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 ETF TRUST
(Exact name of registrant as specified in charter)
666 Third Avenue, New York, NY 10017
(Address of principal executive offices) (Zip code)
Van Eck Associates Corporation
666 Third Avenue, New York, NY 10017
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 293-2000
Date of fiscal year end: DECEMBER 31
Date of reporting period: DECEMBER 31, 2021
Item 1. Reports to Shareholders
 |
ANNUAL REPORT |
VANECK®
| Africa Index ETF | AFK® |
| Brazil Small-Cap ETF | BRF® |
| China Growth Leaders ETF | GLCN |
| ChiNext ETF | CNXT® |
| Egypt Index ETF | EGPT® |
| Indonesia Index ETF | IDX® |
| Israel ETF | ISRA™ |
| Russia ETF | RSX® |
| Russia Small-Cap ETF | RSXJ® |
| Vietnam ETF | VNM® |
| 800.826.2333 | vaneck.com |
Certain information contained in this report 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 December 31, 2021.
VANECK ETF TRUST
December 31, 2021 (unaudited)
Dear Fellow Shareholders:
This letter addresses two topics: a review of the markets today and, second, two multi-year themes.
The Economy
In 2021, the year began with the global economy hurtling forward like a car at top speed. But in the fall, the Fed started reducing its stimulative policies, especially as inflation statistics hit multi-decade highs.
As this point, the markets face several points of uncertainty. The most important concern is: will the Fed “hit the brakes” too hard as it reduces stimulus measures? But also, since China has been a large driver of global growth over the past 20 years, how long will China’s slow-down last and how deep will it be? Will Chinese policymakers stimulate the economy if growth slows too much?
“Net net”, I think our economy and markets can handle the withdrawal of Fed stimulus. While market returns may underwhelm in 2022, there is no reason to sell and try to time the market.
I expect that inflation will persist because I believe that deflation over the past 20 years was primarily driven by the supply shock as China joined the world economy. As a counter-example, there was inflation in the 1970s, and do we think there was no technology applied in that decade?
We are still debating whether we have an inflation problem. And I continue to believe that only later this year will we know whether we have permanent inflation—after all the COVID-19 distortions are behind us.
It is true that we are talking about supply chain issues and labor market issues longer than the transitory camp would like. But, while commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, since this tends to be longer-lasting and may affect long-term interest rates. I believe that the tight labor conditions we have today will persist, even as the economy slows down.
If inflation doesn’t push rates higher, I don’t think the Fed will hit the brakes too hard by raising rates further than they have already indicated. Toward the end of last year, Bank of America released a research note that said over half of the S&P 500® Index’s returns in the past decade can be attributed to the Fed’s balance sheet expansion, rather than earnings. We live in an era in which the Fed has an eye on the financial markets. We still see little reason why that would change.
As to China, at the end of December 2021, the official purchasing managers’ indices (PMIs), our favorite indicators, showed signs of improvement for the second month in a row. This was a welcome development. But multiple growth headwinds remain: the small companies’ PMI sinking to 46.5 (the lowest since February 2020) was a firm reminder that the dovish policy tilt is justified, with more targeted support expected in the coming months. Despite this, though, we think policy makers have all the tools, including liquidity moves, to avoid a crash.
Multi-Year Investment Themes
So what to do in your portfolio? We continue to focus on two multi-year investment themes.
The first theme is the energy transition away from fossil fuels. We see this not only as being driven by government policy, but also by innovation in the private sector. In our resources portfolios, we’re looking for disruptive companies in the sectors that need to be more energy efficient. One is agriculture (which emits about as much CO2 as the energy sector). AgTech businesses are embracing technology to modernize agriculture, leading to higher crop yields, safer crop chemicals and other innovations in food production to provide healthy diets for the world’s growing population.
As the economy grows and demand for commodities grows, increasing supply has become harder. This is in part due to environmental, social and governance (ESG) policies in place, causing “greenflation” and a multi-year trend of price pressure. Finding supply sources like new copper, lithium or gold mines is harder because of, to a certain extent, the environmental impact of these activities. I think this supply issue will continue
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VANECK ETF TRUST
PRESIDENT’S LETTER
(unaudited) (continued)
to underpin commodity prices, and this is why I believe that commodity equities remain an interesting investment that people should have in their portfolios.
The second theme is the use of blockchain in a large variety of industries, but especially finance and entertainment. And especially in the field of “smart contracts.” New open source database technology is enabling incredibly rapid adoption and at much lower cost than traditional companies using prior generation technology. The fintech revolution that goes hand in hand with crypto is something we find really exciting. Of course there are some over-valued companies, but we think it’s another interesting multi-year trend that investors should consider.
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the 12 month period ended December 31, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.
Jan F. van Eck
CEO and President
VanEck ETF Trust
January 19, 2022
PS The investing outlook can change suddenly, as it certainly did in 2021. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
1 Source: Bloomberg, https://www.bloomberg.com/news/articles/2021-09-08/bofa-s-subramanian-dumps-dire-stock-call-to-catch-up-with-rally
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VANECK ETF TRUST
December 31, 2021 (unaudited)
Market Review
All funds were to some extent affected by the wide market recovery during the year as the effects of COVID-19 generally subsided globally. The remedial measures, both financial and fiscal, taken by central governments around the world in response to the pandemic (including the asset purchasing program of the U.S. Federal Reserve), continued to sustain recovery. By the end of 2021, the extent of the recovery varied considerably country by country and region by region.
Africa
The financial and materials sectors were the greatest positive contributors to the performance of the VanEck Africa Index ETF, which returned 3.69% for the 12 month period. The consumer discretionary sector was by far the greatest detractor from performance. Geographically, South Africa, with an average weight of over 30%, was the top contributor to Fund returns. It was followed by Morocco and Kenya. The greatest detractor from performance, by country, was a Germany-based consumer discretionary company operating in Nigeria and several other African countries.
Brazil
Having hit a high toward the end of June 2021, small-cap Brazilian stocks proceeded to drop significantly by the end of the year. While the country’s economy had contracted slightly in the second quarter, in the third quarter, on the back of a drop in agricultural production, the country slipped into recession.1 The VanEck Brazil Small-Cap ETF lost 21.38% over the 12 month period under review.
Four sectors contributed positively to performance, with the materials sector contributing the most. However, the negative contribution from the consumer discretionary sector alone, with the largest average sector weighting during the year, significantly offsetting all positive contributions to performance.
China
The VanEck ChiNext ETF and the VanEck China Growth Leaders ETF displayed divergent performances during the year. While the former gained 8.21%, the latter lost 14.67%.
The VanEck ChiNext ETF offers exposure to more consumer, new economy sector names, many of which have also tended to be non-state owned enterprises. The industrial sector, with the second largest average sector weighting during the year, was the greatest contributor to performance, followed by the information technology sector with the largest such weighting. The healthcare and consumer staples sectors detracted the most from performance.
On December 10, 2021, the Fund’s investment objective changed from seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the SME-ChiNext 100 Index to seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the ChiNext Index. The ChiNext Index tracks the 100 largest and most liquid stocks listed and trading on the ChiNext Market of the Shenzhen Stock Exchange.
While the information technology sector contributed the most positively to the performance of VanEck China Growth Leaders ETF, its, together with the financial and utilities sectors’ positive contributions, were easily outweighed by the negative contribution of the consumer discretionary sector alone, the greatest detractor from performance.
Egypt
Having hit a high in mid-February, thereafter, Egyptian stocks fell to a low in mid-April. Over the following eight and a half months, however, as the country continued to recover from the effects of the COVID-19 pandemic2, they succeeded in recouping much of this loss and the VanEck Egypt Index ETF ended 2021 gaining 8.36%.
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VANECK ETF TRUST
MANAGEMENT DISCUSSION (unaudited) (continued)
The top three performing sectors were real estate, materials and communication services. Information technology and healthcare were the only two sectors to detract from performance. Small-cap companies, with the largest average weighting during the period under review, contributed the most to performance.
Indonesia
Indonesian stocks had somewhat of a roller coaster year in 2021. Having hit a high toward the end of January, they declined to a low at the end of July, only to claw their way back up, not least on the back of a third quarter current account surplus and improving economic output3. They ended the year slightly down with the VanEck Indonesia Index ETF registering a small loss of 1.65% for the 12 month period.
The greatest positive contribution to returns came from the communication services sector. The greatest negative contribution to returns came from the materials sector.
Israel
Following an excellent year in 2020, on an expected growth for the country of 7.1% for the year4, Israeli stocks performed well, once again, in 2021, with the VanEck Israel ETF gaining 10.20% in the 12 months period under review.
Over the period under review, the performance of the financial sector, with the second largest average weighting during 2021 made the greatest positive contribution to returns. The information technology sector, with the largest such weighting, detracted most from performance. Mid-cap companies made by far the greatest positive contribution to returns.
Russia
Russia’s economy rebounded strongly in 2021, recovering to above its pre-pandemic peak “with growth driven by a strong rebound in consumer demand5.” However, the VanEck Russia Small-Cap ETF and its peer investing in larger-cap Russian stocks, the VanEck Russia ETF recorded divergent returns. While the former ETF lost 3.28% for the year, the latter gained 18.74% over the same period.
Perhaps not surprisingly, the energy sector, which had the highest average weight in the portfolio, was by far the most significant contributor to performance of the VanEck Russia ETF and the communication services sector detracted the most. For the VanEck Russia Small-Cap ETF, the industrial sector were the most significant contributor to positive returns. The real estate sector was the greatest detractor from performance.
Vietnam
VanEck Vietnam ETF gained 22.52% in 2021. In contrast with most other Asia Markets, toward the end of November, the country’s benchmark stock index, the Vietnam Ho Chi Minh Stock Index, passed the 1,500 mark for the first time—a rise then of 36% on the year6. It proceeded to finish the year even higher.
Large-and mid-cap companies contributed the most to performance over the reporting period. Two sectors contributed the majority of positive returns: real estate and financial. Only the information technology and healthcare sectors detracted from performance.
* Returns based on the funds’ net asset values (NAVs).
All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the fund. An index’s performance is not illustrative of the fund’s performance. Indices are not securities in which investments can be made. Results reflect past performance and do not guarantee future results.
1 France24: Brazil’s economy enters recession, December 2, 2021, https://www.france24.com/en/live-news/20211202-brazil-s-economy-enters-recession
2 The National News: Egyptian stock exchange market capitalisation up 12% in 2021, December 14, 2021, https://www.thenationalnews. com/business/2021/12/14/egyptian-stock-exchange-market-capitalisation-up-12-in-2021/
3 Reuters: Asian FX fall as dollar firms, Indonesia shares hit record high, November 19, 2021, https://www.reuters.com/markets/stocks/asian-fx-fall-dollar-firms-indonesia-shares-hit-record-high-2021-11-19/
| 4 |
4 NASDAQ: Israel economy to grow 7.1% in 2021 amid post-COVID rebound–FinMin, November 15, 2021, https://www.nasdaq.com/articles/israel-economy-to-grow-7.1-in-2021-amid-post-covid-rebound-finmin-2021-11-15
5 The World Bank: Amidst Strong Economic Rebound in Russia, Risks Stemming from COVID-19 and Inflation Build, Says World Bank Report, December 1, 2021, https://www.worldbank.org/en/news/press-release/2021/12/01/amidst-strong-economic-rebound-in-russia-risks-stemming-from-covid-19-and-inflation-build-says-world-bank-report
6 Reuters: Vietnam stocks hit new milestone in record run, November 25, 2021, https://www.reuters.com/markets/stocks/vietnam-stocks-hit-new-milestone-record-run-2021-11-25/
| 5 |
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||
| Share Price | NAV | MVAFKTR1 | SPTR2 | |||||
| One Year | 2.84% | 3.69% | 4.63% | 28.71% | ||||
| Five Year | 3.98% | 3.60% | 4.83% | 18.47% | ||||
| Ten Year | 0.69% | 0.54% | 1.83% | 16.55% | ||||
| 1 | MVIS® GDP Africa (MVAFKTR) Index is a rules-based, modified-capitalization-weighted, float-adjusted index and is intended to give investors a means of tracking the overall performance of the publicly traded companies in Africa. |
| Index data prior to June 21, 2013 reflects that of the Dow Jones Africa Titans 50 IndexSM. From June 21, 2013, forward, the index data reflects that of the MVIS® GDP Africa Index (MVAFKTR). All Index history reflects a blend of the performance of the aforementioned Indexes. | |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
| 6 |
PERFORMANCE COMPARISON
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||
| Share Price | NAV | MVBRFTR1 | SPTR2 | |||||
| One Year | (20.41)% | (21.38)% | (20.47)% | 28.71% | ||||
| Five Year | 3.68% | 3.29% | 4.03% | 18.47% | ||||
| Ten Year | (4.82)% | (4.85)% | (4.17)% | 16.55% | ||||
| 1 | MVIS® Brazil Small-Cap Index (MVBRFTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded small-capitalization companies that are incorporated in or doing substantial business in Brazil. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
| 7 |
VANECK CHINA GROWTH LEADERS ETF
PERFORMANCE COMPARISON
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||
| Share Price | NAV | MGCNGRNR1 | SPTR2 | |||||
| One Year | (14.39)% | (14.67)% | (14.31)% | 28.71% | ||||
| Five Year | 6.42% | 6.44% | 9.31% | 18.47% | ||||
| Ten Year | 5.45% | 5.98% | 8.31% | 16.55% | ||||
| 1 | The MarketGrader China All-Cap Growth Leaders Index (MGCNGRNR) is a modified market capitalization weighted, float adjusted index designed to track Chinese companies that the index provider has determined exhibit favorable fundamental characteristics according to the index provider’s proprietary scoring methodology. |
| Index data as of October 31, 2018 for all periods presented reflect the CSI 300 Index (CSIH0749) stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate. | |
| Effective May 1, 2020, MGCNGRNR replaced CSIH0749 as the Fund’s benchmark index. All index history reflects a blend of the performance of the aforementioned Indexes. | |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
| 8 |
PERFORMANCE COMPARISON
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||||
| Share Price | NAV | SZ9881071 | CNI61092 | SPTR3 | ||||||
| One Year | 9.08% | 8.21% | 9.12% | 10.68% | 28.71% | |||||
| Five Year | 13.08% | 12.80% | 15.11% | 15.44% | 18.47% | |||||
| Life* | 10.91% | 10.91% | 13.63% | 13.85% | 14.68% | |||||
| * | Commencement of Fund: 7/23/14; First Day of Secondary Market Trading: 7/24/14. |
| 1 | The ChiNext Index (SZ988107) is a free-float adjusted index intended to track the performance of the 100 largest and most liquid stocks listed and trading on the ChiNext Market of the Shenzhen Stock Exchange. The ChiNext Index is comprised of China A-shares. |
| 2 | The SME-ChiNext Index (CNI6109) is a modified, free-float adjusted index intended to track the performance of the 100 largest and most liquid stocks listed and trading on the Small and Medium Enterprise (“SME”) Board and the ChiNext Board of the Shenzhen Stock Exchange. The SME-ChiNext Index is comprised of A-shares. |
| Effective December 10, 2021, SZ988107 replaced CNI6109 as the Fund’s benchmark index. All index history reflects a blend of the performance of the aforementioned indexes. | |
| Index data as of October 1, 2015 for all periods presented reflect the CNI6109 stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate. | |
| 3 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
| 9 |
PERFORMANCE COMPARISON
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||
| Share Price | NAV | MVEGPTTR1 | SPTR2 | |||||
| One Year | 11.24% | 8.36% | 10.80% | 28.71% | ||||
| Five Year | 2.48% | 2.73% | 4.49% | 18.47% | ||||
| Ten Year | (0.86)% | (1.08)% | 1.91% | 16.55% | ||||
| 1 | MVIS® Egypt Index (MVEGPTTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Egypt. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
| 10 |
PERFORMANCE COMPARISON
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||
| Share Price | NAV | MVIDXTR1 | SPTR2 | |||||
| One Year | (2.60)% | (1.65)% | (1.66)% | 28.71% | ||||
| Five Year | 0.42% | 0.43% | 0.67% | 18.47% | ||||
| Ten Year | (1.63)% | (1.59)% | (1.11)% | 16.55% | ||||
| 1 | MVIS® Indonesia Index (MVIDXTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Indonesia. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
| 11 |
PERFORMANCE COMPARISON
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||
| Share Price | NAV | BLSNTR1 | SPTR2 | |||||
| One Year | 9.99% | 10.20% | 10.88% | 28.71% | ||||
| Five Year | 13.84% | 13.85% | 14.31% | 18.47% | ||||
| Life* | 9.41% | 9.42% | 9.88% | 16.02% | ||||
| * | Commencement of Fund: 6/25/13; First Day of Secondary Market Trading: 6/26/13. |
| 1 | Bluestar Israel Global Index® (BLSNTR) is a rules based, modified capitalization, float adjusted weighted index comprised of equity securities, which may include depositary receipts, of publicly traded companies that are generally considered by the index provider to be Israeli companies. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
| 12 |
PERFORMANCE COMPARISON
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||
| Share Price | NAV | MVRSXTR1 | SPTR2 | |||||
| One Year | 16.72% | 18.74% | 19.18% | 28.71% | ||||
| Five Year | 9.75% | 9.98% | 10.44% | 18.47% | ||||
| Ten Year | 3.90% | 4.05% | 4.15% | 16.55% | ||||
| 1 | MVIS® Russia Index (MVRSXTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Russia. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
| 13 |
PERFORMANCE COMPARISON
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||
| Share Price | NAV | MVRSXJTR1 | SPTR2 | |||||
| One Year | (1.65)% | (3.28)% | (2.66)% | 28.71% | ||||
| Five Year | 1.96% | 1.76% | 2.41% | 18.47% | ||||
| Ten Year | (0.23)% | (0.28)% | 0.14% | 16.55% | ||||
| 1 | MVIS® Russia Small-Cap Index (MVRSXJTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded small-capitalization companies that are incorporated in or doing substantial business in Russia. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
| 14 |
PERFORMANCE COMPARISON
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||
| Share Price | NAV | MVVNMTR1 | SPTR2 | |||||
| One Year | 22.04% | 22.52% | 24.12% | 28.71% | ||||
| Five Year | 11.02% | 11.27% | 12.20% | 18.47% | ||||
| Ten Year | 5.69% | 5.62% | 6.66% | 16.55% | ||||
| 1 | MVIS® Vietnam Index (MVVNMTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Vietnam. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on 16 for more information.
| 15 |
ABOUT FUND PERFORMANCE
(unaudited)
The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
The Africa Index, Brazil Small-Cap Index, Egypt Index, Indonesia Index, Russia Index, Russia Small-Cap Index, and Vietnam Index are published by MV Index Solutions GmbH (MVIS®), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The China Growth Leaders Index is published by MarketGrader.com Corp. (MarketGrader). The ChiNext Index is published by the Shenzhen Securities Information Co., Ltd. (Shenzhen Securities), which is a subsidiary of the Shenzhen Stock Exchange. The Israel Index is published by BlueStar Global Investors, LLC (BlueStar).
BlueStar, MarketGrader, MVIS®, and Shenzhen Securities are “Index Providers.” The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.
| 16 |
EXPLANATION OF EXPENSES
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2021 to December 31, 2021.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Annualized Expense Ratio During Period | Expenses Paid During the Period July 1, 2021 - December 31, 2021(a) | |||||
| Africa Index ETF | ||||||||
| Actual | $1,000.00 | $969.60 | 0.77% | $3.82 | ||||
| Hypothetical(b) | $1,000.00 | $1,021.32 | 0.77% | $3.92 | ||||
| Brazil Small-Cap ETF | ||||||||
| Actual | $1,000.00 | $681.70 | 0.60% | $2.54 | ||||
| Hypothetical(b) | $1,000.00 | $1,022.18 | 0.60% | $3.06 | ||||
| China Growth Leaders ETF | ||||||||
| Actual | $1,000.00 | $843.70 | 0.60% | $2.79 | ||||
| Hypothetical(b) | $1,000.00 | $1,022.18 | 0.60% | $3.06 | ||||
| ChiNext ETF | ||||||||
| Actual | $1,000.00 | $974.00 | 0.65% | $3.23 | ||||
| Hypothetical(b) | $1,000.00 | $1,021.93 | 0.65% | $3.31 | ||||
| Egypt Index ETF | ||||||||
| Actual | $1,000.00 | $1,101.00 | 1.04% | $5.51 | ||||
| Hypothetical(b) | $1,000.00 | $1,019.96 | 1.04% | $5.30 | ||||
| Indonesia Index ETF | ||||||||
| Actual | $1,000.00 | $1,114.10 | 0.57% | $3.04 | ||||
| Hypothetical(b) | $1,000.00 | $1,022.33 | 0.57% | $2.91 | ||||
| Israel ETF | ||||||||
| Actual | $1,000.00 | $1,034.50 | 0.59% | $3.03 | ||||
| Hypothetical(b) | $1,000.00 | $1,022.23 | 0.59% | $3.01 |
| 17 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
| Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Annualized Expense Ratio During Period | Expenses Paid During the Period July 1, 2021 - December 31, 2021(a) | |||||
| Russia ETF | ||||||||
| Actual | $1,000.00 | $974.90 | 0.54% | $2.69 | ||||
| Hypothetical(b) | $1,000.00 | $1,022.48 | 0.54% | $2.75 | ||||
| Russia Small-Cap ETF | ||||||||
| Actual | $1,000.00 | $953.70 | 0.76% | $3.74 | ||||
| Hypothetical(b) | $1,000.00 | $1,021.37 | 0.76% | $3.87 | ||||
| Vietnam ETF | ||||||||
| Actual | $1,000.00 | $1,038.60 | 0.60% | $3.08 | ||||
| Hypothetical(b) | $1,000.00 | $1,022.18 | 0.60% | $3.06 |
| (a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2021), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period). |
| (b) | Assumes annual return of 5% before expenses |
| 18 |
December 31, 2021
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 99.9% | ||||||||
| Australia: 4.8% | ||||||||
| AVZ Minerals Ltd. # * † | 1,105,050 | $ | 622,227 | |||||
| Paladin Energy Ltd. # * | 1,373,753 | 883,767 | ||||||
| Sandfire Resources Ltd. # | 275,053 | 1,320,539 | ||||||
| 2,826,533 | ||||||||
| Burkina Faso: 0.6% | ||||||||
| IAMGOLD Corp. (USD) * | 118,747 | 371,678 | ||||||
| Canada: 4.7% | ||||||||
| B2Gold Corp. (USD) | 30,491 | 119,830 | ||||||
| Barrick Gold Corp. (USD) | 63,861 | 1,213,359 | ||||||
| Ivanhoe Mines Ltd. * | 174,583 | 1,426,352 | ||||||
| 2,759,541 | ||||||||
| China: 1.9% | ||||||||
| China Molybdenum Co. Ltd. (HKD) # | 921,000 | 486,589 | ||||||
| Jinchuan Group International Resources Co. Ltd. (HKD) # † | 3,741,000 | 652,449 | ||||||
| 1,139,038 | ||||||||
| Egypt: 5.1% | ||||||||
| Centamin Plc (GBP) # | 385,238 | 466,749 | ||||||
| Commercial International Bank Egypt SAE (USD) (GDR) * | 771,629 | 2,546,376 | ||||||
| 3,013,125 | ||||||||
| Germany: 2.0% | ||||||||
| Jumia Technologies AG (ADR) * | 105,489 | 1,202,574 | ||||||
| India: 0.9% | ||||||||
| MakeMyTrip Ltd. (USD) * † | 19,545 | 541,592 | ||||||
| Indonesia: 0.5% | ||||||||
| Golden Agri-Resources Ltd. (SGD) # | 1,583,700 | 288,031 | ||||||
| Kenya: 10.5% | ||||||||
| East African Breweries Ltd. * | 447,800 | 653,001 | ||||||
| Equity Group Holdings Plc * | 3,760,800 | 1,753,267 | ||||||
| Safaricom Plc # | 11,343,300 | 3,799,302 | ||||||
| 6,205,570 | ||||||||
| Morocco: 10.4% | ||||||||
| Attijariwafa Bank | 54,245 | 2,854,645 | ||||||
| Bank of Africa | 49,603 | 1,007,695 | ||||||
| Banque Centrale Populaire # | 43,794 | 1,328,014 | ||||||
| Co. Sucrerie Marocaine et de Raffinage # | 35,007 | 985,964 | ||||||
| 6,176,318 | ||||||||
| Nigeria: 14.7% | ||||||||
| Guaranty Trust Holding Co. Plc # | 40,371,498 | 2,335,326 | ||||||
| MTN Nigeria Communications Plc # | 6,700,993 | 2,937,005 | ||||||
| Nestle Nigeria Plc # | 369,684 | 1,280,203 | ||||||
| Zenith Bank Plc # | 38,329,959 | 2,144,745 | ||||||
| 8,697,279 | ||||||||
| Norway: 0.2% | ||||||||
| Scatec ASA 144A # | 8,754 | 150,936 | ||||||
| South Africa: 32.9% | ||||||||
| Absa Group Ltd. # | 53,840 | 514,471 | ||||||
| Anglo American Platinum Ltd. # | 5,203 | 592,510 | ||||||
| Anglo American Plc (GBP) # | 66,458 | 2,735,383 | ||||||
| Number of Shares | Value | |||||||
| South Africa (continued) | ||||||||
| Aspen Pharmacare Holdings Ltd. # | 24,299 | $ | 341,357 | |||||
| AVI Ltd. | 23,603 | 109,290 | ||||||
| Bid Corp. Ltd. # | 19,422 | 397,314 | ||||||
| Bidvest Group Ltd. # | 21,611 | 256,240 | ||||||
| Capitec Bank Holdings Ltd. | 7,775 | 993,700 | ||||||
| Clicks Group Ltd. | 13,899 | 274,784 | ||||||
| Coronation Fund Managers Ltd. | 19,602 | 64,529 | ||||||
| Discovery Ltd. # * † | 34,199 | 307,855 | ||||||
| Exxaro Resources Ltd. | 12,186 | 116,721 | ||||||
| FirstRand Ltd. # | 246,234 | 937,945 | ||||||
| Foschini Group Ltd. * | 11,130 | 86,404 | ||||||
| Gold Fields Ltd. (ADR) | 57,207 | 628,705 | ||||||
| Growthpoint Properties Ltd. | 240,316 | 231,432 | ||||||
| Harmony Gold Mining Co. Ltd. (ADR) | 36,276 | 149,094 | ||||||
| Impala Platinum Holdings Ltd. # | 56,049 | 789,430 | ||||||
| Investec Plc (GBP) # | 46,808 | 258,239 | ||||||
| Life Healthcare Group Holdings Ltd. | 80,856 | 121,740 | ||||||
| Mr Price Group Ltd. # | 18,921 | 236,931 | ||||||
| MTN Group Ltd. # * | 116,149 | 1,243,045 | ||||||
| MultiChoice Group Ltd. # | 21,904 | 167,644 | ||||||
| Naspers Ltd. # | 15,050 | 2,332,267 | ||||||
| Nedbank Group Ltd. | 30,417 | 333,558 | ||||||
| Netcare Ltd. * | 95,428 | 94,950 | ||||||
| Northam Platinum Holdings Ltd. * | 16,299 | 213,950 | ||||||
| Old Mutual Ltd. | 263,856 | 216,573 | ||||||
| Pepkor Holdings Ltd. 144A * | 86,327 | 118,402 | ||||||
| Pick n Pay Stores Ltd. | 24,426 | 80,303 | ||||||
| Rand Merchant Investment Holdings Ltd. # | 60,087 | 170,336 | ||||||
| Remgro Ltd. # | 39,047 | 321,254 | ||||||
| Resilient REIT Ltd. | 26,906 | 100,729 | ||||||
| Sanlam Ltd. # | 143,513 | 533,991 | ||||||
| Sasol Ltd. (ADR) * † | 44,065 | 722,666 | ||||||
| Shoprite Holdings Ltd. | 34,302 | 448,935 | ||||||
| Sibanye Stillwater Ltd. (ADR) † | 49,180 | 616,717 | ||||||
| SPAR Group Ltd. | 10,433 | 109,246 | ||||||
| Standard Bank Group Ltd. # | 102,882 | 902,442 | ||||||
| Tiger Brands Ltd. | 10,105 | 114,599 | ||||||
| Vodacom Group Ltd. # | 34,292 | 289,003 | ||||||
| Woolworths Holdings Ltd. # | 53,051 | 172,244 | ||||||
| 19,446,928 | ||||||||
| Switzerland: 0.2% | ||||||||
| Mediclinic International Plc (GBP) # * | 30,985 | 134,215 | ||||||
| Tanzania: 2.3% | ||||||||
| AngloGold Ashanti Ltd. (ADR) | 33,142 | 695,319 | ||||||
| Helios Towers Plc (GBP) * † | 282,282 | 657,620 | ||||||
| 1,352,939 | ||||||||
| United Arab Emirates: 3.7% | ||||||||
| Itissalat Al-Maghrib (MAD) # | 143,912 | 2,167,761 | ||||||
| United Kingdom: 1.7% | ||||||||
| Endeavour Mining Plc (CAD) | 38,947 | 855,006 | ||||||
See Notes to Financial Statements
| 19 |
VANECK AFRICA INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
| Number of Shares | Value | |||||||
| United Kingdom (continued) | ||||||||
| Kumba Iron Ore Ltd. (ZAR) # | 5,114 | $ | 147,252 | |||||
| 1,002,258 | ||||||||
| United States: 0.4% | ||||||||
| Royal Caribbean Cruises Ltd. * | 2,980 | 229,162 | ||||||
| Zambia: 2.4% | ||||||||
| First Quantum Minerals Ltd. (CAD) | 59,270 | 1,420,340 | ||||||
| Zimbabwe: 0.0% | ||||||||
| Cassava Smartech Zimbabwe Ltd. # * | 32,900 | 6,744 | ||||||
| Delta Corp. Ltd. # | 15,980 | 12,944 | ||||||
| 19,688 | ||||||||
| Total Common Stocks (Cost: $49,910,167) | 59,145,506 | |||||||
| Number of Shares | Value | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3% (Cost: $184,814) | ||||||||
| Money Market Fund: 0.3% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 184,814 | $ | 184,814 | |||||
| Total Investments: 100.2% (Cost: $50,094,981) | 59,330,320 | |||||||
| Liabilities in excess of other assets: (0.2)% | (141,306) | |||||||
| NET ASSETS: 100.0% | $ | 59,189,014 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| GDR | Global Depositary Receipt |
| HKD | Hong Kong Dollar |
| MAD | Moroccan Dirham |
| SGD | Singapore Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $2,131,645. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $35,650,663 which represents 60.2% of net assets. |
| * | Non-income producing |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $269,338, or 0.5% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Communication Services | 19.0 | % | $ | 11,261,381 | ||||
| Consumer Discretionary | 8.3 | 4,919,576 | ||||||
| Consumer Staples | 8.0 | 4,754,613 | ||||||
| Energy | 1.7 | 1,000,488 | ||||||
| Financials | 33.1 | 19,531,706 | ||||||
| Health Care | 1.2 | 692,261 | ||||||
| Industrials | 0.4 | 256,240 | ||||||
| Materials | 27.5 | 16,246,144 | ||||||
| Real Estate | 0.6 | 332,161 | ||||||
| Utilities | 0.2 | 150,936 | ||||||
| 100.0 | % | $ | 59,145,506 | |||||
See Notes to Financial Statements
| 20 |
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 2,826,533 | $ | — | $ | 2,826,533 | ||||||||
| Burkina Faso | 371,678 | — | — | 371,678 | ||||||||||||
| Canada | 2,759,541 | — | — | 2,759,541 | ||||||||||||
| China | — | 1,139,038 | — | 1,139,038 | ||||||||||||
| Egypt | 2,546,376 | 466,749 | — | 3,013,125 | ||||||||||||
| Germany | 1,202,574 | — | — | 1,202,574 | ||||||||||||
| India | 541,592 | — | — | 541,592 | ||||||||||||
| Indonesia | — | 288,031 | — | 288,031 | ||||||||||||
| Kenya | 2,406,268 | 3,799,302 | — | 6,205,570 | ||||||||||||
| Morocco | 3,862,340 | 2,313,978 | — | 6,176,318 | ||||||||||||
| Nigeria | — | 8,697,279 | — | 8,697,279 | ||||||||||||
| Norway | — | 150,936 | — | 150,936 | ||||||||||||
| South Africa | 5,947,027 | 13,499,901 | — | 19,446,928 | ||||||||||||
| Switzerland | — | 134,215 | — | 134,215 | ||||||||||||
| Tanzania | 1,352,939 | — | — | 1,352,939 | ||||||||||||
| United Arab Emirates | — | 2,167,761 | — | 2,167,761 | ||||||||||||
| United Kingdom | 855,006 | 147,252 | — | 1,002,258 | ||||||||||||
| United States | 229,162 | — | — | 229,162 | ||||||||||||
| Zambia | 1,420,340 | — | — | 1,420,340 | ||||||||||||
| Zimbabwe | — | 19,688 | — | 19,688 | ||||||||||||
| Money Market Fund | 184,814 | — | — | 184,814 | ||||||||||||
| Total Investments | $ | 23,679,657 | $ | 35,650,663 | $ | — | $ | 59,330,320 | ||||||||
See Notes to Financial Statements
| 21 |
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 88.8% | ||||||||
| Automobiles & Components: 1.1% | ||||||||
| Mahle-Metal Leve SA # | 31,250 | $ | 171,989 | |||||
| Tupy SA # * | 49,250 | 175,874 | ||||||
| 347,863 | ||||||||
| Capital Goods: 3.0% | ||||||||
| Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA # * | 249,050 | 292,518 | ||||||
| Armac Locacao Logistica E Servicos SA # | 61,800 | 287,754 | ||||||
| Iochpe Maxion SA # * | 87,402 | 239,910 | ||||||
| Portobello SA # | 74,050 | 127,848 | ||||||
| 948,030 | ||||||||
| Commercial & Professional Services: 1.3% | ||||||||
| Ambipar Participacoes e Empreendimentos SA # | 35,800 | 270,315 | ||||||
| Boa Vista Servicos SA | 142,500 | 153,501 | ||||||
| 423,816 | ||||||||
| Consumer Durables & Apparel: 12.8% | ||||||||
| Arezzo Industria e Comercio SA # | 43,750 | 601,446 | ||||||
| Construtora Tenda SA # | 34,800 | 104,065 | ||||||
| Cury Construtora e Incorporadora SA # | 75,900 | 95,073 | ||||||
| Cyrela Brazil Realty SA Empreendimentos e Participacoes # | 224,150 | 632,258 | ||||||
| Direcional Engenharia SA # | 65,800 | 149,709 | ||||||
| Even Construtora e Incorporadora SA # | 89,550 | 105,587 | ||||||
| Ez Tec Empreendimentos e Participacoes SA # | 123,552 | 452,107 | ||||||
| Grendene SA # | 168,650 | 261,952 | ||||||
| Grupo de Moda Soma SA # * | 337,984 | 770,380 | ||||||
| Guararapes Confeccoes SA # * | 68,950 | 121,594 | ||||||
| MRV Engenharia e Participacoes SA # | 204,050 | 439,026 | ||||||
| Vivara Participacoes SA # | 78,650 | 358,439 | ||||||
| 4,091,636 | ||||||||
| Consumer Services: 8.1% | ||||||||
| Afya Ltd. (USD) * | 22,587 | 354,842 | ||||||
| Anima Holding SA # * | 190,350 | 285,226 | ||||||
| Arco Platform Ltd. (USD) * † | 12,756 | 266,473 | ||||||
| Arcos Dorados Holdings, Inc. (USD) * † | 68,185 | 397,518 | ||||||
| BK Brasil Operacao e Assessoria a Restaurantes SA # * | 116,350 | 124,374 | ||||||
| Cogna Educacao # * | 1,296,300 | 568,564 | ||||||
| CVC Brasil Operadora e Agencia de Viagens SA # * | 151,683 | 364,000 | ||||||
| MPM Corporeos SA # | 103,250 | 153,707 | ||||||
| Ser Educacional SA 144A # | 28,275 | 52,993 | ||||||
| 2,567,697 | ||||||||
| Diversified Financials: 1.9% | ||||||||
| Banco Modal SA # * | 82,000 | 158,093 | ||||||
| BR Advisory Partners Participacoes SA # * | 36,650 | 95,127 | ||||||
| TC Traders Club SA # * | 77,850 | 82,708 | ||||||
| Number of Shares | Value | |||||||
| Diversified Financials (continued) | ||||||||
| Vinci Partners Investments Ltd. (USD) † | 25,871 | $ | 276,820 | |||||
| 612,748 | ||||||||
| Energy: 4.6% | ||||||||
| 3R Petroleum Oleo e Gas SA # * | 102,050 | 613,591 | ||||||
| AES Brasil Energia SA # | 155,950 | 309,468 | ||||||
| Enauta Participacoes SA # | 64,850 | 154,820 | ||||||
| Modec, Inc. # | 16,000 | 191,637 | ||||||
| Petroreconcavo SA # * | 60,600 | 203,007 | ||||||
| 1,472,523 | ||||||||
| Food & Staples Retailing: 2.7% | ||||||||
| Cia Brasileira de Distribuicao (ADR) † | 131,327 | 523,995 | ||||||
| Dimed SA Distribuidora da Medicamentos # | 86,750 | 207,105 | ||||||
| Empreendimentos Pague Menos SA # * | 72,100 | 120,760 | ||||||
| 851,860 | ||||||||
| Food, Beverage & Tobacco: 8.8% | ||||||||
| Adecoagro SA (USD) * † | 48,828 | 374,999 | ||||||
| BrasilAgro - Co. Brasileira de Propriedades Agricolas # | 40,800 | 211,150 | ||||||
| Camil Alimentos SA # * | 57,100 | 116,406 | ||||||
| Jalles Machado SA # | 112,600 | 210,322 | ||||||
| Minerva SA # | 218,900 | 417,047 | ||||||
| Sao Martinho SA # | 132,350 | 816,124 | ||||||
| SLC Agricola SA # | 61,200 | 494,859 | ||||||
| Tres Tentos Agroindustrial SA # * | 100,350 | 174,445 | ||||||
| 2,815,352 | ||||||||
| Health Care Equipment & Services: 5.1% | ||||||||
| Fleury SA # | 193,800 | 624,397 | ||||||
| Hospital Mater Dei SA # * | 51,900 | 125,682 | ||||||
| Instituto Hermes Pardini SA # * | 31,950 | 110,342 | ||||||
| Odontoprev SA # | 172,700 | 390,051 | ||||||
| Qualicorp Consultoria e Corretora de Seguros SA # | 126,900 | 383,934 | ||||||
| 1,634,406 | ||||||||
| Insurance: 2.0% | ||||||||
| IRB Brasil Resseguros SA # * | 752,200 | 541,486 | ||||||
| Wiz Solucoes e Corretagem de Seguros SA # | 62,400 | 88,816 | ||||||
| 630,302 | ||||||||
| Materials: 4.2% | ||||||||
| Cia Brasileira de Aluminio # * | 116,200 | 284,546 | ||||||
| ERO Copper Corp. * † | 46,890 | 715,425 | ||||||
| Largo, Inc. (USD) * † | 35,742 | 330,971 | ||||||
| 1,330,942 | ||||||||
| Media & Entertainment: 1.7% | ||||||||
| Infracommerce CXAAS SA # * | 96,550 | 301,822 | ||||||
| Meliuz SA 144A # | 417,950 | 242,825 | ||||||
| 544,647 | ||||||||
| Real Estate: 8.0% | ||||||||
| Aliansce Sonae Shopping Centers sa # | 125,288 | 486,077 | ||||||
| BR Malls Participacoes SA # * | 560,550 | 833,905 | ||||||
| BR Properties SA # | 134,850 | 176,815 | ||||||
See Notes to Financial Statements
| 22 |
| Number of Shares | Value | |||||||
| Real Estate (continued) | ||||||||
| FII BTG Pactual Corporate Office Fund # | 19,050 | $ | 248,419 | |||||
| Iguatemi SA * | 132,652 | 430,345 | ||||||
| JHSF Participacoes SA # | 211,950 | 211,751 | ||||||
| LOG Commercial Properties e Participacoes SA # | 35,650 | 161,548 | ||||||
| 2,548,860 | ||||||||
| Retailing: 1.7% | ||||||||
| C&A Modas Ltda # * | 75,100 | 82,741 | ||||||
| Grupo SBF SA # * | 80,950 | 325,668 | ||||||
| Lojas Quero Quero SA # | 63,900 | 127,905 | ||||||
| 536,314 | ||||||||
| Semiconductors & Semiconductor Equipment: 3.2% | ||||||||
| SMART Global Holdings, Inc. * † | 14,379 | 1,020,765 | ||||||
| Software & Services: 0.6% | ||||||||
| Clear Sale SA # * | 50,350 | 79,975 | ||||||
| SONDA SA # | 346,856 | 101,298 | ||||||
| 181,273 | ||||||||
| Technology Hardware & Equipment: 0.6% | ||||||||
| Ituran Location and Control Ltd. (USD) | 7,631 | 203,519 | ||||||
| Telecommunication Services: 2.2% | ||||||||
| Brisanet Participacoes SA # * | 80,250 | 71,332 | ||||||
| Oi SA # * | 3,815,566 | 514,545 | ||||||
| Unifique Telecomunicacoes SA # | 102,950 | 120,895 | ||||||
| 706,772 | ||||||||
| Transportation: 6.2% | ||||||||
| EcoRodovias Infraestrutura e Logistica SA # * | 192,390 | 252,147 | ||||||
| Gol Linhas Aereas Inteligentes SA (ADR) * † | 67,698 | 409,573 | ||||||
| Hidrovias do Brasil SA # * | 339,900 | 210,259 | ||||||
| Movida Participacoes SA # * | 108,900 | 307,419 | ||||||
| Santos Brasil Participacoes SA # | 546,950 | 627,742 | ||||||
| Sequoia Logistica e Transportes SA # * | 71,350 | 179,875 | ||||||
| 1,987,015 | ||||||||
| Utilities: 9.0% | ||||||||
| Alupar Investimento SA # | 200,037 | 864,612 | ||||||
| Cia de Saneamento de Minas Gerais # | 154,538 | 352,088 | ||||||
| Cia de Saneamento do Parana # * | 245,600 | 844,578 | ||||||
| Light SA # | 196,750 | 413,837 | ||||||
| Omega Energia SA * | 172,903 | 392,679 | ||||||
| 2,867,794 | ||||||||
| Total Common Stocks (Cost: $34,169,486) | 28,324,134 | |||||||
| PREFERRED SECURITIES: 9.4% | ||||||||
| Banks: 2.6% | ||||||||
| Banco ABC Brasil SA 6.30% # * | 58,570 | 166,347 | ||||||
| Banco do Estado do Rio Grande do Sul SA 6.55% # | 138,250 | 239,154 | ||||||
See Notes to Financial Statements
| 23 |
VANECK BRAZIL SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
| ADR | American Depositary Receipt |
| USD | United States Dollar |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $25,459,497 which represents 79.8% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $3,033,046. |
| 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 $295,818, or 0.9% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Communication Services | 3.9 | % | $ | 1,251,419 | ||||
| Consumer Discretionary | 25.2 | 8,002,307 | ||||||
| Consumer Staples | 11.6 | 3,667,212 | ||||||
| Energy | 4.6 | 1,472,523 | ||||||
| Financials | 6.5 | 2,080,860 | ||||||
| Health Care | 5.1 | 1,634,406 | ||||||
| Industrials | 12.1 | 3,829,004 | ||||||
| Information Technology | 5.8 | 1,848,536 | ||||||
| Materials | 6.7 | 2,117,114 | ||||||
| Real Estate | 8.1 | 2,548,860 | ||||||
| Utilities | 10.4 | 3,317,478 | ||||||
| 100.0 | % | $ | 31,769,719 | |||||
See Notes to Financial Statements
| 24 |
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Automobiles & Components | $ | — | $ | 347,863 | $ | — | $ | 347,863 | ||||||||
| Capital Goods | — | 948,030 | — | 948,030 | ||||||||||||
| Commercial & Professional Services | 153,501 | 270,315 | — | 423,816 | ||||||||||||
| Consumer Durables & Apparel | — | 4,091,636 | — | 4,091,636 | ||||||||||||
| Consumer Services | 1,018,833 | 1,548,864 | — | 2,567,697 | ||||||||||||
| Diversified Financials | 276,820 | 335,928 | — | 612,748 | ||||||||||||
| Energy | — | 1,472,523 | — | 1,472,523 | ||||||||||||
| Food & Staples Retailing | 523,995 | 327,865 | — | 851,860 | ||||||||||||
| Food, Beverage & Tobacco | 374,999 | 2,440,353 | — | 2,815,352 | ||||||||||||
| Health Care Equipment & Services | — | 1,634,406 | — | 1,634,406 | ||||||||||||
| Insurance | — | 630,302 | — | 630,302 | ||||||||||||
| Materials | 1,046,396 | 284,546 | — | 1,330,942 | ||||||||||||
| Media & Entertainment | — | 544,647 | — | 544,647 | ||||||||||||
| Real Estate | 430,345 | 2,118,515 | — | 2,548,860 | ||||||||||||
| Retailing | — | 536,314 | — | 536,314 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 1,020,765 | — | — | 1,020,765 | ||||||||||||
| Software & Services | — | 181,273 | — | 181,273 | ||||||||||||
| Technology Hardware & Equipment | 203,519 | — | — | 203,519 | ||||||||||||
| Telecommunication Services | — | 706,772 | — | 706,772 | ||||||||||||
| Transportation | 409,573 | 1,577,442 | — | 1,987,015 | ||||||||||||
| Utilities | 392,679 | 2,475,115 | — | 2,867,794 | ||||||||||||
| Preferred Securities * | — | 2,986,788 | — | 2,986,788 | ||||||||||||
| Closed-End Fund | 458,797 | — | — | 458,797 | ||||||||||||
| Money Market Fund | 785,056 | — | — | 785,056 | ||||||||||||
| Total Investments | $ | 7,095,278 | $ | 25,459,497 | $ | — | $ | 32,554,775 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 25 |
VANECK CHINA GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.9% | ||||||||
| Automobiles & Components: 0.8% | ||||||||
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd. # | 3,878 | $ | 124,556 | |||||
| Shandong Linglong Tyre Co. Ltd. # | 16,100 | 92,586 | ||||||
| 217,142 | ||||||||
| Capital Goods: 8.6% | ||||||||
| Beijing Bei Mo Gao Ke Friction Material Co. Ltd. # | 5,800 | 109,822 | ||||||
| Beijing New Building Materials Plc # | 24,500 | 138,187 | ||||||
| Dajin Heavy Industry Co. Ltd. # | 6,100 | 37,101 | ||||||
| Fulongma Group Co. Ltd. # | 6,800 | 15,361 | ||||||
| Guangdong Lingxiao Pump Industry Co. Ltd. # | 5,600 | 24,623 | ||||||
| Guangzhou KDT Machinery Co. Ltd. # | 6,300 | 31,844 | ||||||
| Hangzhou Zhongtai Cryogenic Technology Corp. # | 4,200 | 15,437 | ||||||
| Jiangsu Hengli Hydraulic Co. Ltd. # | 12,416 | 159,552 | ||||||
| Jiangsu Nanfang Bearing Co. Ltd. # | 7,200 | 12,112 | ||||||
| Jingjin Equipment, Inc. | 5,900 | 43,032 | ||||||
| Jinlei Technology Co. Ltd. # | 6,400 | 58,248 | ||||||
| Nantong Jianghai Capacitor Co. Ltd. # | 13,100 | 56,343 | ||||||
| Nanxing Machinery Co. Ltd. # | 3,200 | 7,667 | ||||||
| NARI Technology Co. Ltd. # | 66,620 | 419,848 | ||||||
| Ningbo Orient Wires & Cables Co. Ltd. # | 9,900 | 79,764 | ||||||
| Ocean’s King Lighting Science & Technology Co. Ltd. # | 11,000 | 28,275 | ||||||
| Sany Heavy Industry Co. Ltd. # | 164,800 | 591,306 | ||||||
| Sichuan Kexin Mechanical and Electrical Equipment Co. Ltd. # | 7,500 | 15,204 | ||||||
| Zhefu Holding Group Co. Ltd. | 31,900 | 35,717 | ||||||
| Zhejiang Dingli Machinery Co. Ltd. # | 6,002 | 75,738 | ||||||
| Zhuzhou Kibing Group Co. Ltd. # | 50,800 | 136,938 | ||||||
| Zoomlion Heavy Industry Science and Technology Co. Ltd. # | 166,000 | 187,334 | ||||||
| 2,279,453 | ||||||||
