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ANNUAL REPORT December 31, 2022 |
Africa Index ETF | AFK |
Brazil Small-Cap ETF | BRF |
China Growth Leaders ETF | GLCN |
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 |
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, 2022.
VANECK ETFs
December 31, 2022 (unaudited)
Dear Fellow Shareholders:
Back in July 2022, I said that Market Volatility Has One Final Act1. I think we’re still going through that final phase of U.S. Federal Reserve (“Fed”) tightening, and we don’t yet know the full impact on corporate profits or the real economy. But, unlike when this cycle started, long-term investors shouldn’t be hiding in cash. Instead, adjust your bond-stock mix. But bond prices have dropped significantly, and so, as you will see at the end of the letter, we are bullish bonds.
Discussion
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. If we’re in the last, third act of the play, the third act may last a very long time.
There are three things investors are facing, none of which is particularly positive for financial assets.
1. | Monetary Policy: Tightening |
Money supply exploded during the COVID–19 pandemic, but declined dramatically in 2022, to low levels. This withdrawal of money supply is bad for stock and bond returns.
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—one estimate indicates $330B net out by the end of last November. The Fed has only shrunk its balance sheet once before, so we are facing an unknown.
Commodity prices and the Consumer Price Index (“CPI”) receive much focus, but I think what the Fed is really fighting is wage inflation. That is the kind of inflation that is endemic and hard to manage once it takes hold, not least because it creates a spiraling effect. I think the Fed knows it can’t control oil prices or supply chain directly, but it wants to manage this wage inflation psychology.
Services typically don’t reflect the price of commodities and, in 2022, we saw services inflation increase significantly. That’s not slowing down, and this is a battle the Fed is fighting that I think will last for an extended period of time.
2. | Fiscal Tightening |
A second bearish factor is that government spending is unlikely to increase this year. The Republicans, who won control of the House of Representatives, are looking to slow government spending. And even Democrats like Larry Summers believe that stimulus spending during the pandemic led to inflation, so we’re unlikely to see another big stimulus spending bill regardless of who controls government.
3. | Global Growth is at Low Levels |
Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, U.S. and China have been the two main pillars of global growth. While China has loosened its Draconian domestic COVID-19 restrictions, and I think there will be a growth surge, the growth may be more domestic and consumer-led, which may not stimulate global growth as much as it has in recent decades.
The range in China growth estimates is from low (1% to 3%) to “high” (4% to 5%). In coming years, we will likely have to look to India, Indonesia and Africa to take up the baton as pillars of higher percentage global growth.
I don’t believe that we will escape these three dampeners on stock and bond returns in 2023—higher interest rates, no government spending growth and tepid global growth. We will need upside corporate profitability surprises or high Chinese growth to substantially boost markets this year, in our view.
However, after the 2022 losses, bond investments are now offering attractive yields, so this is currently our favorite asset class to buy. (See What to Buy? Bonds. When? Now2.) Because of higher interest rates, bonds
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VANECK ETFs
PRESIDENT’S LETTER
(unaudited) (continued)
can offer adequate returns, as they did in the 1970s even though that decade was the worst for interest rates in the last 100 years.
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 twelve month period ended December 31, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.
Jan F. van Eck
CEO and President
VanEck ETF Trust
January 19, 2023
PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
1 Market Volatility Has One Final Act, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-market-volatility-has-one-final-act/.
2 What to Buy? Bonds. When? Now, https://www.vaneck.com/us/en/blogs/investment-outlook/jan-van-eck-what-to-buy-bonds-when-now/.
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VANECK ETFs
December 31, 2022 (unaudited)
Market Review
All funds were to some extent affected by the wide market “downturn” as 2022 progressed and the shift in sentiment away from growth to value stocks. All countries were, also, in one way or another, affected by the fallout from Russia’s invasion of Ukraine. In addition, faced by persistent and apparently stubborn inflation, the remedial measures, including raising interest rates (historically, the fastest it has ever been done) and tightening monetary policy, taken by central governments around the world have resulted in significant uncertainty and headwinds in many markets. Not least resulting in the continued fear of recession. By the end of 2022, the success of these measures, for better or for worse, varied considerably country by country and region by region. And the effects on local markets likewise.
