Van Eck Associates Corporation
666 Third Avenue，New York，NY 10017
(Name和服务代理人地址）
注册人电话号码，包括地区代码：（212）293-2000
财年结束日期：12月31日
报告期日期：2024年6月30日
项目1.
向股东报告。
Vaneck非洲指数ETF
股票代码：AFK
美国主要上市交易所：NYSE Arca，Inc.
半年度股东报告 - 2024年6月30日
本半年度股东报告包含有关2024年1月1日至2024年6月30日（“期间”）VanEck Africa Index ETF的重要信息。欲了解更多信息，请联系我们 800.826.2333或info@vaneck.com.您还可以访问我们的网站 https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.
本半年度股东报告包含有关2024年1月1日至2024年6月30日（“期间”）VanEck Digital India ETF的重要信息。欲了解更多信息，请联系我们 800.826.2333或info@vaneck.com.您还可以访问我们的网站 https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.
本半年度股东报告包含2024年1月1日至2024年6月30日（“期间”）有关VanEck Russia ETF的重要信息。欲了解更多信息，请联系我们 800.826.2333或info@vaneck.com.您还可以访问我们的网站 https://www.vaneck.com/us/en/etf-mutual-fund-finder/etfs/documents/.
Hannon Armstrong Sustainable Infrastructure Capital, Inc. †
24,217
716,823
Installed Building Products, Inc.
6,324
1,300,720
Lucid Group, Inc. * †
306,230
799,260
NextEra Energy, Inc.
152,124
10,771,900
Ormat Technologies, Inc.
12,030
862,551
Owens Corning
22,141
3,846,335
See Notes to Financial Statements
15
VANECK LOW CARBON ENERGY ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Number of Shares
Value
United States (continued)
Plug Power, Inc. * †
189,729
$
442,069
QuantumScape Corp. * †
115,143
566,504
Rivian Automotive, Inc. * †
199,883
2,682,430
SolarEdge Technologies, Inc. * †
14,640
369,806
Sunrun, Inc. * †
47,074
558,298
Tesla, Inc. *
62,003
12,269,154
46,973,475
Total Common Stocks (Cost: $181,051,410)
129,522,979
Number of Shares
Value
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 7.0%
Money Market Fund: 7.0% (Cost: $9,080,919)
State Street Navigator Securities Lending Government Money Market Portfolio
9,080,919
$
9,080,919
Total Investments: 107.1% (Cost: $190,132,329)
138,603,898
Liabilities in excess of other assets: (7.1)%
(9,230,783)
NET ASSETS: 100.0%
$
129,373,115
Definitions:
ADR
American Depositary Receipt
HKD
Hong Kong Dollar
NVDR
Non-Voting Depositary Receipt
USD
United States Dollar
Footnotes:
†
Security fully or partially on loan. Total market value of securities on loan is $29,325,374.
*
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. These securities have an aggregate value of $4,975,832,
or 3.8% of net assets.
See Notes to Financial Statements
16
The summary of inputs used to value the Fund’s investments as of June 30,
2024 is as follows:
Level 1 Quoted Prices
Level 2 Significant
Observable Inputs
Level 3 Significant
Unobservable Inputs
Value
Common Stocks
Austria
$
—
$
849,855
$
—
$
849,855
Brazil
3,970,264
—
—
3,970,264
Canada
4,510,175
—
—
4,510,175
Chile
594,660
—
—
594,660
China
7,763,065
11,806,254
—
19,569,319
Denmark
—
11,479,835
—
11,479,835
France
—
1,042,555
—
1,042,555
Germany
—
508,742
—
508,742
Ireland
—
3,358,503
—
3,358,503
Italy
—
9,072,229
—
9,072,229
Japan
—
988,457
—
988,457
New Zealand
3,869,821
—
—
3,869,821
Norway
—
291,266
—
291,266
Portugal
—
1,399,276
—
1,399,276
South Korea
—
5,328,624
—
5,328,624
Spain
490,670
10,407,316
—
10,897,986
Sweden
—
1,946,907
—
1,946,907
Switzerland
—
635,025
—
635,025
Taiwan
—
616,961
—
616,961
Thailand
—
186,752
—
186,752
United Kingdom
—
1,432,292
—
1,432,292
United States
46,973,475
—
—
46,973,475
Money Market Fund
9,080,919
—
—
9,080,919
Total Investments
$
77,253,049
$
61,350,849
$
—
$
138,603,898
See Notes to Financial Statements
17
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
June 30, 2024 (unaudited)
Number of Shares
Value
COMMON STOCKS: 100.0%
Australia: 10.5%
BHP Group Ltd. (ADR)
92,410
$
5,275,687
Evolution Mining Ltd.
113,376
265,412
Fortescue Ltd. †
74,318
1,059,214
Glencore Plc (GBP)
366,637
2,086,263
Northern Star Resources Ltd.
54,047
469,875
Rio Tinto Ltd. †
13,887
1,101,252
Rio Tinto Plc (ADR) †
45,384
2,992,167
South32 Ltd. †
216,628
526,151
Woodside Energy Group Ltd. (ADR) †
25,945
488,026
14,264,047
Brazil: 4.0%
Centrais Eletricas Brasileiras
SA (ADR) †
84,204
541,432
Klabin SA
74,576
287,861
Petroleo Brasileiro SA (ADR)
34,613
472,121
Suzano SA (ADR) †
53,403
548,449
Vale SA (ADR)
174,299
1,946,920
Wheaton Precious Metals Corp. (USD)
17,052
893,866
Yara International ASA (NOK)
26,263
758,942
5,449,591
Canada: 10.1%
Agnico Eagle Mines Ltd. (USD)
23,550
1,540,170
Alamos Gold, Inc. (USD)
23,539
369,092
Barrick Gold Corp. (USD)
84,646
1,411,895
Cameco Corp. (USD)
20,116
989,707
Canadian Natural Resources Ltd. (USD) †
22,628
805,557
Cenovus Energy, Inc. (USD)
18,217
358,146
Enbridge, Inc. (USD) †
30,666
1,091,403
Franco-Nevada Corp. (USD)
8,356
990,353
Kinross Gold Corp. (USD)
69,861
581,244
Northland Power, Inc. †
20,336
349,547
Nutrien Ltd. (USD)
55,936
2,847,702
Pan American Silver Corp. (USD)
21,517
427,758
Pembina Pipeline Corp. (USD) †
8,853
328,269
Suncor Energy, Inc. (USD)
19,255
733,616
TC Energy Corp. (USD)
12,115
459,158
West Fraser Timber Co. Ltd. (USD)
4,660
358,214
13,641,831
China: 0.9%
Wilmar International Ltd. (SGD)
424,664
968,881
Xinyi Solar Holdings Ltd. (HKD)
572,000
287,319
1,256,200
Denmark: 1.3%
Orsted AS 144A *
11,936
634,577
Vestas Wind Systems A/S *
49,658
1,152,411
1,786,988
Finland: 1.1%
Stora Enso Oyj †
35,013
478,477
Number of Shares
Value
Finland (continued)
UPM-Kymmene Oyj
29,262
$
1,028,524
1,507,001
France: 1.5%
TotalEnergies SE (ADR) †
30,669
2,045,009
Germany: 2.3%
Bayer AG
108,570
3,062,660
India: 1.2%
Reliance Industries Ltd. (USD) 144A (GDR)
22,205
1,656,493
Israel: 0.0%
Enlight Renewable Energy Ltd. *
1
13
Italy: 0.4%
Eni SpA (ADR) †
19,251
592,738
Japan: 2.3%
JFE Holdings, Inc.
34,864
503,273
Kubota Corp.
101,500
1,426,644
Nippon Steel Corp.
38,900
824,772
Oji Holdings Corp.
84,876
335,116
3,089,805
Liechtenstein: 0.5%
Antofagasta Plc (GBP)
23,025
611,913
Luxembourg: 0.5%
ArcelorMittal SA (USD) †
27,447
629,360
Mexico: 0.7%
Grupo Mexico SAB de CV
171,564
923,333
New Zealand: 0.3%
Meridian Energy Ltd.
101,010
387,152
Norway: 1.1%
Equinor ASA (ADR)
16,575
473,382
Mowi ASA
61,550
1,025,818
1,499,200
Peru: 0.2%
Cia de Minas Buenaventura SAA (ADR)
15,494
262,623
Portugal: 0.3%
EDP Renovaveis SA * †
24,883
347,956
Russia: 0.0%
Evraz Plc (GBP) *∞
10,824
0
Gazprom PJSC *∞
125,520
0
GMK Norilskiy Nickel PAO ∞
128,400
0
GMK Norilskiy Nickel PAO (ADR) *∞
17
0
LUKOIL PJSC ∞
3,739
0
Novatek PJSC ∞
19,580
0
Novolipetsk Steel PJSC
26,910
0
PhosAgro PJSC ∞
4,623
0
PhosAgro PJSC (USD) (GDR) ∞
1
0
PhosAgro PJSC (USD) (GDR) ∞
89
0
Polyus PJSC (USD) (GDR) *∞
1,669
0
Ros Agro Plc (USD) (GDR) *∞
4,076
0
See Notes to Financial Statements
18
Number of Shares
Value
Russia (continued)
Rosneft Oil Co. PJSC ∞
13,000
$
0
Severstal PAO (USD) (GDR) *∞
4,118
0
Surgutneftegas PJSC ∞
371,430
0
Tatneft PJSC (ADR) *∞
2,680
0
0
South Africa: 2.5%
Anglo American Platinum Ltd. †
7,064
231,792
Anglo American Plc (GBP)
48,100
1,519,983
Anglogold Ashanti Plc (USD)
19,605
492,673
Gold Fields Ltd. (ADR) †
41,913
624,504
Impala Platinum Holdings Ltd.
58,535
289,655
Sibanye Stillwater Ltd. (ADR)
52,875
230,006
3,388,613
South Korea: 0.8%
POSCO Holdings, Inc. (ADR) †
16,554
1,088,260
Spain: 3.0%
Iberdrola SA
285,237
3,703,694
Repsol SA †
20,433
324,283
4,027,977
Sweden: 0.7%
Boliden AB †
16,105
518,381
Svenska Cellulosa AB SCA †
32,784
482,876
1,001,257
Taiwan: 0.4%
China Steel Corp.
776,672
552,574
United Kingdom: 6.9%
BP Plc (ADR)
36,764
1,327,181
CNH Industrial NV (USD)
100,541
1,018,480
Shell Plc (ADR)
96,428
6,960,173
9,305,834
United States: 46.5%
AGCO Corp.
8,290
811,425
Archer-Daniels-Midland Co.
40,238
2,432,387
Bunge Global SA
12,541
1,339,003
CF Industries Holdings, Inc.
17,893
1,326,229
Cheniere Energy, Inc.
3,081
538,651
Chevron Corp.
44,025
6,886,390
ConocoPhillips
13,579
1,553,166
Corteva, Inc.
65,908
3,555,078
Darling Ingredients, Inc. *
21,710
797,842
Deere & Co.
18,346
6,854,616
Devon Energy Corp.
8,074
382,708
Diamondback Energy, Inc.
2,020
404,384
Number of Shares
Value
United States (continued)
EOG Resources, Inc.
6,044
$
760,758
Exxon Mobil Corp.
61,205
7,045,920
First Solar, Inc. *
4,322
974,438
FMC Corp.
14,815
852,603
Freeport-McMoRan, Inc.
54,490
2,648,214
Halliburton Co.
9,562
323,004
Hess Corp.
3,874
571,492
Ingredion, Inc.
8,280
949,716
Kinder Morgan, Inc.
25,017
497,088
Louisiana-Pacific Corp.
3,993
328,744
Marathon Petroleum Corp.
4,220
732,086
Mosaic Co.
36,640
1,058,896
Newmont Corp.
45,416
1,901,568
NextEra Energy, Inc.
80,527
5,702,117
Nucor Corp.
8,095
1,279,658
Occidental Petroleum Corp.
8,233
518,926
ONEOK, Inc.
6,880
561,064
Phillips 66
5,152
727,308
Reliance, Inc.
2,540
725,424
Royal Gold, Inc.
2,641
330,548
Schlumberger NV
16,394
773,469
SolarEdge Technologies, Inc. * †
5,567
140,622
Steel Dynamics, Inc.
6,817
882,801
The Williams Companies, Inc.
14,616
621,180
Toro Co.
10,313
964,369
Tyson Foods, Inc.
30,287
1,730,599
UFP Industries, Inc.
3,427
383,824
United States Steel Corp.
12,291
464,600
Valero Energy Corp.
3,985
624,689
Weyerhaeuser Co.
30,124
855,220
62,812,824
Total Common Stocks (Cost: $135,718,366)
135,191,252
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 3.3%
Money Market Fund: 3.3% (Cost: $4,478,076)
State Street Navigator Securities Lending Government Money Market Portfolio
4,478,076
4,478,076
Total Investments: 103.3% (Cost: $140,196,442)
139,669,328
Liabilities in excess of other assets: (3.3)%
(4,444,310)
NET ASSETS: 100.0%
$
135,225,018
See Notes to Financial Statements
19
VANECK NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
ADR
American Depositary Receipt
GBP
British Pound
GDR
Global Depositary Receipt
HKD
Hong Kong Dollar
NOK
Norwegian Krone
SGD
Singapore Dollar
USD
United States Dollar
Footnotes:
†
Security fully or partially on loan. Total market value of securities on loan is $10,273,921.
*
Non-income producing
∞
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
144A
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities
may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $2,291,070,
or 1.7% of net assets.
The summary of inputs used to value the Fund’s investments as of June 30,
2024 is as follows:
Level 1 Quoted Prices
Level 2 Significant Observable Inputs
Level 3 Significant Unobservable Inputs
Value
Common Stocks
Australia
$
8,755,880
$
5,508,167
$
—
$
14,264,047
Brazil
4,690,649
758,942
—
5,449,591
Canada
13,641,831
—
—
13,641,831
China
—
1,256,200
—
1,256,200
Denmark
—
1,786,988
—
1,786,988
Finland
—
1,507,001
—
1,507,001
France
2,045,009
—
—
2,045,009
Germany
—
3,062,660
—
3,062,660
India
—
1,656,493
—
1,656,493
Israel
—
13
—
13
Italy
592,738
—
—
592,738
Japan
—
3,089,805
—
3,089,805
Liechtenstein
—
611,913
—
611,913
Luxembourg
629,360
—
—
629,360
Mexico
923,333
—
—
923,333
New Zealand
387,152
—
—
387,152
Norway
473,382
1,025,818
—
1,499,200
Peru
262,623
—
—
262,623
Portugal
—
347,956
—
347,956
Russia
—
—
0
0
South Africa
1,347,183
2,041,430
—
3,388,613
South Korea
1,088,260
—
—
1,088,260
Spain
—
4,027,977
—
4,027,977
Sweden
—
1,001,257
—
1,001,257
Taiwan
—
552,574
—
552,574
United Kingdom
9,305,834
—
—
9,305,834
United States
62,812,824
—
—
62,812,824
Money Market Fund
4,478,076
—
—
4,478,076
Total Investments
$
111,434,134
$
28,235,194
$
0
$
139,669,328
See Notes to Financial Statements
20
VANECK OIL REFINERS ETF
SCHEDULE OF INVESTMENTS
June 30, 2024 (unaudited)
Number of Shares
Value
COMMON STOCKS: 100.0%
Australia: 3.5%
Ampol Ltd. †
56,106
$
1,208,111
Austria: 4.4%
OMV AG
35,455
1,542,282
Finland: 4.4%
Neste Oyj
86,349
1,542,004
Greece: 1.6%
Motor Oil Hellas Corinth Refineries SA
22,681
569,386
Hungary: 3.5%
MOL Hungarian Oil & Gas Plc
156,577
1,222,919
India: 8.4%
Reliance Industries Ltd.
(USD) 144A (GDR)
39,405
2,939,613
Japan: 12.9%
Cosmo Energy Holdings Co. Ltd.
20,500
1,035,026
ENEOS Holdings, Inc.
392,400
2,022,591
Idemitsu Kosan Co. Ltd.
221,640
1,440,831
4,498,448
Poland: 4.8%
ORLEN SA
99,306
1,670,750
Portugal: 5.6%
Galp Energia SGPS SA
92,458
1,954,253
Number of Shares
Value
Saudi Arabia: 2.0%
S-Oil Corp. (KRW)
14,214
$
685,192
South Korea: 7.2%
HD Hyundai Co. Ltd.
15,094
813,782
SK Innovation Co. Ltd. *
20,520
1,719,289
2,533,071
Taiwan: 3.3%
Formosa Petrochemical Corp. *
585,000
1,167,162
Thailand: 2.7%
Bangchak Corp. PCL (NVDR)
338,300
344,752
Thai Oil PCL (NVDR)
419,200
603,904
948,656
Turkey: 4.4%
Turkiye Petrol Rafinerileri AS
306,243
1,545,998
United States: 31.3%
Delek US Holdings, Inc.
12,035
297,986
HF Sinclair Corp.
29,846
1,591,986
Marathon Petroleum Corp.
16,368
2,839,521
Par Pacific Holdings, Inc. *
14,036
354,409
PBF Energy, Inc.
21,846
1,005,353
Phillips 66
17,771
2,508,732
Valero Energy Corp.
15,126
2,371,152
10,969,139
Total Common Stocks (Cost: $34,610,543)
34,996,984
Total Investments: 100.0% (Cost: $34,610,543)
34,996,984
Liabilities in excess of other assets: 0.0%
(1,290)
NET ASSETS: 100.0%
$
34,995,694
Definitions:
GDR
Global Depositary Receipt
KRW
Korean Won
NVDR
Non-Voting Depositary Receipt
USD
United States Dollar
Footnotes:
†
Security fully or partially on loan. Total market value of securities on loan is $1,043,946.
*
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. These securities have an aggregate value of $2,939,613,
or 8.4% of net assets.
See Notes to Financial Statements
21
VANECK OIL REFINERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of June 30,
2024 is as follows:
Level 1 Quoted Prices
Level 2 Significant Observable Inputs
Level 3 Significant Unobservable Inputs
Value
Common Stocks
Australia
$
—
$
1,208,111
$
—
$
1,208,111
Austria
—
1,542,282
—
1,542,282
Finland
—
1,542,004
—
1,542,004
Greece
—
569,386
—
569,386
Hungary
1,222,919
—
—
1,222,919
India
—
2,939,613
—
2,939,613
Japan
—
4,498,448
—
4,498,448
Poland
—
1,670,750
—
1,670,750
Portugal
—
1,954,253
—
1,954,253
Saudi Arabia
—
685,192
—
685,192
South Korea
—
2,533,071
—
2,533,071
Taiwan
—
1,167,162
—
1,167,162
Thailand
344,752
603,904
—
948,656
Turkey
1,545,998
—
—
1,545,998
United States
10,969,139
—
—
10,969,139
Total Investments
$
14,082,808
$
20,914,176
$
—
$
34,996,984
See Notes to Financial Statements
22
VANECK OIL SERVICES ETF
SCHEDULE OF INVESTMENTS
June 30, 2024 (unaudited)
Number
of Shares
Value
COMMON STOCKS: 100.0%
Bermuda: 4.2%
Valaris Ltd. (USD) * †
1,096,555
$
81,693,347
Netherlands: 5.3%
Core Laboratories, Inc. (USD) †
534,072
10,836,321
Tenaris SA (ADR)
2,965,905
90,519,420
101,355,741
United Kingdom: 4.6%
TechnipFMC Plc (USD)
3,413,766
89,269,981
United States: 85.9%
Baker Hughes Co.
5,760,582
202,599,669
Cactus, Inc. †
1,224,375
64,573,538
ChampionX Corp.
2,687,873
89,264,262
Dril-Quip, Inc. *
454,320
8,450,352
Expro Group Holdings NV * †
1,424,470
32,648,852
Halliburton Co.
5,566,333
188,030,729
Helix Energy Solutions Group, Inc. *
2,446,259
29,208,332
Helmerich & Payne, Inc. †
1,456,382
52,633,646
Number
of Shares
Value
United States (continued)
Liberty Energy, Inc. †
2,113,400
$
44,148,926
Nabors Industries Ltd. * †
195,057
13,880,256
Noble Corp. Plc
1,857,445
82,934,919
NOV, Inc.
4,710,471
89,546,054
Oceaneering International, Inc. *
1,626,890
38,492,217
Patterson-UTI Energy, Inc.
7,069,480
73,239,813
ProPetro Holding Corp. *
1,108,099
9,607,218
RPC, Inc. †
2,718,251
16,989,069
Schlumberger NV
8,456,580
398,981,444
Select Water Solutions, Inc.
2,152,817
23,035,142
Transocean Ltd. *
14,977,302
80,128,566
US Silica Holdings, Inc. *
1,213,279
18,745,161
Weatherford International Plc *
819,024
100,289,489
1,657,427,654
Total Common Stocks
(Cost: $2,129,596,001)
1,929,746,723
Total Investments: 100.0%
(Cost: $2,129,596,001)
1,929,746,723
Other assets less liabilities: 0.0%
558,974
NET ASSETS: 100.0%
$
1,930,305,697
Definitions:
ADR
American Depositary Receipt
USD
United States Dollar
Footnotes:
†
Security fully or partially on loan. Total market value of securities on loan is $112,284,093.
*
Non-income producing
The summary of inputs used to value the Fund’s investments as of June
30, 2024 is as follows:
Level 1 Quoted Prices
Level 2 Significant Observable Inputs
Level 3 Significant Unobservable Inputs
Value
Common Stocks *
$
1,929,746,723
$
—
$
—
$
1,929,746,723
*
See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
23
VANECK RARE EARTH AND STRATEGIC METALS ETF
SCHEDULE OF INVESTMENTS
June 30, 2024 (unaudited)
Number
of Shares
Value
COMMON STOCKS: 99.8%
Australia: 25.4%
AVZ Minerals Ltd. ∞
52,906,510
$
6,678,054
Iluka Resources Ltd.
2,914,032
12,668,952
Liontown Resources Ltd. * †
18,543,039
11,145,709
Lynas Rare Earths Ltd. * †
3,950,555
15,580,778
Pilbara Minerals Ltd. †
11,020,691
22,450,019
Sayona Mining Ltd. * †
134,090,137
3,201,936
71,725,448
Canada: 12.6%
Lithium Americas Argentina Corp. (USD) *
1,933,057
6,185,782
Lithium Americas Corp. (USD) * †
2,925,507
7,840,359
Patriot Battery Metals, Inc. * †
1,928,716
7,273,121
Sigma Lithium Corp. (USD) * †
932,809
11,221,692
Standard Lithium Ltd. (USD) * †
2,352,725
2,940,906
35,461,860
Chile: 7.2%
Sociedad Quimica y Minera de Chile SA (ADR) †
495,763
20,202,342
China: 25.0%
Baoji Titanium Industry Co. Ltd.
2,121,880
7,405,738
China Northern Rare Earth Group High-Tech Co. Ltd.
7,517,112
17,684,660
Ganfeng Lithium Group Co. Ltd. (HKD) 144A †
3,465,040
6,733,496
Jinduicheng Molybdenum Co. Ltd.
9,277,365
13,209,690
Number
of Shares
Value
China (continued)
Shenghe Resources Holding Co. Ltd.
7,784,331
$
9,170,858
Tianqi Lithium Corp. (HKD) †
1,069,000
3,057,838
Xiamen Tungsten Co. Ltd.
5,628,524
13,273,304
70,535,584
France: 4.1%
Eramet SA
115,416
11,695,035
Netherlands: 2.8%
AMG Critical Materials NV †
481,170
7,986,508
United States: 22.7%
Albemarle Corp. †
223,265
21,326,273
Arcadium Lithium Plc * †
5,294,046
17,787,994
MP Materials Corp. * †
1,073,719
13,668,443
Tronox Holdings Plc †
723,278
11,348,232
64,130,942
Total Common Stocks
(Cost: $447,701,242)
281,737,719
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 7.6%
Money Market Fund: 7.6% (Cost: $21,317,245)
State Street Navigator Securities Lending Government Money Market Portfolio
21,317,245
21,317,245
Total Investments: 107.4% (Cost: $469,018,487)
303,054,964
Liabilities in excess of other assets: (7.4)%
(20,861,249)
NET ASSETS: 100.0%
$
282,193,715
Definitions:
ADR
American Depositary Receipt
HKD
Hong Kong Dollar
USD
United States Dollar
Footnotes:
∞
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
†
Security fully or partially on loan. Total market value of securities on loan is $78,200,849.
*
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. These securities have an aggregate value of $6,733,496, or 2.4% of net assets.
See Notes to Financial Statements
24
The summary of inputs used to value the Fund’s investments as of June
30, 2024 is as follows:
Level 1 Quoted Prices
Level 2 Significant Observable Inputs
Level 3 Significant Unobservable Inputs
Value
Common Stocks
Australia
$
—
$
65,047,394
$
6,678,054
$
71,725,448
Canada
35,461,860
—
—
35,461,860
Chile
20,202,342
—
—
20,202,342
China
—
70,535,584
—
70,535,584
France
—
11,695,035
—
11,695,035
Netherlands
—
7,986,508
—
7,986,508
United States
64,130,942
—
—
64,130,942
Money Market Fund
21,317,245
—
—
21,317,245
Total Investments
$
141,112,389
$
155,264,521
$
6,678,054
$
303,054,964
The following table reconciles the valuation of the Fund’s Level
3 investment securities and related transactions during the period ended June 30, 2024. Transfers in/out are assessed at the beginning
of the year.
Common Stock
Balance as of December 31, 2023
$
8,050,466
Realized gain (loss)
—
Net change in unrealized appreciation (depreciation)
(1,372,412
)
Purchases
—
Sales
—
Transfers in/out of level 3
—
Balance as of June 30, 2024
$
6,678,054
The following table presents additional information about valuation
methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2024:
Value as of June 30, 2024
Valuation Technique
Unobservable Input Description(1)
Weighted Average used on June 30, 2024(2)
Impact to Valuation from an Increase in Input(3)
Common Stock
Australia
$6,678,054
Combination of recent transaction, discounted cash flow model
and scenario analysis method
Minority ownership discount
20%
Decrease
Discount rate
13.8%
Decrease
Scenario Probabilities: Scenario A / Scenario B (4)
10% / 90%
Increase
Last transaction price
$0.27
Increase
Liquidity discount
30%
Decrease
(1) In determining certain of these inputs,
management evaluates a variety of factors including economic condition, industry and market developments, market valuations of
comparable companies and company specific developments.
(2) The weighted average and the range
used on June 30, 2024 were the same.
(3) This column represents the directional
change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input.
A decrease to the unobservable input would have the opposite effect. Significant increases or decreases in these inputs in isolation
could result in significantly higher or lower fair value measurements.
(4) Scenario A and Scenario B represent
the potential outcomes as a result of pending litigation.
See Notes to Financial Statements
25
VANECK STEEL ETF
SCHEDULE OF INVESTMENTS
June 30, 2024 (unaudited)
Number of Shares
Value
COMMON STOCKS: 100.0%
Australia: 9.8%
Rio Tinto Plc (ADR)
141,005
$
9,296,460
Brazil: 17.3%
Cia Siderurgica Nacional SA (ADR) †
1,841,944
4,236,471
Gerdau SA (ADR)
1,324,081
4,369,468
Vale SA (ADR)
702,278
7,844,445
16,450,384
Canada: 0.8%
Algoma Steel Group, Inc. (USD) †
113,204
787,900
Luxembourg: 4.8%
ArcelorMittal SA (USD) †
197,973
4,539,521
Netherlands: 9.2%
Tenaris SA (ADR)
150,979
4,607,879
Ternium SA (ADR)
109,408
4,108,270
8,716,149
South Korea: 4.7%
POSCO Holdings, Inc. (ADR)
67,709
4,451,190
United States: 53.4%
ATI, Inc. * †
77,683
4,307,522
Carpenter Technology Corp.
42,686
4,677,532
Cleveland-Cliffs, Inc. *
277,959
4,277,789
Commercial Metals Co.
82,262
4,523,587
Gibraltar Industries, Inc. *
33,154
2,272,707
Metallus, Inc. *
47,726
967,406
Number of Shares
Value
United States (continued)
Nucor Corp.
37,096
$
5,864,136
Olympic Steel, Inc.
12,113
543,026
Radius Recycling, Inc.
60,459
923,209
Reliance, Inc.
16,619
4,746,386
Ryerson Holding Corp.
37,361
728,539
Steel Dynamics, Inc.
38,154
4,940,943
SunCoke Energy, Inc.
91,482
896,524
United States Steel Corp.
113,669
4,296,688
Universal Stainless & Alloy Products, Inc. *
29,998
821,345
Warrior Met Coal, Inc.
64,675
4,059,650
Worthington Steel, Inc.
54,822
1,828,862
50,675,851
Total Common Stocks
(Cost: $108,299,590)
94,917,455
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.5%
Money Market Fund: 1.5%
(Cost: $1,462,425)
State Street Navigator Securities Lending Government Money Market Portfolio
1,462,425
1,462,425
Total Investments: 101.5%
(Cost: $109,762,015)
96,379,880
Liabilities in excess of other assets: (1.5)%
(1,456,824)
NET ASSETS: 100.0%
$
94,923,056
Definitions:
ADR
American Depositary Receipt
USD
United States Dollar
Footnotes:
†
Security fully or partially on loan. Total market value of securities on loan is $3,474,435.
*
Non-income producing
The summary of inputs used to value the Fund’s investments as of June
30, 2024 is as follows:
Level 1 Quoted Prices
Level 2 Significant Observable Inputs
Level 3 Significant Unobservable Inputs
Value
Common Stocks *
$
94,917,455
$
—
$
—
$
94,917,455
Money Market Fund
1,462,425
—
—
1,462,425
Total Investments
$
96,379,880
$
—
$
—
$
96,379,880
*
See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
26
VANECK URANIUM AND NUCLEAR ETF
SCHEDULE OF INVESTMENTS
June 30, 2024 (unaudited)
Number of Shares
Value
COMMON STOCKS: 99.8%
Australia: 10.8%
Boss Energy Ltd. *
2,131,029
$
5,853,701
Deep Yellow Ltd. *
5,238,944
4,645,808
Paladin Energy Ltd. * †
1,067,855
8,825,046
Silex Systems Ltd. * †
1,311,052
4,631,896
23,956,451
Canada: 17.3%
Cameco Corp. (USD) †
301,497
14,833,652
Denison Mines Corp. (USD) * †
4,884,357
9,719,870
Fission Uranium Corp. * †
4,038,468
3,541,610
NexGen Energy Ltd. (USD) * †
1,481,326
10,339,656
38,434,788
China: 6.7%
CGN Mining Co. Ltd. (HKD) * †
12,580,000
4,192,245
CGN Power Co. Ltd. (HKD) 144A
24,417,000
10,736,928
14,929,173
Czech Republic: 5.1%
CEZ AS †
300,194
11,304,419
Finland: 5.8%
Fortum Oyj †
878,206
12,866,122
Italy: 4.8%
Endesa SA †
566,705
10,655,760
Jersey, Channel Islands: 3.6%
Yellow Cake Plc 144A *
1,077,624
7,918,185
Kazakhstan: 4.6%
NAC Kazatomprom JSC (USD) (GDR)
255,365
10,200,218
Number of Shares
Value
South Korea: 1.4%
KEPCO Engineering & Construction Co., Inc.
63,262
$
3,135,050
United States: 39.7%
BWX Technologies, Inc.
113,477
10,780,315
Centrus Energy Corp. *
73,045
3,122,674
Constellation Energy Corp.
82,893
16,600,981
Encore Energy Corp. * †
1,017,732
4,009,864
Energy Fuels, Inc. * †
831,452
5,038,599
NuScale Power Corp. * †
486,755
5,690,166
PG&E Corp.
809,536
14,134,499
Public Service Enterprise Group, Inc.
247,210
18,219,378
Uranium Energy Corp. *
1,759,525
10,574,745
88,171,221
Total Common Stocks
(Cost: $190,456,057)
221,571,387
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 8.0%
Money Market Fund: 8.0%
(Cost: $17,872,584)
State Street Navigator Securities Lending Government Money Market Portfolio
17,872,584
17,872,584
Total Investments: 107.8%
(Cost: $208,328,641)
239,443,971
Liabilities in excess of other assets: (7.8)%
(17,382,666)
NET ASSETS: 100.0%
$
222,061,305
Definitions:
GDR
Global Depositary Receipt
HKD
Hong Kong Dollar
USD
United States Dollar
Footnotes:
*
Non-income producing
†
Security fully or partially on loan. Total market value of securities on loan is $46,929,881.
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. These securities have an aggregate value of $18,655,113, or 8.4% of net assets.
