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: JUNE 30, 2019
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Item 1. Report to Shareholders
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SEMI-ANNUAL REPORT
June 30, 2019 (unaudited) |
| 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® |
| 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 shareholder letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of June 30, 2019.
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VANECK VECTORS ETFs
June 30, 2019 (unaudited)
We are pleased to present this semi-annual report.
Investment Outlook
In brief, the two engines of the global economy, the U.S. and China, are moving forward, albeit at a moderate pace. In this environment, with stocks having had a very solid year so far, our main message is that investors should not be too conservative with their fixed income portfolios. See our blog Is There Enough Risk in Your Fixed Income Portfolio?
Getting to this current environment was, however, a result of a lot of turbulence.
At the beginning of December last year, we were worried about the impact the European Central Bank’s (ECB) and the U.S. Federal Reserve’s (Fed) continued tightening would have on the financial markets. Typically, central bank tightening is unfavorable for financial assets, and markets decelerated going into December. Then, suddenly the Fed signaled it would stop raising rates and reverse on quantitative tightening. This led to a rally in U.S. equities and other asset classes.
The ECB is also now delaying any tightening steps. At its March 7 policy meeting, the ECB pushed back its timing for increasing interest rates and is expected to stay on hold through the end of 2019. It also announced a program to stimulate bank lending, with another round of targeted longer-term refinancing operations (TLTRO) launching in September. TLTRO loans from the ECB provides banks in the euro zone with cheap rates.
Last but not least, China’s non-manufacturing Purchasing Managers’ Index (PMI) shows a strong rate of expansion, which one would expect with the emergence of the “new China” economy–one that is increasingly driven by consumption. However, the manufacturing PMI shows several recent dips below the important 50 mark into contraction territory, corresponding to the “recession” in late 2018, followed by a recovery after Q1 2019. It saw another fall into contraction territory in Q2 2019, though this was slightly smaller than the Q4 2018 drop, indicating that China’s stimulus measures may have softened the impact of external factors, such as tariffs and trade tensions. If so, we believe more stimulus may be expected to support domestic demand in the months ahead.
Doubtless there are risks to the global economy and financial markets. Concerns around the strength of global economic growth, the strength of the U.S. dollar, the trajectory of U.S. interest rates, certain country-specific factors, e.g., Iran and Venezuela, and the, as yet, unresolved trade dispute between the U.S. and China continue to hang over the market.
We encourage you to stay in touch with us through the videos, email subscriptions, and research blogs available on our website, www.vaneck.com. I have started my own email subscription where I share interesting research—you can sign up on vaneck.com. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
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VANECK VECTORS ETFs
(unaudited) (continued)
We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended June 30, 2019. 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
July 16, 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 ETF TRUST
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, January 1, 2019 to June 30, 2019.
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.
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VANECK VECTORS ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
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Beginning
Account Value January 1, 2019 |
Ending
Account Value June 30, 2019 |
Annualized
Expense Ratio During Period |
Expenses
Paid
During the Period* January 1, 2019 – June 30, 2019 |
|||||||||||||
| Africa Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,112.10 | 0.78 | % | $ | 4.08 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,020.93 | 0.78 | % | $ | 3.91 | ||||||||
| Brazil Small-Cap ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,195.90 | 0.66 | % | $ | 3.59 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,021.52 | 0.66 | % | $ | 3.31 | ||||||||
| ChinaAMC CSI 300 ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,278.00 | 0.61 | % | $ | 3.45 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,021.77 | 0.61 | % | $ | 3.06 | ||||||||
| ChinaAMC SME-ChiNext ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,232.70 | 0.65 | % | $ | 3.60 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,021.57 | 0.65 | % | $ | 3.26 | ||||||||
| Egypt Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,111.40 | 1.00 | % | $ | 5.24 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,019.84 | 1.00 | % | $ | 5.01 | ||||||||
| India Small-Cap Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 899.40 | 0.84 | % | $ | 3.96 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,020.63 | 0.84 | % | $ | 4.21 | ||||||||
| Indonesia Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,058.60 | 0.57 | % | $ | 2.91 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,021.97 | 0.57 | % | $ | 2.86 | ||||||||
| Israel ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,155.10 | 0.63 | % | $ | 3.37 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,021.67 | 0.63 | % | $ | 3.16 | ||||||||
| Russia ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,263.40 | 0.70 | % | $ | 3.93 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,021.32 | 0.70 | % | $ | 3.51 | ||||||||
| Russia Small-Cap ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,251.40 | 0.78 | % | $ | 4.35 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,020.93 | 0.78 | % | $ | 3.91 | ||||||||
| Vietnam ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,086.30 | 0.64 | % | $ | 3.31 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,021.62 | 0.64 | % | $ | 3.21 | ||||||||
| * | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended June 30, 2019) 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 |
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VANECK VECTORS AFRICA INDEX ETF
June 30, 2019 (unaudited)
|
Number
of Shares |
Value | |||||||
| South Africa: (continued) | ||||||||
| 186,004 | Growthpoint Properties Ltd. # | $ | 320,863 | |||||
| 14,564 | Hyprop Investments Ltd. | 72,163 | ||||||
| 42,866 | Impala Platinum Holdings Ltd. * # | 212,182 | ||||||
| 12,404 | Imperial Holdings Ltd. | 45,240 | ||||||
| 17,697 | Investec Ltd. # | 114,985 | ||||||
| 36,152 | Investec Plc (GBP) # | 235,520 | ||||||
| 9,367 | Liberty Holdings Ltd. | 70,187 | ||||||
| 80,383 | Life Healthcare Group Holdings Ltd. # | 128,214 | ||||||
| 25,176 | Mediclinic International Plc (GBP) # | 97,685 | ||||||
| 56,465 | MMI Holdings Ltd. # | 75,874 | ||||||
| 8,786 | Motus Holdings Ltd. # | 45,109 | ||||||
| 15,538 | Mr Price Group Ltd. # | 218,568 | ||||||
| 84,455 | MTN Group Ltd. † # | 637,895 | ||||||
| 27,162 | MultiChoice Group Ltd. * # | 257,749 | ||||||
| 19,064 | Naspers Ltd. # | 4,609,128 | ||||||
| 26,875 | Nedbank Group Ltd. # | 482,874 | ||||||
| 91,929 | Netcare Ltd. # | 117,125 | ||||||
| 261,225 | Old Mutual Ltd. # | 392,840 | ||||||
| 22,468 | Pick n Pay Stores Ltd. | 109,940 | ||||||
| 9,303 | Pioneer Foods Ltd. | 45,521 | ||||||
| 10,736 | PSG Group Ltd. # | 182,128 | ||||||
| 52,310 | Rand Merchant Investment Holdings Ltd. # | 126,097 | ||||||
| 346,207 | Redefine Properties Ltd. # | 222,222 | ||||||
| 29,368 | Remgro Ltd. # | 391,399 | ||||||
| 19,047 | Resilient REIT Ltd. | 83,691 | ||||||
| 46,200 | RMB Holdings Ltd. # | 276,809 | ||||||
| 116,700 | Sanlam Ltd. # | 647,245 | ||||||
| 23,389 | Sappi Ltd. | 91,043 | ||||||
| 36,887 | Sasol Ltd. (ADR) † | 916,642 | ||||||
| 29,028 | Shoprite Holdings Ltd. # | 324,083 | ||||||
| 10,140 | Spar Group Ltd. # | 134,546 | ||||||
| 76,014 | Standard Bank Group Ltd. # | 1,060,673 | ||||||
| 17,092 | Telkom SA SOC Ltd. # | 111,653 | ||||||
| 9,858 | Tiger Brands Ltd. # | 156,410 | ||||||
| 26,459 | Truworths International Ltd. # | 131,175 | ||||||
| 27,429 | Vodacom Group Ltd. † # | 232,798 | ||||||
| 58,182 | Woolworths Holdings Ltd. † # | 201,373 | ||||||
| 18,554,195 | ||||||||
| United Kingdom: 7.3% | ||||||||
| 55,184 | Anglo American Plc # | 1,579,934 | ||||||
| 271,109 | Centamin Plc # | 395,259 | ||||||
| 6,481 | Mondi Ltd. (ZAR) # | 145,537 | ||||||
| 784,431 | Tullow Oil Plc # | 2,103,016 | ||||||
| 4,223,746 | ||||||||
| United States: 2.0% | ||||||||
| 147,773 | Kosmos Energy Ltd. | 926,537 | ||||||
| 1,742 | Royal Caribbean Cruises Ltd. | 211,148 | ||||||
| 1,137,685 | ||||||||
| Zimbabwe: 0.0% | ||||||||
| 32,900 | Cassava Smartech Zimbabwe Ltd. * | 7,109 | ||||||
| 15,980 | Delta Corp. Ltd. # | 5,956 | ||||||
| 13,065 | ||||||||
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Total Common Stocks
(Cost: $50,319,674) |
58,718,587 | |||||||
See Notes to Financial Statements
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VANECK VECTORS AFRICA INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Number
of Shares |
Value | |||||||
|
MONEY MARKET FUND: 0.0%
(Cost: $10,539) |
||||||||
| 10,539 | Dreyfus Government Cash Management Fund – Institutional Shares | $ | 10,539 | |||||
|
Total Investments Before Collateral for Securities Loaned: 101.1%
(Cost: $50,330,213) |
58,729,126 | |||||||
|
Principal
Amount |
||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.4% | ||||||||
| Repurchase Agreements: 4.4% | ||||||||
| $ | 1,000,000 | Repurchase agreement dated 6/28/19 with Citigroup Global Markets, Inc., 2.50%, due 7/1/19, proceeds $1,000,208; (collateralized by various U.S. government and agency obligations, 3.10% to 4.00%, due 7/2/19 to 1/20/63, valued at $1,020,000 including accrued interest) | 1,000,000 | |||||
|
Principal
Amount |
Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| $ | 1,000,000 | Repurchase agreement dated 6/28/19 with Daiwa Capital Markets America, Inc., 2.53%, due 7/1/19, proceeds $1,000,211; (collateralized by various U.S. government and agency obligations, 3.16% to 3.20%, due 7/5/19 to 9/9/49, valued at $1,020,000 including accrued interest) | $ | 1,000,000 | ||||
| 548,017 | Repurchase agreement dated 6/28/19 with HSBC Securities USA, Inc., 2.50%, due 7/1/19, proceeds $548,131; (collateralized by various U.S. government and agency obligations, 3.20%, due 8/15/20 to 11/15/46, valued at $558,977 including accrued interest) | 548,017 | ||||||
|
Total Short-Term Investments Held as Collateral for Securities
on Loan
(Cost: $2,548,017) |
2,548,017 | |||||||
|
Total Investments: 105.5%
(Cost: $52,878,230) |
61,277,143 | |||||||
| Liabilities in excess of other assets: (5.5)% | (3,215,256 | ) | ||||||
| NET ASSETS: 100.0% | $ | 58,061,887 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| 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 $2,413,104. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $30,334,416 which represents 52.2% 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. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | |||||||
| Communication Services | 11.5 | % | $ | 6,748,051 | |||||
| Consumer Discretionary | 14.3 | 8,403,388 | |||||||
| Consumer Staples | 10.3 | 6,025,825 | |||||||
| Energy | 5.5 | 3,207,468 | |||||||
| Financials | 36.3 | 21,310,827 | |||||||
| Health Care | 0.9 | 521,298 | |||||||
| Industrials | 0.6 | 372,954 | |||||||
| Materials | 19.3 | 11,338,096 | |||||||
| Real Estate | 1.3 | 790,680 | |||||||
| Money Market Fund | 0.0 | 10,539 | |||||||
| 100.0 | % | $ | 58,729,126 | ||||||
See Notes to Financial Statements
| 6 |
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The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Canada | $ | 5,850,158 | $ | — | $ | — | $ | 5,850,158 | |||||||||
| China / Hong Kong | — | 1,299,567 | — | 1,299,567 | |||||||||||||
| Egypt | — | 2,348,344 | — | 2,348,344 | |||||||||||||
| Germany | 2,398,936 | — | — | 2,398,936 | |||||||||||||
| India | 417,657 | — | — | 417,657 | |||||||||||||
| Kenya | 4,146,083 | 1,489,700 | — | 5,635,783 | |||||||||||||
| Morocco | 3,775,644 | 4,624,589 | — | 8,400,233 | |||||||||||||
| Nigeria | 7,883,870 | — | — | 7,883,870 | |||||||||||||
| Singapore | — | 555,348 | — | 555,348 | |||||||||||||
| South Africa | 2,767,029 | 15,787,166 | — | 18,554,195 | |||||||||||||
| United Kingdom | — | 4,223,746 | — | 4,223,746 | |||||||||||||
| United States | 1,137,685 | — | — | 1,137,685 | |||||||||||||
| Zimbabwe | 7,109 | 5,956 | — | 13,065 | |||||||||||||
| Money Market Fund | 10,539 | — | — | 10,539 | |||||||||||||
| Repurchase Agreements | — | 2,548,017 | — | 2,548,017 | |||||||||||||
| Total | $ | 28,394,710 | $ | 32,882,433 | $ | — | $ | 61,277,143 | |||||||||
See Notes to Financial Statements
| 7 |
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VANECK VECTORS BRAZIL SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
See Notes to Financial Statements
| 8 |
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|
|
Number
of Shares |
Value | |||||||
| Materials: 3.0% | ||||||||
| 1,018,850 | Metalurgica Gerdau SA, 2.49% | $ | 1,920,982 | |||||
| 86,477 | Unipar Carbocloro SA, 4.13% | 802,850 | ||||||
| 2,723,832 | ||||||||
| Utilities: 1.7% | ||||||||
| 213,200 | Cia Energetica de Sao Paulo, 3.26% | 1,509,076 | ||||||
|
Total Preferred Stocks
(Cost: $4,539,471) |
8,935,183 | |||||||
|
Total Investments Before Collateral for Securities Loaned: 99.8%
(Cost: $67,649,918) |
90,874,399 | |||||||
|
Principal
Amount |
||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.8% | ||||||||
| Repurchase Agreements: 1.8% | ||||||||
| $ | 1,000,000 | Repurchase agreement dated 6/28/19 with Daiwa Capital Markets America, Inc., 2.53%, due 7/1/19, proceeds $1,000,211; (collateralized by various U.S. government and agency obligations, 3.44% to 3.48%, due 7/5/19 to 9/9/49, valued at $1,020,000 including accrued interest) | 1,000,000 | |||||
|
Principal
Amount |
Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| $ | 612,760 | Repurchase agreement dated 6/28/19 with HSBC Securities USA, Inc., 2.50%, due 7/1/19, proceeds $612,888; (collateralized by various U.S. government and agency obligations, 3.48%, due 8/15/20 to 11/15/46, valued at $625,015 including accrued interest) | $ | 612,760 | ||||
|
Total Short-Term Investments Held as Collateral for Securities
on Loan
(Cost: $1,612,760) |
1,612,760 | |||||||
|
Total Investments: 101.6%
(Cost: $69,262,678) |
92,487,159 | |||||||
| Liabilities in excess of other assets: (1.6)% | (1,479,435 | ) | ||||||
| NET ASSETS: 100.0% | $ | 91,007,724 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| USD | United States Dollar |
Footnotes:
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,616,699. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $5,084,274 which represents 5.6% 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 $1,098,273, or 1.2% of net assets. |
See Notes to Financial Statements
| 9 |
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VANECK VECTORS BRAZIL SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | |||||||
| Communication Services | 5.0 | % | $ | 4,510,481 | |||||
| Consumer Discretionary | 21.4 | 19,449,194 | |||||||
| Consumer Staples | 5.0 | 4,566,684 | |||||||
| Energy | 4.5 | 4,076,332 | |||||||
| Financials | 2.8 | 2,497,000 | |||||||
| Health Care | 8.6 | 7,813,401 | |||||||
| Industrials | 7.7 | 7,032,688 | |||||||
| Information Technology | 8.7 | 7,904,565 | |||||||
| Materials | 12.2 | 11,125,817 | |||||||
| Real Estate | 3.8 | 3,450,546 | |||||||
| Utilities | 20.3 | 18,447,691 | |||||||
| 100.0 | % | $ | 90,874,399 | ||||||
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Automobiles & Components | $ | 1,182,770 | $ | — | $ | — | $ | 1,182,770 | |||||||||
| Capital Goods | 1,036,511 | — | — | 1,036,511 | |||||||||||||
| Consumer Durables & Apparel | 10,889,916 | — | — | 10,889,916 | |||||||||||||
| Consumer Services | 5,692,231 | — | — | 5,692,231 | |||||||||||||
| Energy | 2,988,655 | 1,087,677 | — | 4,076,332 | |||||||||||||
| Food, Beverage & Tobacco | 4,566,684 | — | — | 4,566,684 | |||||||||||||
| Health Care Equipment & Services | 7,813,401 | — | — | 7,813,401 | |||||||||||||
| Insurance | 336,159 | — | — | 336,159 | |||||||||||||
| Materials | 4,405,388 | 3,996,597 | — | 8,401,985 | |||||||||||||
| Media & Entertainment | 1,240,329 | — | — | 1,240,329 | |||||||||||||
| Real Estate | 4,258,250 | — | — | 4,258,250 | |||||||||||||
| Semiconductor | 368,829 | — | — | 368,829 | |||||||||||||
| Software & Services | 6,739,374 | — | — | 6,739,374 | |||||||||||||
| Technology Hardware & Equipment | 796,362 | — | — | 796,362 | |||||||||||||
| Telecommunication Services | 3,270,152 | — | — | 3,270,152 | |||||||||||||
| Transportation | 4,331,316 | — | — | 4,331,316 | |||||||||||||
| Utilities | 16,938,615 | — | — | 16,938,615 | |||||||||||||
| Preferred Stocks* | 8,935,183 | — | — | 8,935,183 | |||||||||||||
| Repurchase Agreements | — | 1,612,760 | — | 1,612,760 | |||||||||||||
| Total | $ | 85,790,125 | $ | 6,697,034 | $ | — | $ | 92,487,159 | |||||||||
* See Schedule of Investments for industry sector breakouts.
See Notes to Financial Statements
| 10 |
|
|
VANECK VECTORS CHINAAMC CSI 300 ETF
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
|
Number of Shares |
Value | |||||||
| Capital Goods: (continued) | ||||||||
| 417,300 | China Shipbuilding Industry Co. Ltd. # | $ | 338,015 | |||||
| 27,000 | China Spacesat Co. Ltd. # | 88,793 | ||||||
| 957,208 | China State Construction Engineering Corp. Ltd. # | 801,544 | ||||||
| 443,715 | CRRC Corp. Ltd. # | 523,017 | ||||||
| 73,658 | Fangda Carbon New Material Co. Ltd. # | 131,925 | ||||||
| 38,900 | Han’s Laser Technology Co. Ltd. # | 195,208 | ||||||
| 111,900 | Jiangsu Zhongtian Technology Co. Ltd. # | 149,742 | ||||||
| 325,600 | Metallurgical Corp of China Ltd. # | 144,165 | ||||||
| 84,311 | NARI Technology Development Co. Ltd. # | 228,986 | ||||||
| 348,800 | Power Construction Corp. of China Ltd. # | 268,820 | ||||||
| 267,300 | Sany Heavy Industry Co. Ltd. # | 509,532 | ||||||
| 203,048 | Shanghai Construction Group Co. Ltd. # | 111,146 | ||||||
| 160,800 | Shanghai Electric Group Co. Ltd. # | 126,117 | ||||||
| 45,449 | Shenzhen Inovance Technology Co. Ltd. # | 151,840 | ||||||
| 49,789 | Siasun Robot & Automation Co. Ltd. * # | 110,584 | ||||||
| 73,261 | Suzhou Gold Mantis Construction Decoration Co. Ltd. # | 110,019 | ||||||
| 169,407 | TBEA Co. Ltd. # | 179,002 | ||||||
| 218,600 | Weichai Power Co. Ltd. # | 391,613 | ||||||
| 214,300 | XCMG Construction Machinery Co. Ltd. # | 139,302 | ||||||
| 64,600 | Xiamen C & D, Inc. # | 83,574 | ||||||
| 125,900 | Xinjiang Goldwind Science and Technology Co. Ltd. # | 228,156 | ||||||
| 27,300 | Zangge Holding Co. Ltd. * # | 32,971 | ||||||
| 39,200 | Zhejiang Chint Electrics Co. Ltd. # | 131,997 | ||||||
| 63,082 | Zhejiang Sanhua Intelligent Controls Co. Ltd. # | 96,954 | ||||||
| 60,553 | Zhengzhou Yutong Bus Co. Ltd. # | 114,934 | ||||||
| 234,200 | Zoomlion Heavy Industry Science and Technology Co. Ltd. # | 204,960 | ||||||
| 7,185,354 | ||||||||
| Commercial & Professional Services: 0.2% | ||||||||
| 73,500 | Beijing Orient Landscape Co. Ltd. # | 64,224 | ||||||
| 86,241 | Beijing Originwater Technology Co. Ltd. # | 97,993 | ||||||
| 162,217 | ||||||||
| Consumer Durables & Apparel: 5.3% | ||||||||
| 219,428 | Gree Electric Appliances, Inc. # | 1,762,665 | ||||||
| 166,800 | Haier Smart Home Co. Ltd. # | 420,337 | ||||||
| 21,672 | Hangzhou Robam Appliances Co. Ltd. # | 85,813 | ||||||
| 81,994 | Heilan Home Co. Ltd. # | 108,425 | ||||||
| 210,895 | Midea Group Co. Ltd. # | 1,597,272 | ||||||
| 5,700 | Oppein Home Group, Inc. # | 89,505 | ||||||
| 494,300 | TCL Corp. # | 240,386 | ||||||
| 6,300 | Xiamen Intretech, Inc. # | 35,907 | ||||||
| 7,500 | Zhejiang Supor Co. Ltd. # | 82,855 | ||||||
| 4,423,165 | ||||||||
| Consumer Services: 1.1% | ||||||||
| 44,500 | China International Travel Service Corp. Ltd. # | 574,706 | ||||||
| 187,020 | Shenzhen Overseas Chinese Town Co. Ltd. # | 189,334 | ||||||
| 33,100 | Songcheng Performance Development Co. Ltd. # | 111,578 | ||||||
| 875,618 | ||||||||
See Notes to Financial Statements
| 11 |
|
|
VANECK VECTORS CHINAAMC CSI 300 ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Number of Shares |
Value | |||||||
| Diversified Financials: 3.7% | ||||||||
| 99,736 | Anxin Trust Co. Ltd. * # | $ | 73,453 | |||||
| 84,600 | Bohai Capital Holding Co. Ltd. # | 48,291 | ||||||
| 114,600 | Caitong Securities Co. Ltd. # | 183,590 | ||||||
| 58,800 | China Galaxy Securities Co. Ltd. # | 105,054 | ||||||
| 15,600 | China Great Wall Securities Co. Ltd. | 37,882 | ||||||
| 12,300 | Chinalin Securities Co. Ltd. # | 33,311 | ||||||
| 20,400 | CSC Financial Co. Ltd. # | 62,817 | ||||||
| 62,900 | Dongxing Securities Co. Ltd. # | 108,967 | ||||||
| 245,020 | East Money Information Co. Ltd. # | 484,286 | ||||||
| 89,071 | Everbright Securities Co. Ltd. # | 148,301 | ||||||
| 205,650 | Guotai Junan Securities Co. Ltd. # | 550,239 | ||||||
| 112,230 | Guosen Securities Co. Ltd. # | 215,295 | ||||||
| 9,800 | Hithink RoyalFlush Information Network Co. Ltd. # | 140,459 | ||||||
| 23,900 | Minmetals Capital Co. Ltd. # | 32,862 | ||||||
| 163,300 | Orient Securities Co. Ltd. # | 254,304 | ||||||
| 77,100 | SDIC Capital Co. Ltd. # | 157,497 | ||||||
| 411,038 | Shenwan Hongyuan Group Co. Ltd. # | 300,009 | ||||||
| 23,600 | Tianfeng Securities Co. Ltd. | 37,222 | ||||||
| 60,800 | Zheshang Securities Co. Ltd. # | 82,490 | ||||||
| 3,056,329 | ||||||||
| Energy: 2.2% | ||||||||
| 83,500 | China Coal Energy Co. Ltd. # | 58,362 | ||||||
| 27,000 | China Oilfield Services Ltd. # | 37,978 | ||||||
| 610,100 | China Petroleum & Chemical Corp. # | 486,895 | ||||||
| 76,400 | China Petroleum Engineering Corp. # | 47,043 | ||||||
| 150,410 | China Shenhua Energy Co. Ltd. # | 447,014 | ||||||
| 100,780 | Offshore Oil Engineering Co. Ltd. # | 82,484 | ||||||
| 369,200 | PetroChina Co. Ltd. # | 370,489 | ||||||
| 182,407 | Shaanxi Coal Industry Co. Ltd. # | 245,726 | ||||||
| 40,500 | Yanzhou Coal Mining Co. Ltd. # | 64,220 | ||||||
| 1,840,211 | ||||||||
| Financials: 5.5% | ||||||||
| 245,586 | AVIC Capital Co. Ltd. # | 194,028 | ||||||
| 176,500 | Changjiang Securities Co. Ltd. # | 200,979 | ||||||
| 130,400 | China Merchants Securities Co. Ltd. # | 324,652 | ||||||
| 358,900 | CITIC Securities Co. Ltd. # | 1,246,091 | ||||||
| 187,750 | Founder Securities Co. Ltd. # | 194,681 | ||||||
| 134,956 | GF Securities Co. Ltd. # | 270,401 | ||||||
| 92,050 | Guoyuan Securities Co. Ltd. # | 123,052 | ||||||
| 369,036 | Haitong Securities Co. Ltd. # | 763,549 | ||||||
| 148,904 | Huatai Securities Co. Ltd. # | 484,637 | ||||||
| 213,750 | Industrial Securities Co. Ltd. # | 210,082 | ||||||
| 110,300 | Sinolink Securities Co. Ltd. # | 156,370 | ||||||
| 109,400 | SooChow Securities Co. Ltd. # | 163,588 | ||||||
| 128,728 | Southwest Securities Co. Ltd. # | 92,719 | ||||||
| 79,814 | Western Securities Co. Ltd. # | 117,300 | ||||||
| 4,542,129 | ||||||||
| Food, Beverage & Tobacco: 12.3% | ||||||||
| 5,200 | Anhui Gujing Distillery Co. Ltd. # | 89,855 | ||||||
| 36,900 | Foshan Haitian Flavouring and Food Co. Ltd. # | 564,898 | ||||||
| 36,100 | Guangdong Haid Group Co. Ltd. # | 162,466 | ||||||
| 19,225 | Hebei Yangyuan Zhihui Beverage Co. Ltd. # | 103,861 | ||||||
| 45,167 | Henan Shuanghui Investment and Development Co. Ltd. # | 163,822 | ||||||
See Notes to Financial Statements
| 12 |
|
|
|
Number of Shares |
Value | |||||||
| Materials: (continued) | ||||||||
| 153,916 | Inner Mongolia Junzheng Energy & Chemical Industry Co. Ltd. # | $ | 73,803 | |||||
| 831,560 | Inner Mongolian Baotou Steel Union Co. Ltd. # | 204,762 | ||||||
| 47,300 | Jiangxi Copper Co. Ltd. # | 108,548 | ||||||
| 35,600 | Jiangxi Ganfeng Lithium Co. Ltd. # | 121,710 | ||||||
| 27,800 | Lomon Billions Group Co. Ltd. # | 60,110 | ||||||
| 195,900 | Pangang Group Vanadium Titanium & Resources Co. Ltd. * | 96,625 | ||||||
| 57,400 | Rongsheng Petro Chemical Co. Ltd. # | 100,833 | ||||||
| 33,900 | Shandong Gold Mining Co. Ltd. # | 203,405 | ||||||
| 326,940 | Shandong Nanshan Aluminum Co. Ltd. # | 107,637 | ||||||
| 100,300 | Sinopec Shanghai Petrochemical Co. Ltd. # | 75,388 | ||||||
| 31,265 | Tianqi Lithium Industries, Inc. # | 115,279 | ||||||
| 288,000 | Tongling Nonferrous Metals Group Co. Ltd. # | 103,194 | ||||||
| 59,400 | Transfar Zhilian Co. Ltd. # | 65,184 | ||||||
| 71,570 | Wanhua Chemical Group Co. Ltd. # | 446,639 | ||||||
| 20,936 | YanAn Bicon Pharmaceutical Listed Co. # | 52,936 | ||||||
| 29,533 | Zhejiang Huayou Cobalt Co. Ltd. # | 91,848 | ||||||
| 118,700 | Zhejiang Longsheng Group Co. Ltd. # | 272,919 | ||||||
| 78,646 | Zhongjin Gold Corp. Ltd. # | 117,661 | ||||||
| 552,100 | Zijin Mining Group Co. Ltd. # | 303,820 | ||||||
| 5,058,147 | ||||||||
| Media & Entertainment: 0.8% | ||||||||
| 40,120 | Beijing Enlight Media Co. Ltd. # | 39,753 | ||||||
| 34,029 | China Film Co. Ltd. # | 77,611 | ||||||
| 27,700 | Giant Network Group Co. Ltd. # | 73,331 | ||||||
| 9,600 | Mango Excellent Media Co. Ltd. * # | 57,479 | ||||||
| 24,000 | Perfect World Co. Ltd. # | 90,287 | ||||||
| 93,967 | Shanghai Oriental Pearl Group Co. Ltd. # | 144,362 | ||||||
| 37,900 | Wanda Film Holding Co. Ltd. # | 101,757 | ||||||
| 48,400 | Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd. # | 95,599 | ||||||
| 680,179 | ||||||||
| Pharmaceuticals, Biotechnology: 5.1% | ||||||||
| 25,000 | Beijing Tongrentang Co. Ltd. # | 105,570 | ||||||
| 6,200 | Changchun High & New Technology Industry Group, Inc. # | 305,241 | ||||||
| 11,945 | Chengdu Kanghong Pharmaceutical Group Co. Ltd. # | 57,221 | ||||||
| 21,900 | Chongqing Zhifei Biological Products Co. Ltd. # | 137,565 | ||||||
| 25,661 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. # | 153,236 | ||||||
| 38,340 | Hualan Biological Engineering, Inc. # | 170,211 | ||||||
| 14,900 | Hubei Jumpcan Pharmaceutical Co. Ltd. # | 65,363 | ||||||
| 141,149 | Jiangsu Hengrui Medicine Co. Ltd. # | 1,357,948 | ||||||
| 20,210 | Shandong Buchang Pharmaceuticals Co. Ltd. # | 75,865 | ||||||
| 20,900 | Shandong Dong-E E-Jiao Co. Ltd. # | 121,200 | ||||||
| 45,900 | Shanghai Fosun Pharmaceutical Group Co. Ltd. # | 169,290 | ||||||
| 68,060 | Shanghai RAAS Blood Products Co. Ltd. * # | 69,080 | ||||||
|
Number of Shares |
Value | |||||||
| Pharmaceuticals & Biotechnology: (continued) | ||||||||
| 19,086 | Shenzhen Salubris Pharmaceuticals Co. Ltd. # | $ | 62,228 | |||||
| 39,391 | Sichuan Kelun Pharmaceutical Co. Ltd. # | 170,588 | ||||||
| 41,370 | Tasly Pharmaceutical Group Co. Ltd. # | 99,690 | ||||||
| 55,639 | Tonghua Dongbao Pharmaceutical Co. Ltd. # | 124,832 | ||||||
| 56,100 | Walvax Biotechnology Co. Ltd. * # | 231,758 | ||||||
| 4,800 | WuXi AppTec Co. Ltd. * # | 60,580 | ||||||
| 23,701 | Yunnan Baiyao Group Co. Ltd. # | 287,972 | ||||||
| 13,791 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. # | 231,537 | ||||||
| 58,800 | Zhejiang NHU Co. Ltd. # | 165,352 | ||||||
| 4,222,327 | ||||||||
| Real Estate: 4.4% | ||||||||
| 82,174 | China Fortune Land Development Co. Ltd. # | 389,996 | ||||||
| 108,159 | China Merchants Shekou Industrial Zone Co. Ltd. # | 329,421 | ||||||
| 221,767 | China Vanke Co. Ltd. # | 899,039 | ||||||
| 54,500 | Financial Street Holdings Co. Ltd. # | 62,231 | ||||||
| 102,901 | Gemdale Corp. # | 178,881 | ||||||
| 166,500 | Greenland Holdings Corp. Ltd. # | 165,662 | ||||||
| 84,600 | Jiangsu Zhongnan Construction Group Co. Ltd. # | 106,724 | ||||||
| 97,400 | Jinke Properties Group Co Ltd # | 85,478 | ||||||
| 325,504 | Poly Developments and Holdings Group Co. Ltd. # | 605,355 | ||||||
| 18,400 | Red Star Macalline Group Corp. Ltd. # | 32,598 | ||||||
| 79,300 | RiseSun Real Estate Development Co. Ltd. # | 108,511 | ||||||
| 41,200 | Seazen Holdings Co. Ltd. # | 239,069 | ||||||
| 40,017 | Shanghai Lujiazui Finance and Trade Zone Development Co. Ltd. # | 90,353 | ||||||
| 73,900 | Sunshine City Group Co. Ltd. # | 69,766 | ||||||
| 196,081 | Xinhu Zhongbao Co. Ltd. # | 89,696 | ||||||
| 160,023 | Youngor Group Co. Ltd. # | 148,107 | ||||||
| 124,100 | Zhejiang China Commodities City Group Co. Ltd. # | 74,512 | ||||||
| 3,675,399 | ||||||||
| Retailing: 0.5% | ||||||||
| 149,320 | China Grand Automotive Services Co. Ltd. # | 97,165 | ||||||
| 169,800 | Suning Commerce Group Co. Ltd. # | 284,230 | ||||||
| 78,560 | Wuchan Zhongda Group Co. Ltd. # | 62,062 | ||||||
| 443,457 | ||||||||
| Semiconductor: 0.9% | ||||||||
| 7,767 | Gigadevice Semiconductor Beijing, Inc. # | 98,266 | ||||||
| 115,678 | LONGi Green Energy Technology Co. Ltd. # | 390,222 | ||||||
| 111,623 | Sanan Optoelectronics Co. Ltd. # | 183,558 | ||||||
| 4,200 | Shenzhen Goodix Technology Co. Ltd. # | 85,004 | ||||||
| 757,050 | ||||||||
| Software & Services: 1.8% | ||||||||
| 18,500 | 360 Security Technology, Inc. # | 57,702 | ||||||
| 51,000 | Aisino Co. Ltd. # | 171,240 | ||||||
| 66,830 | Anhui USTC iFlytek Co. Ltd. * # | 323,942 | ||||||
See Notes to Financial Statements
| 13 |
|
|
VANECK VECTORS CHINAAMC CSI 300 ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Number of Shares |
Value | |||||||
| Software & Services: (continued) | ||||||||
| 14,606 | Beijing Shiji Information Technology Co. Ltd. # | $ | 77,097 | |||||
| 85,273 | DHC Software Co. Ltd. # | 86,900 | ||||||
| 30,800 | Glodon Co. Ltd. # | 147,716 | ||||||
| 29,290 | Hundsun Technologies, Inc. # | 291,096 | ||||||
| 88,731 | Wangsu Science and Technology Co. Ltd. # | 139,439 | ||||||
| 56,715 | Yonyou Software Co. Ltd. # | 222,360 | ||||||
| 1,517,492 | ||||||||
| Technology Hardware & Equipment: 5.4% | ||||||||
| 11,600 | Avary Holding Shenzhen Co. Ltd. | 49,553 | ||||||
| 23,473 | AVIC Jonhon OptronicTechnology Co. Ltd. # | 114,484 | ||||||
| 109,754 | Beijing Xinwei Telecom Technology Group Co. Ltd. * # ∞ | 162,453 | ||||||
| 1,080,933 | BOE Technology Group Co. Ltd. # | 542,888 | ||||||
| 47,700 | Chaozhou Three-Circle Group Co. Ltd. # | 135,232 | ||||||
| 28,700 | Dawning Information Industry Co. Ltd. # | 147,084 | ||||||
| 199,900 | Dongxu Optoelectronic Technology Co. Ltd. # | 149,927 | ||||||
| 32,022 | Fiberhome Telecommunication Technologies Co. Ltd. # | 130,280 | ||||||
| 468,512 | Focus Media Information Technology Co. Ltd. # | 361,914 | ||||||
| 54,300 | Foxconn Industrial Internet Co. Ltd. # | 95,249 | ||||||
| 88,800 | GoerTek, Inc. # | 115,105 | ||||||
| 170,564 | Hangzhou Hikvision Digital Technology Co. Ltd. # | 686,955 | ||||||
| 60,780 | Hengtong Optic-electric Co. Ltd. # | 148,985 | ||||||
| 35,849 | Lens Technology Co. Ltd. # | 36,423 | ||||||
| 81,200 | Leyard Optoelectronic Co. Ltd. # | 92,779 | ||||||
| 112,586 | Luxshare Precision Industry Co. Ltd. # | 407,941 | ||||||
| 86,550 | OFILM Group Co. Ltd. # | 99,079 | ||||||
| 35,600 | Shenzhen Sunway Communication Co. Ltd. # | 127,137 | ||||||
| 108,100 | Tsinghua Tongfang Co. Ltd. # | 142,534 | ||||||
| 13,000 | Tsinghua Unisplendour Co. Ltd. # | 51,752 | ||||||
| 81,995 | Zhejiang Dahua Technology Co. Ltd. # | 173,799 | ||||||
| 108,520 | ZTE Corp. * # | 516,714 | ||||||
| 4,488,267 | ||||||||
| Telecommunication Services: 0.5% | ||||||||
| 424,678 | China United Network Communications Ltd. # | 381,213 | ||||||
| Transportation: 3.1% | ||||||||
| 136,300 | Air China Ltd. # | 189,946 | ||||||
| 176,600 | China COSCO Holdings Co. Ltd. * # | 129,234 | ||||||
| 178,900 | China Eastern Airlines Corp. Ltd. # | 163,422 | ||||||
| 156,900 | China Southern Airlines Co. Ltd. # | 176,420 | ||||||
| 271,191 | Daqin Railway Co. Ltd. # | 319,427 | ||||||
|
Number of Shares |
Value | |||||||
| Transportation: (continued) | ||||||||
| 47,200 | Guangzhou Baiyun International Airport Co. Ltd. # | $ | 125,174 | |||||
| 84,700 | Guangzhou Port Co. Ltd. # | 51,599 | ||||||
| 524,700 | Hainan Airlines Co. Ltd. * # | 155,168 | ||||||
| 180,167 | Ningbo Port Co. Ltd. # | 115,221 | ||||||
| 22,100 | Qingdao Port International Co. Ltd. * # | 26,963 | ||||||
| 28,200 | SF Holding Co. Ltd. # | 139,449 | ||||||
| 43,900 | Shanghai International Airport Co. Ltd. # | 535,974 | ||||||
| 147,900 | Shanghai International Port Group Co. Ltd. # | 147,093 | ||||||
| 16,700 | Spring Airlines Co. Ltd. # | 109,406 | ||||||
| 14,000 | STO Express Co. Ltd. # | 50,820 | ||||||
| 16,800 | YTO Express Group Co. Ltd. # | 30,231 | ||||||
| 13,240 | Yunda Holding Co. Ltd. # | 59,592 | ||||||
| 2,525,139 | ||||||||
| Utilities: 2.3% | ||||||||
| 212,899 | China National Nuclear Power Co. Ltd. # | 172,379 | ||||||
| 301,000 | China Yangtze Power Co. Ltd. # | 784,528 | ||||||
| 537,700 | GD Power Development Co. Ltd. # | 198,862 | ||||||
| 148,600 | Huadian Power International Corp. Ltd. # | 81,514 | ||||||
| 82,100 | Huaneng Lancang River Hydropower, Inc. # | 48,649 | ||||||
| 200,657 | Huaneng Power International, Inc. # | 182,006 | ||||||
| 154,700 | SDIC Power Holdings Co. Ltd. # | 174,972 | ||||||
| 80,300 | Sichuan Chuantou Energy Co. Ltd. # | 104,028 | ||||||
| 186,110 | Zhejiang Zheneng Electric Power Co. Ltd. # | 119,752 | ||||||
| 1,866,690 | ||||||||
|
Total Common Stocks
(Cost: $68,565,495) |
82,497,347 | |||||||
|
|
||||||||
|
Principal Amount |
||||||||
|
FOREIGN DEBT OBLIGATION: 0.0% (Cost: $17,231) |
||||||||
| Software & Services: 0.0% | ||||||||
| $ | 107,000 | Aisino Corp., 1.50% 06/12/21 (s) | 16,692 | |||||
|
Total Investments: 99.7% (Cost: $68,582,726) |
82,514,039 | |||||||
| Other assets less liabilities: 0.3% | 227,065 | |||||||
| NET ASSETS: 100.0% | $ | 82,741,104 | ||||||
See Notes to Financial Statements
| 14 |
|
|
Footnotes:
| (s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule. |
| * | 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 $82,162,132 which represents 99.3% of net assets. |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| Summary of Investments by Sector | % of Investments | Value | |||||||
| Communication Services | 1.3 | % | $ | 1,061,392 | |||||
| Consumer Discretionary | 9.2 | 7,564,647 | |||||||
| Consumer Staples | 12.3 | 10,151,107 | |||||||
| Energy | 2.2 | 1,840,211 | |||||||
| Financials | 35.8 | 29,511,994 | |||||||
| Health Care | 6.2 | 5,132,241 | |||||||
| Industrials | 12.0 | 9,872,710 | |||||||
| Information Technology | 8.2 | 6,779,501 | |||||||
| Materials | 6.1 | 5,058,147 | |||||||
| Real Estate | 4.4 | 3,675,399 | |||||||
| Utilities | 2.3 | 1,866,690 | |||||||
| 100.0 | % | $ | 82,514,039 | ||||||
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Automobiles & Components | $ | 22,954 | $ | 1,799,453 | $ | — | $ | 1,822,407 | |||||||||
| Banks | 23,874 | 13,971,332 | — | 13,995,206 | |||||||||||||
| Capital Goods | — | 7,185,354 | — | 7,185,354 | |||||||||||||
| Commercial & Professional Services | — | 162,217 | — | 162,217 | |||||||||||||
| Consumer Durables & Apparel | — | 4,423,165 | — | 4,423,165 | |||||||||||||
| Consumer Services | — | 875,618 | — | 875,618 | |||||||||||||
| Diversified Financials | 75,104 | 2,981,225 | — | 3,056,329 | |||||||||||||
| Energy | — | 1,840,211 | — | 1,840,211 | |||||||||||||
| Financials | — | 4,542,129 | — | 4,542,129 | |||||||||||||
| Food, Beverage & Tobacco | — | 10,151,107 | — | 10,151,107 | |||||||||||||
| Health Care Equipment & Services | — | 909,914 | — | 909,914 | |||||||||||||
| Insurance | 67,105 | 7,851,225 | — | 7,918,330 | |||||||||||||
| Materials | 96,625 | 4,961,522 | — | 5,058,147 | |||||||||||||
| Media & Entertainment | — | 680,179 | — | 680,179 | |||||||||||||
| Pharmaceuticals, Biotechnology | — | 4,222,327 | — | 4,222,327 | |||||||||||||
| Real Estate | — | 3,675,399 | — | 3,675,399 | |||||||||||||
| Retailing | — | 443,457 | — | 443,457 | |||||||||||||
| Semiconductor | — | 757,050 | — | 757,050 | |||||||||||||
| Software & Services | — | 1,517,492 | — | 1,517,492 | |||||||||||||
| Technology Hardware & Equipment | 49,553 | 4,276,261 | 162,453 | 4,488,267 | |||||||||||||
| Telecommunication Services | — | 381,213 | — | 381,213 | |||||||||||||
| Transportation | — | 2,525,139 | — | 2,525,139 | |||||||||||||
| Utilities | — | 1,866,690 | — | 1,866,690 | |||||||||||||
| Foreign Debt Obligation* | — | 16,692 | — | 16,692 | |||||||||||||
| Total | $ | 335,215 | $ | 82,016,371 | $ | 162,453 | $ | 82,514,039 | |||||||||
* See Schedule of Investments for industry breakouts.
