ANNUAL REPORT
December 31, 2023
   

 

 

Africa Index ETF AFK
Brazil Small-Cap ETF BRF
ChiNext ETF CNXT
Digital India ETF DGIN
Egypt Index ETF EGPT
India Growth Leaders ETF GLIN
Indonesia Index ETF IDX
Israel ETF ISRA
Vietnam ETF VNM

 

     
  800.826.2333 vaneck.com
 

 

 

President’s Letter 1
Management Discussion 3
Performance Comparison  
Africa Index ETF 6
Brazil Small-Cap ETF 7
ChiNext ETF 8
Digital India ETF 9
Egypt Index ETF 10
India Growth Leaders ETF 11
Indonesia Index ETF 12
Israel ETF 13
Vietnam ETF 14
About Fund Performance 15
Explanation of Expenses 16
Schedule of Investments  
Africa Index ETF 18
Brazil Small-Cap ETF 21
ChiNext ETF 25
Digital India ETF 28
Egypt Index ETF 30
India Growth Leaders ETF 32
Indonesia Index ETF 35
Israel ETF 37
Vietnam ETF 40
Statements of Assets and Liabilities 42
Statements of Operations 45
Statements of Changes in Net Assets 48
Financial Highlights  
Africa Index ETF 53
Brazil Small-Cap ETF 54
ChiNext ETF 55
Digital India ETF 56
Egypt Index ETF 57
India Growth Leaders ETF 58
Indonesia Index ETF 59
Israel ETF 60
Vietnam ETF 61
Notes to Financial Statements 62
Report of Independent Registered Public Accounting Firm 72
Tax Information 74
Board of Trustees and Officers 75

 

 

Certain information contained in this report represents the opinion of the investment adviser which may change at any time. This information is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Also, unless otherwise specifically noted, any discussion of the Funds’ holdings, the Funds’ performance, and the views of the investment adviser are as of December 31, 2023.

 

VANECK ETFs

PRESIDENT’S LETTER

December 31, 2023 (unaudited)

 

Dear Fellow Shareholders:

 

Our outlook for financial markets in 2023 was “sideways” and “40/60” or overweight bonds. This strategy worked well until November 2023, when the market suddenly rallied aggressively and priced in U.S. Federal Reserve (“Fed”) interest rate cuts which were to happen in 2024. It is one of the wonders of the market that it can price in its view of the future so quickly.

 

In this sense, it could be that 2024 has already happened. One could imagine that the three major factors—monetary policy, government spending and global economic growth—will not change much in 2024.

 

So, let’s review those three major forces on markets and some risks and trends worth noting.

 

Discussion

 

1. Monetary Policy: Not Very Stimulative

 

To recap this cycle: stocks and bonds historically do not perform well when the Fed tightens monetary conditions. And that’s just what the Fed announced it would be doing at the end of 2021. This would include raising rates and changing its balance sheet actions, which doesn’t create a great environment for financial assets.

 

A second, modern component to monetary policy is the Fed balance sheet. After buying bonds during the pandemic, the Fed has now started shrinking the balance sheet—from a high of almost $9 trillion in early 2022, assets dropped to just under $7.8 trillion toward the end of December 2023.1

 

Our favorite inflation is wage inflation, not food or gas prices. That is the kind of inflation which is endemic and hard to manage once it takes hold. And wage inflation is above 4%, not near the Fed’s 2% target, so we don’t see a big Fed stimulus. And the silent Fed action of reducing its bond holdings (“quantitative tightening”), continues.

 

2. Government Spending: Also Muted

 

A second bearish factor is that government spending is unlikely to increase next year. The Republicans, in control of the House of Representatives, continue to look to slow government spending. While we probably didn’t sufficiently appreciate the amount of some of the Biden Administration’s spending, like with the environmental Inflation Reduction Act (“IRA”), any such upside surprises are very unlikely in 2024.

 

3. Global Growth is at Low Levels

 

Over the last 20 years, the U.S. and China have been the two main pillars of global growth. But while there are bright spots, China is remarkable now for its economic weakness. The property market recession has helped pull Chinese prices lower year over year and that deflationary force affects the world economy. Other centers of growth like India, Indonesia and Africa are not big enough yet to drive global growth.

 

Notable

 

1. Bonds

 

While interest rates whipsawed investors in 2023 with a net positive result, our outlook favoring bonds hasn’t changed, which is that they offer attractive risk-adjusted returns compared to equities, given the headwinds discussed above. Now, after the 2022 and 2023 losses, bond investments are offering attractive yields, this has been our favorite asset class to buy and remains our preference. (See What to Buy? Bonds. When? Now.2) As a reference, bonds offered attractive total returns in the 1970s even though that decade was the worst for interest rates in the last 100 years.

1

VANECK ETFs

PRESIDENT’S LETTER

(unaudited) (continued)

 

2. Yield Curve

 

We like to look for market distortions and the most notable one is “yield curve inversion”—long-term interest rates lower than short-term rates. If, and it’s a big “if”, government entities like the Fed are stepping back from the bond markets, then it makes sense for long-term rates to be higher because with greater risk should come greater return. Yield curve inversion is present only about 10% of the time. It’s unusual.

 

3. India/Emerging Markets

 

With the new-found ubiquity and affordability of mobile phones in India, the Internet sector there is well primed to do as well as it has in the U.S., China and other major markets. Digital India seems like a good tactical play, despite higher price/earnings ratios. Emerging markets in general have lagged for so many years that most investors have given up. So many, that 2024 may be their year.

 

4. Stores of Value/Real Assets

 

In March 2023, I “pounded the table” on gold and Bitcoin in a CNBC interview. While those assets have rallied hard since then—again, the market likes to anticipate!—I don’t think this trend is over.

 

5. Value stocks

 

Growth stocks had a shockingly good 2023. Stocks in banks and financials have been beaten up. They are definitely worth a close look. This outlook is discussed in a recent podcast, The Compound & Friends,3 Episode 113, released on October 13, 2023.

 

We thank you for investing in VanEck’s investment strategies. On the following pages, you will find a performance discussion and financial statements for each of the funds for the 12 month period ended December 31, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

 

 

Jan F. van Eck
CEO and President
VanEck ETF Trust

 

January 18, 2024

 

PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”.4 Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

 

1 U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, December 28, 2023, https://www.federalreserve.gov/releases/h41/20231228/
   
2 VanEck: What to Buy? Bonds. When? Now., https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/
   
3 The Compound & Friends, https://podcasts.apple.com/us/podcast/the-new-kings-of-wall-street/id1456467014?i=1000631190860
   
4 VanEck: https://www.vaneck.com/us/en/subscribe/
2

VANECK ETFs

MANAGEMENT DISCUSSION

December 31, 2023 (unaudited)

 

Africa

 

While the materials and communication services sectors detracted from performance, both the financial sector, together with the consumer discretionary sector, were positive contributors to the performance of the VanEck Africa Index ETF, which lost 8.43% for the 12 month period ended December 31, 2023 (the “Period”). Geographically, Morocco, was the top contributor to Fund returns. The greatest detractor from performance, by country, was Kenya. Additionally, the Fund’s position in Nigerian Naira detracted from performance.

 

The three top positive contributions to the Fund’s performance came from: Attijariwafa Bank SA (6.1% of Fund net assets), Banque Centrale Populaire SA (5.0% of Fund net assets) and Airtel Africa Plc (3.6% of Fund net assets). The companies that detracted most from performance were: Safaricom PLC (2.5% of Fund net assets), Anglo American plc (4.0% of Fund net assets) and First Quantum Minerals Ltd. (2.6% of Fund net assets).

 

Brazil

 

Brazilian small-cap stocks performed strongly in 2023, with the VanEck Brazil Small-Cap ETF gaining 36.14% over the Period under review.

 

The majority of positive contributions came from three sectors: industrial, consumer discretionary and utilities, with the industrial sector contributing the most. The two sectors detracting the most from performance most were: energy and communication services, but neither detracted significantly.

 

The three top positive contributions to the Fund’s performance came from: Cia de Saneamento do Parana SA (2.1% of Fund net assets), Allos S.A. (sold by period end) and Inter & Co., Inc. (2.3% of Fund net assets). The companies that detracted most from performance were: Petroreconcavo SA (1.8% of Fund net assets), Grupo de Moda Soma SA (1.6% of Fund net assets) and Marfrig Global Foods SA (2.0% of Fund net assets).

 

China

 

The VanEck ChiNext ETF lost 21.31%. The Fund suffered as a result of the continued weakness of the country’s recovery following COVID-19.

 

The VanEck ChiNext ETF offers exposure to more consumer, new economy sector names, many of which have also tended to be non-state owned enterprises. The communication services sector was the single sector to contribute positively to performance. The industrial sector detracted by far the most from performance.

 

The three top positive contributions to the Fund’s performance came from: Zhongji Innolight Co., Ltd. (2.6% of Fund net assets), Chongqing Zhifei Biological Products Co., Ltd. (2.6% of Fund net assets) and Maxscend Microelectronics Company Limited (1.7% of Fund net assets). The companies that detracted most from performance were: Contemporary Amperex Technology Co., Ltd. (15.1% of Fund net assets), EVE Energy Co. Ltd. (2.0% of Fund net assets) and Sungrow Power Supply Co., Ltd. (3.2% of Fund net assets).

 

Egypt

 

The VanEck Egypt Index ETF ended 2023 gaining 24.78%.

 

The top performing sector by far was materials, with the largest average sector weighting during the Period. The three sectors detracting from performance were: healthcare, financial and energy. Mid cap companies, with the largest average weighting during the Period under review, contributed the most to performance.

 

The three top positive contributions to the Fund’s performance came from: Ezz Steel Company (S.A.E.) (7.1% of Fund net assets), Abou Kir Fertilizers & Chemical Industries Co. (8.8% of Fund net assets) and Eastern Company (8.4% of Fund net assets). The companies that detracted most from performance were: Capricorn Energy PLC (1.8% of Fund net assets), Cleopatra Hospital Company (1.8% of Fund net assets) and e-finance for Digital and Financial Investments S.A.E. (3.1% of Fund net assets).