| Commercial & Professional Services: 0.6% | ||||||||
| Shanghai M&G Stationery, Inc. # | 10,500 | 106,499 | ||||||
| UE Furniture Co. Ltd. # | 2,500 | 4,860 | ||||||
| Zhejiang Weiming Environment Protection Co. Ltd. | 10,156 | 58,342 | ||||||
| 169,701 | ||||||||
| Consumer Durables & Apparel: 3.4% | ||||||||
| Baoxiniao Holding Co. Ltd. # | 28,000 | 22,173 | ||||||
| Biem.L.Fdlkk Garment Co. Ltd. # | 10,700 | 42,881 | ||||||
| Chow Tai Seng Jewellery Co. Ltd. # | 8,800 | 24,624 | ||||||
| Hangzhou Nbond Nonwovens Co. Ltd. # | 1,300 | 2,728 | ||||||
| Hisense Home Appliances Group Co. Ltd. # | 16,600 | 39,584 | ||||||
| Number of Shares | Value | |||||||
| Consumer Durables & Apparel (continued) | ||||||||
| Leshan Giantstar Farming & Husbandry Corp. Ltd. | 4,200 | $ | 10,237 | |||||
| Li Ning Co. Ltd. (HKD) # | 65,000 | 713,167 | ||||||
| Markor International Home Furnishings Co. Ltd. # * | 19,400 | 10,719 | ||||||
| Ningbo Peacebird Fashion Co. Ltd. | 2,100 | 9,207 | ||||||
| Q Technology Group Co. Ltd. (HKD) # † | 13,000 | 16,820 | ||||||
| Shanghai Yaoji Technology Co. Ltd. # | 5,300 | 18,960 | ||||||
| 911,100 | ||||||||
| Consumer Services: 0.1% | ||||||||
| Fu Shou Yuan International Group Ltd. (HKD) # | 34,000 | 26,724 | ||||||
| Diversified Financials: 1.8% | ||||||||
| 360 DigiTech, Inc. (ADR) | 3,467 | 79,498 | ||||||
| China Renaissance Holdings Ltd. (HKD) 144A # * † | 5,100 | 9,666 | ||||||
| CSC Financial Co. Ltd. (HKD) 144A # † | 156,000 | 170,810 | ||||||
| Hithink RoyalFlush Information Network Co. Ltd. # | 9,224 | 209,694 | ||||||
| 469,668 | ||||||||
| Energy: 0.6% | ||||||||
| Shaanxi Coal Industry Co. Ltd. # | 80,100 | 153,945 | ||||||
| Shandong Sunway Chemical Group Co. Ltd. # | 13,700 | 14,582 | ||||||
| 168,527 | ||||||||
| Food, Beverage & Tobacco: 18.1% | ||||||||
| Angel Yeast Co. Ltd. # | 14,300 | 135,770 | ||||||
| Anhui Yingjia Distillery Co. Ltd. # | 5,100 | 55,816 | ||||||
| China Feihe Ltd. (HKD) 144A # | 109,000 | 146,269 | ||||||
| Chongqing Brewery Co. Ltd. (CNY) # * | 5,800 | 138,021 | ||||||
| COFCO Joycome Foods Ltd. (HKD) # * † | 68,000 | 25,937 | ||||||
| Ganso Co. Ltd. | 2,300 | 8,518 | ||||||
| Guangdong Guanghong Holdings Co. Ltd. # | 7,000 | 6,940 | ||||||
| Hebei Chengde Lolo Co. # | 18,600 | 31,746 | ||||||
| Jiangsu King’s Luck Brewery JSC Ltd. # | 14,000 | 119,783 | ||||||
| JiuGui Liquor Co. Ltd. # | 5,700 | 190,695 | ||||||
| Luzhou Laojiao Co. Ltd. # | 19,828 | 792,093 | ||||||
| Muyuan Foods Co. Ltd. # | 78,124 | 656,383 | ||||||
| Sanquan Food Co. Ltd. # | 13,010 | 41,329 | ||||||
| Shandong Longda Meishi Co. Ltd. # | 11,700 | 19,239 | ||||||
| Shanghai Bairun Investment Holding Group Co. Ltd. # | 16,040 | 150,676 | ||||||
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. # | 10,495 | 520,828 | ||||||
| Sichuan Swellfun Co. Ltd. # | 5,100 | 96,451 | ||||||
| Want Want China Holdings Ltd. (HKD) # | 134,000 | 123,003 | ||||||
| Wuliangye Yibin Co. Ltd. # | 42,030 | 1,471,465 | ||||||
See Notes to Financial Statements
| 26 |
| Number of Shares | Value | |||||||
| Food, Beverage & Tobacco (continued) | ||||||||
| Yihai International Holding Ltd. (HKD) # * † | 14,000 | $ | 64,749 | |||||
| 4,795,711 | ||||||||
| Health Care Equipment & Services: 7.6% | ||||||||
| Aier Eye Hospital Group Co. Ltd. # | 71,784 | 477,769 | ||||||
| Blue Sail Medical Co. Ltd. # | 18,300 | 46,923 | ||||||
| Dian Diagnostics Group Co. Ltd. # | 15,400 | 81,294 | ||||||
| Edan Instruments, Inc. # | 13,000 | 28,815 | ||||||
| Guangzhou Kingmed Diagnostics Group Co. Ltd. # | 7,900 | 138,087 | ||||||
| Guangzhou Wondfo Biotech Co. Ltd. # | 8,830 | 54,678 | ||||||
| Intco Medical Technology Co. Ltd. # | 15,400 | 139,637 | ||||||
| Jafron Biomedical Co. Ltd. # | 18,250 | 153,365 | ||||||
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. # | 19,900 | 118,245 | ||||||
| Kangji Medical Holdings Ltd. (HKD) # † | 10,000 | 10,194 | ||||||
| Lepu Medical Technology Beijing Co. Ltd. # | 36,300 | 129,330 | ||||||
| Ningbo David Medical Device Co. Ltd. # | 4,400 | 9,413 | ||||||
| Ovctek China, Inc. # | 14,909 | 134,718 | ||||||
| Sansure Biotech, Inc. | 4,655 | 43,190 | ||||||
| Shanghai Kindly Enterprise Development Group Co. Ltd. # * | 7,500 | 25,596 | ||||||
| Shanghai ZJ Bio-Tech Co. Ltd. # | 5,988 | 48,658 | ||||||
| Tibet Rhodiola Pharmaceutical Holding Co. # | 2,300 | 18,925 | ||||||
| Tofflon Science & Technology Group Co. Ltd. # | 8,800 | 69,998 | ||||||
| Winner Medical Co. Ltd. # | 12,900 | 167,222 | ||||||
| Wuhan Easydiagnosis Biomedicine Co. Ltd. | 1,000 | 11,637 | ||||||
| Zhejiang Gongdong Medical Technology Co. Ltd. # | 3,500 | 78,747 | ||||||
| Zhende Medical Co. Ltd. # | 2,600 | 21,018 | ||||||
| 2,007,459 | ||||||||
| Household & Personal Products: 0.6% | ||||||||
| By-health Co. Ltd. | 35,200 | 149,235 | ||||||
| Mingchen Health Co. Ltd. | 2,800 | 17,344 | ||||||
| 166,579 | ||||||||
| Industrials: 0.1% | ||||||||
| Sichuan Languang Justbon Services Group Co. Ltd. (HKD) # | 3,300 | 22,921 | ||||||
| Materials: 9.8% | ||||||||
| Anhui Conch Cement Co. Ltd. # | 65,367 | 414,722 | ||||||
| Anhui Guangxin Agrochemical Co. Ltd. # | 6,000 | 36,792 | ||||||
| Chengdu Guibao Science & Technology Co. Ltd. # | 6,100 | 19,388 | ||||||
| China Nonferrous Mining Corp. Ltd. (HKD) # | 31,000 | 12,362 | ||||||
| Chongqing Zaisheng Technology Corp. Ltd. # | 11,400 | 22,260 | ||||||
| Number of Shares | Value | |||||||
| Materials (continued) | ||||||||
| Citic Pacific Special Steel Group Co. Ltd. # | 40,270 | $ | 129,632 | |||||
| City Development Environment Co. Ltd. | 5,700 | 9,501 | ||||||
| CNSIG Inner Mongolia Chemical Industry Co. Ltd. # | 12,700 | 32,892 | ||||||
| DeHua TB New Decoration Materials Co. Ltd. # | 8,900 | 16,903 | ||||||
| Fangda Special Steel Technology Co. Ltd. # | 28,000 | 34,370 | ||||||
| Fujian Green Pine Co. Ltd. | 11,300 | 20,062 | ||||||
| Gansu Shangfeng Cement Co. Ltd. # | 7,700 | 24,322 | ||||||
| Guangzhou Tinci Materials Technology Co. Ltd. # | 21,950 | 395,740 | ||||||
| Hailir Pesticides and Chemicals Group Co. Ltd. | 2,900 | 11,451 | ||||||
| HBIS Resources Co. Ltd. # | 7,900 | 17,837 | ||||||
| Huafon Chemical Co. Ltd. # | 143,400 | 235,537 | ||||||
| Huaxin Cement Co. Ltd. # | 21,200 | 64,390 | ||||||
| Hunan Haili Chemical Industry Co. Ltd. # | 10,870 | 14,679 | ||||||
| Jiangsu Huachang Chemical Co. Ltd. # | 15,200 | 30,315 | ||||||
| Jiangsu Sopo Chemical Co. # | 15,500 | 33,675 | ||||||
| Jiangsu Yangnong Chemical Co. Ltd. # | 5,400 | 111,408 | ||||||
| Jiangxi Chenguang New Materials Co. Ltd. | 3,900 | 24,354 | ||||||
| Jiangxi Wannianqing Cement Co. Ltd. # | 11,400 | 21,927 | ||||||
| Jiangyin Hengrun Heavy Industries Co. ltd # | 3,800 | 31,992 | ||||||
| Kingfa Sci & Tech Co. Ltd. # | 44,900 | 88,826 | ||||||
| Lier Chemical Co. Ltd. # | 7,500 | 39,847 | ||||||
| Luxi Chemical Group Co. Ltd. # | 34,200 | 82,185 | ||||||
| Ningxia Building Materials Group Co. Ltd. # | 6,500 | 12,299 | ||||||
| Shandong Bohui Paper Industrial Co. Ltd. # | 7,500 | 12,210 | ||||||
| Shandong Head Co. Ltd. # * | 5,820 | 56,324 | ||||||
| Shandong Hualu Hengsheng Chemical Co. Ltd. # | 43,100 | 212,039 | ||||||
| Shangdong Lubei Chemical Co. Ltd. # | 11,500 | 18,794 | ||||||
| Sichuan Anning Iron and Titanium Co. Ltd. # | 5,300 | 35,258 | ||||||
| Tianjin You Fa Steel Pipe Group Stock Co. Ltd. # | 42,500 | 65,487 | ||||||
| West China Cement Ltd. (HKD) # | 62,000 | 11,056 | ||||||
| Xiamen Jihong Technology Co. Ltd. | 7,100 | 23,704 | ||||||
| Zhejiang Double Arrow Rubber Co. Ltd. # | 8,700 | 11,061 | ||||||
| Zhejiang JIULI Hi-tech Metals Co. Ltd. # | 18,600 | 52,334 | ||||||
| Zhejiang Wansheng Co. Ltd. # | 7,300 | 30,061 | ||||||
See Notes to Financial Statements
| 27 |
VANECK CHINA GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
(continued)
| Number of Shares | Value | |||||||
| Materials (continued) | ||||||||
| Zhejiang Xinan Chemical Industrial Group Co. Ltd. # | 19,900 | $ | 78,366 | |||||
| 2,596,362 | ||||||||
| Media & Entertainment: 5.3% | ||||||||
| G-bits Network Technology Xiamen Co. Ltd. # | 1,200 | 79,628 | ||||||
| Hangzhou Electronic Soul Network Technology Co. Ltd. # | 2,300 | 10,863 | ||||||
| Shanghai Fengyuzhu Culture and Technology Co. Ltd. | 3,800 | 16,254 | ||||||
| Tencent Holdings Ltd. (HKD) # | 22,100 | 1,289,766 | ||||||
| 1,396,511 | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences: 7.9% | ||||||||
| Beijing Hotgen Biotech Co. Ltd. # | 1,189 | 21,634 | ||||||
| Changchun High & New Technology Industry Group, Inc. # | 9,200 | 392,967 | ||||||
| China Medical System Holdings Ltd. (HKD) # | 38,000 | 63,531 | ||||||
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. # | 10,200 | 54,972 | ||||||
| Chongqing Zhifei Biological Products Co. Ltd. # | 33,600 | 658,104 | ||||||
| Daan Gene Co. Ltd. | 27,800 | 87,697 | ||||||
| Guangdong Hybribio Biotech Co. Ltd. # | 3,800 | 17,641 | ||||||
| Livzon Pharmaceutical Group, Inc. # | 16,600 | 104,986 | ||||||
| Shandong Wohua Pharmaceutical Co. Ltd. # | 7,700 | 8,971 | ||||||
| Shanghai Kehua Bio-Engineering Co. Ltd. | 10,500 | 24,504 | ||||||
| Shenyang Xingqi Pharmaceutical Co. Ltd. | 2,000 | 43,025 | ||||||
| Walvax Biotechnology Co. Ltd. # | 33,700 | 297,042 | ||||||
| Xiamen Kingdomway Group Co. # | 6,400 | 31,573 | ||||||
| Zhejiang Cheng Yi Pharmaceutical Co. Ltd. | 3,600 | 9,188 | ||||||
| Zhejiang NHU Co. Ltd. # | 38,860 | 190,182 | ||||||
| Zhejiang Orient Gene Biotech Co. Ltd. # | 2,680 | 97,025 | ||||||
| 2,103,042 | ||||||||
| Real Estate: 3.3% | ||||||||
| A-Living Smart City Services Co. Ltd. (HKD) 144A # | 15,750 | 26,911 | ||||||
| Central China New Life Ltd. (HKD) # * † | 12,000 | 7,735 | ||||||
| CIFI Ever Sunshine Services Group Ltd. (HKD) # | 24,000 | 37,280 | ||||||
| Country Garden Services Holdings Co. Ltd. (HKD) # | 55,000 | 330,268 | ||||||
| Evergrande Property Services Group Ltd. (HKD) 144A # * † | 46,500 | 15,762 | ||||||
| Hefei Urban Construction Development Co. Ltd. # | 10,800 | 13,185 | ||||||
| Logan Group Co. Ltd. (HKD) | 42,000 | 32,108 | ||||||
| Number of Shares | Value | |||||||
| Real Estate (continued) | ||||||||
| Longfor Group Holdings Ltd. (HKD) 144A # | 48,000 | $ | 226,440 | |||||
| Powerlong Real Estate Holdings Ltd. (HKD) # | 47,000 | 24,612 | ||||||
| Rongan Property Co. Ltd. | 32,600 | 12,611 | ||||||
| Seazen Holdings Co. Ltd. # | 20,300 | 93,101 | ||||||
| S-Enjoy Service Group Co. Ltd. (HKD) # * | 9,000 | 12,926 | ||||||
| Shenzhen New Nanshan Holding Group Co. Ltd. # | 40,000 | 19,640 | ||||||
| Shenzhen Properties & Resources Development Group Ltd. # | 6,200 | 11,374 | ||||||
| Times Neighborhood Holdings Ltd. (HKD) # † | 17,000 | 6,305 | ||||||
| 870,258 | ||||||||
| Retailing: 9.3% | ||||||||
| Alibaba Group Holding Ltd. (ADR) * | 8,298 | 985,719 | ||||||
| Easyhome New Retail Group Co. Ltd. # | 98,800 | 80,163 | ||||||
| JD.com, Inc. (ADR) * | 17,298 | 1,212,071 | ||||||
| Pop Mart International Group Ltd. (HKD) 144A # | 4,600 | 26,420 | ||||||
| Vipshop Holdings Ltd. (ADR) * | 19,668 | 165,211 | ||||||
| 2,469,584 | ||||||||
| Semiconductors & Semiconductor Equipment: 8.6% | ||||||||
| Daqo New Energy Corp. (ADR) * | 2,352 | 94,833 | ||||||
| Gigadevice Semiconductor Beijing, Inc. # | 13,580 | 375,686 | ||||||
| LONGi Green Energy Technology Co. Ltd. # | 107,136 | 1,452,819 | ||||||
| Shenzhen Sunmoon Microelectronics Co. Ltd. # | 2,117 | 62,374 | ||||||
| Xinyi Solar Holdings Ltd. (HKD) # | 142,000 | 241,119 | ||||||
| Yangzhou Yangjie Electronic Technology Co. Ltd. # | 6,600 | 69,725 | ||||||
| 2,296,556 | ||||||||
| Software & Services: 1.0% | ||||||||
| Chinasoft International Ltd. (HKD) # * | 76,000 | 99,123 | ||||||
| Shanghai Baosight Software Co. Ltd. # | 14,420 | 137,889 | ||||||
| Sichuan Jiuyuan Yinhai Software Co. Ltd. # | 5,200 | 22,606 | ||||||
| 259,618 | ||||||||
| Technology Hardware & Equipment: 10.8% | ||||||||
| Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. # | 3,900 | 109,974 | ||||||
| BYD Electronic International Co. Ltd. (HKD) # † | 19,500 | 71,392 | ||||||
| Chongqing Chuanyi Automation Co. Ltd. # | 12,300 | 40,989 | ||||||
| Cubic Sensor and Instrument Co. Ltd. # | 2,215 | 62,464 | ||||||
| Eoptolink Technology, Inc. Ltd. # | 11,223 | 69,237 | ||||||
See Notes to Financial Statements
| 28 |
| Number of Shares | Value | |||||||
| Technology Hardware & Equipment (continued) | ||||||||
| Goldenmax International Technology Ltd. # | 6,400 | $ | 15,157 | |||||
| Luxshare Precision Industry Co. Ltd. # | 116,505 | 901,848 | ||||||
| Maxscend Microelectronics Co. Ltd. # | 7,200 | 370,419 | ||||||
| Shanghai Friendess Electronic Technology Corp. Ltd. # | 2,812 | 170,599 | ||||||
| Shenzhen H&T Intelligent Control Co. Ltd. # | 26,300 | 113,525 | ||||||
| Shenzhen TVT Digital Technology Co. Ltd. # | 5,600 | 9,241 | ||||||
| Sunny Optical Technology Group Co. Ltd. (HKD) # | 22,200 | 703,288 | ||||||
| Suntront Techonology Co. Ltd. # | 23,500 | 19,341 | ||||||
| Suzhou Etron Technologies Co. Ltd. | 3,900 | 23,489 | ||||||
| VanJee Technology Co. Ltd. # | 4,200 | 26,621 | ||||||
| Wuxi Xinje Electric Co. Ltd. | 2,400 | 17,969 | ||||||
| ZheJiang Dali Technology Co. Ltd. # | 13,760 | 42,720 | ||||||
| Zhuzhou Hongda Electronics Corp. Ltd. # | 6,800 | 106,938 | ||||||
| 2,875,211 | ||||||||
Definitions:
| ADR | American Depositary Receipt |
| CNY | Chinese Yuan |
| HKD | Hong Kong Dollar |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $23,263,555 which represents 87.6% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $383,145. |
| 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 $622,278, or 2.3% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Communication Services | 5.3 | % | $ | 1,408,641 | ||||
| Consumer Discretionary | 13.6 | 3,624,551 | ||||||
| Consumer Staples | 18.7 | 4,962,290 | ||||||
| Energy | 0.6 | 168,527 | ||||||
| Financials | 1.8 | 469,668 | ||||||
| Health Care | 15.5 | 4,110,501 | ||||||
| Industrials | 10.9 | 2,901,080 | ||||||
| Information Technology | 20.5 | 5,431,385 | ||||||
| Materials | 9.8 | 2,596,362 | ||||||
| Real Estate | 3.3 | 870,258 | ||||||
| 100.0 | % | $ | 26,543,263 | |||||
See Notes to Financial Statements
| 29 |
VANECK CHINA GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Automobiles & Components | $ | — | $ | 217,142 | $ | — | $ | 217,142 | ||||||||
| Capital Goods | 78,749 | 2,200,704 | — | 2,279,453 | ||||||||||||
| Commercial & Professional Services | 58,342 | 111,359 | — | 169,701 | ||||||||||||
| Consumer Durables & Apparel | 19,444 | 891,656 | — | 911,100 | ||||||||||||
| Consumer Services | — | 26,724 | — | 26,724 | ||||||||||||
| Diversified Financials | 79,498 | 390,170 | — | 469,668 | ||||||||||||
| Energy | — | 168,527 | — | 168,527 | ||||||||||||
| Food, Beverage & Tobacco | 8,518 | 4,787,193 | — | 4,795,711 | ||||||||||||
| Health Care Equipment & Services | 54,827 | 1,952,632 | — | 2,007,459 | ||||||||||||
| Household & Personal Products | 166,579 | — | — | 166,579 | ||||||||||||
| Industrials | — | 22,921 | — | 22,921 | ||||||||||||
| Materials | 89,072 | 2,507,290 | — | 2,596,362 | ||||||||||||
| Media & Entertainment | 16,254 | 1,380,257 | — | 1,396,511 | ||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 164,414 | 1,938,628 | — | 2,103,042 | ||||||||||||
| Real Estate | 44,719 | 825,539 | — | 870,258 | ||||||||||||
| Retailing | 2,363,001 | 106,583 | — | 2,469,584 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 94,833 | 2,201,723 | — | 2,296,556 | ||||||||||||
| Software & Services | — | 259,618 | — | 259,618 | ||||||||||||
| Technology Hardware & Equipment | 41,458 | 2,833,753 | — | 2,875,211 | ||||||||||||
| Telecommunication Services | — | 12,130 | — | 12,130 | ||||||||||||
| Transportation | — | 429,006 | — | 429,006 | ||||||||||||
| Money Market Fund | 17,714 | — | — | 17,714 | ||||||||||||
| Total Investments | $ | 3,297,422 | $ | 23,263,555 | $ | — | $ | 26,560,977 | ||||||||
See Notes to Financial Statements
| 30 |
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.9% | ||||||||
| Capital Goods: 32.2% | ||||||||
| Contemporary Amperex Technology Co. Ltd. # | 78,000 | $ | 7,201,096 | |||||
| Eve Energy Co. Ltd. # | 83,996 | 1,561,639 | ||||||
| Ginlong Technologies Co. Ltd. # | 6,000 | 218,727 | ||||||
| JL Mag Rare-Earth Co. Ltd. # | 25,200 | 178,105 | ||||||
| Qingdao TGOOD Electric Co. Ltd. # | 42,100 | 164,614 | ||||||
| Shenzhen Inovance Technology Co. Ltd. # | 116,085 | 1,253,570 | ||||||
| Shenzhen Yinghe Technology Co. Ltd. # | 24,000 | 115,933 | ||||||
| Siasun Robot & Automation Co. Ltd. # * | 78,900 | 138,623 | ||||||
| Sungrow Power Supply Co. Ltd. # | 65,300 | 1,497,758 | ||||||
| Sunwoda Electronic Co. Ltd. # | 72,000 | 477,594 | ||||||
| Suzhou Maxwell Technologies Co. Ltd. # | 3,000 | 302,864 | ||||||
| Xi’an Triangle Defense Co. Ltd. | 18,600 | 143,002 | ||||||
| 13,253,525 | ||||||||
| Commercial & Professional Services: 1.3% | ||||||||
| Beijing Originwater Technology Co. Ltd. # | 130,100 | 147,222 | ||||||
| Centre Testing International Group Co. Ltd. # | 95,200 | 402,127 | ||||||
| 549,349 | ||||||||
| Consumer Durables & Apparel: 1.0% | ||||||||
| Huali Industrial Group Co. Ltd. # | 5,900 | 82,767 | ||||||
| Suzhou TA&A Ultra Clean Technology Co. Ltd. # | 26,000 | 331,583 | ||||||
| 414,350 | ||||||||
| Consumer Services: 0.6% | ||||||||
| Songcheng Performance Development Co. Ltd. # | 99,021 | 223,223 | ||||||
| Diversified Financials: 8.4% | ||||||||
| East Money Information Co. Ltd. # | 535,217 | 3,127,137 | ||||||
| Hithink RoyalFlush Information Network Co. Ltd. # | 13,700 | 311,449 | ||||||
| 3,438,586 | ||||||||
| Food, Beverage & Tobacco: 3.5% | ||||||||
| Ligao Foods Co. Ltd. | 2,700 | 56,080 | ||||||
| Three Squirrels, Inc. # | 6,700 | 41,066 | ||||||
| Wens Foodstuffs Group Co. Ltd. # | 323,460 | 980,600 | ||||||
| Yihai Kerry Arawana Holdings Co. Ltd. # | 38,100 | 377,536 | ||||||
| 1,455,282 | ||||||||
| Health Care Equipment & Services: 11.7% | ||||||||
| Aier Eye Hospital Group Co. Ltd. # | 154,811 | 1,030,367 | ||||||
| Contec Medical Systems Co. Ltd. | 8,500 | 54,202 | ||||||
| Dian Diagnostics Group Co. Ltd. # | 31,400 | 165,755 | ||||||
| Guangzhou Wondfo Biotech Co. Ltd. # | 16,500 | 102,176 | ||||||
| Number of Shares | Value | |||||||
| Health Care Equipment & Services (continued) | ||||||||
| Intco Medical Technology Co. Ltd. # | 24,600 | $ | 223,056 | |||||
| Jafron Biomedical Co. Ltd. # | 28,900 | 242,863 | ||||||
| Lepu Medical Technology Beijing Co. Ltd. # | 77,513 | 276,164 | ||||||
| Ovctek China, Inc. # | 30,000 | 271,080 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. # | 28,500 | 1,707,076 | ||||||
| Shenzhen New Industries Biomedical Engineering Co. Ltd. # | 18,700 | 129,413 | ||||||
| Sinocare, Inc. # | 20,800 | 97,777 | ||||||
| Tofflon Science & Technology Group Co. Ltd. # | 16,600 | 132,043 | ||||||
| Winner Medical Co. Ltd. # | 7,100 | 92,037 | ||||||
| Winning Health Technology Group Co. Ltd. # | 118,266 | 311,718 | ||||||
| 4,835,727 | ||||||||
| Household & Personal Products: 0.9% | ||||||||
| By-health Co. Ltd. | 58,600 | 248,442 | ||||||
| Yunnan Botanee Bio-Technology Group Co. Ltd. | 4,300 | 130,020 | ||||||
| 378,462 | ||||||||
| Materials: 5.1% | ||||||||
| Beijing Easpring Material Technology Co. Ltd. # | 23,700 | 323,967 | ||||||
| CNGR Advanced Material Co. Ltd. # | 3,500 | 83,327 | ||||||
| Huabao Flavours & Fragrances Co. Ltd. | 8,200 | 61,703 | ||||||
| Nanjing Hanrui Cobalt Co. Ltd. # | 14,800 | 186,733 | ||||||
| Shandong Sinocera Functional Material Co. Ltd. # | 51,300 | 343,415 | ||||||
| Shenzhen Capchem Technology Co. Ltd. # | 17,700 | 314,473 | ||||||
| Shenzhen Dynanonic Co. Ltd. # * | 3,800 | 293,470 | ||||||
| Shenzhen Senior Technology Material Co. Ltd. # | 43,700 | 252,622 | ||||||
| Weihai Guangwei Composites Co. Ltd. # | 18,800 | 249,955 | ||||||
| 2,109,665 | ||||||||
| Media & Entertainment: 2.3% | ||||||||
| Beijing Enlight Media Co. Ltd. # | 74,442 | 150,502 | ||||||
| Bluefocus Intelligent Communications Group Co. Ltd. # | 149,000 | 251,509 | ||||||
| Kunlun Tech Co. Ltd. # | 51,300 | 187,104 | ||||||
| Mango Excellent Media Co. Ltd. # | 39,770 | 357,830 | ||||||
| 946,945 | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences: 12.7% | ||||||||
| Anhui Anke Biotechnology Group Co. Ltd. # | 71,800 | 148,025 | ||||||
| Betta Pharmaceuticals Co. Ltd. # | 16,600 | 208,405 | ||||||
| BGI Genomics Co. Ltd. # | 15,700 | 216,933 | ||||||
| Boya Bio-pharmaceutical Group Co. Ltd. # | 19,000 | 114,480 | ||||||
See Notes to Financial Statements
| 31 |
VANECK CHINEXT ETF
SCHEDULE OF INVESTMENTS
(continued)
| Number of Shares | Value | |||||||
| Pharmaceuticals, Biotechnology & Life Sciences (continued) | ||||||||
| Chengdu Kanghua Biological Products Co. Ltd. # | 2,400 | $ | 80,220 | |||||
| Chongqing Zhifei Biological Products Co. Ltd. # | 49,269 | 965,003 | ||||||
| Hainan Poly Pharm Co. Ltd. # | 17,900 | 155,058 | ||||||
| Hangzhou Tigermed Consulting Co. Ltd. # | 35,459 | 712,843 | ||||||
| Imeik Technology Development Co. Ltd. # | 5,500 | 464,314 | ||||||
| Maccura Biotechnology Co. Ltd. | 25,200 | 115,676 | ||||||
| PharmaBlock Sciences Nanjing, Inc. # | 10,200 | 227,931 | ||||||
| Pharmaron Beijing Co. Ltd. # | 16,200 | 360,365 | ||||||
| Shenzhen Kangtai Biological Products Co. Ltd. # | 24,000 | 371,522 | ||||||
| Walvax Biotechnology Co. Ltd. # | 107,500 | 947,539 | ||||||
| Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. # | 17,700 | 159,540 | ||||||
| 5,247,854 | ||||||||
| Semiconductors & Semiconductor Equipment: 4.1% | ||||||||
| Ingenic Semiconductor Co. Ltd. # | 12,800 | 269,999 | ||||||
| SG Micro Corp. # | 9,600 | 466,830 | ||||||
| Shenzhen SC New Energy Technology Corp. # | 14,500 | 260,942 | ||||||
| Yangling Metron New Material, Inc. # | 5,600 | 68,401 | ||||||
| Yangzhou Yangjie Electronic Technology Co. Ltd. # | 17,200 | 181,708 | ||||||
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. # | 39,800 | 434,686 | ||||||
| 1,682,566 | ||||||||
| Software & Services: 4.3% | ||||||||
| Beijing E-Hualu Information Technology Co. Ltd. # | 26,900 | 149,496 | ||||||
| Beijing Sinnet Technology Co. Ltd. # | 74,800 | 174,701 | ||||||
| Hangzhou Dptech Technologies Co. Ltd. # | 6,082 | 39,499 | ||||||
| Lakala Payment Co. Ltd. # | 26,900 | 122,921 | ||||||
| Number of Shares | Value | |||||||
| Software & Services (continued) | ||||||||
| Longshine Technology Group Co. Ltd. # | 24,100 | $ | 140,482 | |||||
| NSFOCUS Technologies Group Co. Ltd. # | 38,400 | 95,869 | ||||||
| Sangfor Technologies, Inc. # | 15,500 | 465,835 | ||||||
| Thunder Software Technology Co. Ltd. # | 20,700 | 450,165 | ||||||
| Wangsu Science & Technology Co. Ltd. # | 137,800 | 144,970 | ||||||
| 1,783,938 | ||||||||
| Technology Hardware & Equipment: 11.8% | ||||||||
| Anker Innovations Technology Co. Ltd. # | 9,100 | 146,743 | ||||||
| Chaozhou Three-Circle Group Co. Ltd. # | 76,700 | 538,232 | ||||||
| Eoptolink Technology, Inc. Ltd. # | 28,400 | 175,205 | ||||||
| Lens Technology Co. Ltd. # | 131,268 | 474,554 | ||||||
| Leyard Optoelectronic Co. Ltd. # | 127,400 | 205,501 | ||||||
| Maxscend Microelectronics Co. Ltd. # | 13,788 | 709,361 | ||||||
| Sai Micro Electronics, Inc. # | 24,200 | 93,556 | ||||||
| Shenzhen Everwin Precision Technology Co. Ltd. # | 52,900 | 165,165 | ||||||
| Shenzhen Sunway Communication Co. Ltd. # | 54,601 | 217,604 | ||||||
| Victory Giant Technology Huizhou Co. Ltd. # | 33,300 | 158,568 | ||||||
| Wuhan Jingce Electronic Group Co. Ltd. # | 12,600 | 143,591 | ||||||
| Wuhan Raycus Fiber Laser Technologies Co. Ltd. # | 15,200 | 141,336 | ||||||
| Wuhu Token Science Co. Ltd. # | 138,100 | 288,567 | ||||||
| Wuxi Lead Intelligent Equipment Co. Ltd. # | 67,020 | 783,504 | ||||||
| Yealink Network Technology Corp. Ltd. # | 20,900 | 267,727 | ||||||
| Zhongji Innolight Co. Ltd. # | 32,800 | 219,431 | ||||||
| Zhuzhou Hongda Electronics Corp. Ltd. # | 8,100 | 127,382 | ||||||
| 4,856,027 | ||||||||
| Total Common Stocks (Cost: $29,050,639) | 41,175,499 | |||||||
| Total Investments: 99.9% (Cost: $29,050,639) | 41,175,499 | |||||||
| Other assets less liabilities: 0.1% | 23,811 | |||||||
| NET ASSETS: 100.0% | $ | 41,199,310 | ||||||
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 $40,366,374 which represents 98.0% of net assets. |
| * | Non-income producing |
See Notes to Financial Statements
| 32 |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Communication Services | 2.3 | % | $ | 946,945 | ||||
| Consumer Discretionary | 1.5 | 637,573 | ||||||
| Consumer Staples | 4.4 | 1,833,744 | ||||||
| Financials | 8.4 | 3,438,586 | ||||||
| Health Care | 24.6 | 10,083,581 | ||||||
| Industrials | 33.5 | 13,802,874 | ||||||
| Information Technology | 20.2 | 8,322,531 | ||||||
| Materials | 5.1 | 2,109,665 | ||||||
| 100.0 | % | $ | 41,175,499 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Capital Goods | $ | 143,002 | $ | 13,110,523 | $ | — | $ | 13,253,525 | ||||||||
| Commercial & Professional Services | — | 549,349 | — | 549,349 | ||||||||||||
| Consumer Durables & Apparel | — | 414,350 | — | 414,350 | ||||||||||||
| Consumer Services | — | 223,223 | — | 223,223 | ||||||||||||
| Diversified Financials | — | 3,438,586 | — | 3,438,586 | ||||||||||||
| Food, Beverage & Tobacco | 56,080 | 1,399,202 | — | 1,455,282 | ||||||||||||
| Health Care Equipment & Services | 54,202 | 4,781,525 | — | 4,835,727 | ||||||||||||
| Household & Personal Products | 378,462 | — | — | 378,462 | ||||||||||||
| Materials | 61,703 | 2,047,962 | — | 2,109,665 | ||||||||||||
| Media & Entertainment | — | 946,945 | — | 946,945 | ||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 115,676 | 5,132,178 | — | 5,247,854 | ||||||||||||
| Semiconductors & Semiconductor Equipment | — | 1,682,566 | — | 1,682,566 | ||||||||||||
| Software & Services | — | 1,783,938 | — | 1,783,938 | ||||||||||||
| Technology Hardware & Equipment | — | 4,856,027 | — | 4,856,027 | ||||||||||||
| Total Investments | $ | 809,125 | $ | 40,366,374 | $ | — | $ | 41,175,499 | ||||||||
See Notes to Financial Statements
| 33 |
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.1% | ||||||||
| Banks: 7.9% | ||||||||
| Commercial International Bank Egypt SAE (USD) (GDR) * | 521,836 | $ | 1,722,059 | |||||
| Capital Goods: 4.7% | ||||||||
| ElSewedy Electric Co. # | 1,634,557 | 1,020,143 | ||||||
| Consumer Durables & Apparel: 2.7% | ||||||||
| Oriental Weavers # | 1,051,157 | 579,973 | ||||||
| Consumer Services: 6.3% | ||||||||
| Cairo Investment & Real Estate Development Co. SAE # | 1,046,116 | 904,901 | ||||||
| Taaleem Management Services Co. SAE # * | 1,361,259 | 452,160 | ||||||
| 1,357,061 | ||||||||
| Diversified Financials: 7.4% | ||||||||
| Egyptian Financial Group-Hermes Holding Co. # * | 872,411 | 820,404 | ||||||
| Egyptian Financial Group-Hermes Holding Co. (USD) (GDR) # * | 268,183 | 507,724 | ||||||
| Pioneers Properties * | 1,624,304 | 277,093 | ||||||
| 1,605,221 | ||||||||
| Food, Beverage & Tobacco: 10.2% | ||||||||
| Eastern Co. SAE | 2,107,501 | 1,438,091 | ||||||
| Juhayna Food Industries # * | 1,602,276 | 781,161 | ||||||
| 2,219,252 | ||||||||
| Health Care Equipment & Services: 6.6% | ||||||||
| Cleopatra Hospital * | 3,116,092 | 975,886 | ||||||
| Ibnsina Pharma SAE # * | 1,716,724 | 442,987 | ||||||
| 1,418,873 | ||||||||
| Number of Shares | Value | |||||||
| Materials: 17.9% | ||||||||
| Alexandria Mineral Oils Co. # | 1,831,783 | $ | 426,951 | |||||
| Centamin Plc (GBP) # | 772,884 | 936,416 | ||||||
| Egypt Kuwait Holding Co. SAE (USD) # * | 1,217,852 | 1,604,008 | ||||||
| Ezz Steel Co. SAE # * | 594,412 | 564,692 | ||||||
| Sidi Kerir Petrochemicals Co. # * | 714,841 | 353,898 | ||||||
| 3,885,965 | ||||||||
| Real Estate: 24.0% | ||||||||
| Emaar Misr for Development SAE # * | 2,386,107 | 450,549 | ||||||
| Heliopolis Housing # | 1,514,881 | 646,486 | ||||||
| Medinet Nasr Housing | 3,459,253 | 642,967 | ||||||
| Palm Hills Developments SAE # | 5,993,490 | 758,973 | ||||||
| Real Estate Egyptian Consortium SAE # * | 330,283 | 34,527 | ||||||
| Six of October Development & Investment # | 751,058 | 690,553 | ||||||
| Talaat Moustafa Group # | 2,059,863 | 1,185,189 | ||||||
| Zahraa El Maadi Investment & Development Co. SAE # | 716,788 | 791,078 | ||||||
| 5,200,322 | ||||||||
| Software & Services: 7.2% | ||||||||
| Fawry for Banking & Payment Technology Services SAE # * | 1,923,165 | 1,569,131 | ||||||
| Telecommunication Services: 5.2% | ||||||||
| Telecom Egypt Co. # | 1,045,147 | 1,115,431 | ||||||
| Total Common Stocks (Cost: $17,816,179) | 21,693,431 | |||||||
| Total Investments: 100.1% (Cost: $17,816,179) | 21,693,431 | |||||||
| Liabilities in excess of other assets: (0.1)% | (22,372) | |||||||
| NET ASSETS: 100.0% | $ | 21,671,059 | ||||||
Definitions:
| 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 $16,637,335 which represents 76.8% of net assets. |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Communication Services | 5.2 | % | $ | 1,115,431 | ||||
| Consumer Discretionary | 9.0 | 1,937,034 | ||||||
| Consumer Staples | 10.2 | 2,219,252 | ||||||
| Financials | 15.3 | 3,327,280 | ||||||
| Health Care | 6.5 | 1,418,873 | ||||||
| Industrials | 4.7 | 1,020,143 | ||||||
| Information Technology | 7.2 | 1,569,131 | ||||||
| Materials | 17.9 | 3,885,965 | ||||||
| Real Estate | 24.0 | 5,200,322 | ||||||
| 100.0 | % | $ | 21,693,431 | |||||
See Notes to Financial Statements
| 34 |
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | 1,722,059 | $ | — | $ | — | $ | 1,722,059 | ||||||||
| Capital Goods | — | 1,020,143 | — | 1,020,143 | ||||||||||||
| Consumer Durables & Apparel | — | 579,973 | — | 579,973 | ||||||||||||
| Consumer Services | — | 1,357,061 | — | 1,357,061 | ||||||||||||
| Diversified Financials | 277,093 | 1,328,128 | — | 1,605,221 | ||||||||||||
| Food, Beverage & Tobacco | 1,438,091 | 781,161 | — | 2,219,252 | ||||||||||||
| Health Care Equipment & Services | 975,886 | 442,987 | — | 1,418,873 | ||||||||||||
| Materials | — | 3,885,965 | — | 3,885,965 | ||||||||||||
| Real Estate | 642,967 | 4,557,355 | — | 5,200,322 | ||||||||||||
| Software & Services | — | 1,569,131 | — | 1,569,131 | ||||||||||||
| Telecommunication Services | — | 1,115,431 | — | 1,115,431 | ||||||||||||
| Total Investments | $ | 5,056,096 | $ | 16,637,335 | $ | — | $ | 21,693,431 | ||||||||
See Notes to Financial Statements
| 35 |
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.1% | ||||||||
| Automobiles & Components: 5.9% | ||||||||
| Astra International Tbk PT # | 7,979,400 | $ | 3,193,772 | |||||
| Banks: 31.8% | ||||||||
| Bank Aladin Syariah Tbk PT # * | 2,800,400 | 450,530 | ||||||
| Bank Central Asia Tbk PT # | 8,310,800 | 4,256,379 | ||||||
| Bank Jago Tbk PT # * | 2,051,300 | 2,300,834 | ||||||
| Bank Mandiri Persero Tbk PT # | 7,012,202 | 3,462,480 | ||||||
| Bank Negara Indonesia Persero Tbk PT # | 3,943,932 | 1,864,332 | ||||||
| Bank Neo Commerce Tbk PT # | 1,995,000 | 369,052 | ||||||
| Bank Rakyat Indonesia Persero Tbk PT # | 14,657,333 | 4,220,228 | ||||||
| Bank Syariah Indonesia Tbk PT # * | 1,522,200 | 189,987 | ||||||
| 17,113,822 | ||||||||
| Capital Goods: 1.5% | ||||||||
| Jardine Cycle & Carriage Ltd. (SGD) # | 52,288 | 798,274 | ||||||
| Diversified Financials: 0.6% | ||||||||
| BFI Finance Indonesia Tbk PT | 3,883,400 | 320,154 | ||||||
| Energy: 7.5% | ||||||||
| Adaro Energy Tbk PT # | 8,455,700 | 1,340,961 | ||||||
| Banpu PCL (NVDR) # | 3,362,629 | 1,069,154 | ||||||
| Bukit Asam Tbk PT # | 2,071,000 | 394,228 | ||||||
| United Tractors Tbk PT # | 788,869 | 1,224,781 | ||||||
| 4,029,124 | ||||||||
| Food, Beverage & Tobacco: 9.1% | ||||||||
| Charoen Pokphand Indonesia Tbk PT # | 3,814,700 | 1,589,915 | ||||||
| First Pacific Co. Ltd. (HKD) # | 955,250 | 351,773 | ||||||
| Golden Agri-Resources Ltd. (SGD) # | 1,811,800 | 329,516 | ||||||
| Gudang Garam Tbk PT # | 244,100 | 524,189 | ||||||
| Indofood CBP Sukses Makmur Tbk PT # | 1,171,500 | 715,547 | ||||||
| Indofood Sukses Makmur Tbk PT # | 2,321,100 | 1,030,634 | ||||||
| Japfa Comfeed Indonesia Tbk PT # | 2,790,000 | 336,301 | ||||||
| 4,877,875 | ||||||||
| Health Care Equipment & Services: 0.8% | ||||||||
| Mitra Keluarga Karyasehat Tbk PT # | 2,862,297 | 454,094 | ||||||
| Household & Personal Products: 1.6% | ||||||||
| Unilever Indonesia Tbk PT # | 3,025,600 | 872,525 | ||||||
| Materials: 16.2% | ||||||||
| Aneka Tambang Tbk # | 4,446,900 | 703,798 | ||||||
| Barito Pacific Tbk PT # | 14,374,000 | 860,836 | ||||||
| Chandra Asri Petrochemical Tbk PT # | 3,087,359 | 1,585,393 | ||||||
| Indah Kiat Pulp & Paper Tbk PT # | 1,359,600 | 746,839 | ||||||
| Indocement Tunggal Prakarsa Tbk PT # | 953,600 | 809,517 | ||||||
| Merdeka Copper Gold Tbk PT # * | 6,539,400 | 1,790,074 | ||||||
| Number of Shares | Value | |||||||
| Materials (continued) | ||||||||
| Nickel Mines Ltd. # † | 731,349 | $ | 761,577 | |||||
| Pabrik Kertas Tjiwi Kimia Tbk PT # | 658,400 | 348,171 | ||||||
| Semen Indonesia Persero Tbk PT # | 1,536,600 | 781,254 | ||||||
| Vale Indonesia Tbk PT # | 1,103,200 | 363,297 | ||||||
| 8,750,756 | ||||||||
| Media & Entertainment: 3.0% | ||||||||
| Elang Mahkota Teknologi Tbk PT # * | 7,765,400 | 1,243,903 | ||||||
| Surya Citra Media Tbk PT # * | 15,237,000 | 349,096 | ||||||
| 1,592,999 | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences: 2.2% | ||||||||
| Kalbe Farma Tbk PT | 10,409,000 | 1,179,480 | ||||||
| Real Estate: 2.6% | ||||||||
| Bumi Serpong Damai Tbk PT # * | 4,813,300 | 341,008 | ||||||
| Ciputra Development Tbk PT # | 4,612,095 | 313,904 | ||||||
| Lippo Karawaci Tbk PT * | 17,242,900 | 170,584 | ||||||
| Pakuwon Jati Tbk PT # * | 7,893,300 | 256,507 | ||||||
| Summarecon Agung Tbk PT # * | 5,220,700 | 305,611 | ||||||
| 1,387,614 | ||||||||
| Retailing: 2.2% | ||||||||
| Ace Hardware Indonesia Tbk PT # | 3,627,000 | 325,423 | ||||||
| Bukalapak.com PT Tbk # * | 28,334,900 | 857,640 | ||||||
| 1,183,063 | ||||||||
| Telecommunication Services: 12.8% | ||||||||
| Indosat Tbk PT # | 603,400 | 263,173 | ||||||
| Sarana Menara Nusantara Tbk PT # | 12,407,200 | 978,353 | ||||||
| Smartfren Telecom Tbk PT # * | 50,498,800 | 308,517 | ||||||
| Telkom Indonesia Persero Tbk PT (ADR) † | 132,372 | 3,837,464 | ||||||
| Tower Bersama Infrastructure Tbk PT # | 5,270,700 | 1,092,075 | ||||||
| XL Axiata Tbk PT # | 1,927,875 | 429,031 | ||||||
| 6,908,613 | ||||||||
| Transportation: 1.3% | ||||||||
| Jasa Marga Persero Tbk PT # * | 1,151,150 | 313,827 | ||||||
| Transcoal Pacific Tbk PT * | 528,700 | 372,807 | ||||||
| 686,634 | ||||||||
| Utilities: 1.0% | ||||||||
| Perusahaan Gas Negara Tbk PT # * | 5,511,200 | 532,100 | ||||||
| Total Common Stocks (Cost: $59,801,449) | 53,880,899 | |||||||
| Total Investments: 100.1% (Cost: $59,801,449) | 53,880,899 | |||||||
| Liabilities in excess of other assets: (0.1)% | (56,681) | |||||||
| NET ASSETS: 100.0% | $ | 53,824,218 | ||||||
See Notes to Financial Statements
| 36 |
Definitions:
| ADR | American Depositary Receipt |
| HKD | Hong Kong Dollar |
| NVDR | Non-Voting Depositary Receipt |
| SGD | Singapore Dollar |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $48,000,410 which represents 89.2% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $180,650. |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Communication Services | 15.8 | % | $ | 8,501,612 | ||||
| Consumer Discretionary | 8.1 | 4,376,835 | ||||||
| Consumer Staples | 10.6 | 5,750,400 | ||||||
| Energy | 7.5 | 4,029,124 | ||||||
| Financials | 32.4 | 17,433,976 | ||||||
| Health Care | 3.0 | 1,633,574 | ||||||
| Industrials | 2.8 | 1,484,908 | ||||||
| Materials | 16.2 | 8,750,756 | ||||||
| Real Estate | 2.6 | 1,387,614 | ||||||
| Utilities | 1.0 | 532,100 | ||||||
| 100.0 | % | $ | 53,880,899 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Automobiles & Components | $ | — | $ | 3,193,772 | $ | — | $ | 3,193,772 | ||||||||
| Banks | — | 17,113,822 | — | 17,113,822 | ||||||||||||
| Capital Goods | — | 798,274 | — | 798,274 | ||||||||||||
| Diversified Financials | 320,154 | — | — | 320,154 | ||||||||||||
| Energy | — | 4,029,124 | — | 4,029,124 | ||||||||||||
| Food, Beverage & Tobacco | — | 4,877,875 | — | 4,877,875 | ||||||||||||
| Health Care Equipment & Services | — | 454,094 | — | 454,094 | ||||||||||||
| Household & Personal Products | — | 872,525 | — | 872,525 | ||||||||||||
| Materials | — | 8,750,756 | — | 8,750,756 | ||||||||||||
| Media & Entertainment | — | 1,592,999 | — | 1,592,999 | ||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 1,179,480 | — | — | 1,179,480 | ||||||||||||
| Real Estate | 170,584 | 1,217,030 | — | 1,387,614 | ||||||||||||
| Retailing | — | 1,183,063 | — | 1,183,063 | ||||||||||||
| Telecommunication Services | 3,837,464 | 3,071,149 | — | 6,908,613 | ||||||||||||
| Transportation | 372,807 | 313,827 | — | 686,634 | ||||||||||||
| Utilities | — | 532,100 | — | 532,100 | ||||||||||||
| Total Investments | $ | 5,880,489 | $ | 48,000,410 | $ | — | $ | 53,880,899 | ||||||||
See Notes to Financial Statements
| 37 |
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.8% | ||||||||
| Banks: 16.1% | ||||||||
| Bank Hapoalim BM # | 348,166 | $ | 3,579,338 | |||||
| Bank Leumi Le-Israel BM # | 393,608 | 4,217,165 | ||||||
| First International Bank Of Israel Ltd. # | 18,177 | 754,663 | ||||||
| Israel Discount Bank Ltd. # | 355,968 | 2,387,414 | ||||||
| Mizrahi Tefahot Bank Ltd. # | 51,887 | 1,995,985 | ||||||
| 12,934,565 | ||||||||
| Capital Goods: 6.2% | ||||||||
| Ashtrom Group Ltd. # | 9,578 | 259,077 | ||||||
| Elbit Systems Ltd. (USD) † | 8,610 | 1,499,259 | ||||||
| Elco Ltd. # | 2,126 | 155,924 | ||||||
| Electra Ltd. # | 362 | 250,461 | ||||||
| Kornit Digital Ltd. (USD) * | 13,525 | 2,059,181 | ||||||
| RADA Electronic Industries Ltd. (USD) * | 16,630 | 156,654 | ||||||
| Shapir Engineering and Industry Ltd. # | 30,069 | 265,372 | ||||||
| Shikun & Binui Ltd. # * | 58,664 | 374,771 | ||||||
| 5,020,699 | ||||||||
| Commercial & Professional Services: 0.4% | ||||||||
| Danel Adir Yeoshua Ltd. # | 1,328 | 299,858 | ||||||
| Consumer Durables & Apparel: 0.9% | ||||||||
| Azorim-Investment Development & Construction Co. Ltd. # * | 16,622 | 99,240 | ||||||
| Delta Galil Industries Ltd. # | 2,618 | 179,796 | ||||||
| Electra Consumer Products 1970 Ltd. # | 2,568 | 148,158 | ||||||
| Maytronics Ltd. # | 13,000 | 320,319 | ||||||
| 747,513 | ||||||||
| Consumer Services: 0.6% | ||||||||
| 888 Holdings Plc # | 82,350 | 338,139 | ||||||
| Fattal Holdings 1998 Ltd. # * | 1,475 | 148,446 | ||||||
| 486,585 | ||||||||
| Diversified Financials: 1.4% | ||||||||
| Altshuler Shaham Provident Funds & Pension Ltd. # | 19,162 | 103,255 | ||||||
| Isracard Ltd. # | 60,326 | 296,953 | ||||||
| Plus500 Ltd. (GBP) # | 29,776 | 549,611 | ||||||
| Tel Aviv Stock Exchange Ltd. # | 28,640 | 154,355 | ||||||
| 1,104,174 | ||||||||
| Energy: 1.2% | ||||||||
| Delek Group Ltd. # * | 3,282 | 268,822 | ||||||
| Energean Plc (GBP) * | 28,592 | 331,111 | ||||||
| Oil Refineries Ltd. # * | 589,290 | 168,570 | ||||||
| Paz Oil Co. Ltd. # * | 1,651 | 205,072 | ||||||
| 973,575 | ||||||||
| Food & Staples Retailing: 0.7% | ||||||||
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. # | 2,474 | 185,419 | ||||||
| Shufersal Ltd. # | 40,861 | 339,715 | ||||||
| 525,134 | ||||||||
| Food, Beverage & Tobacco: 0.5% | ||||||||
| Strauss Group Ltd. # | 11,792 | 367,283 | ||||||
| Number of Shares | Value | |||||||
| Health Care Equipment & Services: 3.4% | ||||||||
| Inmode Ltd. * | 17,533 | $ | 1,237,479 | |||||
| Nano-X Imaging Ltd. (USD) * | 12,076 | 175,585 | ||||||
| Novocure Ltd. * † | 18,046 | 1,354,894 | ||||||
| 2,767,958 | ||||||||
| Insurance: 3.4% | ||||||||
| Clal Insurance Enterprises Holdings Ltd. # * | 20,068 | 513,221 | ||||||
| Harel Insurance Investments & Financial Services Ltd. # | 40,425 | 458,390 | ||||||
| IDI Insurance Co. Ltd. # | 2,673 | 97,259 | ||||||
| Lemonade, Inc. * † | 14,437 | 607,942 | ||||||
| Menora Mivtachim Holdings Ltd. # | 8,464 | 199,867 | ||||||
| Migdal Insurance & Financial Holdings Ltd. # | 118,807 | 195,283 | ||||||
| Phoenix Holdings Ltd. # | 48,414 | 624,692 | ||||||
| 2,696,654 | ||||||||
| Materials: 2.6% | ||||||||
| ICL Group Ltd. (USD) | 161,569 | 1,562,372 | ||||||
| Israel Corp. Ltd. # * | 1,187 | 511,518 | ||||||
| 2,073,890 | ||||||||
| Media & Entertainment: 1.9% | ||||||||
| Perion Network Ltd. (USD) * | 9,854 | 236,989 | ||||||
| Playtika Holding Corp. * | 32,861 | 568,167 | ||||||
| Taboola.com Ltd. (USD) * | 69,810 | 543,122 | ||||||
| Tremor International Ltd. (GBP) * | 27,613 | 207,198 | ||||||
| 1,555,476 | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences: 3.6% | ||||||||
| Compugen Ltd. (USD) * | 21,306 | 91,616 | ||||||
| Taro Pharmaceutical Industries Ltd. (USD) * | 2,922 | 146,421 | ||||||
| Teva Pharmaceutical Industries Ltd. (ADR) * | 337,029 | 2,699,602 | ||||||
| 2,937,639 | ||||||||
| Real Estate: 6.7% | ||||||||
| AFI Properties Ltd. # | 3,056 | 202,323 | ||||||
| Airport City Ltd. # * | 16,609 | 371,578 | ||||||
| Alony Hetz Properties & Investments Ltd. # | 36,336 | 675,549 | ||||||
| Amot Investments Ltd. # | 49,472 | 401,421 | ||||||
| Azrieli Group Ltd. # | 12,657 | 1,206,273 | ||||||
| Big Shopping Centers Ltd. # | 2,889 | 470,538 | ||||||
| Gav-Yam Lands Corp. Ltd. # | 15,124 | 186,590 | ||||||
| Gazit-Globe Ltd. # | 17,223 | 135,909 | ||||||
| Israel Canada T.R Ltd. # | 25,876 | 166,239 | ||||||
| Isras Investment Co. Ltd. # | 443 | 117,159 | ||||||
| Mega Or Holdings Ltd. # | 3,724 | 170,530 | ||||||
| Melisron Ltd. # * | 4,975 | 463,290 | ||||||
| Mivne Real Estate KD Ltd. # | 89,442 | 384,068 | ||||||
| Property & Building Corp. Ltd. # * | 686 | 98,230 | ||||||
| Summit Real Estate Holdings Ltd. # * | 8,086 | 169,962 | ||||||
| YH Dimri Construction & Development Ltd. # | 1,662 | 161,235 | ||||||
| 5,380,894 | ||||||||
See Notes to Financial Statements
| 38 |
| Number of Shares | Value | |||||||
| Retailing: 4.1% | ||||||||
| Delek Automotive Systems Ltd. # | 10,569 | $ | 149,466 | |||||
| Fiverr International Ltd. (USD) * † | 10,674 | 1,213,634 | ||||||
| Fox Wizel Ltd. # | 1,905 | 341,718 | ||||||
| Global-e Online Ltd. (USD) * † | 22,868 | 1,449,603 | ||||||
| Tadiran Group Ltd. # | 1,097 | 152,860 | ||||||
| 3,307,281 | ||||||||
| Semiconductors & Semiconductor Equipment: 9.1% | ||||||||
| Camtek Ltd. (USD) * † | 8,306 | 382,408 | ||||||
| CEVA, Inc. * | 5,984 | 258,748 | ||||||
| Nova Ltd. (USD) * † | 8,093 | 1,185,625 | ||||||
| SolarEdge Technologies, Inc. * | 15,320 | 4,298,332 | ||||||
| Tower Semiconductor Ltd. (USD) * | 29,304 | 1,162,783 | ||||||
| 7,287,896 | ||||||||
| Software & Services: 29.2% | ||||||||
| Amdocs Ltd. | 34,168 | 2,557,133 | ||||||
| Check Point Software Technologies Ltd. (USD) * | 33,210 | 3,870,958 | ||||||
| Cognyte Software Ltd. (USD) * | 16,594 | 260,028 | ||||||
| CyberArk Software Ltd. * | 12,479 | 2,162,361 | ||||||
| Formula Systems 1985 Ltd. # | 2,253 | 274,398 | ||||||
| Hilan Ltd. # | 2,941 | 196,472 | ||||||
| ironSource Ltd. (USD) * | 132,204 | 1,023,259 | ||||||
| JFrog Ltd. (USD) * | 18,552 | 550,994 | ||||||
| LivePerson, Inc. * | 15,353 | 548,409 | ||||||
| Magic Software Enterprises Ltd. (USD) | 5,575 | 116,685 | ||||||
| Matrix IT Ltd. # | 9,004 | 273,026 | ||||||
| Monday.com Ltd. (USD) * | 4,926 | 1,520,755 | ||||||
| Nice Ltd. (ADR) * † | 15,536 | 4,716,730 | ||||||
| One Software Technologies Ltd. # | 6,117 | 121,477 | ||||||
| Payoneer Global, Inc. * | 62,938 | 462,594 | ||||||
| Sapiens International Corp. NV (USD) | 9,624 | 331,547 | ||||||
| Varonis Systems, Inc. * | 26,128 | 1,274,524 | ||||||
| Verint Systems, Inc. * | 15,950 | 837,534 | ||||||
| Wix.com Ltd. (USD) * | 15,437 | 2,435,804 | ||||||
| 23,534,688 | ||||||||
| Technology Hardware & Equipment: 2.1% | ||||||||
| AudioCodes Ltd. (USD) † | 7,480 | 259,855 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| GBP | British Pound |
| USD | United States Dollar |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $30,636,702 which represents 38.1% of net assets. |
| † | Security fully or partially on loan. Total market value of securities on loan is $9,924,266. |
| * | Non-income producing |
See Notes to Financial Statements
| 39 |
VANECK ISRAEL ETF