See Notes to Financial Statements
| 15 |
|
|
VANECK VECTORS CHINAAMC SME-CHINEXT ETF
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
|
Number
of Shares |
Value | |||||||
| Food, Beverage & Tobacco: (continued) | ||||||||
| 47,638 | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. # | $ | 844,906 | |||||
| 57,500 | Muyuan Foodstuff Co. Ltd. # | 492,658 | ||||||
| 3,332,905 | ||||||||
| Health Care Equipment & Services: 6.6% | ||||||||
| 104,555 | Aier Eye Hospital Group Co. Ltd. # | 471,801 | ||||||
| 50,420 | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. # | 180,708 | ||||||
| 98,498 | Lepu Medical Technology Beijing Co. Ltd. # | 330,327 | ||||||
| 180,680 | Meinian Onehealth Healthcare Holdings Co. Ltd. # | 328,449 | ||||||
| 11,300 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. # | 268,737 | ||||||
| 100,951 | Winning Health Technology Group Co. Ltd. # | 208,736 | ||||||
| 1,788,758 | ||||||||
| Household & Personal Products: 0.7% | ||||||||
| 65,000 | By-health Co. Ltd. # | 183,759 | ||||||
| Materials: 6.3% | ||||||||
| 78,669 | Beijing Oriental Yuhong Waterproof Technology Co. Ltd. # | 259,462 | ||||||
| 103,429 | Beijing Sanju Environmental Protection and New Material Co. Ltd. # | 119,580 | ||||||
| 304,176 | GEM Co. Ltd. # | 208,875 | ||||||
| 65,600 | Jiangxi Ganfeng Lithium Co. Ltd. # | 224,275 | ||||||
| 56,300 | Lomon Billions Group Co. Ltd. # | 121,734 | ||||||
| 96,500 | Rongsheng Petrochemical Co. Ltd. # | 169,519 | ||||||
| 86,550 | Sansteel Minguang Co. Ltd., Fujian # | 117,386 | ||||||
| 61,920 | Tianqi Lithium Industries, Inc. # | 228,308 | ||||||
| 132,700 | Xinjiang Zhongtai Chemical Co. Ltd. # | 153,977 | ||||||
| 90,900 | Zhejiang Transfar Co. Ltd. # | 99,752 | ||||||
| 1,702,868 | ||||||||
| Media & Entertainment: 2.5% | ||||||||
| 81,410 | Beijing Enlight Media Co. Ltd. # | 80,664 | ||||||
| 48,278 | Beijing Kunlun Tech Co. Ltd. * # | 90,660 | ||||||
| 38,180 | Giant Network Group Co. Ltd. # | 101,075 | ||||||
| 19,100 | Mango Excellent Media Co. Ltd. * # | 114,359 | ||||||
| 36,300 | Perfect World Co. Ltd. # | 136,558 | ||||||
| 62,950 | Wanda Film Holding Co. Ltd. # | 169,014 | ||||||
| 692,330 | ||||||||
| Pharmaceuticals & Biotechnology: 9.8% | ||||||||
| 35,998 | Beijing SL Pharmaceutical Co. Ltd. # | 123,552 | ||||||
| 14,300 | BGI Genomics Co. Ltd. # | 118,865 | ||||||
| 39,700 | Chongqing Zhifei Biological Products Co. Ltd. # | 249,375 | ||||||
| 29,400 | Hangzhou Tigermed Consulting Co. Ltd. # | 330,053 | ||||||
| 69,090 | Hualan Biological Engineering, Inc. # | 306,726 | ||||||
| 153,263 | Shanghai RAAS Blood Products Co. Ltd. * # | 155,560 | ||||||
| 23,800 | Shenzhen Kangtai Biological Products Co. Ltd. # | 182,049 | ||||||
| 31,140 | Shenzhen Salubris Pharmaceuticals Co. Ltd. # | 101,530 | ||||||
| 79,598 | Sichuan Kelun Pharmaceutical Co. Ltd. # | 344,710 | ||||||
| 109,900 | Walvax Biotechnology Co. Ltd. * # | 454,013 | ||||||
| 99,970 | Zhejiang NHU Co. Ltd. # | 281,127 | ||||||
| 2,647,560 | ||||||||
See Notes to Financial Statements
| 16 |
|
|
|
Number
of Shares |
Value | |||||||
| Technology Hardware & Equipment: (continued) | ||||||||
| 138,900 | Guangzhou Haige Communications Group, Inc. Co. # | $ | 193,589 | |||||
| 6,200 | Guangzhou Shiyuan Electronic Technology Co. Ltd. # | 70,027 | ||||||
| 301,095 | Hangzhou Hikvision Digital Technology Co. Ltd. # | 1,212,674 | ||||||
| 67,768 | Lens Technology Co. Ltd. # | 68,852 | ||||||
| 154,650 | Leyard Optoelectronic Co. Ltd. # | 176,702 | ||||||
| 208,982 | Luxshare Precision Industry Co. Ltd. # | 757,219 | ||||||
| 16,900 | NAURA Technology Group Co. Ltd. # | 170,712 | ||||||
| 169,462 | OFILM Group Co. Ltd. # | 193,993 | ||||||
| 70,501 | Shenzhen Sunway Communication Co. Ltd. # | 251,778 | ||||||
| 34,600 | Unigroup Guoxin Microelectronics Co. Ltd. # | 222,667 | ||||||
| 141,105 | Zhejiang Dahua Technology Co. Ltd. # | 299,091 | ||||||
| 5,133,293 | ||||||||
| Transportation: 1.9% | ||||||||
| 48,700 | SF Holding Co. Ltd. # | 240,822 | ||||||
| 22,800 | STO Express Co. Ltd. # | 82,764 | ||||||
| 40,888 | Yunda Holding Co. Ltd. # | 184,032 | ||||||
| 507,618 | ||||||||
| Utilities: 0.3% | ||||||||
| 56,400 | Jiangsu Guoxin Corp. Ltd. * # | 70,111 | ||||||
|
Total Common Stocks
(Cost: $23,694,191) |
27,083,107 | |||||||
| Other assets less liabilities: 0.2% | 61,423 | |||||||
| NET ASSETS: 100.0% | $ | 27,144,530 | ||||||
| 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 $27,083,107 which represents 99.8% of net assets. |
| Summary of Investments by Sector | % of Investments | Value | |||||||
| Communication Services | 2.6 | % | $ | 692,330 | |||||
| Consumer Discretionary | 8.5 | 2,316,720 | |||||||
| Consumer Staples | 13.0 | 3,516,664 | |||||||
| Financials | 10.4 | 2,806,447 | |||||||
| Health Care | 16.4 | 4,436,318 | |||||||
| Industrials | 13.6 | 3,687,093 | |||||||
| Information Technology | 28.2 | 7,651,355 | |||||||
| Materials | 6.3 | 1,702,868 | |||||||
| Real Estate | 0.7 | 203,201 | |||||||
| Utilities | 0.3 | 70,111 | |||||||
| 100.0 | % | $ | 27,083,107 | ||||||
See Notes to Financial Statements
| 17 |
|
|
VANECK VECTORS CHINAAMC SME-CHINEXT ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||||
| Common Stocks* | $ | — | $27,083,107 | $ | — | $ | 27,083,107 | |||||||||||
* See Schedule of Investments for industry sector breakouts.
See Notes to Financial Statements
| 18 |
|
|
VANECK VECTORS EGYPT INDEX ETF
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
See Notes to Financial Statements
| 19 |
|
|
VANECK VECTORS EGYPT INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Definitions: | |
| GDR | Global Depositary Receipt |
| USD | United States Dollar |
| Footnotes: | |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $135,573. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $26,142,256 which represents 70.8% 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 | 11.9 | % | $ | 4,381,523 | |||||
| Consumer Discretionary | 2.2 | 804,518 | |||||||
| Consumer Staples | 11.2 | 4,148,204 | |||||||
| Energy | 1.2 | 459,242 | |||||||
| Financials | 19.2 | 7,080,708 | |||||||
| Health Care | 4.2 | 1,546,659 | |||||||
| Industrials | 5.1 | 1,881,870 | |||||||
| Materials | 22.5 | 8,295,221 | |||||||
| Real Estate | 22.5 | 8,315,441 | |||||||
| 100.0 | % | $ | 36,913,386 | ||||||
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stock | |||||||||||||||||
| Banks | $ | — | $ | 2,864,683 | $ | — | $ | 2,864,683 | |||||||||
| Capital Goods | — | 1,881,870 | — | 1,881,870 | |||||||||||||
| Consumer Durables & Apparel | 804,518 | — | — | 804,518 | |||||||||||||
| Diversified Financials | — | 4,216,025 | — | 4,216,025 | |||||||||||||
| Energy | 459,242 | — | — | 459,242 | |||||||||||||
| Food, Beverage & Tobacco | 2,507,327 | 1,640,877 | — | 4,148,204 | |||||||||||||
| Health Care Equipment & Services | — | 1,546,659 | — | 1,546,659 | |||||||||||||
| Materials | 1,286,443 | 7,008,778 | — | 8,295,221 | |||||||||||||
| Real Estate | 5,713,600 | 2,601,841 | — | 8,315,441 | |||||||||||||
| Telecommunication Services | — | 4,381,523 | — | 4,381,523 | |||||||||||||
| Repurchase Agreement | — | 142,222 | — | 142,222 | |||||||||||||
| Total | $ | 10,771,130 | $ | 26,284,478 | $ | — | $ | 37,055,608 | |||||||||
See Notes to Financial Statements
| 20 |
|
|
VANECK VECTORS INDIA SMALL-CAP INDEX ETF
SCHEDULE OF INVESTMENTS (a)
June 30, 2019 (unaudited)
See Notes to Financial Statements
| 21 |
|
|
VANECK VECTORS INDIA SMALL-CAP INDEX ETF
SCHEDULE OF INVESTMENTS (a)
(unaudited) (continued)
|
Number
of Shares |
Value | |||||||
| Household & Personal Products: 0.1% | ||||||||
| 193,304 | Eveready Industries India Ltd. | $ | 223,751 | |||||
| Materials: 18.0% | ||||||||
| 165,721 | Advanced Enzyme Technologies Ltd. Reg S # | 407,401 | ||||||
| 29,026 | Astec Lifesciences Ltd. # | 198,637 | ||||||
| 44,028 | Atul Ltd. # | 2,538,739 | ||||||
| 246,253 | Bhansali Engineering Polymers Ltd. # | 224,561 | ||||||
| 181,575 | Bodal Chemicals Ltd. # | 261,927 | ||||||
| 329,771 | Century Plyboards India Ltd. # | 800,034 | ||||||
| 617,775 | Chambal Fertilizers & Chemicals Ltd. # | 1,567,033 | ||||||
| 231,465 | DCM Shriram Ltd. # | 1,886,156 | ||||||
| 130,922 | Deepak Fertilizers & Petrochemicals Corp. Ltd. # | 204,449 | ||||||
| 262,714 | EID Parry India Ltd. # | 697,436 | ||||||
| 145,503 | GHCL Ltd. | 505,263 | ||||||
| 230,687 | Gujarat Narmada Valley Fertilizers Co. Ltd. # | 781,626 | ||||||
| 621,342 | Himadri Speciality Chemical Ltd. # | 944,733 | ||||||
| 686,651 | Hindustan Copper Ltd. # | 397,480 | ||||||
| 766,635 | India Cements Ltd. # | 1,107,408 | ||||||
| 59,030 | International Paper APPM Ltd. * # | 365,375 | ||||||
| 297,982 | Jai Corp. Ltd. # | 444,317 | ||||||
| 731,692 | Jindal Saw Ltd. # | 882,523 | ||||||
| 350,197 | Jindal Stainless Hisar Ltd. * # | 402,523 | ||||||
| 174,659 | JK Lakshmi Cement Ltd. | 863,332 | ||||||
| 264,566 | JK Paper Ltd. # | 467,134 | ||||||
| 64,795 | Kalyani Steels Ltd. # | 197,119 | ||||||
| 54,277 | Kiri Industries Ltd. * # | 401,683 | ||||||
| 377,479 | Meghmani Organics Ltd. # | 350,274 | ||||||
| 208,551 | Mishra Dhatu Nigam Ltd. Reg S 144A # | 386,012 | ||||||
| 382,369 | MOIL Ltd. # | 843,333 | ||||||
| 19,217 | Monsanto India Ltd. # | 610,623 | ||||||
| 424,764 | National Fertilizers Ltd. # | 227,449 | ||||||
| 22,149 | Nilkamal Ltd. # | 384,585 | ||||||
| 245,574 | NOCIL Ltd. # | 418,042 | ||||||
| 255,800 | Phillips Carbon Black Ltd. # | 430,724 | ||||||
| 242,457 | Prakash Industries Ltd. * # | 225,028 | ||||||
| 747,131 | Prism Johnson Ltd. # | 980,374 | ||||||
| 499,238 | Rain Industries Ltd. # | 725,098 | ||||||
| 288,651 | Rallis India Ltd. # | 609,346 | ||||||
| 818,870 | Rashtriya Chemicals & Fertilizers Ltd. # | 718,637 | ||||||
| 310,466 | Sanghi Industries Ltd. * # | 279,372 | ||||||
| 53,509 | Sarda Energy & Minerals Ltd. # | 179,064 | ||||||
| 214,659 | SH Kelkar & Co. Ltd. Reg S 144A # | 404,588 | ||||||
| 2,575,719 | Sintex Plastics Technology Ltd. * # | 263,118 | ||||||
| 102,755 | Sudarshan Chemical Industries # | 475,721 | ||||||
| 80,760 | Surya Roshni Ltd. # | 267,943 | ||||||
| 102,729 | Tamil Nadu Newsprint & Papers Ltd. # | 271,248 | ||||||
| 37,535 | Tata Metaliks Ltd. # | 327,845 | ||||||
| 21,051 | Tata Sponge Iron Ltd. # | 167,976 | ||||||
| 155,360 | Tinplate Co. of India Ltd. # | 288,741 | ||||||
| 107,185 | Uflex Ltd. # | 375,777 | ||||||
| 606,917 | Welspun Corp. Ltd. # | 1,235,783 | ||||||
| 27,993,590 | ||||||||
| Media & Entertainment: 4.9% | ||||||||
| 205,497 | Eros International Plc (USD) * | 277,421 | ||||||
| 144,201 | Just Dial Ltd. * # | 1,589,520 | ||||||
| 1,618,736 | Network 18 Media & Investments Ltd. * # | 638,037 | ||||||
|
Number
of Shares |
Value | |||||||
| Media & Entertainment: (continued) | ||||||||
| 144,530 | PVR Ltd. # | $ | 3,506,477 | |||||
| 25,857 | Saregama India Ltd. # | 210,473 | ||||||
| 95,934 | TV Today Network Ltd. # | 391,351 | ||||||
| 2,756,675 | TV18 Broadcast Ltd. * # | 967,759 | ||||||
| 7,581,038 | ||||||||
| Pharmaceuticals, Biotechnology: 7.8% | ||||||||
| 153,100 | Bliss Gvs Pharma Ltd. # | 342,349 | ||||||
| 770,484 | Granules India Ltd. # | 1,080,616 | ||||||
| 273,502 | Ipca Laboratories Ltd. # | 3,636,499 | ||||||
| 119,096 | JB Chemicals & Pharmaceuticals Ltd. # | 632,783 | ||||||
| 1,240,402 | Marksans Pharma Ltd. # | 369,532 | ||||||
| 24,639 | Proctor & Gamble Health Ltd. # | 1,468,019 | ||||||
| 271,375 | Strides Pharma Science Ltd. # | 1,568,500 | ||||||
| 518,566 | Sun Pharma Advanced Research Co. Ltd. * # | 873,263 | ||||||
| 314,875 | Suven Life Sciences Ltd. # | 1,236,717 | ||||||
| 177,969 | Wockhardt Ltd. * # | 966,717 | ||||||
| 12,174,995 | ||||||||
| Real Estate: 4.4% | ||||||||
| 675,268 | Anant Raj Industries Ltd. # | 291,108 | ||||||
| 1,544,305 | Housing Development & Infrastructure Ltd. * # | 376,906 | ||||||
| 1,538,704 | Indiabulls Real Estate Ltd. * # | 2,537,565 | ||||||
| 271,480 | OMAXE Ltd. | 784,619 | ||||||
| 187,706 | Sobha Developers Ltd. # | 1,474,074 | ||||||
| 217,219 | Sunteck Realty Ltd. # | 1,369,564 | ||||||
| 6,833,836 | ||||||||
| Retailing: 1.6% | ||||||||
| 674,195 | Future Retail Ltd. * # | 344,419 | ||||||
| 984,673 | Infibeam Avenues Ltd. # | 630,244 | ||||||
| 1,025,109 | PC Jeweller Ltd. # | 672,198 | ||||||
| 50,873 | Shankara Building Products Ltd. # | 324,613 | ||||||
| 50,577 | V2 Retail Ltd. * # | 126,050 | ||||||
| 85,709 | Yatra Online, Inc. (USD) * | 320,552 | ||||||
| 2,418,076 | ||||||||
| Software & Services: 9.4% | ||||||||
| 1,000,326 | Birlasoft Ltd. # | 1,250,792 | ||||||
| 1,026,658 | Firstsource Solutions Ltd. # | 734,028 | ||||||
| 195,820 | Intellect Design Arena Ltd. * # | 753,512 | ||||||
| 42,144 | Majesco Ltd. * # | 331,542 | ||||||
| 71,193 | Mastek Ltd. # | 491,531 | ||||||
| 116,196 | Newgen Software Technologies Ltd. # | 521,323 | ||||||
| 507,641 | NIIT Ltd. * # | 757,893 | ||||||
| 187,206 | NIIT Technologies Ltd. # | 3,647,954 | ||||||
| 241,319 | Persistent Systems Ltd. # | 2,158,470 | ||||||
| 96,011 | Quick Heal Technologies Ltd. Reg S 144A # | 233,321 | ||||||
| 195,108 | Sonata Software Ltd. # | 987,475 | ||||||
| 92,367 | Tata Elxsi Ltd. # | 1,184,174 | ||||||
| 3,210,470 | Vakrangee Software Ltd. # | 1,572,466 | ||||||
| 14,624,481 | ||||||||
| Technology Hardware & Equipment: 1.6% | ||||||||
| 753,328 | HCL Infosystems Ltd. * # | 143,966 | ||||||
| 1,082,838 | Redington India Ltd. # | 1,708,906 | ||||||
| 278,535 | Tejas Networks Ltd. Reg S 144A * # | 576,983 | ||||||
| 2,429,855 | ||||||||
See Notes to Financial Statements
| 22 |
|
|
|
Number
of Shares |
Value | |||||||
|
RIGHTS: 0.0%
(Cost: $38,725) |
||||||||
| Materials: 0.0% | ||||||||
| 50,753 | Tata Sponge Iron Ltd. Rights (INR 500.00, expiring 07/17/19 ) * # | $ | 37,278 | |||||
|
Total Investments: 100.1%
(Cost: $166,441,830) |
155,372,408 | |||||||
| Liabilities in excess of other assets: (0.1)% | (119,320 | ) | ||||||
| NET ASSETS: 100.0% | $ | 155,253,088 | ||||||
| Definitions: | |
| INR | Indian Rupee |
| 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 $148,226,508 which represents 95.5% of net assets. |
| ø | Restricted Security – the aggregate value of restricted securities is $10,578, or 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 $8,043,398, or 5.2% of net assets. |
Restricted securities held by the Fund as of June 30, 2019 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 | $10,578 | 0.0% | |||||||||||||
See Notes to Financial Statements
| 23 |
|
|
VANECK VECTORS INDIA SMALL-CAP INDEX ETF
SCHEDULE OF INVESTMENTS (a)
(unaudited) (continued)
| Summary of Investments by Sector | % of Investments | Value | |||||||
| Communication Services | 5.7 | % | $ | 8,818,964 | |||||
| Consumer Discretionary | 11.9 | 18,515,299 | |||||||
| Consumer Staples | 5.5 | 8,591,129 | |||||||
| Energy | 1.0 | 1,525,316 | |||||||
| Financials | 17.3 | 26,889,666 | |||||||
| Health Care | 8.7 | 13,500,961 | |||||||
| Industrials | 14.6 | 22,715,394 | |||||||
| Information Technology | 11.0 | 17,054,336 | |||||||
| Materials | 18.0 | 28,030,868 | |||||||
| Real Estate | 4.4 | 6,833,836 | |||||||
| Utilities | 1.9 | 2,896,639 | |||||||
| 100.0 | % | $ | 155,372,408 | ||||||
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Automobiles & Components | $ | — | $ | 2,282,094 | $ | — | $ | 2,282,094 | |||||||||
| Banks | — | 16,335,790 | — | 16,335,790 | |||||||||||||
| Capital Goods | 396,802 | 18,476,847 | — | 18,873,649 | |||||||||||||
| Commercial & Professional Services | — | 679,480 | — | 679,480 | |||||||||||||
| Consumer Durables & Apparel | 3,190,958 | 7,991,991 | — | 11,182,949 | |||||||||||||
| Consumer Services | — | 2,426,714 | 10,578 | 2,437,292 | |||||||||||||
| Consumer, Cyclical | — | 194,888 | — | 194,888 | |||||||||||||
| Diversified Financials | — | 10,553,876 | — | 10,553,876 | |||||||||||||
| Energy | — | 1,525,316 | — | 1,525,316 | |||||||||||||
| Food, Beverage & Tobacco | 440,976 | 7,926,402 | — | 8,367,378 | |||||||||||||
| Health Care Equipment & Services | — | 1,325,966 | — | 1,325,966 | |||||||||||||
| Household & Personal Products | 223,751 | — | — | 223,751 | |||||||||||||
| Materials | 1,368,595 | 26,624,995 | — | 27,993,590 | |||||||||||||
| Media & Entertainment | 277,421 | 7,303,617 | — | 7,581,038 | |||||||||||||
| Pharmaceuticals, Biotechnology | — | 12,174,995 | — | 12,174,995 | |||||||||||||
| Real Estate | 784,619 | 6,049,217 | — | 6,833,836 | |||||||||||||
| Retailing | 320,552 | 2,097,524 | — | 2,418,076 | |||||||||||||
| Software & Services | — | 14,624,481 | — | 14,624,481 | |||||||||||||
| Technology Hardware & Equipment | — | 2,429,855 | — | 2,429,855 | |||||||||||||
| Telecommunication Services | 142,226 | 1,095,700 | — | 1,237,926 | |||||||||||||
| Transportation | — | 3,162,265 | — | 3,162,265 | |||||||||||||
| Utilities | — | 2,896,639 | — | 2,896,639 | |||||||||||||
| Rights* | — | 37,278 | — | 37,278 | |||||||||||||
| Total | $ | 7,145,900 | $ | 148,215,930 | $ | 10,578 | $ | 155,372,408 | |||||||||
* See Schedule of Investments for industry sector breakouts.