Africa
The industrial sector, together with real estate, were very small positive contributors to the performance of the VanEck Africa Index ETF, which lost 18.34% for the 12 month period. The communication services and financial sectors were the greatest detractors from performance. Geographically, South Africa, with an average weight during the period of approximately 34%, was the top contributor to Fund returns. The greatest detractor from performance, by country, was Morocco.
The three top positive contributions to the Fund’s performance came from: Naspers Ltd. (2.8% of Fund net assets†), Perseus Mining Ltd. (2.4% of Fund net assets†) and Standard Bank Group Ltd. (2.0% of Fund net assets†). The companies that detracted most from performance were: Safaricom Plc (5.5% of Fund net assets†), Commercial International Bank Egypt SAE (3.5% of Fund net assets†) and Attijariwafa Bank (4.0% of Fund net assets†).
Brazil
The VanEck Brazil Small-Cap ETF lost 13.31% over the 12 month period under review.
The majority of positive contributions came from four sectors: materials, consumer staples, utilities and energy, with the materials sector contributing the most. However, the negative contributions from the industrial and consumer discretionary sectors alone, with the largest average sector weightings during the year, offset all positive contributions to performance.
The three top positive contributions to the Fund’s performance came from: Sao Martinho (sold by the Fund by period end), Alupar Investimento SA (3.5% of Fund net assets†) and Petroreconcavo SA (2.8% of Fund net assets†). The companies that detracted most from performance were: SMART Global Holdings, Inc. (1.1% of Fund net assets†), IRB Brasil Resseguros SA (0.8% of Fund net assets†) and Oi SA (0.5% of Fund net assets†).
China
The VanEck ChiNext ETF and the VanEck China Growth Leaders ETF both recorded negative returns for the year. While the former lost 35.49%, the latter lost 31.65%. Both suffered as a result of the “Covid Zero” policy in China and the country’s inability to open up during most of 2022.
The VanEck ChiNext ETF offers exposure to more consumer, new economy sector names, many of which have also tended to be non-state owned enterprises. The industrial sector, with the largest average sector weighting during the year, was the greatest detractor from performance. While no one sector contributed positively to return, the consumer discretionary and communication services sectors detracted the least from performance.
The information technology sector detracted the most from the performance of the VanEck China Growth Leaders ETF. While no one sector contributed positively to return, the utilities sector detracted the least from performance.
The three top positive contributions to the VanEck ChiNext ETF’s performance came from: Shenzhen Inovance Technology Co. Ltd. (4.2% of Fund net assets†), Shenzhen New Industries Biomedical Engineering Co. Ltd. (0.5% of Fund net assets†) and Hunan Goke Microelectronics (sold by the Fund by period end). The
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VANECK ETFs
MANAGEMENT DISCUSSION (unaudited) (continued)
three companies that detracted most from performance were: Contemporary Amperex Technology Co. Ltd. (16.3% of Fund net assets†), East Money Information Co. Ltd. (6.6% of Fund net assets†) and Chongqing Zhifei Biological Products Co. Ltd. (2.2% of Fund net assets†).
The three top positive contributions to the VanEck China Growth Leaders ETF’s performance came from: Wanhua Chemical Group Co. Ltd. (2.8% of Fund net assets†), Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (2.7% of Fund net assets†) and Huali Industrial Group Co. Ltd. (2.5% of Fund net assets†). The three companies that detracted most from performance were: LONGi Green Energy Technology Co. Ltd. (4.4% of Fund net assets†), Sunny Optical Technology (Group) (sold by the Fund by period end) and Wuliangye Yibin Co. Ltd. (5.9% of Fund net assets†).
Egypt
The VanEck Egypt Index ETF ended 2022 losing 23.67%.
The top performing sector was materials, with the largest average sector weighting during the year. The three sectors detracting most from performance were real estate, information technology and financials. Small cap companies, with the largest average weighting during the period under review, detracted the most from performance.