3

VANECK ETFs

MANAGEMENT DISCUSSION (unaudited) (continued)

 

India

 

The VanEck Digital India ETF gained 30.07% in 2023. All sectors contributed positively to performance with the information technology sector, with the largest average sector weighting during the Period, contributing the most and the industrial sector the least.

 

The three top positive contributions to the Fund’s performance came from: Zomato (5.4% of Fund net assets), HCL Technologies Limited (6.3% of Fund net assets) and KPIT Technologies Limited (2.5% of Fund net assets). The companies that detracted most from performance were: WNS (Holdings) Limited (1.7% of Fund net assets), Tata Teleservices (Maharashtra) Limited (2.1% of Fund net assets) and Indus Towers Limited (1.7% of Fund net assets).

 

The VanEck India Growth Leaders ETF gained 35.50% over the Period. The industrial sector contributed the most to performance and the materials sector was the only sector to detract from performance and then only minimally.

 

The three top positive contributions to the Fund’s performance came from: Coal India Ltd. (6.2% of Fund net assets), Bharat Electronics Limited (5.2% of Fund net assets) and Varun Beverages Ltd. (4.6% of Fund net assets). The companies that detracted most from performance were: Hindalco Industries Limited (sold by the end of the period), Divi’s Laboratories Limited (sold by the end of the period) and Tata Steel Limited (sold by the end of the period).

 

Indonesia

 

Indonesian stocks only made incremental gains in 2023 with the VanEck Indonesia Index ETF registering a small gain of 1.91% for the Period. The greatest positive contribution to returns came from the financial sector. The greatest negative contribution to returns came from the energy sector.

 

The three top positive contributions to the Fund’s performance came from: PT Chandra Asri Pacific Tbk (3.1% of Fund net assets), PT Bank Rakyat Indonesia (Persero) Tbk (8.2% of Fund net assets) and PT Bank Mandiri (Persero) Tbk (7.1% of Fund net assets). The companies that detracted most from performance were: Banpu Public Co. Ltd. (1.6% of Fund net assets), PT Berkah Beton Sadaya Tbk (sold by period end) and PT Merdeka Copper Gold Tbk (1.9% of Fund net assets).

 

Israel

 

Despite the recent conflict in the Middle East, the VanEck Israel ETF made only a small loss of 0.22% in the Period under review.

 

The financial sector contributed most positively to performance over the Period under review. The healthcare sector detracted most from performance.

 

The three top positive contributions to the Fund’s performance came from: CyberArk Software Ltd. (5.0% of Fund net assets), Check Point Software Technologies Ltd. (7.5% of Fund net assets) and Wix.com Ltd. (3.2% of Fund net assets). The companies that detracted most from performance were: SolarEdge Technologies, Inc. (2.8% of Fund net assets), NovoCure Ltd. (0.4% of Fund net assets) and InMode Ltd. (1.0% of Fund net assets).

 

Vietnam

 

The VanEck Vietnam ETF gained 15.95% in 2023.

 

The financial sector contributed by far the most to the Fund’s performance, and the consumer staples sector detracted the most from performance.

 

The three top positive contributions to the Fund’s performance came from: SSI Securities Corp. (5.4% of Fund net assets), Hoa Phat Group JSC (6.6% of Fund net assets) and VNDirect Securities Corp. (4.4% of Fund net assets). The companies that detracted most from performance were: Masan Group Corporation (4.2% of

4

 

 

Fund net assets), Vingroup Joint Stock Company (8.4% of Fund net assets) and Saigon Beer Alcohol Beverage Corp. (1.8% of Fund net assets).

 

All Fund assets referenced are Total Net Assets as of December 31, 2023.

 

The mention of a specific security is not a recommendation to buy, or solicitation to sell such security.

5

VANECK AFRICA INDEX ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVAFKTR1   SPTR2
One Year     (12.14)%       (8.43)%       (0.97)%       26.29%  
Five Year     (3.06)%       (2.96)%       (0.27)%       15.69%  
Ten Year     (4.82)%       (4.58)%       (2.55)%       12.03%  

 

  1 MVIS® GDP Africa (MVAFKTR) Index is a rules-based, modified-capitalization-weighted, float-adjusted index and is intended to give investors a means of tracking the overall performance of the publicly traded companies in Africa.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000

 

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.


 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 15 for more information.

6

VANECK BRAZIL SMALL-CAP ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVBRFTR1   SPTR2
One Year     36.95%       36.14%       37.46%       26.29%  
Five Year     0.67%       0.70%       1.43%       15.69%  
Ten Year     (1.64)%       (1.58)%       (0.92)%       12.03%  

 

  1 MVIS® Brazil Small-Cap Index (MVBRFTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded small-capitalization companies that are incorporated in or doing substantial business in Brazil.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000

 

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.


 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 15 for more information.

7

VANECK CHINEXT ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   SZ9881071   SPTR2
One Year     (21.47)%       (21.31)%       (20.22)%       26.29%  
Five Year     5.15%       5.20%       6.94%       15.69%  
Life*     0.94%       0.98%       3.15%       11.80%  

 

  * Inception of Fund: 7/23/14; First Day of Secondary Market Trading: 7/24/14.  
       
  1 The ChiNext Index (SZ988107) is a free-float adjusted index intended to track the performance of the 100 largest and most liquid stocks listed and trading on the ChiNext Market of the Shenzhen Stock Exchange. The ChiNext Index is comprised of China A-shares.  
       
    Index data prior to December 10, 2021 reflects that of the SME-ChiNext Index (CNI6109). From December 10, 2021 forward, the index data reflects that of the SZ988107. All Index history reflects a blend of the performance of the aforementioned Indexes.  
       
    Index data as of October 1, 2015 for all periods presented reflect the CNI6109 stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000 (Since Inception)

 

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.


 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 15 for more information.

8

VANECK DIGITAL INDIA ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVDINDTR1   SPTR2
One Year     30.30%       30.07%       33.04%       26.29%  
Life*     0.58%       0.38%       2.22%       5.25%  

 

  * Inception of Fund: 2/15/22; First Day of Secondary Market Trading: 2/16/22.  
       
  1 MVIS® Digital India Index (MVDIND) is a rules based, modified market capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the companies involved in and supporting the digitalization of India.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000 (Since Inception)

 

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.


 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on 15 for more information.

9

VANECK EGYPT INDEX ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVEGPTTR1   SPTR2
One Year     27.19%       24.78%       31.83%       26.29%  
Five Year     0.16%       (0.44)%       2.57%       15.69%  
Ten Year     (5.53)%       (5.93)%       (2.24)%       12.03%  

 

  1 MVIS® Egypt Index (MVEGPTTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Egypt.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000

 

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.


 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 15 for more information.

10

VANECK INDIA GROWTH LEADERS ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MGINGRNR1   SPTR2
One Year     36.11%       35.50%       39.24%       26.29%  
Five Year     1.62%       1.52%       3.17%       15.69%  
Ten Year     4.37%       4.44%       5.37%       12.03%  

 

  1 The MarketGrader India All-Cap Growth Leaders Index (MGINGRNR) is a modified market capitalization weighted, float adjusted index designed to track Indian companies that the index provider has determined exhibit favorable fundamental characteristics according to the index provider’s proprietary scoring methodology.  
       
    Index data prior to May 1, 2020 reflects that of the MVIS® India Small-Cap Index (MVSCIFTR). From May 1, 2020 forward, the index data reflects that of the MGINGRNR. All Index history reflects a blend of the performance of the aforementioned Indexes.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000

 

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.


 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 15 for more information.

11

VANECK INDONESIA INDEX ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVIDXTR1   SPTR2
One Year     1.90%       1.91%       2.11%       26.29%  
Five Year     (2.44)%       (2.55)%       (2.36)%       15.69%  
Ten Year     (0.03)%       0.09%       0.51%       12.03%  

 

  1 MVIS® Indonesia Index (MVIDXTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Indonesia.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000

 

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.


 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 15 for more information.

12

VANECK ISRAEL ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   BLSNTR1   SPTR2
One Year     (0.16)%       (0.22)%       0.61%       26.29%  
Five Year     5.80%       5.78%       6.24%       15.69%  
Ten Year     2.90%       2.94%       3.38%       12.03%  

 

  1 Bluestar Israel Global Index® (BLSNTR) is a rules based, modified capitalization, float adjusted weighted index comprised of equity securities, which may include depositary receipts, of publicly traded companies that are generally considered by the index provider to be Israeli companies.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000

 

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.


 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on page 15 for more information.

13

VANECK VIETNAM ETF

PERFORMANCE COMPARISON

December 31, 2023 (unaudited)

 

Average Annual Total Return
    Share Price   NAV   MVVNMTR1   SPTR2
One Year     14.95%       15.95%       17.50%       26.29%  
Five Year     (1.08)%       (1.18)%       (0.21)%       15.69%  
Ten Year     (1.88)%       (1.78)%       (0.78)%       12.03%  

 

  1 MVIS® Vietnam Index (MVVNMTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Vietnam.  
       
  2 The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value.  

 

Hypothetical Growth of $10,000

 

 

This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index.


 

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.

 

See “About Fund Performance” on 15 for more information.

14

VANECK ETFs

ABOUT FUND PERFORMANCE

(unaudited)

 

The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.

 

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects, if applicable, temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.

 

Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.

 

Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.

 

The Africa Index, Brazil Small-Cap Index, Digital India Index, Egypt Index, Indonesia Index, Israel Index and Vietnam Index are published by MarketVector Indexes GmbH (MarketVector). MarketVector is a wholly owned subsidiary of the Adviser, Van Eck Associates Corporation. The India Growth Leaders Index is published by MarketGrader.com Corp. (MarketGrader). The ChiNext Index is published by the Shenzhen Securities Information Co., Ltd. (Shenzhen Securities), which is a subsidiary of the Shenzhen Stock Exchange.

 

MarketVector, MarketGrader, and Shenzhen Securities are “Index Providers.” The Index Providers do not sponsor, endorse, or promote the Funds and bear no liability with respect to the Funds or any security.

15

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited)

 

Hypothetical $1,000 investment at beginning of period

As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

 

The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2023 to December 31, 2023.

