations, 2.00% to 6.50%, due 1/25/19 to 2/1/49, valued at $1,020,000 including accrued interest) | $ | 1,000,000 | ||||
| 355,842 | Repurchase agreement dated 12/31/18 with HSBC Securities USA, Inc., 3.00%, due 1/2/19, proceeds $355,901; (collateralized by various U.S. government and agency obligations, 0.00% to 1.44%, due 1/31/20 to 11/15/43, valued at $362,959 including accrued interest) | 355,842 | ||||||
|
Total Short-Term Investments Held as Collateral for Securities on Loan
(Cost: $1,355,842) |
1,355,842 | |||||||
|
Total Investments: 105.2%
(Cost: $26,370,115) |
27,000,963 | |||||||
| Liabilities in excess of other assets: (5.2)% | (1,339,965 | ) | ||||||
| NET ASSETS: 100.0% | $ | 25,660,998 | ||||||
See Notes to Financial Statements
| 51 |
|
|
VANECK VECTORS URANIUM+NUCLEAR ENERGY ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
| ADR | American Depositary Receipt |
| USD | United States Dollar |
Footnotes:
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,305,504. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $9,888,455 which represents 38.5% of net assets. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $710,967, or 2.8% of net assets. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Energy | 5.3 | % | $ | 1,364,060 | ||||
| Industrials | 3.5 | 905,648 | ||||||
| Utilities | 91.0 | 23,330,968 | ||||||
| Money Market Fund | 0.2 | 44,445 | ||||||
| 100.0 | % | $ | 25,645,121 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2018 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Canada | $ | 1,364,060 | $ | — | $ | — | $ | 1,364,060 | |||||||||
| China / Hong Kong | — | 710,967 | — | 710,967 | |||||||||||||
| Czech Republic | — | 1,197,126 | — | 1,197,126 | |||||||||||||
| Finland | — | 1,199,785 | — | 1,199,785 | |||||||||||||
| France | — | 1,207,028 | — | 1,207,028 | |||||||||||||
| Japan | — | 4,184,772 | — | 4,184,772 | |||||||||||||
| South Korea | 1,243,292 | 222,898 | — | 1,466,190 | |||||||||||||
| Spain | — | 1,165,879 | — | 1,165,879 | |||||||||||||
| United States | 13,104,869 | — | — | 13,104,869 | |||||||||||||
| Money Market Fund | 44,445 | — | — | 44,445 | |||||||||||||
| Repurchase Agreements | — | 1,355,842 | — | 1,355,842 | |||||||||||||
| Total | $ | 15,756,666 | $ | 11,244,297 | $ | — | $ | 27,000,963 | |||||||||
See Notes to Financial Statements
| 52 |
|
|
[This Page Intentionally Left Blank.]
| 53 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2018
|
Agribusiness
ETF |
Coal
ETF |
Global Alternative
Energy ETF |
Gold Miners
ETF |
Junior
Gold Miners ETF |
|||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||
| Investments, at value (1) | |||||||||||||||||||||||||||||||
| Unaffiliated issuers (2) | $ | 757,998,638 | $ | 55,041,632 | $ | 78,947,173 | $ | — | $ | 1,010,534,891 | |||||||||||||||||||||
| Affiliated issuers (3) | — | — | — | 10,578,508,571 | 3,263,266,324 | ||||||||||||||||||||||||||
| Short-term investments held as collateral for securities loaned (4) | 41,197,255 | 1,461,143 | 4,216,046 | 265,557,540 | 176,292,520 | ||||||||||||||||||||||||||
| Cash | — | 21,911 | — | — | — | ||||||||||||||||||||||||||
| Cash denominated in foreign currency, at value (5) | 555,390 | 1,014,187 | 32,460 | — | — | ||||||||||||||||||||||||||
| Receivables: | |||||||||||||||||||||||||||||||
| Investment securities sold | 2,219,363 | 11,082 | — | — | — | ||||||||||||||||||||||||||
| Shares sold | 36,351 | — | — | 1,871 | 13,398 | ||||||||||||||||||||||||||
| Due from Adviser | — | — | — | — | — | ||||||||||||||||||||||||||
| Dividends and interest | 1,963,755 | 72,556 | 116,537 | 4,831,514 | 1,868,135 | ||||||||||||||||||||||||||
| Prepaid expenses | 8,748 | 1,000 | 854 | 115,445 | 61,122 | ||||||||||||||||||||||||||
| Total assets | 803,979,500 | 57,623,511 | 83,313,070 | 10,849,014,941 | 4,452,036,390 | ||||||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||||
| Payables: | |||||||||||||||||||||||||||||||
| Investment securities purchased | 4,616,370 | 944,014 | — | — | — | ||||||||||||||||||||||||||
| Collateral for securities loaned | 41,197,255 | 1,461,143 | 4,216,046 | 265,557,540 | 176,292,520 | ||||||||||||||||||||||||||
| Line of credit | — | — | — | 2,157,036 | — | ||||||||||||||||||||||||||
| Shares redeemed | — | — | — | 1,579 | — | ||||||||||||||||||||||||||
| Due to Adviser | 318,134 | 21,599 | 32,786 | 4,147,171 | 1,730,217 | ||||||||||||||||||||||||||
| Due to custodian | 438,413 | — | — | 29,282 | 415 | ||||||||||||||||||||||||||
| Deferred Trustee fees | 410,785 | 19,976 | 10,510 | 763,672 | 173,566 | ||||||||||||||||||||||||||
| Accrued expenses | 282,431 | 93,139 | 77,982 | 671,868 | 444,488 | ||||||||||||||||||||||||||
| Total liabilities | 47,263,388 | 2,539,871 | 4,337,324 | 273,328,148 | 178,641,206 | ||||||||||||||||||||||||||
| NET ASSETS | $ | 756,716,112 | $ | 55,083,640 | $ | 78,975,746 | $ | 10,575,686,793 | $ | 4,273,395,184 | |||||||||||||||||||||
| Shares outstanding | 13,250,000 | 4,350,000 | 1,433,298 | 501,852,500 | 141,937,446 | ||||||||||||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 57.11 | $ | 12.66 | $ | 55.10 | $ | 21.07 | $ | 30.11 | |||||||||||||||||||||
| Net assets consist of: | |||||||||||||||||||||||||||||||
| Aggregate paid in capital | $ | 1,464,728,891 | $ | 374,902,299 | $ | 168,653,646 | $ | 21,208,906,973 | $ | 9,189,373,351 | |||||||||||||||||||||
| Total distributable earnings (loss) | (708,012,779 | ) | (319,818,659 | ) | (89,677,900 | ) | (10,633,220,180 | ) | (4,915,978,167 | ) | |||||||||||||||||||||
| $ | 756,716,112 | $ | 55,083,640 | $ | 78,975,746 | $ | 10,575,686,793 | $ | 4,273,395,184 | ||||||||||||||||||||||
| (1) | Value of securities on loan | $ | 37,911,477 | $ | 1,365,099 | $ | 4,018,680 | $ | 261,227,376 | $ | 171,948,320 | ||||||||||||||||||||
| (2) | Cost of investments – Unaffiliated issuers | $ | 769,843,903 | $ | 67,882,822 | $ | 71,253,653 | $ | — | $ | 1,248,830,207 | ||||||||||||||||||||
| (3) | Cost of investments – Affiliated issuers | $ | — | $ | — | $ | — | $ | 11,432,117,373 | $ | 3,379,652,506 | ||||||||||||||||||||
| (4) | Cost of short-term investments held as collateral for securities loaned | $ | 41,197,255 | $ | 1,461,143 | $ | 4,216,046 | $ | 265,557,540 | $ | 176,292,520 | ||||||||||||||||||||
| (5) | Cost of cash denominated in foreign currency | $ | 555,649 | $ | 1,012,261 | $ | 31,790 | $ | — | $ | — | ||||||||||||||||||||
See Notes to Financial Statements
| 54 |
|
|
|
Natural
Resources ETF |
Oil Refiners
ETF |
Oil Services
ETF |
Rare Earth/
Strategic Metals ETF |
Steel ETF |
Unconventional
Oil & Gas ETF |
Uranium+Nuclear
Energy ETF |
|||||||||||||||||||||||||||
| $ | 77,292,168 | $ | 48,436,342 | $ | 1,044,779,278 | $ | 92,423,874 | $ | 57,807,558 | $ | 30,077,487 | $ | 25,645,121 | ||||||||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| 2,762,110 | 35,244 | 48,348,561 | 19,837,412 | 11,479,564 | 1,213,660 | 1,355,842 | |||||||||||||||||||||||||||
| 115,107 | — | 45,348 | — | 14,828 | 9,739 | — | |||||||||||||||||||||||||||
| 94,888 | 222,156 | — | 565,831 | — | — | — | |||||||||||||||||||||||||||
| 3,567 | 583,625 | — | — | 3,448,754 | 6,496 | 34,509 | |||||||||||||||||||||||||||
| 58,606 | — | 358 | — | — | — | — | |||||||||||||||||||||||||||
| 1,926 | — | — | — | — | — | — | |||||||||||||||||||||||||||
| 313,556 | 148,406 | 2,711,056 | 211,397 | 70,355 | 82,360 | 110,977 | |||||||||||||||||||||||||||
