VANECK AGRIBUSINESS ETF
SCHEDULE OF INVESTMENTS
September 30, 2021 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Australia: 1.7% | ||||||||
| Incitec Pivot Ltd. # | 3,454,284 | $ | 7,179,340 | |||||
| Treasury Wine Estates Ltd. # | 1,334,498 | 11,757,813 | ||||||
| 18,937,153 | ||||||||
| Brazil: 2.3% | ||||||||
| Rumo SA * | 2,820,500 | 8,690,964 | ||||||
| Yara International ASA (NOK) # | 339,776 | 16,855,333 | ||||||
| 25,546,297 | ||||||||
| Canada: 6.5% | ||||||||
| Nutrien Ltd. (USD) | 1,121,413 | 72,701,205 | ||||||
| Chile: 1.6% | ||||||||
| Sociedad Quimica y Minera de Chile SA (ADR) | 334,218 | 17,954,191 | ||||||
| China: 4.8% | ||||||||
| China Mengniu Dairy Co. Ltd. (HKD) # * | 5,083,000 | 32,733,671 | ||||||
| Wilmar International Ltd. (SGD) # | 6,640,651 | 20,518,638 | ||||||
| 53,252,309 | ||||||||
| Denmark: 1.0% | ||||||||
| Bakkafrost P/F (NOK) # | 103,802 | 8,595,068 | ||||||
| Schouw & Co. # | 30,435 | 2,924,965 | ||||||
| 11,520,033 | ||||||||
| Germany: 7.7% | ||||||||
| Bayer AG # | 1,443,474 | 78,385,821 | ||||||
| K+S AG # * | 447,906 | 7,188,111 | ||||||
| �� | 85,573,932 | |||||||
| Indonesia: 0.1% | ||||||||
| Golden Agri-Resources Ltd. (SGD) # | 8,019,545 | 1,381,966 | ||||||
| Israel: 0.9% | ||||||||
| ICL Group Ltd. (USD) † | 1,322,251 | 9,612,765 | ||||||
| Japan: 4.6% | ||||||||
| Kubota Corp. # | 1,866,530 | 39,624,981 | ||||||
| Maruha Nichiro Corp. # | 96,100 | 2,270,336 | ||||||
| NH Foods Ltd. # | 173,400 | 6,531,904 | ||||||
| Nippon Suisan Kaisha Ltd. # | 445,900 | 2,584,542 | ||||||
| 51,011,763 | ||||||||
| Malaysia: 1.6% | ||||||||
| IOI Corp. Bhd | 5,396,755 | 4,859,851 | ||||||
| Kuala Lumpur Kepong Bhd | 731,470 | 3,515,389 | ||||||
| PPB Group Bhd | 1,231,680 | 5,401,563 | ||||||
| Sime Darby Plantation Bhd # | 5,178,800 | 4,417,421 | ||||||
| 18,194,224 | ||||||||
| Netherlands: 0.6% | ||||||||
| OCI NV # * | 216,545 | 6,400,811 | ||||||
| Norway: 3.1% | ||||||||
| Leroy Seafood Group ASA # | 585,566 | 4,847,171 | ||||||
| Mowi ASA # | 871,285 | 22,138,390 | ||||||
| Salmar ASA # | 116,662 | 7,752,253 | ||||||
| 34,737,814 | ||||||||
| Russia: 0.6% | ||||||||
| PhosAgro PJSC (USD) (GDR) | 281,866 | 6,279,974 | ||||||
| Singapore: 0.7% | ||||||||
| Charoen Pokphand Indonesia Tbk PT (IDR) # | 16,884,600 | 7,537,267 | ||||||
| Sweden: 1.8% | ||||||||
| Oatly Group AB (ADR) * † | 1,315,611 | 19,892,038 | ||||||
| Switzerland: 0.7% | ||||||||
| Bucher Industries AG # | 15,592 | 7,396,090 | ||||||
| Taiwan: 0.4% | ||||||||
| Taiwan Fertilizer Co. Ltd. # | 1,743,000 | 4,220,737 | ||||||
| Thailand: 0.8% | ||||||||
| Charoen Pokphand Foods PCL (NVDR) # | 11,284,836 | 8,565,575 | ||||||
| United Kingdom: 3.6% | ||||||||
| CNH Industrial NV (USD) † | 1,838,100 | 30,530,841 | ||||||
| Genus Plc # | 127,738 | 9,345,058 | ||||||
| 39,875,899 | ||||||||
| United States: 54.9% | ||||||||
| AGCO Corp. | 121,727 | 14,915,209 | ||||||
| Archer-Daniels-Midland Co. | 824,675 | 49,488,747 | ||||||
| Balchem Corp. | 55,300 | 8,022,371 | ||||||
| Beyond Meat, Inc. * † | 109,540 | 11,530,180 | ||||||
| Bunge Ltd. | 215,566 | 17,529,827 | ||||||
| CF Industries Holdings, Inc. | 347,324 | 19,387,626 | ||||||
| Corteva, Inc. | 1,271,808 | 53,517,681 | ||||||
| Darling Ingredients, Inc. * | 219,975 | 15,816,202 | ||||||
| Deere & Co. | 244,741 | 82,005,367 | ||||||
| Elanco Animal Health, Inc. * | 642,024 | 20,474,145 | ||||||
| FMC Corp. | 243,952 | 22,336,245 | ||||||
| IDEXX Laboratories, Inc. * | 107,055 | 66,577,504 | ||||||
| Mosaic Co. | 657,873 | 23,499,224 | ||||||
| Neogen Corp. * | 150,913 | 6,554,152 | ||||||
| Pilgrim's Pride Corp. * | 114,047 | 3,316,487 | ||||||
| Sanderson Farms, Inc. | 38,144 | 7,178,701 | ||||||
| Toro Co. | 186,822 | 18,198,331 | ||||||
| Tractor Supply Co. | 211,380 | 42,827,702 | ||||||
| Tyson Foods, Inc. | 558,830 | 44,114,040 | ||||||
| Zoetis, Inc. | 432,857 | 84,034,858 | ||||||
| 611,324,599 | ||||||||
| Total Common Stocks (Cost: $943,379,354) | 1,111,916,642 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.2% (Cost: $2,060,796) | ||||||||
| Money Market Fund: 0.2% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 2,060,796 | 2,060,796 | ||||||
| Total Investments: 100.2% (Cost: $945,440,150) | 1,113,977,438 | |||||||
| Liabilities in excess of other assets: (0.2)% | (1,721,425 | ) | ||||||
| NET ASSETS: 100.0% | $ | 1,112,256,013 | ||||||
| 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 $321,153,262 which represents 28.9% of net assets. | |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $8,937,064. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Consumer Discretionary | 3.9 | % | $ | 42,827,702 | ||||
| Consumer Staples | 29.4 | 327,200,005 | ||||||
| Health Care | 23.9 | 265,371,538 | ||||||
| Industrials | 18.1 | 201,361,783 | ||||||
| Materials | 24.7 | 275,155,614 | ||||||
| 100.0 | % | $ | 1,111,916,642 | |||||
VANECK GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
September 30, 2021 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.8% | ||||||||
| Australia: 12.7% | ||||||||
| Evolution Mining Ltd. # ‡ | 93,384,502 | $ | 235,928,470 | |||||
| Gold Road Resources Ltd. # † ‡ | 44,881,852 | 38,704,531 | ||||||
| Newcrest Mining Ltd. # | 37,778,567 | 625,762,746 | ||||||
| Northern Star Resources Ltd. # † ‡ | 59,319,960 | 363,012,514 | ||||||
| OceanaGold Corp. (CAD) * † ‡ | 35,869,170 | 58,609,292 | ||||||
| Perseus Mining Ltd. # * ‡ | 62,515,443 | 62,837,104 | ||||||
| Ramelius Resources Ltd. # ‡ | 41,479,159 | 39,887,522 | ||||||
| Regis Resources Ltd. # ‡ | 38,427,734 | 55,672,678 | ||||||
| Silver Lake Resources Ltd. # * † ‡ | 45,108,183 | 43,662,272 | ||||||
| St Barbara Ltd. # ‡ | 36,088,232 | 34,751,812 | ||||||
| Westgold Resources Ltd. # † ‡ | 21,606,409 | 25,286,945 | ||||||
| 1,584,115,886 | ||||||||
| Brazil: 5.7% | ||||||||
| Wheaton Precious Metals Corp. (USD) † | 18,938,915 | 711,724,426 | ||||||
| Burkina Faso: 0.4% | ||||||||
| IAMGOLD Corp. (USD) * † ‡ | 24,288,417 | 54,891,822 | ||||||
| Canada: 46.1% | ||||||||
| Agnico Eagle Mines Ltd. (USD) | 10,910,111 | 565,689,255 | ||||||
| Alamos Gold, Inc. (USD) † ‡ | 20,020,883 | 144,150,358 | ||||||
| Aya Gold & Silver, Inc. * † | 4,877,784 | 29,994,030 | ||||||
| B2Gold Corp. (USD) † ‡ | 53,717,989 | 183,715,522 | ||||||
| Barrick Gold Corp. (USD) | 74,825,780 | 1,350,605,329 | ||||||
| Dundee Precious Metals, Inc. † ‡ | 9,817,456 | 59,051,202 | ||||||
| Endeavour Silver Corp. (USD) * † ‡ | 8,685,109 | 35,522,096 | ||||||
| Equinox Gold Corp. (USD) * † ‡ | 15,308,085 | 101,033,361 | ||||||
| First Majestic Silver Corp. (USD) † ‡ | 13,067,773 | 147,665,835 | ||||||
| Fortuna Silver Mines, Inc. (USD) * † ‡ | 14,843,487 | 58,334,904 | ||||||
| Franco-Nevada Corp. (USD) † | 8,038,005 | 1,044,217,229 | ||||||
| K92 Mining, Inc. * † ‡ | 11,225,606 | 53,963,721 | ||||||
| Kinross Gold Corp. (USD) ‡ | 64,296,910 | 344,631,438 | ||||||
| Kirkland Lake Gold Ltd. † ‡ | 13,544,902 | 564,099,167 | ||||||
| New Gold, Inc. (USD) * † ‡ | 34,687,484 | 36,768,733 | ||||||
| Osisko Gold Royalties Ltd. (USD) † ‡ | 8,564,912 | 96,183,962 | ||||||
| Pan American Silver Corp. (USD) † ‡ | 10,715,008 | 249,338,236 | ||||||
| Pretium Resources, Inc. (USD) * † ‡ | 9,573,646 | 92,289,947 | ||||||
| Sandstorm Gold Ltd. (USD) * † ‡ | 9,929,931 | 57,196,403 | ||||||
| Silvercorp Metals, Inc. (USD) ‡ | 8,985,431 | 34,234,492 | ||||||
| SSR Mining, Inc. (USD) † ‡ | 11,020,877 | 160,353,760 | ||||||
| Torex Gold Resources, Inc. * ‡ | 4,369,005 | 43,660,736 | ||||||
| Victoria Gold Corp. * † ‡ | 3,179,872 | 37,826,634 | ||||||
| Wesdome Gold Mines Ltd. * † ‡ | 7,143,315 | 57,232,227 | ||||||
| Yamana Gold, Inc. (USD) † ‡ | 49,240,861 | 194,993,810 | ||||||
| 5,742,752,387 | ||||||||
| China: 3.6% | ||||||||
| Zhaojin Mining Industry Co. Ltd. (HKD) # † ‡ | 132,944,000 | 93,597,553 | ||||||
| Zijin Mining Group Co. Ltd. (HKD) # ‡ | 292,262,000 | 354,941,408 | ||||||
| 448,538,961 | ||||||||
| Egypt: 0.6% | ||||||||
| Centamin Plc (GBP) # ‡ | 58,922,508 | 75,485,230 | ||||||
| Kyrgyzstan: 0.8% | ||||||||
| Centerra Gold, Inc. (CAD) ‡ | 15,120,973 | 103,245,385 | ||||||
| Peru: 0.7% | ||||||||
| Cia de Minas Buenaventura SAA (ADR) * † ‡ | 12,927,096 | 87,387,169 | ||||||
| South Africa: 4.0% | ||||||||
| DRDGOLD Ltd. (ADR) † ‡ | 4,405,196 | 35,638,036 | ||||||
| Gold Fields Ltd. (ADR) † ‡ | 45,230,177 | 367,269,037 | ||||||
| Harmony Gold Mining Co. Ltd. (ADR) † ‡ | 31,388,546 | 98,873,920 | ||||||
| 501,780,993 | ||||||||
| Tanzania: 2.7% | ||||||||
| AngloGold Ashanti Ltd. (ADR) † ‡ | 21,265,561 | 340,036,320 | ||||||
| Turkey: 0.6% | ||||||||
| Eldorado Gold Corp. (USD) * † ‡ | 9,303,360 | 71,914,973 | ||||||
| United Kingdom: 2.3% | ||||||||
| Endeavour Mining Plc (CAD) † ‡ | 12,692,834 | 285,647,628 | ||||||
| United States: 19.6% | ||||||||
| Argonaut Gold, Inc. (CAD) * † ‡ | 15,830,980 | 34,364,917 | ||||||
| Coeur Mining, Inc. * † ‡ | 13,095,785 | 80,800,993 | ||||||
| GoGold Resources, Inc. (CAD) * † ‡ | 14,037,945 | 30,694,327 | ||||||
| Hecla Mining Co. ‡ | 27,359,514 | 150,477,327 | ||||||
| Newmont Corp. | 33,611,825 | 1,825,122,097 | ||||||
| Royal Gold, Inc. ‡ | 3,342,748 | 319,199,007 | ||||||
| 2,440,658,668 | ||||||||
| Total Common Stocks (Cost: $12,503,792,305) | 12,448,179,848 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7% (Cost: $83,531,408) | ||||||||
| Money Market Fund: 0.7% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 83,531,408 | 83,531,408 | ||||||
| Total Investments: 100.5% (Cost: $12,587,323,713) | 12,531,711,256 | |||||||