 

Actual Expenses

The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”

 

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

    Beginning
Account
Value
July 1, 2023
  Ending
Account
Value
December 31, 2023
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
July 1, 2023 -
December 31, 2023(a)
Africa Index ETF                
Actual   $1,000.00   $982.20   1.41%   $7.04
Hypothetical (b)   $1,000.00   $1,018.10   1.41%   $7.17
Brazil Small-Cap ETF                
Actual   $1,000.00   $1,021.00   0.68%   $3.46
Hypothetical (b)   $1,000.00   $1,021.78   0.68%   $3.47
ChiNext ETF                
Actual   $1,000.00   $868.30   0.65%   $3.06
Hypothetical (b)   $1,000.00   $1,021.93   0.65%   $3.31
Digital India ETF                
Actual   $1,000.00   $1,161.30   0.78%   $4.25
Hypothetical (b)   $1,000.00   $1,021.27   0.78%   $3.97
Egypt Index ETF                
Actual   $1,000.00   $1,329.40   1.42%   $8.34
Hypothetical (b)   $1,000.00   $1,018.05   1.42%   $7.22
India Growth Leaders ETF                
Actual   $1,000.00   $1,214.70   0.81%   $4.52
Hypothetical (b)   $1,000.00   $1,021.12   0.81%   $4.13
Indonesia Index ETF                
Actual   $1,000.00   $976.10   0.58%   $2.89
Hypothetical (b)   $1,000.00   $1,022.28   0.58%   $2.96
16

 

 

    Beginning
Account
Value
July 1, 2023
  Ending
Account
Value
December 31, 2023
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
July 1, 2023 -
December 31, 2023(a)
Israel ETF                
Actual   $1,000.00   $1,010.50   0.59%   $2.99
Hypothetical (b)   $1,000.00   $1,022.23   0.59%   $3.01
Vietnam ETF                
Actual   $1,000.00   $1,023.70   0.63%   $3.21
Hypothetical (b)   $1,000.00   $1,022.03   0.63%   $3.21

 

(a) Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
(b) Assumes annual return of 5% before expenses
17

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.1%            
Australia: 4.6%                
AVZ Minerals Ltd. *∞     1,399,901     $ 213,014  
Paladin Energy Ltd. * †     1,036,938       695,747  
Perseus Mining Ltd.     815,701       1,027,365  
              1,936,126  
Canada: 7.5%                
B2Gold Corp. (USD)     31,861       100,681  
Barrick Gold Corp. (USD)     54,794       991,223  
Ivanhoe Mines Ltd. * †     207,349       2,020,654  
              3,112,558  
China: 2.8%                
CMOC Group Ltd. (HKD)     2,166,000       1,184,967  
Egypt: 4.7%                
Centamin Plc (GBP)     403,310       512,232  
Commercial International Bank - Egypt (CIB) (USD) (GDR) †     1,138,846       1,457,723  
              1,969,955  
India: 1.3%                
MakeMyTrip Ltd. (USD) *     11,267       529,324  
Indonesia: 0.5%                
Golden Agri-Resources Ltd. (SGD)     1,105,600       217,762  
Kenya: 4.4%                
Equity Group Holdings Plc     3,827,300       820,310  
Safaricom Plc     11,676,500       1,033,779  
              1,854,089  
Morocco: 14.5%                
Attijariwafa Bank     55,132       2,565,028  
Bank of Africa     39,946       726,556  
Banque Centrale Populaire     74,678       2,082,279  
Co. Sucrerie Marocaine et de Raffinage     34,706       685,757  
              6,059,620  
Nigeria: 4.9%                
Guaranty Trust Holding Co. Plc     18,872,637       654,253  
MTN Nigeria Communications Plc     3,586,289       812,687  
Zenith Bank Plc     17,693,175       584,780  
              2,051,720  
Norway: 0.2%                
Scatec ASA 144A     8,136       65,760  
South Africa: 37.6%                
Absa Group Ltd.     61,117       545,598  
African Rainbow Minerals Ltd.     7,676       83,948  
Anglo American Platinum Ltd. †     4,326       227,122  
Anglo American Plc (GBP)     66,461       1,663,495  
Anglogold Ashanti Plc (USD)     54,770       1,023,651  
Aspen Pharmacare Holdings Ltd.     21,831       243,595  
AVI Ltd.     17,892       80,027  
Bid Corp. Ltd.     16,148       376,769  
Bidvest Group Ltd.     14,797       204,136  
    Number
of Shares
    Value  
South Africa (continued)                
Capitec Bank Holdings Ltd.     4,868     $ 543,297  
Clicks Group Ltd.     13,310       237,058  
Discovery Ltd.     31,363       246,411  
Exxaro Resources Ltd.     11,392       127,932  
FirstRand Ltd.     365,898       1,468,378  
Gold Fields Ltd. (ADR) †     57,530       831,884  
Growthpoint Properties Ltd.     223,785       142,929  
Harmony Gold Mining Co. Ltd. (ADR)     32,219       198,147  
Impala Platinum Holdings Ltd.     51,266       254,655  
Investec Plc (GBP)     32,530       220,024  
Kumba Iron Ore Ltd.     4,252       142,561  
Life Healthcare Group Holdings Ltd.     67,227       67,530  
Momentum Metropolitan Holdings     75,084       90,071  
Mr Price Group Ltd.     15,952       136,784  
MTN Group Ltd.     84,865       535,453  
MultiChoice Group *     13,058       57,852  
Naspers Ltd.     11,863       2,031,145  
Nedbank Group Ltd.     26,153       308,810  
Netcare Ltd.     74,872       58,301  
Northam Platinum Holdings Ltd.     14,154       107,277  
Old Mutual Ltd.     267,860       190,673  
OUTsurance Group Ltd.     53,582       122,928  
Pepkor Holdings Ltd. 144A     88,284       94,738  
Remgro Ltd.     31,232       276,288  
Sanlam Ltd.     106,059       422,206  
Sasol Ltd. (ADR) †     32,696       324,998  
Shoprite Holdings Ltd.     27,551       414,376  
Sibanye Stillwater Ltd. (ADR) †     41,170       223,553  
SPAR Group Ltd. * †     9,422       60,744  
Standard Bank Group Ltd.     85,885       979,426  
Thungela Resources Ltd.     9,600       80,737  
Tiger Brands Ltd. †     7,842       86,163  
Woolworths Holdings Ltd.     41,459       163,682  
              15,695,352  
Tanzania: 1.3%                
Helios Towers Plc (GBP) *     476,212       540,297  
United Arab Emirates: 3.5%                
Itissalat Al-Maghrib (MAD)     142,676       1,445,713  
United Kingdom: 6.4%                
Airtel Africa Plc 144A     909,500       1,508,849  
Endeavour Mining Plc     44,710       1,000,557  
Vodacom Group Ltd. (ZAR)     30,657       177,697  
              2,687,103  
United States: 3.3%                
Kosmos Energy Ltd. *     167,906       1,126,649  
Royal Caribbean Cruises Ltd. *     1,859       240,722  
              1,367,371  
Zambia: 2.6%                
First Quantum Minerals Ltd. (CAD)     132,594       1,091,040  


 

See Notes to Financial Statements

18

 

 

    Number
of Shares
    Value  
Zimbabwe: 0.0%                
Delta Corp. Ltd.     15,980     $ 5,148  
Ecocash Holdings Zimbabwe Ltd. *     32,900       534  
              5,682  
Total Common Stocks
(Cost: $39,644,320)
            41,814,439  
    Number
of Shares
    Value  
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.5%        
Money Market Fund: 1.5%
(Cost: $616,977)
               
State Street Navigator Securities Lending Government Money Market Portfolio     616,977     $ 616,977  
Total Investments: 101.6%
(Cost: $40,261,297)
            42,431,416  
Liabilities in excess of other assets: (1.6)%             (649,295)  
NET ASSETS: 100.0%           $ 41,782,121  


 

 

 

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 that factor in discount for lack of marketability 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 $4,000,181.
   
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 $1,669,347, or 4.0% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Financials        34.2 %       $ 14,305,573  
Materials     31.6       13,223,024  
Communication Services     14.6       6,112,327  
Consumer Discretionary     7.6       3,196,395  
Consumer Staples     5.2       2,163,804  
Energy     4.9       2,031,065  
Health Care     0.9       369,426  
Industrials     0.5       204,136  
Real Estate     0.3       142,929  
Utilities     0.2       65,760  
      100.0 %   $ 41,814,439  


See Notes to Financial Statements

19

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

 

The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Australia   $     $ 1,723,112     $ 213,014     $ 1,936,126  
Canada     3,112,558                   3,112,558  
China           1,184,967             1,184,967  
Egypt     1,457,723       512,232             1,969,955  
India     529,324                   529,324  
Indonesia           217,762             217,762  
Kenya     1,854,089                   1,854,089  
Morocco     1,412,313       4,647,307             6,059,620  
Nigeria     812,687       1,239,033             2,051,720  
Norway           65,760             65,760  
South Africa     4,978,927       10,716,425             15,695,352  
Tanzania     540,297                   540,297  
United Arab Emirates     1,445,713                   1,445,713  
United Kingdom     177,697       2,509,406             2,687,103  
United States     1,367,371                   1,367,371  
Zambia     1,091,040                   1,091,040  
Zimbabwe     5,682                   5,682  
Money Market Fund     616,977                   616,977  
Total Investments   $ 19,402,398     $ 22,816,004     $ 213,014     $ 42,431,416  

 