| 1,045 | 3,267 | 16,357 | 1,981 | 1,555 | 765 | 288 | |||||||||||||||||||||||||||
| 80,642,973 | 49,429,040 | 1,095,900,958 | 113,040,495 | 72,822,614 | 31,390,507 | 27,146,737 | |||||||||||||||||||||||||||
| 270,274 | 803,021 | — | 48,151 | 3,678,562 | 6,491 | 34,453 | |||||||||||||||||||||||||||
| 2,762,110 | 35,244 | 48,348,561 | 19,837,412 | 11,479,564 | 1,213,660 | 1,355,842 | |||||||||||||||||||||||||||
| 213,026 | — | 2,130,257 | 418,101 | — | — | — | |||||||||||||||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| — | 12,024 | 263,989 | 38,333 | 15,932 | 17,526 | 3,308 | |||||||||||||||||||||||||||
| — | — | — | 16,768 | — | — | 18 | |||||||||||||||||||||||||||
| 10,597 | 158 | 128,314 | 12,470 | 15,409 | 2,989 | 9,940 | |||||||||||||||||||||||||||
| 104,835 | 69,377 | 195,055 | 131,715 | 99,114 | 87,226 | 82,178 | |||||||||||||||||||||||||||
| 3,360,842 | 919,824 | 51,066,176 | 20,502,950 | 15,288,581 | 1,327,892 | 1,485,739 | |||||||||||||||||||||||||||
| $ | 77,282,131 | $ | 48,509,216 | $ | 1,044,834,782 | $ | 92,537,545 | $ | 57,534,033 | $ | 30,062,615 | $ | 25,660,998 | ||||||||||||||||||||
| 2,400,000 | 1,800,000 | 74,460,863 | 6,824,962 | 1,650,000 | 2,750,000 | 516,632 | |||||||||||||||||||||||||||
| $ | 32.20 | $ | 26.95 | $ | 14.03 | $ | 13.56 | $ | 34.87 | $ | 10.93 | $ | 49.67 | ||||||||||||||||||||
| $ | 121,450,192 | $ | 59,454,959 | $ | 2,618,758,219 | $ | 406,907,331 | $ | 207,885,477 | $ | 93,642,243 | $ | 106,594,550 | ||||||||||||||||||||
| (44,168,061 | ) | (10,945,743 | ) | (1,573,923,437 | ) | (314,369,786 | ) | (150,351,444 | ) | (63,579,628 | ) | (80,933,552 | ) | ||||||||||||||||||||
| $ | 77,282,131 | $ | 48,509,216 | $ | 1,044,834,782 | $ | 92,537,545 | $ | 57,534,033 | $ | 30,062,615 | $ | 25,660,998 | ||||||||||||||||||||
| $ | 2,654,730 | $ | 34,528 | $ | 44,927,607 | $ | 17,642,471 | $ | 11,192,000 | $ | 1,168,408 | $ | 1,305,504 | ||||||||||||||||||||
| $ | 81,038,659 | $ | 57,665,894 | $ | 2,403,382,961 | $ | 133,874,915 | $ | 75,365,852 | $ | 51,083,745 | $ | 25,014,273 | ||||||||||||||||||||
| $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
| $ | 2,762,110 | $ | 35,244 | $ | 48,348,561 | $ | 19,837,412 | $ | 11,479,564 | $ | 1,213,660 | $ | 1,355,842 | ||||||||||||||||||||
| $ | 94,069 | $ | 221,605 | $ | — | $ | 561,759 | $ | — | $ | — | $ | — | ||||||||||||||||||||
See Notes to Financial Statements
| 55 |
|
|
VANECK VECTORS ETF TRUST
For the Year Ended December 31, 2018
|
Agribusiness
ETF |
Coal
ETF |
Global
Alternative Energy ETF |
Gold Miners
ETF |
Junior
Gold Miners ETF |
|||||||||||||||||||||
| Income: | |||||||||||||||||||||||||
| Dividends – unaffiliated issuers | $ | 16,574,320 | $ | 4,691,391 | $ | 734,721 | $ | 424,042 | $ | 6,590,250 | |||||||||||||||
| Dividends – affiliated issuers | — | — | — | 101,529,926 | 34,334,439 | ||||||||||||||||||||
| Securities lending income | 662,032 | 28,035 | 265,336 | 2,204,602 | 4,816,390 | ||||||||||||||||||||
| Foreign taxes withheld | (1,354,795 | ) | (538,847 | ) | (60,944 | ) | (6,971,893 | ) | (1,595,803 | ) | |||||||||||||||
| Total Income | 15,881,557 | 4,180,579 | 939,113 | 97,186,677 | 44,145,276 | ||||||||||||||||||||
| Expenses: | |||||||||||||||||||||||||
| Management fees | 4,257,368 | 436,681 | 440,137 | 41,227,849 | 22,475,631 | ||||||||||||||||||||
| Professional fees | 41,944 | 52,371 | 54,374 | 338,074 | 209,844 | ||||||||||||||||||||
| Insurance | 7,804 | 867 | 802 | 76,144 | 40,864 | ||||||||||||||||||||
| Trustees’ fees and expenses | 19,064 | 510 | 417 | 158,395 | 110,552 | ||||||||||||||||||||
| Reports to shareholders | 52,627 | 27,091 | 27,062 | 371,505 | 139,898 | ||||||||||||||||||||
| Indicative optimized portfolio value fee | 477 | 5,004 | 5,014 | — | 5,021 | ||||||||||||||||||||
| Custodian fees | 93,465 | 4,857 | 13,905 | 260,248 | 256,453 | ||||||||||||||||||||
| Registration fees | 5,113 | 5,120 | 5,123 | 19,490 | 15,228 | ||||||||||||||||||||
| Transfer agent fees | 2,607 | 2,607 | 2,607 | 2,604 | 2,607 | ||||||||||||||||||||
| Fund accounting fees | 56,117 | 7,941 | 7,275 | — | 263,354 | ||||||||||||||||||||
| Interest | 48,602 | 6,337 | 5,131 | 64,113 | 6,303 | ||||||||||||||||||||
| Other | 49,194 | 10,576 | 8,864 | 390,909 | 461,196 | ||||||||||||||||||||
| Total expenses | 4,634,382 | 559,962 | 570,711 | 42,909,331 | 23,986,951 | ||||||||||||||||||||
| Waiver of management fees | — | (38,343 | ) | (19,811 | ) | — | — | ||||||||||||||||||
| Net expenses | 4,634,382 | 521,619 | 550,900 | 42,909,331 | 23,986,951 | ||||||||||||||||||||
| Net investment income | 11,247,175 | 3,658,960 | 388,213 | 54,277,346 | 20,158,325 | ||||||||||||||||||||
| Net realized gain (loss) on: | |||||||||||||||||||||||||
| Investments – unaffiliated issuers | (54,167,905 | ) | (4,621,819 | ) | (7,588,986 | ) | (374,257,805 | ) | (289,405,353 | ) | |||||||||||||||
| Investments – affiliated issuers | — | — | — | (486,468,608 | ) | 41,021,407 | |||||||||||||||||||
| In-kind redemptions | 80,659,771 | 9,816,927 | 896,217 | 260,317,190 | 221,211,009 | ||||||||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (65,875 | ) | (43,041 | ) | (26,836 | ) | (693,593 | ) | (41,956 | ) | |||||||||||||||
| Net realized gain (loss) | 26,425,991 | 5,152,067 | (6,719,605 | ) | (601,102,816 | ) | (27,214,893 | ) | |||||||||||||||||
| Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||||||||||
| Investments – unaffiliated issuers | (78,257,368 | ) | (23,307,867 | ) | (1,783,064 | ) | 33,069,453 | (116,207,574 | ) | ||||||||||||||||
| Investments – affiliated issuers | — | — | — | (51,683,253 | ) | (503,508,206 | ) | ||||||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | 19,881 | 8,014 | (5,914 | ) | (5,540 | ) | 5,657 | ||||||||||||||||||
| Net change in unrealized appreciation (depreciation) | (78,237,487 | ) | (23,299,853 | ) | (1,788,978 | ) | (18,619,340 | ) | (619,710,123 | ) | |||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (40,564,321 | ) | $ | (14,488,826 | ) | $ | (8,120,370 | ) | $ | (565,444,810 | ) | $ | (626,766,691 | ) | ||||||||||
See Notes to Financial Statements
| 56 |
|
|
|
Natural
Resources ETF |
Oil Refiners
ETF |
Oil Services
ETF |
Rare Earth/
Strategic Metals ETF |
Steel ETF |
Unconventional
Oil & Gas ETF |
Uranium+Nuclear
Energy ETF |
|||||||||||||||||||||||||||
| $ | 2,839,091 | $ | 1,506,398 | $ | 24,463,123 | $ | 2,386,897 | $ | 4,278,924 | $ | 952,721 | $ | 932,519 | ||||||||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| 16,567 | 875 | 1,780,116 | 3,553,153 | 78,847 | 11,563 | 11,677 | |||||||||||||||||||||||||||
| (182,849 | ) | (155,832 | ) | (196,651 | ) | (181,229 | ) | (26,753 | ) | (36,834 | ) | (60,618 | ) | ||||||||||||||||||||
| 2,672,809 | 1,351,441 | 26,046,588 | 5,758,821 | 4,331,018 | 927,450 | 883,578 | |||||||||||||||||||||||||||
| 493,291 | 231,978 | 5,069,630 | 866,271 | 645,429 | 388,109 | 138,766 | |||||||||||||||||||||||||||
| 66,636 | 39,273 | 61,718 | 49,817 | 42,718 | 40,579 | 44,127 | |||||||||||||||||||||||||||
| 987 | 156 | 13,045 | 1,311 | 1,468 | 624 | 272 | |||||||||||||||||||||||||||
| 2,259 | 624 | 37,903 | 4,985 | 1,819 | 1,781 | 550 | |||||||||||||||||||||||||||
| 18,946 | 17,634 | 67,622 | 31,720 | 30,441 | 20,921 | 21,264 | |||||||||||||||||||||||||||
| 6,319 | 5,014 | 5,026 | 3,598 | — | 1,038 | 6,158 | |||||||||||||||||||||||||||