SCHEDULE OF INVESTMENTS
(continued)
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Communication Services | 3.7 | % | $ | 3,024,365 | ||||
| Consumer Discretionary | 5.6 | 4,541,379 | ||||||
| Consumer Staples | 1.1 | 892,417 | ||||||
| Energy | 1.2 | 973,575 | ||||||
| Financials | 20.9 | 16,735,393 | ||||||
| Health Care | 7.1 | 5,705,597 | ||||||
| Industrials | 7.9 | 6,295,985 | ||||||
| Information Technology | 40.5 | 32,479,570 | ||||||
| Materials | 2.6 | 2,073,890 | ||||||
| Real Estate | 6.7 | 5,380,894 | ||||||
| Utilities | 2.7 | 2,165,249 | ||||||
| 100.0 | % | $ | 80,268,314 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | — | $ | 12,934,565 | $ | — | $ | 12,934,565 | ||||||||
| Capital Goods | 3,715,094 | 1,305,605 | — | 5,020,699 | ||||||||||||
| Commercial & Professional Services | — | 299,858 | — | 299,858 | ||||||||||||
| Consumer Durables & Apparel | — | 747,513 | — | 747,513 | ||||||||||||
| Consumer Services | — | 486,585 | — | 486,585 | ||||||||||||
| Diversified Financials | — | 1,104,174 | — | 1,104,174 | ||||||||||||
| Energy | 331,111 | 642,464 | — | 973,575 | ||||||||||||
| Food & Staples Retailing | — | 525,134 | — | 525,134 | ||||||||||||
| Food, Beverage & Tobacco | — | 367,283 | — | 367,283 | ||||||||||||
| Health Care Equipment & Services | 2,767,958 | — | — | 2,767,958 | ||||||||||||
| Insurance | 607,942 | 2,088,712 | — | 2,696,654 | ||||||||||||
| Materials | 1,562,372 | 511,518 | — | 2,073,890 | ||||||||||||
| Media & Entertainment | 1,555,476 | — | — | 1,555,476 | ||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 2,937,639 | — | — | 2,937,639 | ||||||||||||
| Real Estate | — | 5,380,894 | — | 5,380,894 | ||||||||||||
| Retailing | 2,663,237 | 644,044 | — | 3,307,281 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 7,287,896 | — | — | 7,287,896 | ||||||||||||
| Software & Services | 22,669,315 | 865,373 | — | 23,534,688 | ||||||||||||
| Technology Hardware & Equipment | 1,565,308 | 91,678 | — | 1,656,986 | ||||||||||||
| Telecommunication Services | — | 1,468,889 | — | 1,468,889 | ||||||||||||
| Transportation | 975,428 | — | — | 975,428 | ||||||||||||
| Utilities | 992,836 | 1,172,413 | — | 2,165,249 | ||||||||||||
| Money Market Fund | 2,444,845 | — | — | 2,444,845 | ||||||||||||
| Total Investments | $ | 52,076,457 | $ | 30,636,702 | $ | — | $ | 82,713,159 | ||||||||
See Notes to Financial Statements
| 40 |
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 97.5% | ||||||||
| Banks: 14.7% | ||||||||
| Sberbank of Russia PJSC (ADR) # | 6,935,796 | $ | 111,284,791 | |||||
| TCS Group Holding Plc (USD) (GDR) # | 732,618 | 61,759,585 | ||||||
| VTB Bank PJSC (USD) (GDR) # | 23,667,728 | 29,857,147 | ||||||
| 202,901,523 | ||||||||
| Diversified Financials: 1.8% | ||||||||
| Moscow Exchange MICEX-RTS PJSC # | 12,311,842 | 25,060,335 | ||||||
| Energy: 36.0% | ||||||||
| Gazprom PJSC (ADR) # | 12,042,996 | 111,206,723 | ||||||
| LUKOIL PJSC (ADR) # | 1,086,151 | 97,320,070 | ||||||
| Novatek PJSC (USD) (GDR) # | 392,923 | 91,867,324 | ||||||
| Rosneft Oil Co. PJSC (USD) (GDR) # | 8,905,323 | 71,622,334 | ||||||
| Surgutneftegas PJSC (ADR) # † | 8,328,632 | 44,544,314 | ||||||
| Tatneft PJSC (ADR) # | 1,880,955 | 78,212,502 | ||||||
| 494,773,267 | ||||||||
| Food & Staples Retailing: 5.5% | ||||||||
| Magnit PJSC (USD) (GDR) # | 3,231,093 | 48,460,240 | ||||||
| X5 Retail Group NV (USD) (GDR) # | 1,038,228 | 27,491,870 | ||||||
| 75,952,110 | ||||||||
| Materials: 26.9% | ||||||||
| Alrosa PJSC # | 23,350,580 | 38,063,199 | ||||||
| Evraz Plc (GBP) # | 5,032,843 | 41,174,946 | ||||||
| MMC Norilsk Nickel PJSC (ADR) # | 2,789,003 | 86,274,386 | ||||||
| Novolipetsk Steel PJSC (USD) (GDR) # | 1,173,616 | 34,619,021 | ||||||
| PhosAgro PJSC (USD) (GDR) # | 1,123,163 | 24,233,760 | ||||||
| Polymetal International Plc (GBP) # | 2,999,288 | 53,444,579 | ||||||
| Polyus PJSC (USD) (GDR) # | 609,048 | 53,794,763 | ||||||
| Severstal PAO (USD) (GDR) # | 1,796,698 | 38,754,474 | ||||||
| 370,359,128 | ||||||||
| Media & Entertainment: 5.1% | ||||||||
| VK Co. Ltd. (USD) (GDR) # * | 1,232,465 | 14,266,528 | ||||||
| Number of Shares | Value | |||||||
| Media & Entertainment (continued) | ||||||||
| Yandex NV (USD) * † | 925,323 | $ | 55,982,042 | |||||
| 70,248,570 | ||||||||
| Retailing: 2.1% | ||||||||
| Ozon Holdings Plc (ADR) * † | 991,758 | 29,365,954 | ||||||
| Telecommunication Services: 4.0% | ||||||||
| Mobile TeleSystems PJSC (ADR) | 3,913,328 | 31,110,957 | ||||||
| Rostelecom PJSC # | 9,796,529 | 11,371,666 | ||||||
| VEON Ltd. (ADR) * | 7,176,677 | 12,272,118 | ||||||
| 54,754,741 | ||||||||
| Utilities: 1.4% | ||||||||
| Inter RAO UES PJSC # | 331,001,010 | 18,800,209 | ||||||
| Irkutsk Electronetwork Co. JSC (USD) # *∞ | 7,410,870 | 7 | ||||||
| 18,800,216 | ||||||||
| Total Common Stocks (Cost: $1,346,295,248) | 1,342,215,844 | |||||||
| PREFERRED SECURITIES: 2.3% (Cost: $34,983,143) | ||||||||
| Energy: 2.3% | ||||||||
| Transneft PJSC 5.78% # | 14,496 | 30,650,624 | ||||||
| Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $1,381,278,391) | 1,372,866,468 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2% (Cost: $3,006,086) | ||||||||
| Money Market Fund: 0.2% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 3,006,086 | 3,006,086 | ||||||
| Total Investments: 100.0% (Cost: $1,384,284,477) | 1,375,872,554 | |||||||
| Other assets less liabilities: 0.0% | 410,835 | |||||||
| NET ASSETS: 100.0% | $ | 1,376,283,389 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| GBP | British Pound |
| GDR | Global Depositary Receipt |
| USD | United States Dollar |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,244,135,397 which represents 90.4% of net assets. |
| † | Security fully or partially on loan. Total market value of securities on loan is $33,172,932. |
| * | Non-income producing |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy |
See Notes to Financial Statements
| 41 |
VANECK RUSSIA ETF
SCHEDULE OF INVESTMENTS
(continued)
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
|
% of Investments |
|
Value |
|
|||
| Communication Services | 9.1 | % | $ | 125,003,311 | ||||
| Consumer Discretionary | 2.1 | 29,365,954 | ||||||
| Consumer Staples | 5.5 | 75,952,110 | ||||||
| Energy | 38.3 | 525,423,891 | ||||||
| Financials | 16.6 | 227,961,858 | ||||||
| Materials | 27.0 | 370,359,128 | ||||||
| Utilities | 1.4 | 18,800,216 | ||||||
| 100.0 | % | $ | 1,372,866,468 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | — | $ | 202,901,523 | $ | — | $ | 202,901,523 | ||||||||
| Diversified Financials | — | 25,060,335 | — | 25,060,335 | ||||||||||||
| Energy | — | 494,773,267 | — | 494,773,267 | ||||||||||||
| Food & Staples Retailing | — | 75,952,110 | — | 75,952,110 | ||||||||||||
| Materials | — | 370,359,128 | — | 370,359,128 | ||||||||||||
| Media & Entertainment | 55,982,042 | 14,266,528 | — | 70,248,570 | ||||||||||||
| Retailing | 29,365,954 | — | — | 29,365,954 | ||||||||||||
| Telecommunication Services | 43,383,075 | 11,371,666 | — | 54,754,741 | ||||||||||||
| Utilities | — | 18,800,209 | 7 | 18,800,216 | ||||||||||||
| Preferred Securities * | — | 30,650,624 | — | 30,650,624 | ||||||||||||
| Money Market Fund | 3,006,086 | — | — | 3,006,086 | ||||||||||||
| Total Investments | $ | 131,737,157 | $ | 1,244,135,390 | $ | 7 | $ | 1,375,872,554 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 42 |
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 98.7% | ||||||||
| Banks: 7.5% | ||||||||
| Credit Bank of Moscow PJSC # * | 19,873,300 | $ | 1,813,007 | |||||
| Commercial & Professional Services: 6.4% | ||||||||
| HeadHunter Group Plc (ADR) | 30,199 | 1,542,867 | ||||||
| Diversified Financials: 0.1% | ||||||||
| SFI PJSC * | 2,663 | 18,689 | ||||||
| Energy: 3.8% | ||||||||
| Sovcomflot PJSC # | 936,610 | 912,511 | ||||||
| Food & Staples Retailing: 2.6% | ||||||||
| Lenta International Co. PJSC (GDR) # * | 249,016 | 633,961 | ||||||
| Food, Beverage & Tobacco: 6.7% | ||||||||
| Beluga Group PJSC # | 10,629 | 473,833 | ||||||
| Ros Agro Plc (GDR) # | 73,503 | 1,149,012 | ||||||
| 1,622,845 | ||||||||
| Materials: 21.2% | ||||||||
| Eurasia Mining Plc # * † | 3,773,192 | 1,240,062 | ||||||
| Mechel PJSC # * | 415,233 | 679,076 | ||||||
| Petropavlovsk Plc (GBP) # * † | 4,018,230 | 1,056,529 | ||||||
| Raspadskaya OJSC | 142,565 | 892,002 | ||||||
| Segezha Group PJSC 144A * | 8,463,800 | 1,251,410 | ||||||
| 5,119,079 | ||||||||
| Real Estate: 9.3% | ||||||||
| Etalon Group Plc (USD) (GDR) # | 373,594 | 406,989 | ||||||
| LSR Group PJSC # | 97,994 | 794,641 | ||||||
| Samolet Group | 16,073 | 1,039,301 | ||||||
| 2,240,931 | ||||||||
| Retailing: 10.0% | ||||||||
| Detsky Mir PJSC 144A # | 1,093,508 | 1,815,816 | ||||||
| M.Video PJSC # | 104,256 | 607,772 | ||||||
| 2,423,588 | ||||||||
| Telecommunication Services: 8.0% | ||||||||
| Sistema PJSFC (USD) (GDR) # | 312,815 | 1,936,476 | ||||||
| Number of Shares | Value | |||||||
| Transportation: 15.0% | ||||||||
| Aeroflot PJSC # * | 1,783,782 | $ | 1,400,549 | |||||
| Globaltrans Investment Plc (USD) (GDR) # | 172,924 | 1,473,354 | ||||||
| Novorossiysk Commercial Sea Port PJSC # | 8,488,900 | 762,606 | ||||||
| 3,636,509 | ||||||||
| Utilities: 8.1% | ||||||||
| Mosenergo PJSC # | 18,441,800 | 516,695 | ||||||
| OGK-2 PJSC # | 48,677,600 | 410,679 | ||||||
| TGC-1 PJSC # | 1,609,400,000 | 213,110 | ||||||
| Unipro PJSC # | 23,401,000 | 813,598 | ||||||
| 1,954,082 | ||||||||
| Total Common Stocks (Cost: $23,029,582) | 23,854,545 | |||||||
| PREFERRED SECURITIES: 1.5% (Cost: $326,281) | ||||||||
| Utilities: 1.5% | ||||||||
| Rosseti Lenenergo PJSC 9.08% # | 162,266 | 366,127 | ||||||
| Total Investments Before Collateral for Securities Loaned: 100.2% (Cost: $23,355,863) | 24,220,672 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.4% (Cost: $334,647) | ||||||||
| Money Market Fund: 1.4% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 334,647 | 334,647 | ||||||
| Total Investments: 101.6% (Cost: $23,690,510) | 24,555,319 | |||||||
| Liabilities in excess of other assets: (1.6)% | (375,743) | |||||||
| NET ASSETS: 100.0% | $ | 24,179,576 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| GBP | British Pound |
| GDR | Global Depositary Receipt |
| USD | United States Dollar |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $19,476,403 which represents 80.5% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $2,232,388. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $3,067,226, or 12.7% of net assets. |
See Notes to Financial Statements
| 43 |
VANECK RUSSIA SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
(continued)
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Communication Services | 8.0 | % | $ | 1,936,476 | ||||
| Consumer Discretionary | 10.0 | 2,423,588 | ||||||
| Consumer Staples | 9.3 | 2,256,806 | ||||||
| Energy | 3.8 | 912,511 | ||||||
| Financials | 7.6 | 1,831,696 | ||||||
| Industrials | 21.4 | 5,179,376 | ||||||
| Materials | 21.1 | 5,119,079 | ||||||
| Real Estate | 9.2 | 2,240,931 | ||||||
| Utilities | 9.6 | 2,320,209 | ||||||
| 100.0 | % | $ | 24,220,672 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | — | $ | 1,813,007 | $ | — | $ | 1,813,007 | ||||||||
| Commercial & Professional Services | 1,542,867 | — | — | 1,542,867 | ||||||||||||
| Diversified Financials | 18,689 | — | — | 18,689 | ||||||||||||
| Energy | — | 912,511 | — | 912,511 | ||||||||||||
| Food & Staples Retailing | — | 633,961 | — | 633,961 | ||||||||||||
| Food, Beverage & Tobacco | — | 1,622,845 | — | 1,622,845 | ||||||||||||
| Materials | 2,143,412 | 2,975,667 | — | 5,119,079 | ||||||||||||
| Real Estate | 1,039,301 | 1,201,630 | — | 2,240,931 | ||||||||||||
| Retailing | — | 2,423,588 | — | 2,423,588 | ||||||||||||
| Telecommunication Services | — | 1,936,476 | — | 1,936,476 | ||||||||||||
| Transportation | — | 3,636,509 | — | 3,636,509 | ||||||||||||
| Utilities | — | 1,954,082 | — | 1,954,082 | ||||||||||||
| Preferred Securities * | — | 366,127 | — | 366,127 | ||||||||||||
| Money Market Fund | 334,647 | — | — | 334,647 | ||||||||||||
| Total Investments | $ | 5,078,916 | $ | 19,476,403 | $ | — | $ | 24,555,319 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 44 |
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Banks: 3.2% | ||||||||
| Bank for Foreign Trade of Vietnam JSC | 4,060,145 | $ | 14,038,588 | |||||
| Saigon Thuong Tin Commercial JSB # * | 3,504,300 | 4,839,078 | ||||||
| 18,877,666 | ||||||||
| Capital Goods: 11.5% | ||||||||
| Development Investment Construction JSC # * | 3,145,100 | 13,363,876 | ||||||
| Gelex Group JSC # * | 4,504,864 | 8,028,264 | ||||||
| Hoang Huy Investment Financial Services JSC # * | 3,892,704 | 4,685,507 | ||||||
| IDICO Corp. JSC # | 2,101,900 | 6,682,141 | ||||||
| JAKS Resources Bhd # * | 24,822,300 | 2,322,500 | ||||||
| Tan Tao Investment & Industry JSC # * | 5,769,300 | 4,200,403 | ||||||
| Thaiholdings JSC # * | 2,352,200 | 28,566,176 | ||||||
| 67,848,867 | ||||||||
| Consumer Durables & Apparel: 11.6% | ||||||||
| Eclat Textile Co. Ltd. # | 1,144,160 | 26,071,058 | ||||||
| Feng TAY Enterprise Co. Ltd. # | 3,176,000 | 26,547,419 | ||||||
| Hansae Co. Ltd. # † | 240,220 | 4,426,457 | ||||||
| Taiwan Paiho Ltd. # | 3,920,000 | 11,543,858 | ||||||
| 68,588,792 | ||||||||
| Diversified Financials: 8.5% | ||||||||
| Sai Gon-Ha Noi Securities JSC # | 1,906,900 | 4,230,340 | ||||||
| SSI Securities Corp. # | 8,548,172 | 19,422,743 | ||||||
| Viet Capital Securities JSC # | 3,142,600 | 10,033,821 | ||||||
| VNDirect Securities Corp. # | 4,539,600 | 16,332,668 | ||||||
| 50,019,572 | ||||||||
| Energy: 0.6% | ||||||||
| PetroVietnam Technical Services Corp. # | 2,870,400 | 3,434,814 | ||||||
| Food, Beverage & Tobacco: 18.0% | ||||||||
| Hoang Anh Gia Lai International Agriculture JSC * | 7,608,500 | 4,089,694 | ||||||
| KIDO Group Corp. # | 2,050,830 | 4,852,649 | ||||||
| Masan Group Corp. | 6,055,530 | 45,436,403 | ||||||
| Saigon Beer Alcohol Beverage Corp. | 917,000 | 6,075,779 | ||||||
| Thanh Thanh Cong - Bien Hoa JSC # * | 4,235,781 | 4,805,660 | ||||||
| Vietnam Dairy Products JSC # | 9,879,441 | 37,449,665 | ||||||
| Vinh Hoan Corp. # | 1,300,800 | 3,584,718 | ||||||
| 106,294,568 | ||||||||
| Health Care Equipment & Services: 2.2% | ||||||||
| Mani, Inc. # † | 932,500 | 12,927,740 | ||||||
| Number of Shares | Value | |||||||
| Insurance: 0.6% | ||||||||
| Bao Viet Holdings # | 1,379,896 | $ | 3,387,613 | |||||
| Materials: 8.7% | ||||||||
| An Phat Holdings JSC # * | 1,869,200 | 3,046,704 | ||||||
| Duc Giang Chemicals JSC # | 1,027,400 | 7,200,810 | ||||||
| Hoa Phat Group JSC # | 15,989,352 | 32,535,424 | ||||||
| Hoa Sen Group # * | 2,822,500 | 4,625,919 | ||||||
| Petrovietnam Fertilizer & Chemicals JSC # | 1,902,500 | 4,171,309 | ||||||
| 51,580,166 | ||||||||
| Real Estate: 26.3% | ||||||||
| Khang Dien House Trading and Investment JSC # * | 1,654,800 | 3,701,117 | ||||||
| Kinh Bac City Development Share Holding Corp. # * | 2,688,500 | 7,160,989 | ||||||
| No Va Land Investment Group Corp. * | 8,268,458 | 33,015,782 | ||||||
| Phat Dat Real Estate Development Corp. # * | 2,818,400 | 11,774,774 | ||||||
| Van Phu - Invest Investment JSC # * | 1,384,100 | 3,331,372 | ||||||
| Vincom Retail JSC # * | 6,498,322 | 8,570,313 | ||||||
| Vingroup JSC # * | 9,874,449 | 41,175,128 | ||||||
| Vinhomes JSC 144A # | 12,909,867 | 46,405,075 | ||||||
| 155,134,550 | ||||||||
| Technology Hardware & Equipment: 7.0% | ||||||||
| BH Co. Ltd. # * † | 342,054 | 6,662,624 | ||||||
| Dreamtech Co. Ltd. # * | 392,420 | 3,984,011 | ||||||
| INTOPS Co. Ltd. # | 167,239 | 4,528,109 | ||||||
| KH Vatec Co. Ltd. # * † | 253,920 | 5,689,095 | ||||||
| MCNEX Co. Ltd. # † | 192,705 | 9,306,533 | ||||||
| Seojin System Co. Ltd. # * † | 185,389 | 6,722,026 | ||||||
| Synopex, Inc. # * | 973,978 | 2,273,156 | ||||||
| UTI, Inc. # | 171,487 | 2,302,131 | ||||||
| 41,467,685 | ||||||||
| Transportation: 0.9% | ||||||||
| Vietjet Aviation JSC # * | 1,006,740 | 5,666,325 | ||||||
| Utilities: 0.9% | ||||||||
| PetroVietnam Power Corp. # | 6,697,210 | 5,140,046 | ||||||
| Total Common Stocks (Cost: $398,761,485) | 590,368,404 | |||||||
| EXCHANGE TRADED FUND: 0.0% (Cost: $42,157) | ||||||||
| DCVFMVN Diamond ETF # | 62,610 | 76,999 | ||||||
| Total Investments: 100.0% (Cost: $398,803,642) | 590,445,403 | |||||||
| Other assets less liabilities: 0.0% | 238,812 | |||||||
| NET ASSETS: 100.0% | $ | 590,684,215 | ||||||
See Notes to Financial Statements
| 45 |
VANECK VIETNAM ETF
SCHEDULE OF INVESTMENTS
(continued)
| 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 $487,789,157 which represents 82.6% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $11,751,814. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $46,405,075, or 7.9% of net assets. |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Consumer Discretionary | 11.6 | % | $ | 68,588,792 | ||||
| Consumer Staples | 18.0 | 106,294,568 | ||||||
| Energy | 0.6 | 3,434,814 | ||||||
| Exchange Traded Fund | 0.0 | 76,999 | ||||||
| Financials | 12.3 | 72,284,851 | ||||||
| Health Care | 2.2 | 12,927,740 | ||||||
| Industrials | 12.4 | 73,515,192 | ||||||
| Information Technology | 7.0 | 41,467,685 | ||||||
| Materials | 8.7 | 51,580,166 | ||||||
| Real Estate | 26.3 | 155,134,550 | ||||||
| Utilities | 0.9 | 5,140,046 | ||||||
| 100.0 | % | $ | 590,445,403 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | 14,038,588 | $ | 4,839,078 | $ | — | $ | 18,877,666 | ||||||||
| Capital Goods | — | 67,848,867 | — | 67,848,867 | ||||||||||||
| Consumer Durables & Apparel | — | 68,588,792 | — | 68,588,792 | ||||||||||||
| Diversified Financials | — | 50,019,572 | — | 50,019,572 | ||||||||||||
| Energy | — | 3,434,814 | — | 3,434,814 | ||||||||||||
| Food, Beverage & Tobacco | 55,601,876 | 50,692,692 | — | 106,294,568 | ||||||||||||
| Health Care Equipment &Services | — | 12,927,740 | — | 12,927,740 | ||||||||||||
| Insurance | — | 3,387,613 | — | 3,387,613 | ||||||||||||
| Materials | — | 51,580,166 | — | 51,580,166 | ||||||||||||
| Real Estate | 33,015,782 | 122,118,768 | — | 155,134,550 | ||||||||||||
| Technology Hardware & | ||||||||||||||||
| Equipment | — | 41,467,685 | — | 41,467,685 | ||||||||||||
| Transportation | — | 5,666,325 | — | 5,666,325 | ||||||||||||
| Utilities | — | 5,140,046 | — | 5,140,046 | ||||||||||||
| Exchange Traded Fund | — | 76,999 | — | 76,999 | ||||||||||||
| Total Investments | $ | 102,656,246 | $ | 487,789,157 | $ | — | $ | 590,445,403 | ||||||||
See Notes to Financial Statements
| 46 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2021
| Brazil Small-Cap | China Growth | |||||||||||||||
| Africa Index ETF | ETF | Leaders ETF | ChiNext ETF | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) | ||||||||||||||||
| Unaffiliated issuers (2) | $ | 59,145,506 | $ | 31,769,719 | $ | 26,543,263 | $ | 41,175,499 | ||||||||
| Short-term investments held as collateral for securities loaned (3) | 184,814 | 785,056 | 17,714 | — | ||||||||||||
| Cash | 29 | 14,506 | 12,620 | 51 | ||||||||||||
| Cash denominated in foreign currency, at value (4) | 526,962 | 159,907 | 302,369 | 740,510 | (a) | |||||||||||
| Receivables: | ||||||||||||||||
| Shares of beneficial interest sold | 678 | — | — | — | ||||||||||||
| Due from Adviser | — | — | 17,003 | — | ||||||||||||
| Dividends and interest | 2,939 | 91,589 | 6,366 | — | ||||||||||||
| Prepaid expenses | 1,392 | 1,393 | 695 | 1,388 | ||||||||||||
| Total assets | 59,862,320 | 32,822,170 | 26,900,030 | 41,917,448 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Collateral for securities loaned | 184,814 | 785,056 | 17,714 | — | ||||||||||||
| Line of credit | 337,787 | —145,526 | 596,907 | |||||||||||||
| Due to Adviser | 25,239 | 4,622 | —7,202 | |||||||||||||
| Deferred Trustee fees | 14,209 | 38,344 | 6,195 | 1,319 | ||||||||||||
| Accrued expenses | 111,257 | 107,331 | 165,837 | 112,710 | ||||||||||||
| Total liabilities | 673,306 | 935,353 | 335,272 | 718,138 | ||||||||||||
| NET ASSETS | $ | 59,189,014 | $ | 31,886,817 | $ | 26,564,758 | $ | 41,199,310 | ||||||||
| Shares outstanding | 2,950,000 | 1,950,000 | 700,000 | 850,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 20.06 | $ | 16.35 | $ | 37.95 | $ | 48.47 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 116,939,182 | $ | 197,496,455 | $ | 24,138,515 | $ | 29,427,661 | ||||||||
| Total distributable earnings (loss) | (57,750,168 | ) | (165,609,638 | ) | 2,426,243 | 11,771,649 | ||||||||||
| NET ASSETS | $ | 59,189,014 | $ | 31,886,817 | $ | 26,564,758 | $ | 41,199,310 | ||||||||
| (1) Value of securities on loan | $ | 2,131,645 | $ | 3,033,046 | $ | 383,145 | $ | — | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 49,910,167 | $ | 37,221,956 | $ | 24,009,167 | $ | 29,050,639 | ||||||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | 184,814 | $ | 785,056 | $ | 17,714 | $ | — | ||||||||
| (4) Cost of cash denominated in foreign currency | $ | 572,331 | $ | 157,380 | $ | 294,988 | $ | 737,002 | ||||||||
| (a) | Includes $30,641 on foreign investor minimum settlement reserve funds (see Note 2H). |
See Notes to Financial Statements
| 47 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2021
| Indonesia Index | ||||||||||||||||
| Egypt Index ETF | ETF | Israel ETF | Russia ETF | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) | ||||||||||||||||
| Unaffiliated issuers (2) | $ | 21,693,431 | $ | 53,880,899 | $ | 80,268,314 | $ | 1,372,866,468 | ||||||||
| Short-term investments held as collateral for securities loaned (3) | — | — | 2,444,845 | 3,006,086 | ||||||||||||
| Cash | 982,289 | 108,942 | 250,639 | 1,127 | ||||||||||||
| Cash denominated in foreign currency, at value (4) | 153,663 | — | 205 | 298 | ||||||||||||
| Receivables: | ||||||||||||||||
| Dividends and interest | 100,706 | 1,193 | 32,429 | 12,126,030 | ||||||||||||
| Prepaid expenses | 699 | 701 | 1,395 | 6,935 | ||||||||||||
| Other assets | — | — | 36,635 | — | ||||||||||||
| Total assets | 22,930,788 | 53,991,735 | 83,034,462 | 1,388,006,944 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | 69 | — | — | 516,151 | ||||||||||||
| Collateral for securities loaned | — | — | 2,444,845 | 3,006,086 | ||||||||||||
| Line of credit | 1,170,559 | — | —6,501,506 | |||||||||||||
| Due to Adviser | 3,130 | 13,087 | 21,320 | 615,768 | ||||||||||||
| Deferred Trustee fees | 6,286 | 32,156 | 4,867 | 203,747 | ||||||||||||
| Accrued expenses | 79,685 | 122,274 | 99,292 | 880,297 | ||||||||||||
| Total liabilities | 1,259,729 | 167,517 | 2,570,324 | 11,723,555 | ||||||||||||
| NET ASSETS | $ | 21,671,059 | $ | 53,824,218 | $ | 80,464,138 | $ | 1,376,283,389 | ||||||||
| Shares outstanding | 799,974 | 2,700,000 | 1,650,000 | 51,450,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 27.09 | $ | 19.93 | $ | 48.77 | $ | 26.75 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 56,673,100 | $ | 173,555,414 | $ | 60,388,673 | $ | 2,943,648,495 | ||||||||
| Total distributable earnings (loss) | (35,002,041 | ) | (119,731,196 | ) | 20,075,465 | (1,567,365,106 | ) | |||||||||
| NET ASSETS | $ | 21,671,059 | $ | 53,824,218 | $ | 80,464,138 | $ | 1,376,283,389 | ||||||||
| (1) Value of securities on loan | $ | — | $ | 180,650 | $ | 9,924,266 | $ | 33,172,932 | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 17,816,179 | $ | 59,801,449 | $ | 52,034,741 | $ | 1,381,278,391 | ||||||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | — | $ | — | $ | 2,444,845 | $ | 3,006,086 | ||||||||
| (4) Cost of cash denominated in foreign currency | $ | 153,577 | $ | — | $ | 205 | $ | 291 | ||||||||
See Notes to Financial Statements
| 48 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2021
| Russia Small-Cap | ||||||||
| ETF | Vietnam ETF | |||||||
| Assets: | ||||||||
| Investments, at value (1) | ||||||||
| Unaffiliated issuers (2) | $ | 24,220,672 | $ | 590,445,403 | ||||
| Short-term investments held as collateral for securities loaned (3) | 334,647 | — | ||||||
| Cash | 31,627 | 35 | ||||||
| Cash denominated in foreign currency, at value (4) | 88,817 | 939,612 | ||||||
| Receivables: | ||||||||
| Investment securities sold | 24,138 | — | ||||||
| Shares of beneficial interest sold | — | 26,640 | ||||||
| Dividends and interest | 68,930 | 384,128 | ||||||
| Prepaid expenses | 701 | 3,476 | ||||||
| Total assets | 24,769,532 | 591,799,294 | ||||||
| Liabilities: | ||||||||
| Payables: | ||||||||
| Collateral for securities loaned | 334,647 | — | ||||||
| Line of credit | — | 594,359 | ||||||
| Due to Adviser | 27,257 | 245,615 | ||||||
| Deferred Trustee fees | 3,812 | 56,553 | ||||||
| Accrued expenses | 224,240 | 218,552 | ||||||
| Total liabilities | 589,956 | 1,115,079 | ||||||
| NET ASSETS | $ | 24,179,576 | $ | 590,684,215 | ||||
| Shares outstanding | 733,318 | 27,650,000 | ||||||
| Net asset value, redemption and offering price per share | $ | 32.97 | $ | 21.36 | ||||
| Net Assets consist of: | ||||||||
| Aggregate paid in capital | $ | 39,429,988 | $ | 692,096,297 | ||||
| Total distributable earnings (loss) | (15,250,412 | ) | (101,412,082 | ) | ||||
| NET ASSETS | $ | 24,179,576 | $ | 590,684,215 | ||||
| (1) Value of securities on loan | $ | 2,232,388 | $ | 11,751,814 | ||||
| (2) Cost of investments - Unaffiliated issuers | $ | 23,355,863 | $ | 398,803,642 | ||||
| (3) Cost of short-term investments held as collateral for securities loaned | $ | 334,647 | $ | — | ||||
| (4) Cost of cash denominated in foreign currency | $ | 89,861 | $ | 934,399 | ||||
See Notes to Financial Statements
| 49 |
VANECK ETF TRUST
For the Year Ended December 31, 2021
| Brazil Small-Cap | China Growth | |||||||||||||||
| Africa Index ETF | ETF | Leaders ETF | ChiNext ETF | |||||||||||||
| Income: | ||||||||||||||||
| Dividends | $ | 2,190,634 | $ | 1,343,420 | $ | 448,489 | $ | 277,659 | ||||||||
| Interest | — | — | 4,198 | 2,496 | ||||||||||||
| Securities lending income | 21,286 | 34,220 | 13,287 | — | ||||||||||||
| Foreign taxes withheld | (235,437 | ) | (81,609 | ) | (37,704 | ) | (27,921 | ) | ||||||||
| Total income | 1,976,483 | 1,296,031 | 428,270 | 252,234 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 301,959 | 222,441 | 182,421 | 237,417 | ||||||||||||
| Professional fees | 58,027 | 59,234 | 107,917 | 62,501 | ||||||||||||
| Custody and accounting fees | 72,710 | 65,205 | 123,704 | 81,532 | ||||||||||||
| Reports to shareholders | 19,111 | 12,941 | 8,675 | 8,027 | ||||||||||||
| Trustees’ fees and expenses | 1,014 | 537 | 566 | 1,192 | ||||||||||||
| Registration fees | 6,178 | 6,178 | 8,786 | 6,179 | ||||||||||||
| Insurance | 2,528 | 2,686 | 1,932 | 2,435 | ||||||||||||
| Interest | 1,622 | 1,982 | 76,742 | 22,430 | ||||||||||||
| Other | 585 | 752 | 692 | 615 | ||||||||||||
| Total expenses | 463,734 | 371,956 | 511,435 | 422,328 | ||||||||||||
| Waiver of management fees | — | (107,578 | ) | (182,421 | ) | (113,686 | ) | |||||||||
| Expenses assumed by the Adviser | — | — | (110,091 | ) | — | |||||||||||
| Net expenses | 463,734 | 264,378 | 218,923 | 308,642 | ||||||||||||
| Net investment income (loss) | 1,512,749 | 1,031,653 | 209,347 | (56,408 | ) | |||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | (757,974 | ) | 3,919,867 | 1,380,430 | 15,467,869 | |||||||||||
| Increase from payment from Advisor (See Note 3) | — | — | — | 19,569 | ||||||||||||
| In-kind redemptions | 1,448,499 | 662,416 | 762,135 | — | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (83,462 | ) | (14,338 | ) | 103,531 | 25,043 | ||||||||||
| Net realized gain | 607,063 | 4,567,945 | 2,246,096 | 15,512,481 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | (890,091 | ) | (14,729,446 | ) | (7,646,736 | ) | (11,689,205 | ) | ||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (45,572 | ) | (112 | ) | (70,373 | ) | 381 | |||||||||
| Net change in unrealized appreciation (depreciation) | (935,663 | ) | (14,729,558 | ) | (7,717,109 | ) | (11,688,824 | ) | ||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,184,149 | $ | (9,129,960 | ) | $ | (5,261,666 | ) | $ | 3,767,249 | ||||||
See Notes to Financial Statements
| 50 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2021
| Indonesia Index | ||||||||||||||||
| Egypt Index ETF | ETF | Israel ETF | Russia ETF | |||||||||||||
| Income: | ||||||||||||||||
| Dividends | $ | 891,073 | $ | 873,703 | $ | 1,064,664 | $ | 102,900,525 | ||||||||
| Interest | 23 | 104 | — | 2,214 | ||||||||||||
| Securities lending income | — | 2,858 | 120,432 | 102,306 | ||||||||||||
| Foreign taxes withheld | (42,148 | ) | (140,207 | ) | (240,434 | ) | (9,389,039 | ) | ||||||||
| Total income | 848,948 | 736,458 | 944,662 | 93,616,006 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 107,861 | 188,448 | 405,775 | 8,429,436 | ||||||||||||
| Professional fees | 55,110 | 56,531 | 60,381 | 60,783 | ||||||||||||
| Custody and accounting fees | 41,346 | 45,401 | 86,587 | 850,777 | ||||||||||||
| Reports to shareholders | 7,860 | 9,832 | 9,308 | 34,226 | ||||||||||||
| Trustees’ fees and expenses | 390 | 587 | 1,769 | 30,994 | ||||||||||||
| Registration fees | 6,178 | 6,178 | 6,179 | 1,924 | ||||||||||||
| Insurance | 1,735 | 1,777 | 3,463 | 17,955 | ||||||||||||
| Interest | 16,385 | 63 | 1,940 | 49,922 | ||||||||||||
| Other | 498 | 555 | 575 | 8,176 | ||||||||||||
| Total expenses | 237,363 | 309,372 | 575,977 | 9,484,193 | ||||||||||||
| Waiver of management fees | (18,199 | ) | (94,463 | ) | (95,203 | ) | — | |||||||||
| Net expenses | 219,164 | 214,909 | 480,774 | 9,484,193 | ||||||||||||
| Net investment income | 629,784 | 521,549 | 463,888 | 84,131,813 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments | (1,182,825 | ) | (7,088,531 | ) | 1,414,898 | (21,647,718 | ) | |||||||||
| In-kind redemptions | 56,112 | 1,162,157 | 3,795,034 | 224,897,157 | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (88,872 | ) | 2,644 | (17,036 | ) | (13,905 | ) | |||||||||
| Net realized gain (loss) | (1,215,585 | ) | (5,923,730 | ) | 5,192,896 | 203,235,534 | ||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments | 2,367,469 | 4,485,418 | 1,978,259 | 687,875 | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | 685 | 10 | (15 | ) | (9,289 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | 2,368,154 | 4,485,428 | 1,978,244 | 678,586 | ||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,782,353 | $ | (916,753 | ) | $ | 7,635,028 | $ | 288,045,933 | |||||||
See Notes to Financial Statements
| 51 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2021
| Russia Small-Cap | ||||||||
| ETF | Vietnam ETF | |||||||
| Income: | ||||||||
| Dividends | $ | 1,254,057 | $ | 6,297,257 | ||||
| Interest | 163 | 354 | ||||||
| Securities lending income | 26,861 | 364,057 | ||||||
| Foreign taxes withheld | (97,992 | ) | (400,043 | ) | ||||
| Total income | 1,183,089 | 6,261,625 | ||||||
| Expenses: | ||||||||
| Management fees | 157,417 | 2,658,482 | ||||||
| Professional fees | 57,088 | 66,261 | ||||||
| Custody and accounting fees | 112,337 | 287,623 | ||||||
| Reports to shareholders | 8,493 | 53,350 | ||||||
| Trustees’ fees and expenses | 585 | 8,322 | ||||||
| Registration fees | 2,000 | 2,000 | ||||||
| Insurance | 1,764 | 10,187 | ||||||
| Interest | 748 | 71,344 | ||||||
| Other | 434 | 1,082 | ||||||
| Total expenses | 340,866 | 3,158,651 | ||||||
| Waiver of management fees | (103,861 | ) | — | |||||
| Net expenses | 237,005 | 3,158,651 | ||||||
| Net investment income | 946,084 | 3,102,974 | ||||||
| Net realized gain (loss) on: | ||||||||
| Investments | (1,799,212 | ) | 49,092,907 | |||||
| In-kind redemptions | 1,292,408 | 205,170 | ||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (1,470 | ) | (694,242 | ) | ||||
| Net realized gain (loss) | (508,274 | ) | 48,603,835 | |||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||
| Investments | (1,122,396 | ) | 56,165,508 | |||||
| Foreign currency transactions and foreign denominated assets and liabilities | (2,659 | ) | 372 | |||||
| Net change in unrealized appreciation (depreciation) | (1,125,055 | ) | 56,165,880 | |||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (687,245 | ) | $ | 107,872,689 | |||
See Notes to Financial Statements
| 52 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Africa Index ETF | Brazil Small-Cap ETF | |||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 1,512,749 | $ | 1,270,569 | $ | 1,031,653 | $ | 973,858 | ||||||||
| Net realized gain (loss) | 607,063 | (3,318,086 | ) | 4,567,945 | (3,003,224 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | (935,663 | ) | 2,864,307 | (14,729,558 | ) | (20,827,035 | ) | |||||||||
| Net increase (decrease) in net assets resulting from operations | 1,184,149 | 816,790 | (9,129,960 | ) | (22,856,401 | ) | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (2,475,050 | ) | (1,990,000 | ) | (951,015 | ) | (899,895 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 13,099,656 | 4,077,573 | 976,221 | — | ||||||||||||
| Cost of shares redeemed | (5,051,376 | ) | (696,293 | ) | (13,670,320 | ) | (19,205,846 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | 8,048,280 | 3,381,280 | (12,694,099 | ) | (19,205,846 | ) | ||||||||||
| Total increase (decrease) in net assets | 6,757,379 | 2,208,070 | (22,775,074 | ) | (42,962,142 | ) | ||||||||||
| Net Assets, beginning of year | 52,431,635 | 50,223,565 | 54,661,891 | 97,624,033 | ||||||||||||
| Net Assets, end of year | $ | 59,189,014 | $ | 52,431,635 | $ | 31,886,817 | $ | 54,661,891 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 600,000 | 200,000 | 50,000 | — | ||||||||||||
| Shares redeemed | (250,000 | ) | (50,000 | ) | (650,000 | ) | (1,000,000 | ) | ||||||||
| Net increase (decrease) | 350,000 | 150,000 | (600,000 | ) | (1,000,000 | ) | ||||||||||
See Notes to Financial Statements
| 53 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| China Growth Leaders ETF | ChiNext ETF | |||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income (loss) | $ | 209,347 | $ | 409,151 | $ | (56,408 | ) | $ | 25,106 | |||||||
| Net realized gain | 2,246,096 | 14,074,652 | 15,492,912 | 2,816,152 | ||||||||||||
| Increase from payment from Advisor (See Note 3) | — | 57,732 | 19,569 | 17,518 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | (7,717,109 | ) | (7,326,282 | ) | (11,688,824 | ) | 15,527,475 | |||||||||
| Net increase (decrease) in net assets resulting from operations | (5,261,666 | ) | 7,215,253 | 3,767,249 | 18,386,251 | |||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (1,404,410 | ) | (6,633,990 | ) | (3,198,624 | ) | (3,800 | ) | ||||||||
| Return of capital | — | — | (601,386 | ) | — | |||||||||||
| Total distributions | (1,404,410 | ) | (6,633,990 | ) | (3,800,010 | ) | (3,800 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | — | 47,623,122 | — | 30,434,278 | ||||||||||||
| Cost of shares redeemed | (18,287,121 | ) | (64,107,257 | ) | (7,716,947 | ) | (29,674,046 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | (18,287,121 | ) | (16,484,135 | ) | (7,716,947 | ) | 760,232 | |||||||||
| Total increase (decrease) in net assets | (24,953,197 | ) | (15,902,872 | ) | (7,749,708 | ) | 19,142,683 | |||||||||
| Net Assets, beginning of year | 51,517,955 | 67,420,827 | 48,949,018 | 29,806,335 | ||||||||||||
| Net Assets, end of year | $ | 26,564,758 | $ | 51,517,955 | $ | 41,199,310 | $ | 48,949,018 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | — | 1,150,000 | — | 900,000 | ||||||||||||
| Shares redeemed | (400,000 | ) | (1,650,000 | ) | (150,000 | ) | (900,000 | ) | ||||||||
| Net decrease | (400,000 | ) | (500,000 | ) | (150,000 | ) | — | |||||||||
See Notes to Financial Statements
| 54 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Egypt Index ETF | Indonesia Index ETF | |||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 629,784 | $ | 560,227 | $ | 521,549 | $ | 676,211 | ||||||||
| Net realized loss | (1,215,585 | ) | (4,035,403 | ) | (5,923,730 | ) | (1,807,076 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | 2,368,154 | (769,924 | ) | 4,485,428 | (2,555,570 | ) | ||||||||||
| Net increase (decrease) in net assets resulting from operations | 1,782,353 | (4,245,100 | ) | (916,753 | ) | (3,686,435 | ) | |||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (565,063 | ) | (499,984 | ) | (570,015 | ) | (600,075 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 10,557,639 | 2,595,503 | 26,398,550 | 27,619,482 | ||||||||||||
| Cost of shares redeemed | (9,316,583 | ) | (10,031,819 | ) | (6,936,585 | ) | (28,309,693 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | 1,241,056 | (7,436,316 | ) | 19,461,965 | (690,211 | ) | ||||||||||
| Total increase (decrease) in net assets | 2,458,346 | (12,181,400 | ) | 17,975,197 | (4,976,721 | ) | ||||||||||
| Net Assets, beginning of year | 19,212,713 | 31,394,113 | 35,849,021 | 40,825,742 | ||||||||||||
| Net Assets, end of year | $ | 21,671,059 | $ | 19,212,713 | $ | 53,824,218 | $ | 35,849,021 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 425,000 | 100,000 | 1,300,000 | 1,600,000 | ||||||||||||
| Shares redeemed | (375,000 | ) | (425,000 | ) | (350,000 | ) | (1,650,000 | ) | ||||||||
| Net increase (decrease) | 50,000 | (325,000 | ) | 950,000 | (50,000 | ) | ||||||||||
See Notes to Financial Statements
| 55 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Israel ETF | Russia ETF | |||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 463,888 | $ | 144,345 | $ | 84,131,813 | $ | 48,224,507 | ||||||||
| Net realized gain (loss) | 5,192,896 | 3,191,368 | 203,235,534 | (34,947,117 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) | 1,978,244 | 13,431,597 | 678,586 | (7,601,235 | ) | |||||||||||
| Net increase in net assets resulting from operations | 7,635,028 | 16,767,310 | 288,045,933 | 5,676,155 | ||||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (1,025,145 | ) | (127,803 | ) | (80,501,120 | ) | (52,666,239 | ) | ||||||||
| Return of capital | — | — | — | (334,141 | ) | |||||||||||
| Total distributions | (1,025,145 | ) | (127,803 | ) | (80,501,120 | ) | (53,000,380 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 5,887,632 | 4,500,656 | 378,385,798 | 878,463,560 | ||||||||||||
| Cost of shares redeemed | (7,100,586 | ) | (3,880,690 | ) | (830,831,688 | ) | (491,881,611 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | (1,212,954 | ) | 619,966 | (452,445,890 | ) | 386,581,949 | ||||||||||
| Total increase (decrease) in net assets | 5,396,929 | 17,259,473 | (244,901,077 | ) | 339,257,724 | |||||||||||
| Net Assets, beginning of year | 75,067,209 | 57,807,736 | 1,621,184,466 | 1,281,926,742 | ||||||||||||
| Net Assets, end of year | $ | 80,464,138 | $ | 75,067,209 | $ | 1,376,283,389 | $ | 1,621,184,466 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 125,000 | 125,000 | 12,900,000 | 39,500,000 | ||||||||||||
| Shares redeemed | (150,000 | ) | (100,000 | ) | (29,500,000 | ) | (22,800,000 | ) | ||||||||
| Net increase (decrease) | (25,000 | ) | 25,000 | (16,600,000 | ) | 16,700,000 | ||||||||||
See Notes to Financial Statements
| 56 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Russia Small-Cap ETF | Vietnam ETF | |||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 946,084 | $ | 1,051,035 | $ | 3,102,974 | $ | 2,030,475 | ||||||||
| Net realized gain (loss) | (508,274 | ) | (3,460,060 | ) | 48,603,835 | (52,628,480 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) | (1,125,055 | ) | 3,555,678 | 56,165,880 | 78,556,843 | |||||||||||
| Net increase (decrease) in net assets resulting from operations | (687,245 | ) | 1,146,653 | 107,872,689 | 27,958,838 | |||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (1,464,299 | ) | (1,399,971 | ) | (2,850,715 | ) | (1,644,751 | ) | ||||||||
| Return of capital | (60,709 | ) | — | — | (182,249 | ) | ||||||||||
| Total distributions | (1,525,008 | ) | (1,399,971 | ) | (2,850,715 | ) | (1,827,000 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | — | — | 41,690,264 | 35,837,932 | ||||||||||||
| Cost of shares redeemed | (5,605,927 | ) | (3,085,140 | ) | (13,317,449 | ) | (47,640,582 | ) | ||||||||
| Increase (decrease) in net assets resulting from share transactions | (5,605,927 | ) | (3,085,140 | ) | 28,372,815 | (11,802,650 | ) | |||||||||
| Total increase (decrease) in net assets | (7,818,180 | ) | (3,338,458 | ) | 133,394,789 | 14,329,188 | ||||||||||
| Net Assets, beginning of year | 31,997,756 | 35,336,214 | 457,289,426 | 442,960,238 | ||||||||||||
| Net Assets, end of year | $ | 24,179,576 | $ | 31,997,756 | $ | 590,684,215 | $ | 457,289,426 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | — | — | 2,200,000 | 2,450,000 | ||||||||||||
| Shares redeemed | (150,000 | ) | (100,000 | ) | (650,000 | ) | (3,950,000 | ) | ||||||||
| Net increase (decrease) | (150,000 | ) | (100,000 | ) | 1,550,000 | (1,500,000 | ) | |||||||||
See Notes to Financial Statements
| 57 |
VANECK ETF TRUST
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 58 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | For the year ended December 31, 2019, 0.55% of total return, representing $0.11 per share, consisted of a payment from the Adviser (See Note 3). |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 59 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | For the year ended December 31, 2020, 0.12% of total return, representing $0.05 per share, consisted of a payment from the Adviser (See Note 3). |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | 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. |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 60 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | For the year ended December 31, 2021, 0.04% of total return, representing $0.02 per share, consisted of a payment from the Adviser (See Note 3). |
| (c) | For the year ended December 31, 2020, 0.07% of total return, representing $0.02 per share, consisted of a payment from the Adviser (See Note 3). |
| (d) | Amount represents less than $0.005 per share. |
| (e) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (f) | Effective January 10, 2019, the Fund includes interest expense in the calculation of the expense limitation. The ratio only excludes interest expense accrued prior to January 10, 2019 and not waived under the expense limit agreement. |
| (g) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 61 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 62 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 63 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 64 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Ratio excludes depositary receipt fees in excess of 0.10% of average daily net assets (See Note 3). |
| (d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 65 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Ratio excludes depositary receipt fees in excess of 0.08% of average daily net assets (See Note 3). |
| (d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 66 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Amount represents less than $0.005 per share. |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 67 |
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
Note 1—Fund Organization—VanEck ETF Trust (the “Trust”) (formerly known as VanEck Vectors ETF Trust) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
| Fund | Diversification Classification | |
| Africa Index ETF | Diversified | |
| Brazil Small-Cap ETF | Diversified | |
| China Growth Leaders ETF | Diversified | |
| ChiNext ETF* | Diversified | |
| Egypt Index ETF | Non-Diversified | |
| Indonesia Index ETF | Non-Diversified | |
| Israel ETF | Non-Diversified | |
| Russia ETF | Non-Diversified | |
| Russia Small-Cap ETF | Non-Diversified | |
| Vietnam ETF | Non-Diversified |
| * | Formerly known as ChinaAMC SME-ChiNext ETF |
Each Fund was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index. China Asset Management (Hong Kong) Limited (the “Sub-Adviser”) is the sub-adviser to China Growth Leaders ETF and ChiNext ETF. China Growth Leaders ETF and ChiNext ETF seek to achieve their investment objectives by primarily investing directly in A-shares through the Hong Kong-Shanghai Stock Connect program and via the A-share quota granted to the Sub-Adviser.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.