See Notes to Financial Statements

20

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 89.0%                
Automobiles & Components: 0.6%              
Mahle Metal Leve SA     23,100     $ 168,329  
Banks: 2.3%                
Inter & Co., Inc. (BDR) *     123,400       695,525  
Capital Goods: 3.3%                
Armac Locacao Logistica E Servicos SA *     54,050       189,643  
Iochpe Maxion SA     77,452       205,416  
Kepler Weber SA     70,200       157,889  
Mills Estruturas e Servicos de Engenharia SA     73,500       205,642  
Tupy SA     37,900       226,734  
              985,324  
Commercial & Professional Services: 1.4%          
Ambipar Participacoes e Empreendimentos SA     46,250       154,261  
Orizon Valorizacao de Residuos SA *     33,600       267,088  
              421,349  
Consumer Discretionary Distribution & Retail: 1.6%  
Grupo Casas Bahia SA *     56,736       132,859  
Grupo SBF SA     70,900       171,369  
Pet Center Comercio e Participacoes SA     223,350       181,616  
              485,844  
Consumer Durables & Apparel: 13.0%          
Cury Construtora e Incorporadora SA     80,800       299,338  
Cyrela Brazil Realty SA Empreendimentos e Participacoes     167,500       826,071  
Direcional Engenharia SA     81,300       374,223  
Ez Tec Empreendimentos e Participacoes SA     111,402       426,991  
Grendene SA     140,950       205,295  
Grupo de Moda Soma SA     306,500       469,509  
Guararapes Confeccoes SA *     60,300       81,053  
MRV Engenharia e Participacoes SA *     251,400       580,270  
Vivara Participacoes SA     92,200       649,494  
              3,912,244  
Consumer Services: 9.6%                
Afya Ltd. *     13,369       293,182  
Anima Holding SA *     203,600       186,249  
Arcos Dorados Holdings, Inc.     72,700       922,563  
Cogna Educacao SA *     972,750       697,540  
Cruzeiro do Sul Educacional SA     44,350       48,357  
YDUQS Participacoes SA     140,450       647,656  
Zamp SA *     84,100       98,693  
              2,894,240  
Consumer Staples Distribution & Retail: 1.0%          
Cia Brasileira de Distribuicao (ADR) * †     101,665       81,332  
Dimed SA Distribuidora da Medicamentos     58,750       161,473  
    Number
of Shares
    Value  
Consumer Staples Distribution & Retail (continued)    
Empreendimentos Pague Menos SA *     61,557     $ 50,197  
              293,002  
Energy: 10.3%                
3R Petroleum Oleo e Gas SA *     127,801       690,217  
AES Brasil Energia SA *     175,272       444,616  
Enauta Participacoes SA     69,800       288,896  
Excelerate Energy, Inc.     9,510       147,025  
Karoon Energy Ltd. * †     536,328       743,143  
Modec, Inc. *     14,600       239,153  
Petroreconcavo SA     120,800       539,480  
              3,092,530  
Financial Services: 0.6%                
Vinci Partners Investments Ltd.     15,390       168,520  
Food, Beverage & Tobacco: 6.7%                
Adecoagro SA     32,103       356,343  
BrasilAgro - Co. Brasileira de Propriedades Agricolas     37,200       199,536  
Camil Alimentos SA *     84,500       146,751  
Jalles Machado SA     116,417       188,201  
Marfrig Global Foods SA *     311,013       615,431  
Minerva SA     181,100       278,381  
Tres Tentos Agroindustrial SA     88,500       219,204  
              2,003,847  
Health Care Equipment & Services: 6.0%          
Fleury SA *     217,587       807,933  
Hospital Mater Dei SA     29,900       51,367  
Odontoprev SA     164,740       394,111  
Oncoclinicas do Brasil Servicos Medicos SA *     206,000       552,072  
              1,805,483  
Insurance: 1.2%                
IRB-Brasil Resseguros SA *     39,673       362,227  
Materials: 5.0%                
Cia Brasileira de Aluminio     135,350       142,249  
Dexco SA *     233,100       387,514  
ERO Copper Corp. * †     50,922       804,059  
Irani Papel e Embalagem SA     76,950       172,591  
              1,506,413  
Media & Entertainment: 0.8%                
VTEX *     33,226       228,595  
Pharmaceuticals, Biotechnology & Life Sciences: 0.3%          
Blau Farmaceutica SA     22,950       77,436  
Real Estate Management & Development: 3.6%          
Iguatemi SA     155,850       778,010  
JHSF Participacoes SA     183,300       208,585  
LOG Commercial Properties e Participacoes SA     23,200       108,442  
              1,095,037  
Semiconductors & Semiconductor Equipment: 1.3%          
SMART Global Holdings, Inc. * †     20,277       383,844  


 

See Notes to Financial Statements

21

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Number
of Shares
    Value  
Software & Services: 1.3%                
Locaweb Servicos de Internet SA 144A     224,200     $ 277,652  
Sonda SA     284,519       124,185  
              401,837  
Technology Hardware & Equipment: 0.6%          
Ituran Location and Control Ltd.     3,814       103,893  
Multilaser Industrial SA *     145,700       62,663  
              166,556  
Telecommunication Services: 0.2%          
Unifique Telecomunicacoes SA     89,950       73,920  
Transportation: 9.6%                
Azul SA (ADR) *     69,183       670,383  
EcoRodovias Infraestrutura e Logistica SA     182,940       354,592  
Hidrovias do Brasil SA *     345,600       280,784  
Log-in Logistica Intermodal SA *     10,650       84,455  
Movida Participacoes SA     90,000       220,030  
Santos Brasil Participacoes SA     447,900       863,714  
SIMPAR SA     214,350       424,925  
              2,898,883  
Utilities: 8.7%                
Alupar Investimento SA     156,306       1,014,384  
Cia de Saneamento de Minas Gerais Copasa MG     134,988       569,751  
Cia De Sanena Do Parana *     103,150       619,879  
Light SA *     105,800       174,242  
Serena Energia SA *     119,402       251,109  
              2,629,365  
Total Common Stocks
(Cost: $22,502,299)
            26,750,350  
                 
PREFERRED SECURITIES: 10.7%                
Banks: 3.6%                
Banco ABC Brasil SA*     52,756       271,620  
Banco do Estado do Rio Grande do Sul SA     144,750       397,885  
Banco Pan SA*     236,100       419,831  
              1,089,336  
Capital Goods: 2.9%                
Marcopolo SA     361,059       524,893  
Randon SA Implementos e Participacoes*     126,900       334,618  
              859,511  
Consumer; Cyclical: 0.8%                
Alpargatas SA*     109,750       228,467  
Energy: 2.2%                
Raizen SA     810,600       672,294  
Information Technology: 1.2%                
Cia de Ferro Ligas da Bahia FERBASA*     23,450       224,217  
    Number
of Shares
    Value  
Information Technology (continued)          
Taurus Armas SA     44,950     $ 140,633  
              364,850  
Total Preferred Securities
(Cost: $2,274,230)
            3,214,458  
Total Investments Before Collateral for Securities Loaned: 99.7%
(Cost: $24,776,529)
      29,964,808  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4%    
Money Market Fund: 2.4%
(Cost: $710,626)
         
State Street Navigator Securities Lending Government Money Market Portfolio     710,626       710,626  
Total Investments: 102.1%
(Cost: $25,487,155)
            30,675,434  
Liabilities in excess of other assets: (2.1)%             (630,025)  
NET ASSETS: 100.0%           $ 30,045,409  


 

See Notes to Financial Statements

22

 


 

 

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 $1,173,102.
   
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 $277,652, or 0.9% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Consumer Discretionary        24.9 %       $ 7,460,657  
Industrials     17.3       5,165,067  
Energy     11.1       3,320,208  
Utilities     10.3       3,073,981  
Consumer Staples     8.5       2,525,316  
Financials     7.7       2,315,609  
Health Care     6.3       1,882,919  
Materials     5.0       1,506,413  
Information Technology     4.3       1,317,087  
Real Estate     3.6       1,095,037  
Communication Services     1.0       302,514  
      100.0 %   $ 29,964,808  

 

See Notes to Financial Statements

23

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(continued)

 

The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Automobiles & Components   $     $ 168,329     $     $ 168,329  
Banks           695,525             695,525  
Capital Goods           985,324             985,324  
Commercial & Professional Services           421,349             421,349  
Consumer Discretionary Distribution & Retail           485,844             485,844  
Consumer Durables & Apparel           3,912,244             3,912,244  
Consumer Services     1,215,745       1,678,495             2,894,240  
Consumer Staples Distribution & Retail     81,332       211,670             293,002  
Energy     147,025       2,945,505             3,092,530  
Financial Services     168,520                   168,520  
Food, Beverage & Tobacco     356,343       1,647,504             2,003,847  
Health Care Equipment & Services           1,805,483             1,805,483  
Insurance           362,227             362,227  
Materials     804,059       702,354             1,506,413  
Media & Entertainment     228,595                   228,595  
Pharmaceuticals, Biotechnology & Life Sciences           77,436             77,436  
Real Estate Management & Development           1,095,037             1,095,037  
Semiconductors & Semiconductor Equipment     383,844                   383,844  
Software & Services           401,837             401,837  
Technology Hardware & Equipment     103,893       62,663             166,556  
Telecommunication Services           73,920             73,920  
Transportation     670,383       2,228,500             2,898,883  
Utilities           2,629,365             2,629,365  
Preferred Securities *           3,214,458             3,214,458  
Money Market Fund     710,626                   710,626  
Total Investments   $ 4,870,365     $ 25,805,069     $     $ 30,675,434  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