| 58,274 | 16,173 | 47,461 | 23,272 | 36,770 | 5,721 | 7,610 | |||||||||||||||||||||||||||
| 5,110 | 5,110 | 9,855 | 5,106 | 5,352 | 5,123 | 5,106 | |||||||||||||||||||||||||||
| 2,406 | 2,406 | 2,607 | 2,607 | 2,607 | 2,607 | 2,607 | |||||||||||||||||||||||||||
| 36,398 | 5,382 | 96,097 | 14,829 | 7,980 | 4,809 | 3,302 | |||||||||||||||||||||||||||
| 12,275 | 3,502 | 62,170 | 32,800 | 7,430 | 108 | 1,011 | |||||||||||||||||||||||||||
| 6,835 | 8,366 | 79,852 | 52,122 | 8,349 | 5,616 | 5,393 | |||||||||||||||||||||||||||
| 709,736 | 335,618 | 5,552,986 | 1,088,438 | 790,363 | 477,036 | 236,166 | |||||||||||||||||||||||||||
| (214,036 | ) | (58,382 | ) | (421,185 | ) | (68,090 | ) | (72,961 | ) | (57,771 | ) | (68,638 | ) | ||||||||||||||||||||
| 495,700 | 277,236 | 5,131,801 | 1,020,348 | 717,402 | 419,265 | 167,528 | |||||||||||||||||||||||||||
| 2,177,109 | 1,074,205 | 20,914,787 | 4,738,473 | 3,613,616 | 508,185 | 716,050 | |||||||||||||||||||||||||||
| (4,051,694 | ) | (1,371,825 | ) | (51,869,900 | ) | (42,687,495 | ) | (7,578,698 | ) | (6,617,201 | ) | (45,449 | ) | ||||||||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| 6,370,947 | 3,516,687 | 30,859,940 | 13,313,281 | 20,930,697 | (4,321,671 | ) | 546,648 | ||||||||||||||||||||||||||
| (11,709 | ) | (12,088 | ) | — | (75,265 | ) | — | (1,030 | ) | 1,107 | |||||||||||||||||||||||
| 2,307,544 | 2,132,774 | (21,009,960 | ) | (29,449,479 | ) | 13,351,999 | (10,939,902 | ) | 502,306 | ||||||||||||||||||||||||
| (14,166,007 | ) | (11,640,202 | ) | (653,349,446 | ) | (83,244,464 | ) | (35,609,871 | ) | (12,940,023 | ) | 234,723 | |||||||||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| 600 | 321 | — | 1,153 | — | (274 | ) | 155 | ||||||||||||||||||||||||||
| (14,165,407 | ) | (11,639,881 | ) | (653,349,446 | ) | (83,243,311 | ) | (35,609,871 | ) | (12,940,297 | ) | 234,878 | |||||||||||||||||||||
| $ | (9,680,754 | ) | $ | (8,432,902 | ) | $ | (653,444,619 | ) | $ | (107,954,317 | ) | $ | (18,644,256 | ) | $ | (23,372,014 | ) | $ | 1,453,234 | ||||||||||||||
See Notes to Financial Statements
| 57 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Agribusiness ETF | Coal ETF | |||||||||||||||||||
|
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
|||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 11,247,175 | $ | 12,142,433 | $ | 3,658,960 | $ | 3,664,763 | ||||||||||||
| Net realized gain (loss) | 26,425,991 | 27,240,924 | 5,152,067 | 8,950,994 | ||||||||||||||||
| Net change in unrealized appreciation (depreciation) | (78,237,487 | ) | 121,297,501 | (23,299,853 | ) | 13,982,999 | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations | (40,564,321 | ) | 160,680,858 | (14,488,826 | ) | 26,598,756 | ||||||||||||||
| Distributions to shareholders: (a) | ||||||||||||||||||||
| Dividends and Distributions | (12,001,800 | ) | (12,243,400 | ) | (3,625,600 | ) | (3,597,300 | ) | ||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | 253,505,524 | 58,446,520 | 37,840,160 | 73,211,081 | ||||||||||||||||
| Cost of shares redeemed | (297,801,280 | ) | (157,461,627 | ) | (65,842,648 | ) | (96,406,838 | ) | ||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | (44,295,756 | ) | (99,015,107 | ) | (28,002,488 | ) | (23,195,757 | ) | ||||||||||||
| Total increase (decrease) in net assets | (96,861,877 | ) | 49,422,351 | (46,116,914 | ) | (194,301 | ) | |||||||||||||
| Net Assets, beginning of period | 853,577,989 | 804,155,638 | 101,200,554 | 101,394,855 | ||||||||||||||||
| Net Assets, end of period (b) | $ | 756,716,112 | $ | 853,577,989 | $ | 55,083,640 | $ | 101,200,554 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 4,100,000 | 1,050,000 | 2,200,000 | 5,100,000 | ||||||||||||||||
| Shares redeemed | (4,700,000 | ) | (2,850,000 | ) | (4,150,000 | ) | (7,000,000 | ) | ||||||||||||
| Net increase (decrease) | (600,000 | ) | (1,800,000 | ) | (1,950,000 | ) | (1,900,000 | ) | ||||||||||||
| (a) | Current year and prior year presentation of distributions conforms with S-X Disclosure Simplification. See Note 2—C. |
| (b) | S-X Disclosure Simplification eliminated the requirement to disclose undistributed net investment income (loss) in 2018. See Note 2—C. |
See Notes to Financial Statements
| 58 |
|
|
| Global Alternative Energy ETF | Gold Miners ETF | Junior Gold Miners ETF | ||||||||||||||||||||||||||
|
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
|||||||||||||||||||||||
| $ | 388,213 | $ | 1,494,996 | $ | 54,277,346 | $ | 38,772,198 | $ | 20,158,325 | $ | 6,745,774 | |||||||||||||||||
| (6,719,605 | ) | (1,608,236 | ) | (601,102,816 | ) | 291,402,819 | (27,214,893 | ) | (402,589,274 | ) | ||||||||||||||||||
| (1,788,978 | ) | 14,397,204 | (18,619,340 | ) | 614,074,975 | (619,710,123 | ) | 430,588,830 | ||||||||||||||||||||
| (8,120,370 | ) | 14,283,964 | (565,444,810 | ) | 944,249,992 | (626,766,691 | ) | 34,745,330 | ||||||||||||||||||||
| (499,871 | ) | (1,099,340 | ) | (51,959,513 | ) | (61,169,240 | ) | (19,534,693 | ) | (1,476,062 | ) | |||||||||||||||||
| 2,944,806 | 11,928,638 | 5,960,338,004 | 4,444,326,017 | 1,806,805,925 | 3,071,722,395 | |||||||||||||||||||||||
| (2,699,948 | ) | (2,720,340 | ) | (2,341,832,008 | ) | (7,437,833,489 | ) | (1,521,604,784 | ) | (1,924,829,152 | ) | |||||||||||||||||
| 244,858 | 9,208,298 | 3,618,505,996 | (2,993,507,472 | ) | 285,201,141 | 1,146,893,243 | ||||||||||||||||||||||
| (8,375,383 | ) | 22,392,922 | 3,001,101,673 | (2,110,426,720 | ) | (361,100,243 | ) | 1,180,162,511 | ||||||||||||||||||||
| 87,351,129 | 64,958,207 | 7,574,585,120 | 9,685,011,840 | 4,634,495,427 | 3,454,332,916 | |||||||||||||||||||||||
| $ | 78,975,746 | $ | 87,351,129 | $ | 10,575,686,793 | $ | 7,574,585,120 | $ | 4,273,395,184 | $ | 4,634,495,427 | |||||||||||||||||
| 50,000 | 200,000 | 284,350,000 | 191,600,000 | 57,450,000 | 84,550,000 | |||||||||||||||||||||||
| (50,000 | ) | (50,000 | ) | (108,250,000 | ) | (328,750,000 | ) | (51,000,000 | ) | (57,950,000 | ) | |||||||||||||||||
| — | 150,000 | 176,100,000 | (137,150,000 | ) | 6,450,000 | 26,600,000 | ||||||||||||||||||||||
See Notes to Financial Statements
| 59 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| Natural Resources ETF | Oil Refiners ETF | |||||||||||||||||||
|
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
|||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 2,177,109 | $ | 2,089,795 | $ | 1,074,205 | $ | 127,538 | ||||||||||||
| Net realized gain (loss) | 2,307,544 | 4,489,484 | 2,132,774 | 32,641 | ||||||||||||||||
| Net change in unrealized appreciation (depreciation) | (14,165,407 | ) | 9,362,431 | (11,639,881 | ) | 2,210,267 | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations | (9,680,754 | ) | 15,941,710 | (8,432,902 | ) | 2,370,446 | ||||||||||||||
| Distributions to shareholders: (a) | ||||||||||||||||||||
| Dividends and distributions | (2,159,650 | ) | (2,100,000 | ) | (1,170,000 | ) | (157,850 | ) | ||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | 20,587,991 | 29,249,662 | 71,379,067 | 5,298,547 | ||||||||||||||||
| Cost of shares redeemed | (35,327,984 | ) | (34,551,389 | ) | (23,907,520 | ) | — | |||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | (14,739,993 | ) | (5,301,727 | ) | 47,471,547 | 5,298,547 | ||||||||||||||