See Notes to Financial Statements
| 24 |
|
|
VANECK VECTORS INDONESIA INDEX ETF
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
See Notes to Financial Statements
| 25 |
|
|
VANECK VECTORS INDONESIA INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (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 $41,090,400 which represents 91.1% 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. |
| Summary of Investments by Sector | % of Investments | Value | |||||||
| Communication Services | 9.5 | % | $ | 4,279,929 | |||||
| Consumer Discretionary | 11.0 | 4,983,471 | |||||||
| Consumer Staples | 15.7 | 7,093,474 | |||||||
| Energy | 9.4 | 4,255,322 | |||||||
| Financials | 30.8 | 13,882,964 | |||||||
| Health Care | 3.4 | 1,524,093 | |||||||
| Industrials | 2.4 | 1,079,615 | |||||||
| Materials | 11.1 | 5,009,139 | |||||||
| Real Estate | 4.5 | 2,025,237 | |||||||
| Utilities | 1.9 | 834,863 | |||||||
| Money Market Fund | 0.3 | 134,393 | |||||||
| 100.0 | % | $ | 45,102,500 | ||||||
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||
| Common Stocks | |||||||||||||||
| Automobiles & Components | $ | — | $ | 2,836,113 | $ | — | $ | 2,836,113 | |||||||
| Banks | 338,302 | 12,908,676 | — | 13,246,978 | |||||||||||
| Capital Goods | — | 606,842 | — | 606,842 | |||||||||||
| Diversified Financials | — | 635,986 | — | 635,986 | |||||||||||
| Energy | — | 4,255,322 | — | 4,255,322 | |||||||||||
| Food, Beverage & Tobacco | — | 5,137,329 | — | 5,137,329 | |||||||||||
| Health Care Equipment & Services | — | 408,042 | — | 408,042 | |||||||||||
| Household & Personal Products | — | 1,956,145 | — | 1,956,145 | |||||||||||
| Materials | — | 5,009,139 | — | 5,009,139 | |||||||||||
| Media & Entertainment | — | 352,223 | — | 352,223 | |||||||||||
| Pharmaceuticals, Biotechnology | — | 1,116,051 | — | 1,116,051 | |||||||||||
| Real Estate | 283,502 | 1,741,735 | — | 2,025,237 | |||||||||||
| Retailing | — | 2,147,358 | — | 2,147,358 | |||||||||||
| Telecommunication Services | 3,255,903 | 671,803 | — | 3,927,706 | |||||||||||
| Transportation | — | 472,773 | — | 472,773 | |||||||||||
| Utilities | — | 834,863 | — | 834,863 | |||||||||||
| Money Market Fund | 134,393 | — | — | 134,393 | |||||||||||
| Total | $ | 4,012,100 | $ | 41,090,400 | $ | — | $ | 45,102,500 | |||||||
See Notes to Financial Statements
| 26 |
|
|
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
See Notes to Financial Statements
| 27 |
|
|
VANECK VECTORS ISRAEL ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Number
of Shares |
Value |
|||||||
| Real Estate: (continued) | ||||||||
| 67,842 | Jerusalem Economy Ltd. * # | $ | 260,395 | |||||
| 5,317 | Mega Or Holdings Ltd. # | 98,015 | ||||||
| 5,298 | Melisron Ltd. # | 285,809 | ||||||
| 679 | Property & Building Corp. # | 66,431 | ||||||
| 10,523 | Summit Real Estate Holdings Ltd. # | 101,543 | ||||||
| 3,961,302 | ||||||||
| Retailing: 0.1% | ||||||||
| 12,194 | Delek Automotive Systems Ltd. # | 56,008 | ||||||
| Semiconductor: 7.2% | ||||||||
| 6,669 | Camtek Ltd. (USD) | 56,353 | ||||||
| 7,128 | Ceva, Inc. * | 173,567 | ||||||
| 7,076 | DSP Group, Inc. * | 101,611 | ||||||
| 16,797 | Mellanox Technologies Ltd. (USD) * | 1,858,924 | ||||||
| 8,253 | Nova Measuring Instruments Ltd. * # | 205,721 | ||||||
| 15,004 | SolarEdge Technologies, Inc. (USD) * † | 937,150 | ||||||
| 31,884 | Tower Semiconductor Ltd. (USD) * | 502,811 | ||||||
| 3,836,137 | ||||||||
| Software & Services: 33.4% | ||||||||
| 10,908 | Allot Communications Ltd. (USD) * | 78,647 | ||||||
| 47,097 | Amdocs Ltd. | 2,924,253 | ||||||
| Attunity Ltd. (USD) † | 0 | |||||||
| 40,686 | Check Point Software Technologies Ltd. (USD) * | 4,703,708 | ||||||
| 12,625 | CyberArk Software Ltd. (USD) * | 1,613,980 | ||||||
| 11,821 | ForeScout Technologies, Inc. * | 400,259 | ||||||
| 2,349 | Formula Systems Ltd. # | 121,217 | ||||||
| 4,873 | Hilan Ltd. # | 158,668 | ||||||
| 20,830 | LivePerson, Inc. * | 584,073 | ||||||
| 8,113 | Magic Software Enterprises Ltd. (USD) | 72,774 | ||||||
| 10,864 | Matrix IT Ltd. # | 156,570 | ||||||
| 20,599 | NICE Systems Ltd. * # | 2,821,692 | ||||||
| 15,314 | SafeCharge International Group Ltd. # | 84,025 | ||||||
| 8,667 | Sapiens International Corp. NV (USD) | 144,046 | ||||||
| 10,014 | Varonis Systems, Inc. * | 620,267 | ||||||
| 21,816 | Verint Systems, Inc. * | 1,173,265 | ||||||
| 15,390 | Wix.com Ltd. (USD) * | 2,186,919 | ||||||
| 17,844,363 | ||||||||
| Technology Hardware & Equipment: 2.7% | ||||||||
| 6,552 | AudioCodes Ltd. (USD) | 101,425 | ||||||
| 110,740 | BATM Advanced Communications (GBP) * # | 60,649 | ||||||
| 20,894 | Ceragon Networks Ltd. (USD) * | 61,219 | ||||||
| 8,401 | Gilat Satellite Networks Ltd. # | 72,217 | ||||||
| 6,622 | Ituran Location and Control Ltd. (USD) | 199,256 | ||||||
| 3,847 | RADCOM Ltd. (USD) * † | 31,699 | ||||||
| 13,384 | Radware Ltd. (USD) * | 330,986 | ||||||
| 2,080 | Silicom Ltd. (USD) * | 67,995 | ||||||
| 17,676 | Stratasys Ltd. * | 519,144 | ||||||
| 38,844 | Suny Cellular Communication Ltd. * # | 20,887 | ||||||
| 1,465,477 | ||||||||
See Notes to Financial Statements
| 28 |
|
|
Definitions:
| ADR | American Depositary Receipt |
| GBP | British Pound |
| ILS | New Israeli Shekel |
| USD | United States Dollar |
Footnotes:
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $209,883. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $29,495,686 which represents 55.2% 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. |
| 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 $70,247, or 0.1% of net assets. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Communication Services | 1.6 | % | $ | 822,068 | ||||
| Consumer Discretionary | 1.4 | 745,624 | ||||||
| Consumer Staples | 1.9 | 987,458 | ||||||
| Energy | 2.5 | 1,353,927 | ||||||
| Financials | 20.3 | 10,860,373 | ||||||
| Health Care | 11.2 | 6,002,365 | ||||||
| Industrials | 4.9 | 2,619,788 | ||||||
| Information Technology | 43.3 | 23,145,977 | ||||||
| Materials | 3.0 | 1,612,940 | ||||||
| Real Estate | 7.4 | 3,961,302 | ||||||
| Utilities | 2.5 | 1,315,368 | ||||||
| 100.0 | % | $ | 53,427,190 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level
3
Significant Unobservable Inputs |
Value | |||||||||||||||||
| Common Stocks | ||||||||||||||||||||
| Banks | $ | 29,602 | $ | 9,433,451 | $ | — | $ | 9,463,053 | ||||||||||||
| Capital Goods | 515,648 | 1,941,828 | — | 2,457,476 | ||||||||||||||||
| Commercial & Professional Services | 28,197 | 108,696 | — | 136,893 | ||||||||||||||||
| Consumer Durables & Apparel | — | 292,450 | — | 292,450 | ||||||||||||||||
| Consumer Services | 237,989 | 159,177 | — | 397,166 | ||||||||||||||||
| Diversified Financials | — | 222,811 | — | 222,811 | ||||||||||||||||
| Energy | — | 1,353,927 | — | 1,353,927 | ||||||||||||||||
| Food & Staples Retailing | — | 512,673 | — | 512,673 | ||||||||||||||||
| Food, Beverage & Tobacco | — | 474,785 | — | 474,785 | ||||||||||||||||
| Health Care Equipment & Services | 1,691,273 | 57,184 | — | 1,748,457 | ||||||||||||||||
| Insurance | — | 1,174,509 | — | 1,174,509 | ||||||||||||||||
| Materials | — | 1,612,940 | — | 1,612,940 | ||||||||||||||||
| Media & Entertainment | 134,958 | — | — | 134,958 | ||||||||||||||||
| Pharmaceuticals, Biotechnology | 790,766 | 3,463,142 | — | 4,253,908 | ||||||||||||||||
| Real Estate | — | 3,961,302 | — | 3,961,302 | ||||||||||||||||
| Retailing | — | 56,008 | — | 56,008 | ||||||||||||||||
| Semiconductor | 3,630,416 | 205,721 | — | 3,836,137 | ||||||||||||||||
| Software & Services | 14,502,191 | 3,342,172 | — | 17,844,363 | ||||||||||||||||
| Technology Hardware & Equipment | 1,311,724 | 153,753 | — | 1,465,477 | ||||||||||||||||
| Telecommunication Services | — | 687,110 | — | 687,110 | ||||||||||||||||
| Transportation | — | 25,419 | — | 25,419 | ||||||||||||||||
| Utilities | 1,058,740 | 256,628 | — | 1,315,368 | ||||||||||||||||
| Repurchase Agreement | — | 282,007 | — | 282,007 | ||||||||||||||||
| Total | $ | 23,931,504 | $ | 29,777,693 | $ | — | $ | 53,709,197 | ||||||||||||
See Notes to Financial Statements
| 29 |
|
|
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
|
Number
of Shares |
Value | |||||||
| Media & Entertainment: 7.0% | ||||||||
| 1,300,338 | Mail.ru Group Ltd. Reg S (GDR) * # | $ | 33,086,015 | |||||
| 1,415,859 | Yandex NV (USD) * | 53,802,642 | ||||||
| 86,888,657 | ||||||||
| Telecommunication Services: 7.0% | ||||||||
| 5,606,228 | Mobile TeleSystems OJSC (ADR) | 52,193,983 | ||||||
| 2,193,841 | Rostelecom PJSC (ADR) # | 16,809,613 | ||||||
| 6,352,034 | VEON Ltd. (ADR) | 17,785,695 | ||||||
| 86,789,291 | ||||||||
| Utilities: 2.6% | ||||||||
| 455,595,410 | Inter Rao Ues PJSC # | 32,718,916 | ||||||
| 7,410,870 | Irkutsk Electronetwork Co. JSC (USD) * # ∞ | 207,078 | ||||||
| 32,925,994 | ||||||||
|
Total Common Stocks
(Cost: $1,261,710,471) |
1,202,198,765 | |||||||
|
PREFERRED STOCK: 4.1%
(Cost: $54,432,330) |
||||||||
| Energy: 4.1% | ||||||||
| 19,385 | AK Transneft OAO, 4.58% # | 50,859,411 | ||||||
|
Total Investments: 100.3%
(Cost: $1,316,142,801) |
1,253,058,176 | |||||||
| Liabilities in excess of other assets: (0.3)% | (3,127,271 | ) | ||||||
| NET ASSETS: 100.0% | $ | 1,249,930,905 | ||||||
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 $1,020,978,129 which represents 81.7% 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. |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Communication Services | 13.9 | % | $ | 173,677,948 | ||||
| Consumer Staples | 8.3 | 103,908,749 | ||||||
| Energy | 40.3 | 504,922,128 | ||||||
| Financials | 11.8 | 147,611,089 | ||||||
| Materials | 23.1 | 290,012,268 | ||||||
| Utilities | 2.6 | 32,925,994 | ||||||
| 100.0 | % | $ | 1,253,058,176 | |||||
See Notes to Financial Statements
| 30 |
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Banks | $ | — | $ | 123,674,202 | $ | — | $ | 123,674,202 | |||||||||
| Diversified Financials | — | 23,936,887 | — | 23,936,887 | |||||||||||||
| Energy | — | 454,062,717 | — | 454,062,717 | |||||||||||||
| Food & Staples Retailing | — | 103,908,749 | — | 103,908,749 | |||||||||||||
| Materials | 108,297,727 | 181,714,541 | — | 290,012,268 | |||||||||||||
| Media & Entertainment | 53,802,642 | 33,086,015 | — | 86,888,657 | |||||||||||||
| Telecommunication Services | 69,979,678 | 16,809,613 | — | 86,789,291 | |||||||||||||
| Utilities | — | 32,718,916 | 207,078 | 32,925,994 | |||||||||||||
| Preferred Stock* | — | 50,859,411 | — | 50,859,411 | |||||||||||||
| Total | $ | 232,080,047 | $ | 1,020,771,051 | $ | 207,078 | $ | 1,253,058,176 | |||||||||
* See Schedule of Investments for industry sector breakouts.
See Notes to Financial Statements
| 31 |
|
|
VANECK VECTORS RUSSIA SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
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 $24,933,858 which represents 63.7% 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 $1,357,124, or 3.5% of net assets. |
See Notes to Financial Statements
| 32 |
|
|
| Summary of Investments by Sector | % of Investments | Value | |||||||
| Communication Services | 9.8 | % | $ | 3,832,195 | |||||
| Consumer Discretionary | 8.0 | 3,144,378 | |||||||
| Consumer Staples | 11.1 | 4,362,765 | |||||||
| Energy | 3.0 | 1,169,844 | |||||||
| Financials | 12.6 | 4,971,888 | |||||||
| Industrials | 14.6 | 5,750,547 | |||||||
| Information Technology | 4.4 | 1,728,325 | |||||||
| Materials | 12.1 | 4,771,799 | |||||||
| Real Estate | 9.5 | 3,750,801 | |||||||
| Utilities | 14.9 | 5,851,754 | |||||||
| 100.0 | % | $ | 39,334,296 | ||||||
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Banks | $ | — | $ | 2,994,192 | $ | — | $ | 2,994,192 | |||||||||
| Capital Goods | 761,105 | — | — | 761,105 | |||||||||||||
| Diversified Financials | — | 1,977,696 | — | 1,977,696 | |||||||||||||
| Energy | — | 1,169,844 | — | 1,169,844 | |||||||||||||
| Food & Staples Retailing | 1,318,026 | — | — | 1,318,026 | |||||||||||||
| Food, Beverage & Tobacco | 1,334,615 | — | — | 1,334,615 | |||||||||||||
| Household & Personal Products | — | 1,710,124 | — | 1,710,124 | |||||||||||||
| Materials | 967,080 | 3,804,719 | — | 4,771,799 | |||||||||||||
| Media & Entertainment | — | 1,579,674 | — | 1,579,674 | |||||||||||||
| Real Estate | 1,514,591 | 2,236,210 | — | 3,750,801 | |||||||||||||
| Retailing | 1,787,254 | 1,357,124 | — | 3,144,378 | |||||||||||||
| Software & Services | 1,728,325 | — | — | 1,728,325 | |||||||||||||
| Telecommunication Services | — | 2,252,521 | — | 2,252,521 | |||||||||||||
| Transportation | 4,989,442 | — | — | 4,989,442 | |||||||||||||
| Utilities | — | 5,851,754 | — | 5,851,754 | |||||||||||||
| Total | $ | 14,400,438 | $ | 24,933,858 | $ | — | $ | 39,334,296 | |||||||||
See Notes to Financial Statements
| 33 |
|
|
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
|
Number
of Shares |
Value | |||||||
| COMMON STOCKS: 99.6% | ||||||||
| Banks: 6.3% | ||||||||
| 9,655,002 | Bank for Foreign Trade of Vietnam JSC # | $ | 29,248,144 | |||||
| 2 | Saigon Thuong Tin Commercial JSB * # | 1 | ||||||
| 29,248,145 | ||||||||
| Capital Goods: 6.0% | ||||||||
| 9,453,901 | FLC Faros Construction JSC * # | 12,092,131 | ||||||
| 9,153,010 | Hoang Huy Investment Financial Services JSC # | 8,255,366 | ||||||
| 97 | Vietnam Construction & Import-Export JSC | 109 | ||||||
| 8,276,400 | Vietnam Electrical Equipment # | 7,822,168 | ||||||
| 28,169,774 | ||||||||
| Consumer Durables & Apparel: 9.4% | ||||||||
| 1,635,160 | Eclat Textile Co. Ltd. # | 20,950,553 | ||||||
| 838,967 | Hansae Co. Ltd. # | 15,258,951 | ||||||
| 9,899,000 | Regina Miracle International Holdings Ltd. Reg S 144A † # | 7,887,958 | ||||||
| 44,097,462 | ||||||||
| Diversified Financials: 3.0% | ||||||||
| 13,192,221 | Saigon Securities, Inc. # | 14,066,560 | ||||||
| Energy: 3.1% | ||||||||
| 16,534,550 | Soco International Plc | 14,688,380 | ||||||
| Food, Beverage & Tobacco: 14.4% | ||||||||
| 5,740,240 | Masan Group Corp. * # | 20,473,743 | ||||||
| 14,253,911 | Thanh Thanh Cong Tay Ninh JSC # | 10,531,826 | ||||||
| 6,889,106 | Vietnam Dairy Products JSC # | 36,400,020 | ||||||
| 67,405,589 | ||||||||
| Health Care Equipment & Services: 4.5% | ||||||||
| 323,700 | MANI, Inc. # | 20,844,875 | ||||||
| Insurance: 4.5% | ||||||||
| 6,041,916 | Bao Viet Holdings # | 20,952,199 | ||||||
| Materials: 3.7% | ||||||||
| 17,032,719 | Hoa Phat Group JSC * # | 17,211,202 | ||||||
| Real Estate: 26.5% | ||||||||
| 11,699,266 | No Va Land Investment Group Corp. * | 29,919,599 | ||||||
| 16,966,422 | Vincom Retail JSC # | 24,646,662 | ||||||
| 7,435,382 | Vingroup JSC * # | 36,934,988 | ||||||
| 9,433,682 | Vinhomes JSC Reg S 144A * # | 32,142,412 | ||||||
| 123,643,661 | ||||||||
| Technology Hardware & Equipment: 13.0% | ||||||||
| 1,377,950 | BH Co. Ltd. * # | 22,297,363 | ||||||
| 663,319 | Mcnex Co. Ltd. # | 16,573,827 | ||||||
| 3,981,083 | Synopex, Inc. ‡ * # | 9,574,736 | ||||||
| 731,343 | UTI, Inc. # | 12,069,580 | ||||||
| 60,515,506 | ||||||||
See Notes to Financial Statements
| 34 |
|
|
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 $1,521,495. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $420,298,246 which represents 90.0% of net assets. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $40,030,370, or 8.6% of net assets. |
A summary of the Fund’s transactions in securities of affiliates for the period ended June 30, 2019 is set forth below:
(a) Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period.
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | |||||||
| Consumer Discretionary | 9.4 | % | $ | 44,097,462 | |||||
| Consumer Staples | 14.4 | 67,405,589 | |||||||
| Energy | 3.1 | 14,688,380 | |||||||
| Financials | 13.8 | 64,266,904 | |||||||
| Health Care | 4.5 | 20,844,875 | |||||||
| Industrials | 6.0 | 28,169,774 | |||||||
| Information Technology | 13.0 | 60,515,506 | |||||||
| Materials | 3.7 | 17,211,202 | |||||||
| Real Estate | 26.5 | 123,643,661 | |||||||
| Utilities | 5.2 | 24,062,981 | |||||||
| Money Market Fund | 0.4 | 1,801,949 | |||||||
| 100.0 | % | $ | 466,708,283 | ||||||
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Banks | $ | — | $ | 29,248,145 | $ | — | $ | 29,248,145 | |||||||||
| Capital Goods | 109 | 28,169,665 | — | 28,169,774 | |||||||||||||
| Consumer Durables & Apparel | — | 44,097,462 | — | 44,097,462 | |||||||||||||
| Diversified Financials | — | 14,066,560 | — | 14,066,560 | |||||||||||||
| Energy | 14,688,380 | — | — | 14,688,380 | |||||||||||||
| Food, Beverage & Tobacco | — | 67,405,589 | — | 67,405,589 | |||||||||||||
| Health Care Equipment & Services | — | 20,844,875 | — | 20,844,875 | |||||||||||||
| Insurance | — | 20,952,199 | — | 20,952,199 | |||||||||||||
| Materials | — | 17,211,202 | — | 17,211,202 | |||||||||||||
| Real Estate | 29,919,599 | 93,724,062 | — | 123,643,661 | |||||||||||||
| Technology Hardware & Equipment | — | 60,515,506 | — | 60,515,506 | |||||||||||||
| Utilities | — | 24,062,981 | — | 24,062,981 | |||||||||||||
| Money Market Fund | 1,801,949 | — | — | 1,801,949 | |||||||||||||
| Repurchase Agreements | — | 1,625,919 | — | 1,625,919 | |||||||||||||
| Total | $ | 46,410,037 | $ | 421,924,165 | $ | — | $ | 468,334,202 | |||||||||
See Notes to Financial Statements
| 35 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2019 (unaudited)
|
Africa
Index ETF |
Brazil
Small-Cap ETF |
ChinaAMC
CSI 300 ETF |
ChinaAMC
SME-ChiNext ETF |
|||||||||||||||||
| Assets: | ||||||||||||||||||||
| Investments, at value | ||||||||||||||||||||
| Unaffiliated issuers (1) (2) | $ | 58,729,126 | $ | 90,874,399 | $ | 82,514,039 | $ | 27,083,107 | ||||||||||||
| Affiliated issuers (3) | — | — | — | — | ||||||||||||||||
| Short-term investments held as collateral for securities loaned (4) | 2,548,017 | 1,612,760 | — | — | ||||||||||||||||
| Cash | — | — | — | 36,976 | ||||||||||||||||
| Cash denominated in foreign currency, at value (5) | 763,184 | 475,404 | 2,784,448 | (b) | 131,196 | (c) | ||||||||||||||
| Receivables: | ||||||||||||||||||||
| Investment securities sold | 255,335 | — | — | — | ||||||||||||||||
| Shares sold | — | — | — | — | ||||||||||||||||
| Due from Adviser | — | — | 2,257 | — | ||||||||||||||||
| Dividends and interest | 181,757 | 422,723 | 36 | — | ||||||||||||||||
| Prepaid expenses | 2,642 | 2,686 | 2,643 | 2,539 | ||||||||||||||||
| Total assets | 62,480,061 | 93,387,972 | 85,303,423 | 27,253,818 | ||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Payables: | ||||||||||||||||||||
| Investment securities purchased | 748,815 | — | — | — | ||||||||||||||||
| Collateral for securities loaned | 2,548,017 | 1,612,760 | — | — | ||||||||||||||||
| Line of credit | 562,213 | 613,609 | 2,193,358 | — | ||||||||||||||||
| Shares redeemed | 412,298 | — | — | — | ||||||||||||||||
| Due to Adviser | 17,595 | 27,845 | — | 709 | ||||||||||||||||
| Due to custodian | — | 61 | 190,254 | — | ||||||||||||||||
| Deferred Trustee fees | 10,141 | 32,076 | 4,128 | 480 | ||||||||||||||||
| Accrued expenses | 119,095 | 93,897 | 174,579 | 108,099 | ||||||||||||||||
| Total liabilities | 4,418,174 | 2,380,248 | 2,562,319 | 109,288 | ||||||||||||||||
| NET ASSETS | $ | 58,061,887 | $ | 91,007,724 | $ | 82,741,104 | $ | 27,144,530 | ||||||||||||
| Shares outstanding | 2,600,000 | 3,800,000 | 2,050,000 | 1,050,000 | ||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 22.33 | $ | 23.95 | $ | 40.36 | $ | 25.85 | ||||||||||||
| Net assets consist of: | ||||||||||||||||||||
| Aggregate paid in capital | $ | 106,127,000 | $ | 234,552,682 | $ | 74,478,992 | $ | 38,402,752 | ||||||||||||
| Total distributable earnings (loss) | (48,065,113 | ) | (143,544,958 | ) | 8,262,112 | (11,258,222 | ) | |||||||||||||
| $ | 58,061,887 | $ | 91,007,724 | $ | 82,741,104 | $ | 27,144,530 | |||||||||||||
| (1) Value of securities on loan | $ | 2,413,104 | $ | 1,616,699 | $ | — | $ | — | ||||||||||||
| (2) Cost of investments – Unaffiliated issuers | $ | 50,330,213 | $ | 67,649,918 | $ | 68,582,726 | $ | 23,694,191 | ||||||||||||
| (3) Cost of investments – Affiliated issuers | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| (4) Cost of short-term investments held as collateral for securities loaned | $ | 2,548,017 | $ | 1,612,760 | $ | — | $ | — | ||||||||||||
| (5) Cost of cash denominated in foreign currency | $ | 630,247 | $ | 463,179 | $ | 2,762,835 | $ | 131,002 | ||||||||||||
| (a) | Represents consolidated Statement of Assets and Liabilities. |
| (b) | Includes $4,441 on foreign investor minimum settlement reserve funds (See Note 2.J.). |
| (c) | Includes $10,539 on foreign investor minimum settlement reserve funds (See Note 2.J.). |
See Notes to Financial Statements
| 36 |
|
|
|
Egypt
Index ETF |
India
Small-Cap Index ETF (a) |
Indonesia
Index ETF |
Israel ETF | Russia ETF |
Russia
Small-Cap ETF |
Vietnam ETF | |||||||||||||||||||||||||||
| $ | 36,913,386 | $ | 155,372,408 | $ | 45,102,500 | $ | 53,427,190 | $ | 1,253,058,176 | $ | 39,334,296 | $ | 457,133,547 | ||||||||||||||||||||
| — | — | — | — | — | — | 9,574,736 | |||||||||||||||||||||||||||
| 142,222 | — | — | 282,007 | — | — | 1,625,919 | |||||||||||||||||||||||||||
| — | 591,460 | — | — | — | — | — | |||||||||||||||||||||||||||
| 126,084 | 6,173,038 | — | 51,816 | 1,427,978 | — | 18,104,309 | |||||||||||||||||||||||||||
| — | 8,525 | — | 160,707 | — | 23,905 | 536,342 | |||||||||||||||||||||||||||
| — | — | — | — | 4,111 | — | 3,641,875 | |||||||||||||||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| 73,729 | 146,274 | 154,797 | 33,113 | 15,904,952 | 145,982 | 14,066 | |||||||||||||||||||||||||||
| 2,618 | 3,061 | 2,604 | 2,578 | 8,508 | 2,592 | 3,168 | |||||||||||||||||||||||||||
| 37,258,039 | 162,294,766 | 45,259,901 | 53,957,411 | 1,270,403,725 | 39,506,775 | 490,633,962 | |||||||||||||||||||||||||||
| — | — | — | 60,238 | 1,762,790 | 150,243 | 10,991,355 | |||||||||||||||||||||||||||
| 142,222 | — | — | 282,007 | — | — | 1,625,919 | |||||||||||||||||||||||||||
| — | 6,639,140 | — | — | 16,470,309 | — | 10,758,518 | |||||||||||||||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| 16,469 | 67,267 | 9,474 | 4,995 | 685,785 | 6,484 | 181,689 | |||||||||||||||||||||||||||
| 17,752 | — | 3 | 61,703 | — | 60,340 | — | |||||||||||||||||||||||||||
| 4,597 | 11,734 | 26,666 | 2,630 | 147,888 | 2,472 | 37,591 | |||||||||||||||||||||||||||
| 146,709 | 323,537 | 113,685 | 80,479 | 1,406,048 | 128,721 | 241,063 | |||||||||||||||||||||||||||
| 327,749 | 7,041,678 | 149,828 | 492,052 | 20,472,820 | 348,260 | 23,836,135 | |||||||||||||||||||||||||||
| $ | 36,930,290 | $ | 155,253,088 | $ | 45,110,073 | $ | 53,465,359 | $ | 1,249,930,905 | $ | 39,158,515 | $ | 466,797,827 | ||||||||||||||||||||
| 1,174,974 | 4,074,967 | 1,950,000 | 1,650,000 | 52,650,000 | 1,133,318 | 28,950,000 | |||||||||||||||||||||||||||
| $ | 31.43 | $ | 38.10 | $ | 23.13 | $ | 32.40 | $ | 23.74 | $ | 34.55 | $ | 16.12 | ||||||||||||||||||||
| $ | 65,394,727 | $ | 203,639,498 | $ | 154,106,940 | $ | 55,186,327 | $ | 2,659,670,414 | $ | 52,055,650 | $ | 695,261,927 | ||||||||||||||||||||
| (28,464,437 | ) | (48,386,410 | ) | (108,996,867 | ) | (1,720,968 | ) | (1,409,739,509 | ) | (12,897,135 | ) | (228,464,100 | ) | ||||||||||||||||||||
| $ | 36,930,290 | $ | 155,253,088 | $ | 45,110,073 | $ | 53,465,359 | $ | 1,249,930,905 | $ | 39,158,515 | $ | 466,797,827 | ||||||||||||||||||||
| $ | 135,573 | $ | — | $ | — | $ | 209,883 | $ | — | $ | — | $ | 1,521,495 | ||||||||||||||||||||
| $ | 33,374,929 | $ | 166,441,830 | $ | 53,743,984 | $ | 46,014,466 | $ | 1,316,142,801 | $ | 42,781,072 | $ | 406,132,783 | ||||||||||||||||||||
| $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 15,642,308 | ||||||||||||||||||||
| $ | 142,222 | $ | — | $ | — | $ | 282,007 | $ | — | $ | — | $ | 1,625,919 | ||||||||||||||||||||
| $ | 126,123 | $ | 6,168,329 | $ | — | $ | 51,796 | $ | 1,427,910 | $ | — | $ | 18,082,700 | ||||||||||||||||||||
See Notes to Financial Statements
| 37 |
|
|
VANECK VECTORS ETF TRUST
For the Six Months Ended June 30, 2019 (unaudited)
|
Africa
Index ETF |
Brazil
Small-Cap ETF |
ChinaAMC
CSI 300 ETF |
ChinaAMC
SME-ChiNext ETF |
|||||||||||||||||
| Income: | ||||||||||||||||||||
| Dividends | $ | 1,488,418 | $ | 1,481,276 | $ | 887,081 | $ | 214,363 | ||||||||||||
| Interest | — | — | 119 | 24 | ||||||||||||||||
| Securities lending income | 5,846 | 11,681 | — | — | ||||||||||||||||
| Foreign taxes withheld | (156,096 | ) | (35,184 | ) | (89,285 | ) | (21,762 | ) | ||||||||||||
| Total Income | 1,338,168 | 1,457,773 | 797,915 | 192,625 | ||||||||||||||||
| Expenses: | ||||||||||||||||||||
| Management fees | 144,259 | 225,860 | 187,718 | 66,195 | ||||||||||||||||
| Professional fees | 34,130 | 34,829 | 36,378 | 31,440 | ||||||||||||||||
| Insurance | 347 | 496 | 342 | 111 | ||||||||||||||||
| Trustees’ fees and expenses | 1,205 | 1,689 | 1,108 | 353 | ||||||||||||||||
| Reports to shareholders | 10,015 | 8,146 | 7,712 | 6,876 | ||||||||||||||||
| Indicative optimized portfolio value fee | 2,991 | 1,731 | 3,052 | 2,184 | ||||||||||||||||
| Custodian fees | 50,259 | 27,056 | 64,326 | 21,108 | ||||||||||||||||
| Registration fees | 2,496 | 2,492 | 2,492 | 2,634 | ||||||||||||||||
| Transfer agent fees | 1,182 | 1,221 | 1,196 | 1,196 | ||||||||||||||||
| Fund accounting fees | 8,990 | 4,480 | 40,122 | 11,551 | ||||||||||||||||
| Interest | 1,032 | 30,364 | 45,871 | 156 | ||||||||||||||||
| Other | 1,604 | 1,713 | 6,913 | 2,427 | ||||||||||||||||
| Total expenses | 258,510 | 340,077 | 397,230 | 146,231 | ||||||||||||||||
| Waiver of management fees | (32,432 | ) | (43,198 | ) | (168,629 | ) | (59,671 | ) | ||||||||||||
| Net expenses | 226,078 | 296,879 | 228,601 | 86,560 | ||||||||||||||||
| Net investment income | 1,112,090 | 1,160,894 | 569,314 | 106,065 | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||
| Investments – Unaffiliated issuers | (792,126 | ) | 2,817,654 | (2,396,514 | ) | (2,408,552 | ) | |||||||||||||
| Investments – Affiliated issuers | — | — | — | — | ||||||||||||||||
| In-kind redemptions | 551,178 | 508,402 | — | — | ||||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (14,715 | ) | 79,603 | (46,970 | ) | (21,336 | ) | |||||||||||||
| Net realized gain (loss) | (255,663 | ) | 3,405,659 | (2,443,484 | ) | (2,429,888 | ) | |||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments – Unaffiliated issuers | 5,132,571 | 11,274,272 | 15,809,567 | 4,277,153 | ||||||||||||||||
| Investments – Affiliated issuers | — | — | — | — | ||||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | 8,584 | (1,329 | ) | 12,620 | 380 | |||||||||||||||
| Net change in unrealized appreciation (depreciation) | 5,141,155 | 11,272,943 | 15,822,187 | 4,277,533 | ||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 5,997,582 | $ | 15,839,496 | $ | 13,948,017 | $ | 1,953,710 | ||||||||||||
| (a) | Represents consolidated Statement of Operations. |
See Notes to Financial Statements
| 38 |
|
|
|
Egypt
Index ETF |
India
Small-Cap Index ETF (a) |
Indonesia
Index ETF |
Israel ETF | Russia ETF |
Russia
Small-Cap ETF |
Vietnam ETF | |||||||||||||||||||||||||||
| $ | 988,696 | $ | 1,920,711 | $ | 976,513 | $ | 418,271 | $ | 37,357,895 | $ | 846,408 | $ | 2,466,780 | ||||||||||||||||||||
| — | — | — | 87 | — | — | — | |||||||||||||||||||||||||||
| 891 | — | 1,005 | 10,137 | — | — | 55,003 | |||||||||||||||||||||||||||
| (103,337 | ) | (1,693 | ) | (137,561 | ) | (87,034 | ) | (4,199,324 | ) | (29,499 | ) | (21,708 | ) | ||||||||||||||||||||
| 886,250 | 1,919,018 | 839,957 | 341,461 | 33,158,571 | 816,909 | 2,500,075 | |||||||||||||||||||||||||||
| 113,233 | 439,289 | 111,219 | 128,252 | 3,503,527 | 87,544 | 988,523 | |||||||||||||||||||||||||||
| 31,290 | 78,420 | 31,966 | 34,721 | 29,080 | 31,587 | 32,986 | |||||||||||||||||||||||||||
| 360 | 1,519 | 289 | 207 | 8,890 | 247 | 1,919 | |||||||||||||||||||||||||||
| 794 | 18,041 | 734 | 830 | 24,869 | 640 | 6,527 | |||||||||||||||||||||||||||
| 7,120 | 11,543 | 6,853 | 6,341 | 29,076 | 8,435 | 14,191 | |||||||||||||||||||||||||||
| 2,491 | 3,052 | 3,052 | 2,491 | 2,165 | 3,041 | 3,052 | |||||||||||||||||||||||||||
| 62,166 | 69,508 | 8,991 | 44,481 | 1,192,377 | 42,482 | 140,985 | |||||||||||||||||||||||||||
| 2,492 | 2,492 | 2,492 | 2,785 | 4,884 | 2,492 | 2,887 | |||||||||||||||||||||||||||
| 1,196 | 2,394 | 1,196 | 1,196 | 827 | 1,196 | 1,196 | |||||||||||||||||||||||||||
| 4,722 | 44,492 | 7,472 | 8,988 | 46,669 | 4,787 | 13,852 | |||||||||||||||||||||||||||
| 12,926 | 30,596 | 11 | 10,622 | 66,044 | 5,599 | 58,432 | |||||||||||||||||||||||||||
| 1,506 | 35,603 | 1,862 | 1,648 | 29,688 | 1,712 | 6,297 | |||||||||||||||||||||||||||
| 240,296 | 736,949 | 176,137 | 242,562 | 4,938,096 | 189,762 | 1,270,847 | |||||||||||||||||||||||||||
| (14,493 | ) | — | (49,335 | ) | (80,603 | ) | — | (52,849 | ) | — | |||||||||||||||||||||||
| 225,803 | 736,949 | 126,802 | 161,959 | 4,938,096 | 136,913 | — | |||||||||||||||||||||||||||
| 660,447 | 1,182,069 | 713,155 | 179,502 | 28,220,475 | 679,996 | 1,229,228 | |||||||||||||||||||||||||||
| (1,798,342 | ) | (15,978,872 | ) | (147,759 | ) | 526,975 | (24,270,317 | ) | (1,887,792 | ) | (6,691,625 | ) | |||||||||||||||||||||
| — | — | — | — | — | — | (815,591 | ) | ||||||||||||||||||||||||||
| 100,522 | (40,888 | ) | 370,119 | — | 68,375,211 | (45,969 | ) | 217,992 | |||||||||||||||||||||||||
| (113,839 | ) | (201,153 | ) | (790 | ) | 1,249 | (18,021 | ) | 4,565 | (363,025 | ) | ||||||||||||||||||||||
| (1,811,659 | ) | (16,220,913 | ) | 221,570 | 528,224 | 44,086,873 | (1,929,196 | ) | (7,652,249 | ) | |||||||||||||||||||||||
| 2,836,559 | (3,571,303 | ) | 1,567,028 | 6,476,330 | 238,576,329 | 9,144,934 | 32,643,552 | ||||||||||||||||||||||||||
| — | — | — | — | — | — | (54,133 | ) | ||||||||||||||||||||||||||
| 867 | 2,328 | 238 | (3,689 | ) | (14,211 | ) | 1,435 | (6,098 | ) | ||||||||||||||||||||||||
| 2,837,426 | (3,568,975 | ) | 1,567,266 | 6,472,641 | 238,562,118 | 9,146,369 | 32,583,321 | ||||||||||||||||||||||||||
| $ | 1,686,214 | $ | (18,607,819 | ) | $ | 2,501,991 | $ | 7,180,367 | $ | 310,869,466 | $ | 7,897,169 | $ | 26,160,300 | |||||||||||||||||||
See Notes to Financial Statements
| 39 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Africa Index ETF | Brazil Small-Cap ETF | |||||||||||||||||||
|
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
|||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 1,112,090 | $ | 1,667,874 | $ | 1,160,894 | $ | 3,012,348 | ||||||||||||
| Net realized gain (loss) | (255,663 | ) | (27,757 | ) | 3,405,659 | 4,482,111 | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | 5,141,155 | (14,097,436 | ) | 11,272,943 | (19,288,050 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 5,997,582 | (12,457,319 | ) | 15,839,496 | (11,793,591 | ) | ||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||
| Dividends and Distributions | — | (924,000 | ) | — | (2,547,600 | ) | ||||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | — | — | — | 5,522,935 | ||||||||||||||||
| Cost of shares redeemed | (3,158,552 | ) | (7,073,702 | ) | (13,228,905 | ) | (11,268,857 | ) | ||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | (3,158,552 | ) | (7,073,702 | ) | (13,228,905 | ) | (5,745,922 | ) | ||||||||||||
| Total increase (decrease) in net assets | 2,839,030 | (20,455,021 | ) | 2,610,591 | (20,087,113 | ) | ||||||||||||||
| Net Assets, beginning of period | 55,222,857 | 75,677,878 | 88,397,133 | 108,484,246 | ||||||||||||||||
| Net Assets, end of period | $ | 58,061,887 | $ | 55,222,857 | $ | 91,007,724 | $ | 88,397,133 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | — | — | — | 250,000 | ||||||||||||||||
| Shares redeemed | (150,000 | ) | (300,000 | ) | (600,000 | ) | (500,000 | ) | ||||||||||||
| Net increase (decrease) | (150,000 | ) | (300,000 | ) | (600,000 | ) | (250,000 | ) | ||||||||||||
See Notes to Financial Statements
| 40 |
|
|
| ChinaAMC CSI 300 ETF | ChinaAMC SME-ChiNext ETF | Egypt Index ETF | |||||||||||||||||||||||||||||||
|
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
||||||||||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||||||||
| $ | 569,314 | $ | 608,763 | $ | 106,065 | $ | 19,785 | $ | 660,447 | $ | 1,018,244 | ||||||||||||||||||||||
| (2,443,484 | ) | 4,930,507 | (2,429,888 | ) | (3,576,086 | ) | (1,811,659 | ) | 6,230,153 | ||||||||||||||||||||||||
| 15,822,187 | (26,428,940 | ) | 4,277,533 | (7,066,926 | ) | 2,837,426 | (11,591,246 | ) | |||||||||||||||||||||||||
| 13,948,017 | (20,889,670 | ) | 1,953,710 | (10,623,227 | ) | 1,686,214 | (4,342,849 | ) | |||||||||||||||||||||||||
| — | (4,841,600 | ) | — | — | — | (560,463 | ) | ||||||||||||||||||||||||||
| 20,798,154 | 14,985,222 | 14,409,956 | 7,672,886 | 21,589,787 | 15,041,752 | ||||||||||||||||||||||||||||
| (5,698,514 | ) | (29,881,468 | ) | (4,949,456 | ) | (3,932,406 | ) | (19,569,589 | ) | (53,373,990 | ) | ||||||||||||||||||||||
| 15,099,640 | (14,896,246 | ) | 9,460,500 | 3,740,480 | 2,020,198 | (38,332,238 | ) | ||||||||||||||||||||||||||
| 29,047,657 | (40,627,516 | ) | 11,414,210 | (6,882,747 | ) | 3,706,412 | (43,235,550 | ) | |||||||||||||||||||||||||
| 53,693,447 | 94,320,963 | 15,730,320 | 22,613,067 | 33,223,878 | 76,459,428 | ||||||||||||||||||||||||||||
| $ | 82,741,104 | $ | 53,693,447 | $ | 27,144,530 | $ | 15,730,320 | $ | 36,930,290 | $ | 33,223,878 | ||||||||||||||||||||||
| 500,000 | 400,000 | 500,000 | 250,000 | 650,000 | 400,000 | ||||||||||||||||||||||||||||
| (150,000 | ) | (650,000 | ) | (200,000 | ) | (150,000 | ) | (650,000 | ) | (1,550,000 | ) | ||||||||||||||||||||||
| 350,000 | (250,000 | ) | 300,000 | 100,000 | — | (1,150,000 | ) | ||||||||||||||||||||||||||
See Notes to Financial Statements
| 41 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| India Small-Cap Index ETF (a) | Indonesia Index ETF | |||||||||||||||||||
|
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
|||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income (loss) | $ | 1,182,069 | $ | (77,616 | ) | $ | 713,155 | $ | 876,448 | |||||||||||
| Net realized gain (loss) | (16,220,913 | ) | 4,126,517 | 221,570 | (4,134,430 | ) | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | (3,568,975 | ) | (131,817,510 | ) | 1,567,266 | (3,716,594 | ) | |||||||||||||
| Net increase (decrease) in net assets resulting from operations | (18,607,819 | ) | (127,768,609 | ) | 2,501,991 | (6,974,576 | ) | |||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||
| Dividends and Distributions | — | (216,823 | ) | — | (975,800 | ) | ||||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | 6,215,759 | 6,506,209 | 1,105,122 | 8,643,814 | ||||||||||||||||
| Cost of shares redeemed | (19,794,014 | ) | (96,327,507 | ) | (3,297,606 | ) | (17,756,773 | ) | ||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | (13,578,255 | ) | (89,821,298 | ) | (2,192,484 | ) | (9,112,959 | ) | ||||||||||||
| Total increase (decrease) in net assets | (32,186,074 | ) | (217,806,730 | ) | 309,507 | (17,063,335 | ) | |||||||||||||
| Net Assets, beginning of period | 187,439,162 | 405,245,892 | 44,800,566 | 61,863,901 | ||||||||||||||||
| Net Assets, end of period | $ | 155,253,088 | $ | 187,439,162 | $ | 45,110,073 | $ | 44,800,566 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 150,000 | 150,000 | 50,000 | 350,000 | ||||||||||||||||
| Shares redeemed | (500,000 | ) | (1,650,000 | ) | (150,000 | ) | (800,000 | ) | ||||||||||||
| Net increase (decrease) | (350,000 | ) | (1,500,000 | ) | (100,000 | ) | (450,000 | ) | ||||||||||||
| (a) | Represents consolidated Statement of Changes in Net Assets. |
See Notes to Financial Statements
| 42 |
|
|
| Israel ETF | Russia ETF | Russia Small-Cap ETF | |||||||||||||||||||||||||||||||
|
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
||||||||||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||||||||
| $ | 179,502 | $ | 401,669 | $ | 28,220,475 | $ | 70,096,608 | $ | 679,996 | $ | 1,469,550 | ||||||||||||||||||||||
| 528,224 | (5,005,061 | ) | 44,086,873 | 66,675,505 | (1,929,196 | ) | (2,827,712 | ) | |||||||||||||||||||||||||
| 6,472,641 | 911,146 | 238,562,118 | (226,285,860 | ) | 9,146,369 | (12,433,777 | ) | ||||||||||||||||||||||||||
| 7,180,367 | (3,692,246 | ) | 310,869,466 | (89,513,747 | ) | 7,897,169 | (13,791,939 | ) | |||||||||||||||||||||||||
| — | (349,800 | ) | — | (68,511,950 | ) | — | (1,440,098 | ) | |||||||||||||||||||||||||
| — | 9,336,069 | 166,539,310 | 898,492,169 | — | 3,757,271 | ||||||||||||||||||||||||||||
| — | (1,529,591 | ) | (553,099,214 | ) | (1,221,552,842 | ) | (1,415,716 | ) | (14,160,540 | ) | |||||||||||||||||||||||
| — | 7,806,478 | (386,559,904 | ) | (323,060,673 | ) | (1,415,716 | ) | (10,403,269 | ) | ||||||||||||||||||||||||
| 7,180,367 | 3,764,432 | (75,690,438 | ) | (481,086,370 | ) | 6,481,453 | (25,635,306 | ) | |||||||||||||||||||||||||
| 46,284,992 | 42,520,560 | 1,325,621,343 | 1,806,707,713 | 32,677,062 | 58,312,368 | ||||||||||||||||||||||||||||
| $ | 53,465,359 | $ | 46,284,992 | $ | 1,249,930,905 | $ | 1,325,621,343 | $ | 39,158,515 | $ | 32,677,062 | ||||||||||||||||||||||
| — | 300,000 | 8,100,000 | 42,350,000 | — | 100,000 | ||||||||||||||||||||||||||||
| — | (50,000 | ) | (26,000,000 | ) | (57,250,000 | ) | (50,000 | ) | (350,000 | ) | |||||||||||||||||||||||
| — | 250,000 | (17,900,000 | ) | (14,900,000 | ) | (50,000 | ) | (250,000 | ) | ||||||||||||||||||||||||
See Notes to Financial Statements
| 43 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| Vietnam ETF | ||||||||||
|
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
|||||||||
| (unaudited) | ||||||||||
| Operations: | ||||||||||
| Net investment income | $ | 1,229,228 | $ | 3,720,819 | ||||||
| Net realized loss | (7,652,249 | ) | (1,687,406 | ) | ||||||
| Net change in unrealized appreciation (depreciation) | 32,583,321 | (63,106,038 | ) | |||||||
| Net increase (decrease) in net assets resulting from operations | 26,160,300 | (61,072,625 | ) | |||||||
| Distributions to shareholders: | ||||||||||
| Dividends and Distributions | — | (2,610,800 | ) | |||||||
| Share transactions:** | ||||||||||
| Proceeds from sale of shares | 129,512,993 | 96,453,951 | ||||||||
| Cost of shares redeemed | (6,544,575 | ) | (64,130,429 | ) | ||||||
| Increase in net assets resulting from share transactions | 122,968,418 | 32,323,522 | ||||||||
| Total increase (decrease) in net assets | 149,128,718 | (31,359,903 | ) | |||||||
| Net Assets, beginning of period | 317,669,109 | 349,029,012 | ||||||||
| Net Assets, end of period | $ | 466,797,827 | $ | 317,669,109 | ||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||
| Shares sold | 7,950,000 | 5,200,000 | ||||||||
| Shares redeemed | (400,000 | ) | (3,800,000 | ) | ||||||
| Net increase | 7,550,000 | 1,400,000 | ||||||||
See Notes to Financial Statements
| 44 |
|
|
VANECK VECTORS ETF TRUST
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 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) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (f) | Excludes reimbursement from prior year custodial charge of 0.01%. |
See Notes to Financial Statements
| 45 |
|
|
VANECK VECTORS ETF TRUST
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 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) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (f) | Commencement of operations |
| (g) | Excludes reimbursement from prior year custodial charge of 0.02%. |
| (h) | Effective January 10, 2019, the fund includes interest expense in the calculation of the expense limitation. The ratio only excludes interest expense accrued prior to January 10, 2019 and not waived under the expense limit agreement. |
See Notes to Financial Statements
| 46 |
|
|
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 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) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (f) | Represents consolidated Financial Highlights. |
| (g) | Excludes reimbursement from prior year custodial charge of 0.01%. |
| (h) | Net Investment income per share reflects a non-recurring dividend which amounted to $0.32 per average share outstanding. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (0.23)%. |
See Notes to Financial Statements
| 47 |
|
|
VANECK VECTORS ETF TRUST
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 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) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 48 |
|
|
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 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) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (f) | Effective May 1, 2016, the Fund excludes depositary receipt fees in excess of 0.10% of average daily net assets (See Note 3). |
| (g) | Effective May 1, 2016, the Fund excludes depositary receipt fees in excess of 0.08% of average daily net assets (See Note 3). |
See Notes to Financial Statements
| 49 |
|
|
VANECK VECTORS ETF TRUST
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 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) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (f) | Amount represents less than $0.005 per share. |
See Notes to Financial Statements
| 50 |
|
|
VANECK VECTORS ETF TRUST
June 30, 2019 (unaudited)
Note 1—Fund Organization—VanEck Vectors ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust.