| Liabilities in excess of other assets: (0.5)% | (62,936,203 | ) | ||||||
| NET ASSETS: 100.0% | $ | 12,468,775,053 | ||||||
| Definitions: | |
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |
| Footnotes: | |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued |
| securities is $2,049,530,785 which represents 16.4% of net assets. | |
| ‡ | Affiliated issuer – as defined under the Investment Company Act of 1940. |
| † | Security fully or partially on loan. Total market value of securities on loan is $274,357,099. |
| * | Non-income producing |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Gold | 94.1 | % | $ | 11,711,918,601 | ||||
| Precious Metals & Minerals | 0.4 | 60,688,357 | ||||||
| Silver | 5.5 | 675,572,890 | ||||||
| 100.0 | % | $ | 12,448,179,848 | |||||
Transactions in securities of affiliates for the period ended September 30, 2021:
| Value 12/31/2020 | Purchases | Sales Proceeds | Realized Gain (Loss) | Dividend Income | Net Change in Unrealized Appreciation (Depreciation) | Value 9/30/2021 | ||||||||||||||||||||||
| Alamos Gold, Inc. | $ | 202,348,029 | $ | 23,201,326 | $ | (48,970,981 | ) | $ | 8,670,294 | $ | 1,499,091 | $ | (41,098,310 | ) | $ | 144,150,358 | ||||||||||||
| AngloGold Ashanti Ltd. | 555,316,906 | 58,849,543 | (138,768,754 | ) | 24,214,549 | 11,830,144 | (159,575,924 | ) | 340,036,320 | |||||||||||||||||||
| Argonaut Gold, Inc. | – | 40,413,501 | (1,539,154 | ) | 10,835 | – | (4,520,265 | ) | 34,364,917 | |||||||||||||||||||
| B2Gold Corp. | 346,458,398 | 34,498,468 | (75,540,588 | ) | 11,669,023 | 6,525,521 | (133,369,779 | ) | 183,715,522 | |||||||||||||||||||
| Centamin Plc | 115,183,901 | 12,246,206 | (26,622,381 | ) | (5,696,834 | ) | 3,933,991 | (19,625,662 | ) | 75,485,230 | ||||||||||||||||||
| Centerra Gold, Inc. | 201,525,211 | 18,197,748 | (42,548,964 | ) | 8,978,148 | 2,047,460 | (82,906,758 | ) | 103,245,385 | |||||||||||||||||||
| Cia de Minas Buenaventura SAA | 182,132,887 | 17,251,099 | (40,624,329 | ) | (6,775,633 | ) | – | (64,596,855 | ) | 87,387,169 | ||||||||||||||||||
| Coeur Mining, Inc. | 148,558,290 | 21,687,484 | (35,030,725 | ) | 8,564,995 | – | (62,979,051 | ) | 80,800,993 | |||||||||||||||||||
| DRDGOLD Ltd. | – | (a) | 6,600,210 | (13,457,293 | ) | (1,893,578 | ) | 2,329,095 | (15,334,739 | ) | 35,638,036 | |||||||||||||||||
| Dundee Precious Metals, Inc. | 76,514,526 | 12,257,595 | (18,118,089 | ) | 3,956,890 | 836,053 | (15,559,720 | ) | 59,051,202 | |||||||||||||||||||
| Eldorado Gold Corp. | 136,597,279 | 17,084,199 | (30,641,040 | ) | (3,966,028 | ) | – | (47,159,437 | ) | 71,914,973 | ||||||||||||||||||
| Endeavour Mining Plc | 223,223,248 | 262,214,175 | (12,022,671 | ) | 4,471,012 | 3,451,738 | (192,238,136 | ) | 285,647,628 | |||||||||||||||||||
| Endeavour Silver Corp. | – | 54,057,132 | (3,858,723 | ) | (119,323 | ) | – | (14,556,990 | ) | 35,522,096 | ||||||||||||||||||
| Equinox Gold Corp. | 147,360,355 | 38,767,145 | (32,513,116 | ) | (708,595 | ) | – | (51,872,428 | ) | 101,033,361 | ||||||||||||||||||
| Evolution Mining Ltd. | 387,584,793 | 58,124,548 | (87,239,281 | ) | 13,497,872 | 8,204,064 | (136,039,462 | ) | 235,928,470 | |||||||||||||||||||
| First Majestic Silver Corp. | 175,080,394 | 51,917,169 | (53,761,694 | ) | 22,865,584 | 123,356 | (48,435,618 | ) | 147,665,835 | |||||||||||||||||||
| Fortuna Silver Mines, Inc. | 89,380,326 | 31,162,544 | (19,786,551 | ) | 4,886,334 | – | (47,307,749 | ) | 58,334,904 | |||||||||||||||||||
| GoGold Resources, Inc. | – | 35,859,485 | (1,321,266 | ) | (47,697 | ) | – | (3,796,195 | ) | 30,694,327 | ||||||||||||||||||
| Gold Fields Ltd. | 482,218,188 | 61,017,343 | (128,969,672 | ) | 38,677,746 | 17,474,760 | (85,674,568 | ) | 367,269,037 | |||||||||||||||||||
| Gold Road Resources Ltd. | 52,987,929 | 6,373,629 | (12,615,878 | ) | (1,317,064 | ) | 653,350 | (6,724,085 | ) | 38,704,531 | ||||||||||||||||||
| Harmony Gold Mining Co. Ltd. | 169,770,136 | 18,499,724 | (41,774,573 | ) | 9,449,671 | 2,298,929 | (57,071,038 | ) | 98,873,920 | |||||||||||||||||||
| Hecla Mining Co. | 202,636,786 | 27,444,323 | (51,405,619 | ) | 20,318,117 | 841,212 | (48,516,280 | ) | 150,477,327 | |||||||||||||||||||
| IAMGOLD Corp. | 102,400,153 | 10,684,021 | (23,010,606 | ) | (6,439,435 | ) | – | (28,742,311 | ) | 54,891,822 | ||||||||||||||||||
| K92 Mining, Inc. | 77,080,191 | 10,073,220 | (19,495,898 | ) | 91,820 | – | (13,785,612 | ) | 53,963,721 | |||||||||||||||||||
| Kinross Gold Corp. | 543,900,033 | 62,268,599 | (133,439,219 | ) | 26,046,025 | 5,774,824 | (154,144,000 | ) | 344,631,438 | |||||||||||||||||||
| Kirkland Lake Gold Ltd. | 708,338,478 | 77,333,802 | (204,548,149 | ) | 20,425,624 | 7,495,487 | (37,450,588 | ) | 564,099,167 | |||||||||||||||||||
| New Gold, Inc. | 87,233,981 | 8,317,464 | (17,916,107 | ) | 3,851,002 | – | (44,717,607 | ) | 36,768,733 | |||||||||||||||||||
| Northern Star Resources Ltd. | 426,875,246 | 288,093,540 | (129,997,879 | ) | 14,682,976 | 8,597,754 | (236,641,369 | ) | 363,012,514 | |||||||||||||||||||
| OceanaGold Corp. | 80,010,444 | 9,786,351 | (18,868,226 | ) | (4,681,848 | ) | – | (7,637,429 | ) | 58,609,292 | ||||||||||||||||||
| Osisko Gold Royalties Ltd. | 124,618,698 | 16,079,327 | (30,013,959 | ) | 2,589,214 | 1,033,437 | (17,089,318 | ) | 96,183,962 | |||||||||||||||||||
| Pan American Silver Corp. | 427,132,341 | 44,857,194 | (103,243,627 | ) | 32,807,631 | 2,558,991 | (152,215,303 | ) | 249,338,236 | |||||||||||||||||||
| Perseus Mining Ltd. | 72,435,336 | 9,066,009 | (17,739,351 | ) | 2,772,569 | – | (3,697,459 | ) | 62,837,104 | |||||||||||||||||||
| Pretium Resources, Inc. | 126,591,808 | 14,194,862 | (30,552,799 | ) | 2,508,718 | – | (20,452,642 | ) | 92,289,947 | |||||||||||||||||||
| Ramelius Resources Ltd. | 62,075,381 | 7,093,780 | (14,528,428 | ) | (1,191,732 | ) | 737,224 | (13,561,479 | ) | 39,887,522 | ||||||||||||||||||
| Regis Resources Ltd. | 87,000,503 | 33,765,021 | (19,668,240 | ) | (4,489,054 | ) | 1,675,723 | (40,935,552 | ) | 55,672,678 | ||||||||||||||||||
| Resolute Mining Ltd. | 39,928,687 | 2,319,618 | (25,381,336 | ) | (48,489,772 | ) | – | 31,622,803 | – | |||||||||||||||||||
| Royal Gold, Inc. | 410,914,734 | 53,299,922 | (108,911,824 | ) | 10,440,192 | 4,103,450 | (46,544,018 | ) | 319,199,006 | |||||||||||||||||||
| Sandstorm Gold Ltd. | 81,219,860 | 10,381,544 | (19,759,172 | ) | 2,351,667 | – | (16,997,496 | ) | 57,196,403 | |||||||||||||||||||
| Saracen Mineral Holdings Ltd. | 239,553,823 | 1,779,704 | (237,044,851 | ) | 78,380,941 | 370,196 | (82,669,617 | ) | – | |||||||||||||||||||
| Silver Lake Resources Ltd. | 71,711,925 | 7,733,529 | (16,695,327 | ) | (484,220 | ) | – | (18,603,635 | ) | 43,662,272 | ||||||||||||||||||
| Silvercorp Metals, Inc. | 69,022,757 | 7,063,064 | (14,895,355 | ) | (1,262,118 | ) | 105,611 | (25,693,856 | ) | 34,234,492 | ||||||||||||||||||
| SSR Mining, Inc. | 259,911,253 | 23,334,384 | (54,346,413 | ) | 11,984,834 | 1,678,720 | (80,530,298 | ) | 160,353,760 | |||||||||||||||||||
| St Barbara Ltd. | 75,627,992 | 6,772,450 | (16,547,592 | ) | (6,875,106 | ) | 1,724,553 | (24,225,932 | ) | 34,751,812 | ||||||||||||||||||
| Teranga Gold Corp. | 105,818,637 | 795,749 | (76,654,819 | ) | 1,907,918 | – | (31,867,485 | ) | – | |||||||||||||||||||
| Torex Gold Resources, Inc. | 75,473,469 | 7,777,894 | (17,187,942 | ) | (1,517,181 | ) | – | (20,885,504 | ) | 43,660,736 | ||||||||||||||||||
| Victoria Gold Corp. | – | 49,290,147 | (1,630,228 | ) | (228,410 | ) | – | (9,604,875 | ) | 37,826,634 | ||||||||||||||||||
| Wesdome Gold Mines Ltd. | 68,296,995 | 9,313,155 | (15,575,586 | ) | (1,116,967 | ) | – | (3,685,370 | ) | 57,232,227 | ||||||||||||||||||
| Westgold Resources Ltd. | 50,723,137 | 4,545,138 | (10,240,634 | ) | (1,730,986 | ) | 311,262 | (18,009,710 | ) | 25,286,945 | ||||||||||||||||||
| Yamana Gold, Inc. | 320,326,946 | 32,531,670 | (66,042,120 | ) | 10,235,365 | 3,989,137 | (102,058,051 | ) | 194,993,810 | |||||||||||||||||||
| Zhaojin Mining Industry Co. Ltd. | 183,114,692 | 17,135,304 | (39,849,813 | ) | (2,532,313 | ) | 999,109 | (64,270,318 | ) | 93,597,552 | ||||||||||||||||||
| Zijin Mining Group Co. Ltd. | 382,742,128 | 56,670,105 | (119,551,614 | ) | 70,873,713 | 5,159,326 | (35,792,924 | ) | 354,941,408 | |||||||||||||||||||
| $ | 9,254,957,210 | $ | 1,790,081,163 | $ | (2,520,468,456 | ) | $ | 370,617,385 | $ | 108,363,568 | $ | (2,659,846,004 | ) | $ | 6,295,064,734 | |||||||||||||
| (a) | Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period. |
VANECK JUNIOR GOLD MINERS ETF
SCHEDULE OF INVESTMENTS
September 30, 2021 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.6% | ||||||||
| Australia: 15.7% | ||||||||
| Alkane Resources Ltd. # * † | 22,153,080 | $ | 13,581,729 | |||||
| Aurelia Metals Ltd. # * † | 56,079,653 | 12,150,315 | ||||||
| Australian Strategic Materials Ltd. # * | 1 | 7 | ||||||
| Bellevue Gold Ltd. # * † | 35,596,564 | 21,694,498 | ||||||
| Dacian Gold Ltd. # * † | 40,230,728 | 5,641,898 | ||||||
| De Grey Mining Ltd. # * | 47,380,774 | 33,138,477 | ||||||
| Evolution Mining Ltd. # | 72,211,310 | 182,436,095 | ||||||
| Firefinch Ltd. # * † ‡ | 47,596,891 | 20,750,618 | ||||||
| Gold Road Resources Ltd. # † | 40,969,506 | 35,330,661 | ||||||
| OceanaGold Corp. (CAD) * † | 30,431,204 | 49,723,797 | ||||||
| Perseus Mining Ltd. # * | 52,366,439 | 52,635,880 | ||||||
| Ramelius Resources Ltd. # | 37,417,933 | 35,982,133 | ||||||
| Red 5 Ltd. * † | 77,360,219 | 11,735,046 | ||||||
| Regis Resources Ltd. # | 32,189,226 | 46,634,559 | ||||||
| Resolute Mining Ltd. # * † | 33,825,135 | 10,141,896 | ||||||