See Notes to Financial Statements
27
VANECK URANIUM AND NUCLEAR ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of June
30, 2024 is as follows:
Level 1 Quoted Prices
Level 2 Significant Observable Inputs
Level 3 Significant Unobservable Inputs
Value
Common Stocks
Australia
$
—
$
23,956,451
$
—
$
23,956,451
Canada
38,434,788
—
—
38,434,788
China
—
14,929,173
—
14,929,173
Czech Republic
11,304,419
—
—
11,304,419
Finland
—
12,866,122
—
12,866,122
Italy
—
10,655,760
—
10,655,760
Jersey, Channel Islands
—
7,918,185
—
7,918,185
Kazakhstan
—
10,200,218
—
10,200,218
South Korea
—
3,135,050
—
3,135,050
United States
88,171,221
—
—
88,171,221
Money Market Fund
17,872,584
—
—
17,872,584
Total Investments
$
155,783,012
$
83,660,959
$
—
$
239,443,971
See Notes to Financial Statements
28
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2024 (unaudited)
Agribusiness ETF
CMCI Commodity Strategy ETF(a)
Gold Miners ETF
Green Metals ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)
$
730,610,997
$
2,602,346
$
12,834,330,043
$
25,534,462
Affiliated issuers (3)
—
—
262,701,784
—
Short-term investments held as collateral for securities loaned (4)
13,076,839
—
49,225,077
824,201
Total return swap contracts, at value
—
1,599
—
—
Cash
2,340
5,137
18,515,327
—
Cash denominated in foreign currency, at value (5)
381,230
—
8,455,077
81,151
Receivables:
Investment securities sold
368
—
113,014,780
140
Due from Adviser
—
7,461
—
—
Dividends and interest
1,878,610
1,142
1,696,436
16,962
Prepaid expenses
1,076
—
131,627
—
Other assets
—
—
111,836
—
Total assets
745,951,460
2,617,685
13,288,181,987
26,456,916
Liabilities:
Payables:
Shares of beneficial interest redeemed
—
—
115,866,693
—
Collateral for securities loaned
13,076,839
—
49,225,077
824,201
Line of credit
1,140,998
—
—
—
Due to Adviser
304,865
—
5,432,802
13,106
Due to custodian
—
—
—
19,411
Deferred Trustee fees
645,375
4
1,569,835
—
Accrued expenses
75,933
56,233
—
560
Total liabilities
15,244,010
56,237
172,094,407
857,278
NET ASSETS
$
730,707,450
$
2,561,448
$
13,116,087,580
$
25,599,638
Shares outstanding
10,400,000
100,000
384,902,500
1,050,000
Net asset value, redemption and offering price per share
$
70.26
$
25.61
$
34.08
$
24.38
Net Assets consist of:
Aggregate paid in capital
$
1,831,572,822
$
2,481,798
$
23,721,229,416
$
35,407,436
Total distributable earnings (loss)
(1,100,865,372
)
79,650
(10,605,141,836
)
(9,807,798
)
NET ASSETS
$
730,707,450
$
2,561,448
$
13,116,087,580
$
25,599,638
(1) Value of securities on loan
$
31,959,198
$
—
$
313,102,973
$
1,095,952
(2) Cost of investments - Unaffiliated issuers
$
972,560,174
$
2,602,554
$
11,771,246,103
$
28,769,909
(3) Cost of investments - Affiliated issuers
$
—
$
—
$
119,670,128
$
—
(4) Cost of short-term investments held as collateral for securities loaned
$
13,076,839
$
—
$
49,225,077
$
824,201
(5) Cost of cash denominated in foreign currency
$
378,989
$
—
$
8,456,162
$
81,310
(a)
Consolidated Statement of Assets
and Liabilities
See Notes to Financial Statements
29
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2024 (unaudited)
Junior Gold Miners ETF
Low Carbon Energy ETF
Natural Resources ETF
Oil Refiners ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)
$
4,038,169,403
$
129,522,979
$
135,191,252
$
34,996,984
Affiliated issuers (3)
849,629,158
—
—
—
Short-term investments held as collateral for securities loaned (4)
122,567,019
9,080,919
4,478,076
—
Cash
9,524,239
—
—
2,951
Cash denominated in foreign currency, at value (5)
611,741
19,593
394,360
450
Receivables:
Investment securities sold
19,248,802
—
—
—
Dividends and interest
1,382,460
496,819
180,541
151,784
Prepaid expenses
3,173
148
—
36
Total assets
5,041,135,995
139,120,458
140,244,229
35,152,205
Liabilities:
Payables:
Investment securities purchased
20,441,799
—
—
—
Collateral for securities loaned
122,567,019
9,080,919
4,478,076
—
Line of credit
—
504,092
416,462
104,202
Due to Adviser
2,035,608
55,732
44,646
5,929
Due to custodian
—
14,524
953
—
Deferred Trustee fees
412,104
20,970
14,855
1,121
Accrued expenses
198,915
71,106
64,219
45,259
Total liabilities
145,655,445
9,747,343
5,019,211
156,511
NET ASSETS
$
4,895,480,550
$
129,373,115
$
135,225,018
$
34,995,694
Shares outstanding
115,537,446
1,333,298
2,700,000
975,000
Net asset value, redemption and offering price per share
$
42.37
$
97.03
$
50.08
$
35.89
Net Assets consist of:
Aggregate paid in capital
$
9,710,980,340
$
262,927,547
$
187,688,707
$
42,782,241
Total distributable loss
(4,815,499,790
)
(133,554,432
)
(52,463,689
)
(7,786,547
)
NET ASSETS
$
4,895,480,550
$
129,373,115
$
135,225,018
$
34,995,694
(1) Value of securities on loan
$
378,800,261
$
29,325,374
$
10,273,921
$
1,043,946
(2) Cost of investments - Unaffiliated issuers
$
3,948,591,042
$
181,051,410
$
135,718,366
$
34,610,543
(3) Cost of investments - Affiliated issuers
$
567,544,573
$
—
$
—
$
—
(4) Cost of short-term investments held as collateral for securities loaned
$
122,567,019
$
9,080,919
$
4,478,076
$
—
(5) Cost of cash denominated in foreign currency
$
609,812
$
19,563
$
394,120
$
448
See Notes to Financial Statements
30
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2024 (unaudited)
Oil Services ETF
Rare Earth and Strategic Metals ETF
Steel ETF
Uranium and Nuclear ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)
$
1,929,746,723
$
281,737,719
$
94,917,455
$
221,571,387
Short-term investments held as collateral for securities loaned (3)
—
21,317,245
1,462,425
17,872,584
Cash
—
2,806
67,979
170
Cash denominated in foreign currency, at value (4)
—
1,425,590
—
329
Receivables:
Investment securities sold
—
1,658,380
—
—
Shares of beneficial interest sold
79,103,785
—
—
—
Dividends and interest
1,934,758
876,693
39,830
1,751,224
Prepaid expenses
—
400
82
62
Total assets
2,010,785,266
307,018,833
96,487,771
241,195,756
Liabilities:
Payables:
Investment securities purchased
79,105,894
—
—
53,459
Shares of beneficial interest redeemed
—
2,129,665
—
—
Collateral for securities loaned
—
21,317,245
1,462,425
17,872,584
Line of credit
606,292
1,096,057
—
1,069,877
Due to Adviser
519,512
130,440
33,038
86,074
Due to custodian
38,901
—
—
—
Deferred Trustee fees
206,442
29,028
22,471
14,731
Accrued expenses
2,528
122,683
46,781
37,726
Total liabilities
80,479,569
24,825,118
1,564,715
19,134,451
NET ASSETS
$
1,930,305,697
$
282,193,715
$
94,923,056
$
222,061,305
Shares outstanding
6,100,543
6,624,987
1,425,000
2,766,632
Net asset value, redemption and offering price per share
$
316.42
$
42.60
$
66.61
$
80.26
Net Assets consist of:
Aggregate paid in capital
$
4,194,331,143
$
874,120,150
$
270,300,576
$
272,167,887
Total distributable loss
(2,264,025,446
)
(591,926,435
)
(175,377,520
)
(50,106,582
)
NET ASSETS
$
1,930,305,697
$
282,193,715
$
94,923,056
$
222,061,305
(1) Value of securities on loan
$
112,284,093
$
78,200,849
$
3,474,435
$
46,929,881
(2) Cost of investments - Unaffiliated issuers
$
2,129,596,001
$
447,701,242
$
108,299,590
$
190,456,057
(3) Cost of short-term investments held as collateral for securities loaned
$
—
$
21,317,245
$
1,462,425
$
17,872,584
(4) Cost of cash denominated in foreign currency
$
—
$
1,427,548
$
—
$
328
See Notes to Financial Statements
31
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended June 30, 2024 (unaudited)
Agribusiness ETF
CMCI Commodity Strategy ETF(a)
Gold Miners ETF
Green Metals ETF
Income:
Dividends - unaffiliated issuers
$
11,731,261
$
3,933
$
66,284,291
$
238,017
Dividends - affiliated issuers
—
—
53,712,756
—
Interest
4,267
63,482
290,579
370
Securities lending income
123,407
236
604,307
10,621
Foreign taxes withheld
(288,021
)
—
(11,980,707
)
(14,444
)
Total income
11,570,914
67,651
108,911,226
234,564
Expenses:
Management fees
1,999,426
8,109
31,724,129
74,656
Professional fees
25,581
26,899
26,534
—
Custody and accounting fees
44,164
14,359
107,669
—
Reports to shareholders
53,158
4,844
293,531
—
Trustees’ fees and expenses
12,511
197
142,429
—
Registration fees
3,287
3,516
10,235
—
Insurance
12,177
—
55,027
—
Interest
41,342
—
73,387
3,706
Other
5,152
36
38,114
—
Total expenses
2,196,798
57,960
32,471,055
78,362
Expenses assumed by the Adviser
—
(49,802
)
—
—
Net expenses
2,196,798
8,158
32,471,055
78,362
Net investment income
9,374,116
59,493
76,440,171
156,202
Net realized gain (loss) on:
Investments - unaffiliated issuers
(22,653,001
)
(2
)
(115,168,187
)
(1,805,857
)
Investments - affiliated issuers
—
—
(87,997,723
)
—
In-kind redemptions - unaffiliated issuers
(1,160,200
)
—
243,867,582
611,887
In-kind redemptions - affiliated issuers
—
—
339,908,685
—
Swaps
—
18,767
—
—
Foreign currency transactions and foreign denominated assets and liabilities
(59,373
)
—
25,709
(1,565
)
Net realized gain (loss)
(23,872,574
)
18,765
380,636,066
(1,195,535
)
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers
(54,392,073
)
(752
)
110,486,928
803,372
Investments - affiliated issuers
—
—
727,484,691
—
Swaps
—
81,103
—
—
Foreign currency translations and foreign denominated assets and liabilities
(29,327
)
—
(12,532
)
(550
)
Net change in unrealized appreciation (depreciation)
(54,421,400
)
80,351
837,959,087
802,822
Net increase (decrease) in net assets resulting from operations
$
(68,919,858
)
$
158,609
$
1,295,035,324
$
(236,511
)
(a)
Consolidated Statement of Operations
See Notes to Financial Statements
32
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended June 30, 2024 (unaudited)
Junior Gold
Miners ETF
Low Carbon
Energy ETF
Natural
Resources ETF
Oil Refiners ETF
Income:
Dividends - unaffiliated issuers
$
13,483,270
$
1,461,217
$
1,878,286
$
1,014,720
Dividends - affiliated issuers
12,868,480
—
—
—
Interest
170,022
1,508
919
447
Securities lending income
1,296,313
134,884
17,835
570
Foreign taxes withheld
(2,881,853
)
(111,249
)
(72,057
)
(79,550
)
Total income
24,936,232
1,486,360
1,824,983
936,187
Expenses:
Management fees
11,150,069
350,170
256,610
100,992
Professional fees
26,978
20,385
—
23,501
Custody and accounting fees
120,937
36,462
—
20,939
Reports to shareholders
82,442
13,666
—
5,904
Trustees’ fees and expenses
47,641
2,108
—
421
Registration fees
8,208
3,287
—
3,287
Insurance
23,144
3,282
—
783
Interest
1,587
4,321
13,441
5,738
Other
5,684
2,565
—
648
Total expenses
11,466,690
436,246
270,051
162,213
Expenses assumed by the Adviser
—
—
—
(37,304
)
Net expenses
11,466,690
436,246
270,051
124,909
Net investment income
13,469,542
1,050,114
1,554,932
811,278
Net realized gain (loss) on:
Investments - unaffiliated issuers
(95,988,350
)
(6,089,519
)
1,315,320
(733,273
)
Investments - affiliated issuers
(78,507,193
)
—
—
—
In-kind redemptions - unaffiliated issuers
53,059,451
1,498,170
2,748,325
3,334,024
In-kind redemptions - affiliated issuers
28,964,108
—
—
—
Foreign currency transactions and foreign denominated assets and liabilities
(182,851
)
(6,446
)
(35,261
)
(10,619
)
Net realized gain (loss)
(92,654,835
)
(4,597,795
)
4,028,384
2,590,132
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers
373,829,755
(16,592,530
)
(4,612,380
)
(2,429,114
)
Investments - affiliated issuers
215,388,375
—
—
—
Foreign currency translations and foreign denominated assets and liabilities
(745,466
)
(3,804
)
(4,558
)
(3,113
)
Net change in unrealized appreciation (depreciation)
588,472,664
(16,596,334
)
(4,616,938
)
(2,432,227
)
Net increase (decrease) in net assets resulting from operations
$
509,287,371
$
(20,144,015
)
$
966,378
$
969,183
See Notes to Financial Statements
33
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended June 30, 2024 (unaudited)
Oil Services ETF
Rare Earth and Strategic Metals ETF
Steel ETF
Uranium and Nuclear ETF
Income:
Dividends
$
17,107,507
$
1,892,641
$
1,925,802
$
2,573,524
Interest
9,037
13,194
1,422
337
Securities lending income
95,929
1,226,287
12,895
101,625
Foreign taxes withheld
—
(46,469
)
(17,533
)
(230,230
)
Total income
17,212,473
3,085,653
1,922,586
2,445,256
Expenses:
Management fees
3,497,551
854,880
283,608
410,506
Professional fees
—
23,547
23,054
23,155
Custody and accounting fees
—
38,765
13,125
20,850
Reports to shareholders
—
37,685
11,269
10,540
Trustees’ fees and expenses
—
6,021
1,590
1,501
Registration fees
—
3,071
3,287
3,287
Insurance
—
6,969
1,991
1,827
Interest
35,059
25,330
3,945
8,345
Other
—
3,846
288
672
Total expenses
3,532,610
1,000,114
342,157
480,683
Expenses assumed by the Adviser
—
(221
)
(26,244
)
—
Net expenses
3,532,610
999,893
315,913
480,683
Net investment income
13,679,863
2,085,760
1,606,673
1,964,573
Net realized gain (loss) on:
Investments
(14,367,379
)
(32,258,411
)
(2,419,744
)
(571,306
)
In-kind redemptions
46,228,634
(247,794
)
10,274,572
7,809,313
Foreign currency transactions and foreign denominated assets and liabilities
—
(16,540
)
—
(2,357
)
Net realized gain (loss)
31,861,255
(32,522,745
)
7,854,828
7,235,650
Net change in unrealized appreciation (depreciation) on:
Investments
7,855,918
(102,091,006
)
(21,410,631
)
4,863,266
Foreign currency translations and foreign denominated assets and liabilities
—
(26,647
)
—
257
Net change in unrealized appreciation (depreciation)
7,855,918
(102,117,653
)
(21,410,631
)
4,863,523
Net increase (decrease) in net assets resulting from operations
$
53,397,036
$
(132,554,638
)
$
(11,949,130
)
$
14,063,746
See Notes to Financial Statements
34
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Agribusiness ETF
CMCI Commodity Strategy ETF(a)
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Period Ended June 30, 2024 (unaudited)
Period Ended December 31, 2023(b)
Operations:
Net investment income
$
9,374,116
$
26,463,494
$
59,493
$
43,828
Net realized gain (loss)
(23,872,574
)
(21,231,788
)
18,765
(22,530
)
Net change in unrealized appreciation (depreciation)
(54,421,400
)
(106,355,665
)
80,351
(78,959
)
Net increase (decrease) in net assets resulting from operations
(68,919,858
)
(101,123,959
)
158,609
(57,661
)
Distributions to shareholders from:
Distributable earnings
—
(27,500,340
)
—
(39,500
)
Share transactions*:
Proceeds from sale of shares
—
—
—
2,500,000
Cost of shares redeemed
(112,430,011
)
(300,341,391
)
—
—
Net increase (decrease) in net assets resulting from share transactions
(112,430,011
)
(300,341,391
)
—
2,500,000
Total increase (decrease) in net assets
(181,349,869
)
(428,965,690
)
158,609
2,402,839
Net Assets, beginning of period
912,057,319
1,341,023,009
2,402,839
—
Net Assets, end of period
$
730,707,450
$
912,057,319
$
2,561,448
$
2,402,839
*Shares of Common Stock Issued (no par value)
Shares sold
—
—
—
100,000
Shares redeemed
(1,550,000
)
(3,650,000
)
—
—
Net increase (decrease)
(1,550,000
)
(3,650,000
)
—
100,000
(a)
Consolidated Statement of Changes in Net Assets
(b)
For the period August 22, 2023 (commencement of operations) through December 31, 2023.
See Notes to Financial Statements
35
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Gold Miners ETF
Green Metals ETF
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Operations:
Net investment income
$
76,440,171
$
212,721,816
$
156,202
$
598,189
Net realized gain (loss)
380,636,066
629,082,410
(1,195,535
)
(4,442,304
)
Net change in unrealized appreciation (depreciation)
837,959,087
452,037,253
802,822
265,010
Net increase (decrease) in net assets resulting from operations
1,295,035,324
1,293,841,479
(236,511
)
(3,579,105
)
Distributions to shareholders from:
Distributable earnings
—
(210,018,245
)
—
(539,990
)
Share transactions*:
Proceeds from sale of shares
866,646,652
3,260,557,849
2,686,419
8,277,006
Cost of shares redeemed
(2,015,174,306
)
(3,308,844,771
)
(3,598,607
)
—
Net increase (decrease) in net assets resulting from share transactions
(1,148,527,654
)
(48,286,922
)
(912,188
)
8,277,006
Total increase (decrease) in net assets
146,507,670
1,035,536,312
(1,148,699
)
4,157,911
Net Assets, beginning of period
12,969,579,910
11,934,043,598
26,748,337
22,590,426
Net Assets, end of period
$
13,116,087,580
$
12,969,579,910
$
25,599,638
$
26,748,337
*Shares of Common Stock Issued (no par value)
Shares sold
29,250,000
109,650,000
100,000
300,000
Shares redeemed
(61,050,000
)
(108,950,000
)
(150,000
)
—
Net increase (decrease)
(31,800,000
)
700,000
(50,000
)
300,000
See Notes to Financial Statements
36
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Junior Gold Miners ETF
Low Carbon Energy ETF
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Operations:
Net investment income
$
13,469,542
$
24,939,450
$
1,050,114
$
2,688,850
Net realized loss
(92,654,835
)
(184,012,672
)
(4,597,795
)
(8,468,940
)
Net change in unrealized appreciation (depreciation)
588,472,664
470,416,381
(16,596,334
)
7,975,589
Net increase (decrease) in net assets resulting from operations
509,287,371
311,343,159
(20,144,015
)
2,195,499
Distributions to shareholders from:
Distributable earnings
—
(31,501,605
)
—
(2,600,073
)
Share transactions*:
Proceeds from sale of shares
253,045,841
679,836,394
—
5,969,931
Cost of shares redeemed
(278,168,438
)
(285,373,244
)
(14,856,203
)
(39,342,017
)
Net increase (decrease) in net assets resulting from share transactions
(25,122,597
)
394,463,150
(14,856,203
)
(33,372,086
)
Total increase (decrease) in net assets
484,164,774
674,304,704
(35,000,218
)
(33,776,660
)
Net Assets, beginning of period
4,411,315,776
3,737,011,072
164,373,333
198,149,993
Net Assets, end of period
$
4,895,480,550
$
4,411,315,776
$
129,373,115
$
164,373,333
*Shares of Common Stock Issued (no par value)
Shares sold
7,050,000
18,500,000
—
50,000
Shares redeemed
(7,200,000
)
(7,700,000
)
(150,000
)
(350,000
)
Net increase (decrease)
(150,000
)
10,800,000
(150,000
)
(300,000
)
See Notes to Financial Statements
37
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Natural Resources ETF
Oil Refiners ETF
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Operations:
Net investment income
$
1,554,932
$
4,233,766
$
811,278
$
1,269,032
Net realized gain
4,028,384
9,862,580
2,590,132
219,146
Net change in unrealized appreciation (depreciation)
(4,616,938
)
(9,892,790
)
(2,432,227
)
2,795,064
Net increase in net assets resulting from operations
966,378
4,203,556
969,183
4,283,242
Distributions to shareholders from:
Distributable earnings
—
(4,474,960
)
—
(1,250,000
)
Share transactions*:
Proceeds from sale of shares
28,845,758
33,575,832
18,442,221
3,381,127
Cost of shares redeemed
(18,882,996
)
(51,692,043
)
(18,724,886
)
(11,096,908
)
Net increase (decrease) in net assets resulting from share transactions
9,962,762
(18,116,211
)
(282,665
)
(7,715,781
)
Total increase (decrease) in net assets
10,929,140
(18,387,615
)
686,518
(4,682,539
)
Net Assets, beginning of period
124,295,878
142,683,493
34,309,176
38,991,715
Net Assets, end of period
$
135,225,018
$
124,295,878
$
34,995,694
$
34,309,176
*Shares of Common Stock Issued (no par value)
Shares sold
550,000
700,000
500,000
100,000
Shares redeemed
(400,000
)
(1,050,000
)
(525,000
)
(350,000
)
Net increase (decrease)
150,000
(350,000
)
(25,000
)
(250,000
)
See Notes to Financial Statements
38
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Oil Services ETF
Rare Earth and Strategic Metals ETF
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Operations:
Net investment income
$
13,679,863
$
28,388,375
$
2,085,760
$
7,569,604
Net realized gain (loss)
31,861,255
287,162,976
(32,522,745
)
(13,002,540
)
Net change in unrealized appreciation (depreciation)
7,855,918
(292,942,293
)
(102,117,652
)
(90,298,567
)
Net increase (decrease) in net assets resulting from operations
53,397,036
22,609,058
(132,554,637
)
(95,731,503
)
Distributions to shareholders from:
Distributable earnings
—
(28,299,743
)
—
—
Share transactions*:
Proceeds from sale of shares
1,506,374,227
4,514,195,234
51,162,290
76,570,075
Cost of shares redeemed
(1,796,896,016
)
(4,925,461,569
)
(45,828,847
)
(202,630,630
)
Net increase (decrease) in net assets resulting from share transactions
(290,521,789
)
(411,266,335
)
5,333,443
(126,060,555
)
Total decrease in net assets
(237,124,753
)
(416,957,020
)
(127,221,195
)
(221,792,058
)
Net Assets, beginning of period
2,167,430,450
2,584,387,470
409,414,910
631,206,968
Net Assets, end of period
$
1,930,305,697
$
2,167,430,450
$
282,193,715
$
409,414,910
*Shares of Common Stock Issued (no par value)
Shares sold
5,000,000
14,800,000
950,000
1,100,000
Shares redeemed
(5,900,000
)
(16,300,000
)
(950,000
)
(2,750,000
)
Net decrease
(900,000
)
(1,500,000
)
—
(1,650,000
)
See Notes to Financial Statements
39
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Steel ETF
Uranium and Nuclear ETF
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Operations:
Net investment income
$
1,606,673
$
3,932,292
$
1,964,573
$
1,513,041
Net realized gain (loss)
7,854,828
(1,122,007
)
7,235,650
3,197,203
Net change in unrealized appreciation (depreciation)
(21,410,631
)
24,570,179
4,863,523
22,574,028
Net increase (decrease) in net assets resulting from operations
(11,949,130
)
27,380,464
14,063,746
27,284,272
Distributions to shareholders from:
Distributable earnings
—
(3,875,063
)
—
(6,000,037
)
Share transactions*:
Proceeds from sale of shares
17,439,841
86,953,299
96,743,890
67,315,401
Cost of shares redeemed
(50,766,883
)
(69,956,651
)
(20,396,340
)
(11,431,512
)
Net increase (decrease) in net assets resulting from share transactions
(33,327,042
)
16,996,648
76,347,550
55,883,889
Total increase (decrease) in net assets
(45,276,172
)
40,502,049
90,411,296
77,168,124
Net Assets, beginning of period
140,199,228
99,697,179
131,650,009
54,481,885
Net Assets, end of period
$
94,923,056
$
140,199,228
$
222,061,305
$
131,650,009
*Shares of Common Stock Issued (no par value)
Shares sold
250,000
1,300,000
1,200,000
1,025,000
Shares redeemed
(725,000
)
(1,125,000
)
(275,000
)
(175,000
)
Net increase (decrease)
(475,000
)
175,000
925,000
850,000
See Notes to Financial Statements
40
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Agribusiness ETF
Period
Year Ended December 31,
Ended June 30, 2024
(unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$76.32
$85.96
$95.38
$77.82
$68.59
$57.11
Net investment income (a)
0.85
1.94
1.71
1.14
0.90
0.83
Net realized and unrealized gain (loss) on investments
(6.91
)
(9.34
)
(9.28
)
17.54
9.19
11.56
Total from investment operations
(6.06
)
(7.40
)
(7.57
)
18.68
10.09
12.39
Distributions from:
Net investment income
—
(2.24
)
(1.85
)
(1.12
)
(0.86
)
(0.91
)
Net asset value, end of period
$70.26
$76.32
$85.96
$95.38
$77.82
$68.59
Total return (b)
(7.94
)%
(8.58
)%
(7.95
)%
23.99
%
14.73
%
21.70
%
Ratios to average net assets
Expenses
0.55%
(c)
0.53
%
0.53
%
0.52
%
0.55
%
0.56
%
Expenses excluding interest and taxes
0.54%
(c)
0.53
%
0.53
%
0.52
%
0.55
%
0.56
%
Net investment income
2.34%
(c)
2.34
%
1.84
%
1.25
%
1.41
%
1.29
%
Supplemental data
Net assets, end of period (in millions)
$731
$912
$1,341
$1,183
$794
$717
Portfolio turnover rate (d)
6
%
12
%
24
%
17
%
13
%
21
%
(a)
Calculated based upon average shares outstanding
(b)
Returns are not annualized and 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)
Annualized
(d)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
41
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
CMCI Commodity Strategy
ETF(a)
Period Ended June 30, 2024 (unaudited)
Period Ended December 31, 2023 (b)
Net asset value, beginning of period
$24.03
$25.00
Net investment income (c)
0.59
0.44
Net realized and unrealized gain (loss) on investments
0.99
(1.01
)
Total from investment operations
1.58
(0.57
)
Distributions from:
Net investment income
—
(0.40
)
Net asset value, end of period
$25.61
$24.03
Total return (d)
6.59
%
(2.32
)%
Ratios to average net assets
Gross expenses
4.65%
(e)
6.32%
(e)
Net expenses
0.65%
(e)
0.65%
(e)
Net investment income
4.77%
(e)
4.82%
(e)
Supplemental data
Net assets, end of period (in millions)
$3
$2
Portfolio turnover rate (f)
—
%
—
%
(a)
Consolidated Financial Highlights
(b)
For the period August 22, 2023 (commencement of operations) through December 31, 2023.
(c)
Calculated based upon average shares outstanding
(d)
Returns are not annualized and 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)
Annualized
(f)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
42
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Gold Miners ETF
Period
Year Ended December 31,
Ended June 30, 2024
(unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$31.12
$28.69
$32.00
$35.98
$29.34
$21.07
Net investment income (a)
0.19
0.52
0.48
0.52
0.21
0.19
Net realized and unrealized gain (loss) on investments
2.77
2.41
(3.31
)
(3.97
)
6.62
8.27
Total from investment operations
2.96
2.93
(2.83
)
(3.45
)
6.83
8.46
Distributions from:
Net investment income
—
(0.50
)
(0.48
)
(0.53
)
(0.19
)
(0.19
)
Net asset value, end of period
$34.08
$31.12
$28.69
$32.00
$35.98
$29.34
Total return (b)
9.48
%
10.22
%
(8.87
)%
(9.56
)%
23.30
%
40.15
%
Ratios to average net assets
Expenses
0.51%
(c)
0.51
%
0.51
%
0.51
%
0.51
%
0.52
%
Expenses excluding interest and taxes
0.51%
(c)
0.51
%
0.51
%
N/A
N/A
N/A
Net investment income
1.20%
(c)
1.70
%
1.61
%
1.53
%
0.61
%
0.76
%
Supplemental data
Net assets, end of period (in millions)
$13,116
$12,970
$11,934
$13,273
$16,504
$12,999
Portfolio turnover rate (d)
9
%
13
%
17
%
15
%
13
%
14
%
(a)
Calculated based upon average shares outstanding
(b)
Returns are not annualized and 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)
Annualized
(d)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
43
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Green Metals ETF
Period Ended June 30,
Period Ended December
2024
Year Ended December 31,
31,
(unaudited)
2023
2022
2021 (a)
Net asset value, beginning of period
$24.32
$28.24
$34.88
$34.67
Net investment income (loss) (b)
0.15
0.63
0.73
(0.01
)
Net realized and unrealized gain (loss) on investments
(0.09
)
(4.06
)
(6.64
)
0.22
Total from investment operations
0.06
(3.43
)
(5.91
)
0.21
Distributions from:
Net investment income
—
(0.49
)
(0.73
)
—
Net asset value, end of period
$24.38
$24.32
$28.24
$34.88
Total return (c)
0.26
%
(12.13
)%
(16.99
)%
0.61
%
Ratios to average net assets
Expenses
0.62%
(d)
0.66
%
0.63
%
0.60%
(d)
Expenses excluding interest and taxes
0.59%
(d)
0.59
%
0.59
%
0.59%
(d)
Net investment income (loss)
1.23%
(d)
2.37
%
2.33
%
(0.30)%
(d)
Supplemental data
Net assets, end of period (in millions)
$26
$27
$23
$16
Portfolio turnover rate (e)
13
%
28
%
32
%
10
%
(a)
For the period November 10, 2021 (commencement
of operations) through December 31, 2021.
(b)
Calculated based upon average shares outstanding
(c)
Returns are not annualized and 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)
Annualized
(e)
Portfolio turnover rate is not annualized and excludes
in-kind transactions.
See Notes to Financial Statements
44
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Junior Gold Miners ETF
Period
Year Ended December 31,
Ended June 30, 2024
(unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$38.13
$35.63
$41.88
$54.26
$42.39
$30.11
Net investment income (a)
0.12
0.23
0.24
0.39
0.22
0.08
Net realized and unrealized gain (loss) on investments
4.12
2.54
(6.31
)
(12.02
)
12.51
12.36
Total from investment operations
4.24
2.77
(6.07
)
(11.63
)
12.73
12.44
Distributions from:
Net investment income
—
(0.27
)
(0.18
)
(0.75
)
(0.86
)
(0.16
)
Net asset value, end of period
$42.37
$38.13
$35.63
$41.88
$54.26
$42.39
Total return (b)
11.12
%
7.78
%
(14.48
)%
(21.44
)%
30.07
%
41.31
%
Ratios to average net assets
Expenses
0.51%
(c)
0.52
%
0.52
%
0.52
%
0.52
%
0.53
%
Net investment income
0.60%
(c)
0.63
%
0.64
%
0.84
%
0.46
%
0.24
%
Supplemental data
Net assets, end of period (in millions)
$4,895
$4,411
$3,737
$4,495
$6,315
$5,219
Portfolio turnover rate (d)
11
%
20
%
27
%
24
%
34
%
19
%
(a)
Calculated based upon average shares outstanding
(b)
Returns are not annualized and 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)
Annualized
(d)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
45
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Low Carbon Energy ETF
Period
Year Ended December 31,
Ended June 30, 2024
(unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$110.82
$111.11
$159.69
$165.41
$75.70
$55.10
Net investment income (a)
0.74
1.64
1.45
0.78
0.16
0.05
Net realized and unrealized gain (loss) on investments
(14.53
)
(0.18
)
(48.57
)
(5.79
)
89.64
20.55
Total from investment operations
(13.79
)
1.46
(47.12
)
(5.01
)
89.80
20.60
Distributions from:
Net investment income
—
(1.75
)
(1.46
)
(0.71
)
(0.09
)
—
Net asset value, end of period
$97.03
$110.82
$111.11
$159.69
$165.41
$75.70
Total return (b)
(12.44
)%
1.34
%
(29.52
)%
(3.02
)%
118.65
%
37.38
%
Ratios to average net assets
Gross expenses
0.62%
(c)
0.61
%
0.61
%
0.55
%
0.64
%
0.65
%
Net expenses
0.62%
(c)
0.61
%
0.61
%
0.55
%
0.62
%
0.62
%
Net expenses excluding interest and taxes
0.62%
(c)
0.57
%
0.61
%
0.55
%
0.62
%
0.62
%
Net investment income
1.50%
(c)
1.43
%
1.13
%
0.49
%
0.16
%
0.08
%
Supplemental data
Net assets, end of period (in millions)
$129
$164
$198
$301
$270
$105
Portfolio turnover rate (d)
8
%
16
%
16
%
77
%
84
%
40
%
(a)
Calculated based upon average shares outstanding
(b)
Returns are not annualized and 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)
Annualized
(d)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
46
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Natural Resources ETF
Period
Year Ended December 31,
Ended June 30, 2024
(unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$48.74
$49.20
$47.44
$38.65
$37.10
$32.20
Net investment income (a)
0.65
1.52
1.66
1.21
0.84
0.96
Net realized and unrealized gain (loss) on investments
0.69
(0.38
)
1.71
8.60
1.65(b)
4.94
Total from investment operations
1.34
1.14
3.37
9.81
2.49
5.90
Distributions from:
Net investment income
—
(1.60
)
(1.61
)
(1.02
)
(0.94
)
(1.00
)
Net asset value, end of period
$50.08
$48.74
$49.20
$47.44
$38.65
$37.10
Total return (c)
2.75
%
2.32
%
7.10
%
25.38
%
6.73
%
18.34
%
Ratios to average net assets
Gross expenses (d)
0.46%
(e)
0.52
%
0.50
%
0.78
%
0.90
%
0.79
%
Net expenses (d)
0.46%
(e)
0.52
%
0.50
%
0.49
%
0.49
%
0.50
%
Net expenses excluding interest and taxes (d)
0.43%
(e)
0.49
%
0.49
%
0.49
%
0.49
%
0.49
%
Net investment income
2.64%
(e)
3.11
%
3.36
%
2.63
%
2.59
%
2.70
%
Supplemental data
Net assets, end of period (in millions)
$135
$124
$143
$97
$52
$70
Portfolio turnover rate (f)
49
%
26
%
37
%
26
%
26
%
24
%
(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 are not annualized and 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)
Periods after December 31, 2021 reflect a unitary management fee structure.