24

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.7%                
Capital Goods: 30.2%                
Beijing Easpring Material Technology Co. Ltd.     18,200     $ 97,586  
Contemporary Amperex Technology Co. Ltd.     113,700       2,606,997  
Dongguan Yiheda Automation Co. Ltd.     7,400       26,778  
East Group Co. Ltd.     46,800       41,844  
Eve Energy Co. Ltd.     57,100       338,605  
Gaona Aero Material Co. Ltd.     20,900       59,707  
Ginlong Technologies Co. Ltd.     10,000       98,081  
Guangzhou Great Power Energy & Technology Co. Ltd.     14,200       56,397  
Hunan Yuneng New Energy Battery Material Co. Ltd.     6,300       30,046  
JL Mag Rare-Earth Co. Ltd.     27,100       76,999  
Qingdao TGOOD Electric Co. Ltd.     30,000       84,704  
Shenzhen Inovance Technology Co. Ltd.     86,600       768,293  
Sungrow Power Supply Co. Ltd.     45,500       559,538  
Sunwoda Electronic Co. Ltd.     62,300       129,161  
Wuxi Lead Intelligent Equipment Co. Ltd.     44,900       161,315  
Xi’an Triangle Defense Co. Ltd.     15,600       61,137  
              5,197,188  
Commercial & Professional Services: 0.8%    
Beijing Originwater Technology Co. Ltd.     90,900       63,725  
Centre Testing International Group Co. Ltd.     33,200       66,230  
              129,955  
Consumer Durables & Apparel: 0.3%    
Huali Industrial Group Co. Ltd.     6,900       51,013  
Consumer Services: 0.6%                
Songcheng Performance Development Co. Ltd.     72,400       100,355  
Financial Services: 8.2%                
Beijing Compass Technology Development Co. Ltd. *   11,200       94,845  
East Money Information Co. Ltd.     569,200       1,123,317  
Hithink RoyalFlush Information Network Co. Ltd.     9,000       198,432  
              1,416,594  
Food, Beverage & Tobacco: 4.7%                
Wens Foodstuffs Group Co. Ltd.     244,900       690,214  
Yihai Kerry Arawana Holdings Co. Ltd.     25,500       119,600  
              809,814  
Health Care Equipment & Services: 12.6%    
Aier Eye Hospital Group Co. Ltd.     194,400       432,301  
Dian Diagnostics Group Co. Ltd.     21,200       70,866  
Huaxia Eye Hospital Group Co. Ltd.     7,900       35,619  
Jafron Biomedical Co. Ltd.     19,300       60,241  
    Number
of Shares
    Value  
Health Care Equipment & Services (continued)    
Lepu Medical Technology Beijing Co. Ltd.     55,500     $ 125,970  
Ovctek China, Inc.     22,100       70,081  
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.     23,900       976,107  
Shenzhen New Industries Biomedical Engineering Co. Ltd.     14,600       160,340  
Sonoscape Medical Corp.     11,200       74,416  
Tofflon Science & Technology Group Co. Ltd.     17,200       43,477  
Winner Medical Co. Ltd.     8,800       46,034  
Winning Health Technology Group Co. Ltd.     79,400       80,077  
              2,175,529  
Household & Personal Products: 1.0%    
By-health Co. Ltd.     44,800       107,106  
Yunnan Botanee Bio- Technology Group Co. Ltd.     6,000       57,445  
              164,551  
Materials: 6.5%                
Canmax Technologies Co. Ltd.     26,400       93,934  
CNGR Advanced Material Co. Ltd.     13,500       93,120  
Hubei Dinglong Co. Ltd.     31,300       106,439  
Hubei Feilihua Quartz Glass Co. Ltd.     19,200       98,582  
Shandong Sinocera Functional Material Co. Ltd.     35,700       115,916  
Shandong Weifang Rainbow Chemical Co. Ltd.     4,200       41,305  
Shenzhen Capchem Technology Co. Ltd.     21,800       144,793  
Shenzhen Dynanonic Co. Ltd.     9,400       80,546  
Shenzhen Senior Technology Material Co. Ltd.     52,000       112,647  
Sinofibers Technology Co. Ltd.     16,100       67,425  
Sunresin New Materials Co. Ltd.     11,200       83,447  
Weihai Guangwei Composites Co. Ltd.     23,700       88,797  
              1,126,951  
Media & Entertainment: 2.1%                
Beijing Enlight Media Co. Ltd.     63,800       73,064  
Kunlun Tech Co. Ltd. *     36,900       193,772  
Mango Excellent Media Co. Ltd.     28,000       99,118  
              365,954  
Pharmaceuticals, Biotechnology & Life Sciences: 10.2%  
Anhui Anke Biotechnology Group Co. Ltd.     50,600       72,633  
Betta Pharmaceuticals Co. Ltd.     11,500       83,307  
BGI Genomics Co. Ltd.     10,500       70,762  
China Resources Boya Bio-pharmaceutical Group Co. Ltd.     14,100       66,702  
Chongqing Zhifei Biological Products Co. Ltd.     51,400       440,973  


 

See Notes to Financial Statements

25

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Number
of Shares
    Value  
Pharmaceuticals, Biotechnology & Life Sciences (continued)  
Hangzhou Tigermed Consulting Co. Ltd.     24,000     $ 185,110  
Hualan Biological Vaccine, Inc.     5,100       19,897  
Imeik Technology Development Co. Ltd.     4,500       185,829  
Pharmaron Beijing Co. Ltd.     41,600       169,130  
Porton Pharma Solutions Ltd.     15,100       53,305  
Shenzhen Kangtai Biological Products Co. Ltd.     27,900       106,382  
Walvax Biotechnology Co. Ltd.     73,700       243,237  
Zhejiang Wolwo Bio- Pharmaceutical Co. Ltd.     12,400       50,475  
              1,747,742  
Semiconductors & Semiconductor Equipment: 6.4%  
Hangzhou Chang Chuan Technology Co. Ltd.     17,500       93,380  
Ingenic Semiconductor Co. Ltd.     12,600       114,340  
Konfoong Materials International Co. Ltd.     8,100       66,616  
Risen Energy Co. Ltd.     40,200       99,696  
SG Micro Corp.     13,600       169,908  
Shenzhen SC New Energy Technology Corp.     11,200       116,393  
Suzhou Maxwell Technologies Co. Ltd.     6,400       116,405  
Wuhan DR Laser Technology Corp. Ltd.     6,000       50,775  
Yangling Metron New Material, Inc.     7,100       33,187  
Yangzhou Yangjie Electronic Technology Co. Ltd.     13,000       66,982  
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd.     27,700       171,480  
              1,099,162  
Software & Services: 4.4%                
Beijing Sinnet Technology Co. Ltd. *     62,000       84,601  
    Number
of Shares
    Value  
Software & Services (continued)      
Empyrean Technology Co. Ltd.     8,000     $ 118,852  
Isoftstone Information Technology Group Co. Ltd. *     27,200       176,313  
Longshine Technology Group Co. Ltd.     25,700       59,155  
Sangfor Technologies, Inc. *     10,600       107,587  
Semitronix Corp.     3,500       36,696  
Thunder Software Technology Co. Ltd.     15,800       177,459  
              760,663  
Technology Hardware & Equipmen: 0.7%      
Shenzhen Sunway Communication Co. Ltd.     36,500       120,898  
Technology Hardware & Equipment: 11.0%      
Anker Innovations Technology Co. Ltd.     7,100       88,303  
Chaozhou Three-Circle Group Co. Ltd.     55,700       230,264  
Eoptolink Technology, Inc. Ltd.     28,200       194,748  
Lens Technology Co. Ltd.     87,800       162,655  
Leyard Optoelectronic Co. Ltd.     91,600       77,183  
Maxscend Microelectronics Co. Ltd.     15,200       300,747  
Shenzhen Longsys Electronics Co. Ltd. *     4,100       52,926  
Suzhou TFC Optical Communication Co. Ltd.     9,800       125,545  
Wuhan Jingce Electronic Group Co. Ltd.     8,600       105,841  
Yealink Network Technology Corp. Ltd.     20,600       85,464  
Zhongji Innolight Co. Ltd.     28,500       450,630  
Zhuzhou Hongda Electronics Corp. Ltd.     6,000       25,433  
              1,899,739  
Total Common Stocks
(Cost: $17,638,256)
            17,166,108  
Total Investments: 99.7%
(Cost: $17,638,256)
            17,166,108  
Other assets less liabilities: 0.3%         59,547  
NET ASSETS: 100.0%           $ 17,225,655  


 

 

 

Footnotes:

 

* Non-income producing

 

Summary of Investments by Sector          % of
Investments
  Value  
Industrials         31.0 %       $ 5,327,143  
Health Care     22.9       3,923,271  
Information Technology     22.6       3,880,462  
Financials     8.2       1,416,594  
Materials     6.6       1,126,951  
Consumer Staples     5.7       974,365  
Communication Services     2.1       365,954  
Consumer Discretionary     0.9       151,368  
      100.0 %   $ 17,166,108  

 

See Notes to Financial Statements

26

 

 

The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Advanced Materials   $     $ 2,606,997     $     $ 2,606,997  
Capital Goods           2,590,191             2,590,191  
Commercial & Professional Services           129,955             129,955  
Consumer Durables & Apparel           51,013             51,013  
Consumer Services           100,355             100,355  
Financial Services           1,416,594             1,416,594  
Food, Beverage & Tobacco           809,814             809,814  
Health Care Equipment & Services     160,340       2,015,189             2,175,529  
Household & Personal Products           164,551             164,551  
Materials           1,126,951             1,126,951  
Media & Entertainment           365,954             365,954  
Pharmaceuticals, Biotechnology & Life Sciences           1,747,742             1,747,742  
Semiconductors & Semiconductor Equipment           1,099,162             1,099,162  
Software & Services           760,663             760,663  
Technology Hardware & Equipmen           120,898             120,898  
Technology Hardware & Equipment           1,899,739             1,899,739  
Total Investments   $ 160,340     $ 17,005,768     $     $ 17,166,108  

 