| Silver Lake Resources Ltd. # * | 39,722,952 | 38,449,661 | ||||||
| Silver Mines Ltd. # * † | 63,466,191 | 8,516,546 | ||||||
| St Barbara Ltd. # | 25,578,807 | 24,631,573 | ||||||
| West African Resources Ltd. # * † | 37,703,157 | 26,438,972 | ||||||
| Westgold Resources Ltd. # | 13,915,326 | 16,285,727 | ||||||
| 645,900,088 | ||||||||
| Burkina Faso: 1.2% | ||||||||
| IAMGOLD Corp. (USD) * † | 21,127,208 | 47,747,490 | ||||||
| Canada: 55.0% | ||||||||
| Alamos Gold, Inc. (USD) † | 17,630,694 | 126,940,997 | ||||||
| Alexco Resource Corp. (USD) * † | 7,348,995 | 11,023,492 | ||||||
| Americas Gold & Silver Corp. (USD) * † ‡ | 7,765,363 | 6,188,218 | ||||||
| Aya Gold & Silver, Inc. * | 4,754,636 | 29,236,780 | ||||||
| B2Gold Corp. (USD) † | 40,373,898 | 138,078,731 | ||||||
| Calibre Mining Corp. * † | 10,207,303 | 10,877,262 | ||||||
| Discovery Silver Corp. * † | 11,738,325 | 11,396,882 | ||||||
| Dundee Precious Metals, Inc. | 6,220,708 | 37,417,054 | ||||||
| Endeavour Silver Corp. (USD) * | 7,827,443 | 32,014,242 | ||||||
| Equinox Gold Corp. (USD) * † | 12,329,813 | 81,376,766 | ||||||
| First Majestic Silver Corp. (USD) † | 11,171,874 | 126,242,176 | ||||||
| Fortuna Silver Mines, Inc. (USD) * † | 14,510,887 | 57,027,786 | ||||||
| Freegold Ventures Ltd. * † | 13,891,485 | 5,701,995 | ||||||
| Galiano Gold, Inc. (USD) * † | 6,769,561 | 4,874,084 | ||||||
| Gold Royalty Corp. (USD) * † | 1,139,250 | 5,696,250 | ||||||
| Gold Standard Ventures Corp. (USD) * † | 11,538,851 | 5,236,331 | ||||||
| GoldMining, Inc. (USD) * † ‡ | 7,694,418 | 9,002,469 | ||||||
| Gran Colombia Gold Corp. † | 4,678,868 | 17,654,015 | ||||||
| Great Bear Resources Ltd. * † | 2,407,662 | 25,770,925 | ||||||
| Great Panther Mining Ltd. (USD) * † ‡ | 18,343,816 | 8,438,155 | ||||||
| i-80 Gold Corp. * † | 3,235,597 | 7,943,092 | ||||||
| Jaguar Mining, Inc. † | 1,505,858 | 4,718,993 | ||||||
| K92 Mining, Inc. * † | 9,473,047 | 45,538,822 | ||||||
| Karora Resources, Inc. * † | 6,929,251 | 18,104,607 | ||||||
| Liberty Gold Corp. * † | 10,529,871 | 7,397,549 | ||||||
| Lundin Gold, Inc. * † | 5,220,670 | 39,025,729 | ||||||
| MAG Silver Corp. (USD) * † | 4,098,943 | 66,402,877 | ||||||
| Marathon Gold Corp. * † | 11,098,733 | 26,895,931 | ||||||
| Maverix Metals, Inc. (USD) † | 2,872,899 | 12,841,859 | ||||||
| McEwen Mining, Inc. (USD) * † | 20,602,904 | 21,427,020 | ||||||
| Metalla Royalty & Streaming Ltd. (USD) * † ‡ | 2,363,548 | 16,072,126 | ||||||
| New Found Gold Corp. * † | 2,774,459 | 16,885,250 | ||||||
| New Gold, Inc. (USD) * † | 30,548,280 | 32,381,177 | ||||||
| New Pacific Metals Corp. * † | 4,581,339 | 15,224,721 | ||||||
| Novagold Resources, Inc. (USD) * | 9,617,938 | 66,171,413 | ||||||
| Novo Resources Corp. * † | 10,844,889 | 14,895,297 | ||||||
| Orla Mining Ltd. * † | 7,575,482 | 24,995,473 | ||||||
| Osisko Gold Royalties Ltd. (USD) † | 5,610,731 | 63,008,509 | ||||||
| Osisko Mining, Inc. * † | 13,652,876 | 25,326,012 | ||||||
| Pan American Silver Corp. (USD) † | 9,550,822 | 222,247,628 | ||||||
| Pretium Resources, Inc. (USD) * † | 8,841,892 | 85,235,839 | ||||||
| Pure Gold Mining, Inc. * † | 14,687,471 | 10,318,387 | ||||||
| Sabina Gold & Silver Corp. * † | 12,950,787 | 14,925,326 | ||||||
| Sandstorm Gold Ltd. (USD) * † | 9,384,229 | 54,053,159 | ||||||
| Seabridge Gold, Inc. (USD) * † | 3,622,633 | 55,969,680 | ||||||
| Silvercorp Metals, Inc. (USD) † | 8,577,490 | 32,680,237 | ||||||
| SilverCrest Metals, Inc. (USD) * † | 7,055,320 | 49,246,134 | ||||||
| Skeena Resources Ltd. * † | 2,193,677 | 21,748,891 | ||||||
| SSR Mining, Inc. (USD) † | 9,263,551 | 134,784,667 | ||||||
| Sulliden Mining Capital, Inc. * | 1,694,754 | 143,810 | ||||||
| Torex Gold Resources, Inc. * | 3,331,294 | 33,290,589 | ||||||
| Victoria Gold Corp. * † | 2,191,437 | 26,068,560 | ||||||
| Wallbridge Mining Co. Ltd. * † | 29,457,151 | 12,323,708 | ||||||
| Wesdome Gold Mines Ltd. * | 6,897,517 | 55,262,894 | ||||||
| Yamana Gold, Inc. (USD) † | 46,006,155 | 182,184,374 | ||||||
| 2,265,934,950 | ||||||||
| China: 0.9% | ||||||||
| Real Gold Mining Ltd. (HKD) * ∞ | 19,287,400 | 3 | ||||||
| Zhaojin Mining Industry Co. Ltd. (HKD) # | 51,405,000 | 36,191,044 | ||||||
| 36,191,047 | ||||||||
| Egypt: 1.3% | ||||||||
| Centamin Plc (GBP) # | 43,028,951 | 55,124,101 | ||||||
| Indonesia: 2.9% | ||||||||
| Merdeka Copper Gold Tbk PT # * | 676,776,800 | 118,448,021 | ||||||
| Jersey, Channel Islands: 0.1% | ||||||||
| Caledonia Mining Corp. Plc (USD) † | 484,060 | 5,857,126 | ||||||
| Kyrgyzstan: 1.4% | ||||||||
| Centerra Gold, Inc. (CAD) | 8,442,431 | 57,644,574 | ||||||
| Mexico: 1.9% | ||||||||
| Industrias Penoles SAB de CV * | 6,741,186 | 79,833,072 | ||||||
| Peru: 2.3% | ||||||||
| Cia de Minas Buenaventura SAA (ADR) * † | 9,927,215 | 67,107,973 | ||||||
| Hochschild Mining Plc (GBP) | 16,027,197 | 28,741,668 | ||||||
| 95,849,641 | ||||||||
| Russia: 0.8% | ||||||||
| Petropavlovsk Plc (GBP) * † | 125,588,064 | 34,747,893 | ||||||
| South Africa: 2.1% | ||||||||
| DRDGOLD Ltd. (ADR) † | 1,986,928 | 16,074,248 | ||||||
| Harmony Gold Mining Co. Ltd. (ADR) † | 21,910,655 | 69,018,563 | ||||||
| 85,092,811 | ||||||||
| Turkey: 2.0% | ||||||||
| Eldorado Gold Corp. (USD) * † | 7,093,648 | 54,833,899 | ||||||
| Koza Altin Isletmeleri AS # * | 2,503,323 | 26,833,532 | ||||||
| 81,667,431 | ||||||||
| United Kingdom: 5.3% | ||||||||
| Endeavour Mining Plc (CAD) † | 7,727,900 | 173,913,588 | ||||||
| Greatland Gold Plc # * ‡ | 203,913,559 | 44,179,846 | ||||||
| 218,093,434 | ||||||||
| United States: 6.7% | ||||||||
| Argonaut Gold, Inc. (CAD) * † | 13,402,972 | 29,094,347 | ||||||
| Aura Minerals, Inc. (BRL) (BDR) | 1,945,428 | 20,518,590 | ||||||
| Coeur Mining, Inc. * | 10,125,903 | 62,476,821 | ||||||
| Gatos Silver, Inc. * | 1,240,579 | 14,427,934 | ||||||
| GoGold Resources, Inc. (CAD) * | 13,065,811 | 28,568,731 | ||||||
| Gold Resource Corp. ‡ | 3,874,280 | 6,082,619 | ||||||
| Golden Star Resources Ltd. * † | 3,166,079 | 7,535,268 | ||||||
| Hecla Mining Co. | 19,979,692 | 109,888,306 | ||||||
| 278,592,616 | ||||||||
| Total Common Stocks (Cost: $4,817,956,275) | 4,106,724,295 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.9% (Cost: $77,044,805) | ||||||||
| Money Market Fund: 1.9% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 77,044,805 | 77,044,805 | ||||||
| Total Investments: 101.5% (Cost: $4,895,001,080) | 4,183,769,100 | |||||||
| Liabilities in excess of other assets: (1.5)% | (61,504,337 | ) | ||||||
| NET ASSETS: 100.0% | $ | 4,122,264,763 | ||||||
| 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 $213,941,588. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $865,217,789 which represents 21.0% 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 | 4.1 | % | $ | 164,334,991 | ||||
| Gold | 74.0 | 3,047,420,546 | ||||||
| Precious Metals & Minerals | 4.9 | 203,100,653 | ||||||
| Silver | 17.0 | 691,868,106 | ||||||
| 100.0 | % | $ | 4,106,724,296 | |||||
Transactions in securities of affiliates for the period ended September 30, 2021:
| Value 12/31/2020 | Purchases | Sales Proceeds | Realized Gain (Loss) | Dividend Income | Net Change in Unrealized Appreciation (Depreciation) | Value 9/30/2021 | ||||||||||||||||||||||
| Alexco Resource Corp. | $ | 23,466,863 | $ | 2,938,563 | $ | (2,760,424 | ) | $ | 789,494 | $ | – | $ | (13,411,004 | ) | $ | — | (a) | |||||||||||
| Americas Gold & Silver Corp. | – | (b) | 5,506,305 | (1,540,786 | ) | 179,035 | – | (14,821,080 | ) | 6,188,218 | ||||||||||||||||||
| Argonaut Gold, Inc. | 32,376,438 | 3,556,463 | (7,718,734 | ) | 874,202 | – | 5,978 | – | (a) | |||||||||||||||||||
| Endeavour Silver Corp. | 45,123,019 | 8,267,971 | (11,688,303 | ) | 438,662 | – | (10,127,107 | ) | – | (a) | ||||||||||||||||||
| Firefinch Ltd. | – | 22,535,060 | – | – | – | (1,784,443 | ) | 20,750,617 | ||||||||||||||||||||
| Fortuna Silver Mines, Inc. | 76,799,832 | 29,064,631 | (9,505,813 | ) | 3,263,826 | – | (42,594,690 | ) | – | (a) | ||||||||||||||||||
| Freegold Ventures Ltd. | 8,326,263 | 1,672,489 | (1,171,989 | ) | (315,415 | ) | – | (2,809,353 | ) | – | (a) | |||||||||||||||||
| Gold Resource Corp. | 10,463,080 | 2,402,648 | (1,544,560 | ) | (523,937 | ) | 124,927 | (4,714,611 | ) | 6,082,620 | ||||||||||||||||||
| GoldMining, Inc. | 18,351,915 | 19,202,157 | (1,091,366 | ) | (357,901 | ) | – | (27,102,336 | ) | 9,002,469 | ||||||||||||||||||
| Great Panther Mining Ltd. | 17,099,397 | 1,330,346 | (2,373,089 | ) | (256,480 | ) | – | (7,362,019 | ) | 8,438,155 | ||||||||||||||||||
| Greatland Gold Plc | 111,017,621 | 7,237,644 | (11,829,255 | ) | (2,444,253 | ) | – | (59,801,911 | ) | 44,179,846 | ||||||||||||||||||
| Metalla Royalty & Streaming Ltd. | 26,786,700 | 9,280,341 | (7,051,942 | ) | (1,666,794 | ) | – | (11,276,179 | ) | 16,072,126 | ||||||||||||||||||
| Pan American Silver Corp. | 371,133,447 | 32,266,669 | (63,920,408 | ) | 14,575,977 | 2,475,486 | (131,808,057 | ) | – | (a) | ||||||||||||||||||
| Sabina Gold & Silver Corp. | 43,570,859 | 3,113,452 | (9,575,111 | ) | (3,152,597 | ) | – | (19,031,277 | ) | – | (a) | |||||||||||||||||
| Sandstorm Gold Ltd. | 70,654,435 | 9,195,382 | (11,543,923 | ) | 1,927,213 | – | (16,179,948 | ) | – | (a) | ||||||||||||||||||
| Silvercorp Metals, Inc. | 59,975,000 | 5,746,583 | (7,647,293 | ) | 2,828,403 | 110,409 | (28,222,456 | ) | – | (a) | ||||||||||||||||||
| Yamana Gold, Inc. | 275,275,800 | 30,021,653 | (39,900,788 | ) | 9,114,924 | 3,953,426 | (92,327,215 | ) | – | (a) | ||||||||||||||||||