The following summarizes the Funds’ significant accounting policies.
| A. | Security Valuation— The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of Van Eck |
| 68 |
| Associates Corporation (the “Adviser”) provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. | |
| Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. | |
| The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below: | |
| Level 1 — Quoted prices in active markets for identical securities. | |
| Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
| Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). | |
| A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. | |
| B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income to its shareholders. Therefore, no federal income tax provision is required. |
| C. | Distributions to Shareholders— Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
| D. | Currency Translation— Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net |
| 69 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
| realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. | |
| E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
| F. | Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at December 31, 2021 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending). |
| G. | Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned. |
| The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. | |
| In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. | |
| At December 31, 2021, ChiNext ETF included $30,641 in cash, at value on the Statements of Assets and Liabilities, which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited. |
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least May 1, 2022, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, 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 listed in the table below. Effective January 10, 2019, China Growth Leaders ETF and ChiNext ETF no longer exclude interest expense from their expense limitations. Refer to the Statements of Operations for the amounts waived/assumed by the Adviser for the year ended December 31, 2021.
The management fee rates and expense limitations for the year ended December 31, 2021, are as follows:
| Fund | Management Fees | Expense Limitations | ||||||
| Africa Index ETF | 0.50 | % | 0.78 | % | ||||
| Brazil Small-Cap ETF | 0.50 | 0.59 | ||||||
| China Growth Leaders ETF | 0.50 | 0.60 | ||||||
| 70 |
| Fund | Management Fees | Expense Limitations | ||||||
| ChiNext ETF | 0.50 | 0.65 | ||||||
| Egypt Index ETF | 0.50 | 0.94 | ||||||
| Indonesia Index ETF | 0.50 | 0.57 | ||||||
| Israel ETF | 0.50 | 0.59 | ||||||
| Russia ETF | 0.50 | 0.62 | ||||||
| Russia Small-Cap ETF | 0.50 | 0.67 | ||||||
| Vietnam ETF | 0.50 | 0.76 | ||||||
During the year ended December 31, 2019, the Adviser reimbursed the Brazil Small-Cap ETF $372,975 for an investment loss. The per share and total return impact to the Fund is reflected in the Financial Highlights.
During the year ended December 31, 2020, the Adviser reimbursed the China Growth Leaders ETF and ChiNext ETF $57,732 and $17,518, respectively, for transactional losses. These reimbursements are reflected in the Statements of Changes in Net Assets as a net increase from payment from Adviser. The per share and total return impacts to the Funds are reflected in the Financial Highlights.
During the year ended December 31, 2021, the Adviser reimbursed the ChiNext ETF $19,569 for an investment loss. This reimbursement is reflected in the Statements of Operations and Statements of Changes in Net Assets as a net increase from payment from Adviser. The per share and total return impact to the Fund is reflected in the Financial Highlights.
In addition, Van Eck Securities Corporation (the “Distributor”), an affiliate of the Adviser, acts as the Funds’ distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.
Note 4—Capital Share Transactions—As of December 31, 2021, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
Note 5—Investments—For the year ended December 31, 2021, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
| In-Kind Capital Share Transactions | ||||||||||||||||
| Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
| Africa Index ETF | $ | 24,469,443 | $ | 22,254,107 | $ | 7,686,320 | $ | 3,052,023 | ||||||||
| Brazil Small-Cap ETF | 24,416,805 | 34,262,256 | 237,373 | 2,937,005 | ||||||||||||
| China Growth Leaders ETF | 21,507,754 | 35,378,240 | — | 5,413,388 | ||||||||||||
| 71 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
| In-Kind Capital Share Transactions | ||||||||||||||||
| Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
| ChiNext ETF | 28,131,587 | 39,639,061 | — | — | ||||||||||||
| Egypt Index ETF | 16,562,855 | 15,517,307 | 1,610,748 | 1,439,769 | ||||||||||||
| Indonesia Index ETF | 13,878,309 | 13,931,787 | 26,390,190 | 6,933,163 | ||||||||||||
| Israel ETF | 25,917,614 | 26,614,759 | 5,762,515 | 7,101,035 | ||||||||||||
| Russia ETF | 330,389,702 | 328,518,418 | 378,466,228 | 830,804,853 | ||||||||||||
| Russia Small-Cap ETF | 14,538,899 | 15,031,465 | — | 5,602,599 | ||||||||||||
| Vietnam ETF | 325,171,907 | 297,994,840 | 1,846,218 | 620,091 | ||||||||||||
Note 6—Income Taxes—As of December 31, 2021, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
| Fund | Tax Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
| Africa Index ETF | $51,082,529 | $13,579,536 | $(5,331,745 | ) | $8,247,791 | |||||||||||
| Brazil Small-Cap ETF | 42,757,144 | 1,106,470 | (11,308,839 | ) | (10,202,369) | |||||||||||
| China Growth Leaders ETF | 24,089,341 | 6,213,597 | (3,741,961 | ) | 2,471,636 | |||||||||||
| ChiNext ETF | 29,406,039 | 13,766,407 | (1,996,947 | ) | 11,769,460 | |||||||||||
| Egypt Index ETF | 21,059,187 | 4,760,671 | (4,126,427 | ) | 634,244 | |||||||||||
| Indonesia Index ETF | 60,281,171 | 3,456,639 | (9,856,911 | ) | (6,400,272) | |||||||||||
| Israel ETF | 55,838,877 | 32,242,356 | (5,368,074 | ) | 26,874,282 | |||||||||||
| Russia ETF | 1,390,946,685 | 176,622,425 | (191,696,556 | ) | (15,074,131) | |||||||||||
| Russia Small-Cap ETF | 24,287,217 | 3,683,634 | (3,415,532 | ) | 268,102 | |||||||||||
| Vietnam ETF | 416,467,532 | 209,181,129 | (35,203,258 | ) | 173,977,871 | |||||||||||
At December 31, 2021, the components of total distributable earnings (losses) on a tax basis, for each Fund, were as follows:
| Fund | Undistributed Ordinary Income | Accumulated Capital Losses/ Undistributed Capital Gains | Qualified Late-Year Losses* | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Distributable Earnings (Loss) | ||||||||||||||||||
| Africa Index ETF | $– | $(65,931,390) | $(7,004) | $(14,209 | ) | $8,202,435 | $(57,750,168) | |||||||||||||||||
| Brazil Small-Cap ETF | 108,778 | (155,478,417) | – | (38,344 | ) | (10,201,655) | (165,609,638) | |||||||||||||||||
| China Growth Leaders ETF | 12,632 | – | (59,215) | (6,195 | ) | 2,479,021 | 2,426,243 | |||||||||||||||||
| ChiNext ETF | – | – | – | (1,319 | ) | 11,772,968 | 11,771,649 | |||||||||||||||||
| Egypt Index ETF | – | (35,621,096) | (8,988) | (6,287 | ) | 634,330 | (35,002,041) | |||||||||||||||||
| Indonesia Index ETF | 8,669 | (113,307,447) | – | (32,155 | ) | (6,400,263) | (119,731,196) | |||||||||||||||||
| Israel ETF | 173,990 | (6,967,970) | – | (4,867 | ) | 26,874,312 | 20,075,465 | |||||||||||||||||
| Russia ETF | 4,835,099 | (1,556,921,878) | – | (203,747 | ) | (15,074,580) | (1,567,365,106) | |||||||||||||||||
| Russia Small-Cap ETF | – | (15,508,888) | (1,453) | (5,575 | ) | 265,504 | (15,250,412) | |||||||||||||||||
| Vietnam ETF | 1,467,399 | (276,807,032) | – | (56,553 | ) | 173,984,104 | (101,412,082) | |||||||||||||||||
*Qualified late year losses incurred after October 31, 2021 are deemed to arise on January 1, 2022.
The tax character of dividends paid to shareholders was as follows:
| 2021 | 2020 | |||||||||||||||||||||||
| Fund | Ordinary Income** |
Long-Term Capital Gains |
Return of Capital |
Ordinary Income** |
Long-Term Capital Gains |
Return of Capital |
||||||||||||||||||
| Africa Index ETF | $2,475,050 | $– | $– | $1,990,000 | $– | $– | ||||||||||||||||||
| Brazil Small-Cap ETF | 951,015 | – | – | 899,895 | – | – | ||||||||||||||||||
| China Growth Leaders ETF | 751,240 | 653,170 | – | 1,442,540 | 5,191,450 | – | ||||||||||||||||||
| ChiNext ETF | – | 3,198,624 | 601,386 | 3,800 | – | – | ||||||||||||||||||
| Egypt Index ETF | 565,063 | – | – | 499,984 | – | – | ||||||||||||||||||
| Indonesia Index ETF | 570,015 | – | – | 600,075 | – | – | ||||||||||||||||||
| Israel ETF | 1,025,145 | – | – | 127,803 | – | – | ||||||||||||||||||
| 72 |
| 2021 | 2020 | |||||||||||||||||||||||
| Fund | Ordinary Income** |
Long-Term Capital Gains |
Return of Capital |
Ordinary Income** |
Long-Term Capital Gains |
Return of Capital |
||||||||||||||||||
| Russia ETF | 80,501,120 | – | – | 52,666,239 | – | 334,141 | ||||||||||||||||||
| Russia Small-Cap ETF | 1,464,299 | – | 60,709 | 1,399,971 | – | – | ||||||||||||||||||
| Vietnam ETF | 2,850,715 | – | – | 1,644,751 | – | 182,249 | ||||||||||||||||||
| ** | Includes short-term capital gains (if any). |
At December 31, 2021, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
| Fund | Short-Term Capital Losses with No Expiration | Long-Term Capital Losses with No Expiration | Total | |||||||||
| Africa Index ETF | $ | (11,902,643 | ) | $ | (54,028,747 | ) | $ | (65,931,390 | ) | |||
| Brazil Small-Cap ETF | (21,054,589 | ) | (134,423,828 | ) | (155,478,417 | ) | ||||||
| Egypt Index ETF | (12,961,222 | ) | (22,659,874 | ) | (35,621,096 | ) | ||||||
| Indonesia Index ETF | (37,861,382 | ) | (75,446,065 | ) | (113,307,447 | ) | ||||||
| Israel ETF | (296,343 | ) | (6,671,627 | ) | (6,967,970 | ) | ||||||
| Russia ETF | (223,502,010 | ) | (1,333,419,868 | ) | (1,556,921,878 | ) | ||||||
| Russia Small-Cap ETF | (4,154,961 | ) | (11,353,927 | ) | (15,508,888 | ) | ||||||
| Vietnam ETF | (74,923,618 | ) | (201,883,414 | ) | (276,807,032 | ) | ||||||
During the year ended December 31, 2021, Brazil Small-Cap ETF, ChiNext ETF, Israel ETF and Vietnam ETF utilized $4,028,000, $11,370,462, $1,036,744 and $47,237,957 of their capital loss carryovers available from prior years.
During the year ended December 31, 2021, as a result of permanent book to tax differences, primarily due to earnings attributable to the redemption of shares, tax net operating losses and the tax treatment of gains/ losses from securities redeemed in-kind, the Funds incurred differences that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.
| Fund | Increase (Decrease) in Total Distributable Earnings (Loss) | Increase (Decrease) in Aggregate Paid in Capital | ||||||
| Africa Index ETF | $ | (1,302,369 | ) | $ | 1,302,369 | |||
| Brazil Small-Cap ETF | (619,165 | ) | 619,165 | |||||
| China Growth Leaders ETF | (1,162,209 | ) | 1,162,209 | |||||
| ChiNext ETF | 30,748 | (30,748 | ) | |||||
| Egypt Index ETF | (56,111 | ) | 56,111 | |||||
| Indonesia Index ETF | (1,061,055 | ) | 1,061,055 | |||||
| Israel ETF | (3,677,600 | ) | 3,677,600 | |||||
| Russia ETF | (224,458,807 | ) | 224,458,807 | |||||
| Russia Small-Cap ETF | (879,624 | ) | 879,624 | |||||
| Vietnam ETF | (205,171 | ) | 205,171 | |||||
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
| 73 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2021, the Funds did not incur any interest or penalties.
Investments in China: Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-Shares could result in unexpected tax liabilities for the China Growth Leaders ETF and ChiNext ETF (the “Funds”). China generally imposes withholding income tax (“WHT”) at a rate of 10% on dividends derived by non-PRC resident enterprises (including a Qualified Foreign Institutional Investor (“QFII”) and a Renminbi Qualified Foreign Institutional Investor (“RQFII”)) from issuers resident in China. China imposes WHT at a rate of 10% on capital gains derived by non-PRC resident enterprises from the disposal in shares of PRC enterprises. Effective November 17, 2014, investments through the Hong Kong-Shanghai Stock Connect program, QFIIs and RQFIIs, which includes these Funds, were exempted temporarily from WHT with respect to gains derived from the trading of equity investments (including A-shares). However, uncertainties remain regarding the taxation of capital gains in China. PRC rules for taxation of RQFIIs (and QFIIs) and the PRC tax regulations to be issued by the PRC State Administration of Taxation and/or PRC MOF to clarify the subject matter may apply retrospectively, even if such rules are adverse to the nonresident investors. If the PRC tax authorities were to issue differing formal guidance or tax rules regarding the taxation of capital gains derived by QFIIs, RQFIIs and other nonresident investors WHT on gains from such investments the Funds could be subject to additional tax liabilities.
Note 7—Principal Risks—Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the coronavirus outbreak. Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss. As a result of events involving Russia, the United States and the European Union have in the past, and may in the future, impose sanctions on certain Russian individuals and companies, which may adversely affect the value and liquidity of the Russian-related issuers held by the Fund.
Should the Chinese government impose restrictions on the ability of China Growth Leaders ETF and ChiNext ETF to repatriate funds associated with direct investment in A-Shares, the Funds may be unable to satisfy distribution requirements applicable to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended, and the Funds may therefore be subject to Fund-level U.S. federal taxes.
Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in a Fund could be heightened and the Fund’s investments (and thus a shareholder’s investment in a Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.
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A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds of the Trust as directed by the Trustees.
The expense for the Plan is included in “Trustees’ fees and expenses” in the Statements of Operations. The liability for the Plan is shown as “Deferred Trustee fees” in the Statements of Assets and Liabilities.
Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 2021 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of December 31, 2021:
| Fund | Market Value of Securities on Loan | Cash Collateral | Non-Cash Collateral | Total Collateral | ||||||||||||
| Africa Index ETF | $ | 2,131,645 | $ | 184,814 | $ | 2,016,913 | $ | 2,201,727 | ||||||||
| Brazil Small-Cap ETF | 3,033,046 | 785,056 | 2,339,750 | 3,124,806 | ||||||||||||
| China Growth Leaders ETF | 383,145 | 17,714 | 390,946 | 408,660 | ||||||||||||
| Indonesia Index ETF | 180,650 | – | 193,610 | 193,610 | ||||||||||||
| Israel ETF | 9,924,266 | 2,444,845 | 7,839,662 | 10,284,507 | ||||||||||||
| Russia ETF | 33,172,932 | 3,006,086 | 31,950,478 | 34,956,564 | ||||||||||||
| Russia Small-Cap ETF | 2,232,388 | 334,647 | 1,981,443 | 2,316,090 | ||||||||||||
| Vietnam ETF | 11,751,814 | – | 12,448,696 | 12,448,696 | ||||||||||||
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VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2021:
| Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities | ||||
| Fund | Equity Securities | |||
| Africa Index ETF | $ | 184,814 | ||
| Brazil Small-Cap ETF | 785,056 | |||
| China Growth Leaders ETF | 17,714 | |||
| Israel ETF | 2,444,845 | |||
| Russia ETF | 3,006,086 | |||
| Russia Small-Cap ETF | 334,647 | |||
| * | Remaining contractual maturity: overnight and continuous |
Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2021, the following Funds borrowed under this Facility:
| Fund | Days Outstanding |
Average Daily Loan Balance |
Average Interest Rate | |||||||
| Africa Index ETF | 118 | $195,703 | 1.44 | % | ||||||
| Brazil Small-Cap ETF | 83 | 153,721 | 1.43 | |||||||
| China Growth Leaders ETF | 356 | 778,858 | 1.44 | |||||||
| ChiNext ETF | 289 | 388,289 | 1.44 | |||||||
| Egypt Index ETF | 354 | 901,694 | 1.44 | |||||||
| Indonesia Index ETF | 12 | 133,276 | 1.43 | |||||||
| Israel ETF | 36 | 165,376 | 1.45 | |||||||
| Russia ETF | 178 | 5,872,957 | 1.44 | |||||||
| Russia Small-Cap ETF | 31 | 188,179 | 1.45 | |||||||
| Vietnam ETF | 251 | 4,967,579 | 1.44 | |||||||
Outstanding loan balances as of December 31, 2021, if any, are reflected in the Statements of Assets and Liabilities.
Note 11—Subsequent Event Review—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
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VANECK ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of VanEck Africa Index ETF, VanEck Brazil Small-Cap ETF, VanEck China Growth Leaders ETF, VanEck ChiNext ETF, VanEck Egypt Index ETF, VanEck Indonesia Index ETF, VanEck Israel ETF, VanEck Russia ETF, VanEck Russia Small-Cap ETF, VanEck Vietnam ETF and the Board of Trustees of VanEck ETF Trust.
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of VanEck Africa Index ETF, VanEck Brazil Small-Cap ETF, VanEck China Growth Leaders ETF, VanEck ChiNext ETF, VanEck Egypt Index ETF, VanEck Indonesia Index ETF, VanEck Israel ETF, VanEck Russia ETF, VanEck Russia Small-Cap ETF and VanEck Vietnam ETF (collectively referred to as the “Funds”) (ten of the series constituting VanEck ETF Trust (the “Trust”)), including the schedules of investments, as of December 31, 2021, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (ten of the series constituting VanEck ETF Trust) at December 31, 2021, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from broker were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more of the VanEck investment companies since 1999.
New York, New York
February 28, 2022
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VANECK ETF TRUST
(unaudited)
The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2021:
| Fund | Ordinary Income Amount Paid Per Share | Qualified Dividend Income for Individuals* | Dividends Qualifying for the Dividend Received Deduction for Corporations* | |||||||||
| Africa Index ETF | $0.83900 | 38.91 | % | –% | ||||||||
| Brazil Small-Cap ETF | 0.04877 | 1.60 | – | |||||||||
| China Growth Leaders ETF | 1.07320 | 46.13 | – | |||||||||
| Egypt Index ETF | 0.66480 | 100.00 | – | |||||||||
| Indonesia Index ETF | 0.21510 | 100.00 | – | |||||||||
| Israel ETF | 0.62130 | 89.61 | 0.45 | |||||||||
| Russia ETF | 1.52320 | 100.00 | – | |||||||||
| Russia Small-Cap ETF | 2.07960 | 75.50 | – | |||||||||
| Vietnam ETF | 0.10310 | 6.51 | – | |||||||||
| Fund | Foreign Source Income* | Foreign Taxes Paid Per Share** | Long-Term Capital Gain Per Share | Return of Capital Per Share**** | ||||||||||||
| Africa Index ETF | 79.41 | % | $0.056820 | $– | $– | |||||||||||
| Brazil Small-Cap ETF | 98.04 | 0.037351 | – | – | ||||||||||||
| China Growth Leaders ETF | 48.12 | 0.051754 | 0.933100 | – | ||||||||||||
| ChiNext ETF | – | – | 4.470600 | 0.707513 | ||||||||||||
| Egypt Index ETF | 100.00 | 0.049574 | – | – | ||||||||||||
| Indonesia Index ETF | 99.41 | 0.052448 | – | – | ||||||||||||
| Israel ETF | 65.22 | 0.196523 | – | – | ||||||||||||
| Russia ETF | 98.76 | 0.170564 | – | – | ||||||||||||
| Russia Small-Cap ETF | 77.11 | 0.129727 | – | 0.082785 | ||||||||||||
| Vietnam ETF | 79.97 | 0.013842 | – | – | ||||||||||||
| * | Expressed as a percentage of the cash distribution grossed up for foreign taxes. |
| ** | The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. |
| *** | Certain states may exempt the portion of dividends derived from assets backed by the full faith and credit of the U.S. Government. |
| **** | A return of capital is not considered taxable income to shareholders. The portion of a distribution which is a dividend is includable in gross income while the portion of the distribution which is not a dividend shall be applied against and reduces the adjusted basis of the stock. Accordingly, shareholders who received these distributions should not include these amounts in taxable income, but instead should treat them as a reducition of the cost basis of the appicable shares upon which these distributions were paid. |
Additionally, China Growth Leaders ETF paid short-term capital gains of $0.716000 per share that represents Qualified Short-Term Capital Gains (“QSTG”) which may be exempt from United States withholding tax when distributed to non-U.S. shareholders with proper documentation.
Please consult your tax advisor for proper treatment of this information.
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VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
December 31, 2021 (unaudited)
| Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 and Length of Time Served |
Principal Occupation(s) During Past Five Years |
Number of Portfolios in Fund Complex3 Overseen |
Other Directorships Held By Trustee During Past Five Years | |||||
| Independent Trustees | ||||||||||
| David H. Chow, 1957*† |
Chairman Trustee | Since 2008 Since 2006 | Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 62 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Risk and Compliance Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020. | |||||
| Laurie A. Hesslein, 1959*† |
Trustee | Since 2019 | Citigroup, Managing Director, and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 62 | Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. | |||||
| R. Alastair Short, 1953*† |
Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 74 | Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds. | |||||
| Peter J. Sidebottom, 1962*† |
Trustee | Since 2012 | Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012. | 62 | Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016. | |||||
| Richard D. Stamberger, 1959*† |
Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (global media company), July 2020 to present; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2019. | 74 | Director, Food and Friends, Inc., 2013 to present. |
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VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
(unaudited) (continued)
| Interested Trustee | ||||||||||
| Jan F. van Eck, 19635 | Trustee, Chief Executive Officer and President | Trustee (Since 2006); Chief Executive Officer and President (Since 2009) | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust | 74 | Director, National Committee on US-China Relations. |
| 1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
| 3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
| 4 | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
| 5 | “Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
| * | Member of the Audit Committee. |
| † | Member of the Nominating and Corporate Governance Committee. |
| Officer’s Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 And Length of Time Served |
Principal Occupation(s) During Past Five Years | |||
| Officer Information | ||||||
| Matthew A. Babinsky, 1983 |
Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Associate, Clifford Chance US LLP. | |||
| Russell G. Brennan, 1964 |
Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. | |||
| Charles T. Cameron, 1960 |
Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. | |||
| John J. Crimmins, 1957 |
Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. | |||
| Eduardo Escario, 1975 |
Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. | |||
| F. Michael Gozzillo, 1965 |
Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. | |||
| Laura Hamilton, 1977 |
Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. | |||
| Nicholas Jackson, 1974 |
Assistant Vice President | Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. | |||
| Laura I. Martínez, 1980 |
Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. | |||
| Matthew McKinnon, 1970 |
Assistant Vice President | Since 2018 | Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. |
| 80 |
| Arian Neiron, 1979 |
Vice President | Since 2018 | CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | |||
| James Parker, 1969 |
Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. | |||
| Adam Phillips, 1970 |
Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. | |||
| Philipp Schlegel, 1974 |
Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. | |||
| Jonathan R. Simon, 1974 |
Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. | |||
| Andrew Tilzer, 1972 | Assistant Vice President | Since 2021 | Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC. |
| 1 | The address for each Officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Officers are elected yearly by the Trustees. |
| 81 |
VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT
December 31, 2021 (unaudited)
At a meeting held on November 30, 2021 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved an investment management agreement between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreement”) with respect to the VanEck Digital India 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 advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of the Fund’s proposed investment program, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of the Investment Management Agreement was based, in part, on their review of information obtained through discussions with the Adviser at the Meeting regarding the management of the Fund, information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Fund. The Trustees also considered the terms and scope of services that the Adviser would provide under the Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of the Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
The Trustees considered the benefits, other than the fees under the Investment Management Agreement, that the Adviser would receive from serving as adviser to the Fund. The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Fund to the Adviser because the Fund had not yet commenced operations. In addition, because the Fund had not yet commenced operations, the Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Fund by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Meeting as part of their consideration of the Investment Management Agreement.
In voting to approve the Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that the Investment Management Agreement is in the best interest of the Fund and the Fund’s shareholders.
| 82 |
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
| Investment Adviser: | VanEck Associates Corporation | ||
| Distributor: | VanEck Securities Corporation | ||
| 666 Third Avenue, New York, NY 10017 | |||
| vaneck.com | |||
| Account Assistance: | 800.826.2333 | INTLAR |
 |
ANNUAL REPORT |
| VANECK® | ||
| Agribusiness ETF | MOO® | |
| Future of Food ETF | YUMY | |
| Gold Miners ETF | GDX® | |
| Green Metals ETF | GMET® | |
| 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® | |
| Uranium+Nuclear Energy ETF | NLR® |
| 800.826.2333 | vaneck.com |
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Certain information contained in this President’s Letter represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of December 31, 2021.
VANECK ETFs
December 31, 2021 (unaudited)
Dear Fellow Shareholders:
This letter addresses two topics: a review of the markets today and, second, two multi-year themes.
The Economy
In 2021, the year began with the global economy hurtling forward like a car at top speed. But in the fall, the Fed started reducing its stimulative policies, especially as inflation statistics hit multi-decade highs.
As this point, the markets face several points of uncertainty. The most important concern is: will the Fed “hit the brakes” too hard as it reduces stimulus measures? But also, since China has been a large driver of global growth over the past 20 years, how long will China’s slow-down last and how deep will it be? Will Chinese policymakers stimulate the economy if growth slows too much?
“Net net”, I think our economy and markets can handle the withdrawal of Fed stimulus. While market returns may underwhelm in 2022, there is no reason to sell and try to time the market.
I expect that inflation will persist because I believe that deflation over the past 20 years was primarily driven by the supply shock as China joined the world economy. As a counter-example, there was inflation in the 1970s, and do we think there was no technology applied in that decade?
We are still debating whether we have an inflation problem. And I continue to believe that only later this year will we know whether we have permanent inflation—after all the COVID-19 distortions are behind us.
It is true that we are talking about supply chain issues and labor market issues longer than the transitory camp would like. But, while commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, since this tends to be longer-lasting and may affect long-term interest rates. I believe that the tight labor conditions we have today will persist, even as the economy slows down.
If inflation doesn’t push rates higher, I don’t think the Fed will hit the brakes too hard by raising rates further than they have already indicated. Toward the end of last year, Bank of America released a research note1 that said over half of the S&P 500® Index’s returns in the past decade can be attributed to the Fed’s balance sheet expansion, rather than earnings. We live in an era in which the Fed has an eye on the financial markets. We still see little reason why that would change.
As to China, at the end of December 2021, the official purchasing managers’ indices (PMIs), our favorite indicators, showed signs of improvement for the second month in a row. This was a welcome development. But multiple growth headwinds remain: the small companies’ PMI sinking to 46.5 (the lowest since February 2020) was a firm reminder that the dovish policy tilt is justified, with more targeted support expected in the coming months. Despite this, though, we think policy makers have all the tools, including liquidity moves, to avoid a crash.
Multi-Year Investment Themes
So what to do in your portfolio? We continue to focus on two multi-year investment themes.
The first theme is the energy transition away from fossil fuels. We see this not only as being driven by government policy, but also by innovation in the private sector. In our resources portfolios, we’re looking for disruptive companies in the sectors that need to be more energy efficient. One is agriculture (which emits about as much CO2 as the energy sector). AgTech businesses are embracing technology to modernize agriculture, leading to higher crop yields, safer crop chemicals and other innovations in food production to provide healthy diets for the world’s growing population.
As the economy grows and demand for commodities grows, increasing supply has become harder. This is in part due to environmental, social and governance (ESG) policies in place, causing “greenflation” and a multi-year trend of price pressure. Finding supply sources like new copper, lithium or gold mines is harder because of, to a certain extent, the environmental impact of these activities. I think this supply issue will continue
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to underpin commodity prices, and this is why I believe that commodity equities remain an interesting investment that people should have in their portfolios.
The second theme is the use of blockchain in a large variety of industries, but especially finance and entertainment. And especially in the field of “smart contracts.” New open source database technology is enabling incredibly rapid adoption and at much lower cost than traditional companies using prior generation technology. The fintech revolution that goes hand in hand with crypto is something we find really exciting. Of course there are some over-valued companies, but we think it’s another interesting multi-year trend that investors should consider.
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the 12 month period ended December 31, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.
Jan F. van Eck
CEO and President
VanEck ETF Trust
July 20, 2021
PS The investing outlook can change suddenly, as it certainly did in 2021 To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
1Source: Bloomberg, https://www.bloomberg.com/news/articles/2021-09-08/bofa-s-subramanian-dumps-dire-stock-call-to-catch-up-with-rally
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VANECK ETFs
MANAGEMENT DISCUSSION
December 31, 2021 (unaudited)
Market Review
All funds were to some extent affected by the wide market recovery during the year as the effects of COVID-19 generally subsided globally. The remedial measures, both financial and fiscal, taken by central governments around the world in response to the pandemic (including the asset purchasing program of the U.S. Federal Reserve), continued to sustain recovery. By the end of 2021, the extent of the recovery varied considerably industry by industry.
Agribusiness
From its lowest point at the very start of the year, the VanEck Agribusiness ETF rose steadily throughout most of the year and Fund gained 23.99% for the 12 month period. All sectors contributed to the Fund’s positive performance, with the primary drivers being companies in the materials and healthcare sectors. In the former, they were in the chemicals segment. In the latter, they were those in the pharmaceuticals and healthcare equipment and supplies segments (involved in the wellbeing, health and safety of livestock, pets and also people). Companies in the consumer discretionary sector contributed the least. By far the greatest positive returns came from companies in the U.S., while the greatest negative returns came from those in Malaysia and Sweden.
Gold Miners
The stocks of both major gold miners and their junior peers had both an uneven and disappointing year. This was despite market and economic conditions that might usually have been thought of as propitious, in particular persistent inflation—whether or not considered to be “transitory”. Perhaps affected more than generally by the many uncertainties that abounded in the market, the junior gold miners (VanEck Junior Gold Miners ETF) posted a loss of 21.44% and larger gold miners (VanEck Gold Miners ETF) posted a loss of 9.56% for the 12 month period.
Among the larger mining stocks, companies in South Africa and the U.S. contributed the most to performance. Canadian companies, with the largest average country weighting during the year, detracted by far the most from performance.
Among the juniors, Indonesia was the strongest contributor, while Canada detracted by far the most from performance.
Low Carbon Energy
The performance of low carbon energy stocks during the 12 month period was both volatile and disappointing, with the VanEck Low Carbon Energy ETF recording a loss of 3.02%. While companies in the consumer discretionary sector contributed positively to performance, all other sectors detracted from performance with the industrial and utilities sectors detracting the most. The U.S. was by far the best performing country. Companies from Denmark detracted the most from performance.
Natural Resources
Natural resources stocks generally thrived in 2021 and the VanEck Natural Resources ETF gained 25.38% over the 12 month period under review. The energy and materials sectors contributed most to performance and the healthcare sector was the greatest detractor, but even then only minimally. U.S. companies contributed by far the most to performance, while Danish companies detracted the most.
Oil Refiners
Oil refining stocks had a volatile year, perhaps echoing the similarly volatile price of crude oil in 2021. With demand for oil in the U.S. having hit historic highs as the year drew to a close, the VanEck Oil Refiners ETF recorded a gain of 11.10% over the 12 month period.
Exposure to refiners in the U.S. contributed by far the most to the Fund’s total return. The only significant negative contributing country was Finland.
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Oil Services
Despite a volatile 2021, also perhaps reflecting the similarly volatile price of crude oil in 2021, oil services stocks performed well (or rose) and the VanEck Oil Services ETF ended the 12 month period up 21.18%. Over the year, drilling activity increased substantially, the Baker Hughes U.S. rig count rose nearly 67% from 351 at the end of 2020 to 586 at the close of 2021.
The oil service stocks in the U.S., with the largest average country weighting, contributed by far the most to performance while both France and the United Kingdom detracted from performance, but only minimally.
Rare Earth and Strategic Metals
The VanEck Rare Earth/Strategic Metals ETF had another firm year in 2021, gaining 80.09%. Benefiting from the increasing focus on both climate change and the energy transition, the Fund rose fairly consistently through most of the year. The majority of the companies in the Fund’s portfolio contributed positively to returns. Of the companies contributing positively, those involved in the mining of lithium and/or production of lithium contributed the most. The greatest detractors from performance were three companies with mining operations and/or production involving molybdenum, rare earths, titanium and zirconium. Large- and mid-cap companies performed much better than their small-cap peers during the period under review.
Steel
On the back of strong demand, steel stocks hit highs toward the middle of May and the middle of August. Thereafter, however, they fell over most of the next four and a half months, but not enough to erase their gains earlier in the year and the VanEck Steel ETF ended the 12 month period recording a gain of 27.91%. The U.S. was by far the greatest contributors to performance. Only once country, China, detracted from performance and, then, only minimally.
Uranium+Nuclear Energy
Having hit a low toward the end of February, thereafter, stocks in the VanEck Uranium+Nuclear Energy ETF rose, for the most part for the rest of the 12 month period, recording a gain of 13.48% for the full calendar year. Utilities companies were the greatest contributors to the Fund’s positive total return, with only the industrial sector detracting from performance. Geographically, companies in the U.S contributed the most to performance, while those in France and South Korea were the greatest detractors from performance.
According to the World Nuclear Association figures, in December 2021, there were some 440 operable nuclear power reactors in 32 countries and 56 power reactors currently under construction in 18 countries, notably China, India and South Korea.
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December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||
| Share Price | NAV | MVMOOTR1 | SPTR2 | |||||
| One Year | 23.94% | 23.99% | 24.51% | 28.71% | ||||
| Five Year | 14.73% | 14.70% | 14.77% | 18.47% | ||||
| Ten Year | 9.31% | 9.29% | 9.41% | 16.55% | ||||
| 1 | MVIS® Global Agribusiness Index (MVMOOTR) is a rules based index intended to give investors a means of tracking the overall performance of the companies in the global agribusiness segment which includes: agri-chemicals, animal health and fertilizers, seeds and traits, from farm/irrigation equipment and farm machinery, aquaculture and fishing, livestock, cultivation and plantations (including grain, oil palms, sugar cane, tobacco leafs, grapevines etc.) and trading of agricultural products. |
| Index data prior to March 18, 2013 reflects that of the DAXglobal Agribusiness Index (DXAG). From March 18, 2013, forward, the index data reflects that of the MVIS® Global Agribusiness Index (MVMOOTR). All Index history reflects a blend of the performance of the aforementioned Indexes. | |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
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PERFORMANCE COMPARISON
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||
| Share Price | NAV | GDMNTR1 | SPTR2 | |||||
| One Year | (9.56)% | (9.56)% | (9.37)% | 28.71% | ||||
| Five Year | 9.80% | 9.77% | 10.10% | 18.47% | ||||
| Ten Year | (3.87)% | (3.90)% | (3.50)% | 16.55% | ||||
| 1 | NYSE Arca Gold Miners Index (GDMNTR) is a modified market capitalization weighted index comprised of publicly traded companies involved in the mining for gold and silver. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
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PERFORMANCE COMPARISON
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||
| Share Price | NAV | MVGDXJTR1 | SPTR2 | |||||
| One Year | (21.31)% | (21.44)% | (20.99)% | 28.71% | ||||
| Five Year | 6.76% | 6.61% | 6.74% | 18.47% | ||||
| Ten Year | (6.87)% | (6.79)% | (6.46)% | 16.55% | ||||
| 1 | MVIS® Global Junior Gold Miners Index (MVGDXJTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of small-capitalization companies that are involved primarily in the mining for gold and/or silver. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
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PERFORMANCE COMPARISON
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||||
| Share Price | NAV | MVSMOGTR1 | AGIXLT2 | SPTR3 | ||||||
| One Year | (2.77)% | (3.02)% | (2.18)% | 3.34% | 28.71% | |||||
| Five Year | 26.58% | 26.43% | 27.23% | 28.64% | 18.47% | |||||
| Ten Year | 18.16% | 18.07% | 18.13% | 18.78% | 16.55% | |||||
| 1 | MVIS® Global Low Carbon Energy Index (MVSMOGTR) normally invests at least 80% of its total assets in stocks of low carbon energy companies. |
| 2 | Ardour Global IndexSM (Extra Liquid) (AGIXLT) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the alternative energy industry. |
| Effective April 26, 2021, MVSMOGTR replaced AGIXLT as the Fund’s benchmark index. All index history reflects a blend of the performance of the aforementioned Indexes. | |
| 3 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
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PERFORMANCE COMPARISON
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||
| Share Price | NAV | RVEIT1 | SPTR2 | |||||
| One Year | 24.95% | 25.38% | 25.44% | 28.71% | ||||
| Five Year | 10.47% | 10.62% | 10.71% | 18.47% | ||||
| Ten Year | 5.92% | 5.97% | 6.07% | 16.55% | ||||
| 1 | VanEck® Natural Resources Index (RVEIT) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of a global universe of listed companies engaged in the production and distribution of commodities and commodity-related products and services. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
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PERFORMANCE COMPARISON
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||
| Share Price | NAV | MVCRAKTR1 | SPTR2 | |||||
| One Year | 10.84% | 11.10% | 11.47% | 28.71% | ||||
| Five Year | 7.53% | 7.59% | 7.62% | 18.47% | ||||
| Life* | 7.40% | 7.46% | 7.51% | 15.96% | ||||
| * | Commencement of Fund: 8/18/15; First Day of Secondary Market Trading: 8/19/15. |
| 1 | MVIS® Global Oil Refiners Index (MVCRAKTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in crude oil refining which may include: gasoline, diesel, jet fuel, fuel oil, naphtha, and other petrochemicals. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 (Since Inception) | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
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PERFORMANCE COMPARISON
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||
| Share Price | NAV | MVOIHTR1 | SPTR2 | |||||
| One Year | 21.17% | 21.18% | 21.81% | 28.71% | ||||
| Five Year | (21.23)% | (21.24)% | (21.36)% | 18.47% | ||||
| Ten Year | (11.74)% | (11.74)% | (11.86)% | 16.55% | ||||
| 1 | MVIS® US Listed Oil Services 25 Index (MVOIHTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the largest and the most liquid common stocks and depositary receipts of U.S. exchange-listed companies involved in oil services to the upstream oil sector. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
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VANECK RARE EARTH/STRATEGIC METALS ETF
PERFORMANCE COMPARISON
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||
| Share Price | NAV | MVREMXTR1 | SPTR2 | |||||
| One Year | 79.70% | 80.09% | 82.78% | 28.71% | ||||
| Five Year | 22.45% | 22.52% | 21.81% | 18.47% | ||||
| Ten Year | (1.38)% | (1.53)% | (2.04)% | 16.55% | ||||
| 1 | MVIS® Global Rare Earth/Strategic Metals Index (MVREMXTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in the rare earth and strategic metals segment. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
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PERFORMANCE COMPARISON
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||
| Share Price | NAV | STEEL1 | SPTR2 | |||||
| One Year | 27.61% | 27.91% | 28.84% | 28.71% | ||||
| Five Year | 11.44% | 11.45% | 12.07% | 18.47% | ||||
| Ten Year | 4.57% | 4.56% | 4.92% | 16.55% | ||||
| 1 | NYSE Arca Steel Index (STEEL) is a modified market capitalization weighted index comprised of common stocks and ADRs of selected companies that are primarily involved in a variety of activities that are related to steel production. |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
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VANECK URANIUM+NUCLEAR ENERGY ETF
PERFORMANCE COMPARISON
December 31, 2021 (unaudited)
| Average Annual Total Return | ||||||||
| Share Price | NAV | MVNLRTR1 | SPTR2 | |||||
| One Year | 13.59% | 13.48% | 13.18% | 28.71% | ||||
| Five Year | 6.09% | 6.10% | 5.82% | 18.47% | ||||
| Ten Year | 5.16% | 5.10% | 4.68% | 16.55% | ||||
| 1 | MVIS® Global Uranium & Nuclear Energy Index (MVNLRTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of companies involved in uranium and nuclear energy. |
| Index data prior to March 24, 2014 reflects that of the DAXglobal® Nuclear Energy Index (DXNE). From March 24, 2014, forward, the index data reflects that of the MVIS® Global Uranium & Nuclear Energy Index (MVNLRTR). All index history reflects a blend of the performance of the aforementioned Indexes. | |
| 2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
| Hypothetical Growth of $10,000 | ||
| This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |  | |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
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ABOUT FUND PERFORMANCE
(unaudited)
The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.
All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory feesor expenses that are associated with an investment in the Fund. Certain indices may take into account withholding taxes. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made.
The Gold Miners Index and Steel Index are published by ICE Data Indices, LLC (ICE Data). The Agribusiness Index, Junior Gold Miners Index, Low Carbon Energy, Oil Refiners Index, Oil Services Index, Rare Earth/Strategic Metals Index and Uranium & Nuclear Energy Index are published by MV Index Solutions GmbH (MVIS®), which is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The Natural Resources Index and the Ardour Global Index are published by S-Network Global Indexes, LLC (S-Network).
ICE Data, MVIS, S-Network, and Ardour are referred to herein as the “Index Providers”. The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.