(e)
Annualized
(f)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
47
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Oil Refiners ETF
Period
Year Ended December 31,
Ended June 30, 2024 (unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$34.31
$31.19
$27.14
$25.01
$29.01
$26.95
Net investment income (a)
0.73
1.19
1.07
0.66
0.58
0.56
Net realized and unrealized gain (loss) on investments
0.85
3.18
3.94
2.12
(3.92
)
1.91
Total from investment operations
1.58
4.37
5.01
2.78
(3.34
)
2.47
Distributions from:
Net investment income
—
(1.25
)
(0.96
)
(0.65
)
(0.64
)
(0.41
)
Return of capital
—
—
—
—
(0.02
)
—
Total distributions
—
(1.25
)
(0.96
)
(0.65
)
(0.66
)
(0.41
)
Net asset value, end of period
$35.89
$34.31
$31.19
$27.14
$25.01
$29.01
Total return (b)
4.62
%
14.00
%
18.50
%
11.10
%
(11.50
)%
9.19
%
Ratios to average net assets
Gross expenses
0.80%
(c)
0.85
%
0.78
%
1.02
%
1.29
%
1.03
%
Net expenses
0.62%
(c)
0.62
%
0.61
%
0.59
%
0.59
%
0.60
%
Net expenses excluding interest and taxes
0.59%
(c)
0.59
%
0.59
%
0.59
%
0.59
%
0.59
%
Net investment income
4.02%
(c)
3.68
%
3.54
%
2.32
%
2.56
%
1.97
%
Supplemental data
Net assets, end of period (in millions)
$35
$34
$39
$20
$18
$35
Portfolio turnover rate (d)
14
%
19
%
40
%
18
%
37
%
30
%
(a)
Calculated based upon average shares outstanding
(b)
Returns are not annualized and 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)
Annualized
(d)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
48
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Oil Services ETF(a)
Period
Year Ended December 31,
Ended June 30, 2024
(unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$309.61
$304.03
$184.74
$153.90
$265.47
$280.60
Net investment income (b)
2.11
3.65
2.14
2.41
2.26
6.60
Net realized and unrealized gain (loss) on investments
4.70
6.15
120.04
30.24(c
)
(111.94
)
(15.93)(c
)
Total from investment operations
6.81
9.80
122.18
32.65
(109.68
)
(9.33
)
Distributions from:
Net investment income
—
(4.22
)
(2.89
)
(1.81
)
(1.89
)
(5.80
)
Net asset value, end of period
$316.42
$309.61
$304.03
$184.74
$153.90
$265.47
Total return (d)
2.20
%
3.21
%
66.14
%
21.18
%
(41.31
)%
(3.35
)%
Ratios to average net assets
Gross expenses (e)
0.35%
(f)
0.35
%
0.35
%
0.36
%
0.40
%
0.39
%
Net expenses (e)
0.35%
(f)
0.35
%
0.35
%
0.35
%
0.35
%
0.35
%
Net investment income
1.37%
(f)
1.18
%
0.83
%
1.21
%
1.68
%
2.28
%
Supplemental data
Net assets, end of period (in millions)
$1,930
$2,167
$2,584
$2,143
$723
$773
Portfolio turnover rate (g)
7
%
17
%
17
%
28
%
33
%
29
%
(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 are not annualized and 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)
Periods after December 31, 2021 reflect a unitary management fee structure.
(f)
Annualized
(g)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
49
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Rare Earth and Strategic Metals ETF(a)
Period
Year Ended December 31,
Ended June 30, 2024
(unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$61.80
$76.28
$111.72
$65.41
$40.41
$40.68
Net investment income (b)
0.31
1.02
0.68
0.08
0.58
0.90
Net realized and unrealized gain (loss) on investments
(19.51
)
(15.50
)
(34.93
)
52.12
24.95
(0.54
)(c)
Total from investment operations
(19.20
)
(14.48
)
(34.25
)
52.20
25.53
0.36
Distributions from:
Net investment income
—
—
(1.19
)
(5.89
)
(0.53
)
(0.63
)
Net asset value, end of period
$42.60
$61.80
$76.28
$111.72
$65.41
$40.41
Total return (d)
(31.07
)%
(18.98
)%
(30.68
)%
80.09
%
63.22
%
0.91
%
Ratios to average net assets
Gross expenses
0.58%
(e)
0.56
%
0.54
%
0.53
%
0.63
%
0.64
%
Net expenses
0.58%
(e)
0.56
%
0.54
%
0.53
%
0.59
%
0.60
%
Net expenses excluding interest and taxes
0.57%
(e)
0.55
%
0.54
%
0.53
%
0.57
%
0.57
%
Net investment income
1.22%
(e)
1.34
%
0.70
%
0.08
%
1.44
%
2.14
%
Supplemental data
Net assets, end of period (in millions)
$282
$409
$631
$1,014
$322
$193
Portfolio turnover rate (f)
20
%
41
%
40
%
74
%
70
%
64
%
(a)
On April 15, 2020, the Fund effected a 1 for 3 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 are not annualized and 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)
Annualized
(f)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
50
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Steel ETF
Period
Year Ended December 31,
Ended June 30, 2024
(unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$73.79
$57.80
$53.25
$44.57
$37.74
$34.87
Net investment income (a)
0.99
2.09
2.71
3.19
0.71
1.16
Net realized and unrealized gain (loss) on investments
(8.17
)
15.97
4.72
9.25
6.95
2.75
Total from investment operations
(7.18
)
18.06
7.43
12.44
7.66
3.91
Distributions from:
Net investment income
—
(2.07
)
(2.87
)
(3.76
)
(0.77
)
(1.04
)
Return of capital
—
—
(0.01
)
—
(0.06
)
—
Total distributions
—
(2.07
)
(2.88
)
(3.76
)
(0.83
)
(1.04
)
Net asset value, end of period
$66.61
$73.79
$57.80
$53.25
$44.57
$37.74
Total return (b)
(9.73
)%
31.23
%
13.88
%
27.91
%
20.57
%
11.02
%
Ratios to average net assets
Gross expenses
0.60%
(c)
0.57
%
0.58
%
0.56
%
0.95
%
0.71
%
Net expenses
0.56%
(c)
0.56
%
0.56
%
0.55
%
0.56
%
0.56
%
Net expenses excluding interest and taxes
0.55%
(c)
0.55
%
0.55
%
0.55
%
0.55
%
0.55
%
Net investment income
2.83%
(c)
3.22
%
4.72
%
5.48
%
2.31
%
3.11
%
Supplemental data
Net assets, end of period (in millions)
$95
$140
$100
$112
$77
$66
Portfolio turnover rate (d)
6
%
22
%
20
%
25
%
34
%
19
%
(a)
Calculated based upon average shares outstanding
(b)
Returns are not annualized and 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)
Annualized
(d)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
51
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Uranium and Nuclear ETF
Period
Year Ended December 31,
Ended June 30, 2024
(unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$71.49
$54.94
$54.90
$49.35
$48.71
$49.67
Net investment income (a)
0.93
1.19
0.86
1.44
0.89
1.07
Net realized and unrealized gain (loss) on investments
7.84
18.62
0.29
5.20
0.85
(0.85
)
Total from investment operations
8.77
19.81
1.15
6.64
1.74
0.22
Distributions from:
Net investment income
—
(3.26
)
(1.11
)
(1.09
)
(1.10
)
(1.18
)
Net asset value, end of period
$80.26
$71.49
$54.94
$54.90
$49.35
$48.71
Total return (b)
12.27
%
36.02
%
2.10
%
13.48
%
3.59
%
0.44
%
Ratios to average net assets
Gross expenses
0.59%
(c)
0.64
%
0.67
%
0.89
%
1.25
%
0.93
%
Net expenses
0.59%
(c)
0.61
%
0.61
%
0.60
%
0.60
%
0.61
%
Net expenses excluding interest and taxes
0.58%
(c)
0.60
%
0.60
%
0.60
%
0.60
%
0.60
%
Net investment income
2.39%
(c)
1.88
%
1.56
%
2.70
%
1.97
%
2.13
%
Supplemental data
Net assets, end of period (in millions)
$222
$132
$54
$35
$18
$23
Portfolio turnover rate (d)
13
%
41
%
53
%
25
%
25
%
15
%
(a)
Calculated based upon average shares outstanding
(b)
Returns are not annualized and 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)
Annualized
(d)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
52
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (unaudited)
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 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
CMCI Commodity Strategy 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 and Strategic Metals ETF*
Non-Diversified
Steel ETF
Non-Diversified
Uranium and Nuclear ETF^
Non-Diversified
*
Formerly known as Rare Earth/Strategic Metals ETF
^
Formerly known as Uranium+Nuclear Energy ETF
Each Fund's investment objective is to replicate as closely as possible,
before fees and expenses, the price and yield performance of its index which are listed in the table below.
Fund
Index
Agribusiness ETF
MVIS® Global Agribusiness Index
CMCI Commodity Strategy ETF
UBS Constant Maturity Commodity Total Return Index
Gold Miners ETF
NYSE® Arca® Gold Miners Index®
Green Metals ETF
MVIS® Global Clean-Tech Metals Index
Junior Gold Miners ETF
MVIS® Global Junior Gold Miners Index
Low Carbon Energy ETF
MVIS Global Low Carbon Energy Index
Natural Resources ETF
VanEck® Natural Resources Index
Oil Refiners ETF
MVIS® Global Oil Refiners Index
Oil Services ETF
MVIS® US Listed Oil Services 25 Index
Rare Earth and Strategic Metals ETF
MVIS® Global Rare Earth/Strategic Metals Index
Steel ETF
NYSE® Arca® Steel Index
Uranium and Nuclear ETF
MVIS® Global Uranium & Nuclear Energy Index
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.
Van Eck Associates Corporation (“VEAC”) serves as the investment
adviser for the Funds, except for CMCI Commodity Strategy ETF. Van Eck Absolute Return Advisers Corporation (“VEARA”), a wholly
owned subsidiary of VEAC, serves as the investment adviser to CMCI Commodity Strategy ETF and its Subsidiary. VEAC and VEARA are collectively
referred to as the “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.
53
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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. 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).
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. 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 considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Swap contracts are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the net change in value, if any, is regarded as an unrealized gain or loss and is categorized as Level 2 in the fair value hierarchy.
The Board of Trustees (“Trustees”) has designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. 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.
54
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.
A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.
B.
Basis for Consolidation— The CMCI Commodity Strategy ETF invests in certain commodity-linked derivative instruments through the Commodity Index Subsidiary (the “Subsidiary”), Cayman Islands exempted company. Consolidated financial statements of the Fund present the financial position and results of operations for the Fund and its wholly-owned Subsidiary. All interfund account balances and transactions between the Fund and Subsidiary have been eliminated in consolidation.
C.
Federal Income Taxes— It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.
D.
Distributions to Shareholders— Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are generally declared and paid annually by each Fund. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP.
E.
Currency Translation— Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statements of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statements of Operations.
F.
Restricted Securities— The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments.
G.
Use of Derivative Instruments— Certain Funds may invest in 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 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 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
55
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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.
Total Return Swaps— The CMCI Commodity Strategy ETF invests in total return swaps in order take a “long” position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty. Documentation governing the Fund’s total return swap transactions may contain provisions for early termination of a total return swap in the event the net assets of the Fund decline below specific levels set forth in the documentation (“net asset contingent features”). If these levels are triggered, the Fund’s counterparty has the right to terminate the total return swap and require the Fund to pay or receive a settlement amount in connection with the terminated total return swap transaction. The total return swap position held by the CMCI Commodity Strategy ETF at June 30, 2024 is reflected in the Fund’s Consolidated Schedule of Investments.
During the period ended June 30, 2024, the CMCI Commodity Strategy ETF held total return swap contracts for six months with an average monthly notional amount of $2,531,500.
At June 30, 2024, the CMCI Commodity Strategy ETF held derivatives (not designated as hedging instruments under GAAP):
Asset Derivatives
Commodities Futures Risk
CMCI Commodity Strategy ETF
Swap contracts1
$
1,599
1
Consolidated Statement of Assets and Liabilities location: Total return swap contracts, at value
The impact of transactions in derivative instruments during the period ended
June 30, 2024, was as follows:
Commodities Futures Risk
CMCI Commodity Strategy ETF
Realized gain (loss):
Swap contracts1
$
18,767
Net change in unrealized appreciation (depreciation):
Swap contracts2
81,102
1
Consolidated Statement of Operations location: Net realized gain (loss) on swap contracts
2
Consolidated Statement of Operations location: Net change in unrealized appreciation (depreciation) on swap contracts
H.
Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of 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 pledge and
56
receive cash and or securities as collateral for derivative instruments and securities lending. For financial reporting purposes, the Funds present derivatives and securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at June 30, 2024 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).
Gross Amounts of Recognized Assets/(Liabilities)
Gross Amounts Offset in the Statement of Assets and Liabilities
Net Amounts of Assets/(Liabilities) Presented in the Statements of Assets and Liabilities
Financial Instruments and Cash Collateral Received
Net Amount
CMCI Commodity Strategy ETF
Total return swap contracts
$1,599
$—
$1,599
$—
$1,599
I.
Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned.
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, 2025, to waive fees and/or 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 management fee rates and expense limitations for the period ended June
30, 2024, are as follows:
Fund
Management Fees
Expense Limitations
Agribusiness ETF
0.50
%
0.56
%
CMCI Commodity Strategy ETF
0.65
0.65
Gold Miners ETF
0.50
0.53
Junior Gold Miners ETF
0.50
0.56
Low Carbon Energy ETF
0.50
0.62
Oil Refiners ETF
0.50
0.59
Rare Earth and Strategic Metals ETF
0.50
0.57
Steel ETF
0.50
0.55
Uranium and Nuclear ETF
0.50
0.60
Refer to the Statements of Operations for amounts assumed by the Adviser
for the period ended June 30, 2024.
The Green Metals ETF and effective January 1, 2022, Natural Resources ETF
and Oil Services 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, 2025.
57
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
The unitary management fee rates for the period ended June 30, 2024, are
as follows:
Unitary
Fund
Management Fee Rate
Green Metals ETF
0.59
%
Natural Resources ETF*
0.40
Oil Services ETF
0.35
*
Prior to March 15, 2024, the unitary management fee rate for Natural Resources ETF was 0.49%.
In addition, Van Eck Securities Corporation, an affiliate of the Adviser,
acts as the Funds’ distributor (the “Distributor”). Certain officers and a Trustee of the Trust are officers, directors
or stockholders of the Adviser and Distributor.
Note 4—Capital Share Transactions—As of June 30, 2024,
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 a designated portfolio of securities
(“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 period ended June 30, 2024,
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
$
49,725,197
$
45,561,112
$
—
$
106,853,407
Gold Miners ETF
1,236,679,555
1,162,182,311
864,942,851
2,015,679,926
Green Metals ETF
3,363,442
3,393,704
2,386,088
3,169,195
Junior Gold Miners ETF
493,804,325
487,420,790
252,332,456
277,444,820
Low Carbon Energy ETF
11,204,426
10,880,118
—
14,140,051
Natural Resources ETF
60,218,710
58,731,418
28,625,078
18,283,230
Oil Refiners ETF
6,487,801
5,698,524
16,090,151
16,373,120
Oil Services ETF
146,467,583
133,195,644
1,506,344,322
1,796,814,693
Rare Earth and Strategic Metals ETF
72,947,225
70,350,493
41,357,823
36,958,340
Steel ETF
10,726,575
7,140,603
17,439,735
52,659,871
Uranium and Nuclear ETF
24,160,305
21,773,975
95,173,917
20,054,792
Note 6—Income Taxes—As of June 30, 2024, 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:
58
Fund
Tax Cost of Investments
Gross Unrealized Appreciation
Gross Unrealized Depreciation
Net Unrealized Appreciation (Depreciation)
Agribusiness ETF
$992,429,767
$15,338,227
$(264,080,158)
$(248,741,931)
CMCI Commodity Strategy ETF
2,650,331
2
(47,987)
(47,985)
Gold Miners ETF
12,008,455,003
1,821,912,283
(684,110,382)
1,137,801,901
Green Metals ETF
29,791,175
3,055,873
(6,488,385)
(3,432,512)
Junior Gold Miners ETF
4,775,660,024
880,742,089
(646,036,533)
234,705,556
Low Carbon Energy ETF
191,605,997
15,967,258
(68,969,357)
(53,002,099)
Natural Resources ETF
140,505,393
8,525,714
(9,361,779)
(836,065)
Oil Refiners ETF
34,987,189
3,363,637
(3,353,842)
9,795
Oil Services ETF
2,130,239,944
53,340,780
(253,834,001)
(200,493,221)
Rare Earth and Strategic Metals ETF
480,539,987
22,810,705
(200,295,728)
(177,485,023)
Steel ETF
110,307,436
4,162,132
(18,089,688)
(13,927,556)
Uranium and Nuclear ETF
217,887,300
33,133,183
(11,576,512)
21,556,671
The tax character of dividends paid to shareholders will be determined at
the end of the current fiscal year.
At December 31, 2023, 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
$
(232,266,052
)
$
(605,572,607
)
$
(837,838,659
)
Gold Miners ETF
(2,005,569,048
)
(10,238,937,573
)
(12,244,506,621
)
Green Metals ETF
(1,545,956
)
(3,898,590
)
(5,444,546
)
Junior Gold Miners ETF
(1,698,904,530
)
(3,312,705,629
)
(5,011,610,159
)
Low Carbon Energy ETF
(11,064,350
)
(66,122,873
)
(77,187,223
)
Natural Resources ETF
(10,960,628
)
(46,242,572
)
(57,203,200
)
Oil Refiners ETF
(5,147,896
)
(6,049,982
)
(11,197,878
)
Oil Services ETF
(384,200,583
)
(1,724,997,615
)
(2,109,198,198
)
Rare Earth and Strategic Metals ETF
(94,077,070
)
(295,504,208
)
(389,581,278
)
Steel ETF
(17,138,313
)
(153,812,794
)
(170,951,107
)
Uranium and Nuclear ETF
(14,276,119
)
(72,264,318
)
(86,540,437
)
The Funds recognize the tax benefits of uncertain tax positions only where
the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities. Management has
analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related
to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might
still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds’ financial statements.
However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes
on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to uncertain
tax positions as income tax expense in the Statements of Operations. During the period ended June 30, 2024, 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,
59
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
future adverse economic developments and political conflicts,
or natural or other disasters, such as the 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 CMCI Commodity Strategy ETF may invest in commodity-linked derivative
instruments, including commodity index-linked notes, swap agreements, commodity futures contracts and options on futures contracts that
provide economic exposure to the investment returns of the commodities markets. The use of derivatives presents risks different from,
and possibly greater than, the risks associated with investing directly in traditional securities. Derivative strategies often involve
leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the
underlying security. The value of commodity-linked derivative instruments may be affected by overall market movements and other factors
affecting the value of a particular industry or commodity, such as weather, disease, embargoes, or political and economic events and regulatory
developments. Exposure to the commodities markets, such as precious metals, industrial metals, gas and other energy products and natural
resources, may subject the Fund to greater volatility than investments in traditional securities. Changes in laws or government regulations
by the United States and/or the Cayman Islands could adversely affect the operations of the Fund.
Following Russia’s large-scale invasion of Ukraine, governments of
the United States and many other countries imposed economic sanctions on certain Russian individuals and Russian governmental, corporate
and banking entities. A number of jurisdictions also instituted broad sanctions on Russia, including banning Russia from global payments
systems that facilitate cross-border payments. In response, the government of Russia imposed capital controls to restrict movements of
capital entering and exiting the country. As a result, the value and liquidity of Russian securities and its currency experienced and
may continue to experience significant declines. The Russian securities markets were closed for a period of time and were reopened on
March 24, 2022, but significant trading limitations have remained. How long these disruptions will continue is unknown. Additionally,
while certain Russian securities held by the Agribusiness ETF and Natural Resources ETF have declared dividends, there is no assurance
these dividends can be collected by the Funds. As a result, all such dividend receivables related to these Russian securities are valued
at $0 as of June 30, 2024.
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 a Trustee can elect to defer receipt of 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. Effective January 1, 2022, Natural Resources ETF and Oil Services ETF converted to a unitary management fee
structure. For these Funds, the liability of the Plan shown as "Deferred Trustee fees" in the Statements of Asset and Liabilities
represents amounts accrued through December 31, 2021. Green Metals ETF commenced operations with a unitary management fee and therefore
bears no costs or liabilities relative to the Plan.
Note 9—Securities Lending—To generate additional income,
each of the Funds may lend its securities pursuant to a securities lending agreement with the securities lending agent. Each Fund may
lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities,
or any combination of cash and such securities at all times equal to at least 102%
60
(105% for foreign securities) of the market value of securities loaned.
Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When
this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Funds will continue to
receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or
earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the
terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of Operations. Cash collateral
is maintained on the Funds’ behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government
Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in
the Funds’ Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The
Funds do not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the
Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds bear
the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially.
The value of loaned securities and related cash collateral, if any, at June 30, 2024 is presented on a gross basis in the Schedules of
Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’ securities on loan and related collateral
as of June 30, 2024:
Fund
Market Value of Securities on Loan
Cash Collateral
Non-Cash Collateral
Total Collateral
Agribusiness ETF
$
31,959,198
$
13,076,839
$
20,426,484
$
33,503,323
Gold Miners ETF
313,102,973
49,225,077
280,553,612
329,778,689
Green Metals ETF
1,095,952
824,201
338,503
1,162,704
Junior Gold Miners ETF
378,800,261
122,567,019
273,682,115
396,249,134
Low Carbon Energy ETF
29,325,374
9,080,919
22,328,151
31,409,070
Natural Resources ETF
10,273,921
4,478,076
6,193,810
10,671,886
Oil Refiners ETF
1,043,946
–
1,112,913
1,112,913
Oil Services ETF
112,284,093
–
113,119,858
113,119,858
Rare Earth and Strategic Metals ETF
78,200,849
21,317,245
61,398,924
82,716,169
Steel ETF
3,474,435
1,462,425
2,181,513
3,643,938
Uranium and Nuclear ETF
46,929,881
17,872,584
32,487,686
50,360,270
The following table represents money market fund investments held as collateral
by type of security on loan as of June 30, 2024:
Gross Amount of Recognized Liabilities for Securities Lending Transactions*
in the Statements of Assets and Liabilities
Fund
Equity Securities
Agribusiness ETF
$
13,076,839
Gold Miners ETF
49,225,077
Green Metals ETF
824,201
Junior Gold Miners ETF
122,567,019
Low Carbon Energy ETF
9,080,919
Natural Resources ETF
4,478,076
Rare Earth and Strategic Metals ETF
21,317,245
Steel ETF
1,462,425
Uranium and Nuclear ETF
17,872,584
*
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
61
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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
period ended June 30, 2024, the following Funds borrowed under this Facility:
Fund
Days Outstanding
Average Daily Loan Balance
Average Interest Rate
Agribusiness ETF
152
$1,368,848
6.68
%
Gold Miners ETF
78
4,683,754
6.68
Green Metals ETF
59
126,118
6.68
Junior Gold Miners ETF
12
625,288
6.68
Low Carbon Energy ETF
106
196,910
6.68
Natural Resources ETF
172
406,898
6.68
Oil Refiners ETF
170
144,779
6.68
Oil Services ETF
99
1,834,779
6.68
Rare Earth and Strategic Metals ETF
107
1,143,603
6.68
Steel ETF
74
270,347
6.68
Uranium and Nuclear ETF
124
347,153
6.68
Outstanding loan balances as of June 30, 2024, if any, are reflected in
the Statements of Assets and Liabilities.
Note 11—Share Split— In 2020, 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 and Strategic Metals ETF. On April
15, 2020, shares began trading on a split-adjusted basis. The Financial Highlights prior to April 15, 2020 have been adjusted to reflect
these reverse share splits.
62
Changes In and Disagreements with Accountants
For the period covered by this report
There were no changes in or disagreements with accountants.
Proxy Disclosures
For the period covered by this report
Not applicable.
Remuneration Paid to Directors, Officers, and Others
For the period covered by this report
Refer to the financial statements included herein.
63
VANECK ETF TRUST
APPROVAL OF INVESTMENT ADVISORY CONTRACTS
(unaudited)
At a meeting held on June 7, 2024 (the “Renewal Meeting”), the
Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust,” and the series thereof listed
below, the “Funds”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”),
approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (“VEAC”)
(the “VEAC Investment Management Agreements”) with respect to the VanEck Africa Index ETF, Agribusiness ETF, Brazil Small-Cap
ETF, ChiNext ETF, CLO ETF, Digital India ETF, Gold Miners ETF, Green Metals ETF, India Growth Leaders ETF, Indonesia Index ETF, Israel
ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Natural Resources ETF, Office and Commercial REIT ETF, Oil Refiners ETF, Oil Services
ETF, Rare Earth and Strategic Metals ETF (formerly, VanEck Rare Earth/Strategic Metals ETF), Russia ETF, Russia Small-Cap ETF, Steel ETF,
Uranium and Nuclear ETF (formerly, VanEck Uranium+Nuclear Energy ETF) and Vietnam ETF, (ii) the investment management agreements between
the Trust and Van Eck Absolute Return Advisers Corporation (“VEARA,” and together with VEAC, the “Advisers”) (the
“VEARA Investment Management Agreements”) with respect to the VanEck CMCI Commodity Strategy ETF and Ethereum Strategy ETF
and (iii) a sub-advisory agreement between VEAC and PineBridge Investments LLC (the “Sub-Adviser”) (the “Sub-Advisory
Agreement”) with respect to the VanEck CLO ETF. The VEAC Investment Management Agreements, the VEARA Investment Management Agreements
and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”
The Board’s approval of the Agreements was based on a comprehensive
consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that
figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although
individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May
3, 2024. At that meeting, the Trustees discussed the information the Advisers, the Sub-Adviser (with respect to the VanEck CLO ETF) and
Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third-party data provider, had provided to them in advance.
The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and
the Funds’ peer funds (certain other registered funds), information about the advisory and sub-advisory (with respect to the VanEck
CLO ETF) services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability)
and other benefits enjoyed by the Advisers and the Sub-Adviser and their respective affiliates as a result of the Advisers’ relationships
with the Funds and the Sub-Adviser’s relationship with the VanEck CLO ETF. In reviewing performance information for the Funds against
their peer groups, the Trustees considered that (i) each Fund, except the VanEck CLO ETF and Ethereum Strategy ETF, has a different investment
objective than the funds in its designated peer group and, therefore, each such Fund’s performance will differ from its peers and
(ii) each of the VanEck Russia ETF and Russia Small-Cap ETF (together, the “Russia Funds”) is in the process of being liquidated
and no longer seeks to track an index. The Trustees also considered the fact that each of the VanEck CMCI Commodity Strategy ETF and Office
and Commercial REIT ETF had only recently commenced operations and therefore each had a limited operational history that could
be used for comparative purposes, since tracking error measurements provided by Broadridge were not available for each Fund. In addition,
as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did
not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information
did not necessarily provide meaningful direct comparisons to the Funds. The Trustees also considered VEAC’s efforts to navigate
regulatory and operational challenges in managing the Russia Funds during the Russia Funds’ process of liquidating their assets
and winding up their business.
The Independent Trustees’ consideration of the Agreements was based,
in part, on their review of information obtained through discussions with the Advisers and Sub-Adviser at the Renewal Meeting and the
May 3, 2024 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their
review of the materials provided by the Advisers and the Sub-Adviser (with respect to the VanEck CLO ETF), including the background and
experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the
64
terms of, and scope of services that the Advisers and the Sub-Adviser (with
respect to the VanEck CLO ETF) provide under, the Agreements, including, where applicable, (i) with respect to the VanEck CLO ETF, Digital
India ETF, Ethereum Strategy ETF, Green Metals ETF, Natural Resources ETF, Office and Commercial REIT ETF and Oil Services ETF (the “Unitary
Funds”), the Advisers’ agreement to pay all of the direct expenses of the Unitary Funds (excluding the fee payment under the
applicable VEAC Investment Management Agreements and VEARA Investment Management Agreement, acquired fund fees and expenses, interest
expense, offering costs, trading expenses, taxes and extraordinary expenses), (ii) with respect to all other Funds (the “Non-Unitary
Funds”), the Advisers’ commitment to waive certain fees and/or pay expenses of each of the Non-Unitary Funds (inclusive of
any subsidiary expenses with respect to the VanEck CMCI Commodity Strategy ETF, but excluding acquired fund fees and expenses, interest
expense, trading expenses, taxes and extraordinary expenses for all Non-Unitary Funds) to the extent necessary to prevent the operating
expenses of each of the Non-Unitary Funds from exceeding agreed upon limits for a period of time and (iii) VEAC’s undertaking to
waive all of the Russia Funds’ management fees while the Russia Funds are in the process of liquidation. With respect to the Sub-Advisory
Agreement, the Trustees noted the Sub-Adviser’s experience and investment management process with respect to investments in collateralized
loan obligation (“CLO”) securities and the Sub-Adviser’s experience serving as the investment adviser to other registered
investment companies and accounts. The Trustees also considered the sub-advisory fees to be paid to the Sub-Adviser by VEAC and the advisory
fees to be retained by VEAC under the Sub-Advisory Agreement.
The Trustees concluded that the Advisers, the Sub-Adviser (with respect
to the VanEck CLO ETF) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating
the performance of each Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing each
Fund’s performance to that of certain other registered funds, but relied principally on a comparison of the “gross”
performance of each Fund except for VanEck CLO ETF and Ethereum Strategy ETF (i.e., measured without regard to the impact of fees and
expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying
securities. The Trustees considered information from the Advisers regarding the performance of the VanEck CLO ETF and Ethereum Strategy
ETF, each an actively managed ETF, against their respective benchmark indices and peer funds. The Trustees noted that the VanEck CLO ETF
had underperformed its benchmark for the one-year period ended December 31, 2023 and the period since its inception on June 21, 2022 through
December 31, 2023 due to differences in the Fund’s security selection, ratings allocation and duration relative to its benchmark
according to the Adviser. The Trustees also noted that the VanEck Ethereum Strategy ETF had underperformed its benchmark and peer funds
for the period since its inception on October 2, 2023 through December 31, 2023, a relatively short period, due to the cost to roll the
Fund’s futures and the accrued tax liabilities associated with Fund’s structure as a C corporation according to the Adviser.
The Trustees also considered information relating to the financial condition
of the Advisers and the Sub- Adviser (with respect to the VanEck CLO ETF) and the current status, as they understood it, of the Advisers’
and Sub-Adviser’s (with respect to the VanEck CLO ETF) compliance environment.
As noted above, the Trustees were also provided with various data from Broadridge
comparing the Funds’ expenses to that of certain other registered funds. The Trustees noted that the information provided showed
that each Fund (except as noted below) had management fees (after the effect of any applicable fee waiver, including, with respect to
the Russia Funds, VEAC’s waiver of all management fees payable by each of the Russia Funds since March 22, 2022) below the average
and median of its respective peer group of funds, each of the VanEck Gold Miners ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, and
Office and Commercial REIT ETF had management fees below the average and equal to the median of its respective peer group of funds, each
of the VanEck Digital India ETF and Vietnam ETF had management fees (after the effect of any applicable fee waiver) above the average
and below the median of its respective peer group of funds, each of the VanEck CLO ETF and Green Metals ETF had management fees above
the average and median of its respective peer group of funds, each of the VanEck Ethereum Strategy ETF and Oil Services ETF had management
fees above the average and equal to the median of its peer group of funds, each of the VanEck Natural Resources ETF and Rare Earth and
Strategic Metals ETF had management fees below
65
VANECK ETF TRUST
APPROVAL OF INVESTMENT ADVISORY CONTRACTS
(unaudited) (continued)
the average and above the median of its respective peer group of funds,
and the VanEck Agribusiness ETF had management fees equal to the average and median of its peer group of funds. The Trustees also noted
that the information provided showed that each Fund (except as noted below) had a total expense ratio (after the effect of any applicable
expense limitation) below the average and median of its respective peer group of funds, each of the VanEck Africa Index ETF, CLO ETF,
CMCI Commodity Strategy ETF, Green Metals ETF, Low Carbon Energy ETF, Russia Small-Cap ETF, Uranium and Nuclear Energy ETF and Vietnam
ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective peer
group of funds, each of the VanEck Indonesia Index ETF and Oil Refiners ETF had a total expense ratio (after the effect of any applicable
expense limitation) above the average and below the median of its peer group of funds, and the VanEck Junior Gold Miners ETF had a total
expense ratio (after the effect of the expense limitation) below the average and above the median of its peer group of funds. The Trustees
reviewed the amounts by which certain Funds’ management fees and/or total expense ratios (after the effect of any applicable fee
waivers and/or expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the
Advisers providing context for these comparisons. The Trustees noted that the Russia Funds are bearing legal expenses in connection with
their liquidations, which are considered extraordinary expenses for purposes of the Russia Funds’ expense limitations. The Trustees
concluded, in light of this information and the other information available to them, that the management fees paid by the Funds were reasonable
in light of the performance of the Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the
VEAC Investment Management Agreements and VEARA Investment Management Agreements, received by the Advisers from serving as advisers to
the Funds and the fact that the Sub-Adviser had not identified any such economic benefits.
The Trustees also considered information provided by the Advisers and Sub-Adviser
(with respect to the VanEck CLO ETF) about their overall profitability and profitability or loss in respect of each Fund. The Trustees
reviewed each Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the VEAC Investment Management Agreements
and VEARA Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The
Trustees considered the potential variability in the net assets of the Funds and the sustainability of any potential economies of scale
which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds may
effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Advisers under
the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary
Funds and noted that the Advisers have capped expenses on each of the Non-Unitary Funds since its inception, although the cap was not
necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory
fee rate for each Fund and the sub-advisory fee rate for the VanEck CLO ETF are reasonable and appropriate in relation to the current
asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate
sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Advisers
and the Sub-Adviser with respect to the Funds that were profitable to the Advisers were reasonable in light of the nature and quality
of the services received by such Funds.