| $ | 1,190,420,669 | $ | 193,338,357 | $ | (190,863,784 | ) | $ | 25,274,359 | $ | 6,664,248 | $ | (483,367,708 | ) | $ | 110,714,051 | |||||||||||||
| (a) | Security held by the Fund, however not classified as an affiliate at the end of the reporting period. |
| (b) | Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period. |
VANECK LOW CARBON ENERGY ETF
SCHEDULE OF INVESTMENTS
September 30, 2021 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.2% | ||||||||
| Austria: 0.6% | ||||||||
| Verbund AG # | 15,385 | $ | 1,556,765 | |||||
| Brazil: 1.0% | ||||||||
| Centrais Eletricas Brasileiras SA (ADR) † | 159,393 | 1,131,690 | ||||||
| Cia Energetica de Minas Gerais (ADR) † | 450,427 | 1,135,076 | ||||||
| Cia Paranaense de Energia (ADR) | 72,500 | 473,425 | ||||||
| 2,740,191 | ||||||||
| Canada: 3.6% | ||||||||
| Ballard Power Systems, Inc. (USD) * † | 111,831 | 1,571,226 | ||||||
| Boralex, Inc. | 42,466 | 1,253,683 | ||||||
| Brookfield Renewable Corp. (USD) | 44,233 | 1,716,683 | ||||||
| Canadian Solar, Inc. (USD) * † | 17,694 | 612,035 | ||||||
| Innergex Renewable Energy, Inc. † | 57,000 | 913,368 | ||||||
| Northland Power, Inc. † | 107,434 | 3,375,201 | ||||||
| TransAlta Renewables, Inc. † | 50,774 | 761,099 | ||||||
| 10,203,295 | ||||||||
| Chile: 0.6% | ||||||||
| Enel Americas SA (ADR) † | 183,706 | 1,074,680 | ||||||
| Enel Chile SA (ADR) † | 236,878 | 570,876 | ||||||
| 1,645,556 | ||||||||
| China: 18.7% | ||||||||
| BYD Co. Ltd. (HKD) # † | 299,000 | 9,293,636 | ||||||
| China Everbright Environment Group Ltd. (HKD) # | 1,666,000 | 1,251,931 | ||||||
| China Longyuan Power Group Corp. Ltd. (HKD) # | 683,000 | 1,675,950 | ||||||
| Daqo New Energy Corp. (ADR) * | 27,974 | 1,594,518 | ||||||
| Li Auto, Inc. (ADR) * † | 294,458 | 7,741,301 | ||||||
| NIO, Inc. (ADR) * | 475,073 | 16,926,851 | ||||||
| Xinyi Solar Holdings Ltd. (HKD) # | 2,580,000 | 5,281,578 | ||||||
| XPeng, Inc. (ADR) * | 243,106 | 8,639,987 | ||||||
| 52,405,752 | ||||||||
| Denmark: 10.7% | ||||||||
| Orsted A/S 144A # | 89,654 | 11,824,884 | ||||||
| Rockwool International # | 3,935 | 1,681,616 | ||||||
| Vestas Wind Systems A/S # | 414,092 | 16,622,665 | ||||||
| 30,129,165 | ||||||||
| France: 0.3% | ||||||||
| Neoen SA 144A # * † | 22,897 | 923,161 | ||||||
| Germany: 1.6% | ||||||||
| Encavis AG # † | 48,392 | 843,766 | ||||||
| Nordex SE # * | 50,997 | 856,584 | ||||||
| Siemens Gamesa Renewable | ||||||||
| Energy SA # * | 106,917 | 2,718,921 | ||||||
| 4,419,271 | ||||||||
| Ireland: 2.2% | ||||||||
| Kingspan Group Plc # | 62,073 | 6,194,945 | ||||||
| Italy: 6.3% | ||||||||
| Enel SpA # | 2,210,434 | 16,974,350 | ||||||
| ERG SpA # | 26,455 | 785,755 | ||||||
| 17,760,105 | ||||||||
| Japan: 0.4% | ||||||||
| Horiba Ltd. # | 14,984 | 1,042,744 | ||||||
| New Zealand: 1.9% | ||||||||
| Contact Energy Ltd. # † | 332,253 | 1,926,808 | ||||||
| Mercury NZ Ltd. # † | 304,556 | 1,361,113 | ||||||
| Meridian Energy Ltd. # † | 597,160 | 2,017,999 | ||||||
| 5,305,920 | ||||||||
| Norway: 0.7% | ||||||||
| NEL ASA # * † | 693,177 | 1,022,236 | ||||||
| Scatec ASA 144A # | 46,095 | 858,044 | ||||||
| 1,880,280 | ||||||||
| Portugal: 1.0% | ||||||||
| EDP Renovaveis SA | 114,225 | 2,835,602 | ||||||
| South Korea: 5.3% | ||||||||
| Hanwha Solutions Corp. # * | 49,131 | 1,831,904 | ||||||
| Samsung SDI Co. Ltd. # | 21,915 | 13,077,116 | ||||||
| 14,909,020 | ||||||||
| Spain: 7.2% | ||||||||
| Acciona SA # † | 11,742 | 1,953,046 | ||||||
| Atlantica Sustainable | ||||||||
| Infrastructure Plc (USD) | 26,326 | 908,510 | ||||||
| Iberdrola SA # * | 1,729,116 | 17,404,658 | ||||||
| 20,266,214 | ||||||||
| Sweden: 3.0% | ||||||||
| Nibe Industrier AB # | 678,456 | 8,531,694 | ||||||
| Switzerland: 0.2% | ||||||||
| Landis+Gyr Group AG # | 10,176 | 652,925 | ||||||
| Taiwan: 0.3% | ||||||||
| Simplo Technology Co. Ltd. # | 81,000 | 832,992 | ||||||
| Thailand: 0.6% | ||||||||
| Energy Absolute PCL (NVDR) # | 851,600 | 1,532,631 | ||||||
| United Kingdom: 1.6% | ||||||||
| Ceres Power Holdings Plc # * | 56,154 | 807,391 | ||||||
| ITM Power Plc # * † | 180,729 | 1,039,054 | ||||||
| Johnson Matthey Plc # | 76,406 | 2,743,150 | ||||||
| 4,589,595 | ||||||||
| United States: 32.4% | ||||||||
| Badger Meter, Inc. | 9,298 | 940,400 | ||||||
| Bloom Energy Corp. * † | 47,165 | 882,929 | ||||||
| EnerSys | 14,968 | 1,114,218 | ||||||
| Enphase Energy, Inc. * | 50,992 | 7,647,270 | ||||||
| First Solar, Inc. * | 28,320 | 2,703,427 | ||||||
| Fisker, Inc. * | 60,433 | 885,343 | ||||||
| FuelCell Energy, Inc. * † | 127,320 | 851,771 | ||||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. † | 29,168 | 1,559,905 | ||||||
| Installed Building Products, Inc. | 7,064 | 756,908 | ||||||
| Lucid Group, Inc. * | 284,868 | 7,229,950 | ||||||
| NextEra Energy, Inc. | 279,489 | 21,945,476 | ||||||
| Nikola Corp. * | 109,871 | 1,172,324 | ||||||
| Ormat Technologies, Inc. † | 12,516 | 833,691 | ||||||
| Owens Corning | 36,272 | 3,101,256 | ||||||
| Plug Power, Inc. * † | 204,898 | 5,233,095 | ||||||
| Renewable Energy Group, Inc. * | 14,337 | 719,717 | ||||||
| SolarEdge Technologies, Inc. * | 18,789 | 4,983,219 | ||||||
| Sunnova Energy International, Inc. * † | 30,358 | 999,992 | ||||||
| Sunrun, Inc. * † | 50,441 | 2,219,404 | ||||||
| Tesla, Inc. * | 32,047 | 24,851,807 | ||||||
| Workhorse Group, Inc. * † | 55,112 | 421,607 | ||||||
| 91,053,709 | ||||||||
| Total Common Stocks (Cost: $262,637,531) | 281,411,532 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4% (Cost: $6,812,524) | ||||||||
| Money Market Fund: 2.4% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 6,812,524 | 6,812,524 | ||||||
| Total Investments: 102.6% (Cost: $269,450,055) | 288,224,056 | |||||||
| Liabilities in excess of other assets: (2.6)% | (7,299,333 | ) | ||||||
| NET ASSETS: 100.0% | $ | 280,924,723 | ||||||
| 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 $137,122,012 which represents 48.8% of net assets. |
| † | Security fully or partially on loan. Total market value of securities on loan is $23,535,115. |
| * | 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 $13,606,089, or 4.8% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Consumer Discretionary | 27.3 | % | $ | 76,747,390 | ||||
| Energy | 0.3 | 719,717 | ||||||
| Financials | 0.5 | 1,559,905 | ||||||
| Industrials | 20.2 | 56,873,258 | ||||||
| Information Technology | 14.0 | 39,368,224 | ||||||
| Materials | 1.6 | 4,575,055 | ||||||
| Utilities | 36.1 | 101,567,983 | ||||||
| 100.0 | % | $ | 281,411,532 | |||||
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
September 30, 2021 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.9% | ||||||||
| Argentina: 0.0% | ||||||||
| Cresud SACIF y A (ADR) * | 3,714 | $ | 18,013 | |||||
| Australia: 5.7% | ||||||||
| Alumina Ltd. # | 35,676 | 53,074 | ||||||
| Ampol Ltd. # | 2,046 | 40,799 | ||||||
| APA Group # † | 10,132 | 63,058 | ||||||
| Bega Cheese Ltd. # | 25,605 | 98,268 | ||||||
| BHP Group Ltd. # † | 44,715 | 1,193,251 | ||||||
| BlueScope Steel Ltd. # | 7,647 | 110,710 | ||||||
| Costa Group Holdings Ltd. # | 39,713 | 92,522 | ||||||
| Elders Ltd. # | 14,236 | 124,269 | ||||||
| Evolution Mining Ltd. # | 33,821 | 85,446 | ||||||
| Fortescue Metals Group Ltd. # | 25,705 | 273,583 | ||||||
| Glencore Plc (GBP) # | 85,686 | 403,360 | ||||||
| GrainCorp Ltd. # | 20,821 | 93,873 | ||||||
| Newcrest Mining Ltd. # | 15,250 | 252,600 | ||||||
| Northern Star Resources Ltd. # † | 21,719 | 132,911 | ||||||
| Nufarm Ltd. # * | 29,033 | 99,103 | ||||||
| Oil Search Ltd. # | 15,881 | 49,380 | ||||||
| Origin Energy Ltd. # | 15,125 | 50,702 | ||||||
| OZ Minerals Ltd. # † | 5,054 | 81,077 | ||||||
| Rio Tinto Plc (GBP) # | 16,202 | 1,062,825 | ||||||
| Santos Ltd. # † | 16,100 | 82,396 | ||||||
| South32 Ltd. # | 70,848 | 175,666 | ||||||
| Woodside Petroleum Ltd. # † | 8,275 | 141,379 | ||||||
| 4,760,252 | ||||||||
| Austria: 0.3% | ||||||||
| Mayr Melnhof Karton AG | 132 | 25,242 | ||||||
| OMV AG # | 1,237 | 74,526 | ||||||
| Verbund AG # | 648 | 65,569 | ||||||
| Voestalpine AG # | 1,897 | 70,109 | ||||||
| 235,446 | ||||||||
| Brazil: 3.1% | ||||||||
| Adecoagro SA (USD) * † | 10,718 | 96,784 | ||||||
| Cia de Saneamento Basico do Estado de Sao Paulo (ADR) † | 1,859 | 13,162 | ||||||
| Cia Siderurgica Nacional SA (ADR) | 9,899 | 52,069 | ||||||
| Cosan SA | 7,450 | 31,419 | ||||||
| Gerdau SA (ADR) † | 17,396 | 85,588 | ||||||
| Klabin SA * | 17,000 | 75,533 | ||||||
| Minerva SA/Brazil | 22,550 | 43,247 | ||||||
| Petroleo Brasileiro SA (ADR) | 15,978 | 165,212 | ||||||
| SLC Agricola SA | 8,400 | 70,297 | ||||||
| Suzano SA * | 12,150 | 121,569 | ||||||
| Vale SA (ADR) | 60,962 | 850,420 | ||||||
| Wheaton Precious Metals Corp. (USD) | 8,402 | 315,747 | ||||||
| Yara International ASA (NOK) # | 14,368 | 712,756 | ||||||
| 2,633,803 | ||||||||
| British Virgin Islands: 0.1% | ||||||||
| Japfa Ltd. (SGD) # | 50,300 | 25,201 | ||||||
| Lee & Man Paper Manufacturing Ltd. (HKD) # | 18,600 | 13,595 | ||||||
| Nine Dragons Paper Holdings Ltd. (HKD) # | 25,857 | 31,562 | ||||||
| 70,358 | ||||||||
| Canada: 10.2% | ||||||||
| Agnico Eagle Mines Ltd. (USD) | 4,557 | 236,280 | ||||||
| Alamos Gold, Inc. † | 7,328 | 52,696 | ||||||
| Algonquin Power & Utilities Corp. † | 3,358 | 49,223 | ||||||
| B2Gold Corp. | 19,624 | 67,073 | ||||||
| BALLARD POWER SYSTEMS INC * † | 1,359 | 19,073 | ||||||
| Barrick Gold Corp. (USD) | 33,184 | 598,971 | ||||||
| Boralex, Inc. | 486 | 14,348 | ||||||
| Cameco Corp. (USD) | 6,037 | 131,184 | ||||||
| Canadian Natural Resources Ltd. (USD) | 10,175 | 371,795 | ||||||