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VANECK ETF TRUST
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2021 to December 31, 2021.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Annualized Expense Ratio During Period | Expenses Paid During the Period July 1, 2021 - December 31, 2021(a) | |||||
| Agribusiness ETF | ||||||||
| Actual | $1,000.00 | $1,059.20 | 0.52% | $2.70 | ||||
| Hypothetical(b) | $1,000.00 | $1,022.58 | 0.52% | $2.65 | ||||
| Future of Food ETF | ||||||||
| Actual (c) | $1,000.00 | $1,015.30 | 0.69% | $0.59 | ||||
| Hypothetical(b) | $1,000.00 | $1,021.73 | 0.69% | $3.52 | ||||
| Gold Miners ETF | ||||||||
| Actual | $1,000.00 | $959.30 | 0.51% | $2.52 | ||||
| Hypothetical(b) | $1,000.00 | $1,022.63 | 0.51% | $2.60 | ||||
| Green Metals ETF | ||||||||
| Actual (d) | $1,000.00 | $1,006.10 | 0.60% | $0.86 | ||||
| Hypothetical(b) | $1,000.00 | $1,022.18 | 0.60% | $3.06 | ||||
| Junior Gold Miners ETF | ||||||||
| Actual | $1,000.00 | $914.70 | 0.52% | $2.51 | ||||
| Hypothetical(b) | $1,000.00 | $1,022.58 | 0.52% | $2.65 | ||||
| Low Carbon Energy ETF | ||||||||
| Actual | $1,000.00 | $996.20 | 0.56% | $2.82 | ||||
| Hypothetical(b) | $1,000.00 | $1,022.38 | 0.56% | $2.85 | ||||
| Natural Resources ETF | ||||||||
| Actual | $1,000.00 | $1,050.10 | 0.49% | $2.53 | ||||
| Hypothetical(b) | $1,000.00 | $1,022.74 | 0.49% | $2.50 |
| 17 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
| Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Annualized Expense Ratio During Period | Expenses Paid During the Period July 1, 2021 - December 31, 2021(a) | |||||
| Oil Refiners ETF | ||||||||
| Actual | $1,000.00 | $941.70 | 0.60% | $2.94 | ||||
| Hypothetical(b) | $1,000.00 | $1,022.18 | 0.60% | $3.06 | ||||
| Oil Services ETF | ||||||||
| Actual | $1,000.00 | $851.40 | 0.35% | $1.63 | ||||
| Hypothetical(b) | $1,000.00 | $1,023.44 | 0.35% | $1.79 | ||||
| Rare Earth/Strategic Metals ETF | ||||||||
| Actual | $1,000.00 | $1,378.50 | 0.53% | $3.18 | ||||
| Hypothetical(b) | $1,000.00 | $1,022.53 | 0.53% | $2.70 | ||||
| Steel ETF | ||||||||
| Actual | $1,000.00 | $920.10 | 0.55% | $2.66 | ||||
| Hypothetical(b) | $1,000.00 | $1,022.43 | 0.55% | $2.80 | ||||
| Uranium+Nuclear Energy ETF | ||||||||
| Actual | $1,000.00 | $1,070.00 | 0.60% | $3.13 | ||||
| Hypothetical(b) | $1,000.00 | $1,022.18 | 0.60% | $3.06 |
| (a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2021), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period). |
| (b) | Assumes annual return of 5% before expenses |
| (c) | Expenses are equal to the Fund’s annualized expense ratio (for the period from December 1, 2021 (commencement of operations) to December 31, 2021) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year. |
| (d) | Expenses are equal to the Fund’s annualized expense ratio (for the period from November 10, 2021 (commencement of operations) to December 31, 2021) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year. |
| 18 |
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.9% | ||||||||
| Australia: 1.7% | ||||||||
| Incitec Pivot Ltd. # | 3,358,921 | $ | 7,934,000 | |||||
| Treasury Wine Estates Ltd. # | 1,387,087 | 12,497,851 | ||||||
| 20,431,851 | ||||||||
| Brazil: 2.3% | ||||||||
| Rumo SA # * | 2,894,900 | 9,214,292 | ||||||
| Yara International ASA (NOK) # | 348,751 | 17,559,965 | ||||||
| 26,774,257 | ||||||||
| Canada: 6.2% | ||||||||
| Nutrien Ltd. (USD) † | 980,652 | 73,745,030 | ||||||
| Chile: 1.5% | ||||||||
| Sociedad Quimica y Minera de Chile SA (ADR) | 343,047 | 17,299,860 | ||||||
| China: 3.8% | ||||||||
| China Mengniu Dairy Co. Ltd. (HKD) # * | 5,128,000 | 29,074,638 | ||||||
| Wilmar International Ltd. (SGD) # | 5,294,551 | 16,287,714 | ||||||
| 45,362,352 | ||||||||
| Denmark: 0.8% | ||||||||
| Bakkafrost P/F (NOK) # | 106,545 | 7,032,649 | ||||||
| Schouw & Co. A/S # | 31,238 | 2,717,037 | ||||||
| 9,749,686 | ||||||||
| Germany: 7.7% | ||||||||
| Bayer AG # | 1,559,380 | 83,182,488 | ||||||
| K+S AG # * | 459,737 | 7,899,360 | ||||||
| 91,081,848 | ||||||||
| Indonesia: 0.1% | ||||||||
| Golden Agri-Resources Ltd. (SGD) # | 8,231,245 | 1,497,035 | ||||||
| Israel: 1.1% | ||||||||
| ICL Group Ltd. (USD) † | 1,357,177 | 13,123,902 | ||||||
| Japan: 4.6% | ||||||||
| Kubota Corp. # | 1,915,930 | 42,556,471 | ||||||
| Maruha Nichiro Corp. # | 97,400 | 2,038,334 | ||||||
| NH Foods Ltd. # | 197,800 | 7,124,122 | ||||||
| Nippon Suisan Kaisha Ltd. # | 480,300 | 2,267,675 | ||||||
| 53,986,602 | ||||||||
| Malaysia: 1.5% | ||||||||
| IOI Corp. Bhd # | 4,480,655 | 4,008,875 | ||||||
| Kuala Lumpur Kepong Bhd | 750,870 | 3,925,576 | ||||||
| PPB Group Bhd | 1,264,280 | 5,189,435 | ||||||
| Sime Darby Plantation Bhd # | 5,315,600 | 4,795,219 | ||||||
| 17,919,105 | ||||||||
| Netherlands: 0.4% | ||||||||
| OCI NV # * | 191,957 | 5,004,748 | ||||||
| Norway: 3.1% | ||||||||
| Leroy Seafood Group ASA # | 601,033 | 4,690,739 | ||||||
| Mowi ASA # | 981,248 | 23,191,986 | ||||||
| Salmar ASA # | 124,499 | 8,575,237 | ||||||
| 36,457,962 | ||||||||
| Russia: 0.5% | ||||||||
| PhosAgro PJSC (USD) (GDR) # | 289,310 | 6,242,254 | ||||||
See Notes to Financial Statements
| 19 |
VANECK AGRIBUSINESS ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| HKD | Hong Kong Dollar |
| IDR | Indonesian Rupiah |
| NOK | Norwegian Krone |
| NVDR | Non-Voting Depositary Receipt |
| SGD | Singapore Dollar |
| USD | United States Dollar |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $341,936,393 which represents 28.9% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $67,313,739. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Consumer Discretionary | 4.4 | % | $ | 52,182,774 | ||||
| Consumer Staples | 26.8 | 317,127,478 | ||||||
| Health Care | 25.0 | 295,060,674 | ||||||
| Industrials | 18.7 | 220,753,230 | ||||||
| Materials | 25.1 | 296,778,872 | ||||||
| 100.0 | % | $ | 1,181,903,028 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 20,431,851 | $ | — | $ | 20,431,851 | ||||||||
| Brazil | — | 26,774,257 | — | 26,774,257 | ||||||||||||
| Canada | 73,745,030 | — | — | 73,745,030 | ||||||||||||
| Chile | 17,299,860 | — | — | 17,299,860 | ||||||||||||
| China | — | 45,362,352 | — | 45,362,352 | ||||||||||||
| Denmark | — | 9,749,686 | — | 9,749,686 | ||||||||||||
| Germany | — | 91,081,848 | — | 91,081,848 | ||||||||||||
| Indonesia | — | 1,497,035 | — | 1,497,035 | ||||||||||||
| Israel | 13,123,902 | — | — | 13,123,902 | ||||||||||||
| Japan | — | 53,986,602 | — | 53,986,602 | ||||||||||||
| Malaysia | 9,115,011 | 8,804,094 | — | 17,919,105 | ||||||||||||
| Netherlands | — | 5,004,748 | — | 5,004,748 | ||||||||||||
| Norway | — | 36,457,962 | — | 36,457,962 | ||||||||||||
| Russia | — | 6,242,254 | — | 6,242,254 | ||||||||||||
| Singapore | — | 7,223,116 | — | 7,223,116 | ||||||||||||
| Sweden | 5,317,861 | — | — | 5,317,861 | ||||||||||||
| Switzerland | — | 7,886,207 | — | 7,886,207 | ||||||||||||
| Taiwan | — | 4,517,985 | — | 4,517,985 | ||||||||||||
| Thailand | — | 8,647,061 | — | 8,647,061 | ||||||||||||
| United Kingdom | 39,819,356 | 8,269,335 | — | 48,088,691 | ||||||||||||
| United States | 681,545,615 | — | — | 681,545,615 | ||||||||||||
| Money Market Fund | 30,234,590 | — | — | 30,234,590 | ||||||||||||
| Total Investments | $ | 870,201,225 | $ | 341,936,393 | $ | — | $ | 1,212,137,618 | ||||||||
See Notes to Financial Statements
| 20 |
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.8% | ||||||||
| Canada: 3.6% | ||||||||
| Maple Leaf Foods, Inc. | 3,840 | $ | 88,951 | |||||
| China: 2.0% | ||||||||
| Vitasoy International Holdings Ltd. (HKD) # | 24,000 | 48,538 | ||||||
| Denmark: 6.6% | ||||||||
| Chr Hansen Holding A/S # | 1,004 | 79,067 | ||||||
| Novozymes A/S # | 1,012 | 82,991 | ||||||
| 162,058 | ||||||||
| France: 2.0% | ||||||||
| Danone SA # | 814 | 50,540 | ||||||
| Germany: 3.1% | ||||||||
| Symrise AG # | 526 | 77,704 | ||||||
| Ireland: 3.2% | ||||||||
| Kerry Group Plc # | 614 | 78,555 | ||||||
| Isle of Man: 0.5% | ||||||||
| Agronomics Ltd. * | 38,354 | 11,688 | ||||||
| Israel: 0.1% | ||||||||
| Else Nutrition Holdings, Inc. (CAD) * | 1,668 | 1,505 | ||||||
| Japan: 2.2% | ||||||||
| Kubota Corp. # | 2,400 | 53,309 | ||||||
| Mexico: 3.3% | ||||||||
| Orbia Advance Corp. SAB de CV | 32,140 | 82,089 | ||||||
| Netherlands: 1.0% | ||||||||
| Corbion NV # | 530 | 24,997 | ||||||
| Norway: 1.0% | ||||||||
| Atlantic Sapphire ASA # * | 5,450 | 25,921 | ||||||
| Philippines: 0.9% | ||||||||
| Monde Nissin Corp. 144A * | 73,800 | 23,446 | ||||||
| Sweden: 5.1% | ||||||||
| BioGaia AB # | 328 | 18,740 | ||||||
| Oatly Group AB (ADR) * | 13,426 | 106,871 | ||||||
| 125,611 | ||||||||
| Switzerland: 8.6% | ||||||||
| Bucher Industries AG # | 108 | 53,222 | ||||||
| Number of Shares | Value | |||||||
| Switzerland (continued) | ||||||||
| Givaudan SA # | 20 | $ | 104,938 | |||||
| Nestle SA # | 384 | 53,616 | ||||||
| 211,776 | ||||||||
| United States: 56.6% | ||||||||
| AgEagle Aerial Systems, Inc. * | 1,688 | 2,650 | ||||||
| Amyris, Inc. * | 3,742 | 20,244 | ||||||
| AppHarvest, Inc. * | 19,762 | 76,874 | ||||||
| Archer-Daniels-Midland Co. | 578 | 39,067 | ||||||
| Balchem Corp. | 154 | 25,964 | ||||||
| Ball Corp. | 922 | 88,761 | ||||||
| Benson Hill, Inc. * | 7,062 | 51,482 | ||||||
| Berry Global Group, Inc. * | 348 | 25,675 | ||||||
| Beyond Meat, Inc. * | 1,088 | 70,894 | ||||||
| Bunge Ltd. | 826 | 77,115 | ||||||
| Cadiz, Inc. * | 2,886 | 11,140 | ||||||
| Conagra Brands, Inc. | 792 | 27,047 | ||||||
| Corteva, Inc. | 2,414 | 114,135 | ||||||
| Deere & Co. | 250 | 85,723 | ||||||
| Ecolab, Inc. | 110 | 25,805 | ||||||
| FMC Corp. | 362 | 39,780 | ||||||
| Ginkgo Bioworks Holdings, Inc. * | 4,152 | 34,503 | ||||||
| GrowGeneration Corp. * | 744 | 9,709 | ||||||
| Hydrofarm Holdings Group, Inc. * | 358 | 10,128 | ||||||
| Ingredion, Inc. | 1,022 | 98,766 | ||||||
| International Flavors & Fragrances, Inc. | 508 | 76,530 | ||||||
| John Bean Technologies Corp. | 266 | 40,847 | ||||||
| Kellogg Co. | 390 | 25,124 | ||||||
| Lindsay Corp. | 332 | 50,464 | ||||||
| Local Bounti Corp. * | 2,776 | 17,905 | ||||||
| Tattooed Chef, Inc. * | 5,112 | 79,440 | ||||||
| Titan International, Inc. * | 1,690 | 18,522 | ||||||
| Trimble, Inc. * | 866 | 75,507 | ||||||
| Tyson Foods, Inc. | 304 | 26,497 | ||||||
| Valmont Industries, Inc. | 204 | 51,102 | ||||||
| 1,397,400 | ||||||||
| Total Common Stocks (Cost: $2,429,014) | 2,464,088 | |||||||
| Total Investments: 99.8% (Cost: $2,429,014) | 2,464,088 | |||||||
| Other assets less liabilities: 0.2% | 5,593 | |||||||
| NET ASSETS: 100.0% | $ | 2,469,681 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| HKD | Hong Kong Dollar |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $752,138 which represents 30.5% of net assets. |
| * | Non-income producing |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $23,446, or 0.9% of net assets. |
See Notes to Financial Statements
| 21 |
VANECK FUTURE OF FOOD ETF
SCHEDULE OF INVESTMENTS
(continued)
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Consumer Discretionary | 0.4 | % | $ | 9,709 | ||||
| Consumer Staples | 43.3 | 1,068,155 | ||||||
| Financials | 0.5 | 11,688 | ||||||
| Health Care | 2.2 | 53,243 | ||||||
| Industrials | 14.8 | 365,966 | ||||||
| Information Technology | 3.1 | 75,507 | ||||||
| Materials | 35.3 | 868,680 | ||||||
| Utilities | 0.4 | 11,140 | ||||||
| 100.0 | % | $ | 2,464,088 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Canada | $ | 88,951 | $ | — | $ | — | $ | 88,951 | ||||||||
| China | — | 48,538 | — | 48,538 | ||||||||||||
| Denmark | — | 162,058 | — | 162,058 | ||||||||||||
| France | — | 50,540 | — | 50,540 | ||||||||||||
| Germany | — | 77,704 | — | 77,704 | ||||||||||||
| Ireland | — | 78,555 | — | 78,555 | ||||||||||||
| Isle of Man | 11,688 | — | — | 11,688 | ||||||||||||
| Israel | 1,505 | — | — | 1,505 | ||||||||||||
| Japan | — | 53,309 | — | 53,309 | ||||||||||||
| Mexico | 82,089 | — | — | 82,089 | ||||||||||||
| Netherlands | — | 24,997 | — | 24,997 | ||||||||||||
| Norway | — | 25,921 | — | 25,921 | ||||||||||||
| Philippines | 23,446 | — | — | 23,446 | ||||||||||||
| Sweden | 106,871 | 18,740 | — | 125,611 | ||||||||||||
| Switzerland | — | 211,776 | — | 211,776 | ||||||||||||
| United States | 1,397,400 | — | — | 1,397,400 | ||||||||||||
| Total Investments | $ | 1,711,950 | $ | 752,138 | $ | — | $ | 2,464,088 | ||||||||
See Notes to Financial Statements
| 22 |
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.8% | ||||||||
| Australia: 12.9% | ||||||||
| Capricorn Metals Ltd. # * † | 16,600,495 | $ | 41,073,106 | |||||
| Evolution Mining Ltd. # † | 81,851,150 | 242,668,113 | ||||||
| Gold Road Resources Ltd. # | 39,381,192 | 45,104,634 | ||||||
| Newcrest Mining Ltd. # | 36,538,470 | 653,958,335 | ||||||
| Northern Star Resources Ltd. # † | 52,004,587 | 357,407,883 | ||||||
| OceanaGold Corp. (CAD) * † | 31,437,883 | 54,754,655 | ||||||
| Perseus Mining Ltd. # | 54,795,805 | 64,821,165 | ||||||
| Ramelius Resources Ltd. # † | 38,664,754 | 44,306,056 | ||||||
| Regis Resources Ltd. # | 33,703,865 | 47,930,825 | ||||||
| Silver Lake Resources Ltd. # * † | 39,536,520 | 51,221,462 | ||||||
| St Barbara Ltd. # † | 31,683,437 | 33,846,327 | ||||||
| West African Resources Ltd. # * | 45,760,543 | 44,111,439 | ||||||
| Westgold Resources Ltd. # † | 19,000,375 | 28,268,960 | ||||||
| 1,709,472,960 | ||||||||
| Brazil: 7.9% | ||||||||
| Wheaton Precious Metals Corp. (USD) † | 20,130,789 | 864,214,772 | ||||||
| Yamana Gold, Inc. (USD) | 43,008,207 | 181,494,633 | ||||||
| 1,045,709,405 | ||||||||
| Burkina Faso: 0.5% | ||||||||
| IAMGOLD Corp. (USD) * † | 21,295,483 | 66,654,862 | ||||||
| Canada: 43.6% | ||||||||
| Agnico Eagle Mines Ltd. (USD) † | 10,939,659 | 581,333,479 | ||||||
| Alamos Gold, Inc. (USD) | 17,526,713 | 134,780,423 | ||||||
| Argonaut Gold, Inc. * † | 13,874,456 | 26,361,631 | ||||||
| Aya Gold & Silver, Inc. * † | 4,675,933 | 35,352,223 | ||||||
| B2Gold Corp. (USD) | 47,136,300 | 185,245,659 | ||||||
| Barrick Gold Corp. (USD) | 79,506,675 | 1,510,626,825 | ||||||
| Dundee Precious Metals, Inc. | 8,545,631 | 52,904,908 | ||||||
| Endeavour Silver Corp. (USD) * † | 7,614,476 | 32,133,089 | ||||||
| Equinox Gold Corp. (USD) * † | 13,426,497 | 90,763,120 | ||||||
| First Majestic Silver Corp. (USD) † | 11,458,769 | 127,306,924 | ||||||
| Fortuna Silver Mines, Inc. (USD) * † | 13,022,778 | 50,788,834 | ||||||
| Franco-Nevada Corp. (USD) | 8,543,363 | 1,181,461,669 | ||||||
| GoGold Resources, Inc. * † | 12,302,949 | 29,511,883 | ||||||
| K92 Mining, Inc. * † | 9,838,214 | 56,000,284 | ||||||
| Kinross Gold Corp. (USD) | 55,967,793 | 325,172,877 | ||||||
| Kirkland Lake Gold Ltd. † | 11,774,747 | 494,145,065 | ||||||
| New Gold, Inc. (USD) * | 30,404,893 | 45,607,339 | ||||||
| Osisko Gold Royalties Ltd. (USD) † | 7,432,704 | 91,050,624 | ||||||
| Pan American Silver Corp. (USD) | 9,391,318 | 234,501,210 | ||||||
| Pretium Resources, Inc. (USD) * | 8,390,429 | 118,221,145 | ||||||
| Sandstorm Gold Ltd. (USD) * † | 8,547,654 | 52,995,455 | ||||||
| Silvercorp Metals, Inc. (USD) | 7,883,456 | 29,641,795 | ||||||
| SSR Mining, Inc. (USD) † | 9,457,454 | 167,396,936 | ||||||
| Torex Gold Resources, Inc. * | 3,829,080 | 39,862,567 | ||||||
| Victoria Gold Corp. * † | 2,796,060 | 31,543,249 | ||||||
| Wesdome Gold Mines Ltd. * | 6,260,497 | 57,046,527 | ||||||
| 5,781,755,740 | ||||||||
See Notes to Financial Statements
| 23 |
VANECK GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $197,100,880. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $2,123,158,240 which represents 16.0% of net assets. |
| * | Non-income producing |
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Gold | 95.0 | % | $ | 12,586,629,927 | ||||
| Silver | 5.0 | 664,673,936 | ||||||
| 100.0 | % | $ | 13,251,303,863 | |||||
See Notes to Financial Statements
| 24 |
Transactions in securities of affiliates for the period ended December 31, 2021:
| Value 12/31/2020 | Purchases | Sales Proceeds | Realized Gain (Loss) | Dividend Income | Net Change in Unrealized Appreciation (Depreciation) | Value 12/31/2021 | ||||||||||||||||||||||
| Alamos Gold, Inc. | $ | 202,348,029 | $ | 27,882,801 | $ | (71,360,880 | ) | $ | 7,053,079 | $ | 2,002,694 | $ | (31,142,606 | ) | $ | –(a) | ||||||||||||
| AngloGold Ashanti Ltd. | 555,316,906 | 70,804,958 | (202,916,275 | ) | 16,765,306 | 11,830,144 | (48,858,882 | ) | –(a) | |||||||||||||||||||
| B2Gold Corp. | 346,458,398 | 41,270,162 | (105,685,958 | ) | 3,409,041 | 8,687,629 | (100,205,984 | ) | –(a) | |||||||||||||||||||
| Centamin Plc | 115,183,901 | 14,478,189 | (37,211,499 | ) | (11,523,688 | ) | 3,933,991 | (18,360,381 | ) | –(a) | ||||||||||||||||||
| Centerra Gold, Inc. | 201,525,211 | 21,731,626 | (58,637,357 | ) | 5,052,272 | 2,894,836 | (67,330,113 | ) | –(a) | |||||||||||||||||||
| Cia de Minas Buenaventura SAA | 182,132,887 | 20,153,479 | (54,690,799 | ) | (18,062,243 | ) | – | (46,602,036 | ) | –(a) | ||||||||||||||||||
| Coeur Mining, Inc. | 148,558,290 | 24,261,509 | (45,213,485 | ) | 1,420,080 | – | (71,197,560 | ) | –(a) | |||||||||||||||||||
| Dundee Precious Metals, Inc. | 76,514,526 | 14,203,131 | (27,208,835 | ) | 3,472,898 | 1,090,565 | (14,076,812 | ) | –(a) | |||||||||||||||||||
| Eldorado Gold Corp. | 136,597,279 | 19,696,427 | (43,040,778 | ) | (17,374,459 | ) | – | (19,620,411 | ) | –(a) | ||||||||||||||||||
| Endeavour Mining Plc | 223,223,248 | 362,805,564 | (349,976,002 | ) | 5,043,765 | 3,451,738 | 2,414,294 | –(a) | ||||||||||||||||||||
| Equinox Gold Corp. | 147,360,355 | 42,239,223 | (47,718,761 | ) | (7,246,580 | ) | – | (43,871,117 | ) | –(a) | ||||||||||||||||||
| Evolution Mining Ltd. | 387,584,793 | 65,815,605 | (127,362,042 | ) | 4,359,391 | 8,204,064 | (87,729,634 | ) | –(a) | |||||||||||||||||||
| First Majestic Silver Corp. | 175,080,394 | 56,946,780 | (75,483,694 | ) | 16,938,856 | 187,745 | (46,175,412 | ) | –(a) | |||||||||||||||||||
| Fortuna Silver Mines, Inc. | 89,380,326 | 33,300,557 | (27,307,441 | ) | (323,369 | ) | – | (44,261,239 | ) | –(a) | ||||||||||||||||||
| Gold Fields Ltd. | 482,218,188 | 73,821,559 | (199,974,246 | ) | 50,898,047 | 17,474,727 | 28,681,118 | –(a) | ||||||||||||||||||||
| Gold Road Resources Ltd. | 52,987,929 | 7,734,987 | (19,910,014 | ) | (1,243,469 | ) | 653,350 | 5,535,201 | –(a) | |||||||||||||||||||
| Harmony Gold Mining Co. Ltd. | 169,770,136 | 21,946,143 | (59,664,517 | ) | 4,765,839 | 2,869,766 | (23,667,653 | ) | 113,149,948 | |||||||||||||||||||
| Hecla Mining Co. | 202,636,786 | 32,221,292 | (72,286,505 | ) | 15,806,238 | 1,014,274 | (52,939,833 | ) | –(a) | |||||||||||||||||||
| IAMGOLD Corp. | 102,400,153 | 12,811,081 | (33,754,525 | ) | (12,513,994 | ) | – | (2,287,853 | ) | –(a) | ||||||||||||||||||
| K92 Mining, Inc. | 77,080,191 | 12,013,680 | (29,250,235 | ) | (757,269 | ) | – | (3,086,083 | ) | –(a) | ||||||||||||||||||
| Kinross Gold Corp. | 543,900,033 | 73,991,811 | (190,142,670 | ) | 15,439,883 | 7,727,476 | (118,016,180 | ) | –(a) | |||||||||||||||||||
| Kirkland Lake Gold Ltd. | 708,338,478 | 94,413,189 | (291,535,950 | ) | 26,615,239 | 9,663,099 | (43,685,891 | ) | –(a) | |||||||||||||||||||
| New Gold, Inc. | 87,233,981 | 9,833,546 | (25,069,412 | ) | 2,231,960 | – | (28,622,736 | ) | –(a) | |||||||||||||||||||
| Northern Star Resources Ltd. | 426,875,246 | 300,445,543 | (190,869,958 | ) | (6,258,314 | ) | 8,597,754 | (172,784,634 | ) | –(a) | ||||||||||||||||||
| OceanaGold Corp. | 80,010,444 | 11,839,245 | (28,060,646 | ) | (10,447,878 | ) | – | 1,413,490 | –(a) | |||||||||||||||||||
| Osisko Gold Royalties Ltd. | 124,618,698 | 19,236,040 | (46,071,830 | ) | 1,114,829 | 1,351,794 | (7,847,113 | ) | –(a) | |||||||||||||||||||
| Pan American Silver Corp. | 427,132,341 | 53,055,481 | (142,908,798 | ) | 27,993,402 | 3,643,428 | (130,771,216 | ) | –(a) | |||||||||||||||||||
| Perseus Mining Ltd. | 72,435,336 | 11,273,754 | (28,435,481 | ) | 4,032,767 | 677,432 | 5,514,789 | –(a) | ||||||||||||||||||||
| Pretium Resources, Inc. | 126,591,808 | 17,743,536 | (49,823,146 | ) | 6,001,841 | – | 17,707,106 | –(a) | ||||||||||||||||||||
| Ramelius Resources Ltd. | 62,075,381 | 8,558,928 | (18,925,724 | ) | (1,790,613 | ) | 737,224 | (5,611,916 | ) | –(a) | ||||||||||||||||||
| Regis Resources Ltd. | 87,000,503 | 35,439,693 | (27,687,794 | ) | (13,753,990 | ) | 1,675,723 | (33,067,587 | ) | –(a) | ||||||||||||||||||
| Resolute Mining Ltd. | 39,928,687 | 2,319,618 | (25,381,336 | ) | (48,489,772 | ) | – | 31,622,803 | – | |||||||||||||||||||
| Royal Gold, Inc. | 410,914,734 | 63,366,988 | (160,155,689 | ) | 5,142,872 | 4,103,450 | (10,900,394 | ) | –(a) | |||||||||||||||||||
| Sandstorm Gold Ltd. | 81,219,860 | 12,291,854 | (29,622,290 | ) | (709,423 | ) | – | (10,184,546 | ) | –(a) | ||||||||||||||||||
| Saracen Mineral Holdings Ltd. | 239,553,823 | 1,779,704 | (237,044,851 | ) | 78,380,941 | 370,196 | (82,669,617 | ) | – | |||||||||||||||||||
See Notes to Financial Statements
| 25 |
VANECK GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
Transactions in securities of affiliates for the period ended December 31, 2021: (continued)
| Value 12/31/2020 | Purchases | Sales Proceeds | Realized Gain (Loss) | Dividend Income | Net Change in Unrealized Appreciation (Depreciation) | Value 12/31/2021 | ||||||||||||||||||||||
| Silver Lake Resources Ltd. | 71,711,925 | 9,387,092 | (24,836,350 | ) | (1,191,497 | ) | – | (3,849,708 | ) | –(a) | ||||||||||||||||||
| Silvercorp Metals, Inc. | 69,022,757 | 8,210,359 | (19,946,072 | ) | (4,006,710 | ) | 221,245 | (23,638,539 | ) | –(a) | ||||||||||||||||||
| SSR Mining, Inc. | 259,911,253 | 28,914,669 | (86,182,852 | ) | 13,257,716 | 2,254,976 | (48,503,850 | ) | –(a) | |||||||||||||||||||
| St Barbara Ltd. | 75,627,992 | 7,926,824 | (22,259,227 | ) | (14,852,814 | ) | 1,724,553 | (12,596,448 | ) | –(a) | ||||||||||||||||||
| Teranga Gold Corp. | 105,818,637 | 795,749 | (76,654,819 | ) | 1,907,918 | – | (31,867,485 | ) | – | |||||||||||||||||||
| Torex Gold Resources, Inc. | 75,473,469 | 9,290,918 | (23,989,560 | ) | (5,050,255 | ) | – | (15,862,005 | ) | –(a) | ||||||||||||||||||
| Wesdome Gold Mines Ltd. | 68,296,995 | 11,289,297 | (24,944,695 | ) | (1,398,216 | ) | – | 3,803,146 | –(a) | |||||||||||||||||||
| Westgold Resources Ltd. | 50,723,137 | 5,478,573 | (14,765,862 | ) | (2,974,160 | ) | 311,262 | (10,192,728 | ) | –(a) | ||||||||||||||||||
| Yamana Gold, Inc. | 320,326,946 | 38,587,628 | (96,770,856 | ) | 4,223,345 | 5,284,057 | (84,872,429 | ) | –(a) | |||||||||||||||||||
| Zhaojin Mining Industry Co. Ltd. | 183,114,692 | 20,141,409 | (56,783,031 | ) | (9,210,277 | ) | 999,109 | (37,500,915 | ) | –(a) | ||||||||||||||||||
| Zijin Mining Group Co. Ltd. | 382,742,128 | 68,230,267 | (174,460,044 | ) | 76,337,034 | 5,177,638 | (46,737,850 | ) | –(a) | |||||||||||||||||||
| $ | 9,254,957,210 | $ | 1,899,980,468 | $ | (3,801,982,791 | ) | $ | 208,485,569 | $ | 118,815,939 | $ | (1,584,505,449 | ) | $ | 113,149,948 | |||||||||||||
| (a) | Security held by the Fund, however not classified as an affiliate at the end of the reporting period. |
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 | Level 3 | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | 54,754,655 | $ | 1,654,718,305 | $ | — | $ | 1,709,472,960 | ||||||||
| Brazil | 1,045,709,405 | — | — | 1,045,709,405 | ||||||||||||
| Burkina Faso | 66,654,862 | — | — | 66,654,862 | ||||||||||||
| Canada | 5,781,755,740 | — | — | 5,781,755,740 | ||||||||||||
| China | — | 405,873,413 | — | 405,873,413 | ||||||||||||
| Egypt | — | 62,566,522 | — | 62,566,522 | ||||||||||||
| Kyrgyzstan | 102,341,639 | — | — | 102,341,639 | ||||||||||||
| Peru | 82,931,289 | — | — | 82,931,289 | ||||||||||||
| South Africa | 581,533,901 | — | — | 581,533,901 | ||||||||||||
| Tanzania | 391,112,013 | — | — | 391,112,013 | ||||||||||||
| Turkey | 76,258,058 | — | — | 76,258,058 | ||||||||||||
| United Kingdom | 243,510,869 | — | — | 243,510,869 | ||||||||||||
| United States | 2,701,583,192 | — | — | 2,701,583,192 | ||||||||||||
| Money Market Fund | 100,558,651 | — | — | 100,558,651 | ||||||||||||
| Total Investments | $ | 11,228,704,274 | $ | 2,123,158,240 | $ | — | $ | 13,351,862,514 | ||||||||
See Notes to Financial Statements
| 26 |
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.1% | ||||||||
| Australia: 16.3% | ||||||||
| Allkem Ltd. # * | 27,605 | $ | 209,256 | |||||
| Glencore Plc (GBP) # | 260,156 | 1,326,449 | ||||||
| IGO Ltd. # | 24,069 | 201,440 | ||||||
| Iluka Resources Ltd. # | 10,917 | 80,424 | ||||||
| Lynas Rare Earths Ltd. # * | 29,099 | 215,787 | ||||||
| OZ Minerals Ltd. # | 13,525 | 278,643 | ||||||
| Pilbara Minerals Ltd. # * | 111,008 | 258,766 | ||||||
| 2,570,765 | ||||||||
| Canada: 6.5% | ||||||||
| Hudbay Minerals, Inc. (USD) | 12,047 | 87,341 | ||||||
| Ivanhoe Mines Ltd. * | 20,602 | 168,319 | ||||||
| Lithium Americas Corp. (USD) * | 4,318 | 125,740 | ||||||
| Teck Resources Ltd. (USD) | 21,542 | 620,840 | ||||||
| 1,002,240 | ||||||||
| Chile: 1.4% | ||||||||
| Lundin Mining Corp. (CAD) | 27,430 | 214,550 | ||||||
| China: 34.9% | ||||||||
| Beijing Easpring Material Technology Co. Ltd. # | 15,600 | 213,244 | ||||||
| Chengxin Lithium Group Co. Ltd. # * | 33,000 | 301,335 | ||||||
| China Minmetals Rare Earth Co. Ltd. # | 27,000 | 165,728 | ||||||
| China Molybdenum Co. Ltd. # | 413,800 | 363,932 | ||||||
| China Northern Rare Earth | ||||||||
| Group High-Tech Co. Ltd. # | 91,800 | 661,466 | ||||||
| Ganfeng Lithium Co. Ltd. # | 45,000 | 1,013,096 | ||||||
| GEM Co. Ltd. # | 197,800 | 322,566 | ||||||
| Inner Mongolia Xingye Mining Co. Ltd. # * | 45,600 | 51,914 | ||||||
| Jiangxi Copper Co. Ltd. # | 25,803 | 91,102 | ||||||
| Jinchuan Group International Resources Co. Ltd. (HKD) # | 440,000 | 76,738 | ||||||
| MMG Ltd. (HKD) # * | 128,000 | 41,181 | ||||||
| Nanjing Hanrui Cobalt Co. Ltd. # | 13,300 | 167,808 | ||||||
| Ningbo Shanshan Co. Ltd. # | 65,700 | 338,667 | ||||||
| Shenghe Resources Holding Co. Ltd. # | 54,800 | 169,125 | ||||||
| Tongling Nonferrous Metals Group Co. Ltd. # | 304,700 | 167,165 | ||||||
| Western Mining Co. Ltd. # | 76,600 | 164,833 | ||||||
| Youngy Co. Ltd. # * | 8,800 | 180,426 | ||||||
| Yunnan Copper Co. Ltd. # | 47,500 | 100,116 | ||||||
| Yunnan Tin Co. Ltd. # * | 42,200 | 130,387 | ||||||
| Zhejiang Huayou Cobalt Co. Ltd. # | 43,200 | 750,071 | ||||||
| 5,470,900 | ||||||||
| Germany: 0.9% | ||||||||
| Aurubis AG # * | 1,450 | 144,779 | ||||||
| Japan: 3.2% | ||||||||
| Mitsubishi Materials Corp. # | 4,900 | 84,118 | ||||||
| Sumitomo Metal Mining Co. Ltd. # | 11,000 | 416,166 | ||||||
| 500,284 | ||||||||
| Number of Shares | Value | |||||||
| Liechtenstein: 2.1% | ||||||||
| Antofagasta Plc (GBP) # | 17,711 | $ | 322,328 | |||||
| Mexico: 5.5% | ||||||||
| Grupo Mexico SAB de CV | 143,400 | 625,663 | ||||||
| Southern Copper Corp. (USD) | 3,917 | 241,718 | ||||||
| 867,381 | ||||||||
| Poland: 1.2% | ||||||||
| KGHM Polska Miedz SA # | 5,344 | 185,439 | ||||||
| Russia: 5.6% | ||||||||
| MMC Norilsk Nickel PJSC (ADR) # | 28,313 | 875,828 | ||||||
| South Africa: 6.3% | ||||||||
| Anglo American Platinum Ltd. # | 2,567 | 292,326 | ||||||
| Impala Platinum Holdings Ltd. # | 27,645 | 389,370 | ||||||
| Sibanye Stillwater Ltd. (ADR) | 24,257 | 304,183 | ||||||
| 985,879 | ||||||||
| Sweden: 2.9% | ||||||||
| Boliden AB # | 11,843 | 455,773 | ||||||
| United States: 10.3% | ||||||||
| Freeport-McMoRan, Inc. | 32,883 | 1,372,207 | ||||||
| Livent Corp. * | 5,210 | 127,020 | ||||||
| MP Materials Corp. * | 3,030 | 137,623 | ||||||
| 1,636,850 | ||||||||
| Zambia: 3.0% | ||||||||
| First Quantum Minerals Ltd. (CAD) | 19,737 | 472,975 | ||||||
| Total Common Stocks (Cost: $15,459,274) | 15,705,971 | |||||||
| Total Investments: 100.1% (Cost: $15,459,274) | 15,705,971 | |||||||
| Liabilities in excess of other assets: (0.1)% | (9,427) | |||||||
| NET ASSETS: 100.0% | $ | 15,696,544 | ||||||
See Notes to Financial Statements
| 27 |
VANECK GREEN METALS ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $11,207,792 which represents 71.4% of net assets. |
| * | Non-income producing |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Copper | 23.3 | % | $ | 3,667,761 | ||||
| Distillers & Vintners | 0.8 | 125,740 | ||||||
| Diversified Metals & Mining | 61.6 | 9,678,558 | ||||||
| Electrical Components & Equipment | 1.1 | 180,426 | ||||||
| Forest Products | 1.9 | 301,335 | ||||||
| Precious Metals & Minerals | 6.3 | 985,879 | ||||||
| Specialty Chemicals | 5.0 | 766,272 | ||||||
| 100.0 | % | $ | 15,705,971 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 2,570,765 | $ | — | $ | 2,570,765 | ||||||||
| Canada | 1,002,240 | — | — | 1,002,240 | ||||||||||||
| Chile | 214,550 | — | — | 214,550 | ||||||||||||
| China | — | 5,470,900 | — | 5,470,900 | ||||||||||||
| Germany | — | 144,779 | — | 144,779 | ||||||||||||
| Japan | — | 500,284 | — | 500,284 | ||||||||||||
| Liechtenstein | — | 322,328 | — | 322,328 | ||||||||||||
| Mexico | 867,381 | — | — | 867,381 | ||||||||||||
| Poland | — | 185,439 | — | 185,439 | ||||||||||||
| Russia | — | 875,828 | — | 875,828 | ||||||||||||
| South Africa | 304,183 | 681,696 | — | 985,879 | ||||||||||||
| Sweden | — | 455,773 | — | 455,773 | ||||||||||||
| United States | 1,636,850 | — | — | 1,636,850 | ||||||||||||
| Zambia | 472,975 | — | — | 472,975 | ||||||||||||
| Total Investments | $ | 4,498,179 | $ | 11,207,792 | $ | — | $ | 15,705,971 | ||||||||
See Notes to Financial Statements
| 28 |
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.8% | ||||||||
| Australia: 17.1% | ||||||||
| Alkane Resources Ltd. # * † | 21,359,006 | $ | 14,244,006 | |||||
| Aurelia Metals Ltd. # * † | 54,802,241 | 16,386,831 | ||||||
| Australian Strategic Materials Ltd. # * | 1 | 8 | ||||||
| Bellevue Gold Ltd. # * † | 36,440,980 | 22,459,213 | ||||||
| Dacian Gold Ltd. # * † | 38,775,969 | 5,373,550 | ||||||
| De Grey Mining Ltd. # * | 50,437,616 | 44,788,242 | ||||||
| Evolution Mining Ltd. # | 67,669,324 | 200,622,559 | ||||||
| Firefinch Ltd. # * † | 50,907,071 | 32,092,432 | ||||||
| Gold Road Resources Ltd. # † | 39,488,033 | 45,227,003 | ||||||
| OceanaGold Corp. (CAD) * † | 29,339,495 | 51,099,941 | ||||||
| Perseus Mining Ltd. # | 55,009,199 | 65,073,601 | ||||||
| Ramelius Resources Ltd. # | 38,349,738 | 43,945,078 | ||||||
| Red 5 Ltd. # * † | 93,203,569 | 19,691,308 | ||||||
| Regis Resources Ltd. # | 31,423,015 | 44,687,190 | ||||||
| Resolute Mining Ltd. # * † | 37,260,753 | 10,598,645 | ||||||
| Silver Lake Resources Ltd. # * | 38,286,560 | 49,602,078 | ||||||
| Silver Mines Ltd. # * † ‡ | 68,129,563 | 10,965,205 | ||||||
| St Barbara Ltd. # | 29,561,438 | 31,579,469 | ||||||
| West African Resources Ltd. # * | 42,529,095 | 40,996,445 | ||||||
| Westgold Resources Ltd. # | 13,197,191 | 19,634,921 | ||||||
| 769,067,725 | ||||||||
| Brazil: 4.2% | ||||||||
| Yamana Gold, Inc. (USD) † | 44,852,244 | 189,276,470 | ||||||
| Burkina Faso: 1.4% | ||||||||
| IAMGOLD Corp. (USD) * † | 20,371,413 | 63,762,523 | ||||||
| Canada: 52.3% | ||||||||
| Alamos Gold, Inc. (USD) | 15,956,995 | 122,709,292 | ||||||
| Alexco Resource Corp. (USD) * † | 6,605,730 | 11,493,970 | ||||||
| Americas Gold & Silver Corp. (USD) * † | 7,841,865 | 6,322,896 | ||||||
| Argonaut Gold, Inc. * † | 12,309,100 | 23,387,436 | ||||||
| Arizona Metals Corp. * | 4,536,031 | 22,084,939 | ||||||
| Artemis Gold, Inc. * † | 5,305,356 | 28,980,688 | ||||||
| Aya Gold & Silver, Inc. * † | 4,471,721 | 33,808,285 | ||||||
| B2Gold Corp. (USD) | 38,960,450 | 153,114,569 | ||||||
| Calibre Mining Corp. * † | 10,406,570 | 11,039,705 | ||||||
| Discovery Silver Corp. * † | 11,317,874 | 18,636,882 | ||||||
| Dundee Precious Metals, Inc. † | 5,954,617 | 36,864,272 | ||||||
| Endeavour Silver Corp. (USD) * | 7,913,952 | 33,396,877 | ||||||
| Equinox Gold Corp. (USD) * † | 12,366,938 | 83,600,501 | ||||||
| First Majestic Silver Corp. (USD) † | 10,556,058 | 117,277,804 | ||||||
| Fortuna Silver Mines, Inc. (USD) * † | 13,996,325 | 54,585,667 | ||||||
| Galiano Gold, Inc. (USD) * | 6,524,775 | 4,566,038 | ||||||
| GCM Mining Corp. † | 4,362,971 | 18,410,035 | ||||||
| GoGold Resources, Inc. * † | 12,019,230 | 28,831,308 | ||||||
| Gold Royalty Corp. (USD) * † | 3,782,892 | 18,611,829 | ||||||
| Gold Standard Ventures Corp. (USD) * † | 11,327,334 | 5,019,142 | ||||||
| GoldMining, Inc. (USD) * † | 7,438,890 | 8,926,668 | ||||||
| Great Bear Resources Ltd. * † | 2,501,284 | 57,108,839 | ||||||
| Great Panther Mining Ltd. (USD) * | 22,082,064 | 4,840,388 | ||||||
| Number of Shares | Value | |||||||
| Canada (continued) | ||||||||
| Jaguar Mining, Inc. † | 1,184,321 | $ | 4,041,027 | |||||
| K92 Mining, Inc. * † | 9,247,559 | 52,638,205 | ||||||
| Karora Resources, Inc. * † | 6,844,537 | 23,029,159 | ||||||
| Liberty Gold Corp. * † | 10,697,238 | 8,214,639 | ||||||
| Lundin Gold, Inc. * | 4,306,599 | 35,526,075 | ||||||
| MAG Silver Corp. (USD) * † | 3,762,311 | 58,955,413 | ||||||
| Marathon Gold Corp. * † | 11,233,892 | 28,815,113 | ||||||
| Maverix Metals, Inc. (USD) † | 2,692,094 | 11,737,530 | ||||||
| McEwen Mining, Inc. (USD) * † | 18,647,053 | 16,530,612 | ||||||
| Metalla Royalty & Streaming Ltd. (USD) * † | 2,064,732 | 14,308,593 | ||||||
| New Found Gold Corp. * † | 2,857,567 | 20,315,047 | ||||||
| New Gold, Inc. (USD) * † | 29,443,648 | 44,165,472 | ||||||
| New Pacific Metals Corp. * † | 4,430,172 | 13,117,083 | ||||||
| Novagold Resources, Inc. (USD) * | 10,319,609 | 70,792,518 | ||||||
| Novo Resources Corp. * † | 10,581,780 | 11,979,532 | ||||||
| Orla Mining Ltd. * † | 7,312,537 | 27,961,488 | ||||||
| Osisko Gold Royalties Ltd. (USD) † | 5,440,483 | 66,645,917 | ||||||
| Osisko Mining, Inc. * † | 12,008,770 | 36,221,679 | ||||||
| Pan American Silver Corp. (USD) | 9,870,918 | 246,476,822 | ||||||
| Pretium Resources, Inc. (USD) * | 8,423,076 | 118,681,141 | ||||||
| Prime Mining Corp. * † | 4,452,724 | 13,959,377 | ||||||
| Pure Gold Mining, Inc. * † | 14,582,224 | 7,850,146 | ||||||
| Sabina Gold & Silver Corp. * † | 12,740,729 | 14,625,387 | ||||||
| Sandstorm Gold Ltd. (USD) * † | 8,985,376 | 55,709,331 | ||||||
| Seabridge Gold, Inc. (USD) * † | 3,342,493 | 55,117,710 | ||||||
| Silvercorp Metals, Inc. (USD) † ‡ | 9,310,747 | 35,008,409 | ||||||
| SilverCrest Metals, Inc. (USD) * † | 6,812,904 | 53,890,071 | ||||||
| Skeena Resources Ltd. * † | 2,334,847 | 24,343,851 | ||||||
| SSR Mining, Inc. (USD) † | 8,713,116 | 154,222,153 | ||||||
| Sulliden Mining Capital, Inc. * † | 1,694,754 | 275,046 | ||||||
| Torex Gold Resources, Inc. * | 3,210,834 | 33,426,329 | ||||||
| Victoria Gold Corp. * † | 1,816,254 | 20,489,744 | ||||||
| Wallbridge Mining Co. Ltd. * † | 29,315,945 | 9,283,441 | ||||||
| Wesdome Gold Mines Ltd. * † | 6,613,487 | 60,263,021 | ||||||
| 2,352,235,111 | ||||||||
| China: 0.8% | ||||||||
| Real Gold Mining Ltd. (HKD) # *∞ | 19,287,400 | 2 | ||||||
| Zhaojin Mining Industry Co. Ltd. (HKD) # † | 39,911,000 | 34,169,167 | ||||||
| 34,169,169 | ||||||||
| Egypt: 1.2% | ||||||||
| Centamin Plc (GBP) # | 45,132,393 | 54,681,811 | ||||||
| Indonesia: 4.0% | ||||||||
| Merdeka Copper Gold Tbk PT # * | 652,305,100 | 178,559,863 | ||||||
| Jersey, Channel Islands: 0.1% | ||||||||
| Caledonia Mining Corp. Plc (USD) † | 460,174 | 5,365,629 | ||||||
| Kyrgyzstan: 1.4% | ||||||||
| Centerra Gold, Inc. (CAD) | 8,299,392 | 64,061,332 | ||||||
See Notes to Financial Statements
| 29 |
VANECK JUNIOR GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
(continued)
| Number of Shares | Value | |||||||
| Mexico: 1.7% | ||||||||
| Industrias Penoles SAB de CV | 6,498,286 | $ | 74,797,764 | |||||
| Peru: 2.2% | ||||||||
| Cia de Minas Buenaventura SAA (ADR) * | 9,568,245 | 70,039,553 | ||||||
| Hochschild Mining Plc (GBP) # | 15,176,636 | 26,860,192 | ||||||
| 96,899,745 | ||||||||
| Russia: 0.7% | ||||||||
| Petropavlovsk Plc (GBP) # * † | 114,785,734 | 30,181,070 | ||||||
| South Africa: 2.2% | ||||||||
| DRDGOLD Ltd. (ADR) † | 2,006,281 | 17,013,263 | ||||||
| Harmony Gold Mining Co. Ltd. (ADR) † | 20,484,306 | 84,190,498 | ||||||
| 101,203,761 | ||||||||
| Turkey: 1.9% | ||||||||
| Eldorado Gold Corp. (USD) * | 6,742,806 | 63,045,236 | ||||||
| Koza Altin Isletmeleri AS # * | 2,412,796 | 20,973,210 | ||||||
| 84,018,446 | ||||||||
| United Kingdom: 4.2% | ||||||||
| Endeavour Mining Plc (CAD) † | 6,681,402 | 146,677,178 | ||||||
| Greatland Gold Plc # * † | 200,605,103 | 43,620,803 | ||||||
| 190,297,981 | ||||||||
Definitions:
| ADR | American Depositary Receipt |
| BDR | Brazilian Depositary Receipt |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |
Footnotes:
| † | Security fully or partially on loan. Total market value of securities on loan is $242,438,677. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,122,184,204 which represents 25.0% of net assets. |
| * | Non-income producing |
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
| ∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Diversified Metals & Mining | 5.8 | % | $ | 259,714,438 | ||||
| Gold | 74.0 | 3,320,550,675 | ||||||
| Precious Metals & Minerals | 3.2 | 143,271,474 | ||||||
| Silver | 17.0 | 762,666,293 | ||||||
| 100.0 | % | $ | 4,486,202,880 | |||||
See Notes to Financial Statements
| 30 |
Transactions in securities of affiliates for the period ended December 31, 2021:
| Value 12/31/2020 | Purchases | Sales Proceeds | Realized Gain (Loss) | Dividend Income | Net Change in Unrealized Appreciation (Depreciation) | Value 12/31/2021 | ||||||||||||||||||||||
| Alexco Resource Corp. | $ | 23,466,863 | $ | 3,262,331 | $ | (4,300,016 | ) | $ | (85,198 | ) | $ | – | $ | (10,850,010 | ) | $ | –(a) | |||||||||||
| Argonaut Gold, Inc. | 32,376,438 | 4,410,754 | (10,297,718 | ) | 312,978 | – | (3,415,016 | ) | –(a) | |||||||||||||||||||
| Endeavour Silver Corp. | 45,123,019 | 9,626,593 | (12,621,766 | ) | 758,222 | – | (9,489,191 | ) | –(a) | |||||||||||||||||||
| Fortuna Silver Mines, Inc. | 76,799,832 | 30,459,870 | (12,566,211 | ) | 1,510,161 | – | (41,617,985 | ) | –(a) | |||||||||||||||||||
| Freegold Ventures Ltd. | 8,326,263 | 1,792,230 | (4,999,517 | ) | (5,844,375 | ) | – | 725,399 | – | |||||||||||||||||||
| Gold Resource Corp. | 10,463,080 | 2,579,605 | (1,994,220 | ) | (971,597 | ) | 163,976 | (4,309,016 | ) | –(a) | ||||||||||||||||||
| GoldMining, Inc. | 18,351,915 | 19,708,772 | (21,114,620 | ) | (949,241 | ) | – | (7,070,158 | ) | –(a) | ||||||||||||||||||
| Great Panther Mining Ltd. | 17,099,397 | 2,461,177 | (2,540,517 | ) | (261,394 | ) | – | (11,918,275 | ) | –(a) | ||||||||||||||||||
| Greatland Gold Plc | 111,017,621 | 8,274,793 | (13,367,803 | ) | (3,330,918 | ) | – | (58,972,890 | ) | –(a) | ||||||||||||||||||
| Metalla Royalty & Streaming Ltd. | 26,786,699 | 9,702,333 | (9,442,904 | ) | (3,115,365 | ) | – | (9,622,171 | ) | –(a) | ||||||||||||||||||
| Pan American Silver Corp. | 371,133,447 | 46,491,976 | (70,133,472 | ) | 16,742,918 | 3,437,666 | (117,758,047 | ) | –(a) | |||||||||||||||||||
| Sabina Gold & Silver Corp. | 43,570,859 | 3,495,107 | (10,158,566 | ) | (3,368,676 | ) | – | (18,913,337 | ) | –(a) | ||||||||||||||||||
| Sandstorm Gold Ltd. | 70,654,435 | 10,612,678 | (15,252,932 | ) | 1,046,395 | – | (11,351,245 | ) | –(a) | |||||||||||||||||||
| Silver Mines Ltd. | – | 13,939,451 | (1,217,126 | ) | (90,812 | ) | – | (1,666,308 | ) | 10,965,205 | ||||||||||||||||||
| Silvercorp Metals, Inc. | 59,975,000 | 9,370,396 | (8,541,972 | ) | 3,116,110 | 218,902 | (28,911,125 | ) | 35,008,409 | |||||||||||||||||||
| Yamana Gold, Inc. | 275,275,800 | 34,616,085 | (48,993,135 | ) | 9,032,133 | 5,298,993 | (80,654,413 | ) | –(a) | |||||||||||||||||||
| $ | 1,190,420,668 | $ | 210,804,151 | $ | (247,542,495 | ) | $ | 14,501,341 | $ | 9,119,537 | $ | (415,793,788 | ) | $ | 45,973,614 | |||||||||||||
| (a) | Security held by the Fund, however not classified as an affiliate at the end of the reporting period. |
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 2 | Level 3 | |||||||||||||||
| Level 1 | Significant | Significant | ||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||
| Prices | Inputs | Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | 51,099,940 | $ | 717,967,784 | $ | — | $ | 769,067,724 | ||||||||
| Brazil | 189,276,470 | — | — | 189,276,470 | ||||||||||||
| Burkina Faso | 63,762,523 | — | — | 63,762,523 | ||||||||||||
| Canada | 2,352,235,111 | — | — | 2,352,235,111 | ||||||||||||
| China | — | 34,169,167 | 2 | 34,169,169 | ||||||||||||
| Egypt | — | 54,681,811 | — | 54,681,811 | ||||||||||||
| Indonesia | — | 178,559,863 | — | 178,559,863 | ||||||||||||
| Jersey, Channel Islands | 5,365,629 | — | — | 5,365,629 | ||||||||||||
| Kyrgyzstan | 64,061,332 | — | — | 64,061,332 | ||||||||||||
| Mexico | 74,797,764 | — | — | 74,797,764 | ||||||||||||
| Peru | 70,039,553 | 26,860,192 | — | 96,899,745 | ||||||||||||
| Russia | — | 30,181,070 | — | 30,181,070 | ||||||||||||
| South Africa | 101,203,761 | — | — | 101,203,761 | ||||||||||||
| Turkey | 63,045,236 | 20,973,210 | — | 84,018,446 | ||||||||||||
| United Kingdom | 146,677,178 | 43,620,803 | — | 190,297,981 | ||||||||||||
| United States | 182,454,178 | 15,170,302 | — | 197,624,480 | ||||||||||||
| Money Market Fund | 130,584,513 | — | — | 130,584,514 | ||||||||||||
| Total Investments | $ | 3,494,603,188 | $ | 1,122,184,202 | $ | 2 | $ | 4,616,787,393 | ||||||||
See Notes to Financial Statements
| 31 |
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.1% | ||||||||
| Austria: 0.6% | ||||||||
| Verbund AG # | 15,097 | $ | 1,694,728 | |||||
| Brazil: 0.8% | ||||||||
| Centrais Eletricas Brasileiras SA (ADR) † | 156,414 | 952,561 | ||||||
| Cia Energetica de Minas Gerais (ADR) † | 442,008 | 1,074,080 | ||||||
| Cia Paranaense de Energia (ADR) | 71,145 | 400,546 | ||||||
| 2,427,187 | ||||||||
| Canada: 3.2% | ||||||||
| Ballard Power Systems, Inc. (USD) * † | 116,692 | 1,465,652 | ||||||
| Boralex, Inc. † | 41,672 | 1,144,112 | ||||||
| Brookfield Renewable Corp. (USD) | 43,405 | 1,598,606 | ||||||
| Canadian Solar, Inc. (USD) * † | 18,444 | 577,113 | ||||||
| Innergex Renewable Energy, Inc. † | 57,597 | 848,121 | ||||||
| Northland Power, Inc. † | 105,703 | 3,175,734 | ||||||
| TransAlta Renewables, Inc. † | 49,825 | 739,594 | ||||||
| 9,548,932 | ||||||||
| Chile: 0.3% | ||||||||
| Enel Americas SA (ADR) † | 180,273 | 980,685 | ||||||
| China: 18.7% | ||||||||
| BYD Co. Ltd. (HKD) # † | 282,000 | 9,539,998 | ||||||
| China Everbright Environment Group Ltd. (HKD) # | 1,634,000 | 1,312,651 | ||||||
| China Longyuan Power Group Corp. Ltd. (HKD) # | 795,000 | 1,857,272 | ||||||
| Daqo New Energy Corp. (ADR) * | 25,735 | 1,037,635 | ||||||
| Li Auto, Inc. (ADR) * | 291,317 | 9,351,276 | ||||||
| NIO, Inc. (ADR) * † | 533,684 | 16,907,109 | ||||||
| Xinyi Solar Holdings Ltd. (HKD) # | 2,366,000 | 4,017,506 | ||||||
| XPeng, Inc. (ADR) * | 239,987 | 12,078,546 | ||||||
| 56,101,993 | ||||||||
| Denmark: 8.8% | ||||||||
| Orsted AS 144A # | 88,299 | 11,294,016 | ||||||
| ROCKWOOL International A/S # | 3,761 | 1,640,286 | ||||||
| Vestas Wind Systems A/S # | 443,092 | 13,477,503 | ||||||
| 26,411,805 | ||||||||
| France: 0.4% | ||||||||
| Neoen SA 144A # * † | 23,483 | 1,018,149 | ||||||
| Germany: 1.4% | ||||||||
| Encavis AG # | 53,929 | 949,976 | ||||||
| Nordex SE # * † | 50,044 | 784,006 | ||||||
| Siemens Gamesa Renewable Energy SA # * | 104,919 | 2,488,758 | ||||||
| 4,222,740 | ||||||||
| Ireland: 2.4% | ||||||||
| Kingspan Group Plc # | 60,101 | 7,160,960 | ||||||
| Italy: 7.5% | ||||||||
| Enel Chile SA (ADR) † | 232,450 | 420,734 | ||||||
| Enel SpA # | 2,668,512 | 21,313,268 | ||||||
| Number of Shares | Value | |||||||
| Italy (continued) | ||||||||
| ERG SpA # | 25,961 | $ | 837,477 | |||||
| 22,571,479 | ||||||||
| Japan: 0.3% | ||||||||
| Horiba Ltd. # | 17,284 | 1,015,262 | ||||||
| New Zealand: 1.7% | ||||||||
| Contact Energy Ltd. # † | 326,043 | 1,806,320 | ||||||
| Mercury NZ Ltd. # † | 298,863 | 1,251,602 | ||||||
| Meridian Energy Ltd. # † | 588,967 | 1,954,227 | ||||||
| 5,012,149 | ||||||||
| Norway: 0.6% | ||||||||
| NEL ASA # * † | 681,856 | 1,164,015 | ||||||
| Scatec ASA 144A # | 43,750 | 754,336 | ||||||
| 1,918,351 | ||||||||
| Portugal: 0.9% | ||||||||
| EDP Renovaveis SA # | 112,090 | 2,784,212 | ||||||
| South Korea: 4.4% | ||||||||
| Hanwha Solutions Corp. # * | 49,998 | 1,491,185 | ||||||
| Samsung SDI Co. Ltd. # * | 21,505 | 11,827,146 | ||||||
| 13,318,331 | ||||||||
| Spain: 8.6% | ||||||||
| Acciona SA # | 11,522 | 2,190,575 | ||||||
| Atlantica Sustainable Infrastructure Plc (USD) | 26,017 | 930,368 | ||||||
| Iberdrola SA # * | 1,923,797 | 22,751,703 | ||||||
| 25,872,646 | ||||||||
| Sweden: 3.3% | ||||||||
| Nibe Industrier AB # | 665,775 | 10,040,206 | ||||||
| Switzerland: 0.2% | ||||||||
| Landis+Gyr Group AG # | 9,985 | 673,979 | ||||||
| Taiwan: 0.3% | ||||||||
| Simplo Technology Co. Ltd. # | 80,000 | 948,872 | ||||||
| Thailand: 0.8% | ||||||||
| Energy Absolute PCL (NVDR) # | 835,700 | 2,398,513 | ||||||