These financial statements relate only to the 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, 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 MV SCIF Mauritius (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 as their index.
| Fund | Diversification Classification |
| Africa Index ETF | Diversified |
| Brazil Small-Cap ETF | Diversified |
| ChinaAMC CSI 300 ETF | Diversified |
| ChinaAMC SME-ChiNext ETF | Diversified |
| Egypt Index ETF | Non-Diversified |
| India Small-Cap Index ETF | Diversified |
| Indonesia Index ETF | Non-Diversified |
| Israel ETF | Non-Diversified |
| Russia ETF | Non-Diversified |
| Russia Small-Cap ETF | Non-Diversified |
| Vietnam ETF | Non-Diversified |
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 are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern 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 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 |
| 51 |
|
|
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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. | Basis for Consolidation—The Subsidiary, an Indian exempted company, was incorporated on February 25, 2010. Consolidated financial statements of India Small-Cap Index ETF present the financial position and results of operations for India Small-Cap Index ETF and its wholly-owned Subsidiary. All material interfund account balances and transactions between parent and subsidiary have been eliminated in consolidation. |
| C. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its 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. |
| 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 |
| 52 |
|
|
Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) 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 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 June 30, 2019 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 June 30, 2019 is presented in the Schedules of Investments. Refer to related disclosures in Note 2G (Repurchase Agreements) and Note 9 (Securities Lending). |
| 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.
At June 30, 2019, ChinaAMC CSI 300 and ChinaAMC SME-ChiNext included $4,441 and $10,539, 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, 2020, 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. Effective January 10, 2019, ChinaAMC CSI 300 ETF and ChinaAMC SME-ChiNext ETF no longer exclude interest expense from their expense limitations. Refer to the Statements of Operations for the amounts waived/assumed by the Advisor for the period ended June 30, 2019.
| 53 |
|
|
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
| Fund |
Expense
Limitations |
|||
| Africa Index ETF | 0.78 | % | ||
| Brazil Small-Cap ETF | 0.59 | |||
| ChinaAMC CSI 300 ETF*(a) | 0.60 | |||
| ChinaAMC SME-ChiNext ETF*(b) | 0.65 | |||
| Egypt Index ETF | 0.94 | |||
| India Small-Cap Index ETF | 0.85 | |||
| Indonesia Index ETF | 0.57 | |||
| Israel ETF | 0.59 | |||
| 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 |
| (a) | Prior to January 10, 2019 the expense limitation was 0.72%. |
| (b) | Prior to January 10, 2019 the expense limitation was 0.78% |
In addition, Van Eck Securities Corporation (the “Distributor”), an affiliate of the Adviser, acts as the Funds’ distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
Note 4—Investments—For the period ended June 30, 2019, 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 | $ | 11,604,580 | $ | 10,644,738 | ||||||
| Brazil Small-Cap ETF | 18,492,815 | 26,681,346 | ||||||||
| ChinaAMC CSI 300 ETF | 24,601,411 | 9,463,798 | ||||||||
| ChinaAMC SME-ChiNext ETF | 16,884,978 | 7,410,029 | ||||||||
| Egypt Index ETF | 20,886,667 | 18,925,225 | ||||||||
| India Small-Cap Index ETF | 45,473,849 | 57,334,303 | ||||||||
| Indonesia Index ETF | 2,431,990 | 1,825,995 | ||||||||
| Israel ETF | 4,871,670 | 4,739,692 | ||||||||
| Russia ETF | 105,227,826 | 76,714,938 | ||||||||
| Russia Small-Cap ETF | 4,921,005 | 4,633,218 | ||||||||
| Vietnam ETF | 166,855,503 | 57,587,229 | ||||||||
Note 5—Income Taxes—As of June 30, 2019, for Federal income tax purposes, the identified cost, gross unrealized appreciation (depreciation), 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 | $ | 53,734,918 | $ | 12,425,963 | $ | (4,883,738 | ) | $ | 7,542,225 | |||||||
| Brazil Small-Cap ETF | 76,275,045 | 26,076,700 | (9,864,586 | ) | 16,212,114 | |||||||||||
| ChinaAMC CSI 300 ETF | 70,117,530 | 20,118,833 | (7,722,324 | ) | 12,396,509 | |||||||||||
| ChinaAMC SME-ChiNext ETF | 25,264,233 | 5,220,812 | (3,401,938 | ) | 1,818,874 | |||||||||||
| Egypt Index ETF | 37,510,166 | 5,899,730 | (6,354,288 | ) | (454,558 | ) | ||||||||||
| India Small-Cap Index ETF | 177,942,308 | 29,352,744 | (51,922,644 | ) | (22,569,900 | ) | ||||||||||
| Indonesia Index ETF | 54,210,208 | 6,092,485 | (15,200,193 | ) | (9,107,708 | ) | ||||||||||
| Israel ETF | 47,137,970 | 15,267,956 | (8,696,729 | ) | 6,571,227 | |||||||||||
| Russia ETF | 1,345,150,386 | 139,150,301 | (231,242,511 | ) | (92,092,210 | ) | ||||||||||
| Russia Small-Cap ETF | 43,090,621 | 4,770,193 | (8,526,518 | ) | (3,756,325 | ) | ||||||||||
| Vietnam ETF | 440,739,110 | 88,006,432 | (60,411,340 | ) | 27,595,092 | |||||||||||
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The tax character of dividends and distributions paid to shareholders during the year ended December 31, 2018 was as follows:
| Fund |
Ordinary
Income |
||||
| Africa ETF | $ | 924,000 | |||
| Brazil Small-Cap ETF | 2,547,600 | ||||
| ChinaAMC CSI 300 ETF | 525,300 | ||||
| ChinaAMC SME-ChiNext ETF | — | ||||
| Egypt Index ETF | 560,463 | ||||
| India Small-Cap Index ETF | 216,823 | ||||
| Indonesia Index ETF | 975,800 | ||||
| Israel ETF | 349,800 | ||||
| Russia ETF | 68,511,950 | ||||
| Russia Small-Cap ETF | 1,440,098 | ||||
| Vietnam ETF | 2,610,800 | ||||
The tax character of current year distributions will be determined at the end of the current fiscal year.
At December 31, 2018, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
| Fund |
Short-Term
Capital Losses with No Expiration |
Long-Term
Capital Losses with No Expiration |
Total | |||||||||
| Africa Index ETF | $ | (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 EF | (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 | ) | ||||||
| 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 | ) | ||||||
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 may be subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended June 30, 2019, 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-People’s Republic of China (“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
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VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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 SAT and/or 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 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 India Small-Cap Index ETF makes its investments through the Subsidiary, this structure permits it 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%.
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 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 $(31,749,200) 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 June 30, 2019, 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.
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For the period ended June 30, 2019, the Funds had in-kind contributions and redemptions as follows:
| Fund | In-Kind Contributions | In-Kind Redemptions | ||||||
| Africa Index ETF | $ | — | $ | 1,994,536 | ||||
| Brazil Small-Cap ETF | — | 2,418,142 | ||||||
| ChinaAMC CSI 300 ETF | — | — | ||||||
| ChinaAMC SME-ChiNext ETF | — | — | ||||||
| Egypt Index ETF | 3,934,735 | 3,420,509 | ||||||
| India Small-Cap Index ETF | 124,833 | 430,681 | ||||||
| Indonesia Index ETF | 1,104,653 | 3,295,986 | ||||||
| Israel ETF | — | — | ||||||
| Russia ETF | 166,460,573 | 552,568,288 | ||||||
| Russia Small-Cap ETF | — | 1,415,389 | ||||||
| Vietnam ETF | 13,396,493 | 694,900 | ||||||
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 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 Fund’s index. 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 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,
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VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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 June 30, 2019 are presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities.
The following table presents repurchase agreements held as collateral by type of security on loan as of June 30, 2019:
|
Gross Amount of Recognized
Liabilities for Securities Loaned in the Statements of Assets and Liabilities* |
||||
| Fund | Equity Securities | |||
| Africa Index ETF | $2,548,017 | |||
| Brazil Small-Cap ETF | 1,612,760 | |||
| Egypt Index ETF | 142,222 | |||
| Israel ETF | 282,007 | |||
| Vietnam ETF | 1,625,919 | |||
| * | 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 period ended June 30, 2019, the following Funds borrowed under this Facility:
| Fund |
Days
Outstanding |
Average
Daily
Loan Balance |
Average
Interest Rate |
Outstanding Loan
Balance as of June 30, 2019 |
||||||||||||
| Africa Index ETF | 50 | $ | 204,072 | 3.84 | % | $ | 562,213 | |||||||||
| Brazil Small-Cap ETF | 181 | 1,558,762 | 3.84 | 613,609 | ||||||||||||
| China AMC CSI 300 ETF | 178 | 2,265,915 | 3.84 | 2,193,358 | ||||||||||||
| ChinaAMC SME-ChiNext ETF | 1 | 1,478,981 | 3.80 | — | ||||||||||||
| Egypt Index ETF | 123 | 890,880 | 3.84 | — | ||||||||||||
| India Small-Cap Index ETF | 133 | 2,139,517 | 3.83 | 6,639,140 | ||||||||||||
| Indonesia Index ETF | 1 | 43,613 | 3.89 | — | ||||||||||||
| Israel ETF | 85 | 737,313 | 3.82 | — | ||||||||||||
| Russia ETF | 99 | 5,396,124 | 3.84 | 16,470,309 | ||||||||||||
| Russia Small-Cap ETF | 119 | 436,931 | 3.81 | — | ||||||||||||
| Vietnam ETF | 146 | 3,539,904 | 3.84 | — | ||||||||||||
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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 period ended June 30, 2019, 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.
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.
On August 1, 2019 the President of India signed into law changes to the 2019 Indian Budget. These changes will apply an increase in the surcharge that results in an increase to the effective tax rates for capital gains earned by foreign portfolio investors organized as non-corporate entities for all sales of investments after April 1, 2019. The Subsidiary is considered a corporation and therefore these changes do not impact gains on their investments.
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VANECK VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
June 30, 2019 (unaudited)
At a meeting held on June 13, 2019 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck Vectors® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Vectors Africa Index ETF, Agribusiness ETF, Agriculture Producers ETF, Brazil Small-Cap ETF, China All-Cap ETF, China Consumer Discretionary ETF, China Consumer Staples ETF, China Energy ETF, China Financials ETF, China Health Care ETF, China Industrials ETF, China Information Technology ETF, China Materials ETF, China Small-Cap ETF, China Utilities ETF, ChinaAMC All China Consumer ETF, ChinaAMC CSI 300 ETF, [ChinaAMC] Environmental Protection ETF, [ChinaAMC] Private-Owned Enterprises ETF, ChinaAMC MSCI All China ETF, ChinaAMC MSCI All China Small Cap ETF, ChinaAMC SME-ChiNext ETF, Coal ETF, Egypt Index ETF, Emerging Europe ex-Russia Index ETF, Energy Producers ETF, GDP Weighted Emerging Markets ETF, GDP Weighted Emerging Markets Small-Cap ETF, GDP Weighted International ex-US ETF, Germany Mid-Cap ETF, Global Frontier Index ETF, Gold Miners ETF, Hard Assets Producers Extra Liquid ETF, India Small-Cap Index ETF, Indonesia Index ETF, Internet ETF, Israel ETF, Junior Gold Miners ETF, Kuwait Index ETF, Low Carbon Energy ETF (formerly Global Alternative Energy ETF), Metals ETF, MLP ETF, Mongolia ETF, Natural Resources ETF, Ned Davis [Long/Flat] International Equity ETF, Ned Davis [Long/Flat] US Small Cap Equity ETF, Nigeria ETF, Nigeria-Focused West Africa ETF, Oil Refiners ETF, Oil Services ETF, Rare Earth/Strategic Metals ETF, Russia ETF, Russia Small-Cap ETF, Saudi Arabia ETF, Saudi Arabia Small-Cap ETF, Software ETF, Steel ETF, Telecom ETF, Unconventional Oil & Gas ETF, Uranium+Nuclear Energy ETF and Vietnam ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to each of VanEck Vectors ChinaAMC CSI 300 ETF and ChinaAMC SME-ChiNext ETF (together, the “China Funds”). The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”
The Board’s approval of the Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 10, 2019. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Funds) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses (for those Funds which had begun operations) of the Funds and the Funds’ peer funds (other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund except for the VanEck Vectors ChinaAMC CSI 300 ETF seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. For these and other reasons, the Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 10, 2019 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the China Funds), including the background and experience of the portfolio manager(s) and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser and the Sub-Adviser (with respect to the China Funds) provide under, the Agreements, including the Adviser’s commitment to waive certain fees and/or pay expenses of each of the
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Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Funds and the Sub-Adviser’s experience with respect to Renminbi Qualified Foreign Institutional Investors Scheme funds. The Trustees also noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., Ltd., one of China’s largest asset management companies measured by fund assets under management.
The Trustees concluded that the Adviser, the Sub-Adviser (with respect to the China Funds) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each of the Funds that had commenced operations prior to the date of the Renewal Meeting (the “Operating Funds”), the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Operating Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying securities. Based on the foregoing, the Trustees concluded that the investment performance of the Operating Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser and the Sub-Adviser (with respect to the China Funds) and the current status, as they understood it, of the Adviser’s and Sub-Adviser’s (with respect to the China Funds) compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Operating Funds’ expenses and performance to that of other ETFs. The Trustees noted that the information provided showed that each Operating Fund had management fees (after the effect of any applicable fee waiver) below or equal to the average and median of its respective peer group of funds, except for each of VanEck Vectors Low Carbon Energy ETF (formerly Global Alternative Energy ETF), Russia ETF, Unconventional Oil & Gas ETF and Vietnam ETF, which had management fees (after the effect of any applicable fee waiver) greater than the average and/or median of its respective peer group of funds. The Trustees also noted that the information provided showed that each Operating Fund had a total expense ratio (after the effect of any applicable expense limitation) below or equal to the average and median of its respective peer group of funds, except for each of VanEck Vectors Africa Index ETF, Coal ETF, Egypt Index ETF, Low Carbon Energy ETF (formerly Global Alternative Energy ETF), Oil Refiners ETF, Russia ETF, Russia Small-Cap ETF, Unconventional Oil & Gas ETF, Uranium+Nuclear Energy ETF and Vietnam ETF, which had a total expense ratio (after the effect of any applicable expense limitation) greater than the average and/or median of its respective peer group of funds. With respect to these Operating Funds, the Trustees reviewed the amount by which these Operating Funds’ management fees and/or total expense ratios (after the effect of any applicable expense limitation) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Operating Funds were reasonable in light of the performance of the Operating Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Operating Fund. The Trustees reviewed each Operating Fund’s asset size, expense ratio and expense cap and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes in which certain of the Operating Funds invest, potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Operating Funds effectively incorporate the benefits of economies of scale. The Trustees noted that the Adviser has capped expenses on each Operating Fund since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Operating Fund and the sub-advisory fee rates for the China Funds are reasonable and appropriate in relation to the current asset size of each Operating Fund and the other factors discussed above and that the advisory fee rate for each Operating Fund currently reflects an
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VANECK VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
June 30, 2019 (unaudited) (continued)
appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds. The Trustees also considered information from the Sub-Adviser informing them that the Sub-Adviser did not earn any profits from managing the China Funds.
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability to the Adviser of VanEck Vectors Agriculture Producers ETF, China All-Cap ETF, China Consumer Discretionary ETF, China Consumer Staples ETF, China Energy ETF, China Financials ETF, China Health Care ETF, China Industrials ETF, China Information Technology ETF, China Materials ETF, China Small-Cap ETF, China Utilities ETF, ChinaAMC All China Consumer ETF, [ChinaAMC] Environmental Protection ETF, [ChinaAMC] Private-Owned Enterprises ETF, ChinaAMC MSCI All China ETF, ChinaAMC MSCI All China Small Cap ETF, Emerging Europe ex-Russia Index ETF, Energy Producers ETF, GDP Weighted Emerging Markets ETF, GDP Weighted Emerging Markets Small-Cap ETF, GDP Weighted International ex-US ETF, Germany Mid-Cap ETF, Global Frontier Index ETF, Hard Assets Producers Extra Liquid ETF, Internet ETF, Kuwait Index ETF, Metals ETF, MLP ETF, Mongolia ETF, Ned Davis [Long/Flat] International Equity ETF, Ned Davis [Long/Flat] US Small Cap Equity ETF, Nigeria ETF, Nigeria-Focused West Africa ETF, Saudi Arabia ETF, Saudi Arabia Small-Cap ETF, Software ETF and Telecom ETF because the Funds had not yet commenced operations at the time of the Renewal Meeting. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, each of these Funds although they concluded that the nature, quality and extent of the services to be provided by the Adviser (and the Sub-Adviser, with respect to those Funds in respect of which the Sub-Adviser had been retained) were appropriate based on the Trustees’ knowledge of the Adviser and Sub-Adviser (to the extent applicable) and their personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 10, 2019 meeting as part of their consideration of the Agreements.
In voting to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that each Agreement is in the best interest of each Fund and such Fund’s shareholders.
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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck Vectors ETF Trust (the “Trust”) Prospectus, 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 https://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORTs are available on the Commission’s website at https://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 | INTLSAR |
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SEMI-ANNUAL REPORT
June 30, 2019 (unaudited) |
| VANECK VECTORS® | |
| Agribusiness ETF | MOO® |
| Coal ETF | KOL® |
| Gold Miners ETF | GDX® |
| Junior Gold Miners ETF | GDXJ® |
| Low Carbon Energy ETF | SMOG™ |
| Natural Resources ETF | HAP® |
| Oil Refiners ETF | CRAK® |
| Oil Services ETF | OIH® |
| Rare Earth/Strategic Metals ETF | REMX® |
| Steel ETF | SLX® |
| Unconventional Oil & Gas ETF | FRAK® |
| Uranium+Nuclear Energy ETF | NLR® |
| 800.826.2333 | vaneck.com |
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Certain information contained in this shareholder letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of June 30, 2019.
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VANECK VECTORS ETFs
June 30, 2019 (unaudited)
We are pleased to present this semi-annual report.
Investment Outlook
In brief, the two engines of the global economy, the U.S. and China, are moving forward, albeit at a moderate pace. In this environment, with stocks having had a very solid year so far, our main message is that investors should not be too conservative with their fixed income portfolios. See our blog Is There Enough Risk in Your Fixed Income Portfolio?
Getting to this current environment was, however, a result of a lot of turbulence.
At the beginning of December last year, we were worried about the impact the European Central Bank’s (ECB) and the U.S. Federal Reserve’s (Fed) continued tightening would have on the financial markets. Typically, central bank tightening is unfavorable for financial assets, and markets decelerated going into December. Then, suddenly the Fed signaled it would stop raising rates and reverse on quantitative tightening. This led to a rally in U.S. equities and other asset classes.
The ECB is also now delaying any tightening steps. At its March 7 policy meeting, the ECB pushed back its timing for increasing interest rates and is expected to stay on hold through the end of 2019. It also announced a program to stimulate bank lending, with another round of targeted longer-term refinancing operations (TLTRO) launching in September. TLTRO loans from the ECB provides banks in the euro zone with cheap rates.
Last but not least, China’s non-manufacturing Purchasing Managers’ Index (PMI) shows a strong rate of expansion, which one would expect with the emergence of the “new China” economy—one that is increasingly driven by consumption. However, the manufacturing PMI shows several recent dips below the important 50 mark into contraction territory, corresponding to the “recession” in late 2018, followed by a recovery after Q1 2019. It saw another fall into contraction territory in Q2 2019, though this was slightly smaller than the Q4 2018 drop, indicating that China’s stimulus measures may have softened the impact of external factors, such as tariffs and trade tensions. If so, we believe more stimulus may be expected to support domestic demand in the months ahead.
Doubtless there are risks to the global economy and financial markets. Concerns around the strength of global economic growth, the strength of the U.S. dollar, the trajectory of U.S. interest rates, certain country-specific factors, e.g., Iran and Venezuela, and the, as yet, unresolved trade dispute between the U.S. and China continue to hang over the market.
We encourage you to stay in touch with us through the videos, email subscriptions, and research blogs available on our website, www.vaneck.com. I have started my own email subscription where I share interesting research—you can sign up on vaneck.com. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
| 1 |
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VANECK VECTORS ETFs
(unaudited) (continued)
We sincerely thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each of the funds for the six month period ended June 30, 2019. 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
July 16, 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.
| 2 |
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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, January 1, 2019 to June 30, 2019.
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.