| Canadian Solar, Inc. (USD) * † | 250 | 8,648 | ||||||
| Canadian Utilities Ltd. † | 1,688 | 45,476 | ||||||
| Canfor Corp. * | 940 | 20,642 | ||||||
| Cenovus Energy, Inc. | 10,915 | 110,025 | ||||||
| Enbridge, Inc. (USD) | 17,396 | 692,361 | ||||||
| Equinox Gold Corp. * † | 5,107 | 33,701 | ||||||
| First Majestic Silver Corp. † | 4,078 | 46,161 | ||||||
| Franco-Nevada Corp. | 3,566 | 463,185 | ||||||
| Innergex Renewable Energy, Inc. † | 714 | 11,441 | ||||||
| Ivanhoe Mines Ltd. * | 8,435 | 53,932 | ||||||
| Kinross Gold Corp. (USD) | 23,547 | 126,212 | ||||||
| Kirkland Lake Gold Ltd. | 4,959 | 206,526 | ||||||
| Lundin Gold, Inc. * | 1,427 | 10,667 | ||||||
| Methanex Corp. † | 414 | 19,075 | ||||||
| Northland Power, Inc. † | 1,141 | 35,846 | ||||||
| Novagold Resources, Inc. (USD)��* | 4,518 | 31,084 | ||||||
| Nutrien Ltd. (USD) | 51,916 | 3,365,714 | ||||||
| Osisko Gold Royalties Ltd. † | 2,948 | 33,114 | ||||||
| Pan American Silver Corp. (USD) | 3,924 | 91,312 | ||||||
| Pembina Pipeline Corp. † | 4,723 | 149,685 | ||||||
| Pretium Resources, Inc. * † | 3,505 | 33,892 | ||||||
| SSR Mining, Inc. (USD) | 3,999 | 58,185 | ||||||
| Stella-Jones, Inc. | 994 | 33,464 | ||||||
| Suncor Energy, Inc. (USD) | 12,804 | 265,555 | ||||||
| Sundial Growers, Inc. (USD) * † | 181,105 | 122,807 | ||||||
| TC Energy Corp. (USD) | 8,407 | 404,293 | ||||||
| Teck Resources Ltd. (USD) | 7,087 | 176,537 | ||||||
| Tourmaline Oil Corp. | 2,605 | 90,990 | ||||||
| TransAlta Renewables, Inc. † | 581 | 8,709 | ||||||
| Village Farms International, Inc. * † | 6,426 | 53,666 | ||||||
| West Fraser Timber Co. Ltd. | 1,515 | 127,576 | ||||||
| Yamana Gold, Inc. (USD) | 18,033 | 71,411 | ||||||
| 8,542,535 | ||||||||
| Chile: 1.0% | ||||||||
| Empresas CMPC SA # | 17,991 | 33,798 | ||||||
| Lundin Mining Corp. (CAD) | 9,725 | 69,933 | ||||||
| Sociedad Quimica y Minera de Chile SA (ADR) | 12,993 | 697,984 | ||||||
| 801,715 | ||||||||
| China: 1.9% | ||||||||
| Aluminum Corp. of China Ltd. (HKD) # * | 59,800 | 44,418 | ||||||
| Angang Steel Co. Ltd. (HKD) # † | 20,640 | 12,628 | ||||||
| Beijing Enterprises Water Group Ltd. (HKD) # | 24,300 | 9,512 | ||||||
| China Coal Energy Co. Ltd. (HKD) # | 17,700 | 13,431 | ||||||
| China Gas Holdings Ltd. (HKD) # | 24,500 | 72,359 | ||||||
| China Hongqiao Group Ltd. (HKD) # | 33,200 | 42,134 | ||||||
| China Longyuan Power Group Corp. Ltd. (HKD) # | 18,129 | 44,485 | ||||||
| China Molybdenum Co. Ltd. (HKD) # | 54,300 | 33,523 | ||||||
| China Petroleum & Chemical Corp. (HKD) # | 218,227 | 107,540 | ||||||
| CHINA RESOURCES GAS GROUP LT (HKD) # | 8,000 | 41,963 | ||||||
| China Shenhua Energy Co. Ltd. (HKD) # | 29,091 | 67,766 | ||||||
| ENN Energy Holdings Ltd. (HKD) # | 6,500 | 107,208 | ||||||
| Guangdong Investment Ltd. (HKD) # | 15,200 | 19,835 | ||||||
| Jiangxi Copper Co. Ltd. (HKD) # | 16,400 | 29,177 | ||||||
| Kunlun Energy Co. Ltd. (HKD) # | 33,300 | 34,673 | ||||||
| Maanshan Iron & Steel Co. Ltd. (HKD) # | 14,900 | 6,763 | ||||||
| PetroChina Co. Ltd. (HKD) # | 181,640 | 85,074 | ||||||
| Shandong Chenming Paper Holdings Ltd. (HKD) # † | 6,000 | 3,422 | ||||||
| Shandong Gold Mining Co. Ltd. (HKD) 144A # † | 14,500 | 25,680 | ||||||
| Sinofert Holdings Ltd. (HKD) # * † | 159,800 | 27,381 | ||||||
| Wilmar International Ltd. (SGD) # | 177,864 | 549,574 | ||||||
| Xinyi Solar Holdings Ltd. (HKD) # | 24,000 | 49,131 | ||||||
| Yanzhou Coal Mining Co. Ltd. (HKD) # | 13,200 | 24,892 | ||||||
| Zhaojin Mining Industry Co. Ltd. (HKD) # | 21,400 | 15,066 | ||||||
| Zijin Mining Group Co. Ltd. (HKD) # | 107,161 | 130,143 | ||||||
| 1,597,778 | ||||||||
| Cyprus: 0.1% | ||||||||
| Novolipetsk Steel PJSC (USD) (GDR) # | 1,910 | 56,315 | ||||||
| Czech Republic: 0.1% | ||||||||
| CEZ AS # | 1,386 | 45,109 | ||||||
| Denmark: 0.9% | ||||||||
| Bakkafrost P/F (NOK) # | 4,520 | 374,267 | ||||||
| Orsted A/S 144A # | 1,029 | 135,720 | ||||||
| Vestas Wind Systems A/S # | 5,492 | 220,462 | ||||||
| 730,449 | ||||||||
| Egypt: 0.0% | ||||||||
| Centamin Plc (GBP) # | 21,579 | 27,645 | ||||||
| Finland: 0.5% | ||||||||
| Metsa Board Oyj # | 2,724 | 25,512 | ||||||
| Neste Oyj # | 3,699 | 208,777 | ||||||
| Stora Enso Oyj # | 9,397 | 156,602 | ||||||
| 390,891 | ||||||||
| France: 1.4% | ||||||||
| Neoen SA 144A # * † | 262 | 10,563 | ||||||
| Suez SA | 2,086 | 47,590 | ||||||
| SunPower Corp. (USD) * † | 442 | 10,025 | ||||||
| TotalEnergies SE # * | 21,314 | 1,019,293 | ||||||
| Veolia Environnement SA # | 2,963 | 90,584 | ||||||
| Voltalia SA * | 150 | 3,668 | ||||||
| 1,181,723 | ||||||||
| Germany: 0.9% | ||||||||
| E.ON SE # | 12,210 | 149,109 | ||||||
| Encavis AG # | 553 | 9,642 | ||||||
| K+S AG # * | 17,413 | 279,448 | ||||||
| Nordex SE # * | 618 | 10,380 | ||||||
| Siemens Energy AG # * | 3,744 | 100,202 | ||||||
| Siemens Gamesa Renewable Energy SA # * | 1,222 | 31,076 | ||||||
| Suedzucker AG # | 5,759 | 92,363 | ||||||
| UNIPER SE # | 786 | 32,738 | ||||||
| VERBIO Vereinigte BioEnergie AG # | 172 | 11,304 | ||||||
| 716,262 | ||||||||
| Greece: 0.0% | ||||||||
| Terna Energy SA | 284 | 3,779 | ||||||
| Hong Kong: 0.4% | ||||||||
| Astra Agro Lestari Tbk PT (IDR) # | 35,000 | 23,784 | ||||||
| CP Pokphand Co. Ltd. | 569,400 | 70,218 | ||||||
| Hong Kong & China Gas Co. Ltd. # | 92,705 | 140,067 | ||||||
| Power Assets Holdings Ltd. # | 11,700 | 68,587 | ||||||
| United Tractors Tbk PT (IDR) # | 12,800 | 23,033 | ||||||
| 325,689 | ||||||||
| Hungary: 0.0% | ||||||||
| MOL Hungarian Oil & Gas Plc # | 3,589 | 29,848 | ||||||
| India: 1.1% | ||||||||
| Reliance Industries Ltd. (USD) 144A (GDR) | 13,882 | 945,364 | ||||||
| Indonesia: 0.2% | ||||||||
| Golden Agri-Resources Ltd. (SGD) # | 484,919 | 83,564 | ||||||
| Indah Kiat Pulp & Paper Tbk PT # | 39,500 | 23,485 | ||||||
| Merdeka Copper Gold Tbk PT # * | 226,500 | 39,642 | ||||||
| Pabrik Kertas Tjiwi Kimia Tbk PT # | 19,100 | 10,559 | ||||||
| Perusahaan Perkebunan London Sumatra Indonesia Tbk PT # | 254,500 | 21,621 | ||||||
| 178,871 | ||||||||
| Ireland: 0.2% | ||||||||
| Smurfit Kappa Group Plc (GBP) # | 3,975 | 206,596 | ||||||
| Israel: 0.5% | ||||||||
| Energix-Renewable Energies Ltd. # | 1,469 | 6,191 | ||||||
| ICL Group Ltd. # | 61,648 | 448,946 | ||||||
| 455,137 | ||||||||
| Italy: 0.5% | ||||||||
| Eni SpA # | 21,674 | 289,177 | ||||||
| ERG SpA # | 302 | 8,970 | ||||||
| Snam SpA # | 17,606 | 97,445 | ||||||
| 395,592 | ||||||||
| Japan: 5.5% | ||||||||
| Chubu Electric Power Co., Inc. # | 6,200 | 73,092 | ||||||
| Daio Paper Corp. # | 1,900 | 35,487 | ||||||
| ENEOS Holdings, Inc. # | 26,400 | 106,977 | ||||||
| Hitachi Metals Ltd. # * † | 3,017 | 58,116 | ||||||
| Hokuto Corp. # | 2,300 | 40,418 | ||||||
| Idemitsu Kosan Co. Ltd. # | 1,900 | 49,857 | ||||||
| Inpex Corp. # | 9,300 | 72,231 | ||||||
| JFE Holdings, Inc. # | 8,764 | 131,097 | ||||||
| Kubota Corp. # | 104,500 | 2,218,454 | ||||||
| Kumiai Chemical Industry Co. Ltd. # | 9,000 | 70,234 | ||||||
| Kurita Water Industries Ltd. # | 565 | 27,119 | ||||||
| Maruha Nichiro Corp. # | 4,036 | 95,349 | ||||||
| NH Foods Ltd. # | 9,400 | 354,094 | ||||||
| Nippon Sanso Holdings Corp. # | 1,800 | 44,997 | ||||||
| Nippon Steel Corp. # | 14,400 | 258,348 | ||||||
| Nippon Suisan Kaisha Ltd. # | 25,314 | 146,726 | ||||||
| Nisshin Seifun Group, Inc. # | 22,750 | 376,038 | ||||||
| Oji Holdings Corp. # | 14,676 | 73,763 | ||||||
| Rengo Co. Ltd. # | 3,870 | 30,160 | ||||||
| RENOVA INC # * | 200 | 8,184 | ||||||
| Sakata Seed Corp. # | 3,400 | 106,343 | ||||||
| Sumitomo Forestry Co. Ltd. # | 2,883 | 54,621 | ||||||
| Sumitomo Metal Mining Co. Ltd. # | 4,100 | 147,886 | ||||||
| Tokyo Gas Co. Ltd. # | 3,500 | 64,962 | ||||||
| 4,644,553 | ||||||||
| Kazakhstan: 0.0% | ||||||||
| NAC Kazatomprom JSC (USD) (GDR) # | 984 | 34,600 | ||||||
| Kyrgyzstan: 0.0% | ||||||||
| Centerra Gold, Inc. (CAD) | 4,097 | 27,974 | ||||||
| Liechtenstein: 0.1% | ||||||||
| Antofagasta Plc (GBP) # | 5,238 | 95,256 | ||||||
| Luxembourg: 0.4% | ||||||||
| ArcelorMittal SA # | 9,720 | 297,709 | ||||||
| Malaysia: 0.7% | ||||||||
| Genting Plantations Bhd | 20,451 | 33,462 | ||||||
| IOI Corp. Bhd | 160,094 | 144,167 | ||||||
| Kuala Lumpur Kepong Bhd | 28,478 | 136,863 | ||||||
| Petronas Dagangan Bhd # | 1,400 | 6,377 | ||||||
| PPB Group Bhd | 49,200 | 215,768 | ||||||
| Press Metal Aluminium | ||||||||
| Holdings Bhd # | 38,000 | 51,983 | ||||||
| 588,620 | ||||||||
| Mexico: 0.6% | ||||||||
| Fresnillo Plc (GBP) # | 3,437 | 36,018 | ||||||
| Gruma SAB de CV | 18,425 | 211,922 | ||||||
| Grupo Mexico SAB de CV | 47,264 | 189,543 | ||||||
| Industrias Penoles SAB de CV * | 2,282 | 27,025 | ||||||
| Southern Copper Corp. (USD) | 1,291 | 72,477 | ||||||
| 536,985 | ||||||||
| Netherlands: 1.3% | ||||||||
| OCI NV # * | 5,751 | 169,993 | ||||||
| Royal Dutch Shell Plc (GBP) # | 31,827 | 705,676 | ||||||
| Tenaris SA (ADR) | 3,494 | 73,758 | ||||||
| Ternium SA (ADR) | 2,980 | 126,054 | ||||||
| 1,075,481 | ||||||||
| Norway: 1.7% | ||||||||
| Equinor ASA # | 9,232 | 235,113 | ||||||
| Mowi ASA # | 40,929 | 1,039,961 | ||||||
| Norsk Hydro ASA # | 20,728 | 154,935 | ||||||
| 1,430,009 | ||||||||
| Peru: 0.0% | ||||||||
| Cia de Minas Buenaventura SAA (ADR) * | 3,551 | 24,005 | ||||||
| Poland: 0.2% | ||||||||
| KGHM Polska Miedz SA # | 2,064 | 81,427 | ||||||
| Polski Koncern Naftowy ORLEN SA # | 2,498 | 51,543 | ||||||
| Polskie Gornictwo Naftowe i Gazownictwo SA # | 13,894 | 22,592 | ||||||
| 155,562 | ||||||||
| Portugal: 0.1% | ||||||||
| EDP Renovaveis SA | 1,306 | 32,421 | ||||||