| United Kingdom: 1.3% | ||||||||
| Ceres Power Holdings Plc # * † | 55,191 | 746,550 | ||||||
| ITM Power Plc # * † | 194,618 | 1,045,344 | ||||||
| Johnson Matthey Plc # | 76,785 | 2,135,117 | ||||||
| 3,927,011 | ||||||||
| United States: 33.6% | ||||||||
| Badger Meter, Inc. | 9,011 | 960,212 | ||||||
| Bloom Energy Corp. * | 44,132 | 967,815 | ||||||
| EnerSys | 14,470 | 1,143,998 | ||||||
| Enphase Energy, Inc. * | 49,749 | 9,101,082 | ||||||
| First Solar, Inc. * | 32,259 | 2,811,694 | ||||||
| Fisker, Inc. * | 58,886 | 926,277 | ||||||
| FuelCell Energy, Inc. * † | 140,322 | 729,674 | ||||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 28,256 | 1,500,959 | ||||||
| Installed Building Products, Inc. | 7,211 | 1,007,521 | ||||||
| Lucid Group, Inc. * † | 284,335 | 10,818,947 | ||||||
| NextEra Energy, Inc. | 276,139 | 25,780,337 | ||||||
| Nikola Corp. * † | 108,255 | 1,068,477 | ||||||
| Ormat Technologies, Inc. † | 16,729 | 1,326,610 | ||||||
| Owens Corning | 36,585 | 3,310,943 | ||||||
| Plug Power, Inc. * † | 201,769 | 5,695,939 | ||||||
See Notes to Financial Statements
| 32 |
| Number of Shares | Value | |||||||
| United States (continued) | ||||||||
| Renewable Energy Group, Inc. * | 14,079 | $ | 597,513 | |||||
| SolarEdge Technologies, Inc. * | 20,592 | 5,777,497 | ||||||
| Sunnova Energy International, Inc. * † | 27,249 | 760,792 | ||||||
| Sunrun, Inc. * † | 59,907 | 2,054,810 | ||||||
| Tesla, Inc. * | 23,332 | 24,656,791 | ||||||
| 100,997,888 | ||||||||
| Total Common Stocks (Cost: $261,967,243) | 301,046,078 | |||||||
Definitions:
| ADR | American Depositary Receipt |
| HKD | Hong Kong Dollar |
| NVDR | Non-Voting Depositary Receipt |
| USD | United States Dollar |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $146,365,718 which represents 48.7% of net assets. |
| † | Security fully or partially on loan. Total market value of securities on loan is $32,292,446. |
| * | Non-income producing |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $13,066,501, or 4.3% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Consumer Discretionary | 28.3 | % | $ | 85,286,464 | ||||
| Energy | 0.2 | 597,513 | ||||||
| Financials | 0.5 | 1,500,959 | ||||||
| Industrials | 18.7 | 56,297,587 | ||||||
| Information Technology | 12.9 | 38,747,999 | ||||||
| Materials | 1.2 | 3,626,302 | ||||||
| Utilities | 38.2 | 114,989,254 | ||||||
| 100.0 | % | $ | 301,046,078 | |||||
See Notes to Financial Statements
| 33 |
VANECK LOW CARBON ENERGY ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 2 | Level 3 | |||||||||||||||
| Level 1 | Significant | Significant | ||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||
| Prices | Inputs | Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Austria | $ | — | $ | 1,694,728 | $ | — | $ | 1,694,728 | ||||||||
| Brazil | 2,427,187 | — | — | 2,427,187 | ||||||||||||
| Canada | 9,548,932 | — | — | 9,548,932 | ||||||||||||
| Chile | 980,685 | — | — | 980,685 | ||||||||||||
| China | 39,374,566 | 16,727,427 | — | 56,101,993 | ||||||||||||
| Denmark | — | 26,411,805 | — | 26,411,805 | ||||||||||||
| France | — | 1,018,149 | — | 1,018,149 | ||||||||||||
| Germany | — | 4,222,740 | — | 4,222,740 | ||||||||||||
| Ireland | — | 7,160,960 | — | 7,160,960 | ||||||||||||
| Italy | 420,734 | 22,150,745 | — | 22,571,479 | ||||||||||||
| Japan | — | 1,015,262 | — | 1,015,262 | ||||||||||||
| New Zealand | — | 5,012,149 | — | 5,012,149 | ||||||||||||
| Norway | — | 1,918,351 | — | 1,918,351 | ||||||||||||
| Portugal | — | 2,784,212 | — | 2,784,212 | ||||||||||||
| South Korea | — | 13,318,331 | — | 13,318,331 | ||||||||||||
| Spain | 930,368 | 24,942,278 | — | 25,872,646 | ||||||||||||
| Sweden | — | 10,040,206 | — | 10,040,206 | ||||||||||||
| Switzerland | — | 673,979 | — | 673,979 | ||||||||||||
| Taiwan | — | 948,872 | — | 948,872 | ||||||||||||
| Thailand | — | 2,398,513 | — | 2,398,513 | ||||||||||||
| United Kingdom | — | 3,927,011 | — | 3,927,011 | ||||||||||||
| United States | 100,997,888 | — | — | 100,997,888 | ||||||||||||
| Money Market Fund | 14,590,565 | — | — | 14,590,565 | ||||||||||||
| Total Investments | $ | 169,270,925 | $ | 146,365,718 | $ | — | $ | 315,636,643 | ||||||||
See Notes to Financial Statements
| 34 |
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.2% | ||||||||
| Argentina: 0.0% | ||||||||
| Cresud SACIF y A (ADR) * | 3,577 | $ | 16,883 | |||||
| Australia: 6.6% | ||||||||
| Alumina Ltd. # | 42,932 | 58,361 | ||||||
| Ampol Ltd. # | 2,115 | 45,638 | ||||||
| APA Group # † | 10,474 | 76,573 | ||||||
| Bega Cheese Ltd. # † | 26,603 | 109,786 | ||||||
| BHP Group Ltd. # † | 53,891 | 1,625,944 | ||||||
| BlueScope Steel Ltd. # | 9,099 | 138,813 | ||||||
| Costa Group Holdings Ltd. # | 40,761 | 89,901 | ||||||
| Elders Ltd. # | 13,712 | 122,363 | ||||||
| Evolution Mining Ltd. # † | 39,979 | 118,528 | ||||||
| Fortescue Metals Group Ltd. # | 30,932 | 434,505 | ||||||
| Glencore Plc (GBP) # | 87,948 | 448,417 | ||||||
| GrainCorp Ltd. # | 20,054 | 120,640 | ||||||
| IGO Ltd. # | 12,589 | 105,361 | ||||||
| Lynas Rare Earths Ltd. # * † | 16,855 | 124,990 | ||||||
| Newcrest Mining Ltd. # | 17,837 | 319,243 | ||||||
| Northern Star Resources Ltd. # † | 25,397 | 174,544 | ||||||
| Nufarm Ltd./Australia # | 27,963 | 98,734 | ||||||
| Origin Energy Ltd. # † | 15,635 | 59,630 | ||||||
| OZ Minerals Ltd. # | 6,095 | 125,570 | ||||||
| Rio Tinto Plc (GBP) # | 19,496 | 1,286,543 | ||||||
| Rural Funds Group # | 31,539 | 72,672 | ||||||
| Santos Ltd. # † | 25,666 | 118,148 | ||||||
| Select Harvests Ltd. # | 16,043 | 72,435 | ||||||
| South32 Ltd. # | 85,185 | 248,959 | ||||||
| Washington H Soul Pattinson & Co. Ltd. # † | 2,235 | 48,137 | ||||||
| Woodside Petroleum Ltd. # † | 8,609 | 137,150 | ||||||
| 6,381,585 | ||||||||
| Austria: 0.4% | ||||||||
| Andritz AG # | 1,497 | 76,907 | ||||||
| Mayr Melnhof Karton AG # | 155 | 31,015 | ||||||
| OMV AG # | 1,278 | 72,192 | ||||||
| Verbund AG # | 738 | 82,845 | ||||||
| voestalpine AG # | 2,284 | 82,776 | ||||||
| 345,735 | ||||||||
| Brazil: 3.2% | ||||||||
| Adecoagro SA (USD) * † | 9,862 | 75,740 | ||||||
| Cia de Saneamento Basico do Estado de Sao Paulo (ADR) † | 2,118 | 15,546 | ||||||
| Cia Siderurgica Nacional SA (ADR) | 11,911 | 52,885 | ||||||
| Cosan SA # | 10,700 | 42,039 | ||||||
| Gerdau SA (ADR) | 20,934 | 102,995 | ||||||
| Klabin SA # | 20,050 | 92,204 | ||||||
| Minerva SA # | 27,950 | 53,250 | ||||||
| Petroleo Brasileiro SA (ADR) | 16,516 | 181,346 | ||||||
| SLC Agricola SA # | 8,150 | 65,901 | ||||||
| Suzano SA # * | 14,250 | 153,916 | ||||||
| Vale SA (ADR) | 73,360 | 1,028,507 | ||||||
| Wheaton Precious Metals Corp. (USD) | 9,824 | 421,744 | ||||||
| Yamana Gold, Inc. (USD) | 21,001 | 88,624 | ||||||
| Number of Shares | Value | |||||||
| Brazil (continued) | ||||||||
| Yara International ASA (NOK) # | 13,839 | $ | 696,808 | |||||
| 3,071,505 | ||||||||
| British Virgin Islands: 0.1% | ||||||||
| Japfa Ltd. (SGD) # † | 48,400 | 21,722 | ||||||
| Lee & Man Paper Manufacturing Ltd. (HKD) # | 21,600 | 15,023 | ||||||
| Nine Dragons Paper Holdings Ltd. (HKD) # | 30,657 | 32,928 | ||||||
| 69,673 | ||||||||
| Canada: 9.9% | ||||||||
| Agnico Eagle Mines Ltd. (USD) | 5,337 | 283,608 | ||||||
| Alamos Gold, Inc. † | 8,558 | 65,922 | ||||||
| Algonquin Power & Utilities Corp. † | 4,171 | 60,329 | ||||||
| B2Gold Corp. | 23,015 | 90,737 | ||||||
| Ballard Power Systems, Inc. * † | 1,548 | 19,473 | ||||||
| Barrick Gold Corp. (USD) | 38,780 | 736,820 | ||||||
| Boralex, Inc. † | 554 | 15,210 | ||||||
| Cameco Corp. (USD) | 7,265 | 158,450 | ||||||
| Canadian Natural Resources Ltd. (USD) † | 10,456 | 441,766 | ||||||
| Canadian Solar, Inc. (USD) * † | 286 | 8,949 | ||||||
| Canadian Utilities Ltd. | 1,745 | 50,686 | ||||||
| Canfor Corp. * | 1,105 | 28,046 | ||||||
| Cenovus Energy, Inc. | 11,282 | 138,530 | ||||||
| Enbridge, Inc. (USD) | 17,984 | 702,815 | ||||||
| Equinox Gold Corp. * † | 6,033 | 40,884 | ||||||
| First Majestic Silver Corp. † | 4,871 | 54,257 | ||||||
| Franco-Nevada Corp. | 4,169 | 577,386 | ||||||
| Innergex Renewable Energy, Inc. † | 911 | 13,415 | ||||||
| Ivanhoe Mines Ltd. * | 10,156 | 82,975 | ||||||
| Kinross Gold Corp. (USD) | 27,335 | 158,816 | ||||||
| Kirkland Lake Gold Ltd. | 5,749 | 241,266 | ||||||
| Lundin Gold, Inc. * | 1,831 | 15,104 | ||||||
| Methanex Corp. † | 473 | 18,738 | ||||||
| Northland Power, Inc. † | 1,304 | 39,177 | ||||||
| Novagold Resources, Inc. (USD) * | 5,279 | 36,214 | ||||||
| Nutrien Ltd. (USD) | 50,044 | 3,763,309 | ||||||
| Osisko Gold Royalties Ltd. | 3,410 | 41,790 | ||||||
| Pan American Silver Corp. (USD) | 4,586 | 114,512 | ||||||
| Pembina Pipeline Corp. † | 4,882 | 148,298 | ||||||
| Pretium Resources, Inc. * | 4,098 | 57,813 | ||||||
| SSR Mining, Inc. (USD) | 4,617 | 81,721 | ||||||
| Stella-Jones, Inc. | 1,165 | 36,901 | ||||||
| Suncor Energy, Inc. (USD) | 12,910 | 323,137 | ||||||
| Sundial Growers, Inc. (USD) * † | 180,322 | 104,280 | ||||||
| TC Energy Corp. (USD) | 8,693 | 404,572 | ||||||
| Teck Resources Ltd. (USD) | 8,543 | 246,209 | ||||||
| Tourmaline Oil Corp. | 2,722 | 88,007 | ||||||
| TransAlta Renewables, Inc. † | 661 | 9,812 | ||||||
| West Fraser Timber Co. Ltd. | 1,760 | 168,149 | ||||||
| 9,668,083 | ||||||||
| Chile: 0.8% | ||||||||
| Empresas CMPC SA | 19,864 | 33,293 | ||||||
| Lundin Mining Corp. (CAD) | 11,688 | 91,420 | ||||||
See Notes to Financial Statements
| 35 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
| Number of Shares | Value | |||||||
| Chile (continued) | ||||||||
| Sociedad Quimica y Minera de Chile SA (ADR) | 12,515 | $ | 631,132 | |||||
| 755,845 | ||||||||
| China: 2.3% | ||||||||
| Aluminum Corp. of China Ltd. (HKD) # * | 72,100 | 39,734 | ||||||
| Angang Steel Co. Ltd. (HKD) # | 25,040 | 11,167 | ||||||
| Astra Agro Lestari Tbk PT (IDR) # | 33,700 | 22,455 | ||||||
| Beijing Enterprises Water Group Ltd. (HKD) # | 29,100 | 11,309 | ||||||
| China Coal Energy Co. Ltd. (HKD) # | 18,700 | 10,813 | ||||||
| China Gas Holdings Ltd. (HKD) # | 23,400 | 48,682 | ||||||
| China Hongqiao Group Ltd. (HKD) # | 40,200 | 42,496 | ||||||
| China Longyuan Power Group Corp. Ltd. (HKD) # | 21,129 | 49,361 | ||||||
| China Molybdenum Co. Ltd. (HKD) # | 66,200 | 34,975 | ||||||
| China Petroleum & Chemical Corp. (HKD) # | 226,227 | 105,398 | ||||||
| China Resources Gas Group Ltd. (HKD) # | 8,800 | 49,733 | ||||||
| China Shenhua Energy Co. Ltd. (HKD) # | 29,891 | 69,965 | ||||||
| ENN Energy Holdings Ltd. (HKD) # | 6,700 | 126,327 | ||||||
| Guangdong Investment Ltd. (HKD) # | 18,800 | 23,902 | ||||||
| Hong Kong & China Gas Co. Ltd. (HKD) # | 95,905 | 149,613 | ||||||
| Jiangxi Copper Co. Ltd. (HKD) # | 19,900 | 31,975 | ||||||
| Kunlun Energy Co. Ltd. (HKD) # | 34,900 | 32,753 | ||||||
| Maanshan Iron & Steel Co. Ltd. (HKD) # | 18,400 | 6,766 | ||||||
| PetroChina Co. Ltd. (HKD) # | 187,540 | 83,074 | ||||||
| Power Assets Holdings Ltd. (HKD) # | 11,900 | 74,188 | ||||||
| Shandong Chenming Paper Holdings Ltd. (HKD) # † | 6,800 | 3,259 | ||||||
| Shandong Gold Mining Co. Ltd. (HKD) 144A # † | 17,100 | 29,347 | ||||||
| Sinofert Holdings Ltd. (HKD) # * | 153,500 | 23,061 | ||||||
| United Tractors Tbk PT (IDR) # | 13,300 | 20,649 | ||||||
| Wilmar International Ltd. (SGD) # | 279,164 | 858,797 | ||||||
| Xinyi Solar Holdings Ltd. (HKD) # | 30,000 | 50,940 | ||||||
| Yankuang Energy Group Co. Ltd. (HKD) # † | 12,400 | 24,649 | ||||||
| Zhaojin Mining Industry Co. Ltd. (HKD) # | 24,800 | 21,232 | ||||||
| Zijin Mining Group Co. Ltd. (HKD) # | 124,661 | 148,905 | ||||||
| 2,205,525 | ||||||||
| Number of Shares | Value | |||||||
| Cyprus: 0.1% | ||||||||
| Novolipetsk Steel PJSC (USD) (GDR) # | 2,299 | $ | 67,815 | |||||
| Czech Republic: 0.1% | ||||||||
| CEZ AS | 1,432 | 54,195 | ||||||
| Denmark: 0.6% | ||||||||
| Bakkafrost P/F (NOK) # | 4,353 | 287,326 | ||||||
| Orsted AS 144A # | 1,173 | 150,034 | ||||||
| Vestas Wind Systems A/S # | 6,257 | 190,319 | ||||||
| 627,679 | ||||||||
| Egypt: 0.2% | ||||||||
| Abou Kir Fertilizers & Chemical Industries | 26,598 | 36,401 | ||||||
| Centamin Plc (GBP) # | 25,217 | 30,553 | ||||||
| Egypt Kuwait Holding Co. SAE * | 103,273 | 129,173 | ||||||
| 196,127 | ||||||||
| Finland: 0.4% | ||||||||
| Metsa Board Oyj # | 3,205 | 31,364 | ||||||
| Neste Oyj # | 3,824 | 187,986 | ||||||
| Stora Enso Oyj # | 11,059 | 202,738 | ||||||
| 422,088 | ||||||||
| France: 1.4% | ||||||||
| Neoen SA 144A # * † | 299 | 12,964 | ||||||
| Suez SA | 2,377 | 53,549 | ||||||
| SunPower Corp. (USD) * † | 504 | 10,518 | ||||||
| TotalEnergies SE # * | 22,033 | 1,120,204 | ||||||
| Veolia Environnement SA # | 4,018 | 147,388 | ||||||
| Voltalia SA # * | 172 | 3,833 | ||||||
| 1,348,456 | ||||||||
| Germany: 0.8% | ||||||||
| E.ON SE # | 13,912 | 193,120 | ||||||
| Encavis AG # | 728 | 12,824 | ||||||
| K+S AG # * | 16,771 | 288,165 | ||||||
| Nordex SE # * | 693 | 10,857 | ||||||
| Siemens Energy AG # * | 3,870 | 98,628 | ||||||
| Siemens Gamesa Renewable Energy SA # * | 1,393 | 33,043 | ||||||
| Suedzucker AG # | 5,547 | 83,539 | ||||||
| Uniper SE # | 812 | 38,510 | ||||||
| VERBIO Vereinigte BioEnergie AG # | 195 | 13,258 | ||||||
| 771,944 | ||||||||
| Hungary: 0.0% | ||||||||
| MOL Hungarian Oil & Gas Plc # | 4,083 | 31,725 | ||||||
| India: 0.8% | ||||||||
| Reliance Industries Ltd. (USD) 144A (GDR) # | 11,750 | 751,712 | ||||||
| Indonesia: 0.2% | ||||||||
| Golden Agri-Resources Ltd. (SGD) # | 467,019 | 84,938 | ||||||
| Indah Kiat Pulp & Paper Tbk PT # | 46,400 | 25,488 | ||||||
| Merdeka Copper Gold Tbk PT # * | 264,800 | 72,485 | ||||||
| Pabrik Kertas Tjiwi Kimia Tbk PT # | 22,600 | 11,951 | ||||||
See Notes to Financial Statements
| 36 |
| Number of Shares | Value | |||||||
| Indonesia (continued) | ||||||||
| Perusahaan Perkebunan London Sumatra Indonesia Tbk PT # | 245,100 | $ | 20,411 | |||||
| 215,273 | ||||||||
| Ireland: 0.3% | ||||||||
| Smurfit Kappa Group Plc (GBP) # | 4,678 | 257,826 | ||||||
| Israel: 0.6% | ||||||||
| Energix-Renewable Energies Ltd. # | 1,446 | 6,116 | ||||||
| ICL Group Ltd. # | 61,838 | 594,970 | ||||||
| 601,086 | ||||||||
| Italy: 0.4% | ||||||||
| Eni SpA # | 22,405 | 311,024 | ||||||
| ERG SpA # | 345 | 11,129 | ||||||
| Snam SpA # | 18,198 | 109,485 | ||||||
| 431,638 | ||||||||
| Japan: 5.6% | ||||||||
| Chubu Electric Power Co., Inc. # | 6,300 | 66,472 | ||||||
| Daio Paper Corp. # | 2,200 | 36,506 | ||||||
| ENEOS Holdings, Inc. # | 28,700 | 107,101 | ||||||
| Hitachi Metals Ltd. # * † | 3,617 | 66,947 | ||||||
| Hokuto Corp. # | 2,100 | 34,811 | ||||||
| Idemitsu Kosan Co. Ltd. # | 2,000 | 50,984 | ||||||
| Inpex Corp. # † | 9,600 | 83,387 | ||||||
| JFE Holdings, Inc. # | 10,564 | 134,629 | ||||||
| Kubota Corp. # | 100,600 | 2,234,519 | ||||||
| Kumiai Chemical Industry Co. Ltd. # | 8,700 | 59,782 | ||||||
| Kurita Water Industries Ltd. # | 765 | 36,228 | ||||||
| Maruha Nichiro Corp. # | 3,836 | 80,278 | ||||||
| NH Foods Ltd. # | 9,000 | 324,151 | ||||||
| Nippon Sanso Holdings Corp. # | 2,000 | 43,698 | ||||||
| Nippon Steel Corp. # | 17,400 | 283,939 | ||||||
| Nippon Suisan Kaisha Ltd. # | 27,414 | 129,432 | ||||||
| Nissan Chemical Corp. # | 13,400 | 778,498 | ||||||
| Nisshin Seifun Group, Inc. # | 22,950 | 330,726 | ||||||
| Oji Holdings Corp. # | 17,276 | 83,612 | ||||||
| Rengo Co. Ltd. # | 4,470 | 33,776 | ||||||
| RENOVA, Inc. # * | 300 | 5,426 | ||||||
| Sakata Seed Corp. # | 3,200 | 91,310 | ||||||
| Sumitomo Forestry Co. Ltd. # | 3,383 | 65,327 | ||||||
| Sumitomo Metal Mining Co. Ltd. # | 5,000 | 189,167 | ||||||
| Tokyo Gas Co. Ltd. # | 3,600 | 64,551 | ||||||
| 5,415,257 | ||||||||
| Kazakhstan: 0.0% | ||||||||
| NAC Kazatomprom JSC (USD) (GDR) | 1,184 | 43,512 | ||||||
| Kyrgyzstan: 0.0% | ||||||||
| Centerra Gold, Inc. (CAD) | 4,789 | 36,965 | ||||||
| Liechtenstein: 0.1% | ||||||||
| Antofagasta Plc (GBP) # | 6,303 | 114,710 | ||||||
| Luxembourg: 0.3% | ||||||||
| ArcelorMittal SA # | 10,750 | 344,452 | ||||||
| Number of Shares | Value | |||||||
| Malaysia: 0.6% | ||||||||
| Genting Plantations Bhd | 14,951 | $ | 24,045 | |||||
| IOI Corp. Bhd # | 154,594 | 138,316 | ||||||
| Kuala Lumpur Kepong Bhd | 27,478 | 143,656 | ||||||
| Petronas Dagangan Bhd # | 1,400 | 6,918 | ||||||
| PPB Group Bhd | 46,300 | 190,046 | ||||||
| Press Metal Aluminium Holdings Bhd # | 68,400 | 94,870 | ||||||
| 597,851 | ||||||||
| Mexico: 0.7% | ||||||||
| Fresnillo Plc (GBP) # | 4,018 | 48,887 | ||||||
| Gruma SAB de CV | 17,110 | 219,483 | ||||||
| Grupo Mexico SAB de CV | 56,864 | 248,101 | ||||||
| Industrias Penoles SAB de CV | 2,682 | 30,871 | ||||||
| Southern Copper Corp. (USD) | 1,553 | 95,835 | ||||||
| 643,177 | ||||||||
| Netherlands: 1.1% | ||||||||
| OCI NV # * | 5,539 | 144,414 | ||||||
| Royal Dutch Shell Plc (GBP) # | 32,123 | 705,780 | ||||||
| Tenaris SA (ADR) | 4,205 | 87,716 | ||||||
| Ternium SA (ADR) | 3,586 | 156,063 | ||||||
| 1,093,973 | ||||||||
| Norway: 1.4% | ||||||||
| Equinor ASA # | 9,543 | 252,355 | ||||||
| Mowi ASA # | 39,422 | 931,746 | ||||||
| NEL ASA # * † | 9,267 | 15,820 | ||||||
| Norsk Hydro ASA # | 24,942 | 195,997 | ||||||
| 1,395,918 | ||||||||
| Peru: 0.0% | ||||||||
| Cia de Minas Buenaventura SAA (ADR) * | 4,206 | 30,788 | ||||||
| Poland: 0.2% | ||||||||
| KGHM Polska Miedz SA # | 2,484 | 86,196 | ||||||
| Polski Koncern Naftowy ORLEN SA # | 2,581 | 47,558 | ||||||
| Polskie Gornictwo Naftowe i Gazownictwo SA # | 14,363 | 22,455 | ||||||
| 156,209 | ||||||||
| Portugal: 0.1% | ||||||||
| EDP Renovaveis SA # | 1,489 | 36,985 | ||||||
| Galp Energia SGPS SA # | 3,833 | 37,150 | ||||||
| Navigator Co. SA # | 3,853 | 14,660 | ||||||
| 88,795 | ||||||||
| Russia: 2.6% | ||||||||
| Evraz Plc (GBP) # | 9,059 | 74,114 | ||||||
| Gazprom PJSC (ADR) # | 53,587 | 494,830 | ||||||
| LUKOIL PJSC (ADR) # | 3,193 | 286,096 | ||||||
| MMC Norilsk Nickel PJSC (ADR) # | 10,984 | 339,777 | ||||||
| Novatek PJSC (USD) (GDR) # | 1,671 | 390,688 | ||||||
| PhosAgro PJSC (USD) (GDR) # | 11,915 | 257,082 | ||||||
| Polymetal International Plc (GBP) # | 7,332 | 130,650 | ||||||
| Polyus PJSC (USD) (GDR) # | 1,424 | 125,776 | ||||||
| Rosneft Oil Co. PJSC (USD) (GDR) # | 11,066 | 89,000 | ||||||
| Severstal PAO (USD) (GDR) # | 3,516 | 75,839 | ||||||
| Surgutneftegas PJSC (ADR) # | 31,712 | 169,606 | ||||||
See Notes to Financial Statements
| 37 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
| Number of Shares | Value | |||||||
| Russia (continued) | ||||||||
| Tatneft PJSC (ADR) # | 2,288 | $ | 95,138 | |||||
| 2,528,596 | ||||||||
| Saudi Arabia: 0.0% | ||||||||
| S-Oil Corp. (KRW) # | 370 | 26,593 | ||||||
| Singapore: 0.4% | ||||||||
| Charoen Pokphand Indonesia Tbk PT (IDR) # | 632,300 | 263,534 | ||||||
| First Resources Ltd. # | 40,100 | 44,944 | ||||||
| Olam International Ltd. # | 77,609 | 100,857 | ||||||
| 409,335 | ||||||||
| South Africa: 2.1% | ||||||||
| Anglo American Platinum Ltd. # | 1,216 | 138,476 | ||||||
| Anglo American Plc (GBP) # | 22,903 | 942,678 | ||||||
| Gold Fields Ltd. (ADR) | 19,357 | 212,734 | ||||||
| Harmony Gold Mining Co. Ltd. (ADR) | 11,831 | 48,625 | ||||||
| Impala Platinum Holdings Ltd. # | 17,822 | 251,016 | ||||||
| Northam Platinum Holdings Ltd. * | 5,341 | 70,109 | ||||||
| Omnia Holdings Ltd. | 14,437 | 57,902 | ||||||
| Royal Bafokeng Platinum Ltd. # | 1,805 | 17,733 | ||||||
| Sasol Ltd. # * | 5,137 | 83,974 | ||||||
| Sibanye Stillwater Ltd. # | 58,129 | 180,459 | ||||||
| 2,003,706 | ||||||||
| South Korea: 0.7% | ||||||||
| Coway Co. Ltd. # * | 347 | 21,740 | ||||||
| CS Wind Corp. # | 146 | 8,054 | ||||||
| Hyundai Steel Co. # * | 1,560 | 53,723 | ||||||
| Korea Zinc Co. Ltd. # * | 227 | 97,672 | ||||||
| POSCO # | 1,385 | 321,163 | ||||||
| SK Innovation Co. Ltd. # * | 460 | 92,106 | ||||||
| SK, Inc. # | 419 | 88,333 | ||||||
| 682,791 | ||||||||
| Spain: 0.2% | ||||||||
| Atlantica Sustainable Infrastructure Plc (USD) † | 385 | 13,768 | ||||||
| Enagas SA # † | 2,209 | 51,259 | ||||||
| Repsol SA # | 12,474 | 147,562 | ||||||
| 212,589 | ||||||||
| Sweden: 1.2% | ||||||||
| BillerudKorsnas AB # | 3,310 | 62,171 | ||||||
| Boliden AB # | 4,996 | 192,269 | ||||||
| Holmen AB # | 1,672 | 79,917 | ||||||
| Husqvarna AB # | 32,279 | 515,099 | ||||||
| Lundin Energy AB # | 1,447 | 51,677 | ||||||
| SSAB AB # * | 11,531 | 57,825 | ||||||
| Svenska Cellulosa AB SCA # | 10,825 | 191,708 | ||||||
| 1,150,666 | ||||||||
| Taiwan: 0.5% | ||||||||
| China Steel Corp. # | 228,472 | 291,545 | ||||||
| Formosa Petrochemical Corp. # | 14,920 | 51,590 | ||||||
| Taiwan Fertilizer Co. Ltd. # | 65,200 | 164,658 | ||||||
| 507,793 | ||||||||
| Tanzania: 0.2% | ||||||||
| AngloGold Ashanti Ltd. (ADR) | 9,101 | 190,939 | ||||||
| Number of Shares | Value | |||||||
| Thailand: 0.2% | ||||||||
| Energy Absolute PCL (NVDR) # | 11,300 | $ | 32,432 | |||||
| PTT Exploration & Production PCL (NVDR) # | 12,700 | 44,773 | ||||||
| PTT PCL (NVDR) # | 93,800 | 106,447 | ||||||
| 183,652 | ||||||||
| Turkey: 0.2% | ||||||||
| Eldorado Gold Corp. (USD) * | 3,983 | 37,241 | ||||||
| Eregli Demir ve Celik Fabrikalari TAS # | 24,934 | 52,842 | ||||||
| Gubre Fabrikalari TAS * | 4,683 | 27,101 | ||||||
| Hektas Ticaret TAS * | 30,897 | 34,597 | ||||||
| 151,781 | ||||||||
| United Kingdom: 3.2% | ||||||||
| BP Plc # | 174,982 | 784,550 | ||||||
| Ceres Power Holdings Plc # * † | 733 | 9,915 | ||||||
| CNH Industrial NV (USD) † | 87,278 | 1,695,812 | ||||||
| DS Smith Plc # | 24,838 | 129,440 | ||||||
| Endeavour Mining Plc (CAD) | 4,007 | 87,966 | ||||||
| ITM Power Plc # * † | 2,438 | 13,095 | ||||||
| Kumba Iron Ore Ltd. (ZAR) # | 1,000 | 28,794 | ||||||
| Mondi Plc # | 8,768 | 217,625 | ||||||
| Pennon Group Plc # | 1,702 | 26,964 | ||||||
| Severn Trent Plc # | 1,570 | 62,735 | ||||||
| United Utilities Group Plc # | 4,224 | 62,368 | ||||||
| 3,119,264 | ||||||||
| United States: 49.2% | ||||||||
| A.O. Smith Corp. | 825 | 70,826 | ||||||
| Advanced Drainage Systems, Inc. | 372 | 50,640 | ||||||
| AGCO Corp. | 5,376 | 623,724 | ||||||
| Alcoa Corp. | 3,418 | 203,644 | ||||||
| Ameresco, Inc. * | 191 | 15,555 | ||||||
| American States Water Co. | 229 | 23,688 | ||||||
| American Vanguard Corp. | 2,359 | 38,664 | ||||||
| American Water Works Co., Inc. | 1,125 | 212,467 | ||||||
| Andersons, Inc. | 2,713 | 105,020 | ||||||
| APA Corp. | 3,222 | 86,640 | ||||||
| AppHarvest, Inc. * | 7,957 | 30,953 | ||||||
| Archer-Daniels-Midland Co. | 49,023 | 3,313,465 | ||||||
| Atmos Energy Corp. | 1,176 | 123,210 | ||||||
| Baker Hughes Co. | 7,769 | 186,922 | ||||||
| Boise Cascade Co. | 727 | 51,762 | ||||||
| Bunge Ltd. | 12,311 | 1,149,355 | ||||||
| California Water Service Group | 326 | 23,426 | ||||||
| Cal-Maine Foods, Inc. | 3,282 | 121,401 | ||||||
| CF Industries Holdings, Inc. | 18,793 | 1,330,169 | ||||||
| Cheniere Energy, Inc. | 2,228 | 225,964 | ||||||
| Chevron Corp. | 17,110 | 2,007,858 | ||||||
| Clearway Energy, Inc. | 507 | 18,267 | ||||||
| Cleveland-Cliffs, Inc. * † | 8,313 | 180,974 | ||||||
| Coeur Mining, Inc. * | 5,603 | 28,239 | ||||||
| ConocoPhillips | 11,703 | 844,723 | ||||||
| Continental Resources, Inc. | 516 | 23,096 | ||||||
| Corteva, Inc. | 63,859 | 3,019,254 | ||||||
| Coterra Energy, Inc. | 7,222 | 137,218 | ||||||
| Darling Ingredients, Inc. * | 14,178 | 982,394 | ||||||
| Deere & Co. | 21,387 | 7,333,388 | ||||||
| Devon Energy Corp. | 5,712 | 251,614 | ||||||
See Notes to Financial Statements
| 38 |
| Number of Shares | Value | |||||||
| United States (continued) | ||||||||
| Diamondback Energy, Inc. | 1,611 | $ | 173,746 | |||||
| EOG Resources, Inc. | 5,194 | 461,383 | ||||||
| EQT Corp. * | 3,148 | 68,658 | ||||||
| Essential Utilities, Inc. | 1,426 | 76,562 | ||||||
| Evoqua Water Technologies Corp. * | 747 | 34,922 | ||||||
| Exxon Mobil Corp. | 37,581 | 2,299,581 | ||||||
| Farmland Partners, Inc. | 3,840 | 45,888 | ||||||
| First Solar, Inc. * | 560 | 48,810 | ||||||
| FMC Corp. | 11,102 | 1,219,999 | ||||||
| Franklin Electric Co., Inc. | 241 | 22,789 | ||||||
| Freeport-McMoRan, Inc. | 26,823 | 1,119,324 | ||||||
| Fresh Del Monte Produce, Inc. | 2,917 | 80,509 | ||||||
| FuelCell Energy, Inc. * | 2,138 | 11,118 | ||||||
| Graphic Packaging Holding Co. | 5,545 | 108,127 | ||||||
| GrowGeneration Corp. * | 8,829 | 115,218 | ||||||
| Halliburton Co. | 7,947 | 181,748 | ||||||
| Hecla Mining Co. | 11,735 | 61,257 | ||||||
| Hess Corp. | 2,447 | 181,151 | ||||||
| HollyFrontier Corp. | 1,442 | 47,269 | ||||||
| Howmet Aerospace, Inc. | 7,412 | 235,924 | ||||||
| Hydrofarm Holdings Group, Inc. * | 3,131 | 88,576 | ||||||
| Imperial Oil Ltd. † | 1,660 | 59,926 | ||||||
| Ingredion, Inc. | 5,830 | 563,411 | ||||||
| International Paper Co. | 6,991 | 328,437 | ||||||
| Intrepid Potash, Inc. * | 551 | 23,544 | ||||||
| Itron, Inc. * | 280 | 19,186 | ||||||
| Kinder Morgan, Inc. | 17,310 | 274,537 | ||||||
| Lindsay Corp. | 956 | 145,312 | ||||||
| Louisiana-Pacific Corp. | 1,585 | 124,185 | ||||||
| Marathon Oil Corp. | 6,909 | 113,446 | ||||||
| Marathon Petroleum Corp. | 5,459 | 349,321 | ||||||
| Mission Produce, Inc. * | 3,499 | 54,934 | ||||||
| Mosaic Co. | 33,288 | 1,307,886 | ||||||
| New Fortress Energy, Inc. | 367 | 8,859 | ||||||
| Newmont Corp. | 17,388 | 1,078,404 | ||||||
| NextEra Energy, Inc. | 12,158 | 1,135,071 | ||||||
| NiSource, Inc. | 3,486 | 96,248 | ||||||
| NOV, Inc. | 3,469 | 47,005 | ||||||
| Nucor Corp. | 5,217 | 595,521 | ||||||
| Occidental Petroleum Corp. | 8,290 | 240,327 | ||||||
| ONEOK, Inc. | 3,919 | 230,280 | ||||||
| Ormat Technologies, Inc. † | 277 | 21,966 | ||||||
| Ovintiv, Inc. | 2,318 | 78,117 | ||||||
| Packaging Corp. of America | 1,715 | 233,497 | ||||||
| Pentair Plc | 1,026 | 74,929 | ||||||
| PG&E Corp. * | 13,394 | 162,603 | ||||||
| Phillips 66 | 3,889 | 281,797 | ||||||
| Pilgrim’s Pride Corp. * | 4,271 | 120,442 | ||||||
| Pioneer Natural Resources Co. | 2,011 | 365,761 | ||||||
| Plug Power, Inc. * † | 3,215 | 90,759 | ||||||
| PotlatchDeltic Corp. | 1,212 | 72,987 | ||||||
| Ranpak Holdings Corp. * | 739 | 27,772 | ||||||
| Rayonier, Inc. | 2,585 | 104,331 | ||||||
| Reliance Steel & Aluminum Co. | 1,144 | 185,580 | ||||||
| Reliance Worldwide Corp. Ltd. (AUD) # | 4,895 | 22,352 | ||||||
See Notes to Financial Statements
| 39 |
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(continued)
Definitions:
| ADR | American Depositary Receipt |
| AUD | Australia Dollar |
| CAD | Canadian Dollar |
| CLP | Chilean Peso |
| GBP | British Pound |
| GDR | Global Depositary Receipt |
| HKD | Hong Kong Dollar |
| IDR | Indonesian Rupiah |
| KRW | Korean Won |
| NOK | Norwegian Krone |
| NVDR | Non-Voting Depositary Receipt |
| SGD | Singapore Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |
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 $32,968,153 which represents 33.9% of net assets. |
| † | Security fully or partially on loan. Total market value of securities on loan is $5,599,764. |
| 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 $944,057, or 1.0% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Consumer Discretionary | 2.6 | % | $ | 2,581,605 | ||||
| Consumer Staples | 14.4 | 14,037,825 | ||||||
| Energy | 20.8 | 20,326,968 | ||||||
| Health Care | 0.1 | 104,280 | ||||||
| Industrials | 15.6 | 15,150,585 | ||||||
| Information Technology | 0.2 | 229,589 | ||||||
| Materials | 40.4 | 39,351,346 | ||||||
| Real Estate | 0.9 | 869,802 | ||||||
| Utilities | 5.0 | 4,841,559 | ||||||
| 100.0 | % | $ | 97,493,559 | |||||
See Notes to Financial Statements
| 40 |
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 2 | Level 3 | |||||||||||||||
| Level 1 | Significant | Significant | ||||||||||||||
| Quoted | Observable | Unobservable | ||||||||||||||
| Prices | Inputs | Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Argentina | $ | 16,883 | $ | — | $ | — | $ | 16,883 | ||||||||
| Australia | — | 6,381,585 | — | 6,381,585 | ||||||||||||
| Austria | — | 345,735 | — | 345,735 | ||||||||||||
| Brazil | 1,967,387 | 1,104,118 | — | 3,071,505 | ||||||||||||
| British Virgin Islands | — | 69,673 | — | 69,673 | ||||||||||||
| Canada | 9,668,083 | — | — | 9,668,083 | ||||||||||||
| Chile | 755,845 | — | — | 755,845 | ||||||||||||
| China | — | 2,205,525 | — | 2,205,525 | ||||||||||||
| Cyprus | — | 67,815 | — | 67,815 | ||||||||||||
| Czech Republic | 54,195 | — | — | 54,195 | ||||||||||||
| Denmark | — | 627,679 | — | 627,679 | ||||||||||||
| Egypt | 165,574 | 30,553 | — | 196,127 | ||||||||||||
| Finland | — | 422,088 | — | 422,088 | ||||||||||||
| France | 64,067 | 1,284,389 | — | 1,348,456 | ||||||||||||
| Germany | — | 771,944 | — | 771,944 | ||||||||||||
| Hungary | — | 31,725 | — | 31,725 | ||||||||||||
| India | — | 751,712 | — | 751,712 | ||||||||||||
| Indonesia | — | 215,273 | — | 215,273 | ||||||||||||
| Ireland | — | 257,826 | — | 257,826 | ||||||||||||
| Israel | — | 601,086 | — | 601,086 | ||||||||||||
| Italy | — | 431,638 | — | 431,638 | ||||||||||||
| Japan | — | 5,415,257 | — | 5,415,257 | ||||||||||||
| Kazakhstan | 43,512 | — | — | 43,512 | ||||||||||||
| Kyrgyzstan | 36,965 | — | — | 36,965 | ||||||||||||
| Liechtenstein | — | 114,710 | — | 114,710 | ||||||||||||
| Luxembourg | — | 344,452 | — | 344,452 | ||||||||||||
| Malaysia | 357,747 | 240,104 | — | 597,851 | ||||||||||||
| Mexico | 594,290 | 48,887 | — | 643,177 | ||||||||||||
| Netherlands | 243,779 | 850,194 | — | 1,093,973 | ||||||||||||
| Norway | — | 1,395,918 | — | 1,395,918 | ||||||||||||
| Peru | 30,788 | — | — | 30,788 | ||||||||||||
| Poland | — | 156,209 | — | 156,209 | ||||||||||||
| Portugal | — | 88,795 | — | 88,795 | ||||||||||||
| Russia | — | 2,528,596 | — | 2,528,596 | ||||||||||||
| Saudi Arabia | — | 26,593 | — | 26,593 | ||||||||||||
| Singapore | — | 409,335 | — | 409,335 | ||||||||||||
| South Africa | 389,370 | 1,614,336 | — | 2,003,706 | ||||||||||||
| South Korea | — | 682,791 | — | 682,791 | ||||||||||||
| Spain | 13,768 | 198,821 | — | 212,589 | ||||||||||||
| Sweden | — | 1,150,666 | — | 1,150,666 | ||||||||||||
| Taiwan | — | 507,793 | — | 507,793 | ||||||||||||
| Tanzania | 190,939 | — | — | 190,939 | ||||||||||||
| Thailand | — | 183,652 | — | 183,652 | ||||||||||||
| Turkey | 98,939 | 52,842 | — | 151,781 | ||||||||||||
| United Kingdom | 1,783,778 | 1,335,486 | — | 3,119,264 | ||||||||||||
| United States | 47,807,533 | 22,352 | — | 47,829,885 | ||||||||||||
| Zambia | 241,964 | — | — | 241,964 | ||||||||||||
| Money Market Fund | 268,125 | — | — | 268,125 | ||||||||||||
| Total Investments | $ | 64,793,531 | $ | 32,968,153 | $ | — | $ | 97,761,684 | ||||||||
See Notes to Financial Statements
| 41 |
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Australia: 4.1% | ||||||||
| Ampol Ltd. # | 37,112 | $ | 800,807 | |||||
| Austria: 4.9% | ||||||||
| OMV AG # | 17,228 | 973,178 | ||||||
| Finland: 6.2% | ||||||||
| Neste Oyj # | 24,831 | 1,220,681 | ||||||
| Greece: 1.3% | ||||||||
| Motor Oil Hellas Corinth Refineries SA # | 16,083 | 251,615 | ||||||
| Hungary: 4.6% | ||||||||
| MOL Hungarian Oil & Gas Plc # | 116,580 | 905,814 | ||||||
| India: 7.9% | ||||||||
| Reliance Industries Ltd. (USD) 144A (GDR) # | 24,156 | 1,545,391 | ||||||
| Japan: 11.3% | ||||||||
| Cosmo Energy Holdings Co. Ltd. # | 16,100 | 314,217 | ||||||
| ENEOS Holdings, Inc. # | 280,800 | 1,047,877 | ||||||
| Idemitsu Kosan Co. Ltd. # | 33,868 | 863,365 | ||||||
| 2,225,459 | ||||||||
| New Zealand: 1.4% | ||||||||
| Z Energy Ltd. | 115,328 | 280,306 | ||||||
| Poland: 6.1% | ||||||||
| Grupa Lotos SA # * | 20,496 | 309,687 | ||||||
| Polski Koncern Naftowy ORLEN SA # | 48,033 | 885,066 | ||||||
| 1,194,753 | ||||||||
| Number of Shares | Value | |||||||
| Portugal: 4.5% | ||||||||
| Galp Energia SGPS SA # | 90,622 | $ | 878,314 | |||||
| Saudi Arabia: 3.1% | ||||||||
| S-Oil Corp. (KRW) # | 8,618 | 619,394 | ||||||
| South Korea: 7.4% | ||||||||
| Hyundai Heavy Industries Holdings Co. Ltd. # | 10,009 | 451,707 | ||||||
| SK Innovation Co. Ltd. # * | 5,016 | 1,004,360 | ||||||
| 1,456,067 | ||||||||
| Taiwan: 4.4% | ||||||||
| Formosa Petrochemical Corp. # | 251,000 | 867,904 | ||||||
| Thailand: 4.0% | ||||||||
| IRPC PCL (NVDR) # | 2,966,600 | 340,439 | ||||||
| Thai Oil PCL (NVDR) # | 296,200 | 438,318 | ||||||
| 778,757 | ||||||||
| Turkey: 1.9% | ||||||||
| Turkiye Petrol Rafinerileri AS # * | 32,389 | 376,786 | ||||||
| United States: 26.9% | ||||||||
| HollyFrontier Corp. | 26,891 | 881,487 | ||||||
| Marathon Petroleum Corp. | 24,567 | 1,572,042 | ||||||
| PBF Energy, Inc. * | 15,202 | 197,170 | ||||||
| Phillips 66 | 19,166 | 1,388,768 | ||||||
| Valero Energy Corp. | 16,690 | 1,253,586 | ||||||
| 5,293,053 | ||||||||
| Total Common Stocks (Cost: $18,900,727) | 19,668,279 | |||||||
| Total Investments: 100.0% (Cost: $18,900,727) | 19,668,279 | |||||||
| Other assets less liabilities: 0.0% | 5,600 | |||||||
| NET ASSETS: 100.0% | $ | 19,673,879 | ||||||
| Definitions: | |
| GDR | Global Depositary Receipt |
| KRW | Korean Won |
| NVDR | Non-Voting Depositary Receipt |
| USD | United States Dollar |
| Footnotes: | |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $14,094,920 which represents 71.6% of net assets. |
| * | Non-income producing |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $1,545,391, or 7.9% of net assets. |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Energy | 97.7 | % | $ | 19,216,572 | ||||
| Industrials | 2.3 | 451,707 | ||||||
| 100.0 | % | $ | 19,668,279 | |||||
See Notes to Financial Statements
| 42 |
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 800,807 | $ | — | $ | 800,807 | ||||||||
| Austria | — | 973,178 | — | 973,178 | ||||||||||||
| Finland | — | 1,220,681 | — | 1,220,681 | ||||||||||||
| Greece | — | 251,615 | — | 251,615 | ||||||||||||
| Hungary | — | 905,814 | — | 905,814 | ||||||||||||
| India | — | 1,545,391 | — | 1,545,391 | ||||||||||||
| Japan | — | 2,225,459 | — | 2,225,459 | ||||||||||||
| New Zealand | 280,306 | — | — | 280,306 | ||||||||||||
| Poland | — | 1,194,753 | — | 1,194,753 | ||||||||||||
| Portugal | — | 878,314 | — | 878,314 | ||||||||||||
| Saudi Arabia | — | 619,394 | — | 619,394 | ||||||||||||
| South Korea | — | 1,456,067 | — | 1,456,067 | ||||||||||||
| Taiwan | — | 867,904 | — | 867,904 | ||||||||||||
| Thailand | — | 778,757 | — | 778,757 | ||||||||||||
| Turkey | — | 376,786 | — | 376,786 | ||||||||||||
| United States | 5,293,053 | — | — | 5,293,053 | ||||||||||||
| Total Investments | $ | 5,573,359 | $ | 14,094,920 | $ | — | $ | 19,668,279 | ||||||||
See Notes to Financial Statements
| 43 |
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.1% | ||||||||
| Netherlands: 5.2% | ||||||||
| Tenaris SA (ADR) † | 5,347,071 | $ | 111,539,901 | |||||
| United Kingdom: 4.2% | ||||||||
| TechnipFMC Plc (USD) * | 15,230,658 | 90,165,495 | ||||||
| United States: 90.7% | ||||||||
| Baker Hughes Co. | 7,737,699 | 186,169,038 | ||||||
| Cactus, Inc. | 2,620,372 | 99,914,784 | ||||||
| ChampionX Corp. * | 4,844,554 | 97,908,436 | ||||||
| Core Laboratories NV | 1,727,822 | 38,547,709 | ||||||
| DMC Global, Inc. * | 639,444 | 25,328,377 | ||||||
| Dril-Quip, Inc. * | 1,348,930 | 26,546,942 | ||||||
| Expro Group Holdings NV * | 4,505,829 | 64,658,646 | ||||||
| Halliburton Co. | 10,693,037 | 244,549,756 | ||||||
| Helix Energy Solutions Group, Inc. * † | 6,590,789 | 20,563,262 | ||||||
| Helmerich & Payne, Inc. | 4,107,493 | 97,347,584 | ||||||
| Liberty Oilfield Services, Inc. * † | 5,723,513 | 55,518,076 | ||||||
| Nabors Industries Ltd. * ‡ | 438,508 | 35,558,614 | ||||||
| NexTier Oilfield Solutions, Inc. * | 4,283,608 | 15,206,808 | ||||||
| NOV, Inc. | 7,535,528 | 102,106,405 | ||||||
| Oceaneering International, Inc. * | 4,676,216 | 52,888,003 | ||||||
| Definitions: | |
| ADR | American Depositary Receipt |
| USD | United States Dollar |
| Footnotes: | |
| † | Security fully or partially on loan. Total market value of securities on loan is $23,922,680. |
| * | Non-income producing |
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Oil & Gas Drilling | 15.0 | % | $ | 322,976,076 | ||||
| Oil & Gas Equipment & Services | 85.0 | 1,822,064,441 | ||||||
| 100.0 | % | $ | 2,145,040,517 | |||||
See Notes to Financial Statements
| 44 |
Transactions in securities of affiliates for the period ended December 31, 2021:
| Value 12/31/2020 | Purchases | Sales Proceeds | Realized Gain (Loss) | Dividend Income | Net Change in Unrealized Appreciation (Depreciation) | Value 12/31/2021 | ||||||||||||||||||||||
| Nabors Industries Ltd. | $–(a) | $ | 91,822,863 | $ | (60,430,726 | ) | $ | 10,198,130 | $ | – | $ | (15,733,936 | ) | $ | 35,558,614 | |||||||||||||
| Patterson-UTI Energy, Inc. | –(a) | 190,747,083 | (112,600,320 | ) | 17,926,721 | 722,299 | (16,422,396 | ) | 100,436,962 | |||||||||||||||||||
| Select Energy Services, Inc. | –(a) | 61,687,168 | (41,369,834 | ) | 3,008,284 | – | 1,032,405 | 33,115,316 | ||||||||||||||||||||
| Transocean Ltd. | –(a) | 218,157,191 | (145,409,083 | ) | (5,100,955 | ) | – | (10,472,549 | ) | 89,632,915 | ||||||||||||||||||
| US Silica Holdings, Inc. | –(a) | 70,520,907 | (40,528,046 | ) | 9,600,546 | – | (11,608,747 | ) | 36,741,836 | |||||||||||||||||||
| $– | $ | 632,935,212 | $ | (400,338,009 | ) | $ | 35,632,726 | $ | 722,299 | $ | (53,205,223 | ) | $ | 295,485,643 | ||||||||||||||
| (a) | Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period. |
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks * | $ | 2,145,040,517 | $ | — | $ | — | $ | 2,145,040,517 | ||||||||
| Money Market Fund | 19,056,337 | — | — | 19,056,337 | ||||||||||||
| Total Investments | $ | 2,164,096,854 | $ | — | $ | — | $ | 2,164,096,854 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 45 |
VANECK RARE EARTH/STRATEGIC METALS ETF
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.9% | ||||||||
| Australia: 43.4% | ||||||||
| Allkem Ltd. # * | 7,650,417 | $ | 57,992,975 | |||||
| Australian Strategic Materials Ltd. # * † | 4,106,154 | 31,845,595 | ||||||
| AVZ Minerals Ltd. # * † | 96,526,435 | 54,351,680 | ||||||
| Iluka Resources Ltd. # | 7,058,908 | 52,002,028 | ||||||
| ioneer Ltd. # * † | 77,018,494 | 44,815,635 | ||||||
| Liontown Resources Ltd. # * † | 40,947,483 | 49,450,967 | ||||||
| Lynas Rare Earths Ltd. # * † | 8,807,790 | 65,315,323 | ||||||
| Pilbara Minerals Ltd. # * | 36,116,660 | 84,189,921 | ||||||
| 439,964,124 | ||||||||
| Canada: 8.1% | ||||||||
| Lithium Americas Corp. (USD) * † | 1,253,859 | 36,512,374 | ||||||
| Standard Lithium Ltd. * † | 4,727,913 | 45,926,052 | ||||||
| 82,438,426 | ||||||||
| China: 28.6% | ||||||||
| China Northern Rare Earth Group High-Tech Co. Ltd. # | 9,564,510 | 68,917,170 | ||||||
| Ganfeng Lithium Co. Ltd. (HKD) 144A # † | 3,968,400 | 62,498,518 | ||||||
| Shenghe Resources Holding Co. Ltd. # | 15,936,535 | 49,183,622 | ||||||
| Xiamen Tungsten Co. Ltd. # | 11,410,401 | 40,663,373 | ||||||
| Zhejiang Huayou Cobalt Co. Ltd. # | 3,979,529 | 69,095,571 | ||||||
| 290,358,254 | ||||||||
| Definitions: | |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |
| Footnotes: | |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $802,061,459 which represents 79.1% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $201,037,859. |
| 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 $62,498,518, or 6.2% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Materials | 100.0 | % | $ | 1,012,791,921 | ||||
See Notes to Financial Statements
| 46 |
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 439,964,124 | $ | — | $ | 439,964,124 | ||||||||
| Canada | 82,438,426 | — | — | 82,438,426 | ||||||||||||
| China | — | 290,358,254 | — | 290,358,254 | ||||||||||||
| France | — | 28,193,831 | — | 28,193,831 | ||||||||||||
| Netherlands | — | 43,545,250 | — | 43,545,250 | ||||||||||||
| United States | 128,292,036 | — | — | 128,292,036 | ||||||||||||
| Money Market Fund | 45,463,521 | — | — | 45,463,521 | ||||||||||||
| Total Investments | $ | 256,193,983 | $ | 802,061,459 | $ | — | $ | 1,058,255,442 | ||||||||
See Notes to Financial Statements
| 47 |
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Australia: 14.7% | ||||||||
| Rio Tinto Plc (ADR) † | 245,039 | $ | 16,402,911 | |||||
| Brazil: 23.1% | ||||||||
| Cia Siderurgica Nacional SA (ADR) | 1,126,900 | 5,003,436 | ||||||
| Gerdau SA (ADR) | 986,262 | 4,852,409 | ||||||
| Vale SA (ADR) | 1,137,553 | 15,948,493 | ||||||
| 25,804,338 | ||||||||
| China: 0.3% | ||||||||
| Huadi International Group Co. Ltd. (USD) * | 11,523 | 368,851 | ||||||
| Luxembourg: 7.6% | ||||||||
| ArcelorMittal SA (USD) † | 267,159 | 8,503,671 | ||||||
| Netherlands: 9.2% | ||||||||
| Tenaris SA (ADR) | 245,857 | 5,128,577 | ||||||
| Ternium SA (ADR) | 117,603 | 5,118,082 | ||||||
| 10,246,659 | ||||||||
| South Korea: 4.9% | ||||||||
| POSCO (ADR) | 94,859 | 5,529,331 | ||||||
| United States: 40.2% | ||||||||
| Allegheny Technologies, Inc. * | 110,549 | 1,761,046 | ||||||
| Carpenter Technology Corp. | 41,866 | 1,222,068 | ||||||
| Cleveland-Cliffs, Inc. * † | 241,967 | 5,267,622 | ||||||
| Commercial Metals Co. | 105,651 | 3,834,075 | ||||||
| Gibraltar Industries, Inc. * | 28,393 | 1,893,245 | ||||||
| Definitions: | |
| ADR | American Depositary Receipt |
| USD | United States Dollar |
| Footnotes: | |
| † | Security fully or partially on loan. Total market value of securities on loan is $28,461,369. |
| * | Non-income producing |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Energy | 4.6 | % | $ | 5,128,577 | ||||
| Industrials | 1.7 | 1,893,245 | ||||||
| Materials | 93.7 | 104,844,819 | ||||||
| 100.0 | % | $ | 111,866,641 | |||||
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks * | $ | 111,866,641 | $ | — | $ | — | $ | 111,866,641 | ||||||||
| Money Market Fund | 1,788,159 | — | — | 1,788,159 | ||||||||||||
| Total Investments | $ | 113,654,800 | $ | — | $ | — | $ | 113,654,800 | ||||||||
| * | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
| 48 |
VANECK URANIUM+NUCLEAR ENERGY ETF
SCHEDULE OF INVESTMENTS
December 31, 2021
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.7% | ||||||||
| Australia: 1.4% | ||||||||
| Paladin Energy Ltd. # * | 772,986 | $ | 497,280 | |||||
| Canada: 7.3% | ||||||||
| Cameco Corp. (USD) | 67,524 | 1,472,698 | ||||||
| Denison Mines Corp. (USD) * | 287,705 | 394,156 | ||||||
| NexGen Energy Ltd. (USD) * | 159,718 | 697,968 | ||||||
| 2,564,822 | ||||||||
| China: 2.8% | ||||||||
| CGN Power Co. Ltd. (HKD) 144A # | 3,262,000 | 991,845 | ||||||
| Czech Republic: 4.8% | ||||||||
| CEZ AS | 44,683 | 1,691,058 | ||||||
| Finland: 5.0% | ||||||||
| Fortum Oyj # | 57,243 | 1,753,663 | ||||||
| France: 3.6% | ||||||||
| Electricite de France SA # | 108,272 | 1,271,964 | ||||||
| Italy: 4.6% | ||||||||
| Endesa SA # † | 70,375 | 1,618,283 | ||||||
| Japan: 9.3% | ||||||||
| Kansai Electric Power Co., Inc. # | 168,700 | 1,575,125 | ||||||
| Kyushu Electric Power Co., Inc. # | 147,000 | 1,096,327 | ||||||
| Tokyo Electric Power Co. Holdings, Inc. # * | 229,100 | 591,629 | ||||||
| 3,263,081 | ||||||||
| Kazakhstan: 2.4% | ||||||||
| NAC Kazatomprom JSC (USD) (GDR) | 23,106 | 849,146 | ||||||
| Definitions: | |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |
| Footnotes: | |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $9,396,116 which represents 26.7% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,558,375. |
| 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 $991,845, or 2.8% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Energy | 13.1 | % | $ | 4,613,458 | ||||
| Industrials | 2.4 | 844,412 | ||||||
| Utilities | 84.5 | 29,670,072 | ||||||
| 100.0 | % | $ | 35,127,942 | |||||
See Notes to Financial Statements
| 49 |
VANECK URANIUM+NUCLEAR ENERGY ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 497,280 | $ | — | $ | 497,280 | ||||||||
| Canada | 2,564,822 | — | — | 2,564,822 | ||||||||||||
| China | — | 991,845 | — | 991,845 | ||||||||||||
| Czech Republic | 1,691,058 | — | — | 1,691,058 | ||||||||||||
| Finland | — | 1,753,663 | — | 1,753,663 | ||||||||||||
| France | — | 1,271,964 | — | 1,271,964 | ||||||||||||
| Italy | — | 1,618,283 | — | 1,618,283 | ||||||||||||
| Japan | — | 3,263,081 | — | 3,263,081 | ||||||||||||
| Kazakhstan | 849,146 | — | — | 849,146 | ||||||||||||
| South Korea | 1,523,272 | — | — | 1,523,272 | ||||||||||||
| United States | 19,103,528 | — | — | 19,103,528 | ||||||||||||
| Money Market Fund | 106,776 | — | — | 106,776 | ||||||||||||
| Total Investments | $ | 25,838,602 | $ | 9,396,116 | $ | — | $ | 35,234,718 | ||||||||
See Notes to Financial Statements
| 50 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2021
| Agribusiness ETF | Future of Food ETF | Gold Miners ETF | Green Metals ETF | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) | ||||||||||||||||
| Unaffiliated issuers (2) | $ | 1,181,903,028 | $ | 2,464,088 | $ | 13,138,153,915 | $ | 15,705,971 | ||||||||
| Affiliated issuers (3) | — | — | 113,149,948 | — | ||||||||||||
| Short-term investments held as collateral for securities loaned (4) | 30,234,590 | — | 100,558,651 | — | ||||||||||||
| Cash | 162 | 4,395 | 23,646,556 | — | ||||||||||||