| 3 |
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VANECK VECTORS ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
|
Beginning
Account Value January 1, 2019 |
Ending
Account Value June 30, 2019 |
Annualized
Expense Ratio During Period |
Expenses Paid
During the Period* January 1, 2019 – June 30, 2019 |
|||||||||||||
| Agribusiness ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,170.40 | 0.55 | % | $ | 2.96 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,022.07 | 0.55 | % | $ | 2.76 | ||||||||
| Coal ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,050.60 | 0.60 | % | $ | 3.05 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,021.82 | 0.60 | % | $ | 3.01 | ||||||||
| Gold Miners ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,216.40 | 0.52 | % | $ | 2.86 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,022.22 | 0.52 | % | $ | 2.61 | ||||||||
| Junior Gold Miners ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,164.10 | 0.54 | % | $ | 2.90 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,022.12 | 0.54 | % | $ | 2.71 | ||||||||
| Low Carbon Energy ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,180.40 | 0.62 | % | $ | 3.35 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,021.72 | 0.62 | % | $ | 3.11 | ||||||||
| Natural Resources ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,141.00 | 0.50 | % | $ | 2.65 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,022.32 | 0.50 | % | $ | 2.51 | ||||||||
| Oil Refiners ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,031.50 | 0.61 | % | $ | 3.07 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,021.77 | 0.61 | % | $ | 3.06 | ||||||||
| Oil Services ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,055.60 | 0.35 | % | $ | 1.78 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,023.06 | 0.35 | % | $ | 1.76 | ||||||||
| Rare Earth/Strategic Metals ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,113.60 | 0.60 | % | $ | 3.14 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,021.82 | 0.60 | % | $ | 3.01 | ||||||||
| Steel ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,123.30 | 0.56 | % | $ | 2.95 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,022.02 | 0.56 | % | $ | 2.81 | ||||||||
| Unconventional Oil & Gas ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,096.10 | 0.54 | % | $ | 2.81 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,022.12 | 0.54 | % | $ | 2.71 | ||||||||
| Uranium+Nuclear Energy ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $ | 1,028.00 | 0.61 | % | $ | 3.07 | ||||||||
| Hypothetical** | $ | 1,000.00 | $ | 1,021.77 | 0.61 | % | $ | 3.06 | ||||||||
| * | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended June 30, 2019) 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 |
| 4 |
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VANECK VECTORS AGRIBUSINESS ETF
June 30, 2019 (unaudited)
|
Number
of Shares |
Value | |||||||
| Singapore: 2.6% | ||||||||
| 8,243,245 | Golden Agri-Resources Ltd. # | $ | 1,769,841 | |||||
| 5,889,351 | Wilmar International Ltd. # | 16,122,370 | ||||||
| 17,892,211 | ||||||||
| South Korea: 0.2% | ||||||||
| 77,725 | Komipharm International Co. Ltd. * # | 1,475,333 | ||||||
| Switzerland: 0.6% | ||||||||
| 12,235 | Bucher Industries AG # | 4,220,449 | ||||||
| Taiwan: 0.4% | ||||||||
| 1,559,000 | Taiwan Fertilizer Co. Ltd. # | 2,398,752 | ||||||
| Thailand: 1.3% | ||||||||
| 9,754,636 | Charoen Pokphand Foods (NVDR) # | 8,989,499 | ||||||
| United Kingdom: 3.3% | ||||||||
| 1,725,896 | CNH Industrial NV (USD) † | 17,742,211 | ||||||
| 102,613 | Genus Plc # | 3,463,445 | ||||||
| 9,072,482 | Sirius Minerals Plc * † # | 1,701,084 | ||||||
| 22,906,740 | ||||||||
| United States: 49.4% | ||||||||
| 107,195 | AGCO Corp. | 8,315,116 | ||||||
| 40,110 | Andersons, Inc. | 1,092,596 | ||||||
| 770,399 | Archer-Daniels-Midland Co. | 31,432,279 | ||||||
| 41,216 | Balchem Corp. | 4,120,364 | ||||||
| 217,537 | Bunge Ltd. | 12,118,986 | ||||||
| 272,767 | CF Industries Holdings, Inc. | 12,740,947 | ||||||
| 313,291 | Deere & Co. | 51,915,452 | ||||||
| 663,912 | Elanco Animal Health, Inc. * | 22,440,226 | ||||||
| 183,693 | FMC Corp. | 15,237,334 | ||||||
| 133,962 | IDEXX Laboratories, Inc. * | 36,883,757 | ||||||
| 577,408 | Mosaic Co. | 14,452,522 | ||||||
| 66,412 | Neogen Corp. * | 4,124,849 | ||||||
| 110,999 | Pilgrim’s Pride Corp. * | 2,818,265 | ||||||
| 20,583 | Sanderson Farms, Inc. | 2,810,814 | ||||||
| 157,177 | Toro Co. | 10,515,141 | ||||||
| 200,072 | Tractor Supply Co. | 21,767,834 | ||||||
| 429,483 | Tyson Foods, Inc. | 34,676,457 | ||||||
| 477,563 | Zoetis, Inc. | 54,198,625 | ||||||
| 341,661,564 | ||||||||
|
Total Common Stocks
(Cost: $625,460,147) |
693,078,235 | |||||||
|
MONEY MARKET FUND: 1.0%
(Cost: $6,925,595) |
||||||||
| 6,925,595 | Dreyfus Government Cash Management Fund – Institutional Shares | 6,925,595 | ||||||
|
Total Investments Before Collateral for Securities Loaned:
101.2%
(Cost: $632,385,742) |
700,003,830 | |||||||
See Notes to Financial Statements
| 5 |
|
|
VANECK VECTORS AGRIBUSINESS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Principal
Amount |
Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.3% | ||||||||
| Repurchase Agreements: 7.3% | ||||||||
| $ | 12,027,655 | Repurchase agreement dated 6/28/19 with BofA Securities, Inc., 2.50%, due 7/1/19, proceeds $12,030,161; (collateralized by various U.S. government and agency obligations, 3.20% due 6/1/46 to 7/1/49, valued at $12,268,208 including accrued interest) | $ | 12,027,655 | ||||
| 12,027,655 | Repurchase agreement dated 6/28/19 with Citigroup Global Markets, Inc., 2.50%, due 7/1/19, proceeds $12,030,161; (collateralized by various U.S. government and agency obligations, 3.21% to 3.27%, due 7/2/19 to 1/20/63, valued at $12,268,208 including accrued interest) | 12,027,655 | ||||||
| 2,528,660 | Repurchase agreement dated 6/28/19 with Credit Agricole CIB, 2.45%, due 7/1/19, proceeds $2,529,176; (collateralized by U.S. government obligations, 3.27% due 4/15/21 valued at $2,579,233 including accrued interest) | 2,528,660 | ||||||
|
Principal
Amount |
Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| $ | 12,027,655 | Repurchase agreement dated 6/28/19 with Daiwa Capital Markets America, Inc., 2.53%, due 7/1/19, proceeds $12,030,191; (collateralized by various U.S. government and agency obligations, 3.27% to 3.31%, due 7/5/19 to 9/9/49, valued at $12,268,208 including accrued interest) | $ | 12,027,655 | ||||
| 12,027,655 | Repurchase agreement dated 6/28/19 with Morgan Stanley & Co. LLC, 2.52%, due 7/1/19, proceeds $12,030,181; (collateralized by various U.S. government and agency obligations, 3.31% to 3.32%, due 4/1/26 to 6/20/49, valued at $12,268,208 including accrued interest) | 12,027,655 | ||||||
|
Total Short-Term Investments Held as Collateral for Securities on Loan
(Cost: $50,639,280) |
50,639,280 | |||||||
|
Total Investments: 108.5%
(Cost: $683,025,022) |
750,643,110 | |||||||
| Liabilities in excess of other assets: (8.5)% | (58,848,941 | ) | ||||||
| NET ASSETS: 100.0% | $ | 691,794,169 | ||||||
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||||
| Consumer Discretionary | 3.1 | % | $ | 21,767,834 | ||||||
| Consumer Staples | 29.8 | 208,707,555 | ||||||||
| Health Care | 26.4 | 184,519,316 | ||||||||
| Industrials | 19.4 | 135,842,220 | ||||||||
| Materials | 20.3 | 142,241,310 | ||||||||
| Money Market Fund | 1.0 | 6,925,595 | ||||||||
| 100.0 | % | $ | 700,003,830 | |||||||
See Notes to Financial Statements
| 6 |
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||
| Common Stocks | |||||||||||||||
| Australia | $ | — | $ | 17,747,312 | $ | — | $ | 17,747,312 | |||||||
| Brazil | 12,706,330 | — | — | 12,706,330 | |||||||||||
| Canada | 43,693,286 | — | — | 43,693,286 | |||||||||||
| Chile | 7,115,946 | — | — | 7,115,946 | |||||||||||
| China / Hong Kong | — | 13,221,227 | — | 13,221,227 | |||||||||||
| Denmark | — | 5,778,767 | — | 5,778,767 | |||||||||||
| Germany | — | 68,709,811 | — | 68,709,811 | |||||||||||
| Indonesia | — | 4,888,675 | — | 4,888,675 | |||||||||||
| Israel | 7,272,221 | — | — | 7,272,221 | |||||||||||
| Japan | — | 41,519,522 | — | 41,519,522 | |||||||||||
| Malaysia | — | 22,363,594 | — | 22,363,594 | |||||||||||
| Netherlands | — | 3,509,545 | — | 3,509,545 | |||||||||||
| Norway | — | 42,325,568 | — | 42,325,568 | |||||||||||
| Russia | — | 2,681,883 | — | 2,681,883 | |||||||||||
| Singapore | — | 17,892,211 | — | 17,892,211 | |||||||||||
| South Korea | — | 1,475,333 | — | 1,475,333 | |||||||||||
| Switzerland | — | 4,220,449 | — | 4,220,449 | |||||||||||
| Taiwan | — | 2,398,752 | — | 2,398,752 | |||||||||||
| Thailand | — | 8,989,499 | — | 8,989,499 | |||||||||||
| United Kingdom | 17,742,211 | 5,164,529 | — | 22,906,740 | |||||||||||
| United States | 341,661,564 | — | — | 341,661,564 | |||||||||||
| Money Market Fund | 6,925,595 | — | — | 6,925,595 | |||||||||||
| Repurchase Agreements | — | 50,639,280 | — | 50,639,280 | |||||||||||
| Total | $ | 437,117,153 | $ | 313,525,957 | $ | — | $ | 750,643,110 | |||||||
See Notes to Financial Statements
| 7 |
|
|
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
|
Number
of Shares |
Value | |||||||
| United States: 16.3% | ||||||||
| 17,383 | Arch Coal, Inc. | $ | 1,637,652 | |||||
| 36,711 | CONSOL Energy, Inc. * | 976,880 | ||||||
| 28,750 | Contura Energy, Inc. * | 1,492,125 | ||||||
| 83,553 | Peabody Energy Corp. | 2,013,627 | ||||||
| 69,634 | Warrior Met Coal, Inc. | 1,818,840 | ||||||
| 7,939,124 | ||||||||
|
Total Common Stocks
(Cost: $59,263,012) |
48,520,124 | |||||||
|
Principal
Amount |
||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.1% | ||||||||
| Repurchase Agreements: 4.1% | ||||||||
| $ | 1,000,000 | Repurchase agreement dated 6/28/19 with Daiwa Capital Markets America, Inc., 2.53%, due 7/1/19, proceeds $1,000,211; (collateralized by various U.S. government and agency obligations, 3.48% to 3.52%, due 7/5/19 to 9/9/49, valued at $1,020,000 including accrued interest) | 1,000,000 | |||||
| 983,413 | Repurchase agreement dated 6/28/19 with HSBC Securities USA, Inc., 2.50%, due 7/1/19, proceeds $983,618; (collateralized by various U.S. government and agency obligations, 3.52% due 8/15/20 to 11/15/46, valued at $1,003,081 including accrued interest) | 983,413 | ||||||
|
Total Short-Term Investments Held as Collateral for Securities on Loan
(Cost: $1,983,413) |
1,983,413 | |||||||
|
Total Investments: 104.0%
(Cost: $61,246,425) |
50,503,537 | |||||||
| Liabilities in excess of other assets: (4.0)% | (1,953,969 | ) | ||||||
| NET ASSETS: 100.0% | $ | 48,549,568 | ||||||
| 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 $1,721,607. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $33,274,429 which represents 68.5% 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 $1,042,316, or 2.1% of net assets. |
See Notes to Financial Statements
| 8 |
|
|
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||||
| Energy | 71.7 | % | $ | 34,801,470 | ||||||
| Industrials | 9.6 | 4,658,836 | ||||||||
| Materials | 18.7 | 9,059,818 | ||||||||
| 100.0 | % | $ | 48,520,124 | |||||||
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||
| Common Stocks | |||||||||||||||
| Australia | $ | — | $ | 8,729,690 | $ | — | $ | 8,729,690 | |||||||
| Canada | 5,234,343 | — | — | 5,234,343 | |||||||||||
| China / Hong Kong | 856,269 | 8,688,090 | 0 | 9,544,359 | |||||||||||
| Indonesia | — | 8,807,716 | — | 8,807,716 | |||||||||||
| Philippines | 1,215,959 | — | — | 1,215,959 | |||||||||||
| Poland | — | 1,413,879 | — | 1,413,879 | |||||||||||
| South Africa | — | 2,982,444 | — | 2,982,444 | |||||||||||
| Thailand | — | 2,652,610 | — | 2,652,610 | |||||||||||
| United States | 7,939,124 | — | — | 7,939,124 | |||||||||||
| Repurchase Agreements | — | 1,983,413 | — | 1,983,413 | |||||||||||
| Total | $ | 15,245,695 | $ | 35,257,842 | $ | 0 | $ | 50,503,537 | |||||||
See Notes to Financial Statements
| 9 |
|
|
VANECK VECTORS GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
|
Number
of Shares |
Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Australia: 17.3% | ||||||||
| 105,707,115 | Evolution Mining Ltd. ‡ # | $ | 323,833,148 | |||||
| 30,629,024 | Newcrest Mining Ltd. # | 687,824,447 | ||||||
| 39,838,945 | Northern Star Resources Ltd. ‡ # | 326,692,243 | ||||||
| 38,760,495 | OceanaGold Corp. (CAD) ‡ | 106,189,074 | ||||||
| 31,634,022 | Regis Resources Ltd. ‡ # | 117,415,358 | ||||||
| 47,220,228 | Resolute Mining Ltd. ‡ # | 44,416,425 | ||||||
| 51,093,120 | Saracen Mineral Holdings Ltd. ‡ * # | 132,214,140 | ||||||
| 40,497,423 | St. Barbara Ltd. ‡ # | 83,602,210 | ||||||
| 1,822,187,045 | ||||||||
| Canada: 50.0% | ||||||||
| 10,372,077 | Agnico-Eagle Mines Ltd. (USD) † | 531,465,226 | ||||||
| 24,217,779 | Alamos Gold, Inc. (USD) ‡ | 146,517,563 | ||||||
| 58,510,203 | B2Gold Corp. (USD) ‡ * † | 177,285,915 | ||||||
| 69,799,936 | Barrick Gold Corp. (USD) | 1,100,744,991 | ||||||
| 18,217,056 | Centerra Gold, Inc. ‡ * | 128,533,581 | ||||||
| 10,896,472 | Detour Gold Corp. ‡ * | 137,753,754 | ||||||
| 9,891,468 | Eldorado Gold Corp. (USD) ‡ * | 57,568,344 | ||||||
| 12,491,988 | First Majestic Silver Corp. (USD) ‡ * † | 98,811,625 | ||||||
| 7,461,821 | Franco-Nevada Corp. (USD) | 633,359,367 | ||||||
| 29,148,931 | IAMGOLD Corp. (USD) ‡ * | 98,523,387 | ||||||
| 77,529,894 | Kinross Gold Corp. (USD) ‡ * | 300,815,989 | ||||||
| 11,286,816 | Kirkland Lake Gold Ltd. ‡ † | 487,317,512 | ||||||
| 22,424,803 | McEwen Mining, Inc. (USD) ‡ † | 39,243,405 | ||||||
| 9,665,835 | Osisko Gold Royalties Ltd. (USD) ‡ † | 100,911,317 | ||||||
| 13,046,866 | Pan American Silver Corp. (USD) ‡ | 168,435,040 | ||||||
| 11,478,941 | Pretium Resources, Inc. (USD) ‡ * † | 114,904,199 | ||||||
| 11,118,884 | Sandstorm Gold Ltd. (USD) ‡ * † | 61,598,617 | ||||||
| 20,749,719 | Semafo, Inc. ‡ * | 81,934,991 | ||||||
| 7,550,603 | SSR Mining, Inc. (USD) ‡ * | 103,216,743 | ||||||
| 4,946,124 | Torex Gold Resources, Inc. ‡ * | 50,946,875 | ||||||
| 20,888,911 | Wheaton Precious Metals Corp. (USD) | 505,093,868 | ||||||
| 59,104,613 | Yamana Gold, Inc. (USD) ‡ † | 148,943,625 | ||||||
| 5,273,925,934 | ||||||||
| China / Hong Kong: 2.1% | ||||||||
| 65,356,500 | Zhaojin Mining Industry Co. Ltd. ‡ # | 73,364,685 | ||||||
| 357,358,000 | Zijin Mining Group Ltd. ‡ # | 145,212,406 | ||||||
| 218,577,091 | ||||||||
| Monaco: 1.1% | ||||||||
| 6,711,654 | Endeavour Mining Corp. (CAD) ‡ * | 109,656,639 | ||||||
| Peru: 2.7% | ||||||||
| 17,122,312 | Cia de Minas Buenaventura SA (ADR) ‡ | 285,428,941 | ||||||
| Russia: 0.6% | ||||||||
| 22,663,055 | Highland Gold Mining Ltd. (GBP) ‡ # | 58,928,771 | ||||||
| South Africa: 7.7% | ||||||||
| 25,804,488 | AngloGold Ashanti Ltd. (ADR) ‡ | 459,577,931 | ||||||
| 51,613,871 | Gold Fields Ltd. (ADR) ‡ | 279,231,042 | ||||||
| 33,621,770 | Harmony Gold Mining Co. Ltd. (USD) ‡ * † | 76,321,418 | ||||||
| 815,130,391 | ||||||||
See Notes to Financial Statements
| 10 |
|
|
|
Principal
Amount |
Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| $ | 25,018,274 | Repurchase agreement dated 6/28/19 with Daiwa Capital Markets America, Inc., 2.53%, due 7/1/19, proceeds $25,023,549; (collateralized by various U.S. government and agency obligations, 3.63% to 3.67%, due 7/5/19 to 9/9/49, valued at $25,518,639 including accrued interest) | $ | 25,018,274 | ||||
|
Principal
Amount |
Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| $ | 25,018,274 | Repurchase agreement dated 6/28/19 with Morgan Stanley & Co. LLC, 2.52%, due 7/1/19, proceeds $25,023,528; (collateralized by various U.S. government and agency obligations, 3.67% to 3.68%, due 4/1/26 to 6/20/49, valued at $25,518,639 including accrued interest) | $ | 25,018,274 | ||||
|
Total Short-Term Investments Held as Collateral for Securities on Loan
(Cost: $105,334,362) |
105,334,362 | |||||||
|
Total Investments: 101.0%
(Cost: $9,578,397,612) |
10,646,054,230 | |||||||
| Liabilities in excess of other assets: (1.0)% | (104,189,874 | ) | ||||||
| NET ASSETS: 100.0% | $ | 10,541,864,356 | ||||||
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||||
| Gold | 92.1 | % | $ | 9,710,728,681 | ||||||
| Silver | 7.9 | 826,856,498 | ||||||||
| Money Market Fund | 0.0 | 3,134,689 | ||||||||
| 100.0 | % | $ | 10,540,719,868 | |||||||
See Notes to Financial Statements
| 11 |
|
|
VANECK VECTORS GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
A summary of the Fund’s transactions in securities of affiliates for the period ended June 30, 2019 is set forth below:
| Affiliates |
Value
12/31/18 |
Purchases |
Sales
Proceeds |
Realized Gain
(Loss) |
Dividend
Income |
Net Change
in Unrealized Appreciation (Depreciation) |
Value
06/30/19 |
|||||||||||||||||||||
| Agnico-Eagle Mines Ltd. | $ | 520,137,718 | $ | 20,161,218 | $ | (128,444,728 | ) | $ | 19,303,262 | $ | 2,876,547 | $ | 100,307,756 | $ | — | (a) | ||||||||||||
| Alacer Gold Corp. | — | 59,779,916 | (7,713,615 | ) | 226,550 | — | 11,604,668 | 63,897,519 | ||||||||||||||||||||
| Alamos Gold, Inc. | 99,464,864 | 12,884,510 | (27,710,670 | ) | 7,680,916 | 497,846 | 54,197,943 | 146,517,563 | ||||||||||||||||||||
| AngloGold Ashanti Ltd. | 366,913,231 | 41,740,308 | (83,619,158 | ) | 32,414,466 | 1,860,235 | 102,129,084 | 459,577,931 | ||||||||||||||||||||
| B2Gold Corp. | 204,816,687 | 12,284,455 | (45,132,060 | ) | 5,004,947 | — | 311,886 | 177,285,915 | ||||||||||||||||||||
| Barrick Gold Corp. | 808,713,532 | 554,846,185 | (378,662,820 | ) | (24,239,282 | ) | 2,950,613 | 140,087,376 | — | (a) | ||||||||||||||||||
| Centamin Plc | 113,792,339 | 10,144,401 | (23,260,870 | ) | 370,648 | 2,208,467 | 3,927,914 | 104,974,432 | ||||||||||||||||||||
| Centerra Gold, Inc. | 88,781,167 | 11,460,443 | (23,554,085 | ) | 5,647,523 | — | 46,198,533 | 128,533,581 | ||||||||||||||||||||
| Cia de Minas Buenaventura SA | 316,030,237 | 28,533,738 | (65,911,570 | ) | 13,322,750 | 1,063,561 | (6,546,214 | ) | 285,428,941 | |||||||||||||||||||
| Coeur Mining, Inc. | 64,403,009 | 6,103,821 | (12,633,570 | ) | (664,847 | ) | — | (1,764,032 | ) | 55,444,381 | ||||||||||||||||||
| Detour Gold Corp. | 104,674,993 | 11,833,670 | (25,164,567 | ) | 4,687,876 | — | 41,721,782 | 137,753,754 | ||||||||||||||||||||
| Eldorado Gold Corp. | 32,416,577 | 4,818,233 | (9,469,700 | ) | 2,262,236 | — | 27,540,998 | 57,568,344 | ||||||||||||||||||||
| Endeavour Mining Corp. | 124,894,732 | 10,609,486 | (24,847,365 | ) | 1,369,533 | — | (2,369,747 | ) | 109,656,639 | |||||||||||||||||||
| Evolution Mining Ltd. | 312,760,951 | 29,878,354 | (67,164,701 | ) | 23,115,818 | 2,827,229 | 25,242,726 | 323,833,148 | ||||||||||||||||||||
| First Majestic Silver Corp. | 80,812,220 | 11,259,411 | (17,676,794 | ) | 2,298,317 | — | 22,118,471 | 98,811,625 | ||||||||||||||||||||
| Fortuna Silver Mines, Inc. | 41,480,198 | 1,910,383 | (35,051,997 | ) | (26,914,481 | ) | — | 18,575,897 | — | |||||||||||||||||||
| Franco-Nevada Corp. | 668,954,538 | 25,611,833 | (180,941,294 | ) | 20,931,042 | 4,061,146 | 98,803,248 | — | (a) | |||||||||||||||||||
| Gold Fields Ltd. | 204,968,051 | 26,153,001 | (50,953,412 | ) | 11,982,242 | 753,914 | 87,081,160 | 279,231,042 | ||||||||||||||||||||
| Goldcorp, Inc. | 482,050,171 | 36,549,182 | (587,592,401 | ) | (192,897,372 | ) | 918,382 | 261,890,420 | — | |||||||||||||||||||
| Harmony Gold Mining Co. Ltd. | 67,526,656 | 8,018,770 | (15,154,468 | ) | 2,228,301 | — | 13,702,159 | 76,321,418 | ||||||||||||||||||||
| Hecla Mining Co. | 80,325,184 | 7,184,484 | (15,758,219 | ) | (1,046,567 | ) | 154,956 | (16,188,917 | ) | 54,515,965 | ||||||||||||||||||
| Highland Gold Mining Ltd. | — | 61,409,379 | (7,594,224 | ) | (73,431 | ) | 675,562 | 5,187,047 | 58,928,771 | |||||||||||||||||||
| IAMGOLD Corp. | 121,697,254 | 10,147,944 | (22,439,776 | ) | (1,520,096 | ) | — | (9,361,939 | ) | 98,523,387 | ||||||||||||||||||
| Kinross Gold Corp. | 285,843,557 | 28,141,125 | (62,730,629 | ) | 7,493,121 | — | 42,068,815 | 300,815,989 | ||||||||||||||||||||
| Kirkland Lake Gold Ltd. | 387,709,075 | 18,459,036 | (139,457,016 | ) | 86,903,587 | 850,202 | 133,702,830 | 487,317,512 | ||||||||||||||||||||
| McEwen Mining, Inc. | 43,509,870 | 6,089,351 | (8,052,117 | ) | (593,005 | ) | — | (1,710,694 | ) | 39,243,405 | ||||||||||||||||||
| New Gold, Inc. | 30,868,670 | 1,710,353 | (33,598,744 | ) | (85,660,687 | ) | — | 86,680,408 | — | |||||||||||||||||||
| Newcrest Mining Ltd. | 603,699,623 | 25,588,204 | (182,996,594 | ) | 30,620,767 | 2,793,592 | 210,912,447 | — | (a) | |||||||||||||||||||
| Newmont Mining Corp. | 944,143,269 | 552,473,888 | (375,352,796 | ) | 10,213,921 | 28,969,365 | 125,167,542 | — | (a) | |||||||||||||||||||
| Northern Star Resources Ltd. | 295,708,750 | 29,036,520 | (63,163,155 | ) | 31,826,687 | 1,799,162 | 33,283,441 | 326,692,243 | ||||||||||||||||||||
| OceanaGold Corp. | 159,840,290 | 12,622,776 | (28,751,175 | ) | 3,641,948 | 406,838 | (41,164,765 | ) | 106,189,074 | |||||||||||||||||||
| Osisko Gold Royalties Ltd. | 97,337,468 | 9,790,617 | (24,043,773 | ) | 5,162,932 | 756,577 | 12,664,073 | 100,911,317 | ||||||||||||||||||||
| Pan American Silver Corp. | 158,659,602 | 65,316,999 | (36,378,710 | ) | (412,781 | ) | 811,272 | (18,750,070 | ) | 168,435,040 | ||||||||||||||||||
| Pretium Resources, Inc. | 109,881,257 | 11,021,149 | (22,369,554 | ) | 2,103,607 | — | 14,267,740 | 114,904,199 | ||||||||||||||||||||
| Randgold Resources Ltd. | 498,159,398 | — | (511,609,270 | ) | — | 15,559,502 | 13,449,872 | — | ||||||||||||||||||||
| Regis Resources Ltd. | 122,392,528 | 11,681,188 | (26,453,159 | ) | 12,135,793 | 1,901,451 | (2,340,992 | ) | 117,415,358 | |||||||||||||||||||
| Resolute Mining Ltd. | 43,706,450 | 3,965,707 | (9,196,955 | ) | 287,979 | — | 5,653,244 | 44,416,425 | ||||||||||||||||||||
| Royal Gold, Inc. | 397,694,277 | 38,884,135 | (86,826,628 | ) | 14,449,749 | 2,366,328 | 54,070,713 | 418,272,246 | ||||||||||||||||||||
| Sandstorm Gold Ltd. | 59,675,136 | 4,887,376 | (14,279,681 | ) | 2,841,418 | — | 8,474,368 | 61,598,617 | ||||||||||||||||||||
| Saracen Mineral Holdings Ltd. | 120,142,275 | 11,933,350 | (26,184,176 | ) | 13,127,961 | — | 13,194,730 | 132,214,140 | ||||||||||||||||||||
| Semafo, Inc. | 49,849,492 | 8,490,892 | (13,525,634 | ) | 3,458,320 | — | 33,661,921 | 81,934,991 | ||||||||||||||||||||
| SSR Mining, Inc. | 103,045,923 | 10,303,046 | (21,848,224 | ) | 4,671,334 | — | 7,044,664 | 103,216,743 | ||||||||||||||||||||
| St. Barbara Ltd. | 123,029,927 | 27,184,458 | (23,866,993 | ) | 4,296,913 | 982,017 | (47,042,095 | ) | 83,602,210 | |||||||||||||||||||
| Tahoe Resources, Inc. | 81,058,653 | 659,261 | (82,846,460 | ) | (97,134,218 | ) | — | 98,262,764 | — | |||||||||||||||||||
| Torex Gold Resources, Inc. | 53,530,337 | 5,564,441 | (12,690,322 | ) | 2,986,696 | — | 1,555,723 | 50,946,875 | ||||||||||||||||||||
| Wheaton Precious Metals Corp. | 515,099,961 | 23,261,473 | (143,197,097 | ) | 11,860,259 | 3,993,343 | 98,069,272 | — | (a) | |||||||||||||||||||
| Yamana Gold, Inc. | 158,725,755 | 14,929,610 | (33,978,706 | ) | 1,805,241 | 615,037 | 7,461,725 | 148,943,625 | ||||||||||||||||||||
| Zhaojin Mining Industry Co. Ltd. | 75,479,429 | 6,949,770 | (15,449,132 | ) | 3,257,842 | 371,170 | 3,126,776 | 73,364,685 | ||||||||||||||||||||
| Zijin Mining Group Ltd. | 154,103,290 | 14,592,384 | (33,262,408 | ) | 4,676,389 | 5,194,402 | 5,102,751 | 145,212,406 | ||||||||||||||||||||
| $ | 10,578,508,571 | $ | 1,946,860,234 | $ | (3,888,561,172 | ) | $ | (20,487,876 | ) | $ | 88,218,716 | $ | 1,921,265,422 | $ | 5,822,451,456 | |||||||||||||
| (a) | Security held by the Fund, however not classified as an affiliate at the end of the reporting period. |
See Notes to Financial Statements
| 12 |
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||
| Common Stocks | |||||||||||||||
| Australia | $ | 106,189,074 | $ | 1,715,997,971 | $ | — | $ | 1,822,187,045 | |||||||
| Canada | 5,273,925,934 | — | — | 5,273,925,934 | |||||||||||
| China / Hong Kong | — | 218,577,091 | — | 218,577,091 | |||||||||||
| Monaco | 109,656,639 | — | — | 109,656,639 | |||||||||||
| Peru | 285,428,941 | — | — | 285,428,941 | |||||||||||
| Russia | — | 58,928,771 | — | 58,928,771 | |||||||||||
| South Africa | 815,130,391 | — | — | 815,130,391 | |||||||||||
| United Kingdom | — | 104,974,432 | — | 104,974,432 | |||||||||||
| United States | 1,848,775,935 | — | — | 1,848,775,935 | |||||||||||
| Money Market Fund | 3,134,689 | — | — | 3,134,689 | |||||||||||
| Repurchase Agreements | — | 105,334,362 | — | 105,334,362 | |||||||||||
| Total | $ | 8,442,241,603 | $ | 2,203,812,627 | $ | — | $ | 10,646,054,230 | |||||||
See Notes to Financial Statements
| 13 |
|
|
VANECK VECTORS JUNIOR GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
|
Number
of Shares |
Value | |||||||
| China / Hong Kong: 1.0% | ||||||||
| 11,760,000 | Hengxing Gold Holding Co. Ltd. Reg S † # | $ | 8,943,242 | |||||
| 19,287,400 | Real Gold Mining Ltd. * # ∞ | 0 | ||||||
| 29,900,000 | Zhaojin Mining Industry Co. Ltd. # | 33,563,671 | ||||||
| 42,506,913 | ||||||||
| Monaco: 1.1% | ||||||||
| 2,684,806 | Endeavour Mining Corp. (CAD) * | 43,865,015 | ||||||
| Peru: 5.4% | ||||||||
| 11,004,039 | Cia de Minas Buenaventura SA (ADR) | 183,437,330 | ||||||
| 16,973,799 | Hochschild Mining Plc (GBP) # | 41,347,597 | ||||||
| 224,784,927 | ||||||||
| Russia: 0.9% | ||||||||
| 14,813,955 | Highland Gold Mining Ltd. (GBP) # | 38,519,439 | ||||||
| South Africa: 10.0% | ||||||||
| 39,355,139 | Gold Fields Ltd. (ADR) | 212,911,302 | ||||||
| 27,467,874 | Harmony Gold Mining Co. Ltd. (USD) ‡ * | 62,352,074 | ||||||
| 28,985,269 | Sibanye Gold Ltd. (ADR) * † | 137,680,028 | ||||||
| 412,943,404 | ||||||||
| Turkey: 0.7% | ||||||||
| 3,104,078 | Koza Altin Isletmeleri AS * † # | 28,333,082 | ||||||
| United Kingdom: 2.2% | ||||||||
| 8,347,126 | African Barrick Gold Ltd. * # | 18,911,821 | ||||||
| 48,626,619 | Centamin Plc # | 70,894,343 | ||||||
| 386,037 | Patagonia Gold Plc * | 191,611 | ||||||
| 89,997,775 | ||||||||
| United States: 4.0% | ||||||||
| 17,344,894 | Alacer Gold Corp. (CAD) ‡ * | 60,393,547 | ||||||
| 10,046,994 | Argonaut Gold, Inc. (CAD) ‡ * | 13,685,594 | ||||||
| 9,778,545 | Coeur Mining, Inc. * | 42,438,885 | ||||||
| 3,514,611 | Gold Resource Corp. ‡ | 11,879,385 | ||||||
| 21,113,730 | Hecla Mining Co. | 38,004,714 | ||||||
| 166,402,125 | ||||||||
|
Total Common Stocks
(Cost: $4,094,767,264) |
4,121,685,806 | |||||||
|
MONEY MARKET FUND: 0.3%
(Cost: $14,769,623) |
||||||||
| 14,769,623 | Dreyfus Government Cash Management Fund – Institutional Shares | 14,769,623 | ||||||
|
Total Investments Before Collateral for Securities Loaned: 100.0%
(Cost: $4,109,536,887) |
4,136,455,429 | |||||||
See Notes to Financial Statements
| 14 |
|
|
|
Principal
Amount |
Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.1% | ||||||||
| Repurchase Agreements: 3.1% | ||||||||
| $ | 29,799,382 | Repurchase agreement dated 6/28/19 with BofA Securities, Inc., 2.50%, due 7/1/19, proceeds $29,805,590; (collateralized by various U.S. government and agency obligations, 3.68%, due 6/1/46 to 7/1/49, valued at $30,395,370 including accrued interest) | $ | 29,799,382 | ||||
| 29,799,382 | Repurchase agreement dated 6/28/19 with Citigroup Global Markets, Inc., 2.50%, due 7/1/19, proceeds $29,805,590; (collateralized by various U.S. government and agency obligations, 3.68% to 3.75%, due 7/2/19 to 1/20/63, valued at $30,395,370 including accrued interest) | 29,799,382 | ||||||
| 6,264,991 | Repurchase agreement dated 6/28/19 with Credit Agricole CIB, 2.45%, due 7/1/19, proceeds $6,266,270; (collateralized by U.S. government obligations, 3.75%, 4/15/21, valued at $6,390,291 including accrued interest) | 6,264,991 | ||||||
|
Principal
Amount |
Value | |||||||
| Repurchase Agreements: (continued) | ||||||||
| $ | 29,799,382 | Repurchase agreement dated 6/28/19 with Daiwa Capital Markets America, Inc., 2.53%, due 7/1/19, proceeds $29,805,665; (collateralized by various U.S. government and agency obligations, 3.75% to 3.79%, due 7/5/19 to 9/9/49, valued at $30,395,370 including accrued interest) | $ | 29,799,382 | ||||
| 29,799,382 | Repurchase agreement dated 6/28/19 with Morgan Stanley & Co. LLC, 2.52%, due 7/1/19, proceeds $29,805,640; (collateralized by various U.S. government and agency obligations, 3.79%, due 4/1/26 to 6/20/49, valued at $30,395,370 including accrued interest) | 29,799,382 | ||||||
|
Total Short-Term Investments Held as Collateral for Securities on Loan
(Cost: $125,462,519) |
125,462,519 | |||||||
|
Total Investments: 103.1%
(Cost: $4,234,999,406) |
4,261,917,948 | |||||||
| Liabilities in excess of other assets: (3.1)% | (126,594,241 | ) | ||||||
| NET ASSETS: 100.0% | $ | 4,135,323,707 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| USD | United States Dollar |
| Footnotes: | |
| (b) | Contingent Value Right |
| ‡ | 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 $119,996,252. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,198,772,244 which represents 29.0% 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. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||||
| Diversified Metals & Mining | 0.7 | % | $ | 31,012,264 | ||||||
| Gold | 87.8 | 3,630,612,451 | ||||||||
| Precious Metals & Minerals | 0.5 | 22,594,365 | ||||||||
| Silver | 10.6 | 437,466,726 | ||||||||
| Money Market Fund | 0.4 | 14,769,623 | ||||||||
| 100.0 | % | $ | 4,136,455,429 | |||||||
See Notes to Financial Statements
| 15 |
|
|
VANECK VECTORS JUNIOR GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
A summary of the Fund’s transactions in securities of affiliates for the period ended June 30, 2019 is set forth below:
| Affiliates |
Value
12/31/18 |
Purchases |
Sales
Proceeds |
Realized Gain
(Loss) |
Dividend
Income |
Net Change
in Unrealized Appreciation (Depreciation) |
Value
06/30/19 |
|||||||||||||||||||||
| Alacer Gold Corp. | $ | 34,982,152 | $ | 11,290,806 | $ | (14,883,022 | ) | $ | 4,247,275 | $ | — | $ | 24,756,336 | $ | 60,393,547 | |||||||||||||
| AngloGold Ashanti Ltd. | 282,998,522 | 5,835,830 | (312,202,250 | ) | 121,052,961 | — | (97,685,063 | ) | — | |||||||||||||||||||
| Argonaut Gold, Inc. | 12,949,447 | 2,553,035 | (4,387,941 | ) | (419,064 | ) | — | 2,990,117 | 13,685,594 | |||||||||||||||||||
| Aurelia Metals Ltd. | — | 34,619,054 | (3,572,682 | ) | (618,993 | ) | — | (12,401,333 | ) | 18,026,046 | ||||||||||||||||||
| Centamin Plc | 80,309,456 | 14,336,196 | (27,858,128 | ) | (4,703,876 | ) | 1,631,852 | 8,810,695 | — | (a) | ||||||||||||||||||
| Cia de Minas Buenaventura SA | 234,294,396 | 28,916,870 | (85,369,596 | ) | 1,042,337 | 755,269 | 4,553,323 | — | (a) | |||||||||||||||||||
| Coeur Mining, Inc. | 45,523,338 | 11,152,504 | (12,831,085 | ) | (3,989,699 | ) | — | 2,583,827 | — | (a) | ||||||||||||||||||
| Detour Gold Corp. | 88,749,098 | 18,649,727 | (36,848,106 | ) | 848,787 | — | 40,283,178 | 111,682,684 | ||||||||||||||||||||
| Eldorado Gold Corp. | 25,343,959 | 7,511,458 | (10,910,445 | ) | (1,343,987 | ) | — | 25,802,568 | 46,403,553 | |||||||||||||||||||
| Endeavour Silver Corp. | 19,602,819 | 4,256,337 | (6,006,055 | ) | (478,820 | ) | — | (367,465 | ) | 17,006,816 | ||||||||||||||||||
| Evolution Mining Ltd. | 231,124,387 | 42,799,039 | (70,593,472 | ) | 21,347,909 | 2,068,636 | 18,714,642 | — | (a) | |||||||||||||||||||
| First Majestic Silver Corp. | 65,808,888 | 16,874,471 | (21,242,180 | ) | (631,477 | ) | — | 21,755,883 | 82,565,585 | |||||||||||||||||||
| First Mining Gold Corp. | 7,062,340 | 1,633,504 | (8,092,517 | ) | (16,153,544 | ) | — | 15,550,217 | — | |||||||||||||||||||
| Fortuna Silver Mines, Inc. | 35,792,404 | 5,880,663 | (9,588,720 | ) | (1,183,437 | ) | — | (6,159,060 | ) | 24,741,850 | ||||||||||||||||||
| Gold Fields Ltd. | 169,028,988 | 36,787,618 | (80,750,420 | ) | 16,357,775 | 601,597 | 71,487,341 | — | (a) | |||||||||||||||||||
| Gold Resource Corp. | 13,319,704 | 4,718,820 | (4,075,418 | ) | 517,222 | 33,594 | (2,600,943 | ) | 11,879,385 | |||||||||||||||||||
| Great Panther Silver Ltd. | 8,385,985 | 11,089,605 | (3,841,727 | ) | (817,168 | ) | — | 255,182 | 15,071,877 | |||||||||||||||||||