| Total increase (decrease) in net assets | (26,580,397 | ) | 8,539,983 | 37,868,645 | 7,511,143 | |||||||||||||||
| Net Assets, beginning of period | 103,862,528 | 95,322,545 | 10,640,571 | 3,129,428 | ||||||||||||||||
| Net Assets, end of period (b) | $ | 77,282,131 | $ | 103,862,528 | $ | 48,509,216 | $ | 10,640,571 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 550,000 | 850,000 | 2,200,000 | 200,000 | ||||||||||||||||
| Shares redeemed | (950,000 | ) | (1,000,000 | ) | (750,000 | ) | — | |||||||||||||
| Net increase (decrease) | (400,000 | ) | (150,000 | ) | 1,450,000 | 200,000 | ||||||||||||||
| (a) | Current year and prior year presentation of distributions conforms with S-X Disclosure Simplification. See Note 2—C. |
| (b) | S-X Disclosure Simplification eliminated the requirement to disclose undistributed net investment income (loss) in 2018. See Note 2—C. |
See Notes to Financial Statements
| 60 |
|
|
| Oil Services ETF | Rare Earth/Strategic Metals ETF | Steel ETF | ||||||||||||||||||||||||||
|
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
|||||||||||||||||||||||
| $ | 20,914,787 | $ | 39,788,062 | $ | 4,738,473 | $ | 1,619,827 | $ | 3,613,616 | $ | 3,706,978 | |||||||||||||||||
| (21,009,960 | ) | (124,081,978 | ) | (29,449,479 | ) | 7,432,489 | 13,351,999 | 114,116 | ||||||||||||||||||||
| (653,349,446 | ) | (152,080,023 | ) | (83,243,311 | ) | 39,662,353 | (35,609,871 | ) | 26,816,855 | |||||||||||||||||||
| (653,444,619 | ) | (236,373,939 | ) | (107,954,317 | ) | 48,714,669 | (18,644,256 | ) | 30,637,949 | |||||||||||||||||||
| (21,321,948 | ) | (39,297,465 | ) | (11,500,061 | ) | (4,502,217 | ) | (3,600,300 | ) | (3,688,050 | ) | |||||||||||||||||
| 3,576,434,472 | 4,341,700,337 | 92,876,673 | 114,232,215 | 69,668,571 | 50,388,894 | |||||||||||||||||||||||
| (3,508,098,084 | ) | (3,632,900,641 | ) | (63,091,508 | ) | (18,900,489 | ) | (140,826,609 | ) | (111,725,670 | ) | |||||||||||||||||
| 68,336,388 | 708,799,696 | 29,785,165 | 95,331,726 | (71,158,038 | ) | (61,336,776 | ) | |||||||||||||||||||||
| (606,430,179 | ) | 433,128,292 | (89,669,213 | ) | 139,544,178 | (93,402,594 | ) | (34,386,877 | ) | |||||||||||||||||||
| 1,651,264,961 | 1,218,136,669 | 182,206,758 | 42,662,580 | 150,936,627 | 185,323,504 | |||||||||||||||||||||||
| $ | 1,044,834,782 | $ | 1,651,264,961 | $ | 92,537,545 | $ | 182,206,758 | $ | 57,534,033 | $ | 150,936,627 | |||||||||||||||||
| 156,300,000 | 158,500,000 | 3,300,000 | 4,550,000 | 1,450,000 | 1,200,000 | |||||||||||||||||||||||
| (145,300,000 | ) | (131,550,000 | ) | (2,600,000 | ) | (950,000 | ) | (3,100,000 | ) | (2,800,000 | ) | |||||||||||||||||
| 11,000,000 | 26,950,000 | 700,000 | 3,600,000 | (1,650,000 | ) | (1,600,000 | ) | |||||||||||||||||||||
See Notes to Financial Statements
| 61 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| Unconventional Oil & Gas ETF | Uranium+Nuclear Energy ETF | |||||||||||||||||||
|
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
For the Year
Ended December 31, 2018 |
For the Year
Ended December 31, 2017 |
|||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 508,185 | $ | 329,292 | $ | 716,050 | $ | 856,164 | ||||||||||||
| Net realized gain (loss) | (10,939,902 | ) | (8,271,671 | ) | 502,306 | 1,841,277 | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | (12,940,297 | ) | 2,338,094 | 234,878 | (24,459 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations | (23,372,014 | ) | (5,604,285 | ) | 1,453,234 | 2,672,982 | ||||||||||||||
| Distributions to shareholders: (a) | ||||||||||||||||||||
| Dividends and distributions | (426,800 | ) | (500,500 | ) | (1,000,199 | ) | (1,349,717 | ) | ||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | 19,198,826 | 27,840,458 | — | — | ||||||||||||||||
| Cost of shares redeemed | (34,540,419 | ) | (11,856,425 | ) | (2,606,938 | ) | (7,584,109 | ) | ||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | (15,341,593 | ) | 15,984,033 | (2,606,938 | ) | (7,584,109 | ) | |||||||||||||
| Total increase (decrease) in net assets | (39,140,407 | ) | 9,879,248 | (2,153,903 | ) | (6,260,844 | ) | |||||||||||||
| Net Assets, beginning of period | 69,203,022 | 59,323,774 | 27,814,901 | 34,075,745 | ||||||||||||||||
| Net Assets, end of period (b) | $ | 30,062,615 | $ | 69,203,022 | $ | 25,660,998 | $ | 27,814,901 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 1,200,000 | 1,900,000 | — | — | ||||||||||||||||
| Shares redeemed | (2,850,000 | ) | (750,000 | ) | (50,000 | ) | (150,000 | ) | ||||||||||||
| Net increase (decrease) | (1,650,000 | ) | 1,150,000 | (50,000 | ) | (150,000 | ) | |||||||||||||
| (a) | Current year and prior year presentation of distributions conforms with S-X Disclosure Simplification. |
| (b) | S-X Disclosure Simplification eliminated the requirement to disclose undistributed net investment income (loss) in 2018. See Note 2—C. |
See Notes to Financial Statements
| 62 |
|
|
VANECK VECTORS ETF TRUST
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (d) | Includes expense offset arrangements of 0.01%. |
See Notes to Financial Statements
| 63 |
|
|
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 64 |
|
|
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Amount represents less than $0.005 per share |
| (c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (d) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 65 |
|
|
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Commencement of operations |
| (b) | Calculated based upon average shares outstanding |
| (c) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of period, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the period. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (d) | Not Annualized |
| (e) | Annualized |
| (f) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 66 |
|
|
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 67 |
|
|
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Total return is calculated assuming an initial investment made at the net asset value at the beginning of year, reinvestment of any dividends and distributions at net asset value on the dividend/distributions payment date and a redemption at the net asset value on the last day of the year. The return does not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares. |
| (c) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
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|
VANECK VECTORS ETF TRUST
December 31, 2018
Note 1—Fund Organization— VanEck Vectors ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and as of December 31, 2018, offers fifty-eight investment portfolios, each of which represents a separate series of the Trust.
These financial statements relate only to the following investment portfolios: Agribusiness ETF, Coal ETF, Global Alternative Energy ETF, Gold Miners ETF, Junior Gold Miners ETF, Natural Resources ETF, Oil Refiners ETF, Oil Services ETF, Rare Earth/Strategic Metals ETF, Steel ETF, Unconventional Oil & Gas ETF and Uranium+Nuclear Energy ETF (each a “Fund” and, together, the “Funds”). 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 substantially the same weighting, in an index sponsored, licensed or managed by ICE Data Indices, LLC, Ardour Global Indexes, LLC, S-Network Global Indexes, LLC and MV Index Solutions GmbH (“MVIS”), a wholly owned subsidiary of Van Eck Associates Corporation (the “Adviser”).