See Notes to Financial Statements

27

VANECK DIGITAL INDIA ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.4%                
Capital Goods: 0.8%                
IndiaMart InterMesh Ltd. 144A     2,216     $ 72,443  
Commercial & Professional Services: 3.8%    
Computer Age Management Services Ltd.     2,742       87,298  
L&T Technology Services Ltd. 144A     1,595       100,602  
WNS Holdings Ltd. (ADR) *     2,411       152,375  
              340,275  
Consumer Durables & Apparel: 2.3%    
Dixon Technologies India Ltd.     2,661       209,847  
Consumer Services: 7.2%                
MakeMyTrip Ltd. *     3,521       165,417  
Zomato Ltd. *     329,533       489,119  
              654,536  
Energy: 8.1%                
Reliance Industries Ltd. 144A (GDR)     11,631       726,350  
Financial Services: 4.3%                
ICICI Securities Ltd. 144A     6,093       52,573  
IIFL Finance Ltd.     13,517       97,133  
Indian Energy Exchange Ltd. 144A     32,953       66,474  
One 97 Communications Ltd. *     22,497       171,592  
              387,772  
Insurance: 2.7%                
PB Fintech Ltd. *     25,490       243,179  
Media & Entertainment: 3.3%                
Info Edge India Ltd.     4,879       301,142  
    Number
of Shares
    Value  
Software & Services: 53.2%                
Coforge Ltd.     3,113     $ 234,471  
Cyient Ltd.     5,179       142,629  
HCL Technologies Ltd.     32,149       565,782  
Infosys Ltd. (ADR)     38,788       712,923  
KPIT Technologies Ltd.     12,612       229,186  
LTIMindtree Ltd. 144A     5,684       429,507  
Mphasis Ltd.     5,550       182,491  
Oracle Financial Services Software Ltd.     1,764       89,235  
Persistent Systems Ltd.     4,004       355,155  
Tanla Platforms Ltd.     4,969       65,320  
Tata Consultancy Services Ltd.     13,836       630,145  
Tata Elxsi Ltd.     2,631       276,606  
Tech Mahindra Ltd.     29,072       444,104  
Wipro Ltd. (ADR)     77,662       432,577  
              4,790,131  
Technology Hardware & Equipment: 1.6%    
Redington Ltd.     39,501       83,864  
Tejas Networks Ltd. 144A *     5,639       58,911  
              142,775  
Telecommunication Services: 11.3%    
Bharti Airtel Ltd.     45,200       560,347  
Indus Towers Ltd. *     63,009       150,596  
Tata Communications Ltd.     8,813       187,402  
Vodafone Idea Ltd. *     587,430       112,789  
              1,011,134  
Transportation: 1.8%                
Delhivery Ltd. *     34,902       163,147  
Total Common Stocks
(Cost: $8,406,314)
            9,042,731  
Total Investments: 100.4%
(Cost: $8,406,314)
            9,042,731  
Liabilities in excess of other assets: (0.4)%       (32,560)  
NET ASSETS: 100.0%           $ 9,010,171  


 

 

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 $1,506,860, or 16.7% of net assets.

 

Summary of Investments by Sector          % of
Investments
  Value  
Information Technology         54.6 %       $ 4,932,907  
Communication Services     14.5       1,312,276  
Consumer Discretionary     9.5       864,382  
Energy     8.0       726,350  
Financials     7.0       630,950  
Industrials     6.4       575,866  
      100.0 %   $ 9,042,731  

 

See Notes to Financial Statements

28

 

 

The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Capital Goods   $     $ 72,443     $     $ 72,443  
Commercial & Professional Services     152,375       187,900             340,275  
Consumer Durables & Apparel           209,847             209,847  
Consumer Services     165,417       489,119             654,536  
Energy           726,350             726,350  
Financial Services     52,573       335,199             387,772  
Insurance           243,179             243,179  
Media & Entertainment           301,142             301,142  
Software & Services     1,145,500       3,644,631             4,790,131  
Technology Hardware & Equipment           142,775             142,775  
Telecommunication Services           1,011,134             1,011,134  
Transportation           163,147             163,147  
Total Investments   $ 1,515,865     $ 7,526,866     $     $ 9,042,731  

 

See Notes to Financial Statements

29

VANECK EGYPT INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 94.4%                
Automobiles & Components: 1.4%    
GB Corp. *     1,145,393     $ 300,219  
Banks: 6.2%                
Commercial International Bank - Egypt (GDR)     1,068,154       1,367,237  
Capital Goods: 6.7%                
ElSewedy Electric Co.     1,600,739       1,480,910  
Consumer Discretionary Distribution & Retail: 1.2%  
MM Group for Industry & International Trade SAE *     1,180,716       274,758  
Consumer Durables & Apparel: 2.2%    
Oriental Weavers     892,926       489,990  
Consumer Services: 1.7%                
Cairo For Investment And Real Estate Developments - CIRA Education     871,832       376,361  
Energy: 1.8%                
Capricorn Energy Plc *     186,617       402,863  
Financial Services: 15.6%                
EFG Holding SAE. *     1,678,941       904,594  
EFG Holding SAE. (GDR) *     450,931       270,559  
E-Finance for Digital & Financial Investments     1,203,917       681,495  
Egypt Kuwait Holding Co. SAE     739,456       934,931  
Fawry for Banking & Payment Technology Services SAE *     3,738,617       664,597  
              3,456,176  
    Number
of Shares
    Value  
Food, Beverage & Tobacco: 8.4%                
Eastern Co. SAE     2,049,587     $ 1,859,333  
Health Care Equipment & Services: 1.8%    
Cleopatra Hospital *     2,700,402       404,285  
Materials: 26.1%                
Abou Kir Fertilizers & Chemical Industries     721,884       1,946,105  
Alexandria Mineral Oils Co.     1,839,940       585,449  
Centamin Plc     559,849       711,048  
Egyptian Chemical Industries KIMA *     548,258       235,742  
Ezz Steel Co. SAE *     541,802       1,578,609  
Sidi Kerir Petrochemicals Co.     815,057       743,991  
              5,800,944  
Real Estate Management & Development: 16.9%    
Emaar Misr for Development SAE *     2,267,178       273,334  
Heliopolis Housing     1,439,378       480,625  
Madinet Masr For Housing & Development     4,608,946       611,049  
Palm Hills Developments SAE *     4,692,156       406,347  
Talaat Moustafa Group     2,551,035       1,967,411  
              3,738,766  
Telecommunication Services: 4.4%    
Telecom Egypt Co.     831,975       985,643  
Total Common Stocks
(Cost: $15,312,517)
            20,937,485  
Total Investments: 94.4%
(Cost: $15,312,517)
            20,937,485  
Other assets less liabilities: 5.6%       1,249,402  
NET ASSETS: 100.0%           $ 22,186,887  


 

 

 

Definitions:

 

GDR Global Depositary Receipt

 

Footnotes:

 

* Non-income producing

 

Summary of Investments by Sector          % of
Investments
  Value  
Materials          27.7 %       $ 5,800,944  
Financials     23.0       4,823,413  
Real Estate     17.9       3,738,766  
Consumer Staples     8.9       1,859,333  
Industrials     7.1       1,480,910  
Consumer Discretionary     6.9       1,441,328  
Communication Services     4.7       985,643  
Health Care     1.9       404,285  
Energy     1.9       402,863  
      100.0 %   $ 20,937,485  

 

See Notes to Financial Statements

30

 

 

The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Automobiles & Components   $     $ 300,219     $     $ 300,219  
Banks     1,367,237                   1,367,237  
Capital Goods     1,480,910                   1,480,910  
Consumer Discretionary Distribution & Retail           274,758             274,758  
Consumer Durables & Apparel     489,990                   489,990  
Consumer Services     376,361                   376,361  
Energy           402,863             402,863  
Financial Services     1,205,490       2,250,686             3,456,176  
Food, Beverage & Tobacco           1,859,333             1,859,333  
Health Care Equipment & Services           404,285             404,285  
Materials     585,449       5,215,495             5,800,944  
Real Estate Management & Development     2,578,460       1,160,306             3,738,766  
Telecommunication Services           985,643             985,643  
Total Investments   $ 8,083,897     $ 12,853,588     $     $ 20,937,485  

 

See Notes to Financial Statements

31

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.2%                
Automobiles & Components: 5.5%            
Eicher Motors Ltd.     86,390     $ 4,299,635  
Pricol Ltd. *     26,329       120,127  
UNO Minda Ltd.     106,200       876,876  
              5,296,638  
Banks: 13.7%                
Bank of Baroda     1,191,465       3,305,858  
CSB Bank Ltd. *     54,112       272,041  
ICICI Bank Ltd.     346,823       4,144,465  
Karnataka Bank Ltd.     200,279       562,907  
State Bank of India     586,143       4,518,376  
Ujjivan Small Finance Bank Ltd. 144A     334,703       228,682  
              13,032,329  
Capital Goods: 16.2%                
Action Construction Equipment Ltd.     21,990       218,852  
AIA Engineering Ltd.     19,730       874,475  
Apar Industries Ltd.     9,904       720,140  
Bharat Electronics Ltd.     2,247,024       4,971,001  
Confidence Petroleum India Ltd.     61,032       65,426  
Cummins India Ltd.     88,991       2,099,128  
Data Patterns India Ltd.     12,287       274,545  
Elecon Engineering Co. Ltd.     23,979       266,951  
Elgi Equipments Ltd.     121,160       792,461  
Force Motors Ltd.     3,075       133,574  
HBL Power Systems Ltd.     141,805       742,867  
Ingersoll Rand India Ltd.     4,543       169,922  
Jupiter Wagons Ltd.     43,087       165,148  
Kirloskar Brothers Ltd.     17,719       188,953  
Kirloskar Oil Engines Ltd.     44,909       353,511  
Man Infraconstruction Ltd.     67,824       176,474  
Polycab India Ltd.     33,564       2,211,064  
Praj Industries Ltd.     67,012       447,548  
Shanthi Gears Ltd.     11,675       84,199  
Voltamp Transformers Ltd.     5,454       427,132  
              15,383,371  
Commercial & Professional Services: 1.4%    
BLS International Services Ltd.     69,501       266,571  
L&T Technology Services Ltd. 144A     17,230       1,086,758  
              1,353,329  
Consumer Services: 0.1%                
Aptech Ltd.     19,369       60,589  
                 