The Independent Trustees were advised by and met in executive session with
their independent counsel at the Renewal Meeting and at their May 3, 2024 meeting as part of their consideration of the Agreements.
In voting to approve the continuation of the Agreements, the Trustees, including
the Independent Trustees, concluded that the terms of each of the 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, at the time of their considerations, each of the Agreements is in the best interest of the applicable Fund and
the Fund’s shareholders.
66
SEMI-ANNUAL FINANCIAL STATEMENTS
AND OTHER INFORMATION
June 30, 2024
(unaudited)
Commercial International Bank - Egypt (CIB) (USD) (GDR) †
1,043,869
1,551,189
2,113,013
India: 1.5%
MakeMyTrip Ltd. (USD) *
7,960
669,436
Indonesia: 0.4%
Golden Agri-Resources Ltd. (SGD)
841,200
167,588
Kenya: 4.8%
Equity Group Holdings Plc
3,152,500
1,030,508
Safaricom Plc
8,734,000
1,169,038
2,199,546
Morocco: 14.6%
Attijariwafa Bank
48,385
2,502,543
Bank of Africa
35,057
682,016
Banque Centrale Populaire
96,022
2,842,628
Co. Sucrerie Marocaine et de Raffinage
30,458
598,809
6,625,996
Nigeria: 5.5%
Guaranty Trust Holding Co. Plc
31,716,217
938,607
MTN Nigeria Communications Plc
6,243,885
881,974
Zenith Bank Plc
29,916,484
704,963
2,525,544
Norway: 0.2%
Scatec ASA 144A *
9,777
79,376
South Africa: 38.4%
Absa Group Ltd.
73,367
636,543
African Rainbow Minerals Ltd. †
9,843
122,003
Anglo American Platinum Ltd. †
5,193
170,398
Anglo American Plc (GBP)
65,085
2,056,717
Anglogold Ashanti Plc (USD)
47,316
1,189,051
Aspen Pharmacare Holdings Ltd.
25,791
329,534
AVI Ltd.
20,223
104,671
Number of Shares
Value
South Africa (continued)
Bid Corp. Ltd.
18,447
$
429,221
Bidvest Group Ltd.
17,763
277,800
Capitec Bank Holdings Ltd.
5,952
861,066
Clicks Group Ltd. †
15,978
303,023
Discovery Ltd.
40,352
298,819
Exxaro Resources Ltd.
13,676
134,280
FirstRand Ltd.
439,240
1,856,153
Gold Fields Ltd. (ADR) †
66,746
994,515
Growthpoint Properties Ltd.
239,858
159,993
Harmony Gold Mining Co. Ltd. (ADR) †
33,615
308,250
Impala Platinum Holdings Ltd.
58,169
287,844
Investec Plc (GBP)
35,483
256,502
Kumba Iron Ore Ltd.
5,104
122,885
Life Healthcare Group Holdings Ltd.
88,909
62,605
Momentum Metropolitan Holdings
76,037
95,353
Mr Price Group Ltd. †
17,953
202,433
MTN Group Ltd.
101,876
472,349
MultiChoice Group *
9,900
57,795
Naspers Ltd.
7,081
1,385,609
Nedbank Group Ltd.
34,125
481,351
Northam Platinum Holdings Ltd.
19,576
136,447
Old Mutual Ltd.
209,901
142,425
OUTsurance Group Ltd.
64,323
163,520
Pepkor Holdings Ltd. 144A †
151,130
154,862
Remgro Ltd.
35,519
264,166
Sanlam Ltd.
127,318
564,215
Sasol Ltd. (ADR) †
36,974
281,372
Shoprite Holdings Ltd.
25,908
404,765
Sibanye Stillwater Ltd. (ADR) †
43,537
189,386
Standard Bank Group Ltd.
103,104
1,196,174
Thungela Resources Ltd.
10,477
63,512
Tiger Brands Ltd. †
9,077
98,631
Woolworths Holdings Ltd.
49,769
168,386
17,484,624
Tanzania: 0.9%
Helios Towers Plc (GBP) *
293,211
426,655
United Arab Emirates: 2.5%
Itissalat Al-Maghrib (MAD)
125,214
1,136,956
United Kingdom: 6.0%
Airtel Africa Plc 144A
1,230,485
1,861,554
Endeavour Mining Plc
33,590
714,827
Vodacom Group Ltd. (ZAR) †
32,928
176,038
2,752,419
United States: 2.9%
Kosmos Energy Ltd. *
194,095
1,075,286
Royal Caribbean Cruises Ltd. *
1,543
246,001
1,321,287
Zambia: 2.6%
First Quantum Minerals Ltd. (CAD)
89,847
1,179,925
See Notes to Financial Statements
3
VANECK AFRICA INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Number of Shares
Value
Zimbabwe: 0.0%
Delta Corp. Ltd.
15,980
$
11,545
Ecocash Holdings Zimbabwe Ltd. *
32,900
456
12,001
Total Common Stocks (Cost:
$39,759,278)
45,482,470
RIGHTS: 0.0% (Cost:
$0)
Morocco: 0.0%
Bank of Africa, MAD 0.12, exp. 10/31/24*
13
4
Total Investments Before Collateral for Securities Loaned: 99.8% (Cost: $39,759,278)
45,482,474
Number of Shares
Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.3%
Money Market Fund: 1.3% (Cost: $586,735)
State Street Navigator Securities Lending Government Money Market Portfolio
586,735
$
586,735
Total Investments: 101.1% (Cost:
$40,346,013)
46,069,209
Liabilities in excess of other assets: (1.1)%
(519,721)
NET ASSETS: 100.0%
$
45,549,488
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 is valued using significant unobservable inputs and is classified
as Level 3 in the fair value hierarchy.
†
Security fully or partially on loan. Total market value of securities on loan is $5,635,766.
*
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. These securities have an aggregate value of $2,095,792, or 4.6% of net assets.
See Notes to Financial Statements
4
The summary of inputs used to value the Fund's investments as of June
30, 2024 is as follows:
Level 1 Quoted Prices
Level 2 Significant Observable Inputs
Level 3 Significant Unobservable Inputs
Value
Common Stocks
Australia
$
—
$
1,717,941
$
176,701
$
1,894,642
Burkina Faso
438,420
—
—
438,420
Canada
3,162,575
—
—
3,162,575
China
—
1,292,467
—
1,292,467
Egypt
1,551,189
561,824
—
2,113,013
India
669,436
—
—
669,436
Indonesia
167,588
—
—
167,588
Kenya
2,199,546
—
—
2,199,546
Morocco
3,783,368
2,842,628
—
6,625,996
Nigeria
1,586,937
938,607
—
2,525,544
Norway
—
79,376
—
79,376
South Africa
5,100,548
12,384,076
—
17,484,624
Tanzania
—
426,655
—
426,655
United Arab Emirates
1,136,956
—
—
1,136,956
United Kingdom
—
2,752,419
—
2,752,419
United States
1,321,287
—
—
1,321,287
Zambia
1,179,925
—
—
1,179,925
Zimbabwe
12,001
—
—
12,001
Rights *
4
—
—
4
Money Market Fund
586,735
—
—
586,735
Total Investments
$
22,896,515
$
22,995,993
$
176,701
$
46,069,209
* See Schedule of Investments for geographic sector breakouts.
See Notes to Financial Statements
5
VANECK BRAZIL SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
June 30, 2024 (unaudited)
Number
of Shares
Value
COMMON STOCKS: 88.2%
Automobiles & Components: 1.4%
Iochpe Maxion SA
64,252
$
135,168
Mahle Metal Leve SA
25,100
145,209
280,377
Banks: 3.3%
Inter & Co., Inc. (BDR)
107,750
657,283
Capital Goods: 2.3%
Armac Locacao Logistica E Servicos SA *
51,750
91,278
Kepler Weber SA
71,950
123,304
Mills Locacao Servicos e Logistica SA
57,350
107,619
Tupy SA
31,900
134,845
457,046
Commercial & Professional Services: 1.3%
Ambipar Participacoes e Empreendimentos SA *
27,900
64,383
Orizon Valorizacao de Residuos SA *
29,200
201,628
266,011
Consumer Discretionary Distribution & Retail: 1.7%
C&A Modas SA *
64,500
107,767
Grupo SBF SA
61,200
131,375
Pet Center Comercio e Participacoes SA
160,250
104,061
343,203
Consumer Durables & Apparel: 14.5%
Arezzo Industria e Comercio SA
36,500
335,285
Cury Construtora e Incorporadora SA
80,200
295,544
Cyrela Brazil Realty SA Empreendimentos e Participacoes
162,450
547,787
Direcional Engenharia SA
63,200
300,618
Ez Tec Empreendimentos e Participacoes SA
93,702
216,902
Grendene SA
118,600
122,205
Grupo de Moda Soma SA *
277,950
305,292
Guararapes Confeccoes SA
50,700
63,124
MRV Engenharia e Participacoes SA *
208,500
249,151
Plano & Plano Desenvolvimento Imobiliario SA
36,600
67,437
Vivara Participacoes SA
81,900
306,790
Vulcabras SA
34,500
91,278
2,901,413
Consumer Services: 6.4%
Afya Ltd. * †
8,231
145,277
Anima Holding SA *
159,300
89,765
Arcos Dorados Holdings, Inc.
56,206
505,854
Cogna Educacao SA *
840,950
266,271
Cruzeiro do Sul Educacional SA
37,050
24,854
YDUQS Participacoes SA
118,200
220,114
Zamp SA *
52,600
35,192
1,287,327
Number
of Shares
Value
Consumer Staples Distribution & Retail: 0.6%
Dimed SA Distribuidora da Medicamentos
49,400
$
85,454
Empreendimentos Pague Menos SA *
55,607
25,366
110,820
Energy: 11.2%
3R Petroleum Oleo e Gas SA
109,151
536,568
AES Brasil Energia SA
147,422
300,377
Enauta Participacoes SA *
63,550
249,421
Excelerate Energy, Inc.
7,650
141,066
Karoon Energy Ltd. * †
430,849
521,320
Modec, Inc.
12,300
222,365
Petroreconcavo SA
82,350
273,120
2,244,237
Financial Services: 0.6%
Vinci Partners Investments Ltd.
11,509
125,448
Food, Beverage & Tobacco: 7.0%
Adecoagro SA †
26,754
260,317
BrasilAgro - Co. Brasileira de Propriedades Agricolas
30,700
140,811
Camil Alimentos SA
71,100
104,931
Jalles Machado SA
97,967
118,995
Marfrig Global Foods SA *
200,463
443,234
Minerva SA
170,550
203,802
Tres Tentos Agroindustrial SA
74,400
131,495
1,403,585
Health Care Equipment & Services: 5.1%
CM Hospitalar SA
82,900
33,219
Fleury SA
183,087
492,263
Hospital Mater Dei SA
36,500
29,709
Odontoprev SA
138,690
281,841
Oncoclinicas do Brasil Servicos Medicos SA *
173,300
191,587
1,028,619
Insurance: 1.0%
IRB-Brasil Resseguros SA *
33,423
188,935
Materials: 6.7%
Cia Brasileira de Aluminio *
120,550
150,092
Dexco SA
210,850
247,433
ERO Copper Corp. * †
38,683
827,042
Irani Papel e Embalagem SA
71,600
108,487
1,333,054
Media & Entertainment: 0.9%
VTEX *
25,348
184,027
Pharmaceuticals, Biotechnology & Life Sciences: 0.2%
Blau Farmaceutica SA
19,250
36,123
Real Estate Management & Development: 3.4%
Iguatemi SA
131,150
482,830
JHSF Participacoes SA
154,200
108,959
LOG Commercial Properties e Participacoes SA
20,100
83,958
675,747
See Notes to Financial Statements
6
Number
of Shares
Value
Semiconductors & Semiconductor Equipment: 1.8%
SMART Global Holdings, Inc. * †
15,623
$
357,298
Software & Services: 1.1%
LWSA SA 144A *
167,600
121,426
Sonda SA
239,400
105,694
227,120
Technology Hardware & Equipment: 1.8%
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira
54,800
226,352
Ituran Location and Control Ltd.
3,685
90,799
Multilaser Industrial SA *
122,600
43,205
360,356
Transportation: 7.9%
Azul SA (ADR) * †
62,856
251,424
EcoRodovias Infraestrutura e Logistica SA
153,940
181,751
Hidrovias do Brasil SA *
199,900
132,668
Log-in Logistica Intermodal SA *
7,050
45,086
Movida Participacoes SA *
88,750
95,893
Santos Brasil Participacoes SA
284,000
693,476
SIMPAR SA *
182,550
174,056
1,574,354
Utilities: 8.0%
Alupar Investimento SA
136,786
728,452
Cia de Saneamento de Minas Gerais Copasa MG
113,588
424,475
Cia De Sanena Do Parana *
35,300
174,034
Light SA *
77,900
69,398
Serena Energia SA *
126,502
199,367
1,595,726
Total Common
Stocks (Cost: $18,036,771)
17,638,109
PREFERRED SECURITIES: 11.7%
Banks: 3.4%
Banco ABC Brasil SA*
50,898
201,585
Number
of Shares
Value
Banks (continued)
Banco do Estado do Rio Grande do Sul SA
108,900
$
221,108
Banco Pan SA*
179,050
259,122
681,815
Capital Goods: 3.4%
Marcopolo SA*
407,891
463,338
Randon SA Implementos e Participacoes*
106,850
208,727
672,065
Consumer Cyclicals: 0.7%
Alpargatas SA*
86,200
140,631
Energy: 1.8%
Raizen SA
682,000
359,904
Information Technology: 1.0%
Cia de Ferro Ligas da Bahia FERBASA*
77,350
111,664
Taurus Armas SA
37,800
77,560
189,224
Materials: 1.4%
Unipar Carbocloro SA
33,100
288,894
Total Preferred
Securities (Cost: $2,192,696)
2,332,533
Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $20,229,467)
19,970,642
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.9%
Money Market Fund: 0.9% (Cost:
$183,105)
State Street Navigator Securities Lending Government Money Market Portfolio
183,105
183,105
Total Investments: 100.8% (Cost:
$20,412,572)
20,153,747
Liabilities in excess of other assets: (0.8)%
(159,903)
NET ASSETS: 100.0%
$
19,993,844
Definitions:
ADR
American Depositary Receipt
BDR
Brazilian Depositary Receipt
Footnotes:
*
Non-income producing
†
Security fully or partially on loan. Total market value of securities on loan is $1,899,294.
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. These securities have an aggregate value of $121,426, or 0.6% of net assets.
See Notes to Financial Statements
7
VANECK BRAZIL SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund's investments as of June
30, 2024 is as follows:
Level 2
Level 3
Level 1
Significant
Significant
Quoted
Observable
Unobservable
Prices
Inputs
Inputs
Value
Common Stocks
Automobiles & Components
$
280,377
$
—
$
—
$
280,377
Banks
657,283
—
—
657,283
Capital Goods
457,046
—
—
457,046
Commercial & Professional Services
266,011
—
—
266,011
Consumer Discretionary Distribution & Retail
343,203
—
—
343,203
Consumer Durables & Apparel
2,901,413
—
—
2,901,413
Consumer Services
1,287,327
—
—
1,287,327
Consumer Staples Distribution & Retail
110,820
—
—
110,820
Energy
1,500,552
743,685
—
2,244,237
Financial Services
125,448
—
—
125,448
Food, Beverage & Tobacco
1,403,585
—
—
1,403,585
Health Care Equipment & Services
1,028,619
—
—
1,028,619
Insurance
188,935
—
—
188,935
Materials
1,333,054
—
—
1,333,054
Media & Entertainment
184,027
—
—
184,027
Pharmaceuticals, Biotechnology & Life Sciences
36,123
—
—
36,123
Real Estate Management & Development
675,747
—
—
675,747
Semiconductors & Semiconductor Equipment
357,298
—
—
357,298
Software & Services
227,120
—
—
227,120
Technology Hardware & Equipment
360,356
—
—
360,356
Transportation
1,574,354
—
—
1,574,354
Utilities
1,595,726
—
—
1,595,726
Preferred Securities *
2,332,533
—
—
2,332,533
Money Market Fund
183,105
—
—
183,105
Total Investments
$
19,410,062
$
743,685
$
—
$
20,153,747
* See Schedule of Investments for industry sector breakouts.
See Notes to Financial Statements
8
VANECK CHINEXT ETF
SCHEDULE OF INVESTMENTS
June 30, 2024 (unaudited)
Number of Shares
Value
COMMON STOCKS: 99.9%
Capital Goods: 32.8%
Beijing Easpring Material Technology Co. Ltd.
16,400
$
77,040
Contemporary Amperex Technology Co. Ltd.
104,500
2,576,277
Dongguan Yiheda Automation Co. Ltd.
6,900
18,524
East Group Co. Ltd.
42,100
23,070
Eve Energy Co. Ltd.
51,400
280,878
Gaona Aero Material Co. Ltd.
19,200
41,722
Ginlong Technologies Co. Ltd.
9,000
51,226
Hunan Yuneng New Energy Battery Material Co. Ltd.
16,200
69,714
JL Mag Rare-Earth Co. Ltd.
24,500
43,448
Qingdao TGOOD Electric Co. Ltd.
29,200
80,303
Shenzhen Inovance Technology Co. Ltd.
78,600
551,648
Sungrow Power Supply Co. Ltd.
58,080
492,793
Sunwoda Electronic Co. Ltd.
56,200
116,507
Wuxi Lead Intelligent Equipment Co. Ltd. *
39,900
90,716
Xi’an Triangle Defense Co. Ltd.
14,100
58,999
4,572,865
Commercial & Professional Services: 0.9%
Beijing Originwater Technology Co. Ltd.
82,500
47,284
Centre Testing International Group Co. Ltd.
57,200
78,655
125,939
Consumer Durables & Apparel: 0.4%
Huali Industrial Group Co. Ltd.
6,200
51,675
Consumer Services: 0.5%
Songcheng Performance Development Co. Ltd.
65,100
71,522
Financial Services: 6.4%
Beijing Compass Technology Development Co. Ltd. *
10,100
50,209
East Money Information Co. Ltd.
509,200
734,827
Hithink RoyalFlush Information Network Co. Ltd.
8,100
114,630
899,666
Food, Beverage & Tobacco: 4.9%
Wens Foodstuffs Group Co. Ltd.
220,500
598,394
Yihai Kerry Arawana Holdings Co. Ltd.
23,000
86,051
684,445
Health Care Equipment & Services: 11.5%
Aier Eye Hospital Group Co. Ltd.
175,800
248,188
Huaxia Eye Hospital Group Co. Ltd.
7,100
20,112
Jafron Biomedical Co. Ltd.
18,000
67,028
Lepu Medical Technology Beijing Co. Ltd.
49,900
101,362
Ovctek China, Inc.
19,900
42,700
Number of Shares
Value
Health Care Equipment & Services (continued)
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
21,600
$
860,060
Shenzhen New Industries Biomedical Engineering Co. Ltd.
13,200
121,775
Sonoscape Medical Corp.
10,200
55,215
Winner Medical Co. Ltd.
7,700
26,661
Winning Health Technology Group Co. Ltd.
71,900
57,943
1,601,044
Household & Personal Products: 0.8%
By-health Co. Ltd.
40,300
74,680
Yunnan Botanee Bio-Technology Group Co. Ltd.
5,400
35,681
110,361
Materials: 4.9%
Canmax Technologies Co. Ltd.
23,800
55,865
CNGR Advanced Material Co. Ltd.
17,000
72,019
Hubei Dinglong Co. Ltd. *
27,900
86,406
Hubei Feilihua Quartz Glass Co. Ltd.
17,200
72,357
Shandong Sinocera Functional Material Co. Ltd.
31,900
77,884
Shandong Weifang Rainbow Chemical Co. Ltd.
3,800
23,183
Shenzhen Capchem Technology Co. Ltd.
19,600
76,636
Shenzhen Dynanonic Co. Ltd. *
8,600
33,126
Shenzhen Senior Technology Material Co. Ltd.
49,500
55,442
Sunresin New Materials Co. Ltd. *
10,100
57,632
Weihai Guangwei Composites Co. Ltd. *
21,400
72,682
683,232
Media & Entertainment: 2.1%
Beijing Enlight Media Co. Ltd.
58,500
67,282
Kunlun Tech Co. Ltd.
33,600
147,879
Mango Excellent Media Co. Ltd.
25,200
71,933
287,094
Pharmaceuticals, Biotechnology & Life Sciences: 8.3%
Anhui Anke Biotechnology Group Co. Ltd.
45,500
53,209
Betta Pharmaceuticals Co. Ltd.
10,300
45,873
BGI Genomics Co. Ltd. *
9,500
45,534
China Resources Boya Bio-pharmaceutical Group Co. Ltd.
12,700
57,331
Chongqing Zhifei Biological Products Co. Ltd. *
46,200
177,045
CSPC Innovation Pharmaceutical Co. Ltd.
15,200
52,529
Hangzhou Tigermed Consulting Co. Ltd.
21,700
144,168
Hualan Biological Vaccine, Inc.
6,000
14,503
See Notes to Financial Statements
9
VANECK CHINEXT ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Number of Shares
Value
Pharmaceuticals, Biotechnology & Life Sciences (continued)
Total Collateralized Loan Obligations (Cost: $372,813,534)
375,910,767
Total Investments: 97.2%
(Cost: $372,813,534)
375,910,767
Other assets less liabilities: 2.8%
10,802,495
NET ASSETS: 100.0%
$
386,713,262
Definitions:
SOFR
Secured Overnight Financing Rate
USD
United States Dollar
Footnotes:
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. These securities have an aggregate value of $375,910,767, or 97.2% of net assets.
The summary of inputs used to value the Fund’s
investments as of June 30, 2024 is as follows:
Level 1 Quoted Prices
Level 2 Significant Observable Inputs
Level 3 Significant Unobservable Inputs
Value
Collateralized Loan Obligations
$
—
$
375,910,767
$
—
$
375,910,767
See Notes to Financial Statements
14
VANECK DIGITAL INDIA ETF
SCHEDULE OF INVESTMENTS
June 30, 2024 (unaudited)
Number of Shares
Value
COMMON STOCKS: 100.3%
Capital Goods: 0.5%
IndiaMart InterMesh Ltd. 144A
4,220
$
135,509
Commercial & Professional Services: 3.0%
Computer Age Management Services Ltd.
7,063
305,526
L&T Technology Services Ltd. 144A
3,037
178,391
WNS Holdings Ltd. *
5,182
272,055
755,972
Consumer Durables & Apparel: 2.9%
Dixon Technologies India Ltd.
5,155
739,325
Consumer Services: 7.9%
MakeMyTrip Ltd. *
6,203
521,672
Zomato Ltd. *
624,027
1,497,520
2,019,192
Diversified Financials: 0.7%
Multi Commodity Exchange of India Ltd.
3,588
168,437
Energy: 8.1%
Reliance Industries Ltd. 144A (GDR)
27,843
2,077,088
Financial Services: 8.1%
Angel One Ltd.
6,755
210,207
ICICI Securities Ltd. 144A
11,619
105,452
IIFL Finance Ltd.
32,267
200,150
Indian Energy Exchange Ltd. 144A
62,738
135,541
Jio Financial Services Ltd. *
282,352
1,209,418
One 97 Communications Ltd. *
48,385
232,462
2,093,230
Insurance: 3.2%
PB Fintech Ltd. *
48,591
814,027
Media & Entertainment: 3.0%
Info Edge India Ltd.
9,475
770,267
Number of Shares
Value
Software & Services: 47.5%
Birlasoft Ltd.
21,407
$
176,776
Coforge Ltd.
8,331
543,778
Cyient Ltd.
10,032
220,344
HCL Technologies Ltd.
85,003
1,484,050
Infosys Ltd. (ADR)
109,282
2,034,831
KPIT Technologies Ltd.
24,012
469,533
LTIMindtree Ltd. 144A
13,183
849,274
Mphasis Ltd.
10,586
310,994
Oracle Financial Services Software Ltd.
3,362
397,835
Persistent Systems Ltd.
15,263
775,030
Tanla Platforms Ltd.
9,460
106,601
Tata Consultancy Services Ltd.
37,237
1,739,459
Tata Elxsi Ltd.
5,008
419,853
Tata Technologies Ltd.
20,970
256,137
Tech Mahindra Ltd.
66,922
1,144,219
Wipro Ltd. (ADR)
196,752
1,200,187
12,128,901
Technology Hardware & Equipment: 1.5%
Redington Ltd.
75,210
192,917
Tejas Networks Ltd. 144A *
10,791
182,774
375,691
Telecommunication Services: 12.6%
Bharti Airtel Ltd.
92,109
1,593,616
Bharti Hexacom Ltd. *
10,769
144,235
HFCL Ltd.
128,433
173,852
Indus Towers Ltd. *
119,958
539,320
Tata Communications Ltd. *
16,778
372,577
Vodafone Idea Ltd. *
1,656,921
354,669
3,178,269
Transportation: 1.3%
Delhivery Ltd. *
68,827
330,077
Total Common Stocks (Cost: $22,418,777)
25,585,985
Total Investments: 100.3% (Cost: $22,418,777)
25,585,985
Liabilities in excess of other assets: (0.3)%
(84,115)
NET ASSETS: 100.0%
$
25,501,870
Definitions:
ADR
American Depositary Receipt
GDR
Global Depositary Receipt
Footnotes:
*
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. These securities have an aggregate value of $3,664,029, or 14.4% of net assets.
See Notes to Financial Statements
15
VANECK DIGITAL INDIA ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund's investments as
of June 30, 2024 is as follows:
Level 1 Quoted Prices
Level 2 Significant Observable Inputs
Level 3 Significant Unobservable Inputs
Value
Common Stocks
Capital Goods
$
—
$
135,509
$
—
$
135,509
Commercial & Professional Services
272,055
483,917
—
755,972
Consumer Durables & Apparel
—
739,325
—
739,325
Consumer Services
521,672
1,497,520
—
2,019,192
Diversified Financials
—
168,437
—
168,437
Energy
2,077,088
—
—
2,077,088
Financial Services
—
2,093,230
—
2,093,230
Insurance
—
814,027
—
814,027
Media & Entertainment
—
770,267
—
770,267
Software & Services
3,235,018
8,893,883
—
12,128,901
Technology Hardware & Equipment
—
375,691
—
375,691
Telecommunication Services
144,235
3,034,034
—
3,178,269
Transportation
—
330,077
—
330,077
Total Investments
$
6,250,068
$
19,335,917
$
—
$
25,585,985
See Notes to Financial Statements
16
VANECK INDIA GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
June 30, 2024 (unaudited)
Number of Shares
Value
COMMON STOCKS: 101.1%
Automobiles & Components: 9.9%
Bajaj Auto Ltd.
68,536
$
7,807,775
Eicher Motors Ltd.
106,795
5,980,308
Pricol Ltd. *
62,081
365,414
Shriram Pistons & Rings Ltd.
18,786
430,140
14,583,637
Banks: 23.1%
Bank of Baroda
1,387,781
4,574,060
Bank of Maharashtra
691,731
536,260
Canara Bank
2,295,084
3,280,795
CSB Bank Ltd. *
56,464
255,274
ICICI Bank Ltd.
526,072
7,571,965
IndusInd Bank Ltd.
371,094
6,508,265
Karnataka Bank Ltd.
242,177
650,187
Karur Vysya Bank Ltd.
563,073
1,391,131
State Bank of India
730,140
7,417,733
Ujjivan Small Finance Bank Ltd. 144A
402,710
217,099
Union Bank of India Ltd.
1,203,512
1,966,562
34,369,331
Capital Goods: 10.2%
Action Construction Equipment Ltd.
21,342
379,040
Apar Industries Ltd.
12,669
1,285,951
Cummins India Ltd.
104,434
4,959,002
Data Patterns India Ltd.
18,502
664,019
Elecon Engineering Co. Ltd.
30,692
485,886
Force Motors Ltd.
3,818
409,505
HBL Power Systems Ltd.
88,151
526,869
Ingersoll Rand India Ltd.
5,190
284,690
Jupiter Wagons Ltd.
68,279
562,949
Polycab India Ltd. *
44,120
3,562,837
Sanghvi Movers Ltd.
16,791
213,588
Triveni Turbine Ltd.
83,760
622,665
Voltamp Transformers Ltd.
7,664
1,009,783
14,966,784
Commercial & Professional Services: 1.2%
BLS International Services Ltd.
89,458
375,382
L&T Technology Services Ltd. 144A
22,193
1,303,596
1,678,978
Consumer Durables & Apparel: 0.2%
Safari Industries India Ltd.
12,782
312,003
Consumer Services: 0.5%
EIH Ltd.
131,239
674,717
Energy: 7.0%
Coal India Ltd.
1,242,578
7,039,930
Great Eastern Shipping Co. Ltd.
60,536
887,686
Hindustan Oil Exploration Co. Ltd. *
58,881
138,088
Oil India Ltd.
258,125
2,233,777
10,299,481
Financial Services: 7.1%
Angel One Ltd.
25,005
778,124
CreditAccess Grameen Ltd. *
41,807
662,428
Motilal Oswal Financial Services Ltd.
130,016
956,362
Number of Shares
Value
Financial Services (continued)
Muthoot Microfin Ltd. *
28,757
$
82,534
Nippon Life India Asset Management Ltd. 144A
120,611
931,034
Share India Securities Ltd.
42,895
153,868
Shriram Finance Ltd.
204,555
7,124,881
10,689,231
Food, Beverage & Tobacco: 5.2%
Godfrey Phillips India Ltd.
9,964
492,461
Varun Beverages Ltd.
371,745
7,250,040
7,742,501
Health Care Equipment & Services: 0.6%
Narayana Hrudayalaya Ltd.
59,921
864,884
Materials: 6.7%
Andhra Paper Ltd.
6,949
47,239
Archean Chemical Industries Ltd.
32,302
258,700
Fineotex Chemical Ltd.
24,249
111,314
Jindal Saw Ltd.
94,056
611,271
JK Paper Ltd.
59,552
386,292
JTL Industries Ltd.
40,729
108,316
Kingfa Science & Technology India Ltd. *
1,393
35,007
Lloyds Metals & Energy Ltd. *
55,660
488,641
Maharashtra Seamless Ltd.
31,315
245,807
NMDC Ltd.
834,823
2,457,119
PI Industries Ltd.
62,482
2,842,794
Ramkrishna Forgings Ltd.
60,017
639,689
Usha Martin Ltd.
150,240
697,492
Venus Pipes & Tubes Ltd. 144A
5,608
138,001
Welspun Corp. Ltd.
84,831
556,257
West Coast Paper Mills Ltd.
19,910
159,741
9,783,680
Media & Entertainment: 1.7%
Brightcom Group Ltd. *
1,261,473
141,899
Chennai Super Kings Cricket Ltd. *∞ ø
1,298,085
1,591,871
Sun TV Network Ltd.
63,090
568,618
Tips Industries Ltd.
31,605
154,699
2,457,087
Pharmaceuticals, Biotechnology & Life Sciences: 7.9%
Caplin Point Laboratories Ltd.
16,314
287,760
Dr. Reddy's Laboratories Ltd.
90,809
6,965,418
Glenmark Life Sciences Ltd.
18,938
197,109
Marksans Pharma Ltd. *
161,573
307,693
Natco Pharma Ltd.
70,864
987,580
Neuland Laboratories Ltd.
5,133
460,740
Zydus Lifesciences Ltd.
193,141
2,487,021
11,693,321
Software & Services: 19.6%
HCL Technologies Ltd.
353,471
6,171,180
Infosys Ltd. (ADR)
358,089
6,667,617
KPIT Technologies Ltd.
120,017
2,346,826
Oracle Financial Services Software Ltd.
18,466
2,185,136
Persistent Systems Ltd.
83,802
4,255,330
See Notes to Financial Statements
17
VANECK INDIA GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Number of Shares
Value
Software & Services (continued)
Tanla Platforms Ltd.
53,034
$
597,618
Tata Consultancy Services Ltd.
142,667
6,664,436
28,888,143
Technology Hardware & Equipment: 0.2%
Zen Technologies Ltd.
24,985
350,286
Total Common Stocks (Cost: $111,666,567)
149,354,064
Total Investments: 101.1% (Cost: $111,666,567)
149,354,064
Liabilities in excess of other assets: (1.1)%
(1,560,655)
NET ASSETS: 100.0%
$
147,793,409
Definitions:
ADR
American Depositary Receipt
Footnotes:
*
Non-income producing
∞
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
ø
Restricted Security – the aggregate value of restricted securities is $1,591,871, or 1.1% of net assets
144A
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted. These securities have an aggregate value of $2,589,730, or 1.8% of net assets.
Restricted securities held by the Fund as of June 30, 2024 are
as follows:
Security
Acquisition Date
Number of Shares
Acquisition Cost
Value
% of Net Assets
Chennai Super Kings Cricket Ltd.
10/08/2015
1,298,085
$
35,108
$
1,591,871
1.1
%
The summary of inputs used to value the Fund's investments as
of June 30, 2024 is as follows:
Level 1 Quoted Prices
Level 2 Significant Observable Inputs
Level 3 Significant Unobservable Inputs
Value
Common Stocks
Automobiles & Components
$
—
$
14,583,637
$
—
$
14,583,637
Banks
—
34,369,331
—
34,369,331
Capital Goods
—
14,966,784
—
14,966,784
Commercial & Professional Services
—
1,678,978
—
1,678,978
Consumer Durables & Apparel
—
312,003
—
312,003
Consumer Services
—
674,717
—
674,717
Energy
—
10,299,481
—
10,299,481
Financial Services
—
10,689,231
—
10,689,231
Food, Beverage & Tobacco
—
7,742,501
—
7,742,501
Health Care Equipment & Services
—
864,884
—
864,884
Materials
—
9,783,680
—
9,783,680
Media & Entertainment
—
865,216
1,591,871
2,457,087
Pharmaceuticals, Biotechnology & Life Sciences
460,740
11,232,581
—
11,693,321
Software & Services
6,667,617
22,220,526
—
28,888,143
Technology Hardware & Equipment
—
350,286
—
350,286
Total Investments
$
7,128,357
$
140,633,836
$
1,591,871
$
149,354,064
See Notes to Financial Statements
18
The following table reconciles the valuation of the Fund’s
Level 3 investment securities and related transactions during the period ended June 30, 2024:
Common Stock
Balance as of December 31, 2023
$
1,595,195
Realized gain (loss)
—
Net change in unrealized appreciation (depreciation)
(3,324
)
Purchases
—
Sales
—
Transfers in/out of level 3
—
Balance as of June 30, 2024
$
1,591,871
The following table presents additional information about valuation
methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2024:
Value as of June 30, 2024
Valuation Technique
Unobservable Input Description(1)
Unobservable Input
Impact to Valuation from an Increase in Input(2)
Common Stock
Media & Entertainment
$1,591,871
Market Approach
Revenue Multiple
18.5x – 20.5x
Increase
Illiquidity Discount
35%
Decrease
(1) In determining certain of these inputs,
management evaluates a variety of factors including economic condition, industry and market developments, market valuations of
comparable companies and company specific developments.