The Funds’ respective Indices are presented below:
| Fund | Index |
| Agribusiness ETF | MVIS ® Global Agribusiness Index* |
| Coal ETF | MVIS ® Global Coal Index* |
| Global Alternative Energy ETF | Ardour Global Index SM (Extra Liquid) |
| Gold Miners ETF | NYSE Arca Gold Miners Index*** |
| Junior Gold Miners ETF | MVIS ® Global Junior Gold Miners Index* |
| Natural Resources ETF | VanEck ® Natural Resources Index** |
| Oil Refiners ETF | MVIS ® Global Oil Refiners Index* |
| Oil Services ETF | MVIS ® US Listed Oil Services 25 Index* |
| Rare Earth/Strategic Metals ETF | MVIS ® Global Rare Earth/Strategic Metals Index* |
| Steel ETF | NYSE Arca Steel Index*** |
| Unconventional Oil & Gas ETF | MVIS ® Global Unconventional Oil & Gas Index* |
| Uranium+Nuclear Energy ETF | MVIS ® Global Uranium & Nuclear Energy Index* |
| * | Published by MVIS. |
| ** | Published by S-Network Global Indexes, LLC |
| *** | Published by ICE Data Indices, LLC |
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 are following accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946 Financial Services—Investment Companies.
The following is a summary of significant accounting policies followed by the Funds.
| 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 or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System 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 Standard 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 |
| 69 |
|
|
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
| amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered to be Level 1 in the fair value hierarchy. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes it does 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 classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. | |
| The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below: | |
| Level 1 — Quoted prices in active markets for identical securities. | |
| Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
| Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). | |
| A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. | |
| B. | Federal Income Taxes— It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. |
| C. | Dividends and 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. |
| Effective in the current reporting period, it is no longer required to separately present distributions from net investment income and distributions from net realized capital gains. Additionally, undistributed net investment income (loss) included in net assets is no longer disclosed separately in the Statement of Changes in Net Assets. The December 31, 2017 sources of distributions and undistributed net investment income (loss) were as follows: |
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| D. | Currency Translation— Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statement 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) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. |
| E. | Restricted Securities— The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
| F. | Repurchase Agreements— The Funds may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Adviser, to generate income from their excess cash balances and to invest securities lending cash collateral. A repurchase agreement is an agreement under which a Fund acquires securities from a seller, subject to resale to the seller at an agreed upon price and date. A Fund, through its custodian/securities lending agent, takes possession of securities collateralizing the repurchase agreement. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Funds will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the Funds maintain their right to sell the underlying securities at market value and may claim any resulting loss against the seller. Repurchase agreements held as of December 31, 2018 are reflected in the Schedules 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 setoff in those agreements allows the Funds to set off any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may pledge or receive cash and/or securities as collateral for derivative instruments, securities lending and repurchase agreements. For financial reporting purposes, the Funds present securities lending and repurchase agreement assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Collateral held at December 31, 2018 is presented in the Schedules of Investments. Refer to related disclosures in Note 2F (Repurchase Agreements) and Note 9 (Securities Lending). |
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|
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
| H. | Components of Capital— Effective with the current reporting period, Net unrealized appreciation (depreciation), Undistributed net investment income (loss), and Accumulated net realized gain (loss) are aggregated and disclosed as Total distributable earnings (loss) in the Statement of Assets and Liabilities. |
| I. | 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. |
| In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |
Note 3—Investment Management and Other Agreements— The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of 0.50% of each Fund’s average daily net assets (except for Oil Services ETF). The management fee rate for Oil Services ETF is 0.35%. The Adviser has agreed, until at least May 1, 2019 to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) from exceeding expense limitations listed in the table below.
The current expense limitations for the year ended December 31, 2018, are as follows:
| Fund |
Expense
Limitations |
|||
| Agribusiness ETF | 0.56 | % | ||
| Coal ETF | 0.59 | |||
| Global Alternative Energy ETF | 0.62 | |||
| Gold Miners ETF | 0.53 | |||
| Junior Gold Miners ETF | 0.56 | |||
| Natural Resources ETF | 0.49 | |||
| Oil Refiners ETF | 0.59 | |||
| Oil Services ETF | 0.35 | |||
| Rare Earth/Strategic Metals ETF | 0.57 | |||
| Steel ETF | 0.55 | |||
| Unconventional Oil & Gas ETF | 0.54 | |||
| Uranium+Nuclear Energy ETF | 0.60 | |||
Refer to Statement of Operations for the amounts waived/assumed by the Adviser.
In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
Note 4—Investments— For the year ended December 31, 2018, the cost of purchases and proceeds from sales of investments other than U.S. government obligations and short-term obligations (excluding in-kind transactions described in Note 6) were as follows:
| Fund |
Cost of Investments
Purchased |
Proceeds from
Investments Sold |
||||||
| Agribusiness ETF | $ | 141,868,290 | $ | 138,397,355 | ||||
| Coal ETF | 20,902,686 | 20,967,956 | ||||||
| Global Alternative Energy ETF | 27,125,542 | 26,945,990 | ||||||
| Gold Miners ETF | 2,101,508,164 | 2,100,403,918 | ||||||
| Junior Gold Miners ETF | 1,229,367,759 | 1,236,630,534 | ||||||
| Natural Resources ETF | 22,234,893 | 23,369,771 | ||||||
| Oil Refiners ETF | 19,583,010 | 14,138,615 | ||||||
| Oil Services ETF | 315,695,706 | 317,523,190 | ||||||
| Rare Earth/Strategic Metals ETF | 116,390,008 | 115,683,258 | ||||||
| Steel ETF | 19,878,011 | 21,349,156 | ||||||
| Unconventional Oil & Gas ETF | 13,049,039 | 12,891,683 | ||||||
| Uranium+Nuclear Energy ETF | 8,864,004 | 9,187,586 | ||||||
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Note 5—Income Taxes— As of December 31, 2018, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation, and net unrealized appreciation (depreciation) of investments owned were as follows:
| Fund |
Tax
Cost of Investments |
Gross
Unrealized Appreciation |
Gross
Unrealized (Depreciation) |
Net Unrealized
Appreciation (Depreciation) |
||||||||||||
| Agribusiness ETF | $ | 826,754,755 | $ | 91,286,940 | $ | (118,845,802 | ) | $ | (27,558,862 | ) | ||||||
| Coal ETF | 70,771,913 | 1,086,916 | (15,356,054 | ) | (14,269,138 | ) | ||||||||||
| Global Alternative Energy ETF | 75,200,521 | 16,271,571 | (8,308,873 | ) | 7,962,698 | |||||||||||
| Gold Miners ETF | 11,725,627,190 | 513,058,393 | (1,394,619,472 | ) | (881,561,079 | ) | ||||||||||
| Junior Gold Miners ETF | 4,890,182,852 | 395,191,136 | (835,280,253 | ) | (440,089,117 | ) | ||||||||||
| Natural Resources ETF | 84,415,690 | 4,661,811 | (9,023,223 | ) | (4,361,412 | ) | ||||||||||
| Oil Refiners ETF | 58,084,670 | 704,030 | (10,317,114 | ) | (9,613,084 | ) | ||||||||||
| Oil Services ETF | 2,451,761,477 | — | (1,358,633,638 | ) | (1,358,633,638 | ) | ||||||||||
| Rare Earth/Strategic Materials ETF | 165,711,713 | 2,295,829 | (55,746,255 | ) | (53,450,426 | ) | ||||||||||
| Steel ETF | 88,032,319 | 37,703 | (18,782,900 | ) | (18,745,197 | ) | ||||||||||
| Unconventional Oil & Gas ETF | 53,187,263 | — | (21,896,116 | ) | (21,896,116 | ) | ||||||||||
| Uranium+Nuclear Energy ETF | 26,503,911 | 2,703,652 | (2,206,600 | ) | 497,052 | |||||||||||
At December 31, 2018, the components of distributable earnings (loss) on a tax basis, for each Fund, were as follows:
| Fund |
Undistributed
Ordinary Income |
Accumulated
Capital Losses |
Qualified
Late Year Losses and Post-October Capital Losses* |
Other
Temporary Differences |
Unrealized
Appreciation (Depreciation) |
Total
Distributable Earnings (Loss) |
||||||||||||||||||
| Agribusiness ETF | $ | 544,793 | $ | (680,583,701 | ) | $ | — | $ | (410,786 | ) | $ | (27,563,085 | ) | $ | (708,012,779 | ) | ||||||||
| Coal ETF | 31,809 | (305,569,449 | ) | — | (19,976 | ) | (14,261,043 | ) | (319,818,659 | ) | ||||||||||||||
| Global Alternative Energy ETF | — | (97,610,001 | ) | (21,385 | ) | (10,510 | ) | 7,963,996 | (89,677,900 | ) | ||||||||||||||