The three top positive contributions to performance came from: Abou Kir Fertilizers & Chemical Industries (6.6% of Fund net assets†), Centamin Plc (4.6% of Fund net assets†) and Alexandria Mineral Oils Co. (2.9% of Fund net assets†). The three companies that detracted most from performance were: Commercial International Bank Egypt SAE (7.1% of Fund net assets†), Fawry for Banking Technology & Electronic Payment Services SAE (4.4% of Fund net assets†) and E-Finance for Digital & Financial Investments (5.9% of Fund net assets†).
India
The VanEck Digital India ETF, a newly organized ETF, lost 22.56% between its inception on February 15, 2022 and December 31, 2022. All sectors detracted from performance with the information technology detracting the most and the energy sector detracting the least.
The three top positive contributions to performance came from: Redington Ltd. (2.0% of Fund net assets†), KPIT Technologies Ltd. (2.5% of Fund net assets†) and Bharti Airtel Ltd. (6.6% of Fund net assets†). The three companies that detracted most from performance were: LTIMindtree Ltd. (4.4% of Fund net assets†), Wipro Ltd. (5.5% of Fund net assets†) and Mphasis Ltd. (3.5% of Fund net assets†).
The VanEck India Growth Leaders ETF lost 21.99% over the 12 month period. The information technology sector detracted the most from performance and the communication services sector contributed the most, albeit small amount, positively to performance.
The three top positive contributions to performance came from: Chennai Super Kings Cricket Ltd. (3.0% of Fund net assets†), Bharat Electronics Ltd. (3.3% of Fund net assets†) and Oil & Natural Gas Corp. Ltd. (5.3% of Fund net assets†). The three companies that detracted most from performance were: Wipro (sold by the Fund by period end), Divi’s Laboratories Ltd. (4.3% of Fund net assets†) and LTIMindtree Ltd. (3.8% of Fund net assets†).
Indonesia
Indonesian stocks fell in 2022 with the VanEck Indonesia Index ETF registering a loss of 9.88% for the 12 month period.
The greatest positive contribution to returns came from the energy sector. The greatest negative contribution to returns came from the consumer discretionary sector.
The three top positive contributions to performance came from: Bank Mandiri Persero Tbk PT (6.8% of Fund net assets†), Adaro Energy Indonesia Tbk PT (3.6% of Fund net assets†) and Bank Rakyat Indonesia Persero
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Tbk PT (8.4% of Fund net assets†). The three companies that detracted most from performance were: GoTo Gojek Tokopedia Tbk PT (4.3% of Fund net assets†), Bank Jago Tbk PT (0.8% of Fund net assets†) and Elang Mahkota Teknologi Tbk PT (0.9% of Fund net assets†).
Israel
The VanEck Israel ETF lost 25.79% in the 12 months period under review.
Only the energy sector contributed positively to performance over the period under review, and then only minimally. The information technology sector, with the largest average weighting over the 12 month period, detracted most from performance.
The three top positive contributions to performance came from: Amdocs Ltd. (4.5% of Fund net assets†), Teva Pharmaceutical Industries Ltd. (5.1% of Fund net assets†) and SolarEdge Technologies, Inc. (8.2% of Fund net assets†). The three companies that detracted most from performance were: Kornit Digital Ltd. (0.6% of Fund net assets†), Nice Ltd. (5.3% of Fund net assets†) and Wix.com Ltd. (1.6% of Fund net assets†).
Vietnam
The VanEck Vietnam ETF lost 44.47% in 2022.
Only the healthcare sector contributed positive returns. All others detracted from performance, with the real estate sector detracting the most.
The three top positive contributions to performance came from: Mani, Inc. (4.5% of Fund net assets†), UTI, Inc. (1.1% of Fund net assets†) and Feng TAY Enterprise Co. Ltd. (5.1% of Fund net assets†). The three companies that detracted most from performance were: No Va Land Investment Group Corp. (2.0% of Fund net assets†), Hoa Phat Group JSC (5.9% of Fund net assets†) and Thaiholdings (sold by the Fund by period end).
† All Fund assets referenced are Total Net Assets as of December 31, 2022.