(2) This column represents the directional change in the fair value of the Level
3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input
would have the opposite effect. Significant increases or decreases in these inputs in isolation could result in significantly
higher or lower fair value measurements.
See Notes to Financial Statements
19
VANECK INDONESIA INDEX ETF
SCHEDULE OF INVESTMENTS
June 30, 2024 (unaudited)
Number of Shares
Value
COMMON STOCKS: 100.2%
Banks: 28.1%
Bank Aladin Syariah Tbk PT *
1,692,400
$
95,084
Bank Central Asia Tbk PT
3,721,300
2,251,723
Bank Jago Tbk PT *
912,100
133,809
Bank Mandiri Persero Tbk PT
5,083,404
1,901,772
Bank Negara Indonesia Persero Tbk PT
3,546,364
1,006,294
Bank Rakyat Indonesia Persero Tbk PT
7,913,133
2,218,813
7,607,495
Capital Goods: 6.0%
Astra International Tbk PT
4,440,900
1,207,208
Jardine Cycle & Carriage Ltd. †
21,388
418,674
1,625,882
Consumer Discretionary Distribution & Retail: 3.6%
Bukalapak.com PT Tbk *
13,457,900
113,932
GoTo Gojek Tokopedia Tbk PT *
226,122,000
687,693
Mitra Adiperkasa Tbk PT
2,003,100
180,304
981,929
Consumer Staples Distribution & Retail: 3.0%
Sumber Alfaria Trijaya Tbk PT
4,806,300
807,165
Energy: 8.6%
Adaro Energy Indonesia Tbk PT
3,938,600
671,065
AKR Corporindo Tbk PT
1,927,900
190,730
Banpu PCL (NVDR)
2,269,929
303,461
Bukit Asam Tbk PT
964,600
144,322
Bumi Resources Tbk PT *
32,005,500
152,111
Indo Tambangraya Megah Tbk PT
97,400
142,159
Petrindo Jaya Kreasi Tbk PT *
415,300
221,916
United Tractors Tbk PT
376,669
505,043
2,330,807
Financial Services: 0.4%
BFI Finance Indonesia Tbk PT
2,044,700
117,999
Food, Beverage & Tobacco: 7.3%
Charoen Pokphand Indonesia Tbk PT
1,776,800
550,673
First Pacific Co. Ltd.
449,250
208,520
Golden Agri-Resources Ltd.
1,124,300
223,989
Gudang Garam Tbk PT
113,700
125,568
Indofood CBP Sukses Makmur Tbk PT
545,700
342,887
Indofood Sukses Makmur Tbk PT
1,081,200
401,117
Japfa Comfeed Indonesia Tbk PT *
1,299,500
113,086
1,965,840
Health Care Equipment & Services: 0.9%
Mitra Keluarga Karyasehat Tbk PT
1,333,197
245,878
Household & Personal Products: 1.0%
Unilever Indonesia Tbk PT
1,409,300
259,388
Number of Shares
Value
Materials: 21.2%
Amman Mineral Internasional PT *
2,330,700
$
1,563,671
Aneka Tambang Tbk
2,071,300
157,737
Avia Avian Tbk PT
3,814,300
119,961
Barito Pacific Tbk PT
6,705,955
404,638
Bumi Resources Minerals Tbk PT *
18,156,700
161,678
Chandra Asri Pacific Tbk PT
2,451,736
1,381,207
Indah Kiat Pulp & Paper Tbk PT
592,800
321,668
Indocement Tunggal Prakarsa Tbk PT
380,800
168,252
Merdeka Battery Materials Tbk PT *
8,244,700
317,201
Merdeka Copper Gold Tbk PT *
3,435,295
497,665
Nickel Industries Ltd.
253,309
134,370
Pabrik Kertas Tjiwi Kimia Tbk PT
306,700
162,949
Semen Indonesia Persero Tbk PT
814,762
185,405
Vale Indonesia Tbk PT *
576,000
148,441
5,724,843
Media & Entertainment: 0.3%
Elang Mahkota Teknologi Tbk PT
3,926,100
92,891
Pharmaceuticals, Biotechnology & Life Sciences: 1.7%
Kalbe Farma Tbk PT
4,848,400
451,530
Real Estate Management & Development: 1.3%
Bumi Serpong Damai Tbk PT *
1,824,800
106,208
Ciputra Development Tbk PT
2,145,395
148,048
Pakuwon Jati Tbk PT
3,676,600
82,053
336,309
Telecommunication Services: 8.2%
Indosat Tbk PT
317,700
207,596
Sarana Menara Nusantara Tbk PT
5,150,900
230,881
Telkom Indonesia Persero Tbk PT (ADR) †
87,342
1,633,295
XL Axiata Tbk PT
1,043,975
137,709
2,209,481
Transportation: 1.0%
Jasa Marga Persero Tbk PT
536,250
163,085
Transcoal Pacific Tbk PT *
246,300
113,473
276,558
Utilities: 7.6%
Barito Renewables Energy Tbk PT
2,948,900
1,814,362
Perusahaan Gas Negara Tbk PT
2,567,100
241,147
2,055,509
Total Common Stocks (Cost: $35,687,942)
27,089,504
See Notes to Financial Statements
20
Number of Shares
Value
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%
Money Market Fund: 0.1% (Cost: $28,168)
State Street Navigator Securities Lending Government Money Market Portfolio
28,168
$
28,168
Total Investments: 100.3% (Cost: $35,716,110)
27,117,672
Liabilities in excess of other assets: (0.3)%
(74,784)
NET ASSETS: 100.0%
$
27,042,888
Definitions:
ADR
American Depositary Receipt
NVDR
Non-Voting Depositary Receipt
Footnotes:
*
Non-income producing
†
Security fully or partially on loan. Total market value of securities on loan is $342,055.
The summary of inputs used to value the Fund's investments as
of June 30, 2024 is as follows:
Level 1 Quoted Prices
Level 2 Significant Observable Inputs
Level 3 Significant Unobservable Inputs
Value
Common Stocks
Banks
$
95,084
$
7,512,411
$
—
$
7,607,495
Capital Goods
—
1,625,882
—
1,625,882
Consumer Discretionary Distribution & Retail
—
981,929
—
981,929
Consumer Staples Distribution & Retail
807,165
—
—
807,165
Energy
1,370,192
960,615
—
2,330,807
Financial Services
117,999
—
—
117,999
Food, Beverage & Tobacco
1,288,865
676,975
—
1,965,840
Health Care Equipment & Services
245,878
—
—
245,878
Household & Personal Products
—
259,388
—
259,388
Materials
2,129,759
3,595,084
—
5,724,843
Media & Entertainment
—
92,891
—
92,891
Pharmaceuticals, Biotechnology & Life Sciences
451,530
—
—
451,530
Real Estate Management & Development
148,048
188,261
—
336,309
Telecommunication Services
1,978,600
230,881
—
2,209,481
Transportation
163,085
113,473
—
276,558
Utilities
1,814,362
241,147
—
2,055,509
Money Market Fund
28,168
—
—
28,168
Total Investments
$
10,638,735
$
16,478,937
$
—
$
27,117,672
See Notes to Financial Statements
21
VANECK ISRAEL ETF
SCHEDULE OF INVESTMENTS
June 30, 2024 (unaudited)
Number
of Shares
Value
COMMON STOCKS: 99.9%
Automobiles & Components: 0.6%
Mobileye Global, Inc. * †
15,434
$
433,464
Banks: 16.8%
Bank Hapoalim BM
386,658
3,423,871
Bank Leumi Le-Israel BM
422,025
3,449,305
FIBI Holdings Ltd.
6,101
240,339
First International Bank Of Israel Ltd.
17,376
661,667
Israel Discount Bank Ltd.
382,280
1,912,826
Mizrahi Tefahot Bank Ltd.
59,596
2,026,352
11,714,360
Capital Goods: 3.7%
Ashtrom Group Ltd. *
10,775
122,900
Elbit Systems Ltd. †
9,775
1,726,558
Electra Ltd.
318
106,376
Kornit Digital Ltd. *
13,665
200,056
Shapir Engineering and Industry Ltd. *
33,322
168,891
Shikun & Binui Ltd. *
67,387
125,287
Stratasys Ltd. *
19,446
163,152
2,613,220
Commercial & Professional Services: 0.8%
Fiverr International Ltd. * †
14,183
332,308
Hilan Ltd.
3,963
205,080
537,388
Consumer Discretionary Distribution & Retail: 1.7%
Global-e Online Ltd. * †
32,320
1,172,246
Consumer Durables & Apparel: 0.2%
Delta Galil Ltd.
3,982
167,407
Consumer Services: 0.4%
Evoke Plc *
102,496
108,511
Fattal Holdings 1998 Ltd. *
1,469
150,982
259,493
Consumer Staples Distribution & Retail: 0.7%
Rami Levy
Chain Stores Hashikma Marketing 2006 Ltd.
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. These securities have an aggregate value of $40,682,498,
or 8.3% of net assets.
The summary of inputs used to value the Fund’s investments as of June
30, 2024 is as follows:
Level 1 Quoted Prices
Level 2 Significant Observable Inputs
Level 3 Significant Unobservable Inputs
Value
Common Stocks
Banks
$
—
$
50,059,475
$
—
$
50,059,475
Capital Goods
5,106,009
40,376,572
—
45,482,581
Energy
5,416,204
5,097,447
—
10,513,651
Financial Services
5,310,826
73,599,612
—
78,910,438
Food, Beverage & Tobacco
8,292,291
83,975,890
—
92,268,181
Insurance
—
4,419,507
—
4,419,507
Materials
—
59,896,673
—
59,896,673
Real Estate Management & Development
10,334,399
121,813,662
—
132,148,061
Transportation
—
7,112,481
—
7,112,481
Utilities
—
6,954,761
—
6,954,761
Rights *
—
1,174,348
—
1,174,348
Exchange Traded Fund
—
79,055
—
79,055
Total Investments
$
34,459,729
$
454,559,483
$
—
$
489,019,212
*
See Schedule of Investments for industry sector breakouts.
See Notes to Financial Statements
27
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2024 (unaudited)
Africa Index ETF
Brazil Small-Cap ETF
ChiNext ETF
CLO ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)
$
45,482,474
$
19,970,642
$
13,937,959
$
375,910,767
Short-term investments held as collateral for securities loaned (3)
586,735
183,105
—
—
Cash
1,206
—
55,271
27,650,132
Cash denominated in foreign currency, at value (4)
594
7,807
10,651
—
Receivables:
Due from Adviser
—
1,542
12,733
—
Dividends and interest
309,537
147,789
—
5,325,712
Prepaid expenses
34
23
7
—
Total assets
46,380,580
20,310,908
14,016,621
408,886,611
Liabilities:
Payables:
Investment securities purchased
—
—
—
22,050,000
Collateral for securities loaned
586,735
183,105
—
—
Line of credit
89,815
—
—
—
Due to Adviser
13,791
—
—
123,349
Due to custodian
—
21,046
—
—
Deferred Trustee fees
16,097
41,965
1,569
—
Accrued expenses
124,654
70,948
57,033
—
Total liabilities
831,092
317,064
58,602
22,173,349
NET ASSETS
$
45,549,488
$
19,993,844
$
13,958,019
$
386,713,262
Shares outstanding
2,900,000
1,450,000
650,000
7,300,001
Net asset value, redemption and offering price per share
$
15.71
$
13.79
$
21.47
$
52.97
Net Assets consist of:
Aggregate paid in capital
$
117,586,720
$
188,861,963
$
22,465,984
$
379,713,416
Total distributable earnings (loss)
(72,037,232
)
(168,868,119
)
(8,507,965
)
6,999,846
NET ASSETS
$
45,549,488
$
19,993,844
$
13,958,019
$
386,713,262
(1) Value of securities on loan
$
5,635,766
$
1,899,294
$
—
$
—
(2) Cost of investments - Unaffiliated issuers
$
39,759,278
$
20,229,467
$
16,303,460
$
372,813,534
(3) Cost of short-term investments held as collateral for securities loaned
$
586,735
$
183,105
$
—
$
—
(4) Cost of cash denominated in foreign currency
$
1,693
$
7,913
$
10,673
$
—
See Notes to Financial Statements
28
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2024 (unaudited)
Digital India ETF
India Growth
Leaders ETF(a)
Indonesia Index
ETF
Israel ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)
$
25,585,985
$
149,354,064
$
27,089,504
$
69,827,829
Short-term investments held as collateral for securities loaned (3)
—
—
28,168
1,400,122
Cash
167,945
94,951
35,463
—
Cash denominated in foreign currency, at value (4)
3,925
91,232
19,960
20
Receivables:
Investment securities sold
—
—
—
144,996
Due from Adviser
—
—
2,288
—
Dividends and interest
43,364
417,068
19,172
52,630
Prepaid expenses
—
36
19
44
Total assets
25,801,219
149,957,351
27,194,574
71,425,641
Liabilities:
Payables:
Investment securities purchased
—
—
5,756
—
Collateral for securities loaned
—
—
28,168
1,400,122
Line of credit
—
120,962
—
—
Due to Adviser
14,034
59,115
—
18,272
Due to custodian
—
—
—
36,184
Deferred Trustee fees
—
18,216
35,618
5,759
Accrued expenses
447
110,183
82,144
50,633
Accrued foreign taxes
284,868
1,855,466
—
—
Total liabilities
299,349
2,163,942
151,686
1,510,970
NET ASSETS
$
25,501,870
$
147,793,409
$
27,042,888
$
69,914,671
Shares outstanding
625,000
2,924,967
1,700,000
1,950,000
Net asset value, redemption and offering price per share
$
40.80
$
50.53
$
15.91
$
35.85
Net Assets consist of:
Aggregate paid in capital
$
23,053,680
$
189,621,875
$
159,645,307
$
72,710,287
Total distributable earnings (loss)
2,448,190
(41,828,466
)
(132,602,419
)
(2,795,616
)
NET ASSETS
$
25,501,870
$
147,793,409
$
27,042,888
$
69,914,671
(1) Value of securities on loan
$
—
$
—
$
342,055
$
8,830,294
(2) Cost of investments - Unaffiliated issuers
$
22,418,777
$
111,666,567
$
35,687,942
$
59,624,357
(3) Cost of short-term investments held as collateral for securities loaned
$
—
$
—
$
28,168
$
1,400,122
(4) Cost of cash denominated in foreign currency
$
3,922
$
91,223
$
19,960
$
20
(a)
Consolidated Statement of Assets and Liabilities
See Notes to Financial Statements
29
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2024 (unaudited)
Office and Commercial REIT ETF
Vietnam ETF
Assets:
Investments, at value
Unaffiliated issuers (1)
$
1,072,439
$
489,019,212
Cash
3,727
1,156,472
Cash denominated in foreign currency, at value (2)
—
1,425,367
Receivables:
Dividends and interest
6,523
302,109
Prepaid expenses
—
387
Total assets
1,082,689
491,903,547
Liabilities:
Payables:
Due to Adviser
435
210,442
Deferred Trustee fees
—
65,444
Accrued expenses
—
306,212
Total liabilities
435
582,098
NET ASSETS
$
1,082,254
$
491,321,449
Shares outstanding
30,000
40,300,000
Net asset value, redemption and offering price per share
$
36.08
$
12.19
Net Assets consist of:
Aggregate paid in capital
$
1,031,422
$
837,338,112
Total distributable earnings (loss)
50,832
(346,016,663
)
NET ASSETS
$
1,082,254
$
491,321,449
(1) Cost of investments - Unaffiliated issuers
$
1,032,447
$
432,410,152
(2) Cost of cash denominated in foreign currency
$
—
$
1,424,962
See Notes to Financial Statements
30
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended June 30, 2024 (unaudited)
Africa Index ETF
Brazil Small-Cap ETF
ChiNext ETF
CLO ETF
Income:
Dividends
$
870,299
$
405,291
$
167,380
$
—
Interest
1,631
308
2,295
11,030,377
Securities lending income
13,341
2,665
—
—
Foreign taxes withheld
(103,251
)
(19,072
)
(16,754
)
—
Total income
782,020
389,192
152,921
11,030,377
Expenses:
Management fees
102,401
63,459
37,418
592,418
Professional fees
25,665
26,657
30,369
—
Custody and accounting fees
37,785
27,249
44,666
—
Reports to shareholders
9,696
5,067
6,349
—
Trustees’ fees and expenses
547
376
225
—
Registration fees
3,287
3,287
2,226
—
Insurance
814
758
735
—
Interest
40,385
681
415
923
Taxes
—
—
—
4,742
Other
2,697
569
1,764
—
Total expenses
223,277
128,103
124,167
598,083
Expenses assumed by the Adviser
(23,147
)
(52,541
)
(75,421
)
—
Net expenses
200,130
75,562
48,746
598,083
Net investment income
581,890
313,630
104,175
10,432,294
Net realized gain (loss) on:
Investments
58,600
(1,315,250
)
(376,642
)
1,200,007
In-kind redemptions
618,863
158,382
—
—
Foreign currency transactions and foreign denominated assets and liabilities
(3,437,998
)
(16,006
)
(1,111
)
—
Net realized gain (loss)
(2,760,535
)
(1,172,874
)
(377,753
)
1,200,007
Net change in unrealized appreciation (depreciation) on:
Investments
3,553,077
(5,447,104
)
(1,891,478
)
758,310
Foreign currency translations and foreign denominated assets and liabilities
2,722,284
(12,371
)
(1,283
)
—
Net change in unrealized appreciation (depreciation)
6,275,361
(5,459,475
)
(1,892,761
)
758,310
Net increase (decrease) in net assets resulting from operations
$
4,096,716
$
(6,318,719
)
$
(2,166,339
)
$
12,390,611
See Notes to Financial Statements
31
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended June 30, 2024 (unaudited)
Digital India ETF
India Growth Leaders ETF(a)
Indonesia Index ETF
Israel ETF
Income:
Dividends
$
114,134
$
1,181,988
$
868,815
$
699,070
Interest
1,370
33,292
1,008
1,276
Securities lending income
—
—
514
52,022
Foreign taxes withheld
(20,198
)
(233,778
)
(132,420
)
(147,559
)
Total income
95,306
981,502
737,917
604,809
Expenses:
Management fees
65,317
318,598
68,647
160,199
Professional fees
—
30,624
24,850
26,873
Custody and accounting fees
—
54,945
32,613
31,343
Reports to shareholders
—
5,780
4,907
5,184
Trustees’ fees and expenses
—
7,400
378
721
Registration fees
—
3,287
3,287
3,287
Insurance
—
1,813
772
1,836
Interest
7,377
49,388
923
227
Other
—
11,204
108
2,082
Total expenses
72,694
483,039
136,485
231,752
Expenses assumed by the Adviser
—
—
(57,304
)
(42,491
)
Net expenses
72,694
483,039
79,181
189,261
Net investment income
22,612
498,463
658,736
415,548
Net realized gain (loss) on:
Investments (1)
(248,949
)
3,312,227
(976,024
)
(1,325,480
)
Foreign currency transactions and foreign denominated assets and liabilities
(23,437
)
(257,833
)
(10,783
)
(4,873
)
Net realized gain (loss)
(272,386
)
3,054,394
(986,807
)
(1,330,353
)
Net change in unrealized appreciation (depreciation) on:
Investments (2)
2,325,165
13,893,306
(1,601,911
)
2,476,205
Foreign currency translations and foreign denominated assets and liabilities
351
(87
)
(30
)
(123
)
Net change in unrealized appreciation (depreciation)
2,325,516
13,893,219
(1,601,941
)
2,476,082
Net increase (decrease) in net assets resulting from operations
$
2,075,742
$
17,446,076
$
(1,930,012
)
$
1,561,277
(1) Net of foreign taxes
$
(97,573
)
$
—
$
—
$
—
(2) Net of foreign taxes
$
(205,627
)
$
(1,470,296
)
$
—
$
—
(a)
Consolidated Statement of Operations
See Notes to Financial Statements
32
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended June 30, 2024 (unaudited)
Office and Commercial REIT ETF
Vietnam ETF
Income:
Dividends
$
17,230
$
2,020,878
Interest
21
6,928
Total income
17,251
2,027,806
Expenses:
Management fees
2,704
1,308,383
Professional fees
—
35,719
Custody and accounting fees
—
223,011
Reports to shareholders
—
33,365
Trustees’ fees and expenses
—
7,132
Registration fees
—
2,047
Insurance
—
4,731
Interest
—
118,101
Other
—
2,587
Total expenses
2,704
1,735,076
Net investment income
14,547
292,730
Net realized gain (loss) on:
Investments
(20,933
)
50,364
In-kind redemptions
22,417
—
Foreign currency transactions and foreign denominated assets and liabilities
—
(251,366
)
Net realized gain (loss)
1,484
(201,002
)
Net change in unrealized appreciation (depreciation) on:
Investments
(88,206
)
(30,274,154
)
Foreign currency translations and foreign denominated assets and liabilities
—
(4,645
)
Net change in unrealized appreciation (depreciation)
(88,206
)
(30,278,799
)
Net decrease in net assets resulting from operations
$
(72,175
)
$
(30,187,071
)
See Notes to Financial Statements
33
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Africa Index ETF
Brazil Small-Cap ETF
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Operations:
Net investment income
$
581,890
$
1,058,402
$
313,630
$
855,131
Net realized loss
(2,760,535
)
(3,979,130
)
(1,172,874
)
(5,089,381
)
Net change in unrealized appreciation (depreciation)
6,275,361
(1,216,928
)
(5,459,475
)
13,203,157
Net increase (decrease) in net assets resulting from operations
4,096,716
(4,137,656
)
(6,318,719
)
8,968,907
Distributions to shareholders from:
Distributable earnings
—
(925,120
)
—
(1,500,080
)
Share transactions*:
Proceeds from sale of shares
2,355,508
3,822,667
—
661,038
Cost of shares redeemed
(2,684,857
)
(2,837,820
)
(3,732,846
)
(3,309,211
)
Net increase (decrease) in net assets resulting from share transactions
(329,349
)
984,847
(3,732,846
)
(2,648,173
)
Total increase (decrease) in net assets
3,767,367
(4,077,929
)
(10,051,565
)
4,820,654
Net Assets, beginning of period
41,782,121
45,860,050
30,045,409
25,224,755
Net Assets, end of period
$
45,549,488
$
41,782,121
$
19,993,844
$
30,045,409
*Shares of Common Stock Issued (no par value)
Shares sold
150,000
250,000
—
50,000
Shares redeemed
(200,000
)
(200,000
)
(250,000
)
(200,000
)
Net increase (decrease)
(50,000
)
50,000
(250,000
)
(150,000
)
See Notes to Financial Statements
34
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
ChiNext ETF
CLO ETF
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Operations:
Net investment income
$
104,175
$
71,115
$
10,432,294
$
7,109,770
Net realized gain (loss)
(377,753
)
(1,985,489
)
1,200,007
229,751
Net change in unrealized appreciation (depreciation)
(1,892,761
)
(3,211,870
)
758,310
2,076,833
Net increase (decrease) in net assets resulting from operations
(2,166,339
)
(5,126,244
)
12,390,611
9,416,354
Distributions to shareholders from:
Distributable earnings
—
—
(8,177,590
)
(6,825,240
)
Share transactions*:
Proceeds from sale of shares
—
7,981,519
163,311,840
222,706,530
Cost of shares redeemed
(1,101,298
)
(5,954,336
)
(15,684,333
)
(15,667,179
)
Net increase (decrease) in net assets resulting from share transactions
(1,101,298
)
2,027,183
147,627,507
207,039,351
Total increase (decrease) in net assets
(3,267,636
)
(3,099,061
)
151,840,528
209,630,465
Net Assets, beginning of period
17,225,655
20,324,716
234,872,734
25,242,269
Net Assets, end of period
$
13,958,019
$
17,225,655
$
386,713,262
$
234,872,734
*Shares of Common Stock Issued (no par value)
Shares sold
—
250,000
3,100,000
4,300,000
Shares redeemed
(50,000
)
(200,000
)
(300,000
)
(300,000
)
Net increase (decrease)
(50,000
)
50,000
2,800,000
4,000,000
See Notes to Financial Statements
35
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Digital India ETF
India Growth Leaders ETF(a)
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Operations:
Net investment income
$
22,612
$
7,387
$
498,463
$
539,721
Net realized gain (loss)
(272,386
)
(111,388
)
3,054,394
1,215,642
Net change in unrealized appreciation (depreciation)
2,325,516
914,449
13,893,219
18,079,558
Net increase in net assets resulting from operations
2,075,742
810,448
17,446,076
19,834,921
Distributions to shareholders from:
Distributable earnings
—
(12,151
)
—
(899,924
)
Return of capital
—
(1,094
)
—
—
Total distributions
—
(13,245
)
—
(899,924
)
Share transactions*:
Proceeds from sale of shares
14,415,957
6,823,351
35,148,391
26,523,384
Cost of shares redeemed
—
—
—
(1,630,348
)
Net increase in net assets resulting from share transactions
14,415,957
6,823,351
35,148,391
24,893,036
Total increase in net assets
16,491,699
7,620,554
52,594,467
43,828,033
Net Assets, beginning of period
9,010,171
1,389,617
95,198,942
51,370,909
Net Assets, end of period
$
25,501,870
$
9,010,171
$
147,793,409
$
95,198,942
*Shares of Common Stock Issued (no par value)
Shares sold
375,000
200,000
750,000
650,000
Shares redeemed
—
—
—
(50,000
)
Net increase
375,000
200,000
750,000
600,000
(a)
Consolidated Statement of Changes in Net Assets
See Notes to Financial Statements
36
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Indonesia Index ETF
Israel ETF
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Operations:
Net investment income
$
658,736
$
1,101,361
$
415,548
$
729,076
Net realized loss
(986,807
)
(3,835,409
)
(1,330,353
)
(110,763
)
Net change in unrealized appreciation (depreciation)
(1,601,941
)
3,242,347
2,476,082
(800,503
)
Net increase (decrease) in net assets resulting from operations
(1,930,012
)
508,299
1,561,277
(182,190
)
Distributions to shareholders from:
Distributable earnings
—
(1,049,920
)
—
(1,110,023
)
Share transactions*:
Proceeds from sale of shares
—
10,037,236
8,900,021
4,523,437
Cost of shares redeemed
—
(13,460,281
)
—
(2,698,980
)
Net increase (decrease) in net assets resulting from share transactions
—
(3,423,045
)
8,900,021
1,824,457
Total increase (decrease) in net assets
(1,930,012
)
(3,964,666
)
10,461,298
532,244
Net Assets, beginning of period
28,972,900
32,937,566
59,453,373
58,921,129
Net Assets, end of period
$
27,042,888
$
28,972,900
$
69,914,671
$
59,453,373
*Shares of Common Stock Issued (no par value)
Shares sold
—
550,000
250,000
125,000
Shares redeemed
—
(750,000
)
—
(75,000
)
Net increase (decrease)
—
(200,000
)
250,000
50,000
See Notes to Financial Statements
37
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Office and Commercial REIT ETF
Vietnam ETF
Period Ended June 30, 2024 (unaudited)
Period Ended December 31, 2023(a)
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Operations:
Net investment income
$
14,547
$
13,978
$
292,730
$
3,228,295
Net realized gain (loss)
1,484
44,198
(201,002
)
(29,830,805
)
Net change in unrealized appreciation (depreciation)
(88,206
)
128,197
(30,278,799
)
96,024,768
Net increase (decrease) in net assets resulting from operations
(72,175
)
186,373
(30,187,071
)
69,422,258
Distributions to shareholders from:
Distributable earnings
(9,207
)
(20,001
)
—
(27,453,275
)
Share transactions*:
Proceeds from sale of shares
364,801
1,390,933
1,296,496
124,377,897
Cost of shares redeemed
(358,738
)
(399,732
)
(7,046,125
)
(52,158,268
)
Net increase (decrease) in net assets resulting from share transactions
6,063
991,201
(5,749,629
)
72,219,629
Total increase (decrease) in net assets
(75,319
)
1,157,573
(35,936,700
)
114,188,612
Net Assets, beginning of period
1,157,573
—
527,258,149
413,069,537
Net Assets, end of period
$
1,082,254
$
1,157,573
$
491,321,449
$
527,258,149
*Shares of Common Stock Issued (no par value)
Shares sold
10,000
40,000
100,000
9,800,000
Shares redeemed
(10,000
)
(10,000
)
(550,000
)
(4,200,000
)
Net increase (decrease)
—
30,000
(450,000
)
5,600,000
(a)
For the period September 20, 2023 (commencement of operations) through December 31, 2023.
See Notes to Financial Statements
38
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Africa Index ETF
Period
Year Ended December 31,
Ended June 30, 2024 (unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$14.16
$15.81
$20.06
$20.17
$20.50
$20.08
Net investment income (a)
0.21
0.35
0.60
0.53
0.52
1.09
Net realized and unrealized gain (loss) on investments
1.34
(1.69
)
(4.27
)
0.20
(b)
(0.05
)
0.62
Total from investment operations
1.55
(1.34
)
(3.67
)
0.73
0.47
1.71
Distributions from:
Net investment income
—
(0.31
)
(0.58
)
(0.84
)
(0.80
)
(1.29
)
Net asset value, end of period
$15.71
$14.16
$15.81
$20.06
$20.17
$20.50
Total return (c)
10.89
%
(8.45
)%
(18.34
)%
3.69
%
2.29
%
8.52
%
Ratios to average net assets
Gross expenses
1.09
%(d)
1.47
%
0.98
%
0.77
%
0.92
%
0.90
%
Net expenses
0.98
%(d)
1.31
%
0.98
%
0.77
%
0.79
%
0.79
%
Net expenses excluding interest and taxes
0.78
%(d)
0.78
%
0.75
%
0.77
%
0.78
%
0.78
%
Net investment income
2.84
%(d)
2.33
%
3.29
%
2.50
%
3.00
%
5.13
%
Supplemental data
Net assets, end of period (in millions)
$46
$42
$46
$59
$52
$50
Portfolio turnover rate (e)
20
%
34
%
33
%
37
%
37
%
46
%
(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 are not annualized and 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)
Annualized
(e)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
39
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Brazil Small-Cap ETF
Period
Year Ended December 31,
Ended June 30, 2024 (unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$17.67
$13.64
$16.35
$21.44
$27.50
$20.09
Net investment income (a)
0.19
0.46
0.44
0.48
0.33
0.58
Net realized and unrealized gain (loss) on investments
(4.07
)
4.45
(2.59
)
(5.08
)
(6.04
)
7.42
Payment from Adviser
—
—
—
—
—
0.11
(b)
Total from investment operations
(3.88
)
4.91
(2.15
)
(4.60
)
(5.71
)
8.11
Distributions from:
Net investment income
—
(0.88
)
(0.56
)
(0.49
)
(0.35
)
(0.70
)
Return of capital
—
—
—
(c)
—
—
—
Total distributions
—
(0.88
)
(0.56
)
(0.49
)
(0.35
)
(0.70
)
Net asset value, end of period
$13.79
$17.67
$13.64
$16.35
$21.44
$27.50
Total return (d)
(21.98
)%
36.14
%
(13.30
)%
(21.38
)%
(20.75
)%
40.81
%(b)
Ratios to average net assets
Gross expenses
1.01
%(e)
1.07
%
0.83
%(f)
0.84
%(f)
0.84
%
0.73
%
Net expenses
0.60
%(e)
0.68
%
0.59
%(f)
0.59
%(f)
0.60
%
0.63
%
Net expenses excluding interest and taxes
0.59
%(e)
0.59
%
0.59
%(f)
0.59
%(f)
0.59
%
0.59
%
Net investment income
2.47
%(e)
2.93
%
2.71
%(f)
2.32
%(f)
1.73
%
2.52
%
Supplemental data
Net assets, end of period (in millions)
$20
$30
$25
$32
$55
$98
Portfolio turnover rate (g)
12
%
43
%
42
%
56
%
31
%
38
%
(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)
Amount represents less than $0.005 per share.
(d)
Returns are not annualized and 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)
Annualized
(f)
The ratios presented do not reflect the Fund’s proportionate share of income and expenses from the
Fund’s investment in underlying funds.