| Galp Energia SGPS SA # | 3,709 | 42,149 | ||||||
| Navigator Co. SA # | 3,274 | 11,526 | ||||||
| 86,096 | ||||||||
| Russia: 3.0% | ||||||||
| Evraz Plc (GBP) # | 7,528 | 59,769 | ||||||
| Gazprom PJSC (ADR) # | 51,841 | 512,372 | ||||||
| Lukoil PJSC (ADR) # | 3,273 | 310,851 | ||||||
| MMC Norilsk Nickel PJSC (ADR) # | 9,128 | 271,146 | ||||||
| Novatek PJSC (USD) (GDR) # | 1,617 | 423,371 | ||||||
| PhosAgro PJSC (USD) (GDR) | 12,371 | 275,626 | ||||||
| Polymetal International Plc (GBP) # | 6,274 | 106,082 | ||||||
| Polyus PJSC (USD) (GDR) # | 1,219 | 99,609 | ||||||
| Rosneft Oil Co. PJSC (USD) (GDR) # | 19,113 | 160,078 | ||||||
| Severstal PAO (USD) (GDR) # | 3,052 | 63,741 | ||||||
| Surgutneftegas PJSC (ADR) # | 30,679 | 153,676 | ||||||
| Tatneft PJSC (ADR) # | 2,214 | 96,114 | ||||||
| 2,532,435 | ||||||||
| Saudi Arabia: 0.0% | ||||||||
| S-Oil Corp. (KRW) # | 358 | 32,881 | ||||||
| Singapore: 0.5% | ||||||||
| Charoen Pokphand Indonesia Tbk PT (IDR) # | 656,400 | 293,016 | ||||||
| Olam International Ltd. # | 80,609 | 104,169 | ||||||
| 397,185 | ||||||||
| South Africa: 1.7% | ||||||||
| Anglo American Platinum Ltd. | 1,040 | 90,169 | ||||||
| Anglo American Plc (GBP) # | 19,242 | 674,882 | ||||||
| Gold Fields Ltd. (ADR) | 16,564 | 134,500 | ||||||
| Harmony Gold Mining Co. Ltd. (ADR) | 10,116 | 31,865 | ||||||
| Impala Platinum Holdings Ltd. # | 15,250 | 172,022 | ||||||
| Kumba Iron Ore Ltd. # | 831 | 27,327 | ||||||
| Northam Platinum Holdings Ltd. * | 5,380 | 64,124 | ||||||
| Sasol Ltd. # * | 4,962 | 94,136 | ||||||
| Sibanye Stillwater Ltd. # | 51,619 | 156,920 | ||||||
| 1,445,945 | ||||||||
| South Korea: 0.8% | ||||||||
| Coway Co. Ltd. # | 140 | 8,738 | ||||||
| CS Wind Corp. # | 128 | 8,255 | ||||||
| Hyundai Steel Co. # | 1,296 | 50,892 | ||||||
| Korea Zinc Co. Ltd. # | 189 | 79,736 | ||||||
| POSCO # | 1,151 | 316,938 | ||||||
| SK Innovation Co. Ltd. # * | 445 | 97,971 | ||||||
| SK, Inc. # | 405 | 90,492 | ||||||
| 653,022 | ||||||||
| Spain: 0.3% | ||||||||
| Atlantica Sustainable Infrastructure Plc (USD) † | 338 | 11,664 | ||||||
| Enagas SA # | 2,137 | 47,518 | ||||||
| Repsol SA # | 12,067 | 157,599 | ||||||
| 216,781 | ||||||||
| Sweden: 0.6% | ||||||||
| BillerudKorsnas AB # | 2,812 | 53,600 | ||||||
| Boliden AB # | 4,152 | 133,038 | ||||||
| Holmen AB # | 1,422 | 62,494 | ||||||
| Lundin Energy AB # † | 1,400 | 52,004 | ||||||
| SSAB AB # * | 9,583 | 40,875 | ||||||
| Svenska Cellulosa AB # | 9,199 | 142,662 | ||||||
| 484,673 | ||||||||
| Taiwan: 0.6% | ||||||||
| China Steel Corp. # | 191,472 | 247,769 | ||||||
| Formosa Petrochemical Corp. # | 14,920 | 52,834 | ||||||
| Taiwan Fertilizer Co. Ltd. # | 68,200 | 165,149 | ||||||
| 465,752 | ||||||||
| Tanzania: 0.2% | ||||||||
| AngloGold Ashanti Ltd. (ADR) | 7,788 | 124,530 | ||||||
| Thailand: 0.2% | ||||||||
| Energy Absolute PCL (NVDR) # | 9,900 | 17,817 | ||||||
| PTT Exploration & Production PCL (NVDR) # | 12,300 | 42,373 | ||||||
| PTT PCL (NVDR) # | 90,800 | 103,857 | ||||||
| Thaifoods Group PCL (NVDR) # | 193,900 | 25,590 | ||||||
| 189,637 | ||||||||
| Turkey: 0.1% | ||||||||
| Eldorado Gold Corp. (USD) * | 3,407 | 26,336 | ||||||
| Eregli Demir ve Celik Fabrikalari TAS # | 20,719 | 38,191 | ||||||
| Gubre Fabrikalari TAS * | 4,862 | 26,630 | ||||||
| Hektas Ticaret TAS * | 32,078 | 30,221 | ||||||
| 121,378 | ||||||||
| United Kingdom: 3.3% | ||||||||
| BP Plc # | 172,483 | 786,189 | ||||||
| Ceres Power Holdings Plc # * | 642 | 9,231 | ||||||
| CNH Industrial NV (USD) | 90,614 | 1,505,098 | ||||||
| DS Smith Plc # | 20,022 | 110,653 | ||||||
| Endeavour Mining Plc (CAD) | 3,525 | 79,329 | ||||||
| ITM Power Plc # * † | 1,917 | 11,021 | ||||||
| Mondi Plc # | 7,451 | 182,723 | ||||||
| Pennon Group Plc # | 1,524 | 23,246 | ||||||
| Severn Trent Plc # | 1,378 | 48,277 | ||||||
| United Utilities Group Plc # | 3,708 | 48,295 | ||||||
| 2,804,062 | ||||||||
| United States: 48.7% | ||||||||
| A.O. Smith Corp. | 724 | 44,215 | ||||||
| Advanced Drainage Systems, Inc. | 299 | 32,343 | ||||||
| AGCO Corp. | 5,624 | 689,109 | ||||||
| Alcoa Corp. * | 2,836 | 138,794 | ||||||
| Ameresco, Inc * | 167 | 9,758 | ||||||
| American States Water Co. | 201 | 17,190 | ||||||
| American Vanguard Corp. | 2,444 | 36,782 | ||||||
| American Water Works Co., Inc. | 987 | 166,842 | ||||||
| Andersons, Inc. | 2,816 | 86,817 | ||||||
| APA Corp. | 3,246 | 69,562 | ||||||
| Archer-Daniels-Midland Co. | 50,889 | 3,053,849 | ||||||
| Atmos Energy Corp. | 1,123 | 99,049 | ||||||
| Baker Hughes Co. | 7,115 | 175,954 | ||||||
| Bunge Ltd. | 12,867 | 1,046,344 | ||||||
| Cabot Oil & Gas Corp. | 3,432 | 74,680 | ||||||
| California Water Service Group | 280 | 16,500 | ||||||
| Cal-Maine Foods, Inc. | 3,407 | 123,197 | ||||||
| CF Industries Holdings, Inc. | 19,569 | 1,092,342 | ||||||
| Cheniere Energy, Inc. * | 2,156 | 210,577 | ||||||
| Chevron Corp. | 16,608 | 1,684,882 | ||||||
| Cimarex Energy Co. | 883 | 76,998 | ||||||
| Clearway Energy, Inc. † | 444 | 13,440 | ||||||
| Cleveland-Cliffs, Inc. * † | 6,903 | 136,748 | ||||||
| Coeur Mining, Inc. * | 4,796 | 29,591 | ||||||
| ConocoPhillips | 11,499 | 779,287 | ||||||
| Continental Resources, Inc. | 600 | 27,690 | ||||||
| Corteva, Inc. | 66,794 | 2,810,692 | ||||||
| Covanta Holding Corp. | 644 | 12,957 | ||||||
| Cree, Inc. * † | 630 | 50,860 | ||||||
| Darling Ingredients, Inc. * | 14,745 | 1,060,165 | ||||||
| Deere & Co. | 18,396 | 6,163,948 | ||||||
| Devon Energy Corp. | 5,407 | 192,003 | ||||||
| Diamondback Energy, Inc. | 1,462 | 138,408 | ||||||
| EOG Resources, Inc. | 5,014 | 402,474 | ||||||
| EQT Corp. * | 3,246 | 66,413 | ||||||
| Essential Utilities, Inc. | 1,216 | 56,033 | ||||||
| Evoqua Water Technologies Corp. * | 654 | 24,564 | ||||||
| Exxon Mobil Corp. | 36,356 | 2,138,460 | ||||||
| First Solar, Inc. * | 491 | 46,871 | ||||||
| FMC Corp. | 11,709 | 1,072,076 | ||||||
| Franklin Electric Co., Inc. | 212 | 16,928 | ||||||
| Freeport-McMoRan, Inc. | 22,284 | 724,899 | ||||||
| Fresh Del Monte Produce, Inc. | 3,027 | 97,530 | ||||||
| FuelCell Energy, Inc. * † | 1,754 | 11,734 | ||||||
| Graphic Packaging Holding Co. | 4,712 | 89,716 | ||||||
| Halliburton Co. | 7,647 | 165,328 | ||||||
| Hecla Mining Co. | 10,020 | 55,110 | ||||||
| Hess Corp. | 2,367 | 184,886 | ||||||
| HollyFrontier Corp. | 1,395 | 46,216 | ||||||
| Howmet Aerospace, Inc. | 6,185 | 192,972 | ||||||
| Hydrofarm Holdings Group, Inc. * | 3,237 | 122,520 | ||||||
| Imperial Oil Ltd. † | 1,627 | 51,348 | ||||||
| Ingredion, Inc. | 6,096 | 542,605 | ||||||
| International Paper Co. | 5,997 | 335,352 | ||||||
| Itron, Inc. * | 246 | 18,605 | ||||||
| Kinder Morgan, Inc. | 16,739 | 280,043 | ||||||
| Lindsay Corp. | 992 | 150,576 | ||||||
| Louisiana-Pacific Corp. | 1,461 | 89,662 | ||||||
| Marathon Oil Corp. | 6,770 | 92,546 | ||||||
| Marathon Petroleum Corp. | 5,481 | 338,781 | ||||||
| Mosaic Co. | 31,451 | 1,123,430 | ||||||
| New Fortress Energy, Inc. † | 355 | 9,851 | ||||||
| Newmont Corp. | 14,911 | 809,667 | ||||||
| NextEra Energy, Inc. | 10,669 | 837,730 | ||||||
| NiSource, Inc. | 3,370 | 81,655 | ||||||
| NOV, Inc. * | 3,355 | 43,984 | ||||||
| Nucor Corp. | 4,458 | 439,068 | ||||||
| Occidental Petroleum Corp. | 8,019 | 237,202 | ||||||
| ONEOK, Inc. | 3,789 | 219,724 | ||||||
| Ormat Technologies, Inc. | 244 | 16,253 | ||||||
| Ovintiv, Inc. | 2,242 | 73,717 | ||||||
| Packaging Corp. of America | 1,458 | 200,388 | ||||||
| Pentair Plc | 902 | 65,512 | ||||||
| PG&E Corp. * | 12,957 | 124,387 | ||||||
| Phillips 66 | 3,761 | 263,383 | ||||||
| Pilgrim's Pride Corp. * | 4,434 | 128,941 | ||||||
| Pioneer Natural Resources Co. | 2,095 | 348,838 | ||||||
| Plug Power, Inc. * † | 2,811 | 71,793 | ||||||
| PotlatchDeltic Corp. | 1,029 | 53,076 | ||||||
| Rayonier, Inc. | 2,169 | 77,390 | ||||||
| Reliance Steel & Aluminum Co. | 964 | 137,293 | ||||||
| Reliance Worldwide Corp. Ltd. (AUD) # | 4,297 | 15,612 | ||||||
| Renewable Energy Group, Inc. * | 273 | 13,705 | ||||||
| Royal Gold, Inc. | 1,224 | 116,880 | ||||||
| Schlumberger NV | 12,009 | 355,947 | ||||||
| Scotts Miracle-Gro Co. | 3,706 | 542,410 | ||||||
| Seaboard Corp. | 23 | 94,300 | ||||||
| SJW Group | 149 | 9,843 | ||||||
| SolarEdge Technologies, Inc. * | 284 | 75,322 | ||||||
| Southern Co. | 9,093 | 563,493 | ||||||
| Steel Dynamics, Inc. | 2,943 | 172,107 | ||||||
| Targa Resources Corp. | 1,924 | 94,680 | ||||||
| The Williams Companies, Inc. | 10,434 | 270,658 | ||||||
| Tractor Supply Co. | 10,402 | 2,107,549 | ||||||
| Tyson Foods, Inc. | 26,821 | 2,117,250 | ||||||
| UGI Corp. | 1,796 | 76,546 | ||||||
| United States Steel Corp. † | 4,100 | 90,077 | ||||||
| Valero Energy Corp. | 3,511 | 247,771 | ||||||
| Watts Water Technologies, Inc. | 150 | 25,213 | ||||||
| Westrock Co. | 4,097 | 204,153 | ||||||
| Weyerhaeuser Co. | 11,505 | 409,233 | ||||||
| Xylem, Inc. | 980 | 121,206 | ||||||
| 40,863,058 | ||||||||
| Zambia: 0.2% | ||||||||
| First Quantum Minerals Ltd. (CAD) | 8,391 | 155,321 | ||||||
| Total Common Stocks (Cost: $72,100,997) | 83,832,680 | |||||||
| WARRANTS: 0.0% (Cost: $0) | ||||||||
| Thailand: 0.0% | ||||||||
| Thaifoods Group PCL, THB 5.50, expiring 05/14/24 | 12,820 | 583 | ||||||
| RIGHTS: 0.0% (Cost: $0) | ||||||||
| France: 0.0% | ||||||||
| Veolia Environment SA, 0.00 * † | 3,521 | 2,923 | ||||||
| Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $72,100,997) | 83,836,186 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.5% (Cost: $384,172) | ||||||||