| Cash denominated in foreign currency, at value (5) | 412,190 | 465 | 475 | 426,206 | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | — | — | 47,525,768 | — | ||||||||||||
| Dividends and interest | 2,233,903 | 2,170 | 5,240,946 | 615 | ||||||||||||
| Prepaid expenses | 6,922 | — | 17,272 | — | ||||||||||||
| Total assets | 1,214,790,795 | 2,471,118 | 13,428,293,531 | 16,132,792 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | — | — | — | — | ||||||||||||
| Shares of beneficial interest redeemed | — | — | 47,572,815 | — | ||||||||||||
| Collateral for securities loaned | 30,234,590 | — | 100,558,651 | — | ||||||||||||
| Line of credit | 642,202 | — | — | 429,809 | ||||||||||||
| Due to Adviser | 491,026 | 1,437 | 5,547,492 | 6,297 | ||||||||||||
| Due to custodian | — | — | — | 142 | ||||||||||||
| Deferred Trustee fees | 572,477 | — | 1,364,021 | — | ||||||||||||
| Accrued expenses | 142,727 | — | 164,016 | — | ||||||||||||
| Total liabilities | 32,083,022 | 1,437 | 155,206,995 | 436,248 | ||||||||||||
| NET ASSETS | $ | 1,182,707,773 | $ | 2,469,681 | $ | 13,273,086,536 | $ | 15,696,544 | ||||||||
| Shares outstanding | 12,400,000 | 100,000 | 414,802,500 | 450,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 95.38 | $ | 24.70 | $ | 32.00 | $ | 34.88 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 1,678,410,089 | $ | 2,432,660 | $ | 23,065,731,491 | $ | 15,509,965 | ||||||||
| Total distributable earnings (loss) | (495,702,316 | ) | 37,021 | (9,792,644,955 | ) | 186,579 | ||||||||||
| NET ASSETS | $ | 1,182,707,773 | $ | 2,469,681 | $ | 13,273,086,536 | $ | 15,696,544 | ||||||||
| (1) Value of securities on loan | $ | 67,313,739 | $ | — | $ | 197,100,880 | $ | — | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 942,791,700 | $ | 2,429,014 | $ | 11,873,178,143 | $ | 15,459,274 | ||||||||
| (3) Cost of investments - Affiliated issuers | $ | — | $ | — | $ | 104,116,804 | $ | — | ||||||||
| (4) Cost of short-term investments held as collateral for securities loaned | $ | 30,234,590 | $ | — | $ | 100,558,651 | $ | — | ||||||||
| (5) Cost of cash denominated in foreign currency | $ | 405,162 | $ | 459 | $ | 464 | $ | 420,653 | ||||||||
See Notes to Financial Statements
| 51 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31,2021
| Junior Gold Miners ETF | Low Carbon Energy ETF | Natural Resources ETF | Oil Refiners ETF | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) | ||||||||||||||||
| Unaffiliated issuers (2) | $ | 4,440,229,266 | $ | 301,046,078 | $ | 97,493,559 | $ | 19,668,279 | ||||||||
| Affiliated issuers (3) | 45,973,614 | — | — | — | ||||||||||||
| Short-term investments held as collateral for securities loaned (4) | 130,584,513 | 14,590,565 | 268,125 | — | ||||||||||||
| Cash | 9,188,491 | 9 | 7,153 | 17,580 | ||||||||||||
| Cash denominated in foreign currency, at value (5) | 12,726 | 168,956 | 135,649 | — | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | — | — | 45,881 | — | ||||||||||||
| Due from Adviser | — | — | — | 2,393 | ||||||||||||
| Dividends and interest | 1,984,975 | 305,843 | 176,369 | 53,617 | ||||||||||||
| Prepaid expenses | 13,999 | 3,467 | — | 699 | ||||||||||||
| Total assets | 4,627,987,584 | 316,114,918 | 98,126,736 | 19,742,568 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | — | — | — | — | ||||||||||||
| Collateral for securities loaned | 130,584,513 | 14,590,565 | 268,125 | — | ||||||||||||
| Line of credit | — | 579,720 | 445,997 | — | ||||||||||||
| Due to Adviser | 1,876,769 | 127,371 | 12,524 | — | ||||||||||||
| Deferred Trustee fees | 355,726 | 18,125 | 14,855 | 882 | ||||||||||||
| Accrued expenses | 382,023 | 50,176 | 137,054 | 67,807 | ||||||||||||
| Total liabilities | 133,199,031 | 15,365,957 | 878,555 | 68,689 | ||||||||||||
| NET ASSETS | $ | 4,494,788,553 | $ | 300,748,961 | $ | 97,248,181 | $ | 19,673,879 | ||||||||
| Shares outstanding | 107,337,446 | 1,883,298 | 2,050,000 | 725,000 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 41.88 | $ | 159.69 | $ | 47.44 | $ | 27.14 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 9,297,288,547 | $ | 316,670,182 | $ | 127,607,351 | $ | 26,725,639 | ||||||||
| Total distributable earnings (loss) | (4,802,499,994 | ) | (15,921,221 | ) | (30,359,170 | ) | (7,051,760 | ) | ||||||||
| NET ASSETS | $ | 4,494,788,553 | $ | 300,748,961 | $ | 97,248,181 | $ | 19,673,879 | ||||||||
| (1) Value of securities on loan | $ | 242,438,677 | $ | 32,292,446 | $ | 5,599,764 | $ | — | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 4,637,222,145 | $ | 261,967,243 | $ | 81,431,542 | $ | 18,900,727 | ||||||||
| (3) Cost of investments - Affiliated issuers | $ | 50,185,046 | $ | — | $ | — | $ | — | ||||||||
| (4) Cost of short-term investments held as collateral for securities loaned | $ | 130,584,513 | $ | 14,590,565 | $ | 268,125 | $ | — | ||||||||
| (5) Cost of cash denominated in foreign currency | $ | 12,719 | $ | 167,327 | $ | 134,942 | $ | — | ||||||||
See Notes to Financial Statements
| 52 |
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31,2021
| Oil Services ETF | Rare Earth/ Strategic Metals ETF | Steel ETF | Uranium+Nuclear Energy ETF | |||||||||||||
| Assets: | ||||||||||||||||
| Investments, at value (1) | ||||||||||||||||
| Unaffiliated issuers (2) | $ | 1,849,554,874 | $ | 1,012,791,921 | $ | 111,866,641 | $ | 35,127,942 | ||||||||
| Affiliated issuers (3) | 295,485,643 | — | — | — | ||||||||||||
| Short-term investments held as collateral for securities loaned (4) | 19,056,337 | 45,463,521 | 1,788,159 | 106,776 | ||||||||||||
| Cash | 1,137 | 248,309 | 556,804 | 91,269 | ||||||||||||
| Cash denominated in foreign currency, at value (5) | — | 1,094,051 | — | — | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold | 36,918,513 | — | 13,249,723 | — | ||||||||||||
| Shares of beneficial interest sold | — | — | 1,319,127 | — | ||||||||||||
| Dividends and interest | 2,107,119 | 298,481 | 188,625 | 110,249 | ||||||||||||
| Prepaid expenses | — | 3,481 | 2,088 | 701 | ||||||||||||
| Total assets | 2,203,123,623 | 1,059,899,764 | 128,971,167 | 35,436,937 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased | — | — | 5,862,063 | — | ||||||||||||
| Shares of beneficial interest redeemed | 36,918,119 | — | 9,303,045 | — | ||||||||||||
| Collateral for securities loaned | 19,056,337 | 45,463,521 | 1,788,159 | 106,776 | ||||||||||||
| Line of credit | 3,150,525 | — | — | — | ||||||||||||
| Due to Adviser | 627,553 | 445,032 | 48,788 | 6,876 | ||||||||||||
| Deferred Trustee fees | 210,231 | 23,038 | 20,130 | 13,073 | ||||||||||||
| Accrued expenses | 41,832 | 107,731 | 125,243 | 83,295 | ||||||||||||
| Total liabilities | 60,004,597 | 46,039,322 | 17,147,428 | 210,020 | ||||||||||||
| NET ASSETS | $ | 2,143,119,026 | $ | 1,013,860,442 | $ | 111,823,739 | $ | 35,226,917 | ||||||||
| Shares outstanding | 11,600,543 | 9,074,987 | 2,100,000 | 641,632 | ||||||||||||
| Net asset value, redemption and offering price per share | $ | 184.74 | $ | 111.72 | $ | 53.25 | $ | 54.90 | ||||||||
| Net Assets consist of: | ||||||||||||||||
| Aggregate paid in capital | $ | 4,453,592,923 | $ | 980,876,780 | $ | 288,278,932 | $ | 115,324,773 | ||||||||
| Total distributable earnings (loss) | (2,310,473,897 | ) | 32,983,662 | (176,455,193 | ) | (80,097,856 | ) | |||||||||
| NET ASSETS | $ | 2,143,119,026 | $ | 1,013,860,442 | $ | 111,823,739 | $ | 35,226,917 | ||||||||
| (1) Value of securities on loan | $ | 23,922,680 | $ | 201,037,859 | $ | 28,461,369 | $ | 1,558,375 | ||||||||
| (2) Cost of investments - Unaffiliated issuers | $ | 2,227,514,362 | $ | 648,069,065 | $ | 132,134,557 | $ | 30,510,065 | ||||||||
| (3) Cost of investments - Affiliated issuers | $ | 365,110,447 | $ | — | $ | — | $ | — | ||||||||
| (4) Cost of short-term investments held as collateral for securities loaned | $ | 19,056,337 | $ | 45,463,521 | $ | 1,788,159 | $ | 106,776 | ||||||||
| (5) Cost of cash denominated in foreign currency | $ | — | $ | 1,090,265 | $ | — | $ | — | ||||||||
See Notes to Financial Statements
| 53 |
VANECK ETF TRUST
For the Year Ended December 31, 2021
| Agribusiness ETF | Future of Food ETF (a) | Gold Miners ETF | Green Metals ETF (b) | |||||||||||||
| Income: | ||||||||||||||||
| Dividends - unaffiliated issuers | $ | 21,673,862 | $ | 3,590 | $ | 195,592,901 | $ | 4,332 | ||||||||
| Dividends - affiliated issuers | — | — | 118,815,939 | — | ||||||||||||
| Interest | 276 | — | 10,678 | — | ||||||||||||
| Securities lending income | 293,229 | — | 1,403,152 | — | ||||||||||||
| Foreign taxes withheld | (2,029,413 | ) | (206 | ) | (21,824,069 | ) | (554 | ) | ||||||||
| Total income | 19,937,954 | 3,384 | 293,998,601 | 3,778 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 5,628,329 | 1,437 | 71,948,299 | 7,463 | ||||||||||||
| Professional fees | 61,548 | — | 67,261 | — | ||||||||||||
| Custody and accounting fees | 46,064 | — | 173,452 | — | ||||||||||||
| Reports to shareholders | 31,055 | — | 695,638 | — | ||||||||||||
| Trustees’ fees and expenses | 15,529 | — | 392,168 | — | ||||||||||||
| Registration fees | 6,178 | — | 15,445 | — | ||||||||||||
| Insurance | 15,083 | — | 119,708 | — | ||||||||||||
| Interest | 7,855 | — | 44,346 | 65 | ||||||||||||
| Other | 13,116 | — | 228,636 | — | ||||||||||||
| Total expenses | 5,824,757 | 1,437 | 73,684,953 | 7,528 | ||||||||||||
| Net investment income (loss) | 14,113,197 | 1,947 | 220,313,648 | (3,750 | ) | |||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments - unaffiliated issuers | (10,386,847 | ) | — | (98,976,430 | ) | (60,938 | ) | |||||||||
| Investments - affiliated issuers | — | — | (399,009,923 | ) | — | |||||||||||
| In-kind redemptions - unaffiliated issuers | 113,508,982 | — | 595,741,996 | — | ||||||||||||
| In-kind redemptions - affiliated issuers | — | — | 607,495,492 | — | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (74,430 | ) | (4 | ) | (1,931,526 | ) | (992 | ) | ||||||||
| Net realized gain (loss) | 103,047,705 | (4 | ) | 703,319,609 | (61,930 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments - unaffiliated issuers | 99,511,131 | 35,074 | (895,125,997 | ) | 246,697 | |||||||||||
| Investments - affiliated issuers | — | — | (1,584,505,449 | ) | — | |||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (39,571 | ) | 5 | 1,153 | 5,562 | |||||||||||
| Net change in unrealized appreciation (depreciation) | 99,471,560 | 35,079 | (2,479,630,293 | ) | 252,259 | |||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 216,632,462 | $ | 37,022 | $ | (1,555,997,036 | ) | $ | 186,579 | |||||||
| (a) | For the period December 1, 2021 (commencement of operations) through December 31, 2021. |
| (b) | For the period November 10, 2021 (commencement of operations) through December 31, 2021. |
See Notes to Financial Statements
| 54 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2021
| Junior Gold Miners ETF | Low Carbon Energy ETF | Natural Resources ETF | Oil Refiners ETF | |||||||||||||
| Income: | ||||||||||||||||
| Dividends - unaffiliated issuers | $ | 61,928,638 | $ | 3,132,685 | $ | 2,532,828 | $ | 644,392 | ||||||||
| Dividends - affiliated issuers | 9,119,537 | — | — | — | ||||||||||||
| Interest | 11,217 | — | 28 | — | ||||||||||||
| Securities lending income | 4,338,480 | 220,382 | 17,700 | 292 | ||||||||||||
| Foreign taxes withheld | (5,092,535 | ) | (233,611 | ) | (141,973 | ) | (51,054 | ) | ||||||||
| Total income | 70,305,337 | 3,119,456 | 2,408,583 | 593,630 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 25,816,105 | 1,520,022 | 385,384 | 102,017 | ||||||||||||
| Professional fees | 79,627 | 63,862 | 65,251 | 58,041 | ||||||||||||
| Custody and accounting fees | 219,304 | 45,567 | 126,385 | 29,234 | ||||||||||||
| Reports to shareholders | 197,825 | 23,755 | 8,577 | 9,593 | ||||||||||||
| Trustees’ fees and expenses | 142,021 | 1,957 | 686 | 418 | ||||||||||||
| Registration fees | 20,586 | 6,155 | 6,178 | 6,180 | ||||||||||||
| Insurance | 60,108 | 5,788 | 3,999 | 1,697 | ||||||||||||
| Interest | 14,361 | 10,751 | 2,673 | 879 | ||||||||||||
| Other | 156,713 | 8,712 | 5,115 | 1,035 | ||||||||||||
| Total expenses | 26,706,650 | 1,686,569 | 604,248 | 209,094 | ||||||||||||
| Waiver of management fees | — | — | (223,899 | ) | (87,835 | ) | ||||||||||
| Net expenses | 26,706,650 | 1,686,569 | 380,349 | 121,259 | ||||||||||||
| Net investment income | 43,598,687 | 1,432,887 | 2,028,234 | 472,371 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments - unaffiliated issuers | (54,135,445 | ) | (561,102 | ) | (2,362,558 | ) | (1,178,931 | ) | ||||||||
| Investments - affiliated issuers | (35,166,226 | ) | — | — | — | |||||||||||
| In-kind redemptions - unaffiliated issuers | 212,117,399 | 72,590,236 | 1,706,402 | — | ||||||||||||
| In-kind redemptions - affiliated issuers | 49,667,567 | — | — | — | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (673,418 | ) | (153,492 | ) | (8,215 | ) | (3,250 | ) | ||||||||
| Net realized gain (loss) | 171,809,877 | 71,875,642 | (664,371 | ) | (1,182,181 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments - unaffiliated issuers | (1,122,979,397 | ) | (84,947,392 | ) | 12,886,087 | 2,643,443 | ||||||||||
| Investments - affiliated issuers | (415,793,788 | ) | — | — | — | |||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | (4,249 | ) | (6,630 | ) | (1,402 | ) | (4,215 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | (1,538,777,434 | ) | (84,954,022 | ) | 12,884,685 | 2,639,228 | ||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (1,323,368,870 | ) | $ | (11,645,493 | ) | $ | 14,248,548 | $ | 1,929,418 | ||||||
See Notes to Financial Statements
| 55 |
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2021
| Oil Services ETF | Rare Earth/ Strategic Metals ETF | Steel ETF | Uranium+Nuclear Energy ETF | |||||||||||||
| Income: | ||||||||||||||||
| Dividends - unaffiliated issuers | $ | 30,237,105 | $ | 3,759,673 | $ | 9,741,448 | $ | 918,719 | ||||||||
| Dividends - affiliated issuers | 722,299 | — | — | — | ||||||||||||
| Interest | 682 | 7,193 | 231 | — | ||||||||||||
| Securities lending income | 83,226 | 1,463,251 | 94,764 | 14,974 | ||||||||||||
| Foreign taxes withheld | (8,856 | ) | (268,300 | ) | (233,565 | ) | (81,427 | ) | ||||||||
| Total income | 31,034,456 | 4,961,817 | 9,602,878 | 852,266 | ||||||||||||
| Expenses: | ||||||||||||||||
| Management fees | 6,974,591 | 4,059,556 | 796,411 | 129,291 | ||||||||||||
| Professional fees | 67,896 | 55,759 | 55,437 | 55,633 | ||||||||||||
| Custody and accounting fees | 11,981 | 86,016 | 11,589 | 23,612 | ||||||||||||
| Reports to shareholders | 45,703 | 40,112 | 12,261 | 8,528 | ||||||||||||
| Trustees’ fees and expenses | 8,184 | 5,802 | 1,099 | 327 | ||||||||||||
| Registration fees | 12,354 | 6,178 | 1,518 | 6,178 | ||||||||||||
| Insurance | 28,292 | 6,105 | 3,245 | 1,693 | ||||||||||||
| Interest | 10,681 | 7,185 | 4,286 | 26 | ||||||||||||
| Other | 27,396 | 9,385 | 2,233 | 4,060 | ||||||||||||
| Total expenses | 7,187,078 | 4,276,098 | 888,079 | 229,348 | ||||||||||||
| Waiver of management fees | (200,786 | ) | — | (7,626 | ) | (74,174 | ) | |||||||||
| Net expenses | 6,986,292 | 4,276,098 | 880,453 | 155,174 | ||||||||||||
| Net investment income | 24,048,164 | 685,719 | 8,722,425 | 697,092 | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Investments - unaffiliated issuers | (243,269,293 | ) | 46,399,605 | (6,719,626 | ) | (671,379 | ) | |||||||||
| Investments - affiliated issuers | (36,772,682 | ) | — | — | — | |||||||||||
| In-kind redemptions - unaffiliated issuers | 299,113,415 | 61,461,643 | 40,799,526 | — | ||||||||||||
| In-kind redemptions - affiliated issuers | 72,405,408 | — | — | — | ||||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (544,584 | ) | — | (3,945 | ) | ||||||||||
| Net realized gain (loss) | 91,476,848 | 107,316,664 | 34,079,900 | (675,324 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments - unaffiliated issuers | (192,081,783 | ) | 273,357,580 | (25,264,114 | ) | 3,159,651 | ||||||||||
| Investments - affiliated issuers | (53,205,223 | ) | — | — | — | |||||||||||
| Foreign currency transactions and foreign denominated assets and liabilities | — | (2,615 | ) | — | 100 | |||||||||||
| Net change in unrealized appreciation (depreciation) | (245,287,006 | ) | 273,354,965 | (25,264,114 | ) | 3,159,751 | ||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (129,761,994 | ) | $ | 381,357,348 | $ | 17,538,211 | $ | 3,181,519 | |||||||
See Notes to Financial Statements
| 56 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Agribusiness ETF | Future of Food ETF | |||||||||||
| Year Ended December 31, 2021 | Year Ended December 31, 2020 | Period Ended December 31, 2021 (a) | ||||||||||
| Operations: | ||||||||||||
| Net investment income | $ | 14,113,197 | $ | 8,584,299 | $ | 1,947 | ||||||
| Net realized gain (loss) | 103,047,705 | 11,598,119 | (4 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | 99,471,560 | 60,982,374 | 35,079 | |||||||||
| Net increase in net assets resulting from operations | 216,632,462 | 81,164,792 | 37,022 | |||||||||
| Distributions to shareholders from: | ||||||||||||
| Distributable earnings | (13,850,800 | ) | (8,649,640 | ) | — | |||||||
| Share transactions**: | ||||||||||||
| Proceeds from sale of shares | 459,439,465 | 106,178,252 | 2,432,659 | |||||||||
| Cost of shares redeemed | (273,313,828 | ) | (101,652,572 | ) | — | |||||||
| Increase in net assets resulting from share transactions | 186,125,637 | 4,525,680 | 2,432,659 | |||||||||
| Total increase in net assets | 388,907,299 | 77,040,832 | 2,469,681 | |||||||||
| Net Assets, beginning of period | 793,800,474 | 716,759,642 | — | |||||||||
| Net Assets, end of period | $ | 1,182,707,773 | $ | 793,800,474 | $ | 2,469,681 | ||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||
| Shares sold | 5,250,000 | 1,450,000 | 100,000 | |||||||||
| Shares redeemed | (3,050,000 | ) | (1,700,000 | ) | — | |||||||
| Net increase (decrease) | 2,200,000 | (250,000 | ) | 100,000 | ||||||||
| (a) | For the period December 1, 2021 (commencement of operations) through December 31, 2021. |
See Notes to Financial Statements
| 57 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Gold Miners ETF | Green Metals ETF | |||||||||||
| Year Ended December 31, 2021 | Year Ended December 31, 2020 | Period Ended December 31, 2021 (a) | ||||||||||
| Operations: | ||||||||||||
| Net investment income (loss) | $ | 220,313,648 | $ | 91,180,763 | $ | (3,750 | ) | |||||
| Net realized gain (loss) | 703,319,609 | 1,036,835,301 | (61,930 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | (2,479,630,293 | ) | 1,508,513,719 | 252,259 | ||||||||
| Net increase (decrease) in net assets resulting from operations | (1,555,997,036 | ) | 2,636,529,783 | 186,579 | ||||||||
| Distributions to shareholders from: | ||||||||||||
| Distributable earnings | (224,002,317 | ) | (85,977,700 | ) | — | |||||||
| Share transactions**: | ||||||||||||
| Proceeds from sale of shares | 2,030,470,195 | 4,987,854,222 | 15,509,965 | |||||||||
| Cost of shares redeemed | (3,480,902,948 | ) | (4,033,614,138 | ) | — | |||||||
| Increase (decrease) in net assets resulting from share transactions | (1,450,432,753 | ) | 954,240,084 | 15,509,965 | ||||||||
| Total increase (decrease) in net assets | (3,230,432,106 | ) | 3,504,792,167 | 15,696,544 | ||||||||
| Net Assets, beginning of period | 16,503,518,642 | 12,998,726,475 | — | |||||||||
| Net Assets, end of period | $ | 13,273,086,536 | $ | 16,503,518,642 | $ | 15,696,544 | ||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||
| Shares sold | 58,150,000 | 154,150,000 | 450,000 | |||||||||
| Shares redeemed | (102,000,000 | ) | (138,550,000 | ) | — | |||||||
| Net increase (decrease) | (43,850,000 | ) | 15,600,000 | 450,000 | ||||||||
| (a) | For the period November 10, 2021 (commencement of operations) through December 31, 2021. |
See Notes to Financial Statements
| 58 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Junior Gold Miners ETF | Low Carbon Energy ETF | |||||||||||||||
| Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 43,598,687 | $ | 24,991,250 | $ | 1,432,887 | $ | 225,072 | ||||||||
| Net realized gain | 171,809,877 | 661,439,961 | 71,875,642 | 42,010,149 | ||||||||||||
| Net change in unrealized appreciation (depreciation) | (1,538,777,434 | ) | 532,899,939 | (84,954,022 | ) | 91,345,627 | ||||||||||
| Net increase (decrease) in net assets resulting from operations | (1,323,368,870 | ) | 1,219,331,150 | (11,645,493 | ) | 133,580,848 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (80,009,332 | ) | (99,001,811 | ) | (1,340,155 | ) | (149,937 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 455,259,072 | 2,296,605,753 | 209,712,572 | 32,017,566 | ||||||||||||
| Cost of shares redeemed | (872,059,989 | ) | (2,321,187,674 | ) | (166,136,494 | ) | — | |||||||||
| Increase (decrease) in net assets resulting from share transactions | (416,800,917 | ) | (24,581,921 | ) | 43,576,078 | 32,017,566 | ||||||||||
| Total increase (decrease) in net assets | (1,820,179,119 | ) | 1,095,747,418 | 30,590,430 | 165,448,477 | |||||||||||
| Net Assets, beginning of year | 6,314,967,672 | 5,219,220,254 | 270,158,531 | 104,710,054 | ||||||||||||
| Net Assets, end of year | $ | 4,494,788,553 | $ | 6,314,967,672 | $ | 300,748,961 | $ | 270,158,531 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 9,850,000 | 58,350,000 | 1,300,000 | 250,000 | ||||||||||||
| Shares redeemed | (18,900,000 | ) | (65,100,000 | ) | (1,050,000 | ) | — | |||||||||
| Net increase (decrease) | (9,050,000 | ) | (6,750,000 | ) | 250,000 | 250,000 | ||||||||||
See Notes to Financial Statements
| 59 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Natural Resources ETF | Oil Refiners ETF | |||||||||||||||
| Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 2,028,234 | $ | 1,288,402 | $ | 472,371 | $ | 463,107 | ||||||||
| Net realized loss | (664,371 | ) | (1,997,874 | ) | (1,182,181 | ) | (4,049,751 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) | 12,884,685 | (1,678,874 | ) | 2,639,228 | 1,115,608 | |||||||||||
| Net increase (decrease) in net assets resulting from operations | 14,248,548 | (2,388,346 | ) | 1,929,418 | (2,471,036 | ) | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (2,140,110 | ) | (1,274,940 | ) | (470,018 | ) | (450,520 | ) | ||||||||
| Return of capital | — | — | — | (11,480 | ) | |||||||||||
| Total distributions | (2,140,110 | ) | (1,274,940 | ) | (470,018 | ) | (462,000 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 37,659,686 | 11,167,537 | 708,375 | 10,352,663 | ||||||||||||
| Cost of shares redeemed | (4,695,212 | ) | (25,822,931 | ) | — | (24,728,022 | ) | |||||||||
| Increase (decrease) in net assets resulting from share transactions | 32,964,474 | (14,655,394 | ) | 708,375 | (14,375,359 | ) | ||||||||||
| Total increase (decrease) in net assets | 45,072,912 | (18,318,680 | ) | 2,167,775 | (17,308,395 | ) | ||||||||||
| Net Assets, beginning of year | 52,175,269 | 70,493,949 | 17,506,104 | 34,814,499 | ||||||||||||
| Net Assets, end of year | $ | 97,248,181 | $ | 52,175,269 | $ | 19,673,879 | $ | 17,506,104 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 800,000 | 300,000 | 25,000 | 525,000 | ||||||||||||
| Shares redeemed | (100,000 | ) | (850,000 | ) | — | (1,025,000 | ) | |||||||||
| Net increase (decrease) | 700,000 | (550,000 | ) | 25,000 | (500,000 | ) | ||||||||||
See Notes to Financial Statements
| 60 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Oil Services ETF (a) | Rare Earth/Strategic Metals ETF (b) | |||||||||||||||
| Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 24,048,164 | $ | 8,553,781 | $ | 685,719 | $ | 2,402,890 | ||||||||
| Net realized gain (loss) | 91,476,848 | (600,555,052 | ) | 107,316,664 | (15,633,653 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) | (245,287,006 | ) | 363,927,111 | 273,354,965 | 112,754,285 | |||||||||||
| Net increase (decrease) in net assets resulting from operations | (129,761,994 | ) | (228,074,160 | ) | 381,357,348 | 99,523,522 | ||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (21,600,606 | ) | (8,700,087 | ) | (54,350,856 | ) | (2,500,183 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 4,464,669,089 | 1,565,472,841 | 552,129,245 | 133,894,168 | ||||||||||||
| Cost of shares redeemed | (2,893,608,272 | ) | (1,378,601,348 | ) | (187,397,855 | ) | (101,731,782 | ) | ||||||||
| Increase in net assets resulting from share transactions | 1,571,060,817 | 186,871,493 | 364,731,390 | 32,162,386 | ||||||||||||
| Total increase (decrease) in net assets | 1,419,698,217 | (49,902,754 | ) | 691,737,882 | 129,185,725 | |||||||||||
| Net Assets, beginning of year | 723,420,809 | 773,323,563 | 322,122,560 | 192,936,835 | ||||||||||||
| Net Assets, end of year | $ | 2,143,119,026 | $ | 723,420,809 | $ | 1,013,860,442 | $ | 322,122,560 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 21,100,000 | 11,320,000 | 6,200,000 | 2,933,333 | ||||||||||||
| Shares redeemed | (14,200,000 | ) | (9,532,500 | ) | (2,050,000 | ) | (2,783,333 | ) | ||||||||
| Net increase | 6,900,000 | 1,787,500 | 4,150,000 | 150,000 | ||||||||||||
| (a) | Share activity has been adjusted to reflect the 1 for 20 reverse share split which took place on April 15, 2020 (See Note 11). | |
| (b) | Share activity has been adjusted to reflect the 1 for 3 reverse share split which took place on April 15, 2020 (See Note 11). |
See Notes to Financial Statements
| 61 |
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
| Steel ETF | Uranium+Nuclear Energy ETF | |||||||||||||||
| Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||||||||||||
| Operations: | ||||||||||||||||
| Net investment income | $ | 8,722,425 | $ | 1,084,820 | $ | 697,092 | $ | 375,645 | ||||||||
| Net realized gain (loss) | 34,079,900 | (7,764,415 | ) | (675,324 | ) | (669,623 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) | (25,264,114 | ) | 12,848,203 | 3,159,751 | 1,096,501 | |||||||||||
| Net increase in net assets resulting from operations | 17,538,211 | 6,168,608 | 3,181,519 | 802,523 | ||||||||||||
| Distributions to shareholders from: | ||||||||||||||||
| Distributable earnings | (8,650,070 | ) | (1,160,720 | ) | (700,021 | ) | (401,975 | ) | ||||||||
| Return of capital | — | (89,230 | ) | — | — | |||||||||||
| Total distributions | (8,650,070 | ) | (1,249,950 | ) | (700,021 | ) | (401,975 | ) | ||||||||
| Share transactions**: | ||||||||||||||||
| Proceeds from sale of shares | 245,785,508 | 32,148,724 | 14,652,183 | — | ||||||||||||
| Cost of shares redeemed | (219,740,003 | ) | (26,219,056 | ) | — | (5,037,717 | ) | |||||||||
| Increase (decrease) in net assets resulting from share transactions | 26,045,505 | 5,929,668 | 14,652,183 | (5,037,717 | ) | |||||||||||
| Total increase (decrease) in net assets | 34,933,646 | 10,848,326 | 17,133,681 | (4,637,169 | ) | |||||||||||
| Net Assets, beginning of year | 76,890,093 | 66,041,767 | 18,093,236 | 22,730,405 | ||||||||||||
| Net Assets, end of year | $ | 111,823,739 | $ | 76,890,093 | $ | 35,226,917 | $ | 18,093,236 | ||||||||
| **Shares of Common Stock Issued (no par value) | ||||||||||||||||
| Shares sold | 4,125,000 | 800,000 | 275,000 | — | ||||||||||||
| Shares redeemed | (3,750,000 | ) | (825,000 | ) | — | (100,000 | ) | |||||||||
| Net increase (decrease) | 375,000 | (25,000 | ) | 275,000 | (100,000 | ) | ||||||||||
See Notes to Financial Statements
| 62 |
VANECK ETF TRUST
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 63 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | For the period December 1, 2021 (commencement of operations) through December 31, 2021. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 64 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 65 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
| (a) | For the period November 10, 2021 (commencement of operations) through December 31, 2021. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Annualized |
| (f) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 66 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the Fund’s investment in underlying funds. |
| (d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 67 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 68 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 69 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 70 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | On April 15, 2020, the Fund effected a 1 for 20 reverse share split (See Note 11). Per share data has been adjusted to reflect the reverse share split. |
| (b) | Calculated based upon average shares outstanding |
| (c) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
| (d) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 71 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | On April 15, 2020, the Fund effected a 1 for 3 reverse share split (See Note 9). Per share data has been adjusted to reflect the reverse share split. |
| (b) | Calculated based upon average shares outstanding |
| (c) | The amount shown does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund. |
| (d) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (e) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 72 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 73 |
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year:
| (a) | Calculated based upon average shares outstanding |
| (b) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (c) | Portfolio turnover rate excludes in-kind transactions. |
See Notes to Financial Statements
| 74 |
VANECK ETF TRUST
December 31, 2021
Note 1—Fund Organization—VanEck ETF Trust (the “Trust”) (formerly known as VanEck Vectors ETF Trust) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was incorporated in Delaware as a statutory trust on March 15, 2001. The Trust operates as a series fund, and offers multiple investment portfolios, each of which represents a separate series of the Trust. These financial statements relate only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
| Fund | Diversification Classification | |
| Agribusiness ETF | Non-Diversified | |
| Future of Food ETF | Non-Diversified | |
| Gold Miners ETF | Non-Diversified | |
| Green Metals 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 | |
| Uranium+Nuclear Energy ETF | Non-Diversified |
Each Fund, except for Future of Food ETF, was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the common stocks in approximately the same weighting as their index. The Future of Food ETF is an actively managed ETF that seeks long-term capital appreciation and invests primarily in securities of companies engaged in Agri-Food technology and innovation.
Note 2—Significant Accounting Policies—The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Funds are investment companies and follow accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Companies.
The following summarizes the Funds’ significant accounting policies.
| A. | Security Valuation—The Funds value their investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC (“NASDAQ”) are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of Van Eck Associates Corporation (the “Adviser”) provides oversight of the Funds’ valuation policies and procedures, |
| 75 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
| which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Funds’ valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. | |
| Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments. | |
| The Funds utilize various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below: | |
| Level 1 — Quoted prices in active markets for identical securities. | |
| Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
| Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). | |
| A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments. | |
| B. | Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income to its shareholders. Therefore, no federal income tax provision is required. |
| C. | Distributions to Shareholders— Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by each Fund. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP. |
| D. | Currency Translation— Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. |
| 76 |
| Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations. | |
| E. | Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments. |
| F. | Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at December 31, 2021 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending). |
| G. | Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned. |
| The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations. | |
| In the normal course of business, the Funds enter into contracts that contain a variety of general indemnifications. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |
Note 3—Investment Management and Other Agreements—The Adviser is the investment adviser to the Funds. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of each Fund’s average daily net assets. The Adviser has agreed, until at least May 1, 2022, to waive management fees and assume expenses to prevent each Fund’s total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, and extraordinary expenses) from exceeding the expense limitations for the Funds listed in the table below.
The Future of Food ETF and Green Metals ETF utilize a unitary management fee structure where the Adviser is responsible for all expenses of the Fund, excluding the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses until at least May 1, 2023.
The management fee rates and expense limitations for the year ended December 31, 2021, are as follows:
| Fund | Management Fees | Expense Limitations | ||||||
| Agribusiness ETF | 0.50 | % | 0.56 | % | ||||
| Future of Food ETF | 0.69 | 0.69 | ||||||
| Gold Miners ETF | 0.50 | 0.53 | ||||||
| Green Metals ETF | 0.59 | 0.59 | ||||||
| Junior Gold Miners ETF | 0.50 | 0.56 | ||||||
| Low Carbon Energy ETF | 0.50 | 0.62 | ||||||
| Natural Resources ETF | 0.50 | 0.49 | ||||||
| Oil Refiners ETF | 0.50 | 0.59 | ||||||
| 77 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
| Fund | Management Fees | Expense Limitations | ||||||
| Oil Services ETF | 0.35 | 0.35 | ||||||
| Rare Earth/Strategic Metals ETF | 0.50 | 0.57 | ||||||
| Steel ETF | 0.50 | 0.55 | ||||||
| Uranium+Nuclear Energy ETF | 0.50 | 0.60 | ||||||
Refer to the Statements of Operations for 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.
At December 31, 2021, the Adviser owned approximately 2,500 shares of Gold Miners ETF.
Note 4—Capital Share Transactions—As of December 31, 2021, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”).
The consideration for the purchase or redemption of Creation Units of the Funds generally consists of the in-kind contribution or distribution of securities constituting the Funds’ underlying index (“Deposit Securities”) plus a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may also be substituted in an amount equivalent to the value of certain Deposit Securities, generally as a result of market circumstances, or when the securities are not available in sufficient quantity for delivery, or are not eligible for trading by the Authorized Participant. The Funds may issue Creation Units in advance of receipt of Deposit Securities subject to various conditions, including, for the benefit of the Funds, a requirement to maintain cash collateral on deposit at the custodian equal to at least 115% of the daily marked to market value of the missing Deposit Securities.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Funds may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statements of Changes in Net Assets.
Note 5—Investments—For the year ended December 31, 2021, purchases and sales of investments (excluding short-term investments and in-kind capital share transactions) and the purchases and sales of investments resulting from in-kind capital share transactions (excluding short-term investments) were as follows:
| In-Kind Capital Share Transactions | ||||||||||||||||
| Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
| Agribusiness ETF | $ | 198,957,521 | $ | 191,588,782 | $ | 443,237,745 | $ | 264,709,311 | ||||||||
| Future of Food ETF | — | — | 2,429,014 | — | ||||||||||||
| Gold Miners ETF | 2,104,793,187 | 2,117,175,135 | 2,030,396,134 | 3,479,960,105 | ||||||||||||
| Green Metals ETF | 6,301,899 | 1,149,650 | 10,367,963 | — | ||||||||||||
| Junior Gold Miners ETF | 1,231,728,556 | 1,275,945,072 | 453,700,835 | 868,934,890 | ||||||||||||
| Low Carbon Energy ETF | 253,568,809 | 232,840,330 | 187,442,210 | 164,321,756 | ||||||||||||
| Natural Resources ETF | 20,965,624 | 19,750,171 | 36,701,798 | 4,579,933 | ||||||||||||
| Oil Refiners ETF | 3,752,412 | 3,669,382 | 598,522 | — | ||||||||||||
| Oil Services ETF | 534,796,163 | 531,043,650 | 4,204,706,253 | 2,633,339,978 | ||||||||||||
| Rare Earth/Strategic Metals ETF | 680,986,789 | 585,629,138 | 335,477,430 | 121,473,792 | ||||||||||||
| Steel ETF | 36,492,578 | 36,456,615 | 242,542,423 | 216,331,832 | ||||||||||||
| Uranium+Nuclear Energy ETF | 6,402,324 | 6,369,738 | 14,593,508 | — | ||||||||||||
| 78 |
Note 6—Income Taxes—As of December 31, 2021, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:
| Fund | Tax Cost of Investments |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) | ||||||||||||||||
| Agribusiness ETF | $ | 979,781,441 | $ | 302,332,401 | $ | (69,976,224 | ) | $ | 232,356,177 | |||||||||||
| Future of Food ETF | 2,429,014 | 109,732 | (74,658 | ) | 35,074 | |||||||||||||||
| Gold Miners ETF | 12,108,424,860 | 2,090,056,979 | (846,619,325 | ) | 1,243,437,654 | |||||||||||||||
| Green Metals ETF | 15,500,367 | 708,979 | (503,376 | ) | 205,603 | |||||||||||||||
| Junior Gold Miners ETF | 4,958,253,906 | 545,051,870 | (886,518,384 | ) | (341,466,514 | ) | ||||||||||||||
| Low Carbon Energy ETF | 276,800,361 | 64,374,696 | (25,538,413 | ) | 38,836,283 | |||||||||||||||
| Natural Resources ETF | 81,847,745 | 19,480,241 | (3,566,303 | ) | 15,913,938 | |||||||||||||||
| Oil Refiners ETF | 19,143,000 | 3,161,319 | (2,636,039 | ) | 525,280 | |||||||||||||||
| Oil Services ETF | 2,612,934,462 | 4,388,831 | (453,226,439 | ) | (448,837,608 | ) | ||||||||||||||
| Rare Earth/Strategic Metals ETF | 742,119,328 | 342,876,668 | (26,740,553 | ) | 316,136,115 | |||||||||||||||
| Steel ETF | 134,132,236 | 2,841,217 | (23,318,653 | ) | (20,477,436 | ) | ||||||||||||||
| Uranium+Nuclear Energy ETF | 30,880,600 | 5,835,535 | (1,481,416 | ) | 4,354,119 | |||||||||||||||
At December 31, 2021, the components of total distributable earnings (losses) on a tax basis, for each Fund, were as follows:
| Fund | Undistributed Ordinary Income | Accumulated Capital Losses/ Undistributed Capital Gains | Qualified Late-Year Losses* | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Distributable Earnings (Loss) | ||||||||||||||||||
| Agribusiness ETF | $85,261 | $(727,559,350) | $– | $(572,476) | $232,344,249 | $(495,702,316) | ||||||||||||||||||
| Future of Food ETF | 1,943 | – | – | – | 35,078 | 37,021 | ||||||||||||||||||
| Gold Miners ETF | 7,357,510 | (11,042,079,476) | – | (1,364,021) | 1,243,441,032 | (9,792,644,955) | ||||||||||||||||||
| Green Metals ETF | 2,744 | (27,331) | – | – | 211,166 | 186,579 | ||||||||||||||||||
| Junior Gold Miners ETF | 19,229,787 | (4,479,905,290) | – | (355,727) | (341,468,764) | (4,802,499,994) | ||||||||||||||||||
| Low Carbon Energy ETF | 33,514 | (54,776,092) | – | (18,125) | 38,839,482 | (15,921,221) | ||||||||||||||||||
| Natural Resources ETF | 10,138 | (46,269,388) | – | (14,854) | 15,914,934 | (30,359,170) | ||||||||||||||||||
| Oil Refiners ETF | – | (7,574,557) | (653) | (882) | 524,332 | (7,051,760) | ||||||||||||||||||
| Oil Services ETF | – | (1,861,426,058) | – | (210,231) | (448,837,608) | (2,310,473,897) | ||||||||||||||||||
| Rare Earth/Strategic Metals ETF | – | (268,463,776) | (14,669,289) | (23,039) | 316,139,766 | 32,983,662 | ||||||||||||||||||
| Steel ETF | 74,416 | (156,032,043) | – | (20,130) | (20,477,436) | (176,455,193) | ||||||||||||||||||
| Uranium+Nuclear Energy ETF | 747,125 | (85,186,072) | – | (13,073) | 4,354,164 | (80,097,856) | ||||||||||||||||||
| * | Qualified late year losses incurred after October 31, 2021 are deemed to arise on January 1, 2022. |
The tax character of dividends paid to shareholders was follows:
| 2021 | 2020 | |||||||||||
| Fund | Ordinary Income | Ordinary Income | Return of Capital | |||||||||
| Agribusiness ETF | $ | 13,850,800 | $ | 8,649,640 | $ | – | ||||||
| Gold Miners ETF | 224,002,317 | 85,977,700 | – | |||||||||
| Junior Gold Miners ETF | 80,009,332 | 99,001,811 | – | |||||||||
| Low Carbon Energy ETF | 1,340,155 | 149,937 | – | |||||||||
| Natural Resources ETF | 2,140,110 | 1,274,940 | – | |||||||||
| Oil Refiners ETF | 470,018 | 450,520 | 11,480 | |||||||||
| Oil Services ETF | 21,600,606 | 8,700,087 | – | |||||||||
| Rare Earth/Strategic Metals ETF | 54,350,856 | 2,500,183 | – | |||||||||
| Steel ETF | 8,650,070 | 1,160,720 | 89,230 | |||||||||
| Uranium+Nuclear Energy ETF | 700,021 | 401,975 | – | |||||||||
| 79 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
At December 31, 2021, the Funds had capital loss carryforwards available to offset future capital gains, as follows:
| Fund | Short-Term Capital Losses with No Expiration | Long-Term Capital Losses with No Expiration | Total | |||||||||
| Agribusiness ETF | $ | (175,905,265 | ) | $ | (551,654,085) | $ | (727,559,350 | ) | ||||
| Gold Miners ETF | (1,805,505,732 | ) | (9,236,573,744) | (11,042,079,476 | ) | |||||||
| Green Metals ETF | (27,331 | ) | – | (27,331 | ) | |||||||
| Junior Gold Miners ETF | (1,648,480,658 | ) | (2,831,424,632) | (4,479,905,290 | ) | |||||||
| Low Carbon Energy ETF | (7,146,828 | ) | (47,629,264) | (54,776,092 | ) | |||||||
| Natural Resources ETF | (3,940,074 | ) | (42,329,314) | (46,269,388 | ) | |||||||
| Oil Refiners ETF | (3,229,685 | ) | (4,344,872) | (7,574,557 | ) | |||||||
| Oil Services ETF | (234,798,568 | ) | (1,626,627,490) | (1,861,426,058 | ) | |||||||
| Rare Earth/Strategic Metals ETF | (35,999,127 | ) | (232,464,649) | (268,463,776 | ) | |||||||
| Steel ETF | (13,384,193 | ) | (142,647,850) | (156,032,043 | ) | |||||||
| Uranium+Nuclear Energy ETF | (13,930,669 | ) | (71,255,403) | (85,186,072 | ) | |||||||
During the year ended December 31, 2021, Rare Earth/Strategic Metals ETF utilized $47,258,607 of its capital loss carryovers available from prior years.
During the year ended December 31, 2021, as a result of permanent book to tax differences, primarily due to the tax treatment of gains/losses from securities redeemed in-kind and earnings attributable to the redemption of shares, the Funds incurred differences that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications
| Fund | Increase (Decrease) in Total Distributable Earnings (Loss) | Increase (Decrease) in Aggregate Paid in Capital | ||||||
| Agribusiness ETF | $ | (113,044,884 | ) | $ | 113,044,884 | |||
| Gold Miners ETF | (1,197,900,325 | ) | 1,197,900,325 | |||||
| Junior Gold Miners ETF | (226,571,818 | ) | 226,571,818 | |||||
| Low Carbon Energy ETF | (72,984,381 | ) | 72,984,381 | |||||
| Natural Resources ETF | (1,684,527 | ) | 1,684,527 | |||||
| Oil Services ETF | (368,251,244 | ) | 368,251,244 | |||||
| Rare Earth/Strategic Metals ETF | (60,311,008 | ) | 60,311,008 | |||||
| Steel ETF | (39,387,633 | ) | 39,387,633 | |||||
The Funds recognize the tax benefits of uncertain tax positions only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended December 31, 2021, the Funds did not incur any interest or penalties.
Note 7—Principal Risks— Non-diversified funds generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the
| 80 |
recent coronavirus outbreak. Additionally, certain Funds may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. Certain securities of Chinese issuers are, or may in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss as a result.
The respiratory disease caused by a novel coronavirus, which has spread internationally and declared as a pandemic by the World Health Organization, has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, loss of life, as well as general concern and uncertainty. The coronavirus has already negatively impacted the economies of many nations, individual companies, and the market. This pandemic is expected to have a continued impact in ways that cannot necessarily be foreseen presently.
A more complete description of risks is included in each Fund’s Prospectus and Statement of Additional Information.
Note 8—Trustee Deferred Compensation Plan—The Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Funds of the Trust as directed by the Trustees.
Except for Future of Food ETF and Green Metals ETF, 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. The Adviser is responsible for paying the expenses associated with the Plan for the Future of Food ETF and Green Metals ETF, and therefore the Fund bears no costs or liabilities relative to the Plan.