(g)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
40
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
ChiNext ETF
Period
Year Ended December 31,
Ended June 30, 2024 (unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$24.61
$31.27
$48.47
$48.95
$29.81
$20.97
Net investment income (loss) (a)
0.16
0.10
(0.08
)
(0.06
)
0.03
0.10
Net realized and unrealized gain (loss) on investments
(3.30
)
(6.76
)
(17.12
)
4.03
19.09
8.88
Payment from Adviser
—
—
—
0.02
(b)
0.02
(c)
—
Total from investment operations
(3.14
)
(6.66
)
(17.20
)
3.99
19.14
8.98
Distributions from:
Net investment income
—
—
—
—
—
(d)
(0.14
)
Net realized capital gains
—
—
—
(3.74
)
—
—
Return of capital
—
—
—
(0.73
)
—
—
Total distributions
—
—
—
(4.47
)
—
(0.14
)
Net asset value, end of period
$21.47
$24.61
$31.27
$48.47
$48.95
$29.81
Total return (e)
(12.73
)%
(21.31
)%
(35.49
)%
8.21
%(b)
64.23
%(c)
42.80
%
Ratios to average net assets
Gross expenses
1.66
%(f)
1.89
%
1.25
%
0.89
%
1.15
%
1.08
%
Net expenses
0.65
%(f)
0.65
%
0.65
%
0.65
%
0.65
%
0.65
%
Net investment income (loss)
1.39
%(f)
0.34
%
(0.22
)%
(0.12
)%
0.07
%
0.39
%
Supplemental data
Net assets, end of period (in millions)
$14
$17
$20
$41
$49
$30
Portfolio turnover rate (g)
5
%
123
%
10
%
59
%
96
%
43
%
(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 are not annualized and 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)
Annualized
(g)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
41
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
CLO ETF
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Period Ended December 31, 2022 (a)
Net asset value, beginning of period
$52.19
$50.48
$50.00
Net investment income (b)
1.85
3.32
1.18
Net realized and unrealized gain on investments
0.39
1.32
0.43
Total from investment operations
2.24
4.64
1.61
Distributions from:
Net investment income
(1.46
)
(2.93
)
(1.13
)
Net asset value, end of period
$52.97
$52.19
$50.48
Total return (c)
4.33
%
9.40
%
3.26
%
Ratios to average net assets
Expenses
0.40
%(d)
0.40
%
0.40
%(d)
Net investment income
7.04
%(d)
6.38
%
4.43
%(d)
Supplemental data
Net assets, end of period (in millions)
$387
$235
$25
Portfolio turnover rate (e)
53
%
59
%
15
%
(a)
For the period June 22, 2022 (commencement of operations) through December 31, 2022.
(b)
Calculated based upon average shares outstanding
(c)
Returns are not annualized and 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)
Annualized
(e)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
42
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Digital India ETF
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Period Ended December 31, 2022 (a)
Net asset value, beginning of period
$36.04
$27.79
$36.25
Net investment income (b)
0.05
0.09
0.14
Net realized and unrealized gain (loss) on investments
4.71
8.25
(8.33
)
Total from investment operations
4.76
8.34
(8.19
)
Distributions from:
Net investment income
—
(0.08
)
(0.27
)
Return of capital
—
(0.01
)
—
Total distributions
—
(0.09
)
(0.27
)
Net asset value, end of period
$40.80
$36.04
$27.79
Total return (c)
13.21
%
30.00
%
(22.56
)%
Ratios to average net assets
Expenses
0.78
%(d)
0.77
%
0.76
%(d)
Expenses excluding interest and taxes
0.70
%(d)
0.71
%
0.75
%(d)
Net investment income
0.24
%(d)
0.27
%
0.53
%(d)
Supplemental data
Net assets, end of period (in millions)
$26
$9
$1
Portfolio turnover rate (e)
17
%
22
%
22
%
(a)
For the period February 16, 2022 (commencement of operations) through December 31, 2022.
(b)
Calculated based upon average shares outstanding
(c)
Returns are not annualized and 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)
Annualized
(e)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
43
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
India Growth Leaders ETF(a)
Period
Year Ended December 31,
Ended June 30, 2024 (unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$43.77
$32.62
$42.93
$32.94
$32.76
$42.36
Net investment income (b)
0.18
0.33
0.59
0.08
0.15
0.50
Net realized and unrealized gain (loss) on investments
6.58
11.24
(10.34
)
9.91
0.11
(c)
(9.68
)
Total from investment operations
6.76
11.57
(9.75
)
9.99
0.26
(9.18
)
Distributions from:
Net investment income
—
(0.42
)
(0.56
)
—
(0.08
)
(0.42
)
Net asset value, end of period
$50.53
$43.77
$32.62
$42.93
$32.94
$32.76
Total return (d)
15.45
%
35.48
%
(22.67
)%
30.30
%
0.80
%
(21.65
)%
Ratios to average net assets
Gross expenses
0.76
%(e)
1.09
%
0.80
%
1.00
%
1.24
%
0.86
%
Net expenses
0.76
%(e)
0.87
%
0.80
%
0.90
%
1.05
%
0.86
%
Net expenses excluding interest and taxes
0.68
%(e)
0.72
%
0.73
%
0.83
%
0.85
%
0.83
%
Net investment income
0.78
%(e)
0.91
%
1.64
%
0.22
%
0.55
%
1.35
%
Supplemental data
Net assets, end of period (in millions)
$148
$95
$51
$78
$68
$122
Portfolio turnover rate (f)
24
%
79
%
102
%
67
%
133
%
51
%
(a)
Consolidated Financial Highlights
(b)
Calculated based upon average shares outstanding
(c)
The amount shown does not correspond with the aggregate net gain (loss) on investments for the period
due to the timing of sales and repurchase of shares in relation to fluctuating market values of the investments of the Fund.
(d)
Returns are not annualized and 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)
Annualized
(f)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
44
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Indonesia Index ETF
Period
Year Ended December 31,
Ended June 30, 2024 (unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$17.04
$17.34
$19.93
$20.49
$22.68
$21.85
Net investment income (a)
0.39
0.63
0.45
0.27
0.36
0.40
Net realized and unrealized gain (loss) on investments
(1.52
)
(0.31
)
(2.41
)
(0.61
)
(2.21
)
0.90
Total from investment operations
(1.13
)
0.32
(1.96
)
(0.34
)
(1.85
)
1.30
Distributions from:
Net investment income
—
(0.62
)
(0.63
)
(0.22
)
(0.34
)
(0.47
)
Net asset value, end of period
$15.91
$17.04
$17.34
$19.93
$20.49
$22.68
Total return (b)
(6.66
)%
1.91
%
(9.88
)%
(1.65
)%
(8.20
)%
5.97
%
Ratios to average net assets
Gross expenses
0.99
%(c)
0.99
%
0.67
%
0.82
%
0.97
%
0.80
%
Net expenses
0.58
%(c)
0.58
%
0.57
%
0.57
%
0.57
%
0.57
%
Net expenses excluding interest and taxes
0.57
%(c)
0.57
%
0.57
%
N/A
N/A
N/A
Net investment income
4.80
%(c)
3.56
%
2.24
%
1.38
%
2.03
%
1.78
%
Supplemental data
Net assets, end of period (in millions)
$27
$29
$33
$54
$36
$41
Portfolio turnover rate (d)
12
%
21
%
25
%
36
%
13
%
10
%
(a)
Calculated based upon average shares outstanding
(b)
Returns are not annualized and 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)
Annualized
(d)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
45
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Israel ETF
Period
Year Ended December 31,
Ended June 30, 2024 (unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$34.97
$35.71
$48.77
$44.82
$35.03
$28.05
Net investment income (a)
0.23
0.45
0.61
0.27
0.08
0.19
Net realized and unrealized gain (loss) on investments
0.65
(0.53
)
(13.19
)
4.30
9.79
7.27
Total from investment operations
0.88
(0.08
)
(12.58
)
4.57
9.87
7.46
Distributions from:
Net investment income
—
(0.66
)
(0.48
)
(0.62
)
(0.08
)
(0.48
)
Net asset value, end of period
$35.85
$34.97
$35.71
$48.77
$44.82
$35.03
Total return (b)
2.52
%
(0.22
)%
(25.79
)%
10.20
%
28.14
%
26.64
%
Ratios to average net assets
Gross expenses
0.72
%(c)
0.78
%
0.64
%
0.71
%
0.80
%
0.94
%
Net expenses
0.59
%(c)
0.59
%
0.59
%
0.59
%
0.60
%
0.62
%
Net expenses excluding interest and taxes
0.59
%(c)
0.59
%
0.59
%
0.59
%
0.59
%
0.59
%
Net investment income
1.30
%(c)
1.28
%
1.48
%
0.57
%
0.24
%
0.60
%
Supplemental data
Net assets, end of period (in millions)
$70
$59
$59
$80
$75
$58
Portfolio turnover rate (d)
5
%
13
%
12
%
32
%
22
%
14
%
(a)
Calculated based upon average shares outstanding
(b)
Returns are not annualized and 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)
Annualized
(d)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
46
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Office and Commercial REIT ETF
Period Ended June 30, 2024 (unaudited)
Period Ended December 31, 2023 (a)
Net asset value, beginning of period
$38.59
$35.14
Net investment income (b)
0.48
0.51
Net realized and unrealized gain (loss) on investments
(2.51
)
3.61
Total from investment operations
(2.03
)
4.12
Distributions from:
Net investment income
(0.48
)
(0.58
)
Net realized capital gains
—
(0.09
)
Total distributions
(0.48
)
(0.67
)
Net asset value, end of period
$36.08
$38.59
Total return (c)
(5.25
)%
11.70
%
Ratios to average net assets
Expenses
0.50
%(d)
0.50
%(d)
Net investment income
2.69
%(d)
5.40
%(d)
Supplemental data
Net assets, end of period (in millions)
$1
$1
Portfolio turnover rate (e)
7
%
1
%
(a)
For the period September 20, 2023 (commencement of operations) through December 31, 2023.
(b)
Calculated based upon average shares outstanding
(c)
Returns are not annualized and 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)
Annualized
(e)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
47
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Vietnam ETF
Period
Year Ended December 31,
Ended June 30, 2024 (unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$12.94
$11.75
$21.36
$17.52
$16.05
$14.84
Net investment income (a)
0.01
0.08
0.18
0.11
0.08
0.14
Net realized and unrealized gain (loss) on investments
(0.76
)
1.78
(9.68
)
3.83
1.46
1.19
Total from investment operations
(0.75
)
1.86
(9.50
)
3.94
1.54
1.33
Distributions from:
Net investment income
—
(0.67
)
(0.11
)
(0.10
)
(0.06
)
(0.12
)
Return of capital
—
—
—
—
(0.01
)
—
Total distributions
—
(0.67
)
(0.11
)
(0.10
)
(0.07
)
(0.12
)
Net asset value, end of period
$12.19
$12.94
$11.75
$21.36
$17.52
$16.05
Total return (b)
(5.78
)%
15.95
%
(44.47
)%
22.52
%
9.72
%
8.86
%
Ratios to average net assets
Expenses
0.66
%(c)(d)
0.70
%(d)
0.66
%(d)
0.59
%(d)
0.61
%
0.66
%
Expenses excluding interest and taxes
0.62
%(c)(d)
0.61
%(d)
0.60
%(d)
0.58
%(d)
0.60
%
0.63
%
Net investment income
0.11
%(c)(d)
0.59
%(d)
1.13
%(d)
0.58
%(d)
0.55
%
0.89
%
Supplemental data
Net assets, end of period (in millions)
$491
$527
$413
$591
$457
$443
Portfolio turnover rate (e)
8
%
55
%
57
%
57
%
33
%
33
%
(a)
Calculated based upon average shares outstanding
(b)
Returns are not annualized and 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)
Annualized
(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 is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
48
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (unaudited)
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
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
ChiNext ETF
Diversified
CLO ETF
Non-Diversified
Digital India ETF
Non-Diversified
India Growth Leaders ETF
Diversified
Indonesia Index ETF
Non-Diversified
Israel ETF
Non-Diversified
Office and Commercial REIT ETF
Non-Diversified
Vietnam ETF
Non-Diversified
Each Fund, except for CLO 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 listed in the table below.
Fund
Index
Africa Index ETF
MVIS® GDP Africa Index
Brazil Small-Cap ETF
MVIS® Brazil Small-Cap Index
ChiNext ETF
ChiNext Index
Digital India ETF
MVIS® Digital India Index
India Growth Leaders ETF
MarketGrader India All-Cap Growth Leaders Index
Indonesia Index ETF
MVIS® Indonesia Index
Israel ETF
Bluestar® Israel Global Index
Office and Commercial REIT ETF
MarketVector™ US Listed Office and Commercial REITs Index
Vietnam ETF
MarketVector™ Vietnam Local Index
The CLO ETF is an actively managed exchange-traded fund that
seeks capital preservation and current income by primarily investing in investment-grade debt tranches of collateralized loan obligations
(“CLOs”).
India Growth Leaders ETF makes its investments through MV SCIF
Mauritius (the “Subsidiary”), a wholly owned subsidiary organized in the Republic of Mauritius. ChiNext ETF seeks to
achieve its investment objective by primarily investing directly in A-shares through the Shanghai and Shenzhen-Hong Kong Stock
Connect Programs (the “Programs”).
Van Eck Associates Corporation (the “Adviser”) serves
as the investment adviser for the Funds. PineBridge Investments LLC (the “Sub-Adviser”) is a Sub-Adviser for the CLO
ETF.
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. The Funds utilize various
49
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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).
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. 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 considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based
on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts.
The Funds may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is
open. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities
dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds
that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond
dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with
sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market
fund investments are valued at net asset value and are considered as Level 1 in the fair value hierarchy.
The Funds’ Board of Trustees (“Trustees”) has
designated the Adviser as valuation designee to perform the Funds’ fair value determinations, subject to board oversight
and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with
the requirements. The Pricing Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures,
which are approved by the 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
50
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.
A summary of the inputs and the levels used to value the Funds’ investments are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.
B.
Basis for Consolidation—The Subsidiary, an Indian exempted company, was incorporated on February25, 2010 and acts as an investment vehicle for the India Growth Leaders ETF (the “Fund”) in order to effect certain investments on behalf of the Fund. The Fund is the sole shareholder of the Subsidiary, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. The consolidated financial statements of the Fund include the financial results of its wholly owned subsidiary.All material interfund account balances and transactions have been eliminated in consolidation.
C.
Federal Income Taxes—It is each Fund’s policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.
D.
Distributions to Shareholders— Dividends to shareholders from net investment income, if any, are declared and paid annually by each Fund (except CLO ETF, which is declared and paid monthly, and Office and Commercial REIT ETF, which is declared and paid quarterly). Distributions of net realized capital gains, if any, are generally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP.
E.
Currency Translation— Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the 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.
Foreign governments and their agencies may enact monetary policies that delay, place limits or restrict repatriation of local currency to U.S. dollars. Market quoted rates for immediate currency settlement may have access or transaction volume restrictions that significantly delay repatriation of local currency denominated assets and liabilities to U.S. dollars. When these events occur, the rates utilized to translate a foreign currency to U.S. dollars may be determined by the Adviser.
F.
Restricted Securities—The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund’s Schedule of Investments.
G.
Offsetting Assets and Liabilities— In the ordinary course of business, the Funds enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash
51
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities lending in the form of money market fund investments, if any, at June 30, 2024 is presented in the Schedules of Investments and in the Statements of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).
H.
Other— Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date. Interest income, including amortization of premiums and discounts, is accrued as earned.
The Funds earn interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statements of Operations.
The character of distributions received from certain investments may be comprised of net investment income, capital gains, and return of capital. It is the Funds’ policy to estimate the character of distributions received from these investments based on historical data if actual amounts are not available. After each calendar year end, these investments report the actual tax character of distributions. Differences between the estimated and actual amounts are reflected in the Funds’ records in the year in which they are reported by adjusting the related cost basis of investments, capital gains and income, as necessary.
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 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, 2025, to waive fees and/or assume expenses to prevent each Fund’s
total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary
expenses) from exceeding the expense limitations for the Funds listed in the table below. Effective January 10, 2019, ChiNext ETF
no longer excludes interest expense from its expense limitation. Refer to the Statements of Operations for the amounts assumed
by the Adviser for the period ended June 30, 2024.
The management fee rates and expense limitations for the period
ended June 30, 2024, are as follows:
Fund
Management Fees
Expense Limitations
Africa Index ETF
0.50
%
0.78
%
Brazil Small-Cap ETF
0.50
0.59
ChiNext ETF
0.50
0.65
India Growth Leaders ETF
0.50
0.70
Indonesia Index ETF
0.50
0.57
Israel ETF
0.50
0.59
Vietnam ETF
0.50
0.76
Digital India ETF, CLO ETF and Office and Commercial REIT ETF
utilize a unitary management fee structure where the Adviser will pay all Fund expenses, except for the fee payment under the investment
management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary
expenses, until at least May 1, 2025. The unitary management fee rates for the period ended June 30, 2024, are as follows:
Fund
Unitary
Management Fee Rate
CLO ETF
0.40
%
Digital India ETF
0.70
%
Office and Commercial REIT ETF
0.50
%
52
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 ChiNext ETF $17,518 for transactional loss. The per share and total return impact to the Fund is reflected in the Financial
Highlights.
During the year ended December 31, 2021, the Adviser reimbursed
the ChiNext ETF $19,569 for an investment loss. The per share and total return impact to the Fund is reflected in the Financial
Highlights.
In addition, Van Eck Securities Corporation (the “Distributor”),
an affiliate of the Adviser, acts as the Funds’ distributor. Certain officers and a Trustee of the Trust are officers, directors
or stockholders of the Adviser and Distributor.
Note 4—Capital Share Transactions—As of June
30, 2024, 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 a designated portfolio of securities (“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 period ended June
30, 2024, 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
$
8,074,362
$
8,420,860
$
1,728,287
$
1,944,295
Brazil Small-Cap ETF
3,120,087
5,843,724
—
666,482
ChiNext ETF
735,309
1,694,584
—
—
CLO ETF
266,525,592
156,229,292
31,829,828
—
Digital India ETF
13,753,057
3,016,714
3,427,539
—
India Growth Leaders ETF
64,386,007
30,659,671
1,570,458
—
Indonesia Index ETF
4,126,720
3,436,412
—
—
Israel ETF
3,677,510
3,222,799
8,901,798
—
Office and Commercial REIT ETF
71,699
302,110
364,843
132,462
Vietnam ETF
42,939,492
50,728,218
—
—
Note 6—Income Taxes—As of June 30, 2024, 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:
53
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Fund
Tax Cost of
Investments
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
Africa Index ETF
$42,289,842
$9,333,253
$(5,553,886)
$3,779,367
Brazil Small-Cap ETF
22,818,220
3,528,444
(6,192,917)
(2,664,473)
ChiNext ETF
15,911,023
671,113
(2,644,177)
(1,973,064)
CLO ETF
372,813,533
3,117,904
(20,670)
3,097,234
Digital India ETF
22,500,662
3,456,809
(371,486)
3,085,323
India Growth Leaders ETF
113,150,982
38,797,888
(2,594,806)
36,203,082
Indonesia Index ETF
36,002,954
2,675,167
(11,560,449)
(8,885,282)
Israel ETF
62,394,152
18,698,601
(9,864,802)
8,833,799
Office and Commercial REIT ETF
1,032,447
64,473
(24,481)
39,992
Vietnam ETF
489,903,052
103,578,292
(104,462,132)
(883,840)
The tax character of dividends paid to shareholders will be determined
at the end of the current fiscal year.
At December 31, 2023, 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
$
(13,284,459
)
$
(60,936,129
)
$
(74,220,588
)
Brazil Small-Cap ETF
(22,115,48
)
(143,222,794
)
(165,338,277
)
ChiNext ETF
(4,017,632
)
(2,283,850
)
(6,301,482
)
Digital India ETF
(62,744
)
(31,714
)
(94,458
)
India Growth Leaders ETF
(15,496,956
)
(64,945,684
)
(80,442,640
)
Indonesia Index ETF
(40,243,860
)
(83,249,543
)
(123,493,403
)
Israel ETF
(2,640,766
)
(8,446,004
)
(11,086,770
)
Vietnam ETF
(114,672,076
)
(251,431,778
)
(366,103,854
)
The Funds recognize the tax benefits of uncertain tax positions
only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities.
Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should
be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for
additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required
in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain
investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to
uncertain tax positions as income tax expense in the Statements of Operations. During the period ended June 30, 2023, 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 ChiNext
ETF (the "Fund"). China generally imposes withholding income tax (“WHT”) at a rate of 10% on dividends derived
non-People’s Republic of China (“PRC”) resident enterprises (including a Qualified Foreign Institutional Investor
(“QFII”) and a Renminbi Qualified Foreign Institutional Investor (“RQFII”)) from issuers resident in China.
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 Minister of Finance 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.
54
Investments in India: As a result of renegotiation of
the India Mauritius Tax treaty, India commenced taxation on capital gains arising from disposition of shares acquired on or after
April 1, 2017 in a company resident in India, with shares acquired on or before March 31, 2017 being grandfathered as exempt from
capital gains taxation subject to treaty relief. India currently assesses a capital gains tax on shares sold on the exchange of
15% on short term capital gains and 10% on long term capital gains (plus applicable surcharge and cess). Further, long-term capital
gains on certain shares that were held as of January 31, 2018, may be eligible for a step up in cost basis which may reduce realized
taxable gains. Existing Indian capital loss carryforwards may be utilized to offset capital gains realized on securities sold.
Note 7—Principal Risks—Non-diversified funds
generally hold securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated
with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Funds may
purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically
associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information
about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political
conflicts, or natural or other disasters, such as the coronavirus outbreak. Additionally, certain Funds may invest in securities
of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult
to trade. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent
investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect
property risks as well as the laws of the United States. These and other factors can make emerging market securities more volatile
and potentially less liquid than securities issued in more developed markets. Certain securities of Chinese issuers are, or may
in the future become restricted, and the Funds may be forced to sell such restricted securities and incur a loss. There may be
limitations or delays in the convertibility or repatriation of certain African currencies, which would adversely affect the U.S.
dollar value and/or liquidity of a Fund’s investments denominated in such African currencies. This may impair a Fund’s
ability to achieve its investment objective and/or may impede a Fund’s ability to satisfy redemption requests in timely manner.
Should the Chinese government impose restrictions on the ability
of 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.
The CLO ETF’s assets are concentrated in CLO securities,
organized as trusts or other special purpose vehicles that are typically collateralized by a pool of loans which may include, among
others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that
may be rated below investment grade or equivalent unrated loans, and including "covenant lite" loans, which have few
or no financial maintenance covenants. CLOs include both the economic risks of the underlying loans combined with the risks associated
with the CLO structure governing the priority of payments. The degree of such risk will generally correspond to the specific tranche
in which the Fund is invested. The Fund invests primarily in investment grade-rated tranches of CLOs; however, the rating does
not constitute a guarantee of credit quality and may be downgraded, and in stressed market environments it is possible that even
senior CLO debt tranches could experience losses due to actual defaults, increased sensitivity to defaults due to collateral default
and the disappearance of the subordinated/ equity tranches, market anticipation of defaults, as well as negative market sentiment
with respect to CLO securities as an asset class. The Fund’s portfolio managers may not be able to accurately predict how
specific CLOs or the portfolio of underlying loans for such CLO securities will react to changes or stresses in the market, including
changes in interest rates. The most common risks associated with investing in CLO securities are liquidity risk, interest rate
risk, credit risk, call risk, and the risk of default of the underlying asset.
Securities with floating or variable interest rates can be less
sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates
do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase
in value if interest
55
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
rates decline. A decline in interest rates may result in a reduction
of income received from floating rate securities held by the Fund and may adversely affect the value of the Fund’s shares.
Generally, floating rate securities carry lower yields than fixed notes of the same maturity.
Office and Commercial REIT ETF invests in Office and Commercial
Real Estate Companies and is exposed to the risks of owning real estate directly, as well as to risks that relate specifically
to the way in which Real Estate Investment Trusts ("REITs") are organized and operated. REITs generally invest directly
in real estate, in mortgages or in some combination of the two. Individual REITs may own a limited number of properties and may
concentrate in a particular region or property type. REITs may also be subject to heavy cash flow dependency, default by borrowers
or tenants and self-liquidation. REITs also must satisfy specific requirements of the Internal Revenue Code in order to qualify
for tax-free pass-through income. The failure of a company to qualify as a REIT could have adverse consequences for the Fund, including
significantly reducing the return to the Fund on its investment in such company. In addition, REITs, like mutual funds, have expenses,
including management and administration fees, that are paid by their shareholders. As a result, shareholders will absorb their
proportionate share of duplicate levels of fees when the Fund invests in REITs.
Equity REITs that invest in commercial real estate may be adversely
affected by conditions in the real estate market, failure of tenants to renew leases and decline in rental values.
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 a Trustee can elect to defer receipt of
their 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 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. CLO ETF, Digital India ETF and Office and Commercial REIT ETF commenced operations
with a unitary management fee and therefore bear no costs or liabilities relative to the Plan.
Note 9—Securities Lending—To generate additional
income, each of the Funds (except for CLO ETF) may lend its securities pursuant to a securities lending agreement with the securities
lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash,
cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102%
(105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned
securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled
on the next business day. During the term of the loan, the Funds will continue to receive any dividends, interest or amounts equivalent
thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash
collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement.
Securities lending income is disclosed as such in the Statements of Operations. Cash collateral is maintained on the Funds’
behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio.
Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Funds’
Schedules of Investments or Statements of Assets and Liabilities as it is held by the agent on behalf of the Funds. The Funds do
not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the
Funds. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Funds
bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail
financially. The value of loaned securities and related cash collateral, if any, at June 30, 2024 is presented on a gross basis
in the Schedules of Investments and Statements of Assets and
56
Liabilities. The following is a summary of the Funds’ securities
on loan and related collateral as of June 30, 2024:
Fund
Market Value of Securities on Loan
Cash Collateral
Non-Cash Collateral
Total Collateral
Africa Index ETF
$ 5,635,766
$ 586,735
$ 5,323,796
$ 5,910,531
Brazil Small-Cap ETF
1,899,294
183,105
1,816,895
2,000,000
Indonesia Index ETF
342,055
28,168
331,330
359,498
Israel ETF
8,830,294
1,400,122
7,593,144
8,993,266
The following table presents money market fund investments held
as collateral by type of security on loan as of June 30, 2024:
Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund
Equity Securities
Africa Index ETF
$
586,735
Brazil Small-Cap ETF
183,105
Indonesia Index ETF
28,168
Israel ETF
1,400,122
*
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 period ended June 30, 2024, the following Funds borrowed under this Facility:
Fund
Days Outstanding
Average Daily Loan Balance
Average Interest Rate
Africa Index ETF
90
$1,786,224
6.68
%
Brazil Small-Cap ETF
21
103,965
6.68
CLO ETF
1
4,974,484
6.68
Digital India ETF
27
1,293,575
6.68
India Growth Leaders ETF
41
6,439,627
6.68
Indonesia Index ETF
15
233,147
6.68
Israel ETF
8
119,580
6.68
Vietnam ETF
126
3,689,243
6.68
Outstanding loan balances as of June 30, 2024, if any, are reflected
in the Statements of Assets and Liabilities.
Note 11—Subsequent Event— On August 16, 2024,
the Government of India signed into law changes to the capital gains tax structure for investments in Indian markets. As a result,
the long-term capital gains tax rate was raised from 10% to 12.5%, and the short-term rate was raised from 15% to 20%.
57
Changes In and Disagreements with Accountants
For the period covered by this report
There were no changes in or disagreements with accountants.
Proxy Disclosures
For the period covered by this report
Not applicable.
Remuneration Paid to Directors, Officers, and Others
For the period covered by this report
Refer to the financial statements included herein.
58
VANECK ETF TRUST
APPROVAL OF INVESTMENT ADVISORY CONTRACTS
(unaudited)
At a meeting held on June 7, 2024 (the “Renewal Meeting”),
the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust,” and the series thereof
listed below, the “Funds”), including all of the Trustees that are not interested persons of the Trust (the “Independent
Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates
Corporation (“VEAC”) (the “VEAC Investment Management Agreements”) with respect to the VanEck Africa Index
ETF, Agribusiness ETF, Brazil Small-Cap ETF, ChiNext ETF, CLO ETF, Digital India ETF, Gold Miners ETF, Green Metals ETF, India
Growth Leaders ETF, Indonesia Index ETF, Israel ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Natural Resources ETF, Office
and Commercial REIT ETF, Oil Refiners ETF, Oil Services ETF, Rare Earth and Strategic Metals ETF (formerly, VanEck Rare Earth/Strategic
Metals ETF), Russia ETF, Russia Small-Cap ETF, Steel ETF, Uranium and Nuclear ETF (formerly, VanEck Uranium+Nuclear Energy ETF)
and Vietnam ETF, (ii) the investment management agreements between the Trust and Van Eck Absolute Return Advisers Corporation (“VEARA,”
and together with VEAC, the “Advisers”) (the “VEARA Investment Management Agreements”) with respect to
the VanEck CMCI Commodity Strategy ETF and Ethereum Strategy ETF and (iii) a sub-advisory agreement between VEAC and PineBridge
Investments LLC (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to the VanEck CLO ETF.
The VEAC Investment Management Agreements, the VEARA Investment Management Agreements and the Sub-Advisory Agreement are collectively
referred to as the “Agreements.”
The Board’s approval of the Agreements was based on a comprehensive
consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors
that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below,
although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting
on May 3, 2024. At that meeting, the Trustees discussed the information the Advisers, the Sub-Adviser (with respect to the VanEck
CLO ETF) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third-party data provider, had provided
to them in advance. The information provided to the Trustees included, among other things, information about the performance and
expenses of the Funds and the Funds’ peer funds (certain other registered funds), information about the advisory and sub-advisory
(with respect to the VanEck CLO ETF) services provided to the Funds and the personnel providing those services, and the profitability
(or the absence of profitability) and other benefits enjoyed by the Advisers and the Sub-Adviser and their respective affiliates
as a result of the Advisers’ relationships with the Funds and the Sub-Adviser’s relationship with the VanEck CLO ETF.
In reviewing performance information for the Funds against their peer groups, the Trustees considered that (i) each Fund, except
the VanEck CLO ETF and Ethereum Strategy ETF, has a different investment objective than the funds in its designated peer group
and, therefore, each such Fund’s performance will differ from its peers and (ii) each of the VanEck Russia ETF and Russia
Small-Cap ETF (together, the “Russia Funds”) is in the process of being liquidated and no longer seeks to track an
index. The Trustees also considered the fact that each of the VanEck CMCI Commodity Strategy ETF and Office and Commercial REIT
ETF had only recently commenced operations and therefore each had a limited operational history that could be used for
comparative purposes, since tracking error measurements provided by Broadridge were not available for each Fund. In addition,
as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which
did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance
information did not necessarily provide meaningful direct comparisons to the Funds. The Trustees also considered VEAC’s efforts
to navigate regulatory and operational challenges in managing the Russia Funds during the Russia Funds’ process of liquidating
their assets and winding up their business.
The Independent Trustees’ consideration of the Agreements
was based, in part, on their review of information obtained through discussions with the Advisers and Sub-Adviser at the Renewal
Meeting and the May 3, 2024 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees
and/or based on their review of the materials provided by the Advisers and the Sub-Adviser (with respect to the VanEck CLO ETF),
including the background and experience of the portfolio managers and others involved in the management and administration of the
Funds. The Trustees considered the
59
VANECK ETF TRUST
APPROVAL OF INVESTMENT ADVISORY CONTRACTS
(unaudited) (continued)
terms of, and scope of services that the Advisers and the Sub-Adviser
(with respect to the VanEck CLO ETF) provide under, the Agreements, including, where applicable, (i) with respect to the VanEck
CLO ETF, Digital India ETF, Ethereum Strategy ETF, Green Metals ETF, Natural Resources ETF, Office and Commercial REIT ETF and
Oil Services ETF (the “Unitary Funds”), the Advisers’ agreement to pay all of the direct expenses of the Unitary
Funds (excluding the fee payment under the applicable VEAC Investment Management Agreements and VEARA Investment Management Agreement,
acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses), (ii) with
respect to all other Funds (the “Non-Unitary Funds”), the Advisers’ commitment to waive certain fees and/or pay
expenses of each of the Non-Unitary Funds (inclusive of any subsidiary expenses with respect to the VanEck CMCI Commodity Strategy
ETF, but excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses for all
Non-Unitary Funds) to the extent necessary to prevent the operating expenses of each of the Non-Unitary Funds from exceeding agreed
upon limits for a period of time and (iii) VEAC’s undertaking to waive all of the Russia Funds’ management fees while
the Russia Funds are in the process of liquidation. With respect to the Sub-Advisory Agreement, the Trustees noted the Sub-Adviser’s
experience and investment management process with respect to investments in collateralized loan obligation (“CLO”)
securities and the Sub-Adviser’s experience serving as the investment adviser to other registered investment companies and
accounts. The Trustees also considered the sub-advisory fees to be paid to the Sub-Adviser by VEAC and the advisory fees to be
retained by VEAC under the Sub-Advisory Agreement.
The Trustees concluded that the Advisers, the Sub-Adviser (with
respect to the VanEck CLO ETF) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios.
In evaluating the performance of each Fund, the Trustees reviewed various performance metrics, including various data from Broadridge
comparing each Fund’s performance to that of certain other registered funds, but relied principally on a comparison of the
“gross” performance of each Fund except for VanEck CLO ETF and Ethereum Strategy ETF (i.e., measured without regard
to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value
adjustments to the underlying securities. The Trustees considered information from the Advisers regarding the performance of the
VanEck CLO ETF and Ethereum Strategy ETF, each an actively managed ETF, against their respective benchmark indices and peer funds.
The Trustees noted that the VanEck CLO ETF had underperformed its benchmark for the one-year period ended December 31, 2023 and
the period since its inception on June 21, 2022 through December 31, 2023 due to differences in the Fund’s security selection,
ratings allocation and duration relative to its benchmark according to the Adviser. The Trustees also noted that the VanEck Ethereum
Strategy ETF had underperformed its benchmark and peer funds for the period since its inception on October 2, 2023 through December
31, 2023, a relatively short period, due to the cost to roll the Fund’s futures and the accrued tax liabilities associated
with Fund’s structure as a C corporation according to the Adviser.
The Trustees also considered information relating to the financial
condition of the Advisers and the Sub-Adviser (with respect to the VanEck CLO ETF) and the current status, as they understood
it, of the Advisers’ and Sub-Adviser’s (with respect to the VanEck CLO ETF) compliance environment.