| Gold Miners ETF | 4,507,924 | (9,755,402,156 | ) | — | (763,672 | ) | (881,562,276 | ) | (10,633,220,180 | ) | ||||||||||||||
| Junior Gold Miners ETF | 7,164,958 | ** | (4,482,888,695 | ) | — | (173,566 | ) | (440,080,864 | ) | (4,915,978,167 | ) | |||||||||||||
| Natural Resources ETF | 9,684 | (39,804,739 | ) | — | (10,597 | ) | (4,362,409 | ) | (44,168,061 | ) | ||||||||||||||
| Oil Refiners ETF | 16,643 | — | (1,349,738 | ) | (157 | ) | (9,612,491 | ) | (10,945,743 | ) | ||||||||||||||
| Oil Services ETF | 103,005 | (215,264,490 | ) | — | (128,314 | ) | (1,358,633,638 | ) | (1,573,923,437 | ) | ||||||||||||||
| Rare Earth/Strategic Materials ETF | 1,370,842 | (262,281,444 | ) | — | (12,470 | ) | (53,446,714 | ) | (314,369,786 | ) | ||||||||||||||
| Steel ETF | 83,510 | (131,674,347 | ) | — | (15,409 | ) | (18,745,198 | ) | (150,351,444 | ) | ||||||||||||||
| Unconventional Oil & Gas ETF | 61,559 | (41,741,869 | ) | — | (2,989 | ) | (21,896,329 | ) | (63,579,628 | ) | ||||||||||||||
| Uranium+Nuclear Energy ETF | 490,354 | (81,911,751 | ) | — | (9,940 | ) | 497,785 | (80,933,552 | ) | |||||||||||||||
| * | Qualified late year losses and post-October capital losses incurred after October 31, 2018 are deemed to arise on January 1, 2019. |
| ** | Recent tax regulations issued under certain provisions of the Tax Cuts and Job’s Act (the “Act”) require that certain undistributed earnings of foreign corporations be recognized as income by U.S. owners with significant interests in those foreign corporations. Junior Gold Miners ETF owned relevant percentages of certain foreign corporations in its portfolio during the periods affected by the Act’s provisions. These provisions resulted in an increase to distributable ordinary income of $10,699,816. |
The tax character of dividends paid to shareholders during the years ended December 31, 2018 and December 31, 2017 were as follows:
| 2018 Dividends | 2017 Dividends | |||||||||||
| Fund |
Ordinary
Income* |
Ordinary
Income* |
Long-Term
Capital Gains |
|||||||||
| Agribusiness ETF | $ | 12,001,800 | $ | 12,243,400 | $ | — | ||||||
| Coal ETF | 3,625,600 | 3,597,300 | — | |||||||||
| Global Alternative Energy ETF | 499,871 | 1,099,340 | — | |||||||||
| Gold Miners ETF | 51,959,513 | 61,169,240 | — | |||||||||
| Junior Gold Miners ETF | 19,534,693 | 1,476,062 | — | |||||||||
| Natural Resources ETF | 2,159,650 | 2,100,000 | — | |||||||||
| Oil Refiners ETF | 1,170,000 | 130,544 | 27,306 | |||||||||
| Oil Services ETF | 21,321,948 | 39,297,465 | — | |||||||||
| Rare Earth/Strategic Materials ETF | 11,500,061 | 4,502,217 | — | |||||||||
| Steel ETF | 3,600,300 | 3,688,050 | — | |||||||||
| Unconventional Oil & Gas ETF | 426,800 | 500,500 | — | |||||||||
| Uranium+Nuclear Energy ETF | 1,000,200 | 1,349,717 | — | |||||||||
| * | Includes short-term capital gains (if any). |
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VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
At December 31, 2018, the Funds had capital loss carryforwards available to offset future capital gains, as follow:
| Fund |
Short-Term
Capital Losses with No Expiration |
Long-Term
Capital Losses with No Expiration |
Total | |||||||||
| Agribusiness ETF | $ | (178,974,364 | ) | $ | (501,609,337 | ) | $ | (680,583,701 | ) | |||
| Coal ETF | (23,645,586 | ) | (281,923,863 | ) | (305,569,449 | ) | ||||||
| Global Alternative Energy ETF | (4,812,502 | ) | (92,797,499 | ) | (97,610,001 | ) | ||||||
| Gold Miners ETF | (1,328,717,435 | ) | (8,426,684,721 | ) | (9,755,402,156 | ) | ||||||
| Junior Gold Miners ETF | (1,611,478,906 | ) | (2,871,409,789 | ) | (4,482,888,695 | ) | ||||||
| Natural Resources ETF | (2,894,228 | ) | (36,910,511 | ) | (39,804,739 | ) | ||||||
| Oil Refiners ETF | — | — | — | |||||||||
| Oil Services ETF | (65,420,955 | ) | (149,843,535 | ) | (215,264,490 | ) | ||||||
| Rare Earth/Strategic Materials ETF | (69,312,136 | ) | (192,969,308 | ) | (262,281,444 | ) | ||||||
| Steel ETF | (7,198,907 | ) | (124,475,440 | ) | (131,674,347 | ) | ||||||
| Unconventional Oil & Gas ETF | (6,808,108 | ) | (34,933,761 | ) | (41,741,869 | ) | ||||||
| Uranium+Nuclear Energy ETF | (13,913,162 | ) | (67,998,589 | ) | (81,911,751 | ) | ||||||
During the year ended December 31, 2018, $85,630,099, $18,822,843, $34,193,213, $1,784,159, $540,880, $21,020,656, and $41,593,262 of Agribusiness ETF, Coal ETF, Global Alternative Energy ETF, Gold Miners ETF, Natural Resources ETF, Steel ETF, and Uranium+Nuclear Energy ETF’s capital loss carryovers available from prior years expired unutilized.
During the year ended December 31, 2018, as a result of permanent book to tax differences, primarily due to the expiration of capital loss carryforwards, deemed distributions attributable to the redemption of shares and the tax treatment of gains/losses from securities redeemed in-kind, the Funds incurred differences that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.
| Fund |
Increase
(Decrease)
in Distributable Earnings |
Increase
(Decrease)
in Aggregate Paid in Capital |
||||||
| Agribusiness ETF | $ | 6,212,776 | $ | (6,212,776 | ) | |||
| Coal ETF | 9,499,879 | (9,499,879 | ) | |||||
| Global Alternative Energy ETF | 33,296,996 | (33,296,996 | ) | |||||
| Gold Miners ETF | (257,222,502 | ) | 257,222,502 | |||||
| Junior Gold Miners ETF | (197,215,284 | ) | 197,215,284 | |||||
| Natural Resources ETF | (5,534,654 | ) | 5,534,654 | |||||
| Oil Refiners ETF | (3,740,712 | ) | 3,740,712 | |||||
| Oil Services ETF | (29,625,502 | ) | 29,625,502 | |||||
| Rare Earth/Strategic Materials ETF | (8,574,172 | ) | 8,574,172 | |||||
| Steel ETF | 951,366 | (951,366 | ) | |||||
| Unconventional Oil & Gas ETF | 4,873,418 | (4,873,418 | ) | |||||
| Uranium+Nuclear Energy ETF | 41,048,086 | (41,048,086 | ) | |||||
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2018, the Funds did not incur any interest or penalties.
Note 6—Capital Share Transactions— As of December 31, 2018, 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”), consisting of 50,000 shares, or multiples thereof.
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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 a requirement to maintain on deposit at the Custodian for the benefit of the Funds, collateral consisting of cash in the form of U.S. dollars at least equal to 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 Bank of New York Mellon. In addition, the Funds may impose certain variable fees for creations and redemptions with respect to transactions in Creation Units for cash, or on transactions effected outside the clearing process, which are treated as increases in capital. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
For the year ended December 31, 2018, the Funds had in-kind contributions and redemptions as follows:
| Fund | In-Kind Contributions | In-Kind Redemptions | ||||||
| Agribusiness ETF | $ | 235,872,547 | $ | 284,588,681 | ||||
| Coal ETF | 37,855,779 | 65,912,754 | ||||||
| Global Alternative Energy ETF | 2,945,462 | 2,716,030 | ||||||
| Gold Miners ETF | 5,960,694,976 | 2,339,543,369 | ||||||
| Junior Gold Miners ETF | 1,807,379,544 | 1,518,222,320 | ||||||
| Natural Resources ETF | 19,700,198 | 33,621,829 | ||||||
| Oil Refiners ETF | 62,885,607 | 21,050,150 | ||||||
| Oil Services ETF | 3,577,437,014 | 3,508,243,532 | ||||||
| Rare Earth/Strategic Metals ETF | 67,268,854 | 44,193,782 | ||||||
| Steel ETF | 69,668,759 | 139,412,454 | ||||||
| Unconventional Oil & Gas ETF | 19,197,623 | 34,544,090 | ||||||
| Uranium+Nuclear Energy ETF | — | 2,590,682 | ||||||
This table represent the accumulation of each Fund’s daily net in-kind shareholder transactions including rebalancing activity, while the Statements of Changes in Net Assets reflect shareholder transactions including any cash component of the transactions.
Note 7—Principal Risks— The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index, as indicated in the name of each Fund. The Adviser uses a “passive” or index approach to achieve each Fund’s investment objective by investing in a portfolio of securities that generally replicates the Funds’ index. Each of the Funds (except for Natural Resources ETF) is classified as a non-diversified fund under the 1940 Act. Non-diversified funds generally hold securities of fewer issuers than diversified funds 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 political and economic developments and local/regional conflicts. These risks are heightened for investments in emerging market countries. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of comparable U.S. issuers.
As a result of events involving Ukraine and the Russian Federation, the United States and the European Union have imposed sanctions on certain Russian individuals and companies. These sanctions do not currently impact the Funds. Additional economic sanctions may be imposed or other actions may be taken that may adversely affect the value and liquidity of the Russian-related issuers held by the Funds.
At December 31, 2018, the Adviser owned 2,500 shares of Gold Miners ETF.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
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VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
Note 8—Trustee Deferred Compensation Plan— The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds as directed by the Trustees.
The expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.