| Harmony Gold Mining Co. Ltd. | 52,794,763 | 13,118,818 | (17,548,548 | ) | 1,446,260 | — | 12,540,781 | 62,352,074 | ||||||||||||||||||||
| Hecla Mining Co. | 60,219,126 | 6,329,151 | (16,036,939 | ) | (4,728,703 | ) | 115,973 | (7,777,921 | ) | — | (a) | |||||||||||||||||
| IAMGOLD Corp. | 102,965,609 | 16,861,991 | (27,586,680 | ) | (395,435 | ) | — | (8,136,736 | ) | 83,708,749 | ||||||||||||||||||
| Kinross Gold Corp. | 264,445,346 | 50,762,665 | (132,834,651 | ) | 12,868,092 | — | 35,527,403 | — | (a) | |||||||||||||||||||
| New Gold, Inc. | 28,593,826 | 3,867,201 | (9,541,147 | ) | (9,085,452 | ) | — | 16,382,847 | 30,217,275 | |||||||||||||||||||
| Northern Star Resources Ltd. | 237,525,086 | 27,839,924 | (68,446,086 | ) | 29,425,054 | 1,402,746 | 22,756,073 | — | (a) | |||||||||||||||||||
| OceanaGold Corp. | 119,830,727 | 18,000,955 | (30,082,068 | ) | 1,073,860 | 295,764 | (29,012,369 | ) | — | (a) | ||||||||||||||||||
| Pan American Silver Corp. | 139,336,545 | 147,579,697 | (48,590,674 | ) | (5,306,712 | ) | 921,965 | (69,745,673 | ) | 163,273,183 | ||||||||||||||||||
| Perseus Mining Ltd. | 16,515,673 | 9,553,705 | (5,710,151 | ) | 1,172,436 | — | 4,881,558 | 26,413,221 | ||||||||||||||||||||
| Premier Gold Mines Ltd. | 12,902,867 | 2,912,960 | (5,428,846 | ) | (995,288 | ) | — | 5,096,058 | — | (a) | ||||||||||||||||||
| Pretium Resources, Inc. | 89,438,248 | 9,528,717 | (28,723,652 | ) | 2,548,618 | — | 11,066,644 | — | (a) | |||||||||||||||||||
| Ramelius Resources Ltd. | 9,807,806 | 10,573,324 | (7,385,140 | ) | 1,752,151 | — | 3,621,987 | 18,370,128 | ||||||||||||||||||||
| Regis Resources Ltd. | 111,422,986 | 24,712,935 | (34,591,347 | ) | 19,454,728 | 1,680,228 | (9,728,474 | ) | 111,270,828 | |||||||||||||||||||
| Sandstorm Gold Ltd. | 51,768,258 | 7,039,739 | (18,018,976 | ) | 5,032,979 | — | 5,395,566 | 51,217,566 | ||||||||||||||||||||
| Saracen Mineral Holdings Ltd. | 97,789,867 | 24,562,336 | (41,017,274 | ) | 27,592,607 | — | (2,336,290 | ) | 106,591,246 | |||||||||||||||||||
| Silver Lake Resources Ltd. | 11,913,423 | 20,738,496 | (6,128,890 | ) | 1,309,542 | — | 13,438,343 | 41,270,914 | ||||||||||||||||||||
| Silvercorp Metals, Inc. | 24,544,468 | 5,834,566 | (8,250,604 | ) | 228,388 | 140,169 | 4,190,018 | 26,546,836 | ||||||||||||||||||||
| SSR Mining, Inc. | 94,896,804 | 17,925,426 | (29,743,087 | ) | 14,248,951 | — | (1,762,108 | ) | 95,565,986 | |||||||||||||||||||
| St. Barbara Ltd. | 107,983,269 | 45,247,723 | (28,268,610 | ) | 5,198,838 | 835,757 | (45,390,842 | ) | 84,770,378 | |||||||||||||||||||
| Tahoe Resources, Inc. | 65,108,273 | 784,105 | (114,775,367 | ) | 695,506 | — | 48,187,483 | — | ||||||||||||||||||||
| Teranga Gold Corp. | 17,350,543 | 3,325,712 | (4,989,227 | ) | (77,435 | ) | — | 742,556 | — | (a) | ||||||||||||||||||
| Torex Gold Resources, Inc. | 42,916,086 | 9,822,309 | (16,294,940 | ) | 1,569,992 | — | 1,859,662 | — | (a) | |||||||||||||||||||
| Yamana Gold, Inc. | 147,920,842 | 26,515,022 | (46,155,790 | ) | 981,899 | 565,731 | 8,841,852 | 138,103,825 | ||||||||||||||||||||
| $ | 3,263,266,324 | $ | 762,343,014 | $ | (1,459,202,458 | ) | $ | 241,085,077 | $ | 11,049,281 | $ | 138,967,863 | $ | 1,441,129,146 | ||||||||||||||
| (a) | Security held by the Fund, however not classified as an affiliate at the end of the reporting period. |
See Notes to Financial Statements
| 16 |
|
|
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||
| Common Stocks | |||||||||||||||
| Australia | $ | 79,811,105 | $ | 953,428,606 | $ | — | $ | 1,033,239,711 | |||||||
| Canada | 2,036,262,972 | 4,830,443 | — | 2,041,093,415 | |||||||||||
| China / Hong Kong | — | 42,506,913 | 0 | 42,506,913 | |||||||||||
| Monaco | 43,865,015 | — | — | 43,865,015 | |||||||||||
| Peru | 183,437,330 | 41,347,597 | — | 224,784,927 | |||||||||||
| Russia | — | 38,519,439 | — | 38,519,439 | |||||||||||
| South Africa | 412,943,404 | — | — | 412,943,404 | |||||||||||
| Turkey | — | 28,333,082 | — | 28,333,082 | |||||||||||
| United Kingdom | 191,611 | 89,806,164 | — | 89,997,775 | |||||||||||
| United States | 166,402,125 | — | — | 166,402,125 | |||||||||||
| Money Market Fund | 14,769,623 | — | — | 14,769,623 | |||||||||||
| Repurchase Agreements | — | 125,462,519 | — | 125,462,519 | |||||||||||
| Total | $ | 2,937,683,185 | $ | 1,324,234,763 | $ | 0 | $ | 4,261,917,948 | |||||||
See Notes to Financial Statements
| 17 |
|
|
VANECK VECTORS LOW CARBON ENERGY ETF
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
|
Number
of Shares |
Value | |||||||
| COMMON STOCKS: 99.9% | ||||||||
| Austria: 2.9% | ||||||||
| 49,510 | Verbund – Oesterreichische Elektrizis AG # | $ | 2,597,498 | |||||
| Brazil: 1.3% | ||||||||
| 90,013 | Cosan Ltd. (USD) | 1,202,574 | ||||||
| Canada: 3.4% | ||||||||
| 34,029 | Canadian Solar, Inc. (USD) * † | 742,853 | ||||||
| 117,600 | Northland Power, Inc. | 2,294,854 | ||||||
| 3,037,707 | ||||||||
| China / Hong Kong: 4.7% | ||||||||
| 2,316,000 | China Longyuan Power Group Corp. Ltd. # | 1,488,010 | ||||||
| 9,021,600 | GCL-Poly Energy Holdings Ltd. * † # | 497,164 | ||||||
| 3,752,000 | Huaneng Renewables Corp. Ltd. # | 1,032,901 | ||||||
| 25,308 | JinkoSolar Holding Co. Ltd. (ADR) * † | 548,931 | ||||||
| 576,780 | Xinjiang Goldwind Science & Technology Co. Ltd. # | 630,698 | ||||||
| 4,197,704 | ||||||||
| Denmark: 9.8% | ||||||||
| 101,384 | Vestas Wind Systems A/S # | 8,796,875 | ||||||
| Japan: 2.3% | ||||||||
| 82,304 | Kurita Water Industries Ltd. # | 2,052,019 | ||||||
| Spain: 3.1% | ||||||||
| 167,624 | Siemens Gamesa Renewable Energy SA # | 2,790,220 | ||||||
| Sweden: 5.0% | ||||||||
| 304,978 | Nibe Industrier AB # | 4,470,748 | ||||||
| United States: 67.4% | ||||||||
| 101,349 | AMETEK, Inc. | 9,206,543 | ||||||
| 21,711 | Badger Meter, Inc. | 1,295,930 | ||||||
| 91,868 | Covanta Holding Corp. | 1,645,356 | ||||||
| 76,978 | Cree, Inc. * | 4,324,624 | ||||||
| 109,517 | Eaton Corp. Plc | 9,120,576 | ||||||
| 32,103 | EnerSys, Inc. | 2,199,055 | ||||||
| 57,090 | Enphase Energy, Inc. * | 1,040,751 | ||||||
| 19,329 | ESCO Technologies, Inc. | 1,596,962 | ||||||
| 56,321 | First Solar, Inc. * | 3,699,163 | ||||||
| 28,642 | Franklin Electric Co., Inc. | 1,360,495 | ||||||
| 25,060 | Itron, Inc. * | 1,568,004 | ||||||
| 103,253 | Microchip Technology, Inc. | 8,952,035 | ||||||
| 37,789 | Ormat Technologies, Inc. | 2,395,445 | ||||||
| 21,553 | Power Integrations, Inc. | 1,728,120 | ||||||
| 27,816 | Renewable Energy Group, Inc. * | 441,162 | ||||||
| 55,886 | Sunrun, Inc. * | 1,048,421 | ||||||
| 40,595 | Tesla Motors, Inc. * † | 9,071,359 | ||||||
| 60,694,001 | ||||||||
|
Total Common Stocks
(Cost: $68,068,395) |
89,839,346 | |||||||
|
MONEY MARKET FUND: 0.0%
(Cost: $43,233) |
||||||||
| 43,233 | Dreyfus Government Cash Management Fund – Institutional Shares | 43,233 | ||||||
|
Total Investments Before Collateral for Securities Loaned: 99.9%
(Cost: $68,111,628) |
89,882,579 | |||||||
|
Principal
Amount |
Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.8% | ||||||||
| Repurchase Agreements: 8.8% | ||||||||
| $ | 1,881,338 | Repurchase agreement dated 6/28/19 with BofA Securities, Inc., 2.50%, due 7/1/19, proceeds $1,881,730; (collateralized by various U.S. government and agency obligations, 3.32%, due 6/1/46 to 7/1/49, valued at $1,918,965 including accrued interest) | $ | 1,881,338 | ||||
| 1,881,338 | Repurchase agreement dated 6/28/19 with Citigroup Global Markets, Inc., 2.50%, due 7/1/19, proceeds $1,881,730; (collateralized by various U.S. government and agency obligations, 3.32% to 3.39%, due 7/2/19 to 1/20/63, valued at $1,918,965 including accrued interest) | 1,881,338 | ||||||
| 1,881,338 | Repurchase agreement dated 6/28/19 with Daiwa Capital Markets America, Inc., 2.53%, due 7/1/19, proceeds $1,881,735; (collateralized by various U.S. government and agency obligations, 3.39% to 3.43%, due 7/5/19 to 9/9/49, valued at $1,918,965 including accrued interest) | 1,881,338 | ||||||
| 1,881,338 | Repurchase agreement dated 6/28/19 with Morgan Stanley & Co. LLC, 2.52%, due 7/1/19, proceeds $1,881,733; (collateralized by various U.S. government and agency obligations, 3.43%, due 4/1/26 to 6/20/49, valued at $1,918,965 including accrued interest) | 1,881,338 | ||||||
| 395,403 | Repurchase agreement dated 6/28/19 with Nomura Securities International, Inc., 2.48%, due 7/1/19, proceeds $395,485; (collateralized by various U.S. government and agency obligations, 3.43% to 3.44%, due 7/18/19 to 9/9/49, valued at $403,311 including accrued interest) | 395,403 | ||||||
|
Total Short-Term Investments Held as Collateral for Securities on Loan
(Cost: $7,920,755) |
7,920,755 | |||||||
|
Total Investments: 108.7%
(Cost: $76,032,383) |
97,803,334 | |||||||
| Liabilities in excess of other assets: (8.7)% | (7,829,221 | ) | ||||||
| NET ASSETS: 100.0% | $ | 89,974,113 | ||||||
See Notes to Financial Statements
| 18 |
|
|
| 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 $7,642,382. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $24,356,133 which represents 27.1% of net assets. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Consumer Discretionary | 10.1 | % | $ | 9,071,359 | ||||
| Energy | 1.8 | 1,643,736 | ||||||
| Industrials | 51.2 | 45,958,719 | ||||||
| Information Technology | 26.0 | 23,356,824 | ||||||
| Utilities | 10.9 | 9,808,708 | ||||||
| Money Market Fund | 0.0 | 43,233 | ||||||
| 100.0 | % | $ | 89,882,579 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||||||
| Common Stocks | ||||||||||||||||||||
| Austria | $ | — | $ | 2,597,498 | $ | — | $ | 2,597,498 | ||||||||||||
| Brazil | 1,202,574 | — | — | 1,202,574 | ||||||||||||||||
| Canada | 3,037,707 | — | — | 3,037,707 | ||||||||||||||||
| China / Hong Kong | 548,931 | 3,648,773 | — | 4,197,704 | ||||||||||||||||
| Denmark | — | 8,796,875 | — | 8,796,875 | ||||||||||||||||
| Japan | — | 2,052,019 | — | 2,052,019 | ||||||||||||||||
| Spain | — | 2,790,220 | — | 2,790,220 | ||||||||||||||||
| Sweden | — | 4,470,748 | — | 4,470,748 | ||||||||||||||||
| United States | 60,694,001 | — | — | 60,694,001 | ||||||||||||||||
| Money Market Fund | 43,233 | — | — | 43,233 | ||||||||||||||||
| Repurchase Agreements | — | 7,920,755 | — | 7,920,755 | ||||||||||||||||
| Total | $ | 65,526,446 | $ | 32,276,888 | $ | — | $ | 97,803,334 | ||||||||||||
See Notes to Financial Statements
| 19 |
|
|
VANECK VECTORS NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
|
Number
of Shares |
Value | |||||||
| Canada: (continued) | ||||||||
| 2,720 | Husky Energy, Inc. | $ | 25,831 | |||||
| 13,414 | IAMGOLD Corp. * | 45,475 | ||||||
| 2,108 | Imperial Oil Ltd. (USD) | 58,328 | ||||||
| 35,837 | Kinross Gold Corp. (USD) * | 139,048 | ||||||
| 5,352 | Kirkland Lake Gold Ltd. | 231,077 | ||||||
| 12,100 | Lundin Mining Corp. | 66,762 | ||||||
| 59,633 | Nutrien Ltd. (USD) † | 3,187,980 | ||||||
| 2,705 | Osisko Gold Royalties Ltd. | 28,256 | ||||||
| 6,003 | Pan American Silver Corp. (USD) | 77,499 | ||||||
| 4,584 | Pembina Pipeline Corp. † | 171,012 | ||||||
| 4,857 | Pretium Resources, Inc. * | 48,654 | ||||||
| 14,300 | Suncor Energy, Inc. (USD) | 445,588 | ||||||
| 8,319 | TC Energy Corp. (USD) | 411,957 | ||||||
| 9,483 | Teck Cominco Ltd. (USD) | 218,678 | ||||||
| 28,264 | Turquoise Hill Resources Ltd. * | 35,256 | ||||||
| 3,576 | Village Farms International, Inc. * | 41,048 | ||||||
| 1,196 | West Fraser Timber Co. Ltd. | 54,640 | ||||||
| 12,736 | Wheaton Precious Metals Corp. (USD) | 307,957 | ||||||
| 27,212 | Yamana Gold, Inc. (USD) | 68,574 | ||||||
| 8,407,400 | ||||||||
| Chile: 0.7% | ||||||||
| 54,975 | Aguas Andinas SA | 32,388 | ||||||
| 6,531 | Antofagasta Plc (GBP) # | 77,312 | ||||||
| 25,349 | Empresas CMPC SA | 69,444 | ||||||
| 8,655 | Inversiones Aguas Metropolitanas SA | 13,385 | ||||||
| 10,225 | Sociedad Quimica y Minera de Chile SA (ADR) | 318,100 | ||||||
| 510,629 | ||||||||
| China / Hong Kong: 1.8% | ||||||||
| 75,600 | Aluminum Corp of China Ltd. * # | 26,850 | ||||||
| 25,740 | Angang Steel Co. Ltd. # | 11,742 | ||||||
| 218,614 | China Agri-Industries Holdings Ltd. # | 70,303 | ||||||
| 164,422 | China BlueChemical Ltd. # | 44,848 | ||||||
| 19,300 | China Coal Energy Co. Ltd. # | 8,037 | ||||||
| 16,000 | China Gas Holdings Ltd. # | 59,450 | ||||||
| 32,700 | China Hongqiao Group Ltd. # | 23,062 | ||||||
| 62,524 | China Longyuan Power Group Corp. Ltd. # | 40,171 | ||||||
| 67,200 | China Molybdenum Co. Ltd. # | 21,311 | ||||||
| 16,900 | China Oilfield Services Ltd. (Class H) # | 16,764 | ||||||
| 231,027 | China Petroleum & Chemical Corp. # | 157,364 | ||||||
| 30,591 | China Shenhua Energy Co. Ltd. # | 64,068 | ||||||
| 145,079 | CNOOC Ltd. # | 247,445 | ||||||
| 46,700 | Fosun International Ltd. # | 62,171 | ||||||
| 20,800 | Health and Happiness H&H International Holdings Ltd. # | 118,254 | ||||||
| 34,100 | Huaneng Power International, Inc. # | 20,080 | ||||||
| 21,300 | Jiangxi Copper Co. Ltd. (Class H) # | 28,384 | ||||||
| 31,400 | Kunlun Energy Co. Ltd. # | 27,413 | ||||||
| 28,700 | Lee & Man Paper Manufacturing Ltd. # | 20,077 | ||||||
| 33,200 | Maanshan Iron and Steel Co. Ltd. (Class H) # | 13,201 | ||||||
| 37,757 | Nine Dragons Paper Holdings Ltd. # | 33,505 | ||||||
| 189,540 | PetroChina Co. Ltd. (Class-H) # | 104,499 | ||||||
| 14,900 | Yanzhou Coal Mining Co. Ltd. # | 13,932 | ||||||
| 29,900 | Zhaojin Mining Industry Co. Ltd. # | 33,564 | ||||||
| 164,261 | Zijin Mining Group Ltd. # | 66,747 | ||||||
| 1,333,242 | ||||||||
See Notes to Financial Statements
| 20 |
|
|
|
Number
of Shares |
Value | |||||||
| Denmark: 0.8% | ||||||||
| 3,909 | Bakkafrost P/F (NOK) # | $ | 218,415 | |||||
| 4,004 | Vestas Wind Systems A/S # | 347,419 | ||||||
| 565,834 | ||||||||
| Finland: 0.4% | ||||||||
| 3,886 | Neste Oil Oyj # | 132,312 | ||||||
| 12,969 | Stora Enso Oyj (R Shares) # | 152,843 | ||||||
| 285,155 | ||||||||
| France: 2.1% | ||||||||
| 8,532 | Suez # | 123,296 | ||||||
| 20,627 | Total SA # | 1,158,777 | ||||||
| 11,318 | Veolia Environnement SA # | 276,010 | ||||||
| 1,558,083 | ||||||||
| Germany: 1.0% | ||||||||
| 638 | Aurubis AG # | 31,207 | ||||||
| 44,305 | E.ON SE # | 481,433 | ||||||
| 6,655 | Suedzucker AG # | 112,949 | ||||||
| 9,308 | ThyssenKrupp AG # | 136,107 | ||||||
| 761,696 | ||||||||
| Hungary: 0.1% | ||||||||
| 4,288 | MOL Hungarian Oil & Gas Plc # | 47,715 | ||||||
| India: 0.8% | ||||||||
| 15,998 | Reliance Industries Ltd. 144A (GDR) # | 578,349 | ||||||
| Indonesia: 0.1% | ||||||||
| 57,900 | Indah Kiat Pulp and Paper Corp. Tbk PT # | 38,486 | ||||||
| 28,100 | Pabrik Kertas Tjiwi Kimia Tbk PT # | 25,028 | ||||||
| 276,300 | Perusahaan Perkebunan London Sumatra Indonesia Tbk PT # | 21,910 | ||||||
| 85,424 | ||||||||
| Ireland: 0.3% | ||||||||
| 12,403 | Origin Enterprises Plc # | 72,274 | ||||||
| 5,352 | Smurfit Kappa Group Plc (GBP) # | 162,317 | ||||||
| 234,591 | ||||||||
| Italy: 0.5% | ||||||||
| 22,951 | ENI S.p.A. # | 382,184 | ||||||
| Japan: 6.1% | ||||||||
| 8,500 | Calbee, Inc. # | 229,727 | ||||||
| 2,700 | Daio Paper Corp. # | 31,835 | ||||||
| 3,817 | Hitachi Metals Ltd. # | 43,314 | ||||||
| 2,500 | Hokuto Corp. # | 42,228 | ||||||
| 1,900 | Idemitsu Kosan Co. Ltd. # | 57,506 | ||||||
| 9,800 | Inpex Corp. # | 88,882 | ||||||
| 10,964 | JFE Holdings, Inc. # | 161,555 | ||||||
| 30,500 | JXTG Holdings, Inc. # | 152,115 | ||||||
| 6,900 | Kobe Steel Ltd. # | 45,321 | ||||||
| 115,600 | Kubota Corp. # | 1,932,617 | ||||||
| 2,265 | Kurita Water Industries Ltd. # | 56,471 | ||||||
| 2,500 | Mitsubishi Materials Corp. # | 71,271 | ||||||
| 2,400 | Nippon Paper Industries Co. Ltd. # | 42,590 | ||||||
| 17,400 | Nippon Steel Corp. # | 299,663 | ||||||
| 28,414 | Nippon Suisan Kaisha Ltd. # | 176,475 | ||||||
| 24,950 | Nisshin Seifun Group, Inc. # | 570,225 | ||||||
| 21,876 | Oji Holdings Corp. # | 126,807 | ||||||
| 5,570 | Rengo Co. Ltd. # | 44,875 | ||||||
| 3,700 | Sakata Seed Corp. # | 108,379 | ||||||
| 3,883 | Sumitomo Forestry Co. Ltd. # | 46,709 | ||||||
| 5,200 | Sumitomo Metal Mining Ltd. # | 155,987 | ||||||
| 4,484,552 | ||||||||
|
Number
of Shares |
Value | |||||||
| Luxembourg: 0.4% | ||||||||
| 12,112 | Arcelormittal # | $ | 216,983 | |||||
| 2,130 | Tenaris SA (ADR) | 56,040 | ||||||
| 1,003 | Ternium SA (ADR) | 22,497 | ||||||
| 295,520 | ||||||||
| Malaysia: 1.5% | ||||||||
| 147,730 | Felda Global Ventures Holdings Bhd * # | 40,066 | ||||||
| 21,551 | Genting Plantation Bhd # | 52,180 | ||||||
| 192,394 | IOI Corp. Bhd # | 197,887 | ||||||
| 34,778 | Kuala Lumpur Kepong Bhd # | 206,685 | ||||||
| 126,700 | Malyan Banking Bhd # | 272,400 | ||||||
| 1,800 | Petronas Dagangan Bhd # | 11,073 | ||||||
| 53,400 | PPB Group Bhd # | 241,527 | ||||||
| 42,600 | Press Metal Aluminium Holdings Bhd # | 45,355 | ||||||
| 1,067,173 | ||||||||
| Mexico: 0.6% | ||||||||
| 5,281 | Fresnillo Plc (GBP) # | 58,576 | ||||||
| 20,040 | Gruma, SAB de CV | 187,907 | ||||||
| 67,764 | Grupo Mexico, SAB de CV | 179,783 | ||||||
| 3,532 | Industrias Penoles, SAB de CV | 45,649 | ||||||
| 471,915 | ||||||||
| Netherlands: 1.9% | ||||||||
| 4,198 | ForFarmers NV † # | 35,604 | ||||||
| 8,325 | OCI NV * # | 228,928 | ||||||
| 33,792 | Royal Dutch Shell Plc (GBP) # | 1,109,650 | ||||||
| 1,374,182 | ||||||||
| Norway: 3.0% | ||||||||
| 9,940 | Equinor ASA # | 197,285 | ||||||
| 43,323 | Mowi ASA # | 1,014,234 | ||||||
| 25,846 | Norsk Hydro ASA # | 92,622 | ||||||
| 1,721 | Norway Royal Salmon ASA # | 36,590 | ||||||
| 17,270 | Yara International ASA # | 839,423 | ||||||
| 2,180,154 | ||||||||
| Peru: 0.2% | ||||||||
| 6,461 | Cia de Minas Buenaventura SA (ADR) | 107,705 | ||||||
| 1,609 | Southern Copper Corp. (USD) | 62,510 | ||||||
| 170,215 | ||||||||
| Poland: 0.3% | ||||||||
| 4,703 | Grupa Azoty SA # | 52,901 | ||||||
| 2,574 | KGHM Polska Miedz SA * # | 71,550 | ||||||
| 2,624 | Polski Koncern Naftowy Orlen SA # | 63,359 | ||||||
| 14,597 | Polskie Gornictwo Naftowe I Gazownictwo SA # | 20,800 | ||||||
| 208,610 | ||||||||
| Portugal: 0.1% | ||||||||
| 3,896 | Galp Energia, SGPS, SA # | 60,007 | ||||||
| 5,012 | Navigator Co. SA # | 19,170 | ||||||
| 79,177 | ||||||||
| Russia: 2.7% | ||||||||
| 9,618 | Evraz Plc (GBP) # | 81,615 | ||||||
| 54,463 | Gazprom PJSC (ADR) # | 399,686 | ||||||
| 3,383 | Lukoil PJSC (ADR) # | 285,999 | ||||||
| 14,377 | MMC Norilsk Nickel PJSC (ADR) | 326,502 | ||||||
| 761 | Novatek PJSC Reg S (GDR) # | 161,766 | ||||||
| 1,815 | Novolipetsk Steel PJSC Reg S (GDR) # | 45,844 | ||||||
| 14,966 | PhosAgro OAO Reg S (GDR) # | 196,413 | ||||||
See Notes to Financial Statements
| 21 |
|
|
VANECK VECTORS NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Number
of Shares |
Value | |||||||
| Russia: (continued) | ||||||||
| 6,458 | Polymetal International Plc (GBP) # | $ | 82,063 | |||||
| 10,518 | Rosneft Oil Co. PJSC Reg S (GDR) # | 69,014 | ||||||
| 3,557 | Severstal PJSC Reg S (GDR) | 59,935 | ||||||
| 32,231 | Surgutneftegas OJSC (ADR) # | 132,748 | ||||||
| 2,326 | Tatneft PJSC (ADR) # | 172,018 | ||||||
| 2,013,603 | ||||||||
| Singapore: 1.2% | ||||||||
| 654,019 | Golden Agri-Resources Ltd. # | 140,419 | ||||||
| 256,164 | Wilmar International Ltd. # | 701,261 | ||||||
| 841,680 | ||||||||
| South Africa: 1.3% | ||||||||
| 1,778 | Anglo American Platinum Ltd. # | 105,669 | ||||||
| 11,823 | AngloGold Ashanti Ltd. (ADR) | 210,568 | ||||||
| 766 | Assore Ltd. | 19,924 | ||||||
| 3,757 | Astral Foods Ltd. | 41,299 | ||||||
| 23,548 | Gold Fields Ltd. (ADR) | 127,395 | ||||||
| 21,062 | Impala Platinum Holdings Ltd. * # | 104,255 | ||||||
| 1,036 | Kumba Iron Ore Ltd. # | 36,685 | ||||||
| 13,151 | Northam Platinum Ltd. * | 55,024 | ||||||
| 12,535 | Sappi Ltd. | 48,793 | ||||||
| 5,116 | Sasol Ltd. # | 127,065 | ||||||
| 58,166 | Sibanye Gold Ltd. * # | 68,425 | ||||||
| 945,102 | ||||||||
| South Korea: 1.0% | ||||||||
| 1,617 | Hyundai Steel Co. # | 58,628 | ||||||
| 239 | Korea Zinc Co. Ltd. # | 98,576 | ||||||
| 1,518 | POSCO # | 322,249 | ||||||
| 559 | SK Energy Co. Ltd. # | 77,052 | ||||||
| 419 | SK Holdings Co. Ltd. # | 84,315 | ||||||
| 366 | S-Oil Corp. # | 26,583 | ||||||
| 1,084 | Woongjin Coway Co. Ltd. # | 72,512 | ||||||
| 739,915 | ||||||||
| Spain: 0.5% | ||||||||
| 2,926 | Acerinox SA # | 29,463 | ||||||
| 2,985 | EDP Renovaveis SA | 30,662 | ||||||
| 12,939 | Repsol YPF SA # | 203,353 | ||||||
| 4,524 | Siemens Gamesa Renewable Energy SA # | 75,305 | ||||||
| 338,783 | ||||||||
| Sweden: 0.6% | ||||||||
| 3,988 | Billerudkorsnas AB # | 53,182 | ||||||
| 5,176 | Boliden AB # | 132,743 | ||||||
| 2,240 | Holmen AB # | 47,894 | ||||||
| 1,597 | Lundin Petroleum AB # | 49,800 | ||||||
| 11,536 | SSAB AB (B Shares) # | 35,224 | ||||||
| 13,648 | Svenska Cellulosa AB # | 118,830 | ||||||
| 437,673 | ||||||||
| Switzerland: 0.5% | ||||||||
| 102,634 | Glencore Plc (GBP) # | 355,978 | ||||||
| Taiwan: 0.3% | ||||||||
| 238,472 | China Steel Corp. # | 191,656 | ||||||
| 15,920 | Formosa Petrochemical Corp. # | 56,852 | ||||||
| 248,508 | ||||||||
|
Number
of Shares |
Value | |||||||
| Thailand: 0.3% | ||||||||
| 34,500 | Energy Absolute PCL (NVDR) # | $ | 62,747 | |||||
| 12,500 | PTT Exploration & Production PCL (NVDR) # | 55,190 | ||||||
| 77,300 | PTT PCL (NVDR) # | 123,090 | ||||||
| 241,027 | ||||||||
| Turkey: 0.1% | ||||||||
| 25,836 | Eregli Demir ve Celik Fabrikalari TAS # | 35,130 | ||||||
| 1,107 | Tupras-Turkiye Petrol Rafinerileri AS # | 21,982 | ||||||
| 57,112 | ||||||||
| United Kingdom: 6.8% | ||||||||
| 19,148 | Anglo American Plc # | 548,213 | ||||||
| 172,563 | BP Plc # | 1,204,810 | ||||||
| 33,134 | Centamin Plc # | 48,307 | ||||||
| 51,677 | Centrica Plc # | 57,733 | ||||||
| 98,136 | CNH Industrial NV (USD) | 1,008,838 | ||||||
| 30,817 | DS Smith Plc # | 142,475 | ||||||
| 4,906 | KAZ Minerals Plc # | 37,767 | ||||||
| 8,275 | Mondi Plc # | 188,748 | ||||||
| 8,464 | Pennon Group Plc # | 80,004 | ||||||
| 21,017 | Rio Tinto Plc # | 1,303,624 | ||||||
| 4,783 | Severn Trent Plc # | 124,698 | ||||||
| 3,839 | TechnipFMC Plc (USD) | 99,584 | ||||||
| 13,726 | United Utilities Group Plc # | 136,923 | ||||||
| 4,981,724 | ||||||||
| United States: 43.4% | ||||||||
| 6,348 | AGCO Corp. | 492,414 | ||||||
| 3,512 | Alcoa Corp. * | 82,216 | ||||||
| 740 | American States Water Co. | 55,678 | ||||||
| 4,507 | Anadarko Petroleum Corp. | 318,014 | ||||||
| 2,600 | Andersons, Inc. | 70,824 | ||||||
| 3,387 | Apache Corp. | 98,121 | ||||||
| 4,342 | Aqua America, Inc. | 179,629 | ||||||
| 55,318 | Archer-Daniels-Midland Co. | 2,256,974 | ||||||
| 8,061 | Arconic, Inc. | 208,135 | ||||||
| 4,632 | Baker Hughes a GE Co. | 114,086 | ||||||
| 13,934 | Bunge Ltd. | 776,263 | ||||||
| 3,820 | Cabot Oil & Gas Corp. | 87,707 | ||||||
| 968 | California Water Service Group | 49,010 | ||||||
| 22,014 | CF Industries Holdings, Inc. | 1,028,274 | ||||||
| 2,279 | Chefs’ Warehouse, Inc. * | 79,925 | ||||||
| 2,179 | Cheniere Energy, Inc. * | 149,153 | ||||||
| 17,184 | Chevron Corp. | 2,138,377 | ||||||
| 915 | Cimarex Energy Co. | 54,287 | ||||||
| 1,810 | Concho Resources, Inc. | 186,756 | ||||||
| 10,235 | ConocoPhillips | 624,335 | ||||||
| 780 | Continental Resources, Inc. * | 32,830 | ||||||
| 2,078 | Cree, Inc. * | 116,742 | ||||||
| 16,263 | Darling International, Inc. * | 323,471 | ||||||
| 31,457 | Deere & Co. | 5,212,740 | ||||||
| 3,746 | Devon Energy Corp. | 106,836 | ||||||
| 1,394 | Diamondback Energy, Inc. | 151,904 | ||||||
| 1,418 | Domtar Corp. | 63,144 | ||||||
| 5,233 | EOG Resources, Inc. | 487,506 | ||||||
| 2,298 | EQT Corp. | 36,331 | ||||||
| 1,835 | Equitrans Midstream Corp. | 36,168 | ||||||
| 38,226 | Exxon Mobil Corp. | 2,929,258 | ||||||
See Notes to Financial Statements
| 22 |
|
|
See Notes to Financial Statements
| 23 |
|
|
VANECK VECTORS NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Consumer Discretionary | 1.9 | % | $ | 1,422,427 | ||||
| Consumer Staples | 15.7 | 11,657,342 | ||||||
| Energy | 30.2 | 22,340,970 | ||||||
| Financials | 0.4 | 272,400 | ||||||
| Industrials | 13.0 | 9,620,062 | ||||||
| Information Technology | 0.4 | 258,873 | ||||||
| Materials | 33.8 | 25,000,571 | ||||||
| Real Estate | 0.6 | 476,297 | ||||||
| Utilities | 3.6 | 2,677,251 | ||||||
| Money Market Fund | 0.4 | 315,091 | ||||||
| 100.0 | % | $ | 74,041,284 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||||||
| Common Stocks | ||||||||||||||||||||
| Argentina | $ | 126,589 | $ | — | $ | — | $ | 126,589 | ||||||||||||
| Australia | 48,587 | 3,840,018 | — | 3,888,605 | ||||||||||||||||
| Austria | — | 207,781 | — | 207,781 | ||||||||||||||||
| Brazil | 1,306,733 | — | — | 1,306,733 | ||||||||||||||||
| Canada | 8,407,400 | — | — | 8,407,400 | ||||||||||||||||
| Chile | 433,317 | 77,312 | — | 510,629 | ||||||||||||||||
| China / Hong Kong | — | 1,333,242 | — | 1,333,242 | ||||||||||||||||
| Denmark | — | 565,834 | — | 565,834 | ||||||||||||||||
| Finland | — | 285,155 | — | 285,155 | ||||||||||||||||
| France | — | 1,558,083 | — | 1,558,083 | ||||||||||||||||
| Germany | — | 761,696 | — | 761,696 | ||||||||||||||||
| Hungary | — | 47,715 | — | 47,715 | ||||||||||||||||
| India | — | 578,349 | — | 578,349 | ||||||||||||||||
| Indonesia | — | 85,424 | — | 85,424 | ||||||||||||||||
| Ireland | — | 234,591 | — | 234,591 | ||||||||||||||||
| Italy | — | 382,184 | — | 382,184 | ||||||||||||||||
| Japan | — | 4,484,552 | — | 4,484,552 | ||||||||||||||||
| Luxembourg | 78,537 | 216,983 | — | 295,520 | ||||||||||||||||
| Malaysia | — | 1,067,173 | — | 1,067,173 | ||||||||||||||||
| Mexico | 413,339 | 58,576 | — | 471,915 | ||||||||||||||||
| Netherlands | — | 1,374,182 | — | 1,374,182 | ||||||||||||||||
| Norway | — | 2,180,154 | — | 2,180,154 | ||||||||||||||||
| Peru | 170,215 | — | — | 170,215 | ||||||||||||||||
| Poland | — | 208,610 | — | 208,610 | ||||||||||||||||
| Portugal | — | 79,177 | — | 79,177 | ||||||||||||||||
| Russia | 386,437 | 1,627,166 | — | 2,013,603 | ||||||||||||||||
| Singapore | — | 841,680 | — | 841,680 | ||||||||||||||||
| South Africa | 503,003 | 442,099 | — | 945,102 | ||||||||||||||||
| South Korea | — | 739,915 | — | 739,915 | ||||||||||||||||
| Spain | 30,662 | 308,121 | — | 338,783 | ||||||||||||||||
| Sweden | — | 437,673 | — | 437,673 | ||||||||||||||||
| Switzerland | — | 355,978 | — | 355,978 | ||||||||||||||||
| Taiwan | — | 248,508 | — | 248,508 | ||||||||||||||||
| Thailand | — | 241,027 | — | 241,027 | ||||||||||||||||
| Turkey | — | 57,112 | — | 57,112 | ||||||||||||||||
| United Kingdom | 1,108,422 | 3,873,302 | — | 4,981,724 | ||||||||||||||||
| United States | 31,913,580 | — | — | 31,913,580 | ||||||||||||||||
| Money Market Fund | 315,091 | — | — | 315,091 | ||||||||||||||||
| Repurchase Agreement | — | 499,131 | — | 499,131 | ||||||||||||||||
| Total | $ | 45,241,912 | $ | 29,298,503 | $ | — | $ | 74,540,415 | ||||||||||||
See Notes to Financial Statements
| 24 |
|
|
VANECK VECTORS OIL REFINERS ETF
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
|
Number
of Shares |
Value | |||||||
| South Korea: 9.4% | ||||||||
| 1,279 | Hyundai Heavy Industries Holdings Co. Ltd. # | $ | 359,351 | |||||
| 5,256 | SK Energy Co. Ltd. # | 724,486 | ||||||
| 6,678 | S-Oil Corp. # | 485,028 | ||||||
| 1,568,865 | ||||||||
| Taiwan: 4.2% | ||||||||
| 197,000 | Formosa Petrochemical Corp. # | 703,510 | ||||||
| Thailand: 3.9% | ||||||||
| 1,703,400 | IRPC PCL (NVDR) # | 278,113 | ||||||
| 170,100 | Thai Oil PCL (NVDR) # | 369,477 | ||||||
| 647,590 | ||||||||
| Turkey: 2.1% | ||||||||
| 17,663 | Tupras-Turkiye Petrol Rafinerileri AS # | 350,739 | ||||||
| United States: 32.0% | ||||||||
| 7,515 | Delek US Holdings, Inc. | 304,508 | ||||||
| 16,151 | HollyFrontier Corp. | 747,468 | ||||||
| 22,072 | Marathon Petroleum Corp. | 1,233,383 | ||||||
| 11,719 | PBF Energy, Inc. | 366,805 | ||||||
| 15,327 | Phillips 66 | 1,433,688 | ||||||
| 14,594 | Valero Energy Corp. | 1,249,392 | ||||||
| 5,335,244 | ||||||||
|
Total Common Stocks: 100.1%
(Cost: $20,267,733) |
16,697,025 | |||||||
| Liabilities in excess of other assets: (0.1)% | (14,076 | ) | ||||||
| NET ASSETS: 100.0% | $ | 16,682,949 | ||||||
Definitions:
| GDR | Global Depositary Receipt |
| NVDR | Non-Voting Depositary Receipt |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $11,116,056 which represents 66.6% of net assets. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $1,191,946, or 7.1% of net assets. |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Energy | 97.8 | % | $ | 16,337,674 | ||||
| Industrials | 2.2 | 359,351 | ||||||
| 100.0 | % | $ | 16,697,025 | |||||
See Notes to Financial Statements
| 25 |
|
|
VANECK VECTORS OIL REFINERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||||
| Common Stocks | ||||||||||||||||||
| Australia | $ | — | $ | 585,067 | $ | — | $ | 585,067 | ||||||||||
| Austria | — | 742,564 | — | 742,564 | ||||||||||||||
| Finland | — | 933,774 | — | 933,774 | ||||||||||||||
| Greece | 245,725 | — | — | 245,725 | ||||||||||||||
| Hungary | — | 692,125 | — | 692,125 | ||||||||||||||
| India | — | 1,191,946 | — | 1,191,946 | ||||||||||||||
| Japan | — | 1,891,689 | — | 1,891,689 | ||||||||||||||
| Poland | — | 992,991 | — | 992,991 | ||||||||||||||
| Portugal | — | 815,196 | — | 815,196 | ||||||||||||||
| South Korea | — | 1,568,865 | — | 1,568,865 | ||||||||||||||
| Taiwan | — | 703,510 | — | 703,510 | ||||||||||||||
| Thailand | — | 647,590 | — | 647,590 | ||||||||||||||
| Turkey | — | 350,739 | — | 350,739 | ||||||||||||||
| United States | 5,335,244 | — | — | 5,335,244 | ||||||||||||||
| Total | $ | 5,580,969 | $ | 11,116,056 | $ | — | $ | 16,697,025 | ||||||||||
See Notes to Financial Statements
| 26 |
|
|
VANECK VECTORS OIL SERVICES ETF
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
|
Number
of Shares |
Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Luxembourg: 4.8% | ||||||||
| 1,483,222 | Tenaris SA (ADR) | $ | 39,023,571 | |||||
| Netherlands: 4.3% | ||||||||
| 665,239 | Core Laboratories NV (USD) | 34,778,695 | ||||||
| United Kingdom: 11.0% | ||||||||
| 4,498,790 | Ensco Rowan Plc (USD) † | 38,374,679 | ||||||
| 4,688,401 | Noble Corp. Plc (USD) * | 8,767,310 | ||||||
| 1,618,726 | TechnipFMC Plc (USD) | 41,989,753 | ||||||
| 89,131,742 | ||||||||
| United States: 79.9% | ||||||||
| 1,052,672 | Apergy Corp. * | 35,306,619 | ||||||
| 1,604,959 | Baker Hughes a GE Co. | 39,530,140 | ||||||
| 1,141,153 | C&J Energy Services, Inc. * | 13,442,782 | ||||||
| 1,476,851 | Diamond Offshore Drilling, Inc. * † | 13,099,668 | ||||||
| 525,242 | Dril-Quip, Inc. * | 25,211,616 | ||||||
| 3,397,295 | Halliburton Co. | 77,254,488 | ||||||
| 651,523 | Helmerich & Payne, Inc. | 32,980,094 | ||||||
| 3,866,611 | McDermott International, Inc. * † | 37,351,462 | ||||||
| 6,945,598 | Nabors Industries Ltd. | 20,142,234 | ||||||
| 1,742,460 | National Oilwell Varco, Inc. | 38,734,886 | ||||||
| 1,800,526 | Oceaneering International, Inc. * | 36,712,725 | ||||||
| 578,005 | Oil States International, Inc. * | 10,577,492 | ||||||
| 3,124,274 | Patterson-UTI Energy, Inc. | 35,960,394 | ||||||
| 2,256,464 | RPC, Inc. † | 16,269,106 | ||||||
| 4,023,662 | Schlumberger Ltd. | 159,900,328 | ||||||
| 3,175,228 | Superior Energy Services, Inc. * | 4,127,796 | ||||||
| 5,856,618 | Transocean, Inc. * | 37,540,921 | ||||||
| 975,644 | US Silica Holdings, Inc. † | 12,478,487 | ||||||
| 646,621,238 | ||||||||
|
Total Common Stocks
(Cost: $1,834,229,262) |
809,555,246 | |||||||
|
MONEY MARKET FUND: 0.0%
(Cost: $71,083) |
||||||||
| 71,083 | Dreyfus Government Cash Management Fund – Institutional Shares | 71,083 | ||||||
|
Total Investments Before Collateral
for Securities Loaned: 100.0% (Cost: $1,834,300,345) |
809,626,329 | |||||||
|
Principal
Amount |
Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.3% | ||||||||
| Repurchase Agreements: 4.3% | ||||||||
| $ | 8,160,468 | Repurchase agreement dated 6/28/19 with BofA Securities, Inc., 2.50%, due 7/1/19, proceeds $8,162,168; (collateralized by various U.S. government and agency obligations, 3.84%, due 6/1/46 to 7/1/49, valued at $8,323,677 including accrued interest) | $ | 8,160,468 | ||||