Energy: 8.1%                
Coal India Ltd.     1,315,294       5,939,338  
Great Eastern Shipping Co. Ltd.     52,802       619,311  
Hindustan Oil Exploration Co. Ltd. *     40,331       88,211  
Oil India Ltd.     233,045       1,041,108  
              7,687,968  
Financial Services: 6.3%                
Angel One Ltd.     20,026       838,949  
Motilal Oswal Financial Services Ltd.     23,464       349,604  
    Number
of Shares
    Value  
Financial Services (continued)                
Nippon Life India Asset Management Ltd. 144A     90,876     $ 488,846  
Shriram Finance Ltd.     175,520       4,329,680  
              6,007,079  
Food, Beverage & Tobacco: 5.0%                
Godfrey Phillips India Ltd.     9,330       236,375  
KRBL Ltd.     36,533       164,519  
Varun Beverages Ltd.     292,039       4,338,349  
              4,739,243  
Health Care Equipment & Services: 0.4%    
Narayana Hrudayalaya Ltd.     23,842       344,217  
Materials: 6.9%                
Andhra Paper Ltd.     5,691       41,703  
Archean Chemical Industries Ltd.     24,546       191,519  
Bayer CropScience Ltd.     7,264       484,639  
Fine Organic Industries Ltd.     5,063       302,675  
Gravita India Ltd.     13,525       177,972  
JK Paper Ltd.     46,846       228,862  
JTL Industries Ltd.     28,028       80,087  
Lloyds Metals & Energy Ltd. *     46,891       337,142  
NMDC Ltd.     635,675       1,599,872  
PI Industries Ltd.     54,608       2,306,431  
Ramkrishna Forgings Ltd.     35,297       307,534  
Usha Martin Ltd.     119,298       424,554  
West Coast Paper Mills Ltd.     16,578       145,266  
              6,628,256  
Media & Entertainment: 2.9%                
Affle India Ltd. *     31,726       497,506  
Brightcom Group Ltd. *     969,856       225,524  
Chennai Super Kings Cricket Ltd. *∞ ø   1,298,085       1,595,195  
Sun TV Network Ltd.     55,113       471,456  
              2,789,681  
Pharmaceuticals, Biotechnology & Life Sciences: 7.3%  
Caplin Point Laboratories Ltd.     12,540       204,242  
Dr. Reddy’s Laboratories Ltd.     60,201       4,195,888  
Glenmark Life Sciences Ltd.     13,315       105,098  
Marksans Pharma Ltd.     136,396       263,861  
Natco Pharma Ltd.     60,202       586,699  
Neuland Laboratories Ltd.     4,040       256,819  
Zydus Lifesciences Ltd.     161,509       1,337,075  
              6,949,682  
Software & Services: 26.2%                
Happiest Minds Technologies Ltd.     47,277       508,657  
HCL Technologies Ltd.     271,829       4,783,851  
Infosys Ltd. (ADR)     227,457       4,180,660  
KPIT Technologies Ltd.     99,144       1,801,649  
LTIMindtree Ltd. 144A     57,397       4,337,163  
Newgen Software Technologies Ltd.     17,073       320,246  
Nucleus Software Exports Ltd.     4,457       78,582  
Persistent Systems Ltd.     29,659       2,630,755  
Route Mobile Ltd.     17,034       327,030  
Sonata Software Ltd.     105,000       936,662  


 

See Notes to Financial Statements

32

 

 

    Number
of Shares
    Value  
Software & Services (continued)                
Tanla Platforms Ltd.     41,079     $ 540,008  
Tata Consultancy Services Ltd.     97,935       4,460,339  
              24,905,602  
Technology Hardware & Equipment: 0.2%    
Zen Technologies Ltd.     21,332       203,458  
Total Common Stocks
(Cost: $73,057,547)
            95,381,442  
Total Investments: 100.2%
(Cost: $73,057,547)
            95,381,442  
Liabilities in excess of other assets: (0.2)%             (182,500)  
NET ASSETS: 100.0%           $ 95,198,942  


 

 

 

Definitions:

 

ADR American Depositary Receipt

 

Footnotes:

 

* Non-income producing
Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.
ø Restricted Security – the aggregate value of restricted securities is $1,595,195, or 1.7% 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 $6,141,449, or 6.5% of net assets.

 

Restricted securities held by the Fund as of December 31, 2023 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     $1,595,195       1.7%

 

Summary of Investments by Sector           % of
Investments
  Value  
Information Technology        26.3 %      $ 25,109,059  
Financials     20.0       19,039,409  
Industrials     17.5       16,736,700  
Energy     8.1       7,687,966  
Health Care     7.7       7,293,900  
Materials     6.9       6,628,257  
Consumer Discretionary     5.6       5,357,226  
Consumer Staples     5.0       4,739,243  
Communication Services     2.9       2,789,682  
      100.0 %   $ 95,381,442  

 

See Notes to Financial Statements

33

VANECK INDIA GROWTH LEADERS ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS

(continued)

 

The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Automobiles & Components   $     $ 5,296,638     $     $ 5,296,638  
Banks           13,032,329             13,032,329  
Capital Goods     165,148       15,218,223             15,383,371  
Commercial & Professional Services           1,353,329             1,353,329  
Consumer Services           60,589             60,589  
Energy           7,687,968             7,687,968  
Financial Services           6,007,079             6,007,079  
Food, Beverage & Tobacco           4,739,243             4,739,243  
Health Care Equipment & Services           344,217             344,217  
Materials     821,781       5,806,475             6,628,256  
Media & Entertainment     225,524       968,962       1,595,195       2,789,681  
Pharmaceuticals, Biotechnology & Life Sciences           6,949,682             6,949,682  
Software & Services     4,180,660       20,724,942             24,905,602  
Technology Hardware & Equipment           203,458             203,458  
Total Investments   $ 5,393,113     $ 88,393,134     $ 1,595,195     $ 95,381,442  

 

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended December 31, 2023:

 

    Common Stock   
Balance as of December 31, 2022   $ 1,526,697  
Realized gain (loss)      
Net change in unrealized appreciation (depreciation)     68,498  
Purchases      
Sales      
Transfers in/out of level 3      
Balance as of December 31, 2023   $ 1,595,195  

 

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 December 31, 2023:

 

    Value as of
December
31, 2023
  Valuation
Technique
  Unobservable
Input
Description(1)
  Unobservable
Input
  Impact to
Valuation from an
Increase in Input(2)
Common Stock                    
                     
Media & Entertainment   $1,595,195   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

34

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.0%                
Banks: 29.2%                
Bank Aladin Syariah Tbk PT *     1,486,900     $ 119,748  
Bank Central Asia Tbk PT     3,951,500       2,413,179  
Bank Jago Tbk PT *     948,900       178,554  
Bank Mandiri Persero Tbk PT     5,246,004       2,060,827  
Bank Negara Indonesia Persero Tbk PT     3,743,564       1,306,278  
Bank Rakyat Indonesia Persero Tbk PT     6,409,833       2,382,328  
              8,460,914  
Capital Goods: 7.6%                
Astra International Tbk PT     4,555,400       1,670,562  
Jardine Cycle & Carriage Ltd.     23,088       520,601  
              2,191,163  
Consumer Discretionary Distribution & Retail: 5.8%          
Bukalapak.com PT Tbk *     13,860,000       194,281  
GoTo Gojek Tokopedia Tbk PT *     224,767,600       1,253,036  
Mitra Adiperkasa Tbk PT     2,063,200       239,871  
              1,687,188  
Consumer Staples Distribution & Retail: 3.2%          
Sumber Alfaria Trijaya Tbk PT     4,950,300       942,003  
Energy: 8.4%                
Adaro Energy Indonesia Tbk PT     3,488,600       538,809  
Banpu PCL (NVDR)     2,312,529       459,681  
Bukit Asam Tbk PT     993,500       157,492  
Bumi Resources Tbk PT *     32,964,500       181,756  
Indo Tambangraya Megah Tbk PT     100,300       167,085  
Petrindo Jaya Kreasi Tbk PT *     427,700       372,921  
United Tractors Tbk PT     378,469       556,110  
              2,433,854  
Financial Services: 0.6%                
BFI Finance Indonesia Tbk PT     2,106,000       164,820  
Food, Beverage & Tobacco: 7.4%                
Charoen Pokphand Indonesia Tbk PT     1,830,100       597,083  
First Pacific Co. Ltd.     517,250       206,111  
Golden Agri-Resources Ltd.     1,158,000       228,083  
Gudang Garam Tbk PT     117,100       154,554  
Indofood CBP Sukses Makmur Tbk PT     562,000       385,548  
Indofood Sukses Makmur Tbk PT     1,113,600       466,535  
Japfa Comfeed Indonesia Tbk PT     1,338,500       102,584  
              2,140,498  
Health Care Equipment & Services: 0.9%                
Mitra Keluarga Karyasehat Tbk PT     1,373,097       254,161  
Household & Personal Products: 1.1%                
Unilever Indonesia Tbk PT     1,451,500       332,722  
Materials: 14.9%                
Aneka Tambang Tbk     2,133,400       236,252  
Avia Avian Tbk PT     3,928,600       127,577  
Barito Pacific Tbk PT     6,924,843       597,815  
    Number
of Shares
    Value  
Materials (continued)                
Bumi Resources Minerals Tbk PT *     18,700,800     $ 206,525  
Chandra Asri Petrochemical Tbk PT     2,633,236       897,476  
Indah Kiat Pulp & Paper Tbk PT     652,200       352,508  
Indocement Tunggal Prakarsa Tbk PT     392,200       239,404  
Merdeka Battery Materials Tbk PT *     7,669,900       278,960  
Merdeka Copper Gold Tbk PT *     3,118,995       546,758  
Nickel Industries Ltd.     369,607       175,194  
Pabrik Kertas Tjiwi Kimia Tbk PT     315,900       149,774  
Semen Indonesia Persero Tbk PT     839,162       348,759  
Vale Indonesia Tbk PT     529,300       148,164  
              4,305,166  
Media & Entertainment: 0.5%                
Elang Mahkota Teknologi Tbk PT     4,038,800       154,667  
Pharmaceuticals, Biotechnology & Life Sciences: 1.8%          
Kalbe Farma Tbk PT     4,993,700       522,356  
Real Estate Management & Development: 1.8%          
Bumi Serpong Damai Tbk PT *     1,879,500       131,864  
Ciputra Development Tbk PT     2,209,695       167,912  
Pakuwon Jati Tbk PT     3,786,800       111,621  
Summarecon Agung Tbk PT     2,763,600       103,201  
              514,598  
Telecommunication Services: 9.6%                
Indosat Tbk PT     327,200       199,227  
PT Tower Bersama Infrastructure Tbk     862,000       117,009  
Sarana Menara Nusantara Tbk PT     5,305,300       340,722  
Smartfren Telecom Tbk PT *     32,326,600       105,007  
Telkom Indonesia Persero Tbk PT (ADR)     72,569       1,869,377  
XL Axiata Tbk PT     1,075,275       139,602  
              2,770,944  
Transportation: 1.0%                
Jasa Marga Persero Tbk PT     552,250       174,589  
Transcoal Pacific Tbk PT     253,600       121,499  
              296,088  
Utilities: 6.2%                
Barito Renewables Energy Tbk PT     3,320,400       1,612,002  
Perusahaan Gas Negara Tbk PT     2,644,000       193,987  
              1,805,989  
Total Common Stocks
(Cost: $35,973,658)
            28,977,131  
Total Investments: 100.0%
(Cost: $35,973,658)
            28,977,131  
Liabilities in excess of other assets: 0.0%             (4,231)  
NET ASSETS: 100.0%           $ 28,972,900  