Note 9—Securities Lending— To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with The Bank of New York Mellon, the securities lending agent and also the Funds’ custodian. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, U.S. government or U.S. government agency securities, shares of an investment trust or mutual fund, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value plus accrued interest on the 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. The Funds may pay reasonable finders’, administrative and custodial fees in connection with a loan of its securities. Securities lending income is disclosed as such in the Statements of Operations. The collateral for securities loaned is recognized in the Schedules of Investments and the Statements of Assets and Liabilities. The cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in repurchase agreements collateralized by obligations of the U.S. Treasury and/or Government Agencies. 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 lender 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 collateral at December 31, 2018 are presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities.
The following table presents the amount of repurchase agreements held as collateral by type of security on loan as of December 31, 2018:
|
Gross
Amount of Recognized
Liabilities for Securities Loaned in the Statements of Assets and Liabilities* |
||||
| Fund | Equity Securities | |||
| Agribusiness ETF | $ | 41,197,255 | ||
| Coal ETF | 1,461,143 | |||
| Global Alternative Energy ETF | 4,216,046 | |||
| Gold Miners ETF | 265,557,540 | |||
| Junior Gold Miners ETF | 176,292,250 | |||
| Natural Resources ETF | 2,762,110 | |||
| Oil Refiners ETF | 35,244 | |||
| Oil Services ETF | 48,348,561 | |||
| Rare Earth/Strategic Metals ETF | 19,837,412 | |||
| Steel ETF | 11,479,564 | |||
| Unconventional Oil & Gas ETF | 1,213,660 | |||
| Uranium+Nuclear Energy ETF | 1,355,842 | |||
* Remaining contractual maturity of the agreements: overnight and continuous
Note 10—Bank Line of Credit— The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds at rates based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2018, the following Funds borrowed under this Facility:
| 76 |
|
|
| Fund |
Days
Outstanding |
Average Daily
Loan Balance |
Average
Interest Rate |
Outstanding Loan
Balance as of December 31, 2018 |
||||||||||||
| Agribusiness ETF | 307 | $1,729,586 | 3.24 | % | $ | — | ||||||||||
| Coal ETF | 223 | 284,793 | 3.24 | — | ||||||||||||
| Global Alternative Energy ETF | 261 | 194,630 | 3.34 | — | ||||||||||||
| Gold Miners ETF | 171 | 4,173,284 | 3.11 | 2,157,036 | ||||||||||||
| Junior Gold Miners ETF | 24 | 2,739,012 | 3.06 | — | ||||||||||||
| Natural Resources ETF | 354 | 381,238 | 3.23 | 213,026 | ||||||||||||
| Oil Refiners ETF | 179 | 190,474 | 3.39 | — | ||||||||||||
| Oil Services ETF | 277 | 2,571,862 | 3.18 | 2,130,257 | ||||||||||||
| Rare Earth/Strategic Metals ETF | 230 | 1,325,237 | 3.32 | 418,101 | ||||||||||||
| Steel ETF | 224 | 324,387 | 3.08 | — | ||||||||||||
| Unconventional Oil & Gas ETF | 1 | 109,140 | 3.33 | — | ||||||||||||
| Uranium+Nuclear Energy ETF | 10 | 181,491 | 3.32 | — | ||||||||||||
Note 11—Custodian Fees— The Funds have entered into an expense offset agreement with the custodian wherein they receive a credit toward the reduction of custodian fees whenever there are uninvested cash balances. The Funds could have invested their cash balances elsewhere if they had not agreed to a reduction in fees under the expense offset agreement with the custodian. For the year ended December 31, 2018, there were offsets to custodian fees and these amounts are reflected in custody expense in the Statements of Operations.
Note 12—Recent Accounting Pronouncements— The Funds early adopted certain provisions of Accounting Standards Update No. 2018-13 Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) that eliminate and modify certain disclosure requirements for fair value measurements. The adoption of certain provisions of the ASU 2018-13 had no material effect on financial statements and related disclosures. Management is currently evaluating the potential impact of additional requirements, not yet adopted, of the ASU 2018-13 to financial statements. Public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years.
On August 17, 2018, the SEC adopted amendments to Regulation S-X. These changes are effective for periods after November 5, 2018. The updates to Registered Investment Companies were mainly focused on simplifying the presentation of distributable earnings by eliminating the need to present the components of distributable earnings on a book basis in the Statement of Assets & Liabilities. The update also impacted the presentation of undistributed net investment income and distribution to shareholders on the Statement of Changes in Net Assets. The amounts presented in the current Statement of Changes in Net Assets represent the aggregated total distributions of net investment income and realized capital gains, except for distributions classified as return of capital which are still presented separately
Note 13—Subsequent Event Review— The Funds have evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.
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VANECK VECTORS ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Trustees of VanEck Vectors ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of VanEck Vectors Agribusiness ETF, VanEck Vectors Coal ETF, VanEck Vectors Global Alternative Energy ETF, VanEck Vectors Gold Miners ETF, VanEck Vectors Junior Gold Miners ETF, VanEck Vectors Natural Resources ETF, VanEck Vectors Oil Refiners ETF, VanEck Vectors Oil Services ETF, VanEck Vectors Rare Earth/Strategic Metals ETF, VanEck Vectors Steel ETF, VanEck Vectors Unconventional Oil & Gas ETF and VanEck Vectors Uranium+Nuclear Energy ETF (collectively referred to as the “Funds”) (twelve of the funds constituting VanEck Vectors ETF Trust (the “Trust”)) including the schedules of investments, as of December 31, 2018, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (twelve of the funds constituting VanEck Vectors ETF Trust) at December 31, 2018, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
| Individual fund constituting | Statement | Statements of | ||||
| the VanEck Vectors ETF Trust | of operations | changes in net assets | Financial highlights | |||
|
VanEck
Vectors
Agribusiness ETF |
For the year ended December 31, 2018 | For each of the two years in the period ended December 31, 2018 | For each of the five years in the period ended December 31, 2018 | |||
|
VanEck
Vectors
Coal ETF |
||||||
|
VanEck
Vectors Global
Alternative Energy ETF |
||||||
|
VanEck
Vectors
Gold Miners ETF |
||||||
|
VanEck
Vectors
Junior Gold Miners ETF |
||||||
|
VanEck
Vectors
Natural Resources ETF |
||||||
|
VanEck
Vectors
Oil Refiners ETF |
For the year ended December 31, 2018 | For each of the two years in the period ended December 31, 2018 | For each of the three years in the period ended December 31, 2018 and the period from August 18, 2015 (commencement of operations) through December 31, 2015 | |||
|
VanEck
Vectors
Oil Services ETF |
For the year ended December 31, 2018 | For each of the two years in the period ended December 31, 2018 | For each of the five years in the period ended December 31, 2018 | |||
|
VanEck
Vectors
Rare Earth/Strategic Metals ETF |
||||||
|
VanEck
Vectors
Steel ETF |
||||||
|
VanEck
Vectors
Unconventional Oil & Gas ETF |
||||||
|
VanEck
Vectors
Uranium+Nuclear Energy ETF |
| 78 |
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|
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more of the VanEck investment companies since 1999.
New York, NY
February 25, 2019
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|
VANECK VECTORS ETF TRUST
(unaudited)
The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2018:
|
Agribusiness
ETF |
Coal ETF |
Global
Alternative Energy ETF |
Gold
Miners ETF |
Junior
Gold Miners ETF |
Natural
Resources ETF |
|||||||||||||||||||
| Record Date | 12/21/2018 | 12/21/2018 | 12/21/2018 | 12/21/2018 | 12/21/2018 | 12/21/2018 | ||||||||||||||||||
| Ex Date | 12/20/2018 | 12/20/2018 | 12/20/2018 | 12/20/2018 | 12/20/2018 | 12/20/2018 | ||||||||||||||||||
| Payable Date | 12/27/2018 | 12/27/2018 | 12/27/2018 | 12/27/2018 | 12/27/2018 | 12/27/2018 | ||||||||||||||||||
| Total Distribution Paid Per Share | $0.964000 | $0.824000 | $0.337000 | $0.105000 | $0.136000 | $0.919000 | ||||||||||||||||||
| Ordinary Income Per Share | $0.964000 | $0.824000 | $0.337000 | $0.105000 | $0.136000 | $0.919000 | ||||||||||||||||||
| Ordinary Income: | ||||||||||||||||||||||||
| Qualified Dividend Income for Individuals | 93.12 | % | 78.94 | %* | 77.61 | % | 99.47 | %* | 100.00 | %* | 94.67 | %* | ||||||||||||
| Dividends Qualifying for the Dividends Received Deduction for Corporations | 48.07 | % | 3.52 | %* | 47.98 | % | 21.27 | %* | 1.77 | %* | 45.84 | %* | ||||||||||||
| Foreign Source Income | — | 69.27 | %* | — | 74.31 | %* | 84.62 | %* | 56.07 | %* | ||||||||||||||
| Foreign Taxes Paid Per Share | — | $ | 0.100836 | ** | — | $ | 0.012396 | ** | $ | 0.010913 | ** | $ | 0.069003 | ** | ||||||||||
|
Oil Refiners
ETF |
Oil Services
ETF |
Rare Earth/
Strategic Metals ETF |
Steel ETF |
Unconventional
Oil & Gas ETF |
Uranium+
Nuclear Energy ETF |
|||||||||||||||||||
| Record Date | 12/21/2018 | 12/21/2018 | 12/21/2018 | 12/21/2018 | 12/21/2018 | 12/21/2018 | ||||||||||||||||||
| Ex Date | 12/20/2018 | 12/20/2018 | 12/20/2018 | 12/20/2018 | 12/20/2018 | 12/20/2018 | ||||||||||||||||||
| Payable Date | 12/27/2018 | 12/27/2018 | 12/27/2018 | 12/27/2018 | 12/27/2018 | 12/27/2018 | ||||||||||||||||||
| Total Distribution Paid Per Share | $0.517000 | $0.299000 | $1.685000 | $2.182000 | $0.088000 | $1.936000 | ||||||||||||||||||
| Ordinary Income Per Share | $0.517000 | $0.299000 | $1.685000 | $2.182000 | $0.088000 | $1.936000 | ||||||||||||||||||
| Ordinary Income: | ||||||||||||||||||||||||
| Qualified Dividend Income for Individuals | 96.53 | %* | 43.87 | % | 7.51 | %* | 84.06 | %* | 100.00 | % | 100.00 | % | ||||||||||||
| Dividends Qualifying for the Dividends Received Deduction for Corporations | 33.78 | %* | 31.55 | % | — | 16.38 | %* | 100.00 | % | 77.78 | % | |||||||||||||
| Foreign Source Income | 66.62 | %* | — | 7.78 | %* | 55.65 | %* | — | — | |||||||||||||||
| Foreign Taxes Paid Per Share | $0.086068 | ** | — | $0.025418 | ** | 0.011812 | ** | — | — | |||||||||||||||
| Qualified Short-Term Capital Gains *** | $0.133000 | — | — | — | — | — | ||||||||||||||||||
| * | Expressed as a percentage of the ordinary income distribution grossed up for foreign taxes. |
| ** | The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. |
| *** | This distribution represents Qualified Short-Term Capital Gains (“QSTG”) which may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation. |
Please consult your tax advisor for proper treatment of this information.