As noted above, the Trustees were also provided with various
data from Broadridge comparing the Funds’ expenses to that of certain other registered funds. The Trustees noted that the
information provided showed that each Fund (except as noted below) had management fees (after the effect of any applicable fee
waiver, including, with respect to the Russia Funds, VEAC’s waiver of all management fees payable by each of the Russia Funds
since March 22, 2022) below the average and median of its respective peer group of funds, each of the VanEck Gold Miners ETF, Junior
Gold Miners ETF, Low Carbon Energy ETF, and Office and Commercial REIT ETF had management fees below the average and equal to the
median of its respective peer group of funds, each of the VanEck Digital India ETF and Vietnam ETF had management fees (after the
effect of any applicable fee waiver) above the average and below the median of its respective peer group of funds, each of the
VanEck CLO ETF and Green Metals ETF had management fees above the average and median of its respective peer group of funds, each
of the VanEck Ethereum Strategy ETF and Oil Services ETF had management fees above the average and equal to the median of its peer
group of funds, each of the VanEck Natural Resources ETF and Rare Earth and Strategic Metals ETF had management fees below
60
the average and above the median of its respective peer group
of funds, and the VanEck Agribusiness ETF had management fees equal to the average and median of its peer group of funds. The Trustees
also noted that the information provided showed that each Fund (except as noted below) had a total expense ratio (after the effect
of any applicable expense limitation) below the average and median of its respective peer group of funds, each of the VanEck Africa
Index ETF, CLO ETF, CMCI Commodity Strategy ETF, Green Metals ETF, Low Carbon Energy ETF, Russia Small-Cap ETF, Uranium and Nuclear
Energy ETF and Vietnam ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average
and median of its respective peer group of funds, each of the VanEck Indonesia Index ETF and Oil Refiners ETF had a total expense
ratio (after the effect of any applicable expense limitation) above the average and below the median of its peer group of funds,
and the VanEck Junior Gold Miners ETF had a total expense ratio (after the effect of the expense limitation) below the average
and above the median of its peer group of funds. The Trustees reviewed the amounts by which certain Funds’ management fees
and/or total expense ratios (after the effect of any applicable fee waivers and/or expense limitations) exceeded the average and/or
median of their respective peer groups and information provided by the Advisers providing context for these comparisons. The Trustees
noted that the Russia Funds are bearing legal expenses in connection with their liquidations, which are considered extraordinary
expenses for purposes of the Russia Funds’ expense limitations. The Trustees concluded, in light of this information and
the other information available to them, that the management fees paid by the Funds were reasonable in light of the performance
of the Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees
under the VEAC Investment Management Agreements and VEARA Investment Management Agreements, received by the Advisers from serving
as advisers to the Funds and the fact that the Sub-Adviser had not identified any such economic benefits.
The Trustees also considered information provided by the Advisers
and Sub-Adviser (with respect to the VanEck CLO ETF) about their overall profitability and profitability or loss in respect of
each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the
VEAC Investment Management Agreements and VEARA Investment Management Agreements do not include breakpoints in the advisory fee
rates as asset levels in a Fund increase. The Trustees considered the potential variability in the net assets of the Funds and
the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated
the extent to which management fees for the Funds may effectively incorporate the benefits of economies of scale. The Trustees
also considered the risks being assumed by the Advisers under the unitary fee structure arrangement and the potential expense stability
that may inure to the benefit of shareholders of the Unitary Funds and noted that the Advisers have capped expenses on each of
the Non-Unitary Funds since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and
the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory
fee rate for the VanEck CLO ETF are reasonable and appropriate in relation to the current asset size of each Fund and the other
factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders
of any economies of scale which may exist. The Trustees also determined that the profits earned by the Advisers and the Sub-Adviser
with respect to the Funds that were profitable to the Advisers were reasonable in light of the nature and quality of the services
received by such Funds.
The Independent Trustees were advised by and met in executive
session with their independent counsel at the Renewal Meeting and at their May 3, 2024 meeting as part of their consideration of
the Agreements.
In voting to approve the continuation of the Agreements, the
Trustees, including the Independent Trustees, concluded that the terms of each of the 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, at the time of their considerations, each of the Agreements
is in the best interest of the applicable Fund and the Fund’s shareholders.
61
SEMI-ANNUAL FINANCIAL STATEMENTS
AND OTHER INFORMATION
June 30, 2024
(unaudited)
Consumer Discretionary Distribution & Retail: 0.0%
Ozon Holdings Plc (ADR) * †∞
306,367
0
Energy: 0.0%
Gazprom PJSC *∞
45,772,138
0
LUKOIL PJSC ∞
2,063,982
0
Novatek PJSC ∞
7,452,940
0
Rosneft Oil Co. PJSC ∞
16,922,345
0
Surgutneftegas PJSC ∞
125,211,510
0
Surgutneftegas PJSC (ADR) *∞
1,364,815
0
Tatneft PJSC (ADR) *∞
3,393,156
0
0
Financial Services: 0.0%
Moscow Exchange MICEX-RTS PJSC ∞
17,946,312
0
Materials: 0.0%
Alrosa PJSC ∞
33,188,190
0
Evraz Plc *∞
266,000
0
GMK Norilskiy Nickel PAO ∞
52,917,800
0
GMK Norilskiy Nickel PAO (ADR) *∞
4
0
Novolipetsk Steel PJSC ∞
22,272,460
0
PhosAgro PJSC ∞
705,974
0
PhosAgro PJSC (GDR) ∞
13,644
0
Polyus PJSC (GDR) *∞
1,155,875
0
Raspadskaya OJSC *∞
730,890
0
Severstal PAO (GDR) *∞
3,405,164
0
0
Media & Entertainment: 0.0%
VK IPJSC (GDR) *∞
2,338,938
0
Telecommunication Services: 0.0%
Rostelecom PJSC ∞
13,944,591
0
Number of Shares
Value
Utilities: 0.0%
Inter RAO UES PJSC ∞
482,502,010
$
0
Irkutsk Electronetwork Co. JSC *∞
7,410,870
0
0
Total Common Stocks (Cost:
$1,405,990,557)
0
PREFERRED SECURITIES: 0.0% (Cost: $46,034,628)
Energy: 0.0%
Transneft PJSC ∞
2,097,200
0
MONEY MARKET FUND: 69.2% (Cost: $35,945,910)
State Street Institutional Treasury Plus - Institutional Class
35,945,910
35,945,911
Total Investments Before Collateral for Securities Loaned: 69.2% (Cost: $1,487,971,095)
35,945,911
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 4.1%
Money Market Fund: 4.1% (Cost: $2,122,141)
State Street Navigator Securities Lending Government Money Market Portfolio
2,122,141
2,122,141
Total Investments: 73.3% (Cost: $1,490,093,236)
38,068,052
Other assets less liabilities: 26.7%
13,867,864
NET ASSETS: 100.0%
$
51,935,916
Definitions:
ADR
American Depositary Receipt
GDR
Global Depositary Receipt
Footnotes:
∞
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
*
Non-income producing
†
Security fully or partially on loan. Total market value of securities on loan is 0.
See Notes to Financial Statements
3
VANECK RUSSIA ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of June
30, 2024 is as follows:
Level 2
Level 3
Level 1
Significant
Significant
Quoted
Observable
Unobservable
Prices
Inputs
Inputs
Value
Common Stocks *
$
—
$
—
$
0
$
0
Preferred Securities *
—
—
0
0
Money Market Funds
38,068,052
—
—
38,068,052
Total Investments
$
38,068,052
$
—
$
0
$
38,068,052
* See Schedule of Investments for industry sector breakouts.
The Adviser has elected to apply a 100% discount for lack of marketability
to all Level 3 investments due to the political conditions surrounding Russia. The following tables reconcile the valuation of
the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2024. Transfers in/out
of levels are assessed at the beginning of the year (See Note 2):
Common Stock
Balance as of December 31, 2023
$
0
Realized gain (loss)
(82,050,675
)
Net change in unrealized appreciation (depreciation)
165,224,659
Purchases
—
Sales
(83,173,984
)
Transfers in/out of level 3
—
Balance as of June 30, 2024
$
0
Preferred Securities
Balance as of December 31, 2023
$
0
Realized gain (loss)
—
Net change in unrealized appreciation (depreciation)
—
Purchases
—
Sales
—
Transfers in/out of level 3
—
Balance as of June 30, 2024
$
0
See Notes to Financial Statements
4
VANECK RUSSIA SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
June 30, 2024 (unaudited)
Number of Shares
Value
COMMON STOCKS: 0.0%
Banks: 0.0%
Credit Bank of Moscow PJSC *∞
21,005,200
$
0
Commercial & Professional Services: 0.0%
HeadHunter Group Plc (ADR) *∞
31,919
0
Consumer Discretionary Distribution & Retail: 0.0%
Detsky Mir PJSC 144A *∞
1,155,798
0
M.Video PJSC *∞
110,194
0
0
Consumer Staples Distribution & Retail: 0.0%
Lenta International Co. PJSC (GDR) *∞
263,199
0
Energy: 0.0%
Sovcomflot PJSC ∞
989,960
0
Financial Services: 0.0%
SFI PJSC ∞
2,663
0
Food, Beverage & Tobacco: 0.0%
NovaBev Group PJSC ∞
11,235
0
Ros Agro Plc (GDR) *∞
77,690
0
0
Materials: 0.0%
Mechel PJSC *∞
438,883
0
Raspadskaya OJSC *∞
703,205
0
Segezha Group PJSC 144A *∞
8,945,900
0
0
Real Estate Management & Development: 0.0%
Etalon Group Plc (GDR) *∞
394,873
0
Gruppa Kompanii Samolyot PAO *∞
16,988
0
LSR Group PJSC ∞
103,574
0
0
Number
of Shares
Value
Telecommunication Services: 0.0%
Sistema AFK PAO ∞
6,612,640
$
0
Transportation: 0.0%
Aeroflot PJSC *∞
1,885,382
0
Globaltrans Investment Plc (GDR) *∞
182,773
0
Novorossiysk Commercial Sea Port PJSC ∞
8,972,400
0
0
Utilities: 0.0%
Mosenergo PJSC ∞
19,492,800
0
OGK-2 PJSC ∞
51,450,600
0
TGC-1 PJSC *∞
1,701,100,000
0
Unipro PJSC *∞
24,734,000
0
0
Total Common Stocks (Cost: $24,435,670)
0
PREFERRED SECURITIES: 0.0% (Cost: $341,612)
Utilities: 0.0%
Rosseti Lenenergo PJSC ∞
171,506
0
MONEY MARKET FUND: 118.3% (Cost: $413,054)
State Street Institutional Treasury Plus - Institutional Class
413,054
413,054
Total Investments: 118.3% (Cost: $25,190,336)
413,054
Liabilities in excess of other assets: (18.3)%
(63,924)
NET ASSETS: 100.0%
$
349,130
Definitions:
ADR
American Depositary Receipt
GDR
Global Depositary Receipt
Footnotes:
∞
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
*
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. These securities have an aggregate value of $0, or 0.0% of net assets.
See Notes to Financial Statements
5
VANECK RUSSIA SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
The summary of inputs used to value the Fund’s investments as of June
30, 2024 is as follows:
Level 2
Level 3
Level 1
Significant
Significant
Quoted
Observable
Unobservable
Prices
Inputs
Inputs
Value
Common Stocks *
$
—
$
—
$
0
$
0
Preferred Securities *
—
—
0
0
Money Market Fund
413,054
—
—
413,054
Total Investments
$
413,054
$
—
$
0
$
413,054
* See Schedule of Investments for industry sector breakouts.
The Adviser has elected to apply a 100% discount for lack of marketability
to all Level 3 investments due to the political conditions surrounding Russia. The following tables reconcile the valuation of
the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2024. Transfers in/out
of levels are assessed at the beginning of the year (See Note 2):
Common Stock
Balance as of December 31, 2023
$
0
Realized gain (loss)
—
Net change in unrealized appreciation (depreciation)
—
Purchases
—
Sales
—
Transfers in/out of level 3
—
Balance as of June 30, 2024
$
0
Preferred Securities
Balance as of December 31, 2023
$
0
Realized gain (loss)
—
Net change in unrealized appreciation (depreciation)
—
Purchases
—
Sales
—
Transfers in/out of level 3
—
Balance as of June 30, 2024
$
0
See Notes to Financial Statements
6
VANECK ETF TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2024 (unaudited)
Russia ETF
Russia Small-Cap ETF
Assets:
Investments, at value (1)
Unaffiliated issuers (2)
$
35,945,911
$
413,054
Short-term investments held as collateral for securities loaned (3)
2,122,141
—
Cash denominated in foreign currency, at value (4)
19,749
591
Receivables:
Investment securities sold
16,100,423
—
Due from Adviser
—
6,906
Dividends and interest
160,804
1,859
Total assets
54,349,028
422,410
Liabilities:
Payables:
Collateral for securities loaned
2,122,141
—
Deferred Trustee fees
224,114
4,257
Accrued expenses
66,857
69,023
Total liabilities
2,413,112
73,280
NET ASSETS
$
51,935,916
$
349,130
Shares outstanding
95,900,000
883,318
Net asset value, redemption and offering price per share
$
0.54
$
0.40
Net Assets consist of:
Aggregate paid in capital
$
3,547,337,970
$
43,511,742
Total distributable loss
(3,495,402,054
)
(43,162,612
)
NET ASSETS
$
51,935,916
$
349,130
(1) Value of securities on loan
$
—
$
—
(2) Cost of investments - Unaffiliated issuers
$
1,487,971,095
$
25,190,336
(3) Cost of short-term investments held as collateral for securities loaned
$
2,122,141
$
—
(4) Cost of cash denominated in foreign currency
$
19,600
$
612
See Notes to Financial Statements
7
VANECK ETF TRUST
STATEMENTS OF OPERATIONS
For the Period Ended June 30, 2024 (unaudited)
Russia ETF
Russia Small-Cap ETF
Income:
Interest
$
1,620,310
$
10,237
Securities lending income
13,398
—
Total income
1,633,708
10,237
Expenses:
Professional fees
27,653
25,140
Custody and accounting fees
12,067
12,067
Reports to shareholders
35,193
4,525
Trustees’ fees and expenses
9,029
169
Insurance
1,785
657
Interest
6,248
—
Other
501
500
Total expenses
92,476
43,058
Expenses assumed by the Adviser
—
(41,911
)
Net expenses
92,476
1,147
Net investment income
1,541,232
9,090
Net realized gain (loss) on:
Investments
(82,048,421
)
—
Net realized loss
(82,048,421
)
—
Net change in unrealized appreciation (depreciation) on:
Investments
165,224,659
—
Foreign currency translations and foreign denominated assets and liabilities
24,229
(5
)
Net change in unrealized appreciation (depreciation)
165,248,888
(5
)
Net increase in net assets resulting from operations
$
84,741,699
$
9,085
See Notes to Financial Statements
8
VANECK ETF TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Russia ETF
Russia Small-Cap ETF
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Period Ended June 30, 2024 (unaudited)
Year Ended December 31, 2023
Operations:
Net investment income
$
1,541,232
$
1,957,678
$
9,090
$
18,411
Net realized loss
(82,048,421
)
(196,757,811
)
—
—
Net change in unrealized appreciation (depreciation)
165,248,888
259,547,847
(5
)
34
Net increase in net assets resulting from operations
84,741,699
64,747,714
9,085
18,445
Distributions to shareholders from:
Distributable earnings
(1,544,896
)
(2,002,429
)
—
(19,314
)
Return of capital
(63,647,924
)
(65,731,741
)
—
(50,910
)
Total distributions
(65,192,820
)
(67,734,170
)
—
(70,224
)
Share transactions*:
Proceeds from sale of shares
—
—
—
—
Cost of shares redeemed
—
—
—
—
Net increase in net assets resulting from share transactions
—
—
—
—
Total increase (decrease) in net assets
19,548,879
(2,986,456
)
9,085
(51,779
)
Net Assets, beginning of period
32,387,037
35,373,493
340,045
391,824
Net Assets, end of period
$
51,935,916
$
32,387,037
$
349,130
$
340,045
*Shares of Common Stock Issued (no par value)
Shares sold
—
—
—
—
Shares redeemed
—
—
—
—
Net increase
—
—
—
—
See Notes to Financial Statements
9
VANECK ETF TRUST
STATEMENTS OF CASH FLOWS
For the Period Ended June 30, 2024 (unaudited)
Russia ETF
Russia Small-Cap ETF
Cash Flows from Operating Activities
Net increase in net assets resulting from operations
$
84,741,699
$
9,085
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities:
84,741,700
9,085
Investment securities sold
83,173,984
—
Net purchases of short term investments
(35,945,911
)
(413,054
)
Net realized loss on investments in securities
82,050,675
—
Net change in unrealized (appreciation) depreciation on investments
(165,224,659
)
—
(Increase) decrease in assets:
Dividends and interest receivable
(58,555
)
(607
)
Due from Adviser
—
229
Prepaid expenses
1,370
648
Investment securities sold
(16,100,423
)
—
Increase (decrease) in liabilities:
Accrued expenses
5,841
9,111
Deferred trustee fees
3,665
78
Net cash provided by (used for) operating activities
32,647,686
(394,510
)
Cash Flows from Financing Activities
Cash dividends paid to shareholders
(65,192,820
)
—
Net cash used for financing activities
(65,192,820
)
—
Net change in cash
(32,545,134
)
(394,510
)
Cash at beginning of period
32,564,883
395,101
Cash at end of period
$
19,749
$
591
Supplemental disclosure of cash flow information
Interest expense paid during the period
$
6,248
$
—
See Notes to Financial Statements
10
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Russia ETF
Period
Year Ended December 31,
Ended June 30, 2024 (unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$0.34
$0.37
$26.75
$23.82
$24.96
$18.79
Net investment income (a)
0.02
0.02
0.05
1.39
0.97
1.20
Net realized and unrealized gain
(loss) on investments
0.86
0.66
(26.43
)
3.06
(1.31
)
6.39
Total from investment operations
0.88
0.68
(26.38
)
4.45
(0.34
)
7.59
Distributions from:
Net investment income
(0.02
)
(0.02
)
—
(1.52
)
(0.79
)
(1.42
)
Return of capital
(0.66
)
(0.69
)
—
—
(0.01
)
—
Total distributions
(0.68
)
(0.71
)
—
(1.52
)
(0.80
)
(1.42
)
Net asset value, end of period
$0.54
$0.34
$0.37
$26.75
$23.82
$24.96
Total return (b)
372.57
%
296.65
%
(98.62
)%
18.74
%
(1.38
)%
40.40
%
Ratios to average net assets
Expenses (c)
0.29
%(d)
0.47
%
0.60
%(e)
0.56
%
0.61
%
0.67
%
Expenses excluding interest, a portion of depositary
receipt fees and taxes (c) (f)
0.27
%(d)
0.41
%
0.59
%(e)
0.56
%
0.60
%
0.65
%
Net investment income
4.83
%(d)
4.55
%
1.67
%
4.99
%
4.45
%
5.40
%
Supplemental data
Net assets, end of period (in millions)
$52
$32
$35
$1,376
$1,621
$1,282
Portfolio turnover rate (g)
—
%
—
%
4
%
20
%
25
%
15
%
(a)
Calculated based upon average shares outstanding
(b)
Returns are not annualized and 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)
Effective March 11, 2022, the Adviser implemented a voluntary waiver of its management fee for the Fund (See Note 4).
(d)
Annualized
(e)
During the period the Fund incurred significant expenses outside of its expense cap.
(f)
Prior to May 1, 2023, the ratio excludes depositary receipt fees in excess of 0.10% of average daily net assets.
(g)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
11
VANECK ETF TRUST
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Russia Small-Cap ETF
Period
Year Ended December 31,
Ended June 30, 2024 (unaudited)
2023
2022
2021
2020
2019
Net asset value, beginning of period
$0.38
$0.44
$32.97
$36.22
$35.94
$27.61
Net investment income (loss) (a)
0.01
0.02
(0.09
)
1.12
1.12
1.53
Net realized and unrealized gain
(loss) on investments
0.01
—
(32.44
)
(2.29
)
0.74
8.45
Total from investment operations
0.02
0.02
(32.53
)
(1.17
)
1.86
9.98
Distributions from:
Net investment income
—
(0.02
)
—
(2.00
)
(1.58
)
(1.65
)
Return of capital
—
(0.06
)
—
(0.08
)
—
—
Total distributions
—
(0.08
)
—
(2.08
)
(1.58
)
(1.65
)
Net asset value, end of period
$0.40
$0.38
$0.44
$32.97
$36.22
$35.94
Total return (b)
2.96
%
5.73
%
(98.66
)%
(3.29
)%
5.23
%
36.17
%
Ratios to average net assets
Gross expenses (c)
25.16
%(d)
24.81
%
5.34
%(e)
1.08
%
1.31
%
1.20
%
Net expenses (c)
0.67
%(d)
0.74
%
4.50
%(e)
0.75
%
0.75
%
0.77
%
Net expenses excluding interest, a portion of depositary
receipt fees and taxes (c) (f)
0.67
%(d)
0.67
%
4.49
%(e)
0.75
%
0.75
%
0.75
%
Net investment income (loss)
5.31
%(d)
5.30
%
(1.77
)%
3.01
%
3.45
%
4.67
%
Supplemental data
Net assets, end of period (in millions)
$—
(g)
$—
(g)
$—
(g)
$24
$32
$35
Portfolio turnover rate (h)
—
%
—
%
68
%
47
%
47
%
30
%
(a)
Calculated based upon average shares outstanding
(b)
Returns are not annualized and 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)
Effective March 11, 2022, the Adviser implemented a voluntary waiver of its management fee for the Fund (See Note 4).
(d)
Annualized
(e)
During the period the Fund incurred significant expenses outside of its expense cap.
(f)
Prior to May 1, 2023, the ratio excludes depositary receipt fees in excess of 0.08% of average daily net assets.
(g)
Amount
is less than $500,000.
(h)
Portfolio turnover rate is not annualized and excludes in-kind transactions.
See Notes to Financial Statements
12
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (unaudited)
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
only to the investment portfolios listed in the diversification table below (each a “Fund” and, collectively, the “Funds”).
Fund
Diversification Classification
Russia ETF
Non-Diversified
Russia Small-Cap ETF
Non-Diversified
Prior to the Funds’ plan of liquidation (See Note
2), the Funds sought to replicate as closely as possible, before fees and expenses, the price and yield performance of their
index. Effective July 31, 2023, the MVIS Russia Index and the MVIS Russia Small-Cap Index were decommissioned. The Fund is in
the process of liquidating its assets and winding up its business pursuant to a plan of liquidation.
Note 2—Plan of Liquidation— Russia’s
large-scale invasion of Ukraine and the geo-political events that followed have significantly adversely impacted the Funds’
operations since March 2022. The governments of the United States and many other countries imposed economic sanctions on certain
Russian individuals and Russian governmental, corporate and banking entities. A number of jurisdictions also instituted broad
sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. In response,
the government of Russia imposed capital controls to restrict movements of capital entering and exiting the country. As a result,
the value and liquidity of Russian securities and its currency have experienced significant declines and increased volatility.
The Russian securities markets were closed for a period of time and were reopened on March 24, 2022, but significant trading limitations
have remained. There is no assurance that these disruptions will not continue.
As a result, the fair value of Russian securities held by the
Funds were valued near or at zero since shortly after the invasion and have rendered virtually all of the Funds’ investments
in equity securities, including depositary receipts, illiquid.
On September 29, 2022, the Board of Trustees of the Trust (the
Trustees”) unanimously voted to approve a Plan of Liquidation and Termination of the Funds, contingent on receiving any necessary
relief from the SEC. On December 28, 2022, the SEC granted exemptive relief to each Fund permitting them to suspend the right of
redemption with respect to shares of each Fund and, if necessary, postpone the date of payment of redemption proceeds with respect
to redemption orders received but not yet paid until the Funds complete the liquidation of their portfolios and distribute all
of their assets to remaining shareholders. Furthermore, because the Funds have been delisted by Cboe BZX Exchange, Inc. in connection
with the liquidation of the Funds, the Funds are no longer exchange-traded funds and we do not anticipate that there will be a
trading market for your shares. Upon payment of the final liquidating distribution, the Funds will be terminated.
The Funds will not engage in any business or investment activities
except for the purposes of winding up their affairs. It is expected that the liquidation of the Funds will take an extended period
of time, if circumstances involving Russian securities markets do not improve.
While certain Russian securities held by the Funds have declared
dividends, there is no assurance these dividends can be collected by the Funds. As a result, all such dividend receivables related
to these Russian securities are valued at $0 as of June 30, 2024.
The Funds may be terminated at any time on a date determined
by the Board, even if the Russian securities and depositary receipts have not been sold. Due to the uncertainty involved, there
can be no assurance that shareholders will receive any additional liquidating distributions relating to the Russian securities
and depositary receipts. The distribution to shareholders of sale proceeds of Russian securities and depositary receipts, if any,
will be reduced by expenses related to the sale.
13
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
Note 3—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. 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)
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. 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 valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing
service 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 ADRs 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 Trustees have designated the Van Eck Associates Corp. (the “Adviser”) as valuation
designee to perform the Funds’ fair value determinations, subject to board oversight and certain reporting and other
requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. The Pricing
Committee of the Adviser provides oversight of the Funds’ valuation policies and procedures, which are approved by the
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,
14
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 holdings of the Funds at June 30, 2024 are generally restricted from trading and any currency denominated in Rubles
cannot be repatriated, therefore the Pricing Committee is currently fair valuing these investments as represented in the Schedule
of Investments and deeming all these holdings as Level 3 in the fair value hierarchy.
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 and net realized capital
gains, if any, to its shareholders. Therefore, no federal income tax provision is required.
C.
Distributions to Shareholders—In accordance with the Plan of Liquidation and Termination, the Funds may make
a series of liquidating distributions at various times. Additionally, until termination, each of the Funds may declare taxable
distributions of income (if any) and/or net capital gains, (if any after reduction for capital loss carryforwards) to continue
to satisfy the Federal income and excise tax distribution requirements for regulated investment companies.
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. 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 gain (loss) on foreign currency transactions and foreign denominated assets
and liabilities in the Statements of Operations.
Any currency denominated in Rubles cannot be repatriated and such currency was valued at $0 as of June 30, 2024.
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
15
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
or delivered to that counterparty based on the terms of the agreements. The Funds may receive cash
and or securities as collateral for securities lending. For financial reporting purposes, the Funds present securities lending
assets and liabilities on a gross basis in the Statements of Assets and Liabilities. Cash collateral received for securities
lending in the form of money market fund investments, if any, at June 30, 2024 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.
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 4—Investment Management and Other Agreements—
Prior to March 11, 2022, the Adviser received a management fee, calculated daily and payable monthly based on an annual rate
of each Fund’s average daily net assets. Effective March 11, 2022, the Adviser has implemented a waiver of the Funds’
management fee, which will continue to be in effect while the Funds liquidate. The Adviser may eliminate such management fee waiver
in its sole discretion at any time. In addition, the Adviser has temporarily agreed to waive and assume expenses to prevent each
Fund’s total annual operating expenses (excluding acquired fund fees and expenses, depositary receipt fees, interest expense,
trading expenses, taxes and extraordinary expenses) from exceeding the expense limitations listed in the table below. Refer to
the Statements of Operations for the amounts waived/assumed by the Adviser for the period ended June 30, 2024.
The management fee rates and expense limitations for the period
ended June 30, 2024, are as follows:
Fund
Management Fees*
Expense Limitations
Russia ETF
0.50
%
0.62
%
Russia Small-Cap ETF
0.50
0.67
*
Fee rates reflected are those in effect before voluntary waivers.
In connection with the Plan of Liquidation (Note 2), the Funds
shall bear the expenses incurred in connection with carrying out liquidation, including, but not limited to, printing and legal
expenses, audit and tax services fees, and the expenses of reports to shareholders. All such expenses will be considered extraordinary
expenses for purposes of any expense limitation in effect with respect to the Fund.
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 5—Capital Share Transactions—As of June
30, 2024, there were an unlimited number of capital shares of beneficial interest authorized by the Trust with no par value. Since
March 2, 2022, VanEck Russia Small-Cap ETF had temporarily suspended new creations of its shares and since March 3, 2022, VanEck
Russia ETF had temporarily suspended new creations of its shares. Such suspensions became permanent on December 28, 2022, when
the Plan of Liquidation and Termination of the Funds became effective.
16
Note 6—Investments—For the period ended June
30, 2024, purchases and sales of investments (excluding short-term investments) were as follows:
Fund
Purchases
Sales
Russia ETF
$
–
$
83,173,984
Note 7—Income Taxes—As of June 30, 2024, 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)
Russia ETF
$1,491,730,874
$–
$(1,453,662,822)
$(1,453,662,822)
Russia Small-Cap ETF
25,741,812
–
(25,328,758)
(25,328,758)
The tax character of dividends paid to shareholders will be determined
at the end of the current fiscal year.
At December 31, 2023, 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
Russia ETF
$
(303,977,219
)
$
(1,591,866,494
)
$
(1,895,843,713
)
Russia Small-Cap ETF
(5,643,438
)
(12,195,309
)
(17,838,747
)
The Funds recognize the tax benefits of uncertain tax positions
only where the position is “more-likely-than-not” to be sustained assuming examination by applicable tax authorities.
Management has analyzed the Funds’ tax positions, and has concluded that no liability for unrecognized tax benefits should
be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for
additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required
in the Funds’ financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain
investments. The Funds provide for such taxes on both realized and unrealized appreciation.
The Funds recognize interest and penalties, if any, related to
uncertain tax positions as income tax expense in the Statements of Operations. During the period ended June 30, 2024, the Funds
did not incur any interest or penalties.
Note 8—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 own
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 own 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.
As a result of the current conditions related to Russian securities
and Russian markets as outlined in the Plan of Liquidation (Note 2), the Funds are unable to dispose of the Russian securities
in their portfolios, with
17
VANECK ETF TRUST
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
limited exceptions, and the Funds’ portfolios have become
illiquid. It is unknown when current restrictions will be lifted. In the event that it becomes possible to dispose of Russian securities,
other market participants may attempt to liquidate holdings at the same time as the Funds, and the Funds may be unable to transact
at advantageous times or prices.
A more complete description of risks is included in each Fund’s
Prospectus and Statement of Additional Information.
Note 9—Trustee Deferred Compensation Plan—The
Trust has a Deferred Compensation Plan (the “Plan”) for Trustees under which a Trustee can elect to defer receipt of
their 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 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 10— Securities Lending—To generate
additional income, each of the Funds may lend its securities pursuant to a securities lending agreement with the securities
lending agent. Each Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by
cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at
least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the
value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is
adjusted and settled on the next business day. During the term of the loan, the Funds will continue to receive any dividends,
interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning
interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under
the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statements of
Operations. Cash collateral is maintained on the Funds’ behalf by the lending agent and is invested in the State Street
Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S.
Government Agency securities, and is not disclosed in the Funds’ Schedules of Investments or Statements of Assets and
Liabilities as it is held by the agent on behalf of the Funds. The Funds do not have the ability to re-hypothecate those
securities. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan,
the borrower will return to the Fund securities identical to the securities loaned. The Funds bear the risk of delay in
recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The
value of loaned securities and related cash collateral, if any, at June 30, 2024, is presented on a gross basis in the
Schedules of Investments and Statements of Assets and Liabilities. The following is a summary of the Funds’
securities on loan and related collateral as of June 30, 2024:
Fund
Market Value of Securities on Loan
Cash Collateral
Non-Cash Collateral
Total Collateral
Russia ETF
$
–
$
2,122,141
$
3,191,167
$
5,313,308
The following table presents money market fund investments held
as collateral by type of security on loan as of June 30, 2024:
Gross Amount of Recognized Liabilities for Securities Lending Transactions* in the Statements of Assets and Liabilities
Fund
Equity Securities
Russia ETF
$2,122,141
*
Remaining contractual maturity: overnight and continuous
18
Changes In and Disagreements with Accountants
For the period covered by this report
There were no changes in or disagreements with accountants.
Proxy Disclosures
For the period covered by this report
Not applicable.
Remuneration Paid to Directors, Officers, and Others
For the period covered by this report
Refer to the financial statements included herein.
19
VANECK ETF TRUST
APPROVAL OF INVESTMENT ADVISORY CONTRACTS
(unaudited)
At a meeting held on June 7, 2024 (the “Renewal Meeting”),
the Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust,” and the series thereof
listed below, the “Funds”), including all of the Trustees that are not interested persons of the Trust (the “Independent
Trustees”), approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates
Corporation (“VEAC”) (the “VEAC Investment Management Agreements”) with respect to the VanEck Africa Index
ETF, Agribusiness ETF, Brazil Small-Cap ETF, ChiNext ETF, CLO ETF, Digital India ETF, Gold Miners ETF, Green Metals ETF, India
Growth Leaders ETF, Indonesia Index ETF, Israel ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Natural Resources ETF, Office
and Commercial REIT ETF, Oil Refiners ETF, Oil Services ETF, Rare Earth and Strategic Metals ETF (formerly, VanEck Rare Earth/Strategic
Metals ETF), Russia ETF, Russia Small-Cap ETF, Steel ETF, Uranium and Nuclear ETF (formerly, VanEck Uranium+Nuclear Energy ETF)
and Vietnam ETF, (ii) the investment management agreements between the Trust and Van Eck Absolute Return Advisers Corporation (“VEARA,”
and together with VEAC, the “Advisers”) (the “VEARA Investment Management Agreements”) with respect to
the VanEck CMCI Commodity Strategy ETF and Ethereum Strategy ETF and (iii) a sub-advisory agreement between VEAC and PineBridge
Investments LLC (the “Sub-Adviser”) (the “Sub-Advisory Agreement”) with respect to the VanEck CLO ETF.
The VEAC Investment Management Agreements, the VEARA Investment Management Agreements and the Sub-Advisory Agreement are collectively
referred to as the “Agreements.”