 

See Notes to Financial Statements

35

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

(continued)

 

 

Definitions:
ADR American Depositary Receipt
NVDR Non-Voting Depositary Receipt

 

Footnotes:
* Non-income producing

 

Summary of Investments by Sector                % of
Investments
  Value  
Financials     29.8 %   $ 8,625,734  
Materials     14.9       4,305,166  
Consumer Staples     11.7       3,415,223  
Communication Services     10.1       2,925,611  
Industrials     8.6       2,487,251  
Energy     8.4       2,433,854  
Utilities     6.2       1,805,989  
Consumer Discretionary     5.8       1,687,188  
Health Care     2.7       776,517  
Real Estate     1.8       514,598  
      100.0 %   $ 28,977,131  

 

The summary of inputs used to value the Fund’s investments as of December 31, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Banks   $ 119,748     $ 8,341,166     $     $ 8,460,914  
Capital Goods           2,191,163             2,191,163  
Consumer Discretionary Distribution & Retail           1,687,188             1,687,188  
Consumer Staples Distribution & Retail           942,003             942,003  
Energy           2,433,854             2,433,854  
Financial Services     164,820                   164,820  
Food, Beverage & Tobacco           2,140,498             2,140,498  
Health Care Equipment & Services     254,161                   254,161  
Household & Personal Products           332,722             332,722  
Materials     704,475       3,600,691             4,305,166  
Media & Entertainment           154,667             154,667  
Pharmaceuticals, Biotechnology & Life Sciences           522,356             522,356  
Real Estate Management & Development     167,912       346,686             514,598  
Telecommunication Services     2,185,613       585,331             2,770,944  
Transportation           296,088             296,088  
Utilities     1,612,002       193,987             1,805,989  
Total Investments   $ 5,208,731     $ 23,768,400     $     $ 28,977,131  

 

See Notes to Financial Statements

36

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

December 31, 2023

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.8%                
Automobiles & Components: 0.6%                
Mobileye Global, Inc. * †     8,789     $ 380,739  
Banks: 17.4%                
Bank Hapoalim BM     317,340       2,866,404  
Bank Leumi Le-Israel BM     377,094       3,051,346  
FIBI Holdings Ltd.     5,852       256,361  
First International Bank Of Israel Ltd.     15,528       638,170  
Israel Discount Bank Ltd.     340,347       1,713,391  
Mizrahi Tefahot Bank Ltd.     46,122       1,795,215  
              10,320,887  
Capital Goods: 4.6%                
Ashtrom Group Ltd.     9,051       141,197  
Elbit Systems Ltd. †     7,796       1,662,497  
Electra Ltd.     238       101,518  
Kornit Digital Ltd. *     13,099       250,977  
Shapir Engineering and Industry Ltd.     25,804       166,555  
Shikun & Binui Ltd. *     60,192       171,227  
Stratasys Ltd. *     17,841       254,769  
              2,748,740  
Commercial & Professional Services: 0.9%                
Danel Adir Yeoshua Ltd.     925       76,915  
Fiverr International Ltd. * †     11,439       311,370  
Hilan Ltd.     3,234       171,093  
              559,378  
Consumer Discretionary Distribution & Retail: 1.9%          
Global-e Online Ltd. *     28,810       1,141,740  
Consumer Durables & Apparel: 0.6%                
Delta Galil Ltd.     3,804       170,526  
Maytronics Ltd.     13,583       154,861  
              325,387  
Consumer Services: 0.4%                
888 Holdings Plc *     98,839       120,393  
Fattal Holdings 1998 Ltd. *     1,242       137,847  
              258,240  
Consumer Staples Distribution & Retail: 0.5%          
Rami Levy Chain Stores                
Hashikma Marketing 2006 Ltd.     2,843       159,261  
Shufersal Ltd. *     33,806       162,026  
              321,287  
Energy: 2.2%                
Delek Group Ltd.     3,310       428,690  
Energean Plc     32,639       434,207  
Oil Refineries Ltd.     822,627       279,167  
Paz Oil Co. Ltd.     1,683       141,635  
              1,283,699  
Financial Services: 2.0%                
Isracard Ltd.     64,767       230,656  
Payoneer Global, Inc. *     75,905       395,465  
Plus500 Ltd.     19,100       405,664  
Tel Aviv Stock Exchange Ltd.     23,209       124,487  
              1,156,272  
Food, Beverage & Tobacco: 0.4%                
Strauss Group Ltd. *     11,622       219,807  
    Number
of Shares
    Value  
Health Care Equipment & Services: 1.9%                
Inmode Ltd. * †     26,859     $ 597,344  
Nano-X Imaging Ltd. * †     18,664       118,890  
Novocure Ltd. *     15,068       224,965  
OPKO Health, Inc. * †     132,935       200,732  
              1,141,931  
Insurance: 2.9%                
Clal Insurance Enterprises Holdings Ltd. *     20,113       322,091  
Harel Insurance Investments & Financial Services Ltd.     37,327       293,860  
Lemonade, Inc. * †     15,150       244,369  
Menora Mivtachim Holdings Ltd.     7,875       203,613  
Migdal Insurance & Financial Holdings Ltd.     108,738       124,397  
Phoenix Holdings Ltd.     53,967       549,797  
              1,738,127  
Materials: 2.1%                
ICL Group Ltd.     177,385       888,699  
Israel Corp. Ltd. *     1,294       329,438  
              1,218,137  
Media & Entertainment: 1.6%                
Perion Network Ltd. *     14,398       444,466  
Playtika Holding Corp. *     23,997       209,254  
Taboola.com Ltd. * †     62,568       270,920  
              924,640  
Pharmaceuticals, Biotechnology & Life Sciences: 7.0%          
Taro Pharmaceutical Industries Ltd. *     2,844       118,822  
Teva Pharmaceutical Industries Ltd. (ADR) *     385,525       4,024,881  
              4,143,703  
Real Estate Management & Development: 4.5%          
Airport City Ltd. *     11,066       189,968  
Alony Hetz Properties & Investments Ltd.     34,614       284,319  
Amot Investments Ltd.     53,375       289,097  
Azrieli Group Ltd.     12,512       813,701  
Big Shopping Centers Ltd. *     3,109       321,451  
Melisron Ltd.     5,718       445,454  
Mivne Real Estate KD Ltd.     72,694       217,419  
Summit Real Estate Holdings Ltd.     7,370       111,204  
              2,672,613  
Semiconductors & Semiconductor Equipment: 7.0%          
Camtek Ltd. * †     8,181       567,598  
CEVA, Inc. * †     5,267       119,613  
Nova Ltd. *     5,971       820,356  
SolarEdge Technologies, Inc. * †     17,585       1,645,956  
Tower Semiconductor Ltd. *     33,814       1,032,003  
              4,185,526  
Software & Services: 35.2%                
Amdocs Ltd.     33,158       2,914,257  
Check Point Software Technologies Ltd. *     29,373       4,487,901  


 

See Notes to Financial Statements

37

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

(continued)

 

    Number
of Shares
    Value  
Software & Services (continued)                
CyberArk Software Ltd. *     13,646     $ 2,989,156  
Formula Systems 1985 Ltd.     1,898       122,462  
JFrog Ltd. *     29,580       1,023,764  
Matrix IT Ltd.     8,957       169,836  
Monday.com Ltd. *     8,373       1,572,533  
Nice Ltd. (ADR) * †     16,989       3,389,475  
One Software Technologies Ltd.     8,609       110,544  
Radware Ltd. *     7,521       125,450  
Sapiens International Corp. NV     9,584       277,361  
SentinelOne, Inc. *     66,729       1,831,044  
Wix.com Ltd. *     15,531       1,910,624  
              20,924,407  
Technology Hardware & Equipment: 0.5%                
Gilat Satellite Networks Ltd. * †     15,190       92,811  
Nano Dimension Ltd. (ADR) * †     72,775       174,660  
              267,471  
Telecommunication Services: 1.7%                
Bezeq The Israeli Telecommunication Corp. Ltd.     694,645       951,125  
Partner Communications Co. Ltd. *     16,654       82,868  
              1,033,993  
Transportation: 0.5%                
ZIM Integrated Shipping Services Ltd. †     32,663       322,384  
    Number
of Shares
    Value  
Utilities: 3.4%                
Energix-Renewable Energies Ltd.     79,141     $ 291,985  
Enlight Renewable Energy Ltd. *     22,698       442,291  
Kenon Holdings Ltd.     6,117       148,672  
OPC Energy Ltd. *     19,297       125,979  
Ormat Technologies, Inc. †     13,492       1,022,558  
              2,031,485  
Total Common Stocks
(Cost: $51,593,327)
            59,320,593  
                 
SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 2.4%
   
Money Market Fund: 2.4%
(Cost: $1,427,364)
               
State Street Navigator Securities Lending Government Money Market Portfolio     1,427,364       1,427,364  
Total Investments: 102.2%
(Cost: $53,020,691)
            60,747,957  
Liabilities in excess of other assets: (2.2)%             (1,294,584)  
NET ASSETS: 100.0%           $ 59,453,373  


 

 

Definitions:

 

ADR American Depositary Receipt

 

Footnotes:

 

Security fully or partially on loan. Total market value of securities on loan is $9,870,360.
* Non-income producing

 

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Information Technology     42.9 %   $ 25,377,404  
Financials     22.3       13,215,286  
Health Care     8.9       5,285,634  
Industrials     6.0       3,630,502  
Real Estate     4.5       2,672,613  
Consumer Discretionary     3.5       2,106,106  
Utilities     3.4       2,031,485  
Communication Services     3.3       1,958,633  
Energy     2.2       1,283,699  
Materials     2.1       1,218,137  
Consumer Staples     0.9       541,094  
      100.0