| 80 |
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|
VANECK VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
December 31, 2018 (unaudited)
| 1 | The address for each Trustee is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
| 3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
| 4 | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
| 5 | “Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of the Adviser. |
| * | Member of the Audit Committee. |
| † | Member of the Nominating and Corporate Governance Committee. |
| 81 |
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|
VANECK VECTORS ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
December 31, 2018 (unaudited) (continued)
|
Officer’s
Name,
Address 1 and Year of Birth |
Position(s)
Held with the Trust |
Term of Office
2
and Length of Time Served |
Principal Occupation(s) During The Past Five Years | |||
|
Matthew A. Babinsky,
1983 |
Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of the Adviser, VESC and VEARA (since 2016); Associate, Clifford Chance US LLP (October 2011 to April 2016); Officer of other investment companies advised by the Adviser. | |||
|
Russell G. Brennan,
1964 |
Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of the Adviser (since 2008); Manager (Portfolio Administration) of the Adviser, September 2005 to October 2008; Officer of other investment companies advised by the Adviser. | |||
|
Charles T. Cameron,
1960 |
Vice President | Since 2006 | Director of Trading (since 1995) and Portfolio Manager (since 1997) for the Adviser; Officer of other investment companies advised by the Adviser. | |||
|
John J. Crimmins,
1957 |
Vice President, Treasurer, Chief Financial Officer and Principal Accounting | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of Portfolio Administration of the Adviser, June 2009 to present; Officer of other investment companies advised by the Adviser. | |||
|
Eduardo Escario,
1975 |
Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of the Adviser (since July 2008); Regional Director (Spain, Portugal, South America and Africa) of Dow Jones Indexes and STOXX Ltd. (May 2001 to July 2008). | |||
|
Henry Glynn,
1983 |
Assistant Vice President | Since February 2018 | Head of ETF Capital Markets Europe of Van Eck Switzerland AG (since 2017); member of the Capital Markets team at Vanguard Group (September 2013 to October 2016). | |||
|
F. Michael Gozzillo,
1965 |
Chief Compliance Officer | Since January 2018 | Vice President and Chief Compliance Officer of the Adviser and VEARA (since January 2018); Chief Compliance Officer of VESC (since October 2018); Chief Compliance Officer, City National Rochdale, LLC and City National Rochdale Funds (December 2012 to January 2018); Officer of other investment companies advised by the Adviser. | |||
|
Nicholas Jackson,
1974 |
Assistant Vice President | Since February 2018 | Vice President, Business Development of VanEck Australia Pty Ltd. (since August 2013); Business Development Manager NSW, Leveraged Equities Limited (October 2006 to July 2013). | |||
|
Susan C. Lashley,
1955 |
Vice President | Since 2006 | Vice President of the Adviser and VESC; Officer of other investment companies advised by the Adviser. | |||
|
Laura I. Martínez,
1980 |
Vice President and Assistant Secretary | Vice President (Since 2016) and Assistant Secretary Since 2008) | Vice President (since 2016), Associate General Counsel and Assistant Secretary (since 2008) and Assistant Vice President (2008 to 2016) of the Adviser, VESC and VEARA; Officer of other investment companies advised by the Adviser. | |||
|
Matthew McKinnon,
1970 |
Assistant Vice President | Since February 2018 | Head of Business Development of Asia Pacific of VanEck Australia Pty Ltd. (since February 2018) and Director, Intermediaries and Institutions (July 2013 to February 2018) of VanEck Australia Pty Ltd.; General Manager, Retail Sales, Equities at Perpetual Limited (December 2006 to May 2012). | |||
|
Arian Neiron,
1979 |
Vice President | Since February 2018 | Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd. (since September 2012). | |||
|
James Parker,
1969 |
Assistant Treasurer | Since June 2014 | Assistant Vice President (since May 2017) and Manager - Portfolio Administration (June 2010 - May 2017) of the Adviser. | |||
|
Adam Phillips,
1970 |
Vice President | Since February 2018 | VanEck Vectors ETFs’ Chief Operating Officer of the Adviser (since 2012). | |||
|
Philipp Schlegel,
1974 |
Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG (since 2010). | |||
|
Jonathan R. Simon,
1974 |
Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016) and Secretary and Chief Legal Officer (Since 2014) | Senior Vice President (since 2016), General Counsel and Secretary (since 2014) and Vice President (2006 to 2016) of the Adviser, VESC and VEARA; Officer of other investment companies advised by the Adviser. |
| 1 | The address for each Officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Officers are elected yearly by the Trustees. |
| 82 |
|
|
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck Vectors ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Qs are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
| Investment Adviser: | Van Eck Associates Corporation | |
| Distributor: |
Van Eck Securities Corporation
666 Third Avenue, New York, NY 10017 vaneck.com |
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| Account Assistance: | 800.826.2333 | HAAR |
Item 2. CODE OF ETHICS. (a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to the principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. (b) The Registrant's code of ethics is reasonably described in this Form N-CSR. (c) The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto. (d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto. (e) Not applicable. (f) The Registrant's Code of Ethics is attached as an Exhibit hereto. Item 3. AUDIT COMMITTEE FINANCIAL EXPERT. The Registrant's Board of Trustees has determined that David Chow, R. Alastair Short, Peter Sidebottom and Richard Stamberger, members of the Audit and Governance Committees, are "audit committee financial experts" and "independent" as such terms are defined in the instructions to Form N-CSR Item 3(a)(2). Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and 4(g) are for the Funds of the Registrant for which the fiscal year end is December 31. (a) Audit Fees. The aggregate Audit Fees of Ernst & Young for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended December 31, 2018 and December 31, 2017, were $683,610 and $684,610, respectively. (b) Audit-Related Fees. Not applicable. (c) Tax Fees. The aggregate Tax Fees of Ernst & Young for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended December 31, 2018 and December 31, 2017, were $835,807 and $543,814, respectively. (d) All Other Fees None. (e) The Audit Committee will pre-approve all audit and non-audit services, to be provided to the Funds, by the independent accountants as required by Section 10A of the Securities Exchange Act of 1934. The Audit Committee has authorized the Chairman of the Audit Committee to approve, between meeting dates, appropriate non-audit services. The Audit Committee after considering all factors, including a review of independence issues, will recommend to the Board of Trustees the independent auditors to be selected to audit the financial statements of the Funds.
(f) Not applicable. (g) Not applicable. (h) Not applicable. Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. The Registrant's Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of four Independent Trustees. Messrs. Chow, Short, Sidebottom and Stamberger currently serve as members of the Audit Committee. Mr. Short is the Chairman of the Audit Committee. Item 6. SCHEDULE OF INVESTMENTS. Information included in Item 1. Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. Item 8. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. Item 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. None. Item 11. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3 (c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. (a) Not applicable. (b) Not applicable. Item 13. EXHIBITS. (a)(1) The code of ethics is attached as EX-99.CODE ETH (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached as Exhibit 99.CERT. (b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT.
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) VANECK VECTORS ETF TRUST By (Signature and Title) /s/ John J. Crimmins, Treasurer and CFO --------------------------------------- Date March 8, 2019 ---------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title) /s/ Jan F. van Eck, CEO -------------------------- Date March 8, 2019 ---------------- By (Signature and Title) /s/ John J. Crimmins, Treasurer and CFO ------------------------------------------ Date March 8, 2019 ----------------