| 8,160,468 | Repurchase agreement dated 6/28/19 with Citigroup Global Markets, Inc., 2.50%, due 7/1/19, proceeds $8,162,168; (collateralized by various U.S. government and agency obligations, 3.84% to 3.91%, due 7/2/19 to 1/20/63, valued at $8,323,677 including accrued interest) | 8,160,468 | ||||||
| 1,715,989 | Repurchase agreement dated 6/28/19 with Credit Agricole CIB, 2.45%, due 7/1/19, proceeds $1,716,339; (collateralized by U.S. government obligations, 3.91%, due 4/15/21, valued at $1,750,309 including accrued interest) | 1,715,989 | ||||||
| 8,160,468 | Repurchase agreement dated 6/28/19 with Daiwa Capital Markets America, Inc., 2.53%, due 7/1/19, proceeds $8,162,188; (collateralized by various U.S. government and agency obligations, 3.91% to 3.95%, due 7/5/19 to 9/9/49, valued at $8,323,677 including accrued interest) | 8,160,468 | ||||||
| 8,160,468 | Repurchase agreement dated 6/28/19 with Morgan Stanley & Co. LLC, 2.52%, due 7/1/19, proceeds $8,162,182; (collateralized by various U.S. government and agency obligations, 3.95%, due 4/1/26 to 6/20/49, valued at $8,323,677 including accrued interest) | 8,160,468 | ||||||
|
Total Short-Term Investments Held as Collateral for Securities on Loan
(Cost: $34,357,861) |
34,357,861 | |||||||
|
Total Investments: 104.3%
(Cost: $1,868,658,206) |
843,984,190 | |||||||
| Liabilities in excess of other assets: (4.3)% | (34,672,533 | ) | ||||||
| NET ASSETS: 100.0% | $ | 809,311,657 | ||||||
See Notes to Financial Statements
| 27 |
|
|
VANECK VECTORS OIL SERVICES ETF
SCHEDULE OF INVESTMENTS
(unaudited) (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 $34,645,362. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Oil & Gas Drilling | 23.1 | % | $ | 186,865,300 | ||||
| Oil & Gas Equipment & Services | 76.9 | 622,689,946 | ||||||
| Money Market Fund | 0.0 | 71,083 | ||||||
| 100.0 | % | $ | 809,626,329 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||||
| Common Stocks* | $ | 809,555,246 | $ | — | $ | — | $ | 809,555,246 | ||||||||||
| Money Market Fund | 71,083 | — | — | 71,083 | ||||||||||||||
| Repurchase Agreements | — | 34,357,861 | — | 34,357,861 | ||||||||||||||
| Total | $ | 809,626,329 | $ | 34,357,861 | $ | — | $ | 843,984,190 | ||||||||||
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
| 28 |
|
|
VANECK VECTORS RARE EARTH/STRATEGIC METALS ETF
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
|
Number
of Shares |
Value | |||||||
| COMMON STOCKS: 97.2% | ||||||||
| Australia: 18.6% | ||||||||
| 10,569,343 | Galaxy Resources Ltd. * † # | $ | 9,109,344 | |||||
| 2,200,222 | Iluka Resources Ltd. # | 16,698,321 | ||||||
| 4,736,866 | Orocobre Ltd. * † # | 9,422,162 | ||||||
| 22,848,416 | Pilbara Minerals Ltd. * † # | 8,769,535 | ||||||
| 43,999,362 | ||||||||
| Canada: 10.8% | ||||||||
| 2,437,446 | Cobalt 27 Capital Corp. * | 7,890,106 | ||||||
| 7,427,306 | Largo Resources Ltd. * † | 10,287,679 | ||||||
| 1,853,084 | Lithium Americas Corp. * † | 7,487,495 | ||||||
| 25,665,280 | ||||||||
| China / Hong Kong: 28.0% | ||||||||
| 32,839,680 | China Molybdenum Co. Ltd. # | 18,976,003 | ||||||
| 9,310,797 | China Northern Rare Earth Group High-Tech Co. Ltd. # | 17,461,627 | ||||||
| 6,277,150 | Xiamen Tungsten Co. Ltd. # | 13,091,370 | ||||||
| 5,349,101 | Zhejiang Huayou Cobalt Co. Ltd. # | 16,635,745 | ||||||
| 66,164,745 | ||||||||
| France: 5.0% | ||||||||
| 176,667 | Eramet SA # | 11,776,190 | ||||||
| Japan: 9.0% | ||||||||
| 666,192 | OSAKA Titanium Technologies Co. # | 10,835,386 | ||||||
| 1,025,247 | Toho Titanium Co. Ltd. # | 10,461,548 | ||||||
| 21,296,934 | ||||||||
| Malaysia: 5.1% | ||||||||
| 6,686,449 | Lynas Corp. Ltd. (AUD) * # | 12,087,006 | ||||||
| Netherlands: 5.5% | ||||||||
| 419,819 | AMG Advanced Metallurgical † # | 13,044,975 | ||||||
| South Africa: 5.2% | ||||||||
| 418,189 | Assore Ltd. | 10,877,288 | ||||||
| 4,989,471 | Bushveld Minerals Ltd. (GBP) * | 1,508,149 | ||||||
| 12,385,437 | ||||||||
| United Kingdom: 5.4% | ||||||||
| 997,761 | Tronox Holdings Plc (USD) | 12,751,386 | ||||||
| United States: 4.6% | ||||||||
| 1,589,969 | Livent Corp. * | 11,002,586 | ||||||
|
Total Common Stocks
(Cost: $245,703,258) |
230,173,901 | |||||||
| PREFERRED STOCKS: 3.3% | ||||||||
|
Brazil: 3.3%
(Cost: $5,749,827) |
||||||||
| 1,356,423 | Cia de Ferro Ligas da Bahia, 6.55% | 7,821,468 | ||||||
|
MONEY MARKET FUND: 0.4%
(Cost: $837,068) |
||||||||
| 837,068 | Dreyfus Government Cash Management Fund – Institutional Shares | 837,068 | ||||||
|
Total Investments Before Collateral for Securities Loaned: 100.9%
(Cost: $252,290,153) |
238,832,437 | |||||||
|
Principal
Amount |
Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 17.1% | ||||||||
| Repurchase Agreements: 17.1% | ||||||||
| $ | 9,618,000 | Repurchase agreement dated 6/28/19 with BofA Securities, Inc., 2.50%, due 7/1/19, proceeds $9,620,004; (collateralized by various U.S. government and agency obligations, 3.95% due 6/1/46 to 7/1/49, valued at $9,810,360 including accrued interest) | $ | 9,618,000 | ||||
| 9,618,000 | Repurchase agreement dated 6/28/19 with Citigroup Global Markets, Inc., 2.50%, due 7/1/19, proceeds $9,620,004; (collateralized by various U.S. government and agency obligations, 3.10% to 4.00%, due 7/2/19 to 1/20/63, valued at $9,810,360 including accrued interest) | 9,618,000 | ||||||
| 2,022,221 | Repurchase agreement dated 6/28/19 with Credit Agricole CIB, 2.45%, due 7/1/19, proceeds $2,022,634; (collateralized by U.S. government obligations, 3.10%, due 4/15/21, valued at $2,062,666 including accrued interest) | 2,022,221 | ||||||
| 9,618,000 | Repurchase agreement dated 6/28/19 with Daiwa Capital Markets America, Inc., 2.53%, due 7/1/19, proceeds $9,620,028; (collateralized by various U.S. government and agency obligations, 3.10% to 3.11%, due 7/5/19 to 9/9/49, valued at $9,810,360 including accrued interest) | 9,618,000 | ||||||
| 9,618,000 | Repurchase agreement dated 6/28/19 with Morgan Stanley & Co. LLC, 2.52%, due 7/1/19, proceeds $9,620,020; (collateralized by various U.S. government and agency obligations, 3.11%, due 4/1/26 to 6/20/49, valued at $9,810,360 including accrued interest) | 9,618,000 | ||||||
|
Total Short-Term Investments Held as Collateral for Securities on Loan
(Cost: $40,494,221) |
40,494,221 | |||||||
|
Total Investments: 118.0%
(Cost: $292,784,374) |
279,326,658 | |||||||
| Liabilities in excess of other assets: (18.0)% | (42,599,659 | ) | ||||||
| NET ASSETS: 100.0% | $ | 236,726,999 | ||||||
See Notes to Financial Statements
| 29 |
|
|
VANECK VECTORS RARE EARTH/STRATEGIC METALS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
| AUD | Australian Dollar |
| GBP | British Pound |
| USD | United States Dollar |
| Footnotes: | |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $37,313,441. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $168,369,212 which represents 71.1% of net assets. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Diversified Metals & Mining | 30.4 | % | $ | 72,735,739 | ||||
| Materials | 65.9 | 157,438,162 | ||||||
| Steel | 3.3 | 7,821,468 | ||||||
| Money Market Fund | 0.4 | 837,068 | ||||||
| 100.0 | % | $ | 238,832,437 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | |||||||||||||||
| Common Stocks | ||||||||||||||||||
| Australia | $ | — | $ | 43,999,362 | $ | — | $ | 43,999,362 | ||||||||||
| Canada | 25,665,280 | — | — | 25,665,280 | ||||||||||||||
| China / Hong Kong | — | 66,164,745 | — | 66,164,745 | ||||||||||||||
| France | — | 11,776,190 | — | 11,776,190 | ||||||||||||||
| Japan | — | 21,296,934 | — | 21,296,934 | ||||||||||||||
| Malaysia | — | 12,087,006 | — | 12,087,006 | ||||||||||||||
| Netherlands | — | 13,044,975 | — | 13,044,975 | ||||||||||||||
| South Africa | 12,385,437 | — | — | 12,385,437 | ||||||||||||||
| United Kingdom | 12,751,386 | — | — | 12,751,386 | ||||||||||||||
| United States | 11,002,586 | — | — | 11,002,586 | ||||||||||||||
| Preferred Stocks* | 7,821,468 | — | — | 7,821,468 | ||||||||||||||
| Money Market Fund | 837,068 | — | — | 837,068 | ||||||||||||||
| Repurchase Agreements | — | 40,494,221 | — | 40,494,221 | ||||||||||||||
| Total | $ | 70,463,225 | $ | 208,863,433 | $ | — | $ | 279,326,658 | ||||||||||
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
| 30 |
|
|
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
See Notes to Financial Statements
| 31 |
|
|
VANECK VECTORS STEEL ETF
SCHEDULE OF INVESTMENTS
(unaudited) (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 $6,186,734. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Energy | 5.0 | % | $ | 2,960,085 | ||||
| Industrials | 1.8 | 1,030,633 | ||||||
| Materials | 93.2 | 54,787,802 | ||||||
| 100.0 | % | $ | 58,778,520 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks* | $ | 58,778,520 | $ | — | $ | — | $ | 58,778,520 | |||||||||
| Repurchase Agreements | — | 6,302,927 | — | 6,302,927 | |||||||||||||
| Total | $ | 58,778,520 | $ | 6,302,927 | $ | — | $ | 65,081,447 | |||||||||
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
| 32 |
|
|
VANECK VECTORS UNCONVENTIONAL OIL & GAS ETF
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
See Notes to Financial Statements
| 33 |
|
|
VANECK VECTORS UNCONVENTIONAL OIL & GAS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Definitions: | |
| USD | United States Dollar |
| Footnotes: | |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $650,332. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Gas Utilities | 1.4 | % | $ | 317,238 | ||||
| Integrated Oil & Gas | 11.5 | 2,548,610 | ||||||
| Oil & Gas Exploration & Production | 86.7 | 19,262,209 | ||||||
| Money Market Fund | 0.4 | 89,141 | ||||||
| 100.0 | % | $ | 22,217,198 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks* | $ | 22,128,057 | $ | — | $ | — | $ | 22,128,057 | |||||||||
| Money Market Fund | 89,141 | — | — | 89,141 | |||||||||||||
| Repurchase Agreement | — | 673,504 | — | 673,504 | |||||||||||||
| Total | $ | 22,217,198 | $ | 673,504 | $ | — | $ | 22,890,702 | |||||||||
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
| 34 |
|
|
VANECK VECTORS URANIUM+NUCLEAR ENERGY ETF
SCHEDULE OF INVESTMENTS
June 30, 2019 (unaudited)
|
Principal
Amount |
Value | |||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.7% | ||||||||
| Repurchase Agreements: 7.7% | ||||||||
| $ | 1,000,000 | Repurchase agreement dated 6/28/19 with Daiwa Capital Markets America, Inc., 2.53%, due 7/1/19, proceeds $1,000,211; (collateralized by various U.S. government and agency obligations, 3.79% to 3.83%, due 7/5/19 to 9/9/49, valued at $1,020,000 including accrued interest) | $ | 1,000,000 | ||||
| 832,784 | Repurchase agreement dated 6/28/19 with HSBC Securities USA, Inc., 2.50%, due 7/1/19, proceeds $832,957; (collateralized by various U.S. government and agency obligations, 3.83% to 3.84%, due 8/15/20 to 11/15/46, valued at $849,440 including accrued interest) | 832,784 | ||||||
|
Total Short-Term Investments Held as Collateral for Securities
on Loan
(Cost: $1,832,784) |
1,832,784 | |||||||
|
Total Investments: 107.9%
(Cost: $25,145,829) |
25,701,495 | |||||||
| Liabilities in excess of other assets: (7.9)% | (1,873,731 | ) | ||||||
| NET ASSETS: 100.0% | $ | 23,827,764 | ||||||
See Notes to Financial Statements
| 35 |
|
|
VANECK VECTORS URANIUM+NUCLEAR ENERGY ETF
SCHEDULE OF INVESTMENTS
(unaudited) (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 $1,728,359. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $8,793,050 which represents 36.9% 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. |
| 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 $681,395, or 2.9% of net assets. |
|
Summary of Investments by Sector
Excluding Collateral for Securities Loaned |
% of Investments | Value | ||||||
| Energy | 5.6 | % | $ | 1,328,546 | ||||
| Financials | 0.3 | 73,422 | ||||||
| Industrials | 3.0 | 716,234 | ||||||
| Utilities | 91.1 | 21,750,509 | ||||||
| 100.0 | % | $ | 23,868,711 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2019 is as follows:
|
Level 1
Quoted Prices |
Level 2
Significant Observable Inputs |
Level 3
Significant Unobservable Inputs |
Value | ||||||||||||||
| Common Stocks | |||||||||||||||||
| Canada | $ | 1,327,621 | $ | — | $ | — | $ | 1,327,621 | |||||||||
| China / Hong Kong | — | 681,395 | — | 681,395 | |||||||||||||
| Czech Republic | — | 1,074,964 | — | 1,074,964 | |||||||||||||
| Finland | — | 1,334,699 | — | 1,334,699 | |||||||||||||
| France | — | 981,487 | — | 981,487 | |||||||||||||
| Japan | — | 3,578,583 | — | 3,578,583 | |||||||||||||
| South Korea | 1,062,004 | 111,509 | — | 1,173,513 | |||||||||||||
| Spain | — | 1,030,413 | — | 1,030,413 | |||||||||||||
| United States | 12,686,036 | — | — | 12,686,036 | |||||||||||||
| Repurchase Agreements | — | 1,832,784 | — | 1,832,784 | |||||||||||||
| Total | $ | 15,075,661 | $ | 10,625,834 | $ | — | $ | 25,701,495 | |||||||||
See Notes to Financial Statements
| 36 |
|
|
[This Page Intentionally Left Blank.]
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2019 (unaudited)
|
Agribusiness
ETF |
Coal
ETF |
Gold
Miners
ETF |
Junior
Gold Miners ETF |
Low
Carbon
Energy ETF |
||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||
| Investments, at value (1) | ||||||||||||||||||||||||||
| Unaffiliated issuers (2) | $ | 700,003,830 | $ | 48,520,124 | $ | 4,718,268,412 | $ | 2,695,326,283 | $ | 89,882,579 | ||||||||||||||||
| Affiliated issuers (3) | — | — | 5,822,451,456 | 1,441,129,146 | — | |||||||||||||||||||||
| Short-term investments held as collateral for securities loaned (4) | 50,639,280 | 1,983,413 | 105,334,362 | 125,462,519 | 7,920,755 | |||||||||||||||||||||
| Cash | — | 5,869 | 13,732,291 | 151,768 | — | |||||||||||||||||||||
| Cash denominated in foreign currency, at value (5) | 561,198 | 19 | 335,138 | 39,512,360 | 23,164 | |||||||||||||||||||||
| Receivables: | ||||||||||||||||||||||||||
| Investment securities sold | 160,444 | — | 334,809 | 186,199 | 23,146 | |||||||||||||||||||||
| Shares sold | — | — | 9,419 | — | — | |||||||||||||||||||||
| Due from Adviser | — | — | — | — | — | |||||||||||||||||||||
| Dividends and interest | 1,197,831 | 424,943 | 5,722,257 | 600,050 | 171,212 | |||||||||||||||||||||
| Prepaid expenses | 4,061 | 2,675 | 14,780 | 16,087 | 2,641 | |||||||||||||||||||||
| Total assets | 752,566,644 | 50,937,043 | 10,666,202,924 | 4,302,384,412 | 98,023,497 | |||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||
| Payables: | ||||||||||||||||||||||||||
| Investment securities purchased | 160,423 | — | 13,863,982 | 39,516,426 | 23,164 | |||||||||||||||||||||
| Collateral for securities loaned | 50,639,280 | 1,983,413 | 105,334,362 | 125,462,519 | 7,920,755 | |||||||||||||||||||||
| Line of credit | 811,834 | 286,555 | — | — | — | |||||||||||||||||||||
| Shares redeemed | 1,266,248 | — | — | — | — | |||||||||||||||||||||
| Due to Adviser | 295,691 | 12,121 | 4,075,517 | 1,625,003 | 32,030 | |||||||||||||||||||||
| Due to custodian | 6,925,595 | — | — | — | — | |||||||||||||||||||||
| Deferred Trustee fees | 438,286 | 20,078 | 867,404 | 210,116 | 10,886 | |||||||||||||||||||||
| Accrued expenses | 235,118 | 85,308 | 197,303 | 246,641 | 62,549 | |||||||||||||||||||||
| Total liabilities | 60,772,475 | 2,387,475 | 124,338,568 | 167,060,705 | 8,049,384 | |||||||||||||||||||||
| NET ASSETS | $ | 691,794,169 | $ | 48,549,568 | $ | 10,541,864,356 | $ | 4,135,323,707 | $ | 89,974,113 | ||||||||||||||||
| Shares outstanding | 10,350,000 | 3,650,000 | 411,252,500 | 117,987,446 | 1,383,298 | |||||||||||||||||||||
| Net asset value, redemption and offering price per share | $ | 66.84 | $ | 13.30 | $ | 25.63 | $ | 35.05 | $ | 65.04 | ||||||||||||||||
| Net assets consist of: | ||||||||||||||||||||||||||
| Aggregate paid in capital | $ | 1,283,426,666 | $ | 365,519,797 | $ | 19,214,967,085 | $ | 8,406,933,794 | $ | 165,390,216 | ||||||||||||||||
| Total distributable earnings (loss) | (591,632,497 | ) | (316,970,229 | ) | (8,673,102,729 | ) | (4,271,610,087 | ) | (75,416,103 | ) | ||||||||||||||||
| $ | 691,794,169 | $ | 48,549,568 | $ | 10,541,864,356 | $ | 4,135,323,707 | $ | 89,974,113 | |||||||||||||||||
| (1) | Value of securities on loan | $ | 47,707,038 | $ | 1,721,607 | $ | 99,484,839 | $ | 119,996,252 | $ | 7,642,382 | |||||||||||||||
| (2) | Cost of investments — Unaffiliated issuers | $ | 632,385,742 | $ | 59,263,012 | $ | 4,145,622,257 | $ | 2,542,906,087 | $ | 68,111,628 | |||||||||||||||
| (3) | Cost of investments — Affiliated issuers | $ | — | $ | — | $ | 5,327,440,993 | $ | 1,566,630,800 | $ | — | |||||||||||||||
| (4) | Cost of short-term investments held as | |||||||||||||||||||||||||
| collateral for securities loaned | $ | 50,639,280 | $ | 1,983,413 | $ | 105,334,362 | $ | 125,462,519 | $ | 7,920,755 | ||||||||||||||||
| (5) | Cost of cash denominated in foreign currency | $ | 558,468 | $ | 19 | $ | 335,138 | $ | 39,183,309 | $ | 23,164 | |||||||||||||||
See Notes to Financial Statements
| 38 |
|
|
|
Natural
Resources ETF |
Oil Refiners
ETF |
Oil Services
ETF |
Rare Earth/ Strategic Metals
ETF |
Steel
ETF |
Unconventional
Oil & Gas ETF |
Uranium+Nuclear
Energy ETF |
|||||||||||||||||||||||||||
| $ | 74,041,284 | $ | 16,697,025 | $ | 809,626,329 | $ | 238,832,437 | $ | 58,778,520 | $ | 22,217,198 | $ | 23,868,711 | ||||||||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| 499,131 | — | 34,357,861 | 40,494,221 | 6,302,927 | 673,504 | 1,832,784 | |||||||||||||||||||||||||||
| — | — | — | — | — | 4,719 | — | |||||||||||||||||||||||||||
| 63,388 | 75,689 | — | 1,271,024 | — | 1,467 | 12,930 | |||||||||||||||||||||||||||
| 41,486 | 73,252 | — | 2,244,553 | 4,123,042 | 1,876 | 12,936 | |||||||||||||||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| — | 3,169 | — | — | — | — | — | |||||||||||||||||||||||||||
| 210,234 | 80,587 | 1,937,680 | 310,246 | 41,572 | 30,138 | 78,907 | |||||||||||||||||||||||||||
| 2,690 | 5,550 | 8,811 | 2,739 | 271 | 2,631 | 2,558 | |||||||||||||||||||||||||||
| 74,858,213 | 16,935,272 | 845,930,681 | 283,155,220 | 69,246,332 | 22,931,533 | 25,808,826 | |||||||||||||||||||||||||||
| 28,019 | 73,402 | — | 95,284 | 3,151,533 | 1,883 | 12,929 | |||||||||||||||||||||||||||
| 499,131 | — | 34,357,861 | 40,494,221 | 6,302,927 | 673,504 | 1,832,784 | |||||||||||||||||||||||||||
| 434,224 | 116,055 | 1,728,906 | 1,784,366 | 918,281 | — | — | |||||||||||||||||||||||||||
| — | — | 32 | 2,987,178 | — | — | — | |||||||||||||||||||||||||||
| 9,179 | — | 174,011 | 104,057 | 16,132 | 360 | 1,808 | |||||||||||||||||||||||||||
| 314,628 | 78 | 71,083 | 837,068 | — | — | 48,018 | |||||||||||||||||||||||||||
| 11,381 | 501 | 147,456 | 13,765 | 15,310 | 3,458 | 10,017 | |||||||||||||||||||||||||||
| 88,012 | 62,287 | 139,675 | 112,282 | 79,883 | 82,395 | 75,506 | |||||||||||||||||||||||||||
| 1,384,574 | 252,323 | 36,619,024 | 46,428,221 | 10,484,066 | 761,600 | 1,981,062 | |||||||||||||||||||||||||||
| $ | 73,473,639 | $ | 16,682,949 | $ | 809,311,657 | $ | 236,726,999 | $ | 58,762,266 | $ | 22,169,933 | $ | 23,827,764 | ||||||||||||||||||||
| 2,000,000 | 600,000 | 54,660,863 | 15,674,962 | 1,500,000 | 1,850,000 | 466,632 | |||||||||||||||||||||||||||
| $ | 36.74 | $ | 27.80 | $ | 14.81 | $ | 15.10 | $ | 39.17 | $ | 11.98 | $ | 51.06 | ||||||||||||||||||||
| $ | 107,447,468 | $ | 25,143,811 | $ | 2,255,076,498 | $ | 539,696,814 | $ | 202,006,050 | $ | 81,954,646 | $ | 104,090,593 | ||||||||||||||||||||
| (33,973,829 | ) | (8,460,862 | ) | (1,445,764,841 | ) | (302,969,815 | ) | (143,243,784 | ) | (59,784,713 | ) | (80,262,829 | ) | ||||||||||||||||||||
| $ | 73,473,639 | $ | 16,682,949 | $ | 809,311,657 | $ | 236,726,999 | $ | 58,762,266 | $ | 22,169,933 | $ | 23,827,764 | ||||||||||||||||||||
| $ | 474,243 | $ | — | $ | 34,645,362 | $ | 37,313,441 | $ | 6,186,734 | $ | 650,332 | $ | 1,728,359 | ||||||||||||||||||||
| $ | 70,269,546 | $ | 20,267,733 | $ | 1,834,300,345 | $ | 252,290,153 | $ | 70,110,882 | $ | 34,729,859 | $ | 23,313,045 | ||||||||||||||||||||
| $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
| $ | 499,131 | $ | — | $ | 34,357,861 | $ | 40,494,221 | $ | 6,302,927 | $ | 673,504 | $ | 1,832,784 | ||||||||||||||||||||
| $ | 62,350 | $ | 75,500 | $ | — | $ | 1,265,431 | $ | — | $ | 1,467 | $ | 12,926 | ||||||||||||||||||||
See Notes to Financial Statements
| 39 |
|
|
VANECK VECTORS ETF TRUST
For the Period Ended June 30, 2019 (unaudited)
|
Agribusiness
ETF |
Coal
ETF |
Gold Miners
ETF |
Junior
Gold Miners ETF |
Low Carbon
Energy ETF |
|||||||||||||||||||||
| Income: | |||||||||||||||||||||||||
| Dividends – Unaffiliated issuers | $ | 8,297,976 | $ | 2,058,870 | $ | 56,743 | $ | 1,844,231 | $ | 402,289 | |||||||||||||||
| Dividends – Affiliated issuers | — | — | 88,218,716 | 11,049,281 | — | ||||||||||||||||||||
| Securities lending income | 893,036 | 24,590 | 794,024 | 1,266,156 | 33,247 | ||||||||||||||||||||
| Foreign taxes withheld | (688,906 | ) | (184,973 | ) | (3,866,175 | ) | (563,934 | ) | (41,997 | ) | |||||||||||||||
| Total Income | 8,502,106 | 1,898,487 | 85,203,308 | 13,595,734 | 393,539 | ||||||||||||||||||||
| Expenses: | |||||||||||||||||||||||||
| Management fees | 1,862,870 | 130,432 | 24,746,311 | 9,957,802 | 218,504 | ||||||||||||||||||||
| Professional fees | 26,658 | 30,605 | 59,631 | 107,373 | 29,111 | ||||||||||||||||||||
| Insurance | 4,069 | 463 | 35,412 | 20,627 | 416 | ||||||||||||||||||||
| Trustees’ fees and expenses | 23,487 | 947 | 165,600 | 67,867 | 998 | ||||||||||||||||||||
| Reports to shareholders | 24,464 | 11,123 | 142,918 | 64,042 | 12,273 | ||||||||||||||||||||
| Indicative optimized portfolio value fee | 3,662 | 2,489 | — | 2,491 | 2,494 | ||||||||||||||||||||
| Custodian fees | 47,391 | 5,620 | 185,186 | 86,084 | 7,364 | ||||||||||||||||||||
| Registration fees | 2,492 | 2,492 | 105,804 | 18,267 | 2,495 | ||||||||||||||||||||
| Transfer agent fees | 1,196 | 1,196 | 1,196 | 1,196 | 1,196 | ||||||||||||||||||||
| Fund accounting fees | 27,765 | 5,536 | — | 123,537 | 5,335 | ||||||||||||||||||||
| Interest | 30,019 | 1,561 | 87,560 | 10,818 | 1,020 | ||||||||||||||||||||
| Other | 10,612 | 1,930 | 162,092 | 298,643 | 2,246 | ||||||||||||||||||||
| Total expenses | 2,064,685 | 194,394 | 25,691,710 | 10,758,747 | 283,452 | ||||||||||||||||||||
| Waiver of management fees | — | (38,923 | ) | — | — | (11,487 | ) | ||||||||||||||||||
| Net expenses | 2,064,685 | 155,471 | 25,691,710 | 10,758,747 | 271,965 | ||||||||||||||||||||
| Net investment income | 6,437,421 | 1,743,016 | 59,511,598 | 2,836,987 | 121,574 | ||||||||||||||||||||
| Net realized gain (loss) on: | |||||||||||||||||||||||||
| Investments – unaffiliated issuers | (12,553,431 | ) | (1,146,901 | ) | (453,123,580 | ) | (167,068,992 | ) | (1,243,926 | ) | |||||||||||||||
| Investments – affiliated issuers | — | — | (20,487,876 | ) | 241,085,077 | — | |||||||||||||||||||
| In-kind redemptions | 43,271,847 | 159,219 | 453,123,579 | 186,150,999 | 1,310,168 | ||||||||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (246,765 | ) | 2,242 | (197,617 | ) | (111,426 | ) | (1,938 | ) | ||||||||||||||||
| Net realized gain (loss) | 30,471,651 | (985,440 | ) | (20,685,494 | ) | 260,055,658 | 64,304 | ||||||||||||||||||
| Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||||||||||
| Investments – Unaffiliated issuers | 79,463,353 | 2,098,299 | (4 | ) | 242,632,179 | 14,077,432 | |||||||||||||||||||
| Investments – Affiliated issuers | — | — | 1,921,265,422 | 138,967,863 | — | ||||||||||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | 7,857 | (7,445 | ) | 25,929 | (124,607 | ) | (1,513 | ) | |||||||||||||||||
| Net change in unrealized appreciation (depreciation) | 79,471,210 | 2,090,854 | 1,921,291,347 | 381,475,435 | 14,075,919 | ||||||||||||||||||||
| Net Increase in Net Assets Resulting from Operations | $ | 116,380,282 | $ | 2,848,430 | $ | 1,960,117,451 | $ | 644,368,080 | $ | 14,261,797 | |||||||||||||||
See Notes to Financial Statements
| 40 |
|
|
|
Natural
Resources ETF |
Oil Refiners
ETF |
Oil Services
ETF |
Rare Earth/
Strategic Metals ETF |
Steel
ETF |
Unconventional
Oil & Gas ETF |
Uranium+Nuclear
Energy ETF |
|||||||||||||||||||||||||||
| $ | 1,297,381 | $ | 388,038 | $ | 10,134,228 | $ | 1,579,737 | $ | 1,362,447 | $ | 209,117 | $ | 412,026 | ||||||||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| 32,758 | 577 | 101,654 | 1,136,359 | 19,510 | 1,186 | 7,773 | |||||||||||||||||||||||||||
| (89,621 | ) | (22,784 | ) | (97,384 | ) | (133,759 | ) | (10,172 | ) | (6,995 | ) | (25,524 | ) | ||||||||||||||||||||
| 1,240,518 | 365,831 | 10,138,498 | 2,582,337 | 1,371,785 | 203,308 | 394,275 | |||||||||||||||||||||||||||
| 181,858 | 63,620 | 1,526,958 | 375,503 | 154,772 | 66,802 | 63,312 | |||||||||||||||||||||||||||
| 32,374 | 29,986 | 30,204 | 28,978 | 29,780 | 28,895 | 27,591 | |||||||||||||||||||||||||||
| 486 | 131 | 7,851 | 1,037 | 742 | 355 | 127 | |||||||||||||||||||||||||||
| 1,528 | 242 | 22,241 | 2,300 | 1,523 | 821 | 367 | |||||||||||||||||||||||||||
| 8,648 | 6,218 | 34,220 | 16,511 | 11,564 | 8,992 | 8,147 | |||||||||||||||||||||||||||
| 3,059 | 2,482 | 2,491 | 3,829 | — | 1,497 | 3,071 | |||||||||||||||||||||||||||
| 23,784 | 13,431 | 17,128 | 7,735 | 9,233 | 2,880 | 4,994 | |||||||||||||||||||||||||||
| 2,496 | 4,307 | 6,564 | 3,012 | 1,245 | 2,711 | 2,496 | |||||||||||||||||||||||||||
| 1,225 | 1,236 | 1,196 | 1,196 | 1,196 | 1,196 | 1,196 | |||||||||||||||||||||||||||
| 20,066 | 5,316 | 35,521 | 6,889 | 4,599 | 3,832 | 4,500 | |||||||||||||||||||||||||||
| 4,728 | 2,271 | 20,987 | 24,739 | 3,930 | 370 | 1,011 | |||||||||||||||||||||||||||
| 1,900 | 1,524 | 21,409 | 7,876 | 2,194 | 1,683 | 1,442 | |||||||||||||||||||||||||||
| 282,152 | 130,764 | 1,726,770 | 479,605 | 220,778 | 120,034 | 118,254 | |||||||||||||||||||||||||||
| (99,203 | ) | (53,421 | ) | (178,825 | ) | (26,793 | ) | (46,599 | ) | (47,518 | ) | (41,268 | ) | ||||||||||||||||||||
| 182,949 | 77,343 | 1,547,945 | 452,812 | 174,179 | 72,516 | 76,986 | |||||||||||||||||||||||||||
| 1,057,569 | 288,488 | 8,590,553 | 2,129,525 | 1,197,606 | 130,792 | 317,289 | |||||||||||||||||||||||||||
| (500,712 | ) | (1,165,759 | ) | (209,577,199 | ) | (22,984,684 | ) | (2,082,151 | ) | (2,213,608 | ) | (25,290 | ) | ||||||||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| 2,123,942 | (2,298,723 | ) | (4,784,423 | ) | 4,322,629 | 1,766,272 | (2,616,249 | ) | 453,441 | ||||||||||||||||||||||||
| (6,517 | ) | 2,587 | — | (63,531 | ) | — | 115 | 1,184 | |||||||||||||||||||||||||
| 1,616,713 | (3,461,895 | ) | (214,361,622 | ) | (18,725,586 | ) | (315,879 | ) | (4,829,742 | ) | 429,335 | ||||||||||||||||||||||
| 7,518,230 | 5,658,843 | 333,929,665 | 27,993,325 | 6,225,933 | 8,493,598 | (75,181 | ) | ||||||||||||||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| 1,720 | (555 | ) | — | 2,707 | — | 267 | (720 | ) | |||||||||||||||||||||||||
| 7,519,950 | 5,658,288 | 333,929,665 | 27,996,032 | 6,225,933 | 8,493,865 | (75,901 | ) | ||||||||||||||||||||||||||
| $ | 10,194,232 | $ | 2,484,881 | $ | 128,158,596 | $ | 11,399,971 | $ | 7,107,660 | $ | 3,794,915 | $ | 670,723 | ||||||||||||||||||||
See Notes to Financial Statements
| 41 |
|
|
STATEMENTS OF CHANGES IN NET ASSETS
| Agribusiness ETF | Coal ETF | |||||||||||||||||||
|
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
|||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 6,437,421 | $ | 11,247,175 | $ | 1,743,016 | $ | 3,658,960 | ||||||||||||
| Net realized gain (loss) | 30,471,651 | 26,425,991 | (985,440 | ) | 5,152,067 | |||||||||||||||
| Net change in unrealized appreciation (depreciation) | 79,471,210 | (78,237,487 | ) | 2,090,854 | (23,299,853 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 116,380,282 | (40,564,321 | ) | 2,848,430 | (14,488,826 | ) | ||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||
| Dividends and Distributions | — | (12,001,800 | ) | — | (3,625,600 | ) | ||||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | — | 253,505,524 | — | 37,840,160 | ||||||||||||||||
| Cost of shares redeemed | (181,302,225 | ) | (297,801,280 | ) | (9,382,502 | ) | (65,842,648 | ) | ||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | (181,302,225 | ) | (44,295,756 | ) | (9,382,502 | ) | (28,002,488 | ) | ||||||||||||
| Total increase (decrease) in net assets | (64,921,943 | ) | (96,861,877 | ) | (6,534,072 | ) | (46,116,914 | ) | ||||||||||||
| Net Assets, beginning of period | 756,716,112 | 853,577,989 | 55,083,640 | 101,200,554 | ||||||||||||||||
| Net Assets, end of period | $ | 691,794,169 | $ | 756,716,112 | $ | 48,549,568 | $ | 55,083,640 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | — | 4,100,000 | — | 2,200,000 | ||||||||||||||||
| Shares redeemed | (2,900,000 | ) | (4,700,000 | ) | (700,000 | ) | (4,150,000 | ) | ||||||||||||
| Net increase (decrease) | (2,900,000 | ) | (600,000 | ) | (700,000 | ) | (1,950,000 | ) | ||||||||||||
See Notes to Financial Statements
| 42 |
|
|
| Gold Miners ETF | Junior Gold Miners ETF | Low Carbon Energy ETF | ||||||||||||||||||||||||||
|
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
|||||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||||
| $ | 59,511,598 | $ | 54,277,346 | $ | 2,836,987 | $ | 20,158,325 | $ | 121,574 | $ | 388,213 | |||||||||||||||||
| (20,685,494 | ) | (601,102,816 | ) | 260,055,658 | (27,214,893 | ) | 64,304 | (6,719,605 | ) | |||||||||||||||||||
| 1,921,291,347 | (18,619,340 | ) | 381,475,435 | (619,710,123 | ) | 14,075,919 | (1,788,978 | ) | ||||||||||||||||||||
| 1,960,117,451 | (565,444,810 | ) | 644,368,080 | (626,766,691 | ) | 14,261,797 | (8,120,370 | ) | ||||||||||||||||||||
| — | (51,959,513 | ) | — | (19,534,693 | ) | — | (499,871 | ) | ||||||||||||||||||||
| 294,355,009 | 5,960,338,004 | 482,583,417 | 1,806,805,925 | — | 2,944,806 | |||||||||||||||||||||||
| (2,288,294,897 | ) | (2,341,832,008 | ) | (1,265,022,974 | ) | (1,521,604,784 | ) | (3,263,430 | ) | (2,699,948 | ) | |||||||||||||||||
| (1,993,939,888 | ) | 3,618,505,996 | (782,439,557 | ) | 285,201,141 | (3,263,430 | ) | 244,858 | ||||||||||||||||||||
| (33,822,437 | ) | 3,001,101,673 | (138,071,477 | ) | (361,100,243 | ) | 10,998,367 | (8,375,383 | ) | |||||||||||||||||||
| 10,575,686,793 | 7,574,585,120 | 4,273,395,184 | 4,634,495,427 | 78,975,746 | 87,351,129 | |||||||||||||||||||||||
| $ | 10,541,864,356 | $ | 10,575,686,793 | $ | 4,135,323,707 | $ | 4,273,395,184 | $ | 89,974,113 | $ | 78,975,746 | |||||||||||||||||
| 12,750,000 | 284,350,000 | 16,000,000 | 57,450,000 | — | 50,000 | |||||||||||||||||||||||
| (103,350,000 | ) | (108,250,000 | ) | (39,950,000 | ) | (51,000,000 | ) | (50,000 | ) | (50,000 | ) | |||||||||||||||||
| (90,600,000 | ) | 176,100,000 | (23,950,000 | ) | 6,450,000 | (50,000 | ) | — | ||||||||||||||||||||
See Notes to Financial Statements
| 43 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| Natural Resources ETF | Oil Refiners ETF | |||||||||||||||||||
|
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
|||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 1,057,569 | $ | 2,177,109 | $ | 288,488 | $ | 1,074,205 | ||||||||||||
| Net realized gain (loss) | 1,616,713 | 2,307,544 | (3,461,895 | ) | 2,132,774 | |||||||||||||||
| Net change in unrealized appreciation (depreciation) | 7,519,950 | (14,165,407 | ) | 5,658,288 | (11,639,881 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 10,194,232 | (9,680,754 | ) | 2,484,881 | (8,432,902 | ) | ||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||
| Dividends and Distributions | — | (2,159,650 | ) | — | (1,170,000 | ) | ||||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | — | 20,587,991 | — | 71,379,067 | ||||||||||||||||
| Cost of shares redeemed | (14,002,724 | ) | (35,327,984 | ) | (34,311,148 | ) | (23,907,520 | ) | ||||||||||||
| Increase (Decrease) in net assets resulting from share transactions | (14,002,724 | ) | (14,739,993 | ) | (34,311,148 | ) | 47,471,547 | |||||||||||||
| Total increase (decrease) in net assets | (3,808,492 | ) | (26,580,397 | ) | (31,826,267 | ) | 37,868,645 | |||||||||||||
| Net Assets, beginning of period | 77,282,131 | 103,862,528 | 48,509,216 | 10,640,571 | ||||||||||||||||