5 |
December 31, 2022 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | MVAFKTR1 | SPTR2 | ||||||
One Year | (17.35)% | (18.34)% | (15.99)% | (18.11)% | |||||
Five Year | (4.76)% | (5.01)% | (3.74)% | 9.42% | |||||
Ten Year | (3.46)% | (3.43)% | (1.97)% | 12.56% |
1 | MVIS® GDP Africa (MVAFKTR) Index is a rules-based, modified-capitalization-weighted, float-adjusted index and is intended to give investors a means of tracking the overall performance of the publicly traded companies in Africa. |
Index data prior to June 21, 2013 reflects that of the Dow Jones Africa Titans 50 IndexSM. From June 21, 2013, forward, the index data reflects that of the MVIS® GDP Africa Index (MVAFKTR). All Index history reflects a blend of the performance of the aforementioned Indexes. | |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |
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Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
6 |
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | MVBRFTR1 | SPTR2 | ||||||
One Year | (14.75)% | (13.31)% | (13.09)% | (18.11)% | |||||
Five Year | (7.94)% | (7.64)% | (7.08)% | 9.42% | |||||
Ten Year | (7.92)% | (7.73)% | (7.12)% | 12.56% |
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.
|
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Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
7 |
VANECK CHINA GROWTH LEADERS ETF
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | MGCNGRNR1 | SPTR2 | ||||||
One Year | (31.32)% | (31.65)% | (30.89)% | (18.11)% | |||||
Five Year | (6.64)% | (6.67)% | (4.10)% | 9.42% | |||||
Ten Year | 0.12% | 1.09% | 3.30% | 12.56% |
1 | The MarketGrader China All-Cap Growth Leaders Index (MGCNGRNR) is a modified market capitalization weighted, float adjusted index designed to track Chinese companies that the index provider has determined exhibit favorable fundamental characteristics according to the index provider’s proprietary scoring methodology. |
Index data prior to May 1, 2020 reflects that of the CSI 300 Index (CSIH0749). From May 1, 2020 forward, the index data reflects that of the MGCNGRNR. All Index history reflects a blend of the performance of the aforementioned Indexes. | |
Index data as of October 31, 2018 for all periods presented reflect the CSIH0749 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 | ||
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.
|
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Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
8 |
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | SZ9881071 | SPTR2 | ||||||
One Year | (35.59)% | (35.49)% | (35.09)% | (18.11)% | |||||
Five Year | (0.19)% | (0.27)% | 1.73% | 9.42% | |||||
Life* | 3.99% | 4.01% | 6.34% | 10.19% |
* | 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. |
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Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
9 |
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | MVDINDTR1 | SPTR2 | ||||||
Life* | (22.42)% | (22.56)% | (21.67)% | (12.85)% |
* | 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 16 for more information.
10 |
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | MVEGPTTR1 | SPTR2 | ||||||
One Year | (24.61)% | (23.67)% | (20.73)% | (18.11)% | |||||
Five Year | (7.35)% | (7.27)% | (5.22)% | 9.42% | |||||
Ten Year | (7.12)% | (7.03)% | (3.96)% | 12.56% |
1 | MVIS® Egypt Index (MVEGPTTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Egypt. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |
![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
11 |
VANECK INDIA GROWTH LEADERS ETF
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | MGINGRNR1 | SPTR2 | ||||||
One Year | (21.39)% | (21.99)% | (22.38)% | (18.11)% | |||||
Five Year | (13.01)% | (13.18)% | (12.03)% | 9.42% | |||||
Ten Year | (2.13)% | (2.09)% | (1.33)% | 12.56% |
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 16 for more information.