Note 9—Securities Lending—To generate additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 2021 is presented on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral as of December 31, 2021:
| 81 |
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(continued)
| Fund | Market Value of Securities on Loan | Cash Collateral | Non-Cash Collateral | Total Collateral | ||||||||||||
| Agribusiness ETF | $ | 67,313,739 | $ | 30,234,590 | $ | 38,392,921 | $ | 68,627,511 | ||||||||
| Gold Miners ETF | 197,100,880 | 100,558,651 | 103,414,258 | 203,972,909 | ||||||||||||
| Junior Gold Miners ETF | 242,438,677 | 130,584,513 | 123,145,146 | 253,729,659 | ||||||||||||
| Low Carbon Energy ETF | 32,292,446 | 14,590,565 | 19,123,733 | 33,714,298 | ||||||||||||
| Natural Resources ETF | 5,599,764 | 268,125 | 5,604,498 | 5,872,623 | ||||||||||||
| Oil Services ETF | 23,922,680 | 19,056,337 | 39,976,373 | 59,032,710 | ||||||||||||
| Rare Earth/Strategic Metals ETF | 201,037,859 | 45,463,521 | 164,139,688 | 209,603,209 | ||||||||||||
| Steel ETF | 28,461,369 | 1,788,159 | 27,058,388 | 28,846,547 | ||||||||||||
| Uranium+Nuclear Energy ETF | 1,558,375 | 106,776 | 1,538,710 | 1,645,486 | ||||||||||||
The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2021:
Note 10—Bank Line of Credit—The Funds may participate in a $200 million committed credit facility (the “Facility”) to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Funds at the request of the shareholders and other temporary or emergency purposes. The Funds have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Funds based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2021, the following Funds borrowed under this Facility:
| Fund | Days Outstanding |
Average Daily Loan Balance |
Average Interest Rate | |||||||||
| Agribusiness ETF | 177 | $1,036,897 | 1.43 | % | ||||||||
| Gold Miners ETF | 147 | 8,174,003 | 1.43 | |||||||||
| Green Metals ETF | 15 | 472,596 | 1.43 | |||||||||
| Junior Gold Miners ETF | 12 | 6,838,783 | 1.44 | |||||||||
| Low Carbon Energy ETF | 240 | 1,042,995 | 1.44 | |||||||||
| Natural Resources ETF | 235 | 230,884 | 1.44 | |||||||||
| Oil Services ETF | 192 | 1,276,353 | 1.44 | |||||||||
| Rare Earth/Strategic Metals ETF | 81 | 1,095,901 | 1.43 | |||||||||
| Steel ETF | 112 | 931,162 | 1.44 | |||||||||
| Uranium+Nuclear Energy ETF | 3 | 215,542 | 1.43 | |||||||||
Outstanding loan balances as of December 31, 2021, if any, are reflected in the Statements of Assets and Liabilities.
| 82 |
Note 11—Share Split— The Board of Trustees approved a 1 for 20 reverse share split for Oil Services ETF, and 1 for 3 reverse share split for Rare Earth/Strategic Metals ETF. On April 15, 2020, shares began trading on a split-adjusted basis. The Statements of Changes in net Assets and Financial Highlights prior to April 15, 2020 have been adjusted to reflect these reverse share splits.
Note 12—Other— At a meeting held on February 24, 2021, the Board of Trustees of the Trust approved changing VanEck Low Carbon Energy ETF benchmark index from the Ardour Global Index (Extra Liquid) to the MVIS Global Low Carbon Energy Index effective on or after April 26, 2021. As a result of this change they also approved changing the Fund’s investment objective and its principal investment strategy. The Fund seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS Global Low Carbon Energy Index.
Note 13—Subsequent Event Review—The Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
Effective January 1, 2022, the Natural Resources ETF and Oil Services ETF converted to a unitary management fee structure, pursuant to which the Adviser has agreed to pay all expenses the Funds (excluding the fee payment under the investment management agreement of 0.49% and 0.35% of average net assets, respectively, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes, and extraordinary expenses) until at least May 1, 2023.
| 83 |
VANECK ETF TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of VanEck Agribusiness ETF, VanEck Future of Food ETF, VanEck Gold Miners ETF, VanEck Green Metals ETF, VanEck Junior Gold Miners ETF, VanEck Low Carbon Energy ETF, VanEck Natural Resources ETF, VanEck Oil Refiners ETF, VanEck Oil Services ETF, VanEck Rare Earth/Strategic Metals ETF, VanEck Steel ETF, and VanEck Uranium+Nuclear Energy ETF and the Board of Trustees of VanEck ETF Trust.
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of VanEck Agribusiness ETF, VanEck Future of Food ETF, VanEck Gold Miners ETF, VanEck Green Metals ETF, VanEck Junior Gold Miners ETF, VanEck Low Carbon Energy ETF, VanEck Natural Resources ETF, VanEck Oil Refiners ETF, VanEck Oil Services ETF, VanEck Rare Earth/Strategic Metals ETF, VanEck Steel ETF and VanEck Uranium+Nuclear Energy ETF (collectively referred to as the “Funds”) (twelve of the funds constituting VanEck ETF Trust (the “Trust”)), including the schedules of investments, as of December 31, 2021, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (twelve of the funds constituting VanEck ETF Trust) at December 31, 2021, and the results of their operations, changes in their net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
| Individual
fund constituting the VanEck ETF Trust |
Statement
of Operations |
Statements
of Changes in Net Assets |
Financial Highlights | |||
VanEck Agribusiness ETF VanEck Gold Miners ETF VanEck Junior Gold Miners ETF VanEck Low Carbon Energy ETF VanEck Natural Resources ETF VanEck Oil Refiners ETF VanEck Oil Services ETF VanEck Rare Earth/Strategic Metals ETF VanEck Steel ETF VanEck Uranium+Nuclear Energy ETF |
For the year ended December 31, 2021 | For each of the two years in the period ended December 31, 2021 | For each of the five years in the period ended December 31, 2021 | |||
| VanEck Green Metals ETF | For the period from November 10, 2021 (commencement of operations) through December 31, 2021 | For the period from November 10, 2021 (commencement of operations) through December 31, 2021 | For the period from November 10, 2021 (commencement of operations) through December 31, 2021 | |||
| VanEck Future of Food ETF | For the period from December 1, 2021 (commencement of operations) through December 31, 2021 | For the period from December 1, 2021 (commencement of operations) through December 31, 2021 | For the period from December 1, 2021 (commencement of operations) through December 31, 2021 |
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are
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free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from broker were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more of the VanEck investment companies since 1999.
New York, New York
February 28, 2022
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VANECK ETF TRUST
(unaudited)
The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2021:
| Fund | Ordinary Income Amount Paid Per Share | Qualified Dividend Income for Individuals* | Dividends Qualifying for the Dividend Received Deduction for Corporations* | Foreign Source Income* | Foreign Taxes Paid Per Share** | |||||||||||||||
| Agribusiness ETF | $1.11700 | 100.00% | 50.97% | –% | $– | |||||||||||||||
| Gold Miners ETF | 0.53480 | 100.00 | 33.25 | 74.76 | 0.050098 | |||||||||||||||
| Junior Gold Miners ETF | 0.74540 | 39.74 | 0.71 | 40.38 | 0.044265 | |||||||||||||||
| Low Carbon Energy ETF | 0.71160 | 100.00 | 36.63 | 76.95 | 0.096150 | |||||||||||||||
| Natural Resources ETF | 1.01910 | 94.06 | 36.35 | 66.61 | 0.047541 | |||||||||||||||
| Oil Refiners ETF | 0.64830 | 100.00 | 39.51 | 68.31 | 0.067898 | |||||||||||||||
| Oil Services ETF | 1.80750 | 98.42 | 46.66 | – | – | |||||||||||||||
| Rare Earth/Strategic Metals ETF | 5.89170 | 8.18 | – | 7.84 | 0.027275 | |||||||||||||||
| Steel ETF | 3.76090 | 74.83 | 7.61 | 91.93 | 0.092186 | |||||||||||||||
| Uranium+Nuclear Energy ETF | 1.09100 | 80.64 | 50.64 | – | – | |||||||||||||||
* Expressed as a percentage of the cash distribution grossed up for foreign taxes.
** The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments.
Please consult your tax advisor for proper treatment of this information.
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VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
Decemeber 31, 2021 (unaudited)
| Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 and Length of Time Served |
Principal Occupation(s) During Past Five Years |
Number
of Portfolios in Fund Complex3 Overseen |
Other Directorships Held By Trustee During Past Five Years | |||||
| Independent Trustees | ||||||||||
| David H. Chow, 1957*† |
Chairman Trustee |
Since 2008 Since 2006 |
Founder and CEO, DanCourt Management LLC (financial/ strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 62 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Risk and Compliance Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020. | |||||
| Laurie A. Hesslein, 1959*† |
Trustee | Since 2019 | Citigroup, Managing Director, and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 62 | Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. | |||||
| R. Alastair Short, 1953*† |
Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 74 | Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds. | |||||
| Peter J. Sidebottom, 1962*† |
Trustee | Since 2012 | Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012. | 62 | Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016. | |||||
| Richard D. Stamberger, 1959*† |
Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (global media company), July 2020 to present; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2019. | 74 | Director, Food and Friends, Inc., 2013 to present. | |||||
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VANECK ETF TRUST
BOARD OF TRUSTEES AND OFFICERS
(unaudited) (continued)
| Interested Trustee | ||||||||||
|
Jan F. van Eck, 19635
|
Trustee, Chief Executive Officer and President | Trustee (Since 2006); Chief Officer and President (Since 2009) | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust | 74 | Director, National Committee on US-China Relations. | |||||
| 1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
| 3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
| 4 | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
| 5 | “Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
| * | Member of the Audit Committee. |
| † | Member of the Nominating and Corporate Governance Committee. |
| Officer’s Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 And Length of Time Served |
Principal Occupation(s) During Past Five Years | |||
| Officer Information | ||||||
| Matthew A. Babinsky, 1983 |
Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Associate, Clifford Chance US LLP. | |||
| Russell G. Brennan, 1964 |
Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. | |||
| Charles T. Cameron, 1960 |
Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. | |||
| John J. Crimmins, 1957 |
Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. | |||
| Eduardo Escario, 1975 |
Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. | |||
| F. Michael Gozzillo, 1965 |
Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. | |||
| Laura Hamilton, 1977 |
Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. | |||
| Nicholas Jackson, 1974 |
Assistant Vice President
|
Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. | |||
| Laura I. Martínez, 1980 |
Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. | |||
| Matthew McKinnon, 1970 |
Assistant Vice President | Since 2018 | Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. | |||
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| Arian Neiron, 1979 |
Vice President | Since 2018 | CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | |||
| James Parker, 1969 |
Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. | |||
| Adam Phillips, 1970 |
Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. | |||
| Philipp Schlegel, 1974 |
Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. | |||
| Jonathan R. Simon, 1974 |
Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. | |||
| Andrew Tilzer, 1972 |
Assistant Vice President | Since 2021 | Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC. |
| 1 | The address for each Officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Officers are elected yearly by the Trustees. |
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VANECK ETF TRUST
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
December 31, 2021
VanEck Natural Resources ETF and VanEck Oil Services ETF
At a meeting held on June 17, 2021 (the “Renewal Meeting”), the Board of Trustees (the “Board”) of VanEck ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), approved the continuation of the investment management agreement (the “Investment Management Agreement”) between the Trust and Van Eck Associates Corporation (the “Adviser”) with respect to the VanEck Natural Resources ETF and VanEck Oil Services ETF (each, a “Fund” and together, the “Funds”).
Subsequent to the approval of the Investment Management Agreement at the Renewal Meeting, at a meeting held on November 30, 2021 (the “November Meeting”), the Board of the Trust, including all of the Independent Trustees, approved an amended and restated Investment Management Agreement (the “Amended and Restated Investment Management Agreement”) between the Trust and the Adviser to convert the Funds to a unitary fee structure, pursuant to which the Adviser will pay all of the direct expenses of the Funds (excluding fees under the Amended and Restated Investment Management Agreement, acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses) in exchange for an annual unitary management fee rate equal to or lower than the existing management fee rate for each Fund. The Amended and Restated Investment Management Agreement became effective on January 1, 2022.
The Board’s approval of the Amended and Restated Investment Management Agreement was based on a comprehensive consideration of all the information available to the Trustees and was not the result of any single factor. In approving the Amended and Restated Investment Agreement, the Trustees also considered the information about the expenses of each Fund they received at the Renewal Meeting to approve the Investment Management Agreement, as well as additional information obtained at other meetings of the Board. A discussion regarding the factors the Board considered in the renewal of the Investment Management Agreement with respect to each Fund is available in the Trust’s semi-annual report for the period ended June 30, 2021. Some of the additional 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.
Among other things, the Trustees considered the terms and scope of services that the Adviser would provide under the Amended and Restated Investment Management Agreement and representations from the Adviser that the services to be provided by the Adviser to the Funds would not decrease in scope or quality under the unitary fee structure. The Trustees also considered the risks being assumed by the Adviser under the unitary fee structure and the potential expense stability that may inure to the benefit of shareholders of the Funds.
The Independent Trustees were advised by and met in executive session with their independent counsel at the November Meeting as part of their consideration of the Amended and Restated Investment Management Agreement.
In voting to approve the adoption of the Amended and Restated Investment Management Agreement, the Trustees, including the Independent Trustees, concluded that the terms of the Amended and Restated Investment Management Agreement are reasonable and fair in light of the services to be performed, expenses to be incurred and such other matters as the Trustees considered relevant in the exercise of their reasonable judgment. The Trustees further concluded that, at the time of their considerations, the Amended and Restated Investment Management Agreement is in the best interest of each Fund and such Fund’s shareholders.
VanEck Bitcoin Strategy ETF, VanEck Ethereum Strategy ETF, VanEck Future of Food ETF and VanEck Green Metals ETF
At a meeting held on September 14, 2021 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the
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VanEck Bitcoin Strategy ETF, VanEck Ethereum Strategy ETF, VanEck Future of Food ETF (formerly known as VanEck Future of Food II ETF) and VanEck Green Metals ETF (the “Funds”).
The Board’s approval of the Investment Management 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 advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of the Funds’ proposed investment programs, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Meeting regarding the management of the Funds, information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Funds. The Trustees also considered the terms and scope of services that the Adviser would provide under each Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of each Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
The Trustees considered the benefits, other than the fees under the Investment Management Agreements, that the Adviser would receive from serving as adviser to the Funds. The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Funds to the Adviser because the Funds had not yet commenced operations. In addition, because the Funds had not yet commenced operations, the Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Funds by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Meeting as part of their consideration of the Investment Management Agreements.
In voting to approve the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreements 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 Agreements are in the best interest of the Funds and the Funds’ 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 ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Funds’ complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
| Investment Adviser: | VanEck Associates Corporation | |
| Distributor: | VanEck Securities Corporation 666 Third Avenue, New York, NY 10017 vaneck.com |
|
| Account Assistance: | 800.826.2333 | NRAR |
 |
ANNUAL REPORT |
| BITCOIN STRATEGY ETF | XBTF |
| 800.826.2333 | vaneck.com |
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Certain information contained in this report 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 Fund’s holdings, the Fund’s performance, and the views of the investment adviser are as of December 31, 2021.
VANECK BITCOIN STRATEGY ETF
December 31, 2021 (unaudited)
Dear Fellow Shareholders:
This letter addresses two topics: a review of the markets today and, second, two multi-year themes.
The Economy
In 2021, the year began with the global economy hurtling forward like a car at top speed. But in the fall, the Fed started reducing its stimulative policies, especially as inflation statistics hit multi-decade highs.
As this point, the markets face several points of uncertainty. The most important concern is: will the Fed “hit the brakes” too hard as it reduces stimulus measures? But also, since China has been a large driver of global growth over the past 20 years, how long will China’s slow-down last and how deep will it be? Will Chinese policymakers stimulate the economy if growth slows too much?
“Net net”, I think our economy and markets can handle the withdrawal of Fed stimulus. While market returns may underwhelm in 2022, there is no reason to sell and try to time the market.
I expect that inflation will persist because I believe that deflation over the past 20 years was primarily driven by the supply shock as China joined the world economy. As a counter-example, there was inflation in the 1970s, and do we think there was no technology applied in that decade?
We are still debating whether we have an inflation problem. And I continue to believe that only later this year will we know whether we have permanent inflation—after all the COVID-19 distortions are behind us.
It is true that we are talking about supply chain issues and labor market issues longer than the transitory camp would like. But, while commodity price inflation matters, the real concern about inflation and financial markets is wage inflation, since this tends to be longer-lasting and may affect long-term interest rates. I believe that the tight labor conditions we have today will persist, even as the economy slows down.
If inflation doesn’t push rates higher, I don’t think the Fed will hit the brakes too hard by raising rates further than they have already indicated. Toward the end of last year, Bank of America released a research note1 that said over half of the S&P 500® Index’s returns in the past decade can be attributed to the Fed’s balance sheet expansion, rather than earnings. We live in an era in which the Fed has an eye on the financial markets. We still see little reason why that would change.
As to China, at the end of December 2021, the official purchasing managers’ indices (PMIs), our favorite indicators, showed signs of improvement for the second month in a row. This was a welcome development. But multiple growth headwinds remain: the small companies’ PMI sinking to 46.5 (the lowest since February 2020) was a firm reminder that the dovish policy tilt is justified, with more targeted support expected in the coming months. Despite this, though, we think policy makers have all the tools, including liquidity moves, to avoid a crash.
Multi-Year Investment Themes
So what to do in your portfolio? We continue to focus on two multi-year investment themes.
The first theme is the energy transition away from fossil fuels. We see this not only as being driven by government policy, but also by innovation in the private sector. In our resources portfolios, we’re looking for disruptive companies in the sectors that need to be more energy efficient. One is agriculture (which emits about as much CO2 as the energy sector). AgTech businesses are embracing technology to modernize agriculture, leading to higher crop yields, safer crop chemicals and other innovations in food production to provide healthy diets for the world’s growing population.
As the economy grows and demand for commodities grows, increasing supply has become harder. This is in part due to environmental, social and governance (ESG) policies in place, causing “greenflation” and a multi-year trend of price pressure. Finding supply sources like new copper, lithium or gold mines is harder because of, to a certain extent, the environmental impact of these activities. I think this supply issue will continue
| 2 |
to underpin commodity prices, and this is why I believe that commodity equities remain an interesting investment that people should have in their portfolios.
The second theme is the use of blockchain in a large variety of industries, but especially finance and entertainment. And especially in the field of “smart contracts.” New open source database technology is enabling incredibly rapid adoption and at much lower cost than traditional companies using prior generation technology. The fintech revolution that goes hand in hand with crypto is something we find really exciting. Of course there are some over-valued companies, but we think it’s another interesting multi-year trend that investors should consider.
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for the Fund for the period ended December 31, 2021. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.
Jan F. van Eck
CEO and President
VanEck ETF Trust
January 19, 2022
PS The investing outlook can change suddenly, as it certainly did in 2021. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
1Source: Bloomberg, https://www.bloomberg.com/news/articles/2021-09-08/bofa-s-subramanian-dumps-dire-stock-call-to-catch-up-with-rally
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VANECK BITCOIN STRATEGY ETF
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2021 to December 31, 2021.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value July 1, 2021 |
Ending Account Value December 31, 2021 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period July 1, 2021 - December 31, 2021(a) | |||||
| Actual (b) | $1,000.00 | $706.90 | 0.65% | $0.70 | ||||
| Hypothetical(c) | $1,000.00 | $1,021.93 | 0.65% | $3.31 |
| (a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2021), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period). |
| (b) | Expenses are equal to the Fund’s annualized expense ratio (for the period from November 16, 2021 (commencement of operations) to December 31, 2021) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year. |
| (c) | Assumes annual return of 5% before expenses |
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VANECK BITCOIN STRATEGY ETF
December 31, 2021
| Par (000’s) | Value | |||||||
| Short-Term Investments: 59.4% | ||||||||
| United States Treasury Obligations: 59.4% | ||||||||
| United States Treasury Bills | ||||||||
| 0.00%, 03/17/22 | $ | 1,300 | $ | 1,299,868 | ||||
| 0.01%, 03/08/22 | 1,500 | 1,499,880 | ||||||
| 0.05%, 02/10/22 | 1,100 | 1,099,968 | ||||||
| 0.05%, 03/03/22 | 2,500 | 2,499,826 | ||||||
| 0.05%, 03/24/22 | 3,000 | 2,999,659 | ||||||
| 9,399,201 | ||||||||
| Total Short-Term Investments: 59.4% (Cost: $9,399,152) | 9,399,201 | |||||||
| Other assets less liabilities: 40.6% | 6,412,660 | |||||||
| NET ASSETS: 100.0% | $ | 15,811,861 | ||||||
Futures Contracts
Long Exposure
| Reference Entity | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) | ||||||
| CME Bitcoin | 69 | 01/28/22 | $ | 15,806,175 | $(1,040,736) | |||||
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Government Activity | 100.0 | % | $ | 9,399,201 | ||||
The summary of inputs used to value the Fund’s investments as of December 31, 2021 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| United States Treasury Obligations | $ | — | $ | 9,399,201 | $ | — | $ | 9,399,201 | ||||||||
| Other Financial Instruments: | ||||||||||||||||
| Futures Contracts | $ | (1,040,736 | ) | $ | — | $ | — | $ | (1,040,736 | ) | ||||||
See Notes to Financial Statements
| 5 |
VANECK BITCOIN STRATEGY ETF
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2021
| Assets: | ||||
| Investments, at value | ||||
| Unaffiliated issuers (1) | $ | 9,399,201 | ||
| Cash | 984,476 | |||
| Cash on deposit with broker for futures contracts | 6,475,291 | |||
| Net deferred tax | — | |||
| Total assets | 16,858,968 | |||
| Liabilities: | ||||
| Payables: | ||||
| Due to Adviser | 7,607 | |||
| Variation margin on futures contracts | 1,039,500 | |||
| Total liabilities | 1,047,107 | |||
| NET ASSETS | $ | 15,811,861 | ||
| Shares outstanding | 350,000 | |||
| Net asset value, redemption and offering price per share | $ | 45.18 | ||
| Net Assets consist of: | ||||
| Aggregate paid in capital | $ | 20,573,281 | ||
| Total distributable earnings (loss) | (4,761,420 | ) | ||
| NET ASSETS | $ | 15,811,861 | ||
| (1) Cost of investments - Unaffiliated issuers | $ | 9,399,152 |
See Notes to Financial Statements
| 6 |
VANECK BITCOIN STRATEGY ETF
For the Period Ended December 31, 2021 (a)
| Income: | ||||
| Interest | $ | 453 | ||
| Total income | 453 | |||
| Expenses: | ||||
| Management fees | 11,779 | |||
| Total expenses | 11,779 | |||
| Net investment loss, before income taxes | (11,326 | ) | ||
| Net current and deferred tax benefit/(expense) (See Note 6) | — | |||
| Net investment loss, net of income taxes | (11,326 | ) | ||
| Net realized gain (loss) on: | ||||
| Investments | 3 | |||
| Futures contracts | (3,709,410 | ) | ||
| Current and deferred tax benefit/(expense) (See Note 6) | — | |||
| Net realized loss, net of income taxes | (3,709,407 | ) | ||
| Net change in unrealized appreciation (depreciation) on: | ||||
| Investments | 49 | |||
| Futures contracts | (1,040,736 | ) | ||
| Current and deferred tax benefit/(expense) (See Note 6) | — | |||
| Net change in unrealized appreciation (depreciation), net of income taxes | (1,040,687 | ) | ||
| Net Decrease in Net Assets Resulting from Operations | $ | (4,761,420 | ) | |
(a) For the period November 16, 2021 (commencement of operations) through December 31, 2021.
See Notes to Financial Statements
| 7 |
VANECK BITCOIN STRATEGY ETF
STATEMENT OF CHANGES IN NET ASSETS
| Period Ended December 31, 2021 (a) | ||||
| Operations: | ||||
| Net investment loss | $ | (11,326 | ) | |
| Net realized loss | (3,709,407 | ) | ||
| Net change in unrealized appreciation (depreciation) | (1,040,687 | ) | ||
| Net decrease in net assets resulting from operations | (4,761,420 | ) | ||
| Share transactions*: | ||||
| Proceeds from sale of shares | 20,573,281 | |||
| Net increase in net assets resulting from share transactions | 20,573,281 | |||
| Total increase in net assets | 15,811,861 | |||
| Net Assets: | ||||
| Beginning of period | — | |||
| End of period | $ | 15,811,861 | ||
| * Shares of Common Stock Issued (no par value): | ||||
| Shares sold | 350,000 | |||
| Net increase | 350,000 | |||
| (a) | For the period November 16, 2021 (commencement of operations) through December 31, 2021. |
See Notes to Financial Statements
| 8 |
VANECK BITCOIN STRATEGY ETF
For a share outstanding throughout each period:
| Period Ended December 31, 2021(a) | ||||
| Net asset value, beginning of period | $63.91 | |||
| Net investment loss (b) | (0.04 | ) | ||
| Net realized and unrealized loss on investments | (18.69 | ) | ||
| Total from investment operations | (18.73 | ) | ||
| Net asset value, end of period | $45.18 | |||
| Total return (c) | (29.31 | )%(d) | ||
| Ratios to average net assets | ||||
| Expenses | 0.65 | %(e) | ||
| Net investment loss | (0.62 | )%(e) | ||
| Supplemental data | ||||
| Net assets, end of period (in millions) | $16 | |||
| Portfolio turnover rate | — | %(d) | ||
| (a) | For the period November 16, 2021 (commencement of operations) through December 31, 2021. |
| (b) | Calculated based upon average shares outstanding |
| (c) | Returns include adjustments in accordance with U.S. Generally Accepted Accounting Principles. Net asset values and returns for financial reporting purposes may differ from those for shareholder transactions. |
| (d) | Not Annualized |
| (e) | Annualized |
See Notes to Financial Statements
| 9 |
VANECK BITCOIN STRATEGY ETF
December 31, 2021
Note 1—Fund Organization—VanEck 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 to the Bitcoin Strategy ETF (the “Fund”). The Fund is actively managed and seeks to achieve its investment objective by investing in standardized, cash-settled bitcoin futures contracts (“Bitcoin Futures”) traded on the Chicago Mercantile Exchange. The Fund is classified as “non-diversified”. This means that the Fund may invest more of its assets in securities of a single issuer than that of a diversified fund. Van Eck Absolute Return Advisers Corporation (the “Adviser”) serves as the investment adviser for the Fund and is subject to the supervision of the Board of Trustees (the “Board”).
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 Fund is an investment company and follows accounting and reporting requirements of Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies.
The following summarizes the Fund’s significant accounting policies.
| A. | Security Valuation— The Fund values its 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. Futures contracts are generally valued at the official settlement price on the primary exchange on which they trade and are categorized as Level 1 in the fair value hierarchy (described below). Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Funds’ Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value (“NAV”) and are categorized as Level 1 in the fair value hierarchy. The Pricing Committee of the Adviser provides oversight of the Fund’s valuation policies and procedures, which are approved by the Fund’s Board. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Fund’s valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis. |
| Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Fund may realize upon sale of an investment may differ materially from the value presented in the Schedule of Investments. | |
| The Fund utilizes various methods to measure the fair value of its 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 |
| 10 |
| 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 the Fund’s own assumptions in determining the fair value of investments). | |
| A summary of the inputs and the levels used to value the Fund’s investments are located in the Schedule of Investments. Additionally, tables that reconcile the valuation of the Fund’s Level 3 investments and that present additional information about the valuation methodologies and unobservable inputs, if applicable, are located in the Schedule of Investments. | |
| B. | Federal and Other Income Taxes— The Fund intends to invest primarily in Bitcoin Futures, which generally are treated as futures contracts on property for federal income tax purposes. As such, they do not generate qualifying income for the purpose of qualifying as a Regulated Investment Company (“RIC”) for tax purposes. Accordingly, the Fund does not intend to qualify, and will not qualify as a RIC pursuant to Subchapter M of the Internal Revenue Code and will be taxed as a C-corporation. As a C-corporation, the Fund is obligated to pay federal, state and local income tax on its taxable income. The amount of taxes currently payable by the Fund will vary depending on the amount of income and gains derived from investments and such taxes will reduce the return on an investment in the Fund. Since the Fund will be subject to taxation on its taxable income, the NAV of the Fund’s shares will be reduced by the accrual of any current or deferred tax liabilities. |
| The tax expense or benefit attributable to certain components of income will be included in the Statement of Operations. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for federal income tax purposes. Deferred tax assets and liabilities are calculated utilizing effective tax rates expected to be applied to taxable income in the years the temporary differences are realized or settled. A valuation allowance will be recognized if, based on the available evidence, it is more likely than not that some or all of the deferred tax asset will not be realizable. In the assessment for a valuation allowance, consideration is given to all positive and negative evidence related to the realization of the deferred tax asset. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods and the associated risk that operating and capital loss carryforwards may expire unused. It is the Fund’s policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on the Statement of Operations. | |
| C. | Distributions to Shareholders— Distributions to shareholders from net investment income and net realized capital gains, if any, are declared and paid annually. Because the Fund is taxed as a C corporation, all of the distributions paid by the Fund will be treated as dividend income for U.S. federal income tax purposes. Unlike a RIC, the Fund will not pay capital gain dividends. |
| D. | Use of Derivative Instruments— The Fund invests in futures contracts, which are derivative instruments. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over-the-counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The |
| 11 |
VANECK BITCOIN STRATEGY ETF
NOTES TO FINANCIAL STATEMENTS
(continued)
| use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. GAAP requires enhanced disclosures about the Fund’s derivative instruments and hedging activities. Details of this disclosure are found below as well as in the Schedule of Investments. | |
| Futures Contracts— Futures contracts are financial contracts, the value of which depends on, or is derived from, the underlying reference asset. In the case of cash-settled Bitcoin Futures, the underlying reference asset is bitcoin. “Cash-settled” means that when the relevant futures contract expires, if the value of the underlying asset exceeds the futures contract price, the seller pays to the purchaser cash in the amount of that excess, and if the futures contract price exceeds the value of the underlying asset, the purchaser pays to the seller cash in the amount of that excess. In a cash-settled futures contract on bitcoin, the amount of cash to be paid is equal to the difference between the value of the bitcoin underlying the futures contract at the close of the last trading day of the contract and the futures contract price specified in the agreement. | |
| Upon entering into a futures contract, the Fund is required to deliver to a broker an amount of cash and/or government securities equal to a certain percentage of the contract amount. This amount is known as the “initial margin”. Subsequent payments, known as “variation margin”, are generally made or received by the Fund each day depending on the fluctuations in the value of the Bitcoin Futures. Such variation margin is recorded for financial statement purposes on a daily basis as an unrealized gain or loss on futures, until the futures contract is closed or expires, at which time the net gain or loss is reclassified to realized gain or loss on futures. Bitcoin Strategy ETF held futures contracts for two months during the period ended December 31, 2021, of which the average notional amount for the period was $16,500,723. Futures contracts held by Bitcoin Strategy ETF at December 31, 2021 are reflected in the Schedule of Investments. | |
| At December 31, 2021, the Fund held the following derivatives (not designated as hedging instruments under GAAP): |
| Liabilities Derivatives | ||||
| Digital Assets Risk | ||||
| Futures contracts1 | $(1,039,500 | ) | ||
| 1 | Statement of Assets and Liabilities location: Variation margin on futures contracts |
| The impact of transactions in derivative instruments during the period ended December 31, 2021, was as follows: |
| Digital Assets Risk | ||||
| Realized gain (loss): | ||||
| Futures contracts1 | $(3,709,410 | ) | ||
| Net change in unrealized appreciation (depreciation): | ||||
| Futures contracts2 | $(1,040,736 | ) | ||
| 1 | Statement of Operations location: Net realized gain (loss) on futures contracts |
| 2 | Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts |
| E. | Offsetting Assets and Liabilities— In the ordinary course of business, the Fund enters into transactions subject to enforceable master netting agreements or other similar agreements. Generally, the right of |
| 12 |
| offset in those agreements allows the Fund to offset any exposure to a specific counterparty with any collateral received from or delivered to that counterparty based on the terms of the agreements. The Fund may pledge or receive cash and/or securities as collateral for derivative instruments. Collateral held for derivative instruments at December 31, 2021 is presented in the Statement of Assets and Liabilities. For financial reporting purposes, the Fund presents derivative instruments on a gross basis in the Statement of Assets and Liabilities. At December 31, 2021, the Fund held no derivative instruments eligible for offset. | |
| F. | Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued as earned. Dividend income is recorded on the ex-dividend date. |
| The Fund earns interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statement of Operations. | |
| In the normal course of business, the Fund enters into contracts that contain a variety of general indemnifications. The Fund’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote. |
Note 3—Investment Management and Other Agreements— The Adviser is the investment adviser to the Fund. The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of 0.65% of the Fund’s average daily net assets. The Adviser has agreed to pay all expenses incurred by the Fund except for the advisory fee, acquired fund fees and expenses, interest expense, offering costs, trading expenses (except that the Adviser will pay any net account or similar fees charged by futures commission merchants), taxes, extraordinary expenses.
Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Fund’s distributor. Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and distributor.
Note 4— Capital Share Transactions — As of December 31, 2021, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Fund shares are not individually redeemable and are issued and redeemed at their net asset value per share only through certain authorized broker-dealers (“Authorized Participants”) in blocks of shares (“Creation Units”). Due to various legal and operational constraints, Creation Units of the Fund are issued principally for cash.
Authorized Participants purchasing and redeeming Creation Units may pay transaction fees directly to the transfer agent. In addition, the Fund may impose variable fees on the purchase or redemption of Creation Units for cash, or on transactions effected outside the clearing process, to defray certain transaction costs. These variable fees, if any, are reflected in share transactions in the Statement of Changes in Net Assets.
Note 5—Investments—During the period ended December 31, 2021, the Fund had no purchases and sales of investments, other than U.S. government securities and short-term obligations.
Note 6—Income Taxes— The income tax expense/(benefit) for the respective categories on the Statement of Operations for the period ended December 31, 2021 are as follows:
| Net Investment Loss | Net Realized Loss | Change in Net Unrealized Depreciation | Total | |||||
| Current tax expense (benefit) | $— | $— | $— | $— | ||||
| Deferred tax expense (benefit) | (2,508) | (821,634) | (230,512) | (1,054,654) | ||||
| Change in Valuation Allowance | 2,508 | 821,634 | 230,512 | 1,054,654 | ||||
| Total | $— | $— | $— | $— |
| 13 |
VANECK BITCOIN STRATEGY ETF
NOTES TO FINANCIAL STATEMENTS
(continued)
The Fund is currently using an estimated 22.15% tax rate for federal, state and local tax which is composed of a 21% federal tax rate and an assumed 1.15% rate attributable to state taxes (net of federal benefit). The Fund’s federal and state income tax expense / (benefit) consists of the following:
| Federal | State | Total | ||||
| Current tax expense (benefit) | $— | $— | $— | |||
| Deferred tax expense (benefit) | (999,898) | (54,756) | (1,054,654) | |||
| Change in Valuation Allowance | 999,898 | 54,756 | 1,054,654 | |||
| Total | $— | $— | $— |
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting and tax purposes.
The differences between the Fund’s income tax expense/(benefit) (current and deferred) and the amount calculated by applying the federal and state statutory income tax rates to net investment income/(loss) and realized and unrealized gain/(loss) on investments before taxes are as follows:
| December 31, 2021 | ||||||||
| Amount | Rate | |||||||
| Income tax expense/(benefit) at statutory rates | $(999,898) | 21.00% | ||||||
| State income tax, net of federal benefit | (54,756) | 1.15 | ||||||
| Change in Valuation Allowance | 1,054,654 | (22.15) | ||||||
| Net income tax expense/(benefit) | — | — | ||||||
Components of the Fund’s deferred tax assets and liabilities are as follows:
| For the Period Ended December 31, 2021 | ||||
| Deferred Tax Assets: | ||||
| Capital loss carryforward | $ | 1,052,157 | ||
| Net operating loss carryforward | 2,508 | |||
| Total Deferred Tax Assets | 1,054,665 | |||
| Deferred Tax Liabilities: | ||||
| Unrealized gain on investments | (11) | |||
| Net Deferred Tax Asset/(Liability) before valuation allowance | 1,054,654 | |||
| Less Valuation Allowance | (1,054,654) | |||
| Net Deferred Tax Asset/(Liability) | $ | — | ||
The Fund reviews the recoverability of its deferred tax asset based upon the weight of the available evidence. When assessing the recoverability of its deferred tax assets, management considers available carrybacks, reversing temporary taxable differences, projections of future taxable income and tax planning (if any). The Fund has recorded a valuation allowance of $1,054,646 against its net deferred tax asset at December 31, 2021 as the Fund believes it is more-likely-than-not the asset will not be realized within the relevant carryforward periods. The Fund may be required to modify the estimates or assumptions it uses regarding the deferred tax asset or liability as new information becomes available. Since the Fund will be subject to taxation on its taxable income, the NAV of the Fund’s shares will also be reduced by the accrual of any deferred tax liabilities.
| 14 |
The Fund recognizes the tax benefits of uncertain positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. and State tax returns filed or expected to be filed since inception of the Fund. The Fund’s tax years are open for examination by U.S. and state tax authorities for all applicable periods. The Fund is not aware of any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will change materially in the next year.
As of December 31, 2021, the Fund had the following estimated net operating loss:
| Amount | Expiration | |||
| $ | (11,326 | ) | No Expiration | |
Under current tax law, net operating loss carryforwards (“NOLs”) cannot be carried back but can be carried forward indefinitely. Additionally, the utilization of NOLs generated in tax years will be limited to the lesser of the aggregate of available NOLs or 80% of taxable income. The 80% limitation is effective for any NOLs generated in the current fiscal period ending December 31, 2021.
As of December 31, 2021, the Fund had the following estimated capital loss carryforward:
| Amount | Expiration | |||
| $ | (4,750,094 | ) | 12/31/2026 | |
For corporations, capital losses can only be used to offset capital gains and cannot be used to offset ordinary income. Therefore, the use of this capital loss carryforward is dependent upon the Fund generating sufficient net capital gains prior to the expiration of the loss carryforward.
There are no differences between the book and tax unrealized appreciation / depreciation on the Fund’s investments.
Note 7—Principal Risks—The Fund’s assets are concentrated in Bitcoin Futures. By concentrating the Fund’s assets, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on bitcoin or the digital asset industry will negatively impact the Fund to a greater extent than if the Fund’s net assets were invested in a wider variety of sectors or industries.
Bitcoin and Bitcoin Futures are relatively new asset classes and therefore the Fund’s investments in Bitcoin Futures are subject to unique and substantial risks, including the risk that the value of the Fund’s investments could decline rapidly, including to zero. Bitcoin and Bitcoin Futures have historically been more volatile than traditional asset classes.
Economies and financial markets throughout the world have experienced periods of increased volatility, uncertainty and distress as a result of conditions associated with the COVID-19 pandemic. To the extent these conditions continue, the risks associated with an investment in the Fund could be heightened and the Fund’s investments (and thus a shareholder’s investment in the Fund) may be particularly susceptible to sudden and substantial losses, reduced yield or income or other adverse developments.
A more complete description of risks is included in the 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 trustee fees until retirement, disability or termination from the Board. The fees otherwise payable to the participating Trustees are deemed invested in shares of the Fund as directed by the Trustees. The Adviser is responsible for paying the expenses associated with the Plan.
Note 9—Subsequent Event Review—The Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
| 15 |
VANECK BITCOIN STRATEGY ETF
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of VanEck Bitcoin Strategy ETF and the Board of Trustees of VanEck ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of VanEck Bitcoin Strategy ETF (the “Fund”) (one of the funds constituting VanEck ETF Trust (the “Trust”)), including the schedule of investments, as of December 31, 2021, and the related statement of operations, statement of changes in net assets and the financial highlights for the period November 16, 2021 (commencement of operations) through December 31, 2021, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of VanEck Bitcoin Strategy ETF (one of the funds constituting VanEck ETF Trust) at December 31, 2021, and the results of its operations, the changes in its net assets and its financial highlights for the period November 16, 2021 (commencement of operations) through December 31, 2021, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from broker were not received. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
We have served as the auditor of one or more of the VanEck investment companies since 1999.
New York, New York
February 28, 2022
| 16 |
VANECK BITCOIN STRATEGY ETF
BOARD OF TRUSTEES AND OFFICERS
December 31, 2021 (unaudited)
| Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term of Office2 and Length of Time Served |
Principal Occupation(s) During Past Five Years |
Number of Portfolios in Fund Complex3 Overseen |
Other Directorships Held By Trustee During Past Five Years | |||||
| Independent Trustees | ||||||||||
| David H. Chow, 1957*† |
Chairman Trustee | Since 2008 Since 2006 |
Founder and CEO, DanCourt Management LLC (financial/strategy consulting firm and Registered Investment Adviser), March 1999 to present. | 62 | Trustee, Berea College of Kentucky, May 2009 to present and currently Chairman of the Investment Committee; Trustee, MainStay Fund Complex4, January 2016 to present and currently Chairman of the Risk and Compliance Committee. Formerly, Member of the Governing Council of the Independent Directors Council, October 2012 to September 2020. | |||||
| Laurie A. Hesslein, 1959*† |
Trustee | Since 2019 | Citigroup, Managing Director, and Business Head, Local Consumer Lending North America, and CEO and President, CitiFinancial Servicing LLC (2013 - 2017). | 62 | Formerly, Trustee, First Eagle Senior Loan Fund, March 2017 to December 2021; and Trustee, Eagle Growth and Income Opportunities Fund, March 2017 to December 2020. | |||||
| R. Alastair Short, 1953*† |
Trustee | Since 2006 | President, Apex Capital Corporation (personal investment vehicle). | 74 | Chairman and Independent Director, EULAV Asset Management; Lead Independent Director, Total Fund Solution; Independent Director, Contingency Capital, LLC; Trustee, Kenyon Review; Trustee, Children’s Village. Formerly, Independent Director, Tremont offshore funds. | |||||
| Peter J. Sidebottom, 1962*† |
Trustee | Since 2012 | Lead Partner, North America Banking and Capital Markets Strategy, Accenture, May 2017 to present; Partner, PWC/Strategy & Financial Services Advisory, February 2015 to March 2017; Founder and Board Member, AspenWoods Risk Solutions, September 2013 to February 2016; Independent consultant, June 2013 to February 2015; Partner, Bain & Company (management consulting firm), April 2012 to December 2013; Executive Vice President and Senior Operating Committee Member, TD Ameritrade (on-line brokerage firm), February 2009 to January 2012. | 62 | Formerly, Board Member, Special Olympics, New Jersey, November 2011 to September 2013; Director, The Charlotte Research Institute, December 2000 to 2009; Board Member, Social Capital Institute, University of North Carolina Charlotte, November 2004 to January 2012; Board Member, NJ-CAN, July 2014 to 2016. | |||||
| Richard D. Stamberger, 1959*† |
Trustee | Since 2006 | Senior Vice President, B2B, Future Plc (global media company), July 2020 to present; President, CEO and co-founder, SmartBrief, Inc., 1999 to 2019. | 74 | Director, Food and Friends, Inc., 2013 to present. |
| 17 |
VANECK BITCOIN STRATEGY ETF
BOARD OF TRUSTEES AND OFFICERS
(unaudited) (continued)
| Interested Trustee | ||||||||||
| Jan F. van Eck, 19635 |
Trustee, Chief Executive Officer and President | Trustee (Since 2006); Chief Executive Officer and President (Since 2009) | Director, President and Chief Executive Officer of Van Eck Associates Corporation (VEAC), Van Eck Absolute Return Advisers Corporation (VEARA) and Van Eck Securities Corporation (VESC); Officer and/or Director of other companies affiliated with VEAC and/or the Trust | 74 | Director, National Committee on US-China Relations. | |||||
| 1 | The address for each Trustee and officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Each Trustee serves until resignation, death, retirement or removal. Officers are elected yearly by the Trustees. |
| 3 | The Fund Complex consists of the VanEck Funds, VanEck VIP Trust and the Trust. |
| 4 | The MainStay Fund Complex consists of MainStay Funds, MainStay Funds Trust, MainStay VP Funds Trust and MainStay MacKay Defined Term Municipal Opportunities Fund. |
| 5 | “Interested person” of the Trust within the meaning of the 1940 Act. Mr. van Eck is an officer of VEAC, VEARA and VESC. |
| * | Member of the Audit Committee. |
| † | Member of the Nominating and Corporate Governance Committee. |
| Officer’s Name, Address1 and Year of Birth |
Position(s) Held with the Trust |
Term
of Office2 And Length of Time Served |
Principal Occupation(s) During Past Five Years | |||
| Officer Information | ||||||
| Matthew A. Babinsky, 1983 |
Assistant Vice President and Assistant Secretary | Since 2016 | Assistant Vice President, Assistant General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Associate, Clifford Chance US LLP. | |||
| Russell G. Brennan, 1964 |
Assistant Vice President and Assistant Treasurer | Since 2008 | Assistant Vice President of VEAC; Officer of other investment companies advised by VEAC and VEARA. | |||
| Charles T. Cameron, 1960 |
Vice President | Since 2006 | Portfolio Manager of VEAC; Officer and/or Portfolio Manager of other investment companies advised by VEAC and VEARA. Formerly, Director of Trading of VEAC. | |||
| John J. Crimmins, 1957 |
Vice President, Treasurer, Chief Financial Officer and Principal Accounting Officer | Vice President, Chief Financial Officer and Principal Accounting Officer (Since 2012); Treasurer (Since 2009) | Vice President of VEAC and VEARA; Officer of other investment companies advised by VEAC and VEARA. Formerly, Vice President of VESC. | |||
| Eduardo Escario, 1975 |
Vice President | Since 2012 | Regional Director, Business Development/Sales for Southern Europe and South America of VEAC. | |||
| F. Michael Gozzillo, 1965 |
Chief Compliance Officer | Since 2018 | Vice President and Chief Compliance Officer of VEAC and VEARA; Chief Compliance Officer of VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Chief Compliance Officer of City National Rochdale, LLC and City National Rochdale Funds. | |||
| Laura Hamilton, 1977 |
Vice President | Since 2019 | Assistant Vice President of VEAC and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Operations Manager of Royce & Associates. | |||
| Nicholas Jackson, 1974 |
Assistant Vice President | Since 2018 | Director, Business Development of VanEck Australia Pty Ltd. Formerly, Vice President, Business Development of VanEck Australia Pty Ltd. | |||
| Laura I. Martínez, 1980 |
Vice President and Assistant Secretary | Vice President (Since 2016); Assistant Secretary (Since 2008) | Vice President, Associate General Counsel and Assistant Secretary of VEAC, VEARA and VESC; Officer of other investment companies advised by VEAC and VEARA. Formerly, Assistant Vice President of VEAC, VEARA and VESC. | |||
| Matthew McKinnon, 1970 |
Assistant Vice President | Since 2018 | Head of Asia - Business Development of VanEck Australia Pty Ltd. Formerly, Director, Intermediaries and Institutions of VanEck Australia Pty Ltd. |
| 18 |
| Arian Neiron, 1979 |
Vice President | Since 2018 | CEO (since 2021) & Managing Director and Head of Asia Pacific of VanEck Australia Pty Ltd.; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. | |||
| James Parker, 1969 |
Assistant Treasurer | Since 2014 | Assistant Vice President of VEAC; Manager, Portfolio Administration of VEAC and VEARA. Officer of other investment companies advised by VEAC and VEARA. | |||
| Adam Phillips, 1970 |
Vice President | Since 2018 | ETF Chief Operating Officer of VEAC; Director of other companies affiliated with VEAC. | |||
| Philipp Schlegel, 1974 |
Vice President | Since 2016 | Managing Director of Van Eck Switzerland AG. | |||
| Jonathan R. Simon, 1974 |
Senior Vice President, Secretary and Chief Legal Officer | Senior Vice President (Since 2016); Secretary and Chief Legal Officer (since 2014) | Senior Vice President, General Counsel and Secretary of VEAC, VEARA and VESC; Officer and/or Director of other companies affiliated with VEAC and/or the Trust. Formerly, Vice President of VEAC, VEARA and VESC. | |||
| Andrew Tilzer, 1972 |
Assistant Vice President | Since 2021 | Vice President of Portfolio Administration of VEAC. Formerly, Assistant Vice President, Portfolio Operations of VEAC. |
| 1 | The address for each Officer is 666 Third Avenue, 9th Floor, New York, New York 10017. |
| 2 | Officers are elected yearly by the Trustees. |
| 19 |
VANECK BITCOIN STRATEGY ETF
APPROVAL OF INVESTMENT MANAGEMENT AGREEMENTS
December 31, 2021
At a meeting held on September 14, 2021 (the “Meeting”), the Board of Trustees (the “Board”) of VanEck ETF Trust (the “Trust”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”), considered and approved the investment management agreements between the Trust and Van Eck Associates Corporation (the “Adviser”) (the “Investment Management Agreements”) with respect to the VanEck Bitcoin Strategy ETF, VanEck Ethereum Strategy ETF, VanEck Future of Food ETF (formerly known as VanEck Future of Food II ETF) and VanEck Green Metals ETF (the “Funds”).
The Board’s approval of the Investment Management 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 advance of the Meeting, the Trustees received materials from the Adviser, including expense information for other funds. The Adviser provided the Trustees with information regarding, among other things, the various aspects of the Funds’ proposed investment programs, fee arrangements and service provider arrangements. The Independent Trustees’ consideration of the Investment Management Agreements was based, in part, on their review of information obtained through discussions with the Adviser at the Meeting regarding the management of the Funds, information obtained at other meetings of the Trustees and/or based on their review of the materials provided by the Adviser, including the background and experience of the portfolio managers and others proposed to be involved in the management and administration of the Funds. The Trustees also considered the terms and scope of services that the Adviser would provide under each Investment Management Agreement, including the Adviser’s agreement to pay all of the direct expenses of each Fund (excluding the fee payment under the Investment Management Agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses).
The Trustees considered the benefits, other than the fees under the Investment Management Agreements, that the Adviser would receive from serving as adviser to the Funds. The Trustees did not consider historical information about the cost of the services provided by the Adviser or the profitability of the Funds to the Adviser because the Funds had not yet commenced operations. In addition, because the Funds had not yet commenced operations, the Trustees could not consider the historical performance or actual management fees or operating expenses of, or the quality of services previously provided to, the Funds by the Adviser, although they concluded that the nature, quality, and extent of the services to be provided by the Adviser were appropriate based on the Trustees’ knowledge of the Adviser and its personnel and the operations of the other series of the Trust.
The Independent Trustees were advised by and met in executive session with their independent counsel at the Meeting as part of their consideration of the Investment Management Agreements.
In voting to approve the Investment Management Agreements, the Trustees, including the Independent Trustees, concluded that the terms of the Investment Management Agreements 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 Agreements are in the best interest of the Funds and the Funds’ shareholders.
| 20 |
This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by a VanEck ETF Trust (the “Trust”) prospectus and summary prospectus, which includes more complete information. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Additional information about the Trust’s Board of Trustees/Officers and a description of the policies and procedures the Trust uses to determine how to vote proxies relating to portfolio securities are provided in the Statement of Additional Information. The Statement of Additional Information and information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve month period ending June 30 is available, without charge, by calling 800.826.2333, or by visiting vaneck.com, or on the Securities and Exchange Commission’s website at http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Form N-PORT filings are available on the Commission’s website at http://www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 202.942.8090. The Fund’s complete schedules of portfolio holdings are also available by calling 800.826.2333 or by visiting vaneck.com.
| Investment Adviser: | VanEck Associates Corporation | |
| Distributor: | VanEck Securities Corporation 666 Third Avenue, New York, NY 10017 vaneck.com |
|
| Account Assistance: | 800.826.2333 | XBTFAR |
| Item 2. | CODE OF ETHICS. |
| (a) | The Registrant has adopted a code of ethics (the “Code of Ethics”) that applies to the principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. |
| (b) | The Registrant’s code of ethics is reasonably described in this Form N-CSR. |
| (c) | The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto. |
| (d) | The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto. |
| (e) | Not applicable. |
| (f) | The Registrant’s Code of Ethics is attached as an Exhibit hereto. |
| Item 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
| The Registrant’s Board of Trustees has determined that David Chow, Laurie A. Hesslein, R. Alastair Short, Peter Sidebottom and Richard Stamberger, members of the Audit Committee, are “audit committee financial experts” and “independent” as such terms are defined in the instructions to Form N-CSR Item 3(a)(2). | |
| Item 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
| The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and 4(g) are for the Funds of the Registrant for which the fiscal year end is December 31. | |
| (a) | Audit Fees. The aggregate Audit Fees of Ernst & Young for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended December 31, 2021 and December 31, 2020, were $674,368 and $605,155, respectively. |
| (b) | Audit-Related Fees. Not applicable. |
| (c) | Tax Fees. The aggregate Tax Fees of Ernst & Young for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended December 31, 2021 and December 31, 2020, were $290,725 and $442,049 respectively. |
| (d) | All Other Fees |
| None. | |
| (e) | The Audit Committee will pre-approve all audit and non-audit services, to be provided to the Funds, by the independent accountants as required by Section 10A of the Securities Exchange Act of 1934. The Audit Committee has authorized the Chairman of the Audit Committee to approve, between meeting dates, appropriate non-audit services. |
| The Audit Committee after considering all factors, including a review of independence issues, will recommend to the Board of Trustees the independent auditors to be selected to audit the financial statements of the Funds. |
| (f) | Not applicable. |
| (g) | Not applicable. |
| (h) | Not applicable. |
| Item 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
| The Registrant’s Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of five Independent Trustees. Messrs. Chow, Hesslein, Short, Sidebottom and Stamberger currently serve as members of the Audit Committee. Mr. Short is the Chairman of the Audit Committee. | |
| Item 6. | SCHEDULE OF INVESTMENTS. |
| Information included in Item 1. | |
| Item 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
| Not applicable. | |
| Item 8. | PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
| Not applicable. | |
| Item 9. | PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
| Not applicable. | |
| Item 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
| None. | |
| Item 11. | CONTROLS AND PROCEDURES. |
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| Item 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| Item 13. | EXHIBITS. |
| (b) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) VANECK ETF TRUST
| By (Signature and Title) | /s/ John J. Crimmins, Treasurer and CFO |
| Date | March 10, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Jan F. van Eck, CEO |
| Date | March 10, 2022 |
| By (Signature and Title) | /s/ John J. Crimmins, Treasurer and CFO |
| Date | March 10, 2022 |