| Net Assets, end of period | $ | 73,473,639 | $ | 77,282,131 | $ | 16,682,949 | $ | 48,509,216 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | — | 550,000 | — | 2,200,000 | ||||||||||||||||
| Shares redeemed | (400,000 | ) | (950,000 | ) | (1,200,000 | ) | (750,000 | ) | ||||||||||||
| Net increase (decrease) | (400,000 | ) | (400,000 | ) | (1,200,000 | ) | 1,450,000 | |||||||||||||
See Notes to Financial Statements
| 44 |
|
|
| Oil Services ETF | Rare Earth/Strategic Metals ETF | Steel ETF | ||||||||||||||||||||||||||
|
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
|||||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||||
| $ | 8,590,553 | $ | 20,914,787 | $ | 2,129,525 | $ | 4,738,473 | $ | 1,197,606 | $ | 3,613,616 | |||||||||||||||||
| (214,361,622 | ) | (21,009,960 | ) | (18,725,586 | ) | (29,449,479 | ) | (315,879 | ) | 13,351,999 | ||||||||||||||||||
| 333,929,665 | (653,349,446 | ) | 27,996,032 | (83,243,311 | ) | 6,225,933 | (35,609,871 | ) | ||||||||||||||||||||
| 128,158,596 | (653,444,619 | ) | 11,399,971 | (107,954,317 | ) | 7,107,660 | (18,644,256 | ) | ||||||||||||||||||||
| — | (21,321,948 | ) | — | (11,500,061 | ) | — | (3,600,300 | ) | ||||||||||||||||||||
| 911,720,833 | 3,576,434,472 | 165,406,645 | 92,876,673 | 5,756,822 | 69,668,571 | |||||||||||||||||||||||
| (1,275,402,554 | ) | (3,508,098,084 | ) | (32,617,162 | ) | (63,091,508 | ) | (11,636,249 | ) | (140,826,609 | ) | |||||||||||||||||
| (363,681,721 | ) | 68,336,388 | 132,789,483 | 29,785,165 | (5,879,427 | ) | (71,158,038 | ) | ||||||||||||||||||||
| (235,523,125 | ) | (606,430,179 | ) | 144,189,454 | (89,669,213 | ) | 1,228,233 | (93,402,594 | ) | |||||||||||||||||||
| 1,044,834,782 | 1,651,264,961 | 92,537,545 | 182,206,758 | 57,534,033 | 150,936,627 | |||||||||||||||||||||||
| $ | 809,311,657 | $ | 1,044,834,782 | $ | 236,726,999 | $ | 92,537,545 | $ | 58,762,266 | $ | 57,534,033 | |||||||||||||||||
| 57,750,000 | 156,300,000 | 11,050,000 | 3,300,000 | 150,000 | 1,450,000 | |||||||||||||||||||||||
| (77,550,000 | ) | (145,300,000 | ) | (2,200,000 | ) | (2,600,000 | ) | (300,000 | ) | (3,100,000 | ) | |||||||||||||||||
| (19,800,000 | ) | 11,000,000 | 8,850,000 | 700,000 | (150,000 | ) | (1,650,000 | ) | ||||||||||||||||||||
See Notes to Financial Statements
| 45 |
|
|
VANECK VECTORS ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(continued)
| Unconventional Oil & Gas ETF | Uranium+Nuclear Energy ETF | |||||||||||||||||||
|
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
For the
Six Months Ended June 30, 2019 |
For the Year
Ended December 31, 2018 |
|||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||||
| Operations: | ||||||||||||||||||||
| Net investment income | $ | 130,792 | $ | 508,185 | $ | 317,289 | $ | 716,050 | ||||||||||||
| Net realized gain (loss) | (4,829,742 | ) | (10,939,902 | ) | 429,335 | 502,306 | ||||||||||||||
| Net change in unrealized appreciation (depreciation) | 8,493,865 | (12,940,297 | ) | (75,901 | ) | 234,878 | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 3,794,915 | (23,372,014 | ) | 670,723 | 1,453,234 | |||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||
| Dividends and Distributions | — | (426,800 | ) | — | (1,000,199 | ) | ||||||||||||||
| Share transactions:** | ||||||||||||||||||||
| Proceeds from sale of shares | 638,711 | 19,198,826 | — | — | ||||||||||||||||
| Cost of shares redeemed | (12,326,308 | ) | (34,540,419 | ) | (2,503,957 | ) | (2,606,938 | ) | ||||||||||||
| Decrease in net assets resulting from share transactions | (11,687,597 | ) | (15,341,593 | ) | (2,503,957 | ) | (2,606,938 | ) | ||||||||||||
| Total decrease in net assets | (7,892,682 | ) | (39,140,407 | ) | (1,833,234 | ) | (2,153,903 | ) | ||||||||||||
| Net Assets, beginning of period | 30,062,615 | 69,203,022 | 25,660,998 | 27,814,901 | ||||||||||||||||
| Net Assets, end of period | $ | 22,169,933 | $ | 30,062,615 | $ | 23,827,764 | $ | 25,660,998 | ||||||||||||
| ** Shares of Common Stock Issued (no par value) | ||||||||||||||||||||
| Shares sold | 50,000 | 1,200,000 | — | — | ||||||||||||||||
| Shares redeemed | (950,000 | ) | (2,850,000 | ) | (50,000 | ) | (50,000 | ) | ||||||||||||
| Net decrease | (900,000 | ) | (1,650,000 | ) | (50,000 | ) | (50,000 | ) | ||||||||||||
See Notes to Financial Statements
| 46 |
|
|
VANECK VECTORS ETF TRUST
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 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) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (f) | Includes expense offset arrangements of 0.01% |
See Notes to Financial Statements
| 47 |
|
|
VANECK VECTORS ETF TRUST
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 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) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
| (f) | Amount represents less than $0.005 per share |
| (g) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses form the Fund’s investment in underlying funds. |
| (h) | Net Investment income per share reflects non-recurring dividends which amounted to $0.04 per average share outstanding. Excluding these non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been 0.79%. |
See Notes to Financial Statements
| 48 |
|
|
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 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) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 49 |
|
|
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
| 50 |
|
|
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 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) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 51 |
|
|
VANECK VECTORS ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | Calculated based upon average shares outstanding |
| (b) | 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) | Not Annualized |
| (d) | Annualized |
| (e) | Portfolio turnover rates exclude securities received or delivered as a result of processing in-kind capital share transactions. |
See Notes to Financial Statements
| 52 |
|
|
VANECK VECTORS ETF TRUST
June 30, 2019 (unaudited)
Note 1—Fund Organization—VanEck Vectors ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust.
These financial statements relate only to the following investment portfolios: Agribusiness ETF, Coal ETF, Gold Miners ETF, Junior Gold Miners ETF, Low Carbon Energy ETF (formerly known as Global Alternative Energy 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 as their index.
| Fund | Diversification Classification | |
| Agribusiness ETF | Non-Diversified | |
| Coal ETF | Non-Diversified | |
| Gold Miners ETF | Non-Diversified | |
| Junior Gold Miners ETF | Non-Diversified | |
| Low Carbon Energy ETF | Non-Diversified | |
| Natural Resources ETF | Diversified | |
| Oil Refiners ETF | Non-Diversified | |
| Oil Services ETF | Non-Diversified | |
| Rare Earth/Strategic Metals ETF | Non-Diversified | |
| Steel ETF | Non-Diversified | |
| Unconventional Oil & Gas ETF | Non-Diversified | |
| Uranium+Nuclear Energy ETF | Non-Diversified |
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 are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern 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 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. |
| 53 |
|
|
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
| 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 input 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. |
| 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 |
| 54 |
|
|
| 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 June 30, 2019 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 June 30, 2019 is presented in the Schedules of Investments. Refer to related disclosures in Note 2F (Repurchase Agreements) and Note 9 (Securities Lending). |
| H. | Other—Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned. |
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—Van Eck Associates Corporation (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, 2020, 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.
| 55 |
|
|
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
The current expense limitations for the period ended June 30, 2019, are as follows:
| Fund |
Expense
Limitations |
|||
| Agribusiness ETF | 0.56 | % | ||
| Coal ETF | 0.59 | |||
| Gold Miners ETF | 0.53 | |||
| Junior Gold Miners ETF | 0.56 | |||
| Low Carbon Energy ETF | 0.62 | |||
| 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 period ended June 30, 2019, 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 | $ | 97,991,435 | $ | 100,629,971 | ||||
| Coal ETF | 6,116,739 | 4,234,083 | ||||||
| Gold Miners ETF | 1,142,176,840 | 1,090,782,289 | ||||||
| Junior Gold Miners ETF | 477,556,233 | 477,207,222 | ||||||
| Low Carbon Energy ETF | 15,174,755 | 15,156,408 | ||||||
| Natural Resources ETF | 12,390,170 | 11,555,551 | ||||||
| Oil Refiners ETF | 2,574,780 | 6,208,282 | ||||||
| Oil Services ETF | 99,003,245 | 90,185,916 | ||||||
| Rare Earth/Strategic Metals ETF | 94,272,399 | 49,200,393 | ||||||
| Steel ETF | 5,905,851 | 6,022,228 | ||||||
| Unconventional Oil & Gas ETF | 3,661,591 | 3,561,205 | ||||||
| Uranium+Nuclear Energy ETF | 2,350,433 | 1,944,921 | ||||||
Note 5—Income Taxes—As of June 30, 2019, for Federal income tax purposes, the identified cost, gross unrealized appreciation and depreciation, 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 | $ | 698,738,619 | $ | 141,941,924 | $ | (90,037,433 | ) | $ | 51,904,491 | |||||||
| Coal ETF | 62,674,373 | 1,010,291 | (13,181,127 | ) | (12,170,836 | ) | ||||||||||
| Gold Miners ETF | 9,606,349,889 | 1,590,998,432 | (551,294,091 | ) | 1,039,704,341 | |||||||||||
| Junior Gold Miners ETF | 4,320,407,025 | 606,741,910 | (665,230,987 | ) | (58,489,077 | ) | ||||||||||
| Low Carbon Energy ETF | 75,763,205 | 24,051,068 | (2,010,939 | ) | 22,040,129 | |||||||||||
| Natural Resources ETF | 71,383,598 | 8,559,426 | (5,402,609 | ) | 3,156,817 | |||||||||||
| Oil Refiners ETF | 20,651,265 | 447,546 | (4,401,786 | ) | (3,954,240 | ) | ||||||||||
| Oil Services ETF | 1,868,688,161 | — | (1,024,703,971 | ) | (1,024,703,971 | ) | ||||||||||
| Rare Earth/Strategic Metals ETF | 304,783,760 | 12,582,809 | (38,039,911 | ) | (25,457,102 | ) | ||||||||||
| Steel ETF | 77,600,712 | 2,279,099 | (14,798,364 | ) | (12,519,265 | ) | ||||||||||
| Unconventional Oil & Gas ETF | 36,293,221 | 287,977 | (13,690,496 | ) | (13,402,519 | ) | ||||||||||
| Uranium+Nuclear Energy ETF | 25,279,625 | 2,974,317 | (2,552,447 | ) | 421,870 | |||||||||||
| 56 |
|
|
The tax character of dividends paid to shareholders during the year ended December 31, 2018 was as follows:
| Fund |
Ordinary
Income |
|||
| Agribusiness ETF | $ | 12,001,800 | ||
| Coal ETF | 3,625,600 | |||
| Gold Miners ETF | 51,959,513 | |||
| Junior Gold Miners ETF | 19,534,693 | |||
| Low Carbon Energy ETF | 499,871 | |||
| Natural Resources ETF | 2,159,650 | |||
| Oil Refiners ETF | 1,170,000 | |||
| Oil Services ETF | 21,321,948 | |||
| Rare Earth/Strategic Metals ETF | 11,500,061 | |||
| Steel ETF | 3,600,300 | |||
| Unconventional Oil & Gas ETF | 426,800 | |||
| Uranium+Nuclear Energy ETF | 1,000,200 | |||
The tax character of current year distributions will be determined at the end of the current fiscal year.
At December 31, 2018, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
| Fund |
Short-Term
Capital Losses with No Expiration |
Long-Term
Capital Losses with No Expiration |
Total | |||||||||
| Agribusiness ETF | $ | (178,974,364 | ) | $ | (501,609,337 | ) | $ | (680,583,701 | ) | |||
| Coal ETF | (23,645,586 | ) | (281,923,863 | ) | (305,569,449 | ) | ||||||
| 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 | ) | ||||||
| Low Carbon Energy ETF | (4,812,502 | ) | (92,797,499 | ) | (97,610,001 | ) | ||||||
| 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 Metals 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 | ) | ||||||
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended June 30, 2019, the Funds did not incur any interest or penalties.
Note 6—Capital Share Transactions—As of June 30, 2019, 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
| 57 |
|
|
VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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 period ended June 30, 2019 the Funds had in-kind contributions and redemptions as follows:
| Fund | In-Kind Contributions | In-Kind Redemptions | ||||||
| Agribusiness ETF | $ | — | $ | 170,663,937 | ||||
| Coal ETF | — | 9,378,888 | ||||||
| Gold Miners ETF | 294,349,957 | 2,287,445,444 | ||||||
| Junior Gold Miners ETF | 482,834,230 | 1,265,120,603 | ||||||
| Low Carbon Energy ETF | — | 3,261,778 | ||||||
| Natural Resources ETF | — | 13,545,718 | ||||||
| Oil Refiners ETF | — | 30,265,404 | ||||||
| Oil Services ETF | 911,667,529 | 1,275,276,933 | ||||||
| Rare Earth/Strategic Metals ETF | 113,904,409 | 22,736,192 | ||||||
| Steel ETF | 5,756,949 | 10,276,064 | ||||||
| Unconventional Oil & Gas ETF | 638,586 | 12,326,649 | ||||||
| Uranium+Nuclear Energy ETF | — | 2,490,447 | ||||||
This 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 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 Fund’s 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 June 30, 2019, 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.
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.
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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 June 30, 2019 are presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities.
The following table presents repurchase agreements held as collateral by type of security on loan as of June 30, 2019:
|
Gross Amount of Recognized
Liabilities for Securities Loaned in the Statements of Assets and Liabilities* |
||||
| Fund | Equity Securities | |||
| Agribusiness ETF | $ | 50,639,280 | ||
| Coal ETF | 1,983,413 | |||
| Gold Miners ETF | 105,334,362 | |||
| Junior Gold Miners ETF | 125,462,519 | |||
| Low Carbon Energy ETF | 7,920,755 | |||
| Natural Resources ETF | 499,131 | |||
| Oil Services ETF | 34,357,861 | |||
| Rare Earth/Strategic Metals ETF | 40,494,221 | |||
| Steel ETF | 6,302,927 | |||
| Unconventional Oil & Gas ETF | 673,504 | |||
| Uranium+Nuclear Energy ETF | 1,832,784 | |||
| * | 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 period ended June 30, 2019, the following Funds borrowed under this Facility:
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VANECK VECTORS ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
| Fund | Days Outstanding |
Average Daily
Loan Balance |
Average
Interest Rate |
Outstanding Loan
Balance as of June 30, 2019 |
||||||||||||
| Agribusiness ETF | 162 | $ | 1,734,202 | 3.84 | % | $ | 811,834 | |||||||||
| Coal ETF | 76 | 190,640 | 3.85 | 286,555 | ||||||||||||
| Gold Miners ETF | 89 | 8,930,486 | 3.84 | — | ||||||||||||
| Junior Gold Miners ETF | 44 | 2,273,175 | 3.86 | — | ||||||||||||
| Low Carbon Energy ETF | 59 | 136,098 | 3.83 | — | ||||||||||||
| Natural Resources ETF | 143 | 295,168 | 3.84 | 434,224 | ||||||||||||
| Oil Refiners ETF | 132 | 141,506 | 3.84 | 116,055 | ||||||||||||
| Oil Services ETF | 98 | 2,026,080 | 3.83 | 1,728,906 | ||||||||||||
| Rare Earth/Strategic Metals ETF | 147 | 990,139 | 3.84 | 1,784,366 | ||||||||||||
| Steel ETF | 76 | 361,996 | 3.83 | 918,281 | ||||||||||||
| Uranium+Nuclear Energy ETF | 80 | 85,559 | 3.84 | — | ||||||||||||
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 period ended June 30, 2019, 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.
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
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
June 30, 2019 (unaudited)
At a meeting held on June 13, 2019 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck Vectors® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Vectors Africa Index ETF, Agribusiness ETF, Agriculture Producers ETF, Brazil Small-Cap ETF, China All-Cap ETF, China Consumer Discretionary ETF, China Consumer Staples ETF, China Energy ETF, China Financials ETF, China Health Care ETF, China Industrials ETF, China Information Technology ETF, China Materials ETF, China Small-Cap ETF, China Utilities ETF, ChinaAMC All China Consumer ETF, ChinaAMC CSI 300 ETF, [ChinaAMC] Environmental Protection ETF, [ChinaAMC] Private-Owned Enterprises ETF, ChinaAMC MSCI All China ETF, ChinaAMC MSCI All China Small Cap ETF, ChinaAMC SME-ChiNext ETF, Coal ETF, Egypt Index ETF, Emerging Europe ex-Russia Index ETF, Energy Producers ETF, GDP Weighted Emerging Markets ETF, GDP Weighted Emerging Markets Small-Cap ETF, GDP Weighted International ex-US ETF, Germany Mid-Cap ETF, Global Frontier Index ETF, Gold Miners ETF, Hard Assets Producers Extra Liquid ETF, India Small-Cap Index ETF, Indonesia Index ETF, Internet ETF, Israel ETF, Junior Gold Miners ETF, Kuwait Index ETF, Low Carbon Energy ETF (formerly Global Alternative Energy ETF), Metals ETF, MLP ETF, Mongolia ETF, Natural Resources ETF, Ned Davis [Long/Flat] International Equity ETF, Ned Davis [Long/Flat] US Small Cap Equity ETF, Nigeria ETF, Nigeria-Focused West Africa ETF, Oil Refiners ETF, Oil Services ETF, Rare Earth/Strategic Metals ETF, Russia ETF, Russia Small-Cap ETF, Saudi Arabia ETF, Saudi Arabia Small-Cap ETF, Software ETF, Steel ETF, Telecom ETF, Unconventional Oil & Gas ETF, Uranium+Nuclear Energy ETF and Vietnam ETF (each, a “Fund” and together, the “Funds”) and (ii) a sub-advisory agreement between the Adviser and China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to each of VanEck Vectors ChinaAMC CSI 300 ETF and ChinaAMC SME-ChiNext ETF (together, the “China Funds”). The Investment Management Agreements and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”
The Board’s approval of the Agreements was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 10, 2019. At that meeting, the Trustees discussed the information the Adviser, the Sub-Adviser (with respect to the China Funds) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third party data provider, had provided to them in advance. The information provided to the Trustees included, among other things, information about the performance and expenses (for those Funds which had begun operations) of the Funds and the Funds’ peer funds (other index-based exchange-traded funds (“ETFs”)), information about the advisory services provided to the Funds and the personnel providing those services, and the profitability and other benefits enjoyed by the Adviser and its affiliates as a result of the Adviser’s relationship with the Funds. In reviewing performance information for the Funds against their peer groups, the Trustees considered that each Fund except for the VanEck Vectors ChinaAMC CSI 300 ETF seeks to track a different index than the funds in its designated peer group and, therefore, each Fund’s performance will differ from its peers. In addition, as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did not compare each Fund’s performance to the performance of its peer group. For these and other reasons, the Trustees noted that the peer group performance information did not necessarily provide meaningful direct comparisons to the Funds.
The Independent Trustees’ consideration of the Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Renewal Meeting and with the Adviser at the May 10, 2019 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and the Sub-Adviser (with respect to the China Funds), including the background and experience of the portfolio manager(s) and others involved in the management and administration of the Funds. The Trustees considered the terms of, and scope of services that the Adviser and the Sub-Adviser (with respect to the China Funds) provide under, the Agreements, including the Adviser’s commitment to waive certain fees and/or pay expenses of each of the Funds to the extent necessary to prevent the operating expenses of each of the Funds from exceeding agreed
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VANECK VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
June 30, 2019 (unaudited) (continued)
upon limits for a period of time. With respect to the Sub-Advisory Agreement, the Trustees took into account the unique legal and operational aspects of the China Funds and the Sub-Adviser’s experience with respect to Renminbi Qualified Foreign Institutional Investors Scheme funds. The Trustees also noted that the Sub-Adviser is a wholly-owned subsidiary of China Asset Management Co., Ltd., one of China’s largest asset management companies measured by fund assets under management.
The Trustees concluded that the Adviser, the Sub-Adviser (with respect to the China Funds) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating the performance of each of the Funds that had commenced operations prior to the date of the Renewal Meeting (the “Operating Funds”), the Trustees reviewed various performance metrics but relied principally on a comparison of the “gross” performance of each Operating Fund (i.e., measured without regard to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying securities. Based on the foregoing, the Trustees concluded that the investment performance of the Operating Funds was satisfactory.
The Trustees also considered information relating to the financial condition of the Adviser and the Sub-Adviser (with respect to the China Funds) and the current status, as they understood it, of the Adviser’s and Sub-Adviser’s (with respect to the China Funds) compliance environment.
As noted above, the Trustees were also provided various data from Broadridge comparing the Operating Funds’ expenses and performance to that of other ETFs. The Trustees noted that the information provided showed that each Operating Fund had management fees (after the effect of any applicable fee waiver) below or equal to the average and median of its respective peer group of funds, except for each of VanEck Vectors Low Carbon Energy ETF (formerly Global Alternative Energy ETF), Russia ETF, Unconventional Oil & Gas ETF and Vietnam ETF, which had management fees (after the effect of any applicable fee waiver) greater than the average and/or median of its respective peer group of funds. The Trustees also noted that the information provided showed that each Operating Fund had a total expense ratio (after the effect of any applicable expense limitation) below or equal to the average and median of its respective peer group of funds, except for each of VanEck Vectors Africa Index ETF, Coal ETF, Egypt Index ETF, Low Carbon Energy ETF (formerly Global Alternative Energy ETF), Oil Refiners ETF, Russia ETF, Russia Small-Cap ETF, Unconventional Oil & Gas ETF, Uranium+Nuclear Energy ETF and Vietnam ETF, which had a total expense ratio (after the effect of any applicable expense limitation) greater than the average and/or median of its respective peer group of funds. With respect to these Operating Funds, the Trustees reviewed the amount by which these Operating Funds’ management fees and/or total expense ratios (after the effect of any applicable expense limitation) exceeded the average and/or median of their respective peer groups and information provided by the Adviser providing context for these comparisons. The Trustees concluded, in light of this information and the other information available to them, that the fees paid by the Operating Funds were reasonable in light of the performance of the Operating Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the Investment Management Agreements, received by the Adviser from serving as adviser to the Funds.
The Trustees also considered information provided by the Adviser about the overall profitability of the Adviser and its profitability or loss in respect of each Operating Fund. The Trustees reviewed each Operating Fund’s asset size, expense ratio and expense cap and noted that the Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The Trustees considered the volatility of the asset classes in which certain of the Operating Funds invest, potential variability in the net assets of these Funds and the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Operating Funds effectively incorporate the benefits of economies of scale. The Trustees noted that the Adviser has capped expenses on each Operating Fund since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory fee rate for each Operating Fund and the sub-advisory fee rates for the China Funds are reasonable and appropriate in relation to the current asset size of each Operating Fund and the other factors discussed above and that the advisory fee rate for each Operating Fund currently reflects an appropriate sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the
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profits earned by the Adviser with respect to the Funds that were profitable to the Adviser were reasonable in light of the nature and quality of the services received by such Funds. The Trustees also considered information from the Sub-Adviser informing them that the Sub-Adviser did not earn any profits from managing the China Funds.
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability to the Adviser of VanEck Vectors Agriculture Producers ETF, China All-Cap ETF, China Consumer Discretionary ETF, China Consumer Staples ETF, China Energy ETF, China Financials ETF, China Health Care ETF, China Industrials ETF, China Information Technology ETF, China Materials ETF, China Small-Cap ETF, China Utilities ETF, ChinaAMC All China Consumer ETF, [ChinaAMC] Environmental Protection ETF, [ChinaAMC] Private-Owned Enterprises ETF, ChinaAMC MSCI All China ETF, ChinaAMC MSCI All China Small Cap ETF, Emerging Europe ex-Russia Index ETF, Energy Producers ETF, GDP Weighted Emerging Markets ETF, GDP Weighted Emerging Markets Small-Cap ETF, GDP Weighted International ex-US ETF, Germany Mid-Cap ETF, Global Frontier Index ETF, Hard Assets Producers Extra Liquid ETF, Internet ETF, Kuwait Index ETF, Metals ETF, MLP ETF, Mongolia ETF, Ned Davis [Long/Flat] International Equity ETF, Ned Davis [Long/Flat] US Small Cap Equity ETF, Nigeria ETF, Nigeria-Focused West Africa ETF, Saudi Arabia ETF, Saudi Arabia Small-Cap ETF, Software ETF and Telecom ETF because the Funds had not yet commenced operations at the time of the Renewal Meeting. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, each of these Funds although they concluded that the nature, quality and extent of the services to be provided by the Adviser (and the Sub-Adviser, with respect to those Funds in respect of which the Sub-Adviser had been retained) were appropriate based on the Trustees’ knowledge of the Adviser and Sub-Adviser (to the extent applicable) and their personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 10, 2019 meeting as part of their consideration of the Agreements.
In voting to approve the continuation of the Agreements, the Trustees, including the Independent Trustees, concluded that the terms of each Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that each Agreement is in the best interest of each Fund and such Fund’s shareholders.
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VANECK VECTORS ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
June 30, 2019 (unaudited) (continued)
Bitcoin Strategy ETF
At a meeting held on June 13, 2019 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck Vectors® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Vectors Bitcoin Strategy ETF (the “Fund”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 10, 2019. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on information obtained through discussions with the Adviser and its affiliates at the Renewal Meeting and the May 10, 2019 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and its affiliates, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. In evaluating the terms of the Investment Management Agreement at the Renewal Meeting and the May 10, 2019 meeting, the Trustees considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s commitment to waive certain fees and/or pay expenses of the Fund to the extent necessary to prevent the operating expenses of the Fund from exceeding agreed upon limits for a period of at least one year following the effective date of the Fund’s registration statement. The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund has not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 10, 2019 meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that the Investment Management Agreement is in the best interest of the Fund and its shareholders.
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Long/Flat Commodity ETF
At a meeting held on June 13, 2019 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck Vectors® ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement between the Trust and Van Eck Absolute Return Advisers Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Vectors Long/Flat Commodity ETF (the “Fund”).
The Board’s approval of the Investment Management Agreement was based on a comprehensive consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May 10, 2019. At that meeting, the Trustees received materials from the Adviser. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on information obtained through discussions with the Adviser and its affiliates at the Renewal Meeting and the May 10, 2019 meeting regarding the proposed management of the Fund and information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser and its affiliates, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. In evaluating the terms of the Investment Management Agreement at the Renewal Meeting and the May 10, 2019 meeting, the Trustees considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding interest expense, trading expenses, taxes, accrued deferred tax liability and extraordinary expenses). The Trustees concluded that the Adviser and its personnel have the requisite expertise and skill to manage the Fund’s portfolio.
The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund has not yet commenced operations. The Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Renewal Meeting and at their May 10, 2019 meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the continuation of the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that the Investment Management Agreement is in the best interest of the Fund and its shareholders.
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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the respective Fund’s 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 VanEck Vectors ETF Trust’s (the “Trust”) 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 https://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORTs are available on the Commission’s website at https://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 Fund’s complete schedule of portfolio holdings is 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 | HASAR |
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Item 2. CODE OF ETHICS. Not applicable. Item 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable. Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable. Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable. 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. Not applicable. 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-3(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) Not applicable. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) 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.
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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 & Chief Financial Officer
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Date September 6, 2019
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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, Chief Executive Officer
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Date September 6, 2019
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By (Signature and Title) /s/ John J. Crimmins, Treasurer & Chief Financial Officer
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Date September 6, 2019
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