| Money Market Fund: 0.5% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 384,172 | 384,172 | ||||||
| Total Investments: 100.4% (Cost: $72,485,169) | 84,220,358 | |||||||
| Liabilities in excess of other assets: (0.4)% | (296,349 | ) | ||||||
| NET ASSETS: 100.0% | $ | 83,924,009 | ||||||
| Definitions: | |
| ADR | American Depositary Receipt |
| AUD | Australia Dollar |
| CAD | Canadian Dollar |
| GBP | British Pound |
| GDR | Global Depositary Receipt |
| HKD | Hong Kong Dollar |
| IDR | Indonesian Rupiah |
| KRW | Korean Won |
| NOK | Norwegian Krone |
| NVDR | Non-Voting Depositary Receipt |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| USD | United States Dollar |
| Footnotes: | |
| * | Non-income producing |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $26,758,984 which represents 31.9% of net assets. |
| † | Security fully or partially on loan. Total market value of securities on loan is $2,689,957. |
| 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 $1,117,327, or 1.3% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Consumer Discretionary | 2.6 | % | $ | 2,170,908 | ||||
| Consumer Staples | 16.2 | 13,588,986 | ||||||
| Energy | 23.1 | 19,385,536 | ||||||
| Health Care | 0.2 | 122,807 | ||||||
| Industrials | 14.3 | 12,021,824 | ||||||
| Information Technology | 0.3 | 259,461 | ||||||
| Materials | 37.9 | 31,734,261 | ||||||
| Real Estate | 0.6 | 557,712 | ||||||
| Utilities | 4.8 | 3,994,691 | ||||||
| 100.0 | % | $ | 83,836,186 | |||||
VANECK OIL REFINERS ETF
SCHEDULE OF INVESTMENTS
September 30, 2021 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.9% | ||||||||
| Australia: 3.9% | ||||||||
| Ampol Ltd. # | 41,461 | $ | 826,771 | |||||
| Austria: 4.6% | ||||||||
| OMV AG # | 16,169 | 974,131 | ||||||
| Finland: 6.8% | ||||||||
| Neste Oyj # | 25,515 | 1,440,105 | ||||||
| Greece: 1.1% | ||||||||
| Motor Oil Hellas Corinth Refineries SA # * | 15,058 | 228,996 | ||||||
| Hungary: 4.5% | ||||||||
| MOL Hungarian Oil & Gas Plc # | 113,381 | 942,923 | ||||||
| India: 8.0% | ||||||||
| Reliance Industries Ltd. (USD) 144A (GDR) | 24,889 | 1,694,941 | ||||||
| Japan: 11.2% | ||||||||
| Cosmo Energy Holdings Co. Ltd. # | 12,700 | 286,800 | ||||||
| ENEOS Holdings, Inc. # | 275,100 | 1,114,749 | ||||||
| Idemitsu Kosan Co. Ltd. # | 36,968 | 970,064 | ||||||
| 2,371,613 | ||||||||
| New Zealand: 1.3% | ||||||||
| Z Energy Ltd. # | 115,949 | 273,218 | ||||||
| Poland: 6.0% | ||||||||
| Grupa Lotos SA # * | 21,109 | 313,250 | ||||||
| Polski Koncern Naftowy ORLEN SA # | 46,860 | 966,900 | ||||||
| 1,280,150 | ||||||||
| Portugal: 5.0% | ||||||||
| Galp Energia SGPS SA # | 93,203 | 1,059,146 | ||||||
| Saudi Arabia: 3.8% | ||||||||
| S-Oil Corp. (KRW) # | 8,876 | 815,222 | ||||||
| South Korea: 7.5% | ||||||||
| Hyundai Heavy Industries Holdings Co. Ltd. # | 10,093 | 546,542 | ||||||
| SK Innovation Co. Ltd. # * | 4,751 | 1,045,982 | ||||||
| 1,592,524 | ||||||||
| Taiwan: 4.5% | ||||||||
| Formosa Petrochemical Corp. # | 267,000 | 945,491 | ||||||
| Thailand: 4.0% | ||||||||
| IRPC PCL (NVDR) # | 3,055,400 | 372,560 | ||||||
| Thai Oil PCL (NVDR) # | 305,000 | 466,482 | ||||||
| 839,042 | ||||||||
| Turkey: 2.1% | ||||||||
| Turkiye Petrol Rafinerileri AS # * | 33,358 | 434,207 | ||||||
| United States: 25.6% | ||||||||
| Delek US Holdings, Inc. * | 13,490 | 242,415 | ||||||
| HollyFrontier Corp. | 26,504 | 878,078 | ||||||
| Marathon Petroleum Corp. | 25,111 | 1,552,111 | ||||||
| Phillips 66 | 19,878 | 1,392,056 | ||||||
| Valero Energy Corp. | 19,297 | 1,361,789 | ||||||
| 5,426,449 | ||||||||
| Total Common Stocks | ||||||||
| (Cost: $19,701,268) | 21,144,929 | |||||||
| Total Investments: 99.9% | ||||||||
| (Cost: $19,701,268) | 21,144,929 | |||||||
| Other assets less liabilities: 0.1% | 30,918 | |||||||
| NET ASSETS: 100.0% | $ | 21,175,847 | ||||||
| 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 $14,023,539 which represents 66.2% 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 $1,694,941, or 8.0% of net assets. |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Energy | 97.4 | % | $ | 20,598,387 | ||||
| Industrials | 2.6 | 546,542 | ||||||
| 100.0 | % | $ | 21,144,929 | |||||
VANECK OIL SERVICES ETF
SCHEDULE OF INVESTMENTS
September 30, 2021 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Netherlands: 4.9% | ||||||||
| Tenaris SA (ADR) † | 6,186,019 | $ | 130,586,861 | |||||
| United Kingdom: 4.9% | ||||||||
| TechnipFMC Plc (USD) * | 17,339,538 | 130,566,721 | ||||||
| United States: 90.2% | ||||||||
| Baker Hughes Co. | 8,522,275 | 210,755,861 | ||||||
| Cactus, Inc. ‡ | 3,098,456 | 116,873,760 | ||||||
| ChampionX Corp. * | 5,510,872 | 123,223,098 | ||||||
| Core Laboratories NV | 2,063,076 | 57,250,359 | ||||||
| DMC Global, Inc. * | 762,851 | 28,156,830 | ||||||
| Dril-Quip, Inc. * | 1,611,273 | 40,571,854 | ||||||
| Frank's International NV * † | 10,170,274 | 29,900,606 | ||||||
| Halliburton Co. | 15,048,859 | 325,356,332 | ||||||
| Helix Energy Solutions Group, Inc. * † ‡ | 9,286,340 | 36,030,999 | ||||||
| Helmerich & Payne, Inc. | 4,075,698 | 111,714,882 | ||||||
| Liberty Oilfield Services, Inc. * † | 7,771,038 | 94,262,691 | ||||||
| Nabors Industries Ltd. * ‡ | 569,995 | 54,993,118 | ||||||
| NexTier Oilfield Solutions, Inc. * | 6,336,621 | 29,148,457 | ||||||
| NOV, Inc. * | 8,608,189 | 112,853,358 | ||||||
| Oceaneering International, Inc. * ‡ | 5,956,554 | 79,341,299 | ||||||
| Oil States International, Inc. * ‡ | 3,779,554 | 24,151,350 | ||||||
| Patterson-UTI Energy, Inc. ‡ | 11,999,687 | 107,997,183 | ||||||
| ProPetro Holding Corp. * ‡ | 5,478,528 | 47,389,267 | ||||||
| RPC, Inc. * | 9,197,248 | 44,698,625 | ||||||
| Schlumberger NV | 18,182,162 | 538,919,282 | ||||||
| Select Energy Services, Inc. * † ‡ | 6,259,409 | 32,486,333 | ||||||
| Transocean Ltd. * † | 30,896,793 | 117,098,845 | ||||||
| US Silica Holdings, Inc. * ‡ | 4,461,884 | 35,650,453 | ||||||
| 2,398,824,842 | ||||||||
| Total Common Stocks (Cost: $2,977,005,956) | 2,659,978,424 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3% (Cost: $8,173,801) | ||||||||
| Money Market Fund: 0.3% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 8,173,801 | 8,173,801 | ||||||
| Total Investments: 100.3% (Cost: $2,985,179,757) | 2,668,152,225 | |||||||
| Liabilities in excess of other assets: (0.3)% | (7,941,122 | ) | ||||||
| NET ASSETS: 100.0% | $ | 2,660,211,103 | ||||||
| Definitions: | |
| ADR | American Depositary Receipt |
| USD | United States Dollar |
| Footnotes: | |
| † | Security fully or partially on loan. Total market value of securities on loan is $34,924,012. |
| * | 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 | 14.8 | % | $ | 391,804,028 | ||||
| Oil & Gas Equipment & Services | 85.2 | 2,268,174,396 | ||||||
| 100.0 | % | $ | 2,659,978,424 | |||||
Transactions in securities of affiliates for the period ended September 30, 2021:
| Value 12/31/2020 | Purchases | Sales Proceeds |
Realized Gain |
Dividend | Net Change in Unrealized Appreciation (Depreciation) | Value 9/30/2021 | ||||||||||||||||||||||
| Cactus, Inc. | $ | – | (a) | $ | 162,684,461 | $ | (93,360,173 | ) | $ | 12,653,567 | $ | 636,751 | $ | 2,222,479 | $ | 116,873,761 | ||||||||||||
| Helix Energy Solutions Group, Inc. | – | (a) | 62,053,620 | (31,227,843 | ) | 3,390,439 | – | (12,370,339 | ) | 36,030,999 | ||||||||||||||||||
| Nabors Industries Ltd. | – | (a) | 79,424,462 | (36,206,390 | ) | 10,737,820 | – | (8,665,057 | ) | 54,993,118 | ||||||||||||||||||
| Oceaneering International, Inc. | – | (a) | 105,927,468 | (46,291,333 | ) | 17,259,483 | – | (13,091,497 | ) | 79,341,299 | ||||||||||||||||||
| Oil States International, Inc. | – | (a) | 33,207,055 | (14,071,435 | ) | 1,789,576 | – | (2,480,456 | ) | 24,151,350 | ||||||||||||||||||
| Patterson-UTI Energy, Inc. | – | (a) | 133,498,641 | (59,779,320 | ) | 18,309,091 | 448,690 | (4,817,103 | ) | 107,997,183 | ||||||||||||||||||
| ProPetro Holding Corp. | – | (a) | 70,295,629 | (31,871,958 | ) | 7,386,265 | – | (11,786,881 | ) | 47,389,267 | ||||||||||||||||||
| Select Energy Services, Inc. | – | (a) | 53,196,559 | (27,139,752 | ) | 1,341,091 | – | (3,668,858 | ) | 32,486,333 | ||||||||||||||||||
| US Silica Holdings, Inc. | – | (a) | 59,705,900 | (24,075,848 | ) | 7,659,215 | – | (16,395,990 | ) | 35,650,453 | ||||||||||||||||||
| $ | – | $ | 759,993,795 | $ | (364,024,052 | ) | $ | 80,526,547 | $ | 1,085,441 | $ | (71,053,702 | ) | $ | 534,913,763 | |||||||||||||
| Symbol Description | |
| (a) | Security held by the Fund, however not classified as an affiliate at the beginning of the reporting period. |
VANECK RARE EARTH/STRATEGIC METALS ETF
SCHEDULE OF INVESTMENTS
September 30, 2021 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.4% | ||||||||
| Australia: 28.9% | ||||||||
| Australian Strategic Materials Ltd. # * † | 4,320,385 | $ | 30,702,706 | |||||
| Iluka Resources Ltd. # | 6,276,821 | 40,343,890 | ||||||
| Liontown Resources Ltd. # * † | 54,144,402 | 55,417,198 | ||||||
| Lynas Rare Earths Ltd. # * † | 10,785,621 | 50,996,727 | ||||||
| Minerals 260 Ltd. * | 4,546,129 | 2,346,673 | ||||||
| Orocobre Ltd. # * † | 8,694,546 | 53,392,779 | ||||||
| Pilbara Minerals Ltd. # * | 28,547,779 | 41,105,135 | ||||||
| 274,305,108 | ||||||||
| Canada: 10.6% | ||||||||
| Lithium Americas Corp. (USD) * † | 2,203,111 | 49,195,468 | ||||||
| Standard Lithium Ltd. * † | 6,306,583 | 51,424,401 | ||||||
| 100,619,869 | ||||||||
| China: 34.8% | ||||||||
| China Northern Rare Earth Group High- Tech Co. Ltd. # | 9,385,810 | 63,525,809 | ||||||
| Ganfeng Lithium Co. Ltd. (HKD) 144A # | 3,488,000 | 61,114,678 | ||||||