The Board’s approval of the Agreements was based on a comprehensive
consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors
that figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below,
although individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting
on May 3, 2024. At that meeting, the Trustees discussed the information the Advisers, the Sub-Adviser (with respect to the VanEck
CLO ETF) and Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third-party data provider, had provided
to them in advance. The information provided to the Trustees included, among other things, information about the performance and
expenses of the Funds and the Funds’ peer funds (certain other registered funds), information about the advisory and sub-advisory
(with respect to the VanEck CLO ETF) services provided to the Funds and the personnel providing those services, and the profitability
(or the absence of profitability) and other benefits enjoyed by the Advisers and the Sub-Adviser and their respective affiliates
as a result of the Advisers’ relationships with the Funds and the Sub-Adviser’s relationship with the VanEck CLO ETF.
In reviewing performance information for the Funds against their peer groups, the Trustees considered that (i) each Fund, except
the VanEck CLO ETF and Ethereum Strategy ETF, has a different investment objective than the funds in its designated peer group
and, therefore, each such Fund’s performance will differ from its peers and (ii) each of the VanEck Russia ETF and Russia
Small-Cap ETF (together, the “Russia Funds”) is in the process of being liquidated and no longer seeks to track an
index. The Trustees also considered the fact that each of the VanEck CMCI Commodity Strategy ETF and Office and Commercial REIT
ETF had only recently commenced operations and therefore each had a limited operational history that could be used for
comparative purposes, since tracking error measurements provided by Broadridge were not available for each Fund. In addition,
as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which
did not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance
information did not necessarily provide meaningful direct comparisons to the Funds. The Trustees also considered VEAC’s efforts
to navigate regulatory and operational challenges in managing the Russia Funds during the Russia Funds’ process of liquidating
their assets and winding up their business.
The Independent Trustees’ consideration of the Agreements
was based, in part, on their review of information obtained through discussions with the Advisers and Sub-Adviser at the Renewal
Meeting and the May 3, 2024 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees
and/or based on their review of the materials provided by the Advisers and the Sub-Adviser (with respect to the VanEck CLO ETF),
including the background and experience of the portfolio managers and others involved in the management and administration of the
Funds. The Trustees considered the
20
terms of, and scope of services that the Advisers and the Sub-Adviser
(with respect to the VanEck CLO ETF) provide under, the Agreements, including, where applicable, (i) with respect to the VanEck
CLO ETF, Digital India ETF, Ethereum Strategy ETF, Green Metals ETF, Natural Resources ETF, Office and Commercial REIT ETF and
Oil Services ETF (the “Unitary Funds”), the Advisers’ agreement to pay all of the direct expenses of the Unitary
Funds (excluding the fee payment under the applicable VEAC Investment Management Agreements and VEARA Investment Management Agreement,
acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses), (ii) with
respect to all other Funds (the “Non-Unitary Funds”), the Advisers’ commitment to waive certain fees and/or pay
expenses of each of the Non-Unitary Funds (inclusive of any subsidiary expenses with respect to the VanEck CMCI Commodity Strategy
ETF, but excluding acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses for all
Non-Unitary Funds) to the extent necessary to prevent the operating expenses of each of the Non-Unitary Funds from exceeding agreed
upon limits for a period of time and (iii) VEAC’s undertaking to waive all of the Russia Funds’ management fees while
the Russia Funds are in the process of liquidation. With respect to the Sub-Advisory Agreement, the Trustees noted the Sub-Adviser’s
experience and investment management process with respect to investments in collateralized loan obligation (“CLO”)
securities and the Sub-Adviser’s experience serving as the investment adviser to other registered investment companies and
accounts. The Trustees also considered the sub-advisory fees to be paid to the Sub-Adviser by VEAC and the advisory fees to be
retained by VEAC under the Sub-Advisory Agreement.
The Trustees concluded that the Advisers, the Sub-Adviser (with
respect to the VanEck CLO ETF) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios.
In evaluating the performance of each Fund, the Trustees reviewed various performance metrics, including various data from Broadridge
comparing each Fund’s performance to that of certain other registered funds, but relied principally on a comparison of the
“gross” performance of each Fund except for VanEck CLO ETF and Ethereum Strategy ETF (i.e., measured without regard
to the impact of fees and expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value
adjustments to the underlying securities. The Trustees considered information from the Advisers regarding the performance of the
VanEck CLO ETF and Ethereum Strategy ETF, each an actively managed ETF, against their respective benchmark indices and peer funds.
The Trustees noted that the VanEck CLO ETF had underperformed its benchmark for the one-year period ended December 31, 2023 and
the period since its inception on June 21, 2022 through December 31, 2023 due to differences in the Fund’s security selection,
ratings allocation and duration relative to its benchmark according to the Adviser. The Trustees also noted that the VanEck Ethereum
Strategy ETF had underperformed its benchmark and peer funds for the period since its inception on October 2, 2023 through December
31, 2023, a relatively short period, due to the cost to roll the Fund’s futures and the accrued tax liabilities associated
with Fund’s structure as a C corporation according to the Adviser.
The Trustees also considered information relating to the financial
condition of the Advisers and the Sub-Adviser (with respect to the VanEck CLO ETF) and the current status, as they understood it,
of the Advisers’ and Sub-Adviser’s (with respect to the VanEck CLO ETF) compliance environment.
As noted above, the Trustees were also provided with various
data from Broadridge comparing the Funds’ expenses to that of certain other registered funds. The Trustees noted that the
information provided showed that each Fund (except as noted below) had management fees (after the effect of any applicable fee
waiver, including, with respect to the Russia Funds, VEAC’s waiver of all management fees payable by each of the Russia Funds
since March 22, 2022) below the average and median of its respective peer group of funds, each of the VanEck Gold Miners ETF, Junior
Gold Miners ETF, Low Carbon Energy ETF, and Office and Commercial REIT ETF had management fees below the average and equal to the
median of its respective peer group of funds, each of the VanEck Digital India ETF and Vietnam ETF had management fees (after the
effect of any applicable fee waiver) above the average and below the median of its respective peer group of funds, each of the
VanEck CLO ETF and Green Metals ETF had management fees above the average and median of its respective peer group of funds, each
of the VanEck Ethereum Strategy ETF and Oil Services ETF had management fees above the average and equal to the median of its peer
group of funds, each of the VanEck Natural Resources ETF and Rare Earth and Strategic Metals ETF had management fees below
21
VANECK ETF TRUST
APPROVAL OF INVESTMENT ADVISORY CONTRACTS
(unaudited) (continued)
the average and above the median of its respective peer group
of funds, and the VanEck Agribusiness ETF had management fees equal to the average and median of its peer group of funds. The Trustees
also noted that the information provided showed that each Fund (except as noted below) had a total expense ratio (after the effect
of any applicable expense limitation) below the average and median of its respective peer group of funds, each of the VanEck Africa
Index ETF, CLO ETF, CMCI Commodity Strategy ETF, Green Metals ETF, Low Carbon Energy ETF, Russia Small-Cap ETF, Uranium and Nuclear
Energy ETF and Vietnam ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average
and median of its respective peer group of funds, each of the VanEck Indonesia Index ETF and Oil Refiners ETF had a total expense
ratio (after the effect of any applicable expense limitation) above the average and below the median of its peer group of funds,
and the VanEck Junior Gold Miners ETF had a total expense ratio (after the effect of the expense limitation) below the average
and above the median of its peer group of funds. The Trustees reviewed the amounts by which certain Funds’ management fees
and/or total expense ratios (after the effect of any applicable fee waivers and/or expense limitations) exceeded the average and/or
median of their respective peer groups and information provided by the Advisers providing context for these comparisons. The Trustees
noted that the Russia Funds are bearing legal expenses in connection with their liquidations, which are considered extraordinary
expenses for purposes of the Russia Funds’ expense limitations. The Trustees concluded, in light of this information and
the other information available to them, that the management fees paid by the Funds were reasonable in light of the performance
of the Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees
under the VEAC Investment Management Agreements and VEARA Investment Management Agreements, received by the Advisers from serving
as advisers to the Funds and the fact that the Sub-Adviser had not identified any such economic benefits.
The Trustees also considered information provided by the Advisers
and Sub-Adviser (with respect to the VanEck CLO ETF) about their overall profitability and profitability or loss in respect of
each Fund. The Trustees reviewed each Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the
VEAC Investment Management Agreements and VEARA Investment Management Agreements do not include breakpoints in the advisory fee
rates as asset levels in a Fund increase. The Trustees considered the potential variability in the net assets of the Funds and
the sustainability of any potential economies of scale which may exist given where fees are currently set. The Trustees also evaluated
the extent to which management fees for the Funds may effectively incorporate the benefits of economies of scale. The Trustees
also considered the risks being assumed by the Advisers under the unitary fee structure arrangement and the potential expense stability
that may inure to the benefit of shareholders of the Unitary Funds and noted that the Advisers have capped expenses on each of
the Non-Unitary Funds since its inception, although the cap was not necessarily exceeded each year. Based on the foregoing and
the other information available to them, the Trustees determined that the advisory fee rate for each Fund and the sub-advisory
fee rate for the VanEck CLO ETF are reasonable and appropriate in relation to the current asset size of each Fund and the other
factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate sharing with shareholders
of any economies of scale which may exist. The Trustees also determined that the profits earned by the Advisers and the Sub-Adviser
with respect to the Funds that were profitable to the Advisers were reasonable in light of the nature and quality of the services
received by such Funds.
The Independent Trustees were advised by and met in executive
session with their independent counsel at the Renewal Meeting and at their May 3, 2024 meeting as part of their consideration of
the Agreements.
In voting to approve the continuation of the Agreements, the
Trustees, including the Independent Trustees, concluded that the terms of each of the 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, at the time of their considerations, each of the Agreements
is in the best interest of the applicable Fund and the Fund’s shareholders.
22
SEMI-ANNUAL FINANCIAL STATEMENTS
AND OTHER INFORMATION
June 30, 2024
(unaudited)
Total Short-Term Investments: 60.8% (Cost: $17,757,721)
17,759,040
Other
assets less liabilities: 39.2%
11,464,161
NET ASSETS: 100.0%
$
29,223,201
Futures Contracts
Reference Entity
Type
Number of Contracts
Expiration Date
Notional Amount
Unrealized Appreciation/ (Depreciation)
CME Ether
Long
171
07/26/24
$
28,907,550
$
(514,005)
The summary of inputs used to value the Fund’s investments as of June
30, 2024 is as follows:
Level 1 Quoted Prices
Level 2 Significant Observable Inputs
Level 3 Significant Unobservable Inputs
Value
United States Treasury Obligations
$
—
$
17,759,040
$
—
$
17,759,040
Other Financial Instruments:
Liabilities
Futures Contracts
$
(514,005
)
$
—
$
—
$
(514,005)
See Notes to Financial Statements
2
VANECK ETHEREUM STRATEGY ETF
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2024 (unaudited)
Assets:
Investments, at value
Unaffiliated issuers (1)
$
17,759,040
Cash
1,903,776
Cash on deposit with broker for futures contracts
9,570,001
Receivables:
Interest
102
Federal and State Income Taxes
511,051
Total assets
29,743,970
Liabilities:
Payables:
Due to Adviser
8,653
Net variation margin on futures contracts
511,825
Net deferred tax
291
Total liabilities
520,769
NET ASSETS
$
29,223,201
Shares outstanding
1,100,000
Net asset value, redemption and offering price per share
$
26.57
Net Assets consist of:
Aggregate paid in capital
$
22,247,431
Total distributable earnings (loss)
6,975,770
NET ASSETS
$
29,223,201
(1) Cost of investments - Unaffiliated issuers
$
17,757,721
See Notes to Financial Statements
3
VANECK ETHEREUM STRATEGY ETF
STATEMENT OF OPERATIONS
For the Period Ended June 30, 2024 (unaudited)
Income:
Interest
$
460,510
Total income
460,510
Expenses:
Management fees
84,370
Futures commission merchant fees
48,964
Total expenses
133,334
Reimbursement by the Adviser
(48,964
)
Net expenses
84,370
Net investment income, before income taxes
376,140
Net current and deferred tax benefit/(expense) (See Note 6)
(84,801
)
Net investment income, net of income taxes
291,339
Net realized gain (loss) on:
Investments
(12
)
Futures contracts
7,006,044
Current and deferred tax benefit/(expense) (See Note 6)
(1,529,739
)
Net realized gain, net of income taxes
5,476,293
Net change in unrealized appreciation (depreciation) on:
Investments
(392
)
Futures contracts
(455,446
)
Current and deferred tax benefit/(expense) (See Note 6)
99,617
Net change in unrealized appreciation (depreciation), net of income taxes
(356,221
)
Net increase in net assets resulting from operations
$
5,411,411
See Notes to Financial Statements
4
VANECK ETHEREUM STRATEGY ETF
STATEMENT OF CHANGES IN NET ASSETS
Period Ended June 30, 2024 (unaudited)
Period Ended December 31, 2023 (a)
Operations:
Net investment income
$
291,339
$
53,659
Net realized gain
5,476,293
2,613,036
Net change in unrealized appreciation (depreciation)
(356,221
)
(44,256
)
Net increase in net assets resulting from operations
5,411,411
2,622,439
Distributions to shareholders from:
Distributable earnings
(1,058,080
)
—
Share transactions*:
Proceeds from sale of shares
15,763,313
12,284,657
Cost of shares redeemed
(5,800,539
)
—
Net increase in net assets resulting from share transactions
9,962,774
12,284,657
Total increase in net assets
14,316,105
14,907,096
Net Assets, beginning of period
14,907,096
—
Net Assets, end of period
$
29,223,201
$
14,907,096
* Shares of Common Stock Issued (no par value):
Shares sold
600,000
700,000
Shares redeemed
(200,000
)
—
Net increase
400,000
700,000
(a)
For the period October 3, 2023 (commencement of operations) through December 31, 2023.
See Notes to Financial Statements
5
VANECK ETHEREUM STRATEGY ETF
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period:
Period Ended June 30, 2024 (unaudited)
Period Ended December 31, 2023 (a)
Net asset value, beginning of period
$21.30
$16.80
Net investment income (b)
0.37
0.12
Net realized and unrealized gain on investments
6.14
4.38
Total from investment operations
6.51
4.50
Distributions from:
Net investment income
(1.24
)
—
Total distributions
(1.24
)
—
Net asset value, end of period
$26.57
$21.30
Total return (c)
32.22
%
26.76
%
Ratios to average net assets
Gross expenses
1.03%(d)
(e)
0.79%(d)
(f)
Net expenses
0.65%(d)
(e)
0.65%(d)
(f)
Net investment income
2.90%(d)
(e)
2.47%(d)
(f)
Supplemental data
Net assets, end of period (in millions)
$29
$15
Portfolio turnover rate
—
%
—
%
(a)
For the period October 3, 2023 (commencement of operations) through December 31, 2023.
(b)
Calculated based upon average shares outstanding
(c)
Returns are not annualized and 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)
Annualized
(e)
Excludes the net current and deferred tax benefit/(expense). If the net current and deferred tax benefit/(expense) was
included the gross expense, net expense, and net investment income ratios would be 1.68%, 1.30% and 2.24%, respectively.
(f)
Excludes the net current and deferred tax benefit/(expense). If the net current and deferred tax benefit/(expense) was
included the gross expense, net expense, and net investment income ratios would be 1.34%, 1.20% and 1.92%, respectively.
See Notes to Financial Statements
6
VANECK ETHEREUM STRATEGY ETF
NOTES TO FINANCIAL STATEMENTS
June 30, 2024 (unaudited)
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 Ethereum Strategy ETF (the “Fund”).
The Fund is actively managed and seeks to achieve its investment objective by investing in standardized, cash-settled Ether futures contracts
(“Ether 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 “Trustees”).
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. 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 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).
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. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing
service 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. The Trustees have designated the Adviser as valuation designee to perform the Fund’s fair value determinations,
subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably
designed to comply with the requirements. 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
7
VANECK ETHEREUM STRATEGY ETF
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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.
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 Ether 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 net asset value (“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 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, 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. 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 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.
8
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 Ether Futures, the underlying reference asset is ether. “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 ether, the amount
of cash to be paid is equal to the difference between the value of the ether 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 Ether 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. Ethereum Strategy ETF held futures contracts for six months during the period ended June 30, 2024, of which
the average notional amount for the period was $28,083,296. Futures contracts held by the Fund at June 30, 2024 are reflected in
the Schedule of Investments.
At June 30, 2024, the Fund held the following derivatives (not designated as hedging instruments under GAAP):
Liabilities Derivatives
Digital Assets Risk
Ethereum Strategy ETF
Futures contracts1
$
514,005
1
Reflects unrealized depreciation as disclosed in the Schedule of Investments. The daily change in fair value
is accounted for as a 1 variation margin payable or receivable in the Statement of Assets and Liabilities
The impact of transactions in derivative instruments during the period ended June 30, 2024, was as follows:
Digital Assets Risk
Realized gain (loss):
Futures contracts1
$
7,006,044
Net change in unrealized appreciation (depreciation):
Futures contracts2
$
(455,446
)
1
Statements of Operations location: Net realized gain (loss) on futures contracts
2
Statements 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 offset in those agreements allows the
Fund to offset any exposure to a specific counterparty with any
9
VANECK ETHEREUM STRATEGY ETF
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
collateral received from or delivered to that counterparty based on the terms of the agreements. The Fund may pledge cash and/or
securities as collateral for derivative instruments. For financial reporting purposes, the Fund presents derivative instruments on
a gross basis in the Statement of Assets and Liabilities.
Futures contracts held by the Fund are not subject to a master netting agreements or other similar arrangements. In general,
collateral pledged exceeds the net amount of the unrealized gain/loss or market value of financial instruments. Refer to the Schedule
of Investments and Statement of Assets and Liabilities for collateral pledged as of June 30, 2024.
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. Notwithstanding the foregoing, the Adviser has agreed to pay
the offering costs and trading expenses that are net account or similar fees charged by futures commission merchants
(“FCMs”) until May 1, 2025. Refer to the Statement of Operations for the amounts assumed by the Adviser for the
period ended June 30, 2024.
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.
At June 30, 2024, the Adviser owned approximately 23% of the Fund.
Note 4— Capital Share Transactions — As of June 30, 2024,
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 June 30, 2024,
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 June 30, 2024 are as follows:
10
Net Investment Income
Net Realized Loss
Change in Net Unrealized Depreciation
Total
Current income tax expense (benefit)
$84,801
$1,529,739
$(99,531)
$1,515,009
Deferred income tax expense (benefit)
—
—
(86)
(86)
Change in Valuation Allowance
—
—
—
—
Total
$84,801
$1,529,739
$—
$1,514,923
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 income tax expense (benefit)
$1,420,416
$94,593
$1,515,009
Deferred income tax expense (benefit)
(82)
(4)
(86)
Change in Valuation Allowance
—
—
—
Total
$1,420,334
$94,589
$1,514,923
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) calculated by applying the federal statutory income tax rate to net investment income/(loss) and realized and unrealized
gain/(loss) on investments and the effective tax rate are as follows:
For the Period Ended June 30, 2024
Amount
Rate
Income tax expense/(benefit) at statutory rates
$
1,457,183
21.00
%
State income tax, net of federal benefit
75,601
1.09
Change in effective state tax rate
(17,861)
(0.26)
Change in Valuation Allowance
-
0.00
Net income tax expense/(benefit)
$
1,514,923
21.83
%
Components of the Fund’s deferred tax assets and liabilities are as follows:
For the Period Ended June 30, 2024
Deferred Tax Assets/(Liabilities)
Unrealized Gain on Investments
$(291)
Net Deferred Tax Liability before valuation allowance
(291)
Less: Valuation Allowance
—
Net Deferred Tax Liability
$(291)
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 had no deferred tax
assets at June 30, 2024. 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.
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,
11
VANECK ETHEREUM STRATEGY ETF
NOTES TO FINANCIAL STATEMENTS
(unaudited) (continued)
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 periods 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 12 months.
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 Ether 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 Ether, 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.
Ether and Ether Futures are relatively new asset classes and therefore the
Fund’s investments in Ether 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. Ether and Ether Futures have historically been more volatile than traditional asset
classes.
The rules dealing with U.S. federal income taxation and the rates themselves
are constantly under review in the legislative process and by the Internal Revenue Service (“IRS”) and the U.S. Treasury Department.
Changes in tax laws or regulations or future interpretations of such laws or regulations could adversely affect the Fund and/or the Fund’s
shareholders. Changes in the laws or regulations of the United States, including any changes to applicable tax laws and regulations, could
impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.
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 a Trustee 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.
12
Changes In and Disagreements with Accountants
For the period covered by this report
There were no changes in or disagreements with accountants.
Proxy Disclosures
For the period covered by this report
Not applicable.
Remuneration Paid to Directors, Officers, and Others
For the period covered by this report
Refer to the financial statements included herein.
13
VANECK ETF TRUST
APPROVAL OF INVESTMENT ADVISORY CONTRACT
(unaudited)
At a meeting held on June 7, 2024 (the “Renewal Meeting”), the
Board of Trustees (the “Board”) of VanEck® ETF Trust (the “Trust,” and the series thereof listed
below, the “Funds”), including all of the Trustees that are not interested persons of the Trust (the “Independent Trustees”),
approved the continuation of (i) the investment management agreements between the Trust and Van Eck Associates Corporation (“VEAC”)
(the “VEAC Investment Management Agreements”) with respect to the VanEck Africa Index ETF, Agribusiness ETF, Brazil Small-Cap
ETF, ChiNext ETF, CLO ETF, Digital India ETF, Gold Miners ETF, Green Metals ETF, India Growth Leaders ETF, Indonesia Index ETF, Israel
ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, Natural Resources ETF, Office and Commercial REIT ETF, Oil Refiners ETF, Oil Services
ETF, Rare Earth and Strategic Metals ETF (formerly, VanEck Rare Earth/Strategic Metals ETF), Russia ETF, Russia Small-Cap ETF, Steel ETF,
Uranium and Nuclear ETF (formerly, VanEck Uranium+Nuclear Energy ETF) and Vietnam ETF, (ii) the investment management agreements between
the Trust and Van Eck Absolute Return Advisers Corporation (“VEARA,” and together with VEAC, the “Advisers”) (the
“VEARA Investment Management Agreements”) with respect to the VanEck CMCI Commodity Strategy ETF and Ethereum Strategy ETF
and (iii) a sub-advisory agreement between VEAC and PineBridge Investments LLC (the “Sub-Adviser”) (the “Sub-Advisory
Agreement”) with respect to the VanEck CLO ETF. The VEAC Investment Management Agreements, the VEARA Investment Management Agreements
and the Sub-Advisory Agreement are collectively referred to as the “Agreements.”
The Board’s approval of the Agreements was based on a comprehensive
consideration of all of the information available to the Trustees and was not the result of any single factor. Some of the factors that
figured particularly in the Trustees’ deliberations and how the Trustees considered those factors are described below, although
individual Trustees may have evaluated the information presented differently, giving different weights to various factors.
In preparation for the Renewal Meeting, the Trustees held a meeting on May
3, 2024. At that meeting, the Trustees discussed the information the Advisers, the Sub-Adviser (with respect to the VanEck CLO ETF) and
Broadridge Financial Solutions, Inc. (“Broadridge”), an independent third-party data provider, had provided to them in advance.
The information provided to the Trustees included, among other things, information about the performance and expenses of the Funds and
the Funds’ peer funds (certain other registered funds), information about the advisory and sub-advisory (with respect to the VanEck
CLO ETF) services provided to the Funds and the personnel providing those services, and the profitability (or the absence of profitability)
and other benefits enjoyed by the Advisers and the Sub-Adviser and their respective affiliates as a result of the Advisers’ relationships
with the Funds and the Sub-Adviser’s relationship with the VanEck CLO ETF. In reviewing performance information for the Funds against
their peer groups, the Trustees considered that (i) each Fund, except the VanEck CLO ETF and Ethereum Strategy ETF, has a different investment
objective than the funds in its designated peer group and, therefore, each such Fund’s performance will differ from its peers and
(ii) each of the VanEck Russia ETF and Russia Small-Cap ETF (together, the “Russia Funds”) is in the process of being liquidated
and no longer seeks to track an index. The Trustees also considered the fact that each of the VanEck CMCI Commodity Strategy ETF and Office
and Commercial REIT ETF had only recently commenced operations and therefore each had a limited operational history that could
be used for comparative purposes, since tracking error measurements provided by Broadridge were not available for each Fund. In addition,
as noted below, the Trustees reviewed certain performance information for each Fund which was not provided by Broadridge and which did
not compare each Fund’s performance to the performance of its peer group. The Trustees noted that the peer group performance information
did not necessarily provide meaningful direct comparisons to the Funds. The Trustees also considered VEAC’s efforts to navigate
regulatory and operational challenges in managing the Russia Funds during the Russia Funds’ process of liquidating their assets
and winding up their business.
The Independent Trustees’ consideration of the Agreements was based,
in part, on their review of information obtained through discussions with the Advisers and Sub-Adviser at the Renewal Meeting and the
May 3, 2024 meeting regarding the management of the Funds and information obtained at other meetings of the Trustees and/or based on their
review of the materials provided by the Advisers and the Sub-Adviser (with respect to the VanEck CLO ETF), including the background and
experience of the portfolio managers and others involved in the management and administration of the Funds. The Trustees considered the
14
terms of, and scope of services that the Advisers and the Sub-Adviser (with
respect to the VanEck CLO ETF) provide under, the Agreements, including, where applicable, (i) with respect to the VanEck CLO ETF, Digital
India ETF, Ethereum Strategy ETF, Green Metals ETF, Natural Resources ETF, Office and Commercial REIT ETF and Oil Services ETF (the “Unitary
Funds”), the Advisers’ agreement to pay all of the direct expenses of the Unitary Funds (excluding the fee payment under the
applicable VEAC Investment Management Agreements and VEARA Investment Management Agreement, acquired fund fees and expenses, interest
expense, offering costs, trading expenses, taxes and extraordinary expenses), (ii) with respect to all other Funds (the “Non-Unitary
Funds”), the Advisers’ commitment to waive certain fees and/or pay expenses of each of the Non-Unitary Funds (inclusive of
any subsidiary expenses with respect to the VanEck CMCI Commodity Strategy ETF, but excluding acquired fund fees and expenses, interest
expense, trading expenses, taxes and extraordinary expenses for all Non-Unitary Funds) to the extent necessary to prevent the operating
expenses of each of the Non-Unitary Funds from exceeding agreed upon limits for a period of time and (iii) VEAC’s undertaking to
waive all of the Russia Funds’ management fees while the Russia Funds are in the process of liquidation. With respect to the Sub-Advisory
Agreement, the Trustees noted the Sub-Adviser’s experience and investment management process with respect to investments in collateralized
loan obligation (“CLO”) securities and the Sub-Adviser’s experience serving as the investment adviser to other registered
investment companies and accounts. The Trustees also considered the sub-advisory fees to be paid to the Sub-Adviser by VEAC and the advisory
fees to be retained by VEAC under the Sub-Advisory Agreement.
The Trustees concluded that the Advisers, the Sub-Adviser (with respect
to the VanEck CLO ETF) and their personnel have the requisite expertise and skill to manage the Funds’ portfolios. In evaluating
the performance of each Fund, the Trustees reviewed various performance metrics, including various data from Broadridge comparing each
Fund’s performance to that of certain other registered funds, but relied principally on a comparison of the “gross”
performance of each Fund except for VanEck CLO ETF and Ethereum Strategy ETF (i.e., measured without regard to the impact of fees and
expenses) to the performance of its benchmark index, in each case incorporating any systematic fair value adjustments to the underlying
securities. The Trustees considered information from the Advisers regarding the performance of the VanEck CLO ETF and Ethereum Strategy
ETF, each an actively managed ETF, against their respective benchmark indices and peer funds. The Trustees noted that the VanEck CLO ETF
had underperformed its benchmark for the one-year period ended December 31, 2023 and the period since its inception on June 21, 2022 through
December 31, 2023 due to differences in the Fund’s security selection, ratings allocation and duration relative to its benchmark
according to the Adviser. The Trustees also noted that the VanEck Ethereum Strategy ETF had underperformed its benchmark and peer funds
for the period since its inception on October 2, 2023 through December 31, 2023, a relatively short period, due to the cost to roll the
Fund’s futures and the accrued tax liabilities associated with Fund’s structure as a C corporation according to the Adviser.
The Trustees also considered information relating to the financial condition
of the Advisers and the Sub-Adviser (with respect to the VanEck CLO ETF) and the current status, as they understood it, of the Advisers’
and Sub-Adviser’s (with respect to the VanEck CLO ETF) compliance environment.
As noted above, the Trustees were also provided with various data from Broadridge
comparing the Funds’ expenses to that of certain other registered funds. The Trustees noted that the information provided showed
that each Fund (except as noted below) had management fees (after the effect of any applicable fee waiver, including, with respect to
the Russia Funds, VEAC’s waiver of all management fees payable by each of the Russia Funds since March 22, 2022) below the average
and median of its respective peer group of funds, each of the VanEck Gold Miners ETF, Junior Gold Miners ETF, Low Carbon Energy ETF, and
Office and Commercial REIT ETF had management fees below the average and equal to the median of its respective peer group of funds, each
of the VanEck Digital India ETF and Vietnam ETF had management fees (after the effect of any applicable fee waiver) above the average
and below the median of its respective peer group of funds, each of the VanEck CLO ETF and Green Metals ETF had management fees above
the average and median of its respective peer group of funds, each of the VanEck Ethereum Strategy ETF and Oil Services ETF had management
fees above the average and equal to the median of its peer group of funds, each of the VanEck Natural Resources ETF and Rare Earth and
Strategic Metals ETF had management fees below
15
VANECK ETF TRUST
APPROVAL OF INVESTMENT ADVISORY CONTRACT
(unaudited) (continued)
the average and above the median of its respective peer group of funds,
and the VanEck Agribusiness ETF had management fees equal to the average and median of its peer group of funds. The Trustees also noted
that the information provided showed that each Fund (except as noted below) had a total expense ratio (after the effect of any applicable
expense limitation) below the average and median of its respective peer group of funds, each of the VanEck Africa Index ETF, CLO ETF,
CMCI Commodity Strategy ETF, Green Metals ETF, Low Carbon Energy ETF, Russia Small-Cap ETF, Uranium and Nuclear Energy ETF and Vietnam
ETF had a total expense ratio (after the effect of any applicable expense limitation) above the average and median of its respective peer
group of funds, each of the VanEck Indonesia Index ETF and Oil Refiners ETF had a total expense ratio (after the effect of any applicable
expense limitation) above the average and below the median of its peer group of funds, and the VanEck Junior Gold Miners ETF had a total
expense ratio (after the effect of the expense limitation) below the average and above the median of its peer group of funds. The Trustees
reviewed the amounts by which certain Funds’ management fees and/or total expense ratios (after the effect of any applicable fee
waivers and/or expense limitations) exceeded the average and/or median of their respective peer groups and information provided by the
Advisers providing context for these comparisons. The Trustees noted that the Russia Funds are bearing legal expenses in connection with
their liquidations, which are considered extraordinary expenses for purposes of the Russia Funds’ expense limitations. The Trustees
concluded, in light of this information and the other information available to them, that the management fees paid by the Funds were reasonable
in light of the performance of the Funds and the quality of services received.
The Trustees also considered the benefits, other than the fees under the
VEAC Investment Management Agreements and VEARA Investment Management Agreements, received by the Advisers from serving as advisers to
the Funds and the fact that the Sub-Adviser had not identified any such economic benefits.
The Trustees also considered information provided by the Advisers and Sub-Adviser
(with respect to the VanEck CLO ETF) about their overall profitability and profitability or loss in respect of each Fund. The Trustees
reviewed each Fund’s asset size, expense ratio and expense cap, as applicable, and noted that the VEAC Investment Management Agreements
and VEARA Investment Management Agreements do not include breakpoints in the advisory fee rates as asset levels in a Fund increase. The
Trustees considered the potential variability in the net assets of the Funds and the sustainability of any potential economies of scale
which may exist given where fees are currently set. The Trustees also evaluated the extent to which management fees for the Funds may
effectively incorporate the benefits of economies of scale. The Trustees also considered the risks being assumed by the Advisers under
the unitary fee structure arrangement and the potential expense stability that may inure to the benefit of shareholders of the Unitary
Funds and noted that the Advisers have capped expenses on each of the Non-Unitary Funds since its inception, although the cap was not
necessarily exceeded each year. Based on the foregoing and the other information available to them, the Trustees determined that the advisory
fee rate for each Fund and the sub-advisory fee rate for the VanEck CLO ETF are reasonable and appropriate in relation to the current
asset size of each Fund and the other factors discussed above and that the advisory fee rate for each Fund currently reflects an appropriate
sharing with shareholders of any economies of scale which may exist. The Trustees also determined that the profits earned by the Advisers
and the Sub-Adviser with respect to the Funds that were profitable to the Advisers were reasonable in light of the nature and quality
of the services received by such Funds.
The Independent Trustees were advised by and met in executive session with
their independent counsel at the Renewal Meeting and at their May 3, 2024 meeting as part of their consideration of the Agreements.
In voting to approve the continuation of the Agreements, the Trustees, including
the Independent Trustees, concluded that the terms of each of the 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, at the time of their considerations, each of the Agreements is in the best interest of the applicable Fund and
the Fund’s shareholders.
16
Item 8.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There were no changes in and disagreements with accountants.
Item 9.
PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
Item 10.
REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Information included in Item 7.
Item 11.
STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Information included in Item 7.
Item 12.
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
Item 13.
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
Item 14.
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
Item 15.
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
No material changes to the procedures by which shareholders
may recommend nominees to the registrant’s board of directors.
Item 16.
CONTROLS AND PROCEDURES.
(a)
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded
that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940,
as amended (the “1940 Act”) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of the
report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required
by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of
1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b)
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting.
Item 17.
DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
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, Chief Financial
Officer
Date September 6, 2024
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.