| Jinduicheng Molybdenum Co. Ltd. # | 33,435,069 | 38,715,650 | ||||||
| Shenghe Resources Holding Co. Ltd. # | 18,004,105 | 55,433,233 | ||||||
| Xiamen Tungsten Co. Ltd. # | 11,173,768 | 40,672,455 | ||||||
| Zhejiang Huayou Cobalt Co. Ltd. # | 4,482,036 | 71,529,416 | ||||||
| 330,991,241 | ||||||||
| France: 3.7% | ||||||||
| Eramet SA # * | 464,271 | 34,908,184 | ||||||
| Japan: 1.9% | ||||||||
| Toho Titanium Co. Ltd. # | 1,672,147 | 17,771,880 | ||||||
| Netherlands: 4.4% | ||||||||
| AMG Advanced Metallurgical Group NV # | 1,310,643 | 42,446,115 | ||||||
| United States: 15.1% | ||||||||
| Livent Corp. * † | 1,825,686 | 42,191,603 | ||||||
| MP Materials Corp. * † | 1,397,947 | 45,055,832 | ||||||
| Tronox Holdings Plc | 2,277,570 | 56,142,101 | ||||||
| 143,389,536 | ||||||||
| Total Common Stocks (Cost: $672,360,563) | 944,431,933 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.3% (Cost: $50,235,904) | ||||||||
| Money Market Fund: 5.3% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 50,235,904 | 50,235,904 | ||||||
| Total Investments: 104.7% (Cost: $722,596,467) | 994,667,837 | |||||||
| Liabilities in excess of other assets: (4.7)% | (44,598,383 | ) | ||||||
| NET ASSETS: 100.0% | $ | 950,069,454 | ||||||
| Definitions: | |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |
| Footnotes: | |
| † | Security fully or partially on loan. Total market value of securities on loan is $125,271,813. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $698,075,855 which represents 73.5% 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 $61,114,678, or 6.4% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Materials | 100.0 | % | $ | 944,431,933 | ||||
VANECK STEEL ETF
SCHEDULE OF INVESTMENTS
September 30, 2021 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Australia: 15.3% | ||||||||
| Rio Tinto Plc (ADR) † | 338,830 | $ | 22,640,621 | |||||
| Brazil: 21.5% | ||||||||
| Cia Siderurgica Nacional SA (ADR) | 1,249,265 | 6,571,134 | ||||||
| Gerdau SA (ADR) † | 1,117,795 | 5,499,551 | ||||||
| Vale SA (ADR) | 1,415,437 | 19,745,346 | ||||||
| 31,816,031 | ||||||||
| China: 0.0% | ||||||||
| ZK International Group Co. Ltd. (USD) * | 25,211 | 70,339 | ||||||
| India: 4.5% | ||||||||
| Vedanta Ltd. (ADR) † | 432,357 | 6,606,415 | ||||||
| Luxembourg: 7.5% | ||||||||
| ArcelorMittal SA (USD) † | 365,053 | 11,009,999 | ||||||
| Netherlands: 9.3% | ||||||||
| Tenaris SA (ADR) | 358,146 | 7,560,462 | ||||||
| Ternium SA (ADR) | 145,290 | 6,145,767 | ||||||
| 13,706,229 | ||||||||
| South Korea: 5.8% | ||||||||
| POSCO (ADR) | 123,226 | 8,498,897 | ||||||
| United States: 36.1% | ||||||||
| Allegheny Technologies, Inc. * | 125,082 | 2,080,114 | ||||||
| Carpenter Technology Corp. | 47,249 | 1,546,932 | ||||||
| Cleveland-Cliffs, Inc. * † | 319,253 | 6,324,402 | ||||||
| Commercial Metals Co. | 118,536 | 3,610,607 | ||||||
| Gibraltar Industries, Inc. * | 32,080 | 2,234,372 | ||||||
| Nucor Corp. | 103,715 | 10,214,890 | ||||||
| Olympic Steel, Inc. | 10,890 | 265,280 | ||||||
| Reliance Steel & Aluminum Co. | 48,583 | 6,919,191 | ||||||
| Ryerson Holding Corp. | 37,821 | 842,274 | ||||||
| Schnitzer Steel Industries, Inc. | 26,860 | 1,176,737 | ||||||
| Steel Dynamics, Inc. | 112,601 | 6,584,906 | ||||||
| SunCoke Energy, Inc. | 81,624 | 512,599 | ||||||
| TimkenSteel Corp. * | 45,403 | 593,871 | ||||||
| United States Steel Corp. † | 299,204 | 6,573,512 | ||||||
| Warrior Met Coal, Inc. | 50,538 | 1,176,019 | ||||||
| Worthington Industries, Inc. | 50,676 | 2,670,625 | ||||||
| 53,326,331 | ||||||||
| Total Common Stocks (Cost: $173,653,895) | 147,674,862 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.0% (Cost: $1,418,798) | ||||||||
| Money Market Fund: 1.0% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 1,418,798 | 1,418,798 | ||||||
| Total Investments: 101.0% (Cost: $175,072,693) | 149,093,660 | |||||||
| Liabilities in excess of other assets: (1.0)% | (1,508,179 | ) | ||||||
| NET ASSETS: 100.0% | $ | 147,585,481 | ||||||
| Definitions: | |
| ADR | American Depositary Receipt |
| USD | United States Dollar |
| Footnotes: | |
| † | Security fully or partially on loan. Total market value of securities on loan is $41,186,268. |
| * | Non-income producing |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Energy | 5.1 | % | $ | 7,560,462 | ||||
| Industrials | 1.5 | 2,234,372 | ||||||
| Materials | 93.4 | 137,880,028 | ||||||
| 100.0 | % | $ | 147,674,862 | |||||
VANECK UNCONVENTIONAL OIL & GAS ETF
SCHEDULE OF INVESTMENTS
September 30, 2021 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.8% | ||||||||
| Canada: 20.0% | ||||||||
| ARC Resources Ltd. | 69,095 | $ | 647,399 | |||||
| Cenovus Energy, Inc. (USD) | 83,314 | 838,139 | ||||||
| Crescent Point Energy Corp. (USD) | 58,834 | 271,225 | ||||||
| Enerplus Corp. (USD) | 24,461 | 195,688 | ||||||
| PrairieSky Royalty Ltd. | 9,390 | 100,137 | ||||||
| Tourmaline Oil Corp. | 29,030 | 1,013,993 | ||||||
| Whitecap Resources, Inc. | 60,342 | 333,897 | ||||||
| 3,400,478 | ||||||||
| United States: 79.8% | ||||||||
| Antero Resources Corp. * | 24,017 | 451,760 | ||||||
| APA Corp. | 24,055 | 515,499 | ||||||
| Cabot Oil & Gas Corp. | 26,344 | 573,246 | ||||||
| CNX Resources Corp. * | 12,984 | 163,858 | ||||||
| ConocoPhillips | 22,135 | 1,500,089 | ||||||
| Continental Resources, Inc. | 7,936 | 366,246 | ||||||
| Devon Energy Corp. | 33,103 | 1,175,488 | ||||||
| Diamondback Energy, Inc. | 8,417 | 796,837 | ||||||
| EOG Resources, Inc. | 15,395 | 1,235,757 | ||||||
| EQT Corp. * | 30,502 | 624,071 | ||||||
| Hess Corp. | 12,076 | 943,256 | ||||||
| Marathon Oil Corp. | 55,619 | 760,312 | ||||||
| Matador Resources Co. | 9,158 | 348,370 | ||||||
| Murphy Oil Corp. | 12,283 | 306,707 | ||||||
| National Fuel Gas Co. | 7,150 | 375,518 | ||||||
| Occidental Petroleum Corp. | 32,035 | 947,595 | ||||||
| Ovintiv, Inc. | 19,284 | 634,058 | ||||||
| PDC Energy, Inc. | 7,562 | 358,363 | ||||||
| Pioneer Natural Resources Co. | 6,891 | 1,147,420 | ||||||
| Range Resources Corp. * | 16,816 | 380,546 | ||||||
| 13,604,996 | ||||||||
| Total Common Stocks (Cost: $19,187,057) | 17,005,474 | |||||||
| Total Investments: 99.8% (Cost: $19,187,057) | 17,005,474 | |||||||
| Other assets less liabilities: 0.2% | 42,289 | |||||||
| NET ASSETS: 100.0% | $ | 17,047,763 | ||||||
| Definitions: | |
| USD | United States Dollar |
| Footnotes: | |
| * | Non-income producing |
| Summary of Investments by Sector | % of Investments | Value | ||||||
| Gas Utilities | 2.2 | % | $ | 375,518 | ||||
| Integrated Oil & Gas | 10.5 | 1,785,734 | ||||||
| Oil & Gas Exploration & Production | 87.3 | 14,844,222 | ||||||
| 100.0 | % | $ | 17,005,474 | |||||
VANECK URANIUM+NUCLEAR ENERGY ETF
SCHEDULE OF INVESTMENTS
September 30, 2021 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Australia: 1.1% | ||||||||
| Paladin Energy Ltd. # * | 640,325 | $ | 314,556 | |||||
| Canada: 7.6% | ||||||||
| Cameco Corp. (USD) | 55,846 | 1,213,534 | ||||||
| Denison Mines Corp. (USD) * † | 214,057 | 314,664 | ||||||
| NexGen Energy Ltd. (USD) * | 117,637 | 556,423 | ||||||
| 2,084,621 | ||||||||
| China: 2.9% | ||||||||
| CGN Power Co. Ltd. (HKD) 144A # † | 2,580,000 | 783,050 | ||||||
| Czech Republic: 4.8% | ||||||||
| CEZ AS # | 39,988 | 1,301,463 | ||||||
| Finland: 5.6% | ||||||||
| Fortum Oyj # | 50,015 | 1,519,546 | ||||||
| France: 4.6% | ||||||||
| Electricite de France SA # | 99,799 | 1,254,738 | ||||||
| Italy: 3.9% | ||||||||
| Endesa SA # | 53,297 | 1,075,424 | ||||||
| Japan: 12.4% | ||||||||
| Hokuriku Electric Power Co. # | 45,800 | 246,286 | ||||||
| Kansai Electric Power Co., Inc. # | 132,500 | 1,280,726 | ||||||
| Kyushu Electric Power Co., Inc. # | 102,000 | 772,913 | ||||||
| Tokyo Electric Power Co. Holdings, Inc. # * | 388,500 | 1,103,396 | ||||||
| 3,403,321 | ||||||||
| Kazakhstan: 2.2% | ||||||||
| NAC Kazatomprom JSC (USD) (GDR) # | 17,226 | 605,704 | ||||||
| South Korea: 4.6% | ||||||||
| Korea Electric Power Corp. (ADR) † | 126,470 | 1,248,259 | ||||||
| United States: 50.3% | ||||||||
| BWX Technologies, Inc. | 11,632 | 626,500 | ||||||
| Dominion Energy, Inc. | 29,144 | 2,128,095 | ||||||
| Duke Energy Corp. | 21,538 | 2,101,893 | ||||||
| Energy Fuels, Inc. * † | 37,525 | 263,426 | ||||||
| Entergy Corp. | 14,817 | 1,471,476 | ||||||
| Exelon Corp. | 39,416 | 1,905,369 | ||||||
| PG&E Corp. * † | 152,131 | 1,460,458 | ||||||
| Pinnacle West Capital Corp. | 16,716 | 1,209,570 | ||||||
| PNM Resources, Inc. | 16,419 | 812,412 | ||||||
| Public Service Enterprise Group, Inc. | 28,755 | 1,751,179 | ||||||
| 13,730,378 | ||||||||
| Total Common Stocks (Cost: $24,714,385) | 27,321,060 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.2% (Cost: $607,255) | ||||||||
| Money Market Fund: 2.2% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 607,255 | 607,255 | ||||||
| Total Investments: 102.2% (Cost: $25,321,640) | 27,928,315 | |||||||
| Liabilities in excess of other assets: (2.2)% | (610,117 | ) | ||||||
| NET ASSETS: 100.0% | $ | 27,318,198 | ||||||
| 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 $10,257,802 which represents 37.5% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $2,790,896. |
| 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 $783,050, or 2.9% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
| Energy | 12.0 | % | $ | 3,268,306 | ||||
| Industrials | 2.3 | 626,500 | ||||||
| Utilities | 85.7 | 23,426,254 | ||||||
| 100.0 | % | $ | 27,321,060 | |||||
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