12 |
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | MVIDXTR1 | SPTR2 | ||||||
One Year | (9.35)% | (9.88)% | (9.54)% | (18.11)% | |||||
Five Year | (4.93)% | (4.90)% | (4.65)% | 9.42% | |||||
Ten Year | (2.82)% | (2.83)% | (2.34)% | 12.56% |
1 | MVIS® Indonesia Index (MVIDXTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Indonesia. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |
![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
13 |
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | BLSNTR1 | SPTR2 | ||||||
One Year | (25.73)% | (25.79)% | (25.61)% | (18.11)% | |||||
Five Year | 4.30% | 4.31% | 4.73% | 9.42% | |||||
Life* | 5.04% | 5.05% | 5.47% | 11.85% |
* | Inception of Fund: 6/25/13; First Day of Secondary Market Trading: 6/26/13. |
1 | Bluestar Israel Global Index® (BLSNTR) is a rules based, modified capitalization, float adjusted weighted index comprised of equity securities, which may include depositary receipts, of publicly traded companies that are generally considered by the index provider to be Israeli companies. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 (Since Inception) | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV since inception. The result is compared with the Fund’s benchmark and a broad-based index.
|
![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on page 16 for more information.
14 |
PERFORMANCE COMPARISON
December 31, 2022 (unaudited)
Average Annual Total Return | |||||||||
Share Price | NAV | MVVNMTR1 | SPTR2 | ||||||
One Year | (43.73)% | (44.47)% | (44.02)% | (18.11)% | |||||
Five Year | (7.26)% | (6.94)% | (6.16)% | 9.42% | |||||
Ten Year | (2.51)% | (2.05)% | (1.03)% | 12.56% |
1 | MVIS® Vietnam Index (MVVNMTR) is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies that are incorporated in or doing substantial business in Vietnam. |
2 | The S&P 500 Index (SPTR) is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with each stock’s weight in the index proportionate to its market value. |
Hypothetical Growth of $10,000 | ||
This chart shows the value of a hypothetical $10,000 investment in the Fund at NAV over the past 10 years. The result is compared with the Fund’s benchmark and a broad-based index. |
![]() |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares.
See “About Fund Performance” on 16 for more information.
15 |
VANECK ETFs
(unaudited)
The price used to calculate market return (Share Price) is determined by using the closing price listed on its primary listing exchange. Since the shares of each Fund did not trade in the secondary market until after each Fund’s commencement, for the period from commencement to the first day of secondary market trading in shares of each Fund, the NAV of each Fund is used as a proxy for the secondary market trading price to calculate market returns.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for each Fund reflects temporary waivers of expenses and/or fees. Had each Fund incurred all expenses, investment returns would have been reduced. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares.
Investment return and value of the shares of each Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect reinvestment of dividends and capital gains distributions. Performance current to the most recent month-end is available by calling 800.826.2333 or by visiting vaneck.com.
Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Certain indices may take into account withholding taxes. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses.
The Africa Index, Brazil Small-Cap Index, 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 China Growth Leaders Index is published by MarketGrader.com Corp. (MarketGrader). The ChiNext Index is published by the Shenzhen Securities Information Co., Ltd. (Shenzhen Securities), which is a subsidiary of the Shenzhen Stock Exchange.
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.
16 |
VANECK ETF TRUST
(unaudited)
Hypothetical $1,000 investment at beginning of period
As a shareholder of a Fund, you incur operating expenses, including management fees and other Fund expenses. This disclosure is intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The disclosure is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2022 to December 31, 2022.
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, 2022 |
Ending Account Value December 31, 2022 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period July 1, 2022 - December 31, 2022(a) | |||||||||||||
Africa Index ETF | ||||||||||||||||
Actual | $1,000.00 | $978.70 | 1.15 | % | $5.74 | |||||||||||
Hypothetical (b) | $1,000.00 | $1,019.41 | 1.15 | % | $5.85 | |||||||||||
Brazil Small-Cap ETF | ||||||||||||||||
Actual | $1,000.00 | $1,014.00 | 0.59 | % | $3.00 | |||||||||||
Hypothetical (b) | $1,000.00 | $1,022.23 | 0.59 | % | $3.01 | |||||||||||
China Growth Leaders ETF | ||||||||||||||||
Actual | $1,000.00 | $797.60 | 0.60 | % | $2.72 | |||||||||||
Hypothetical (b) | $1,000.00 | $1,022.18 | 0.60 | % | $3.06 | |||||||||||
ChiNext ETF | ||||||||||||||||
Actual | $1,000.00 | $801.60 | 0.65 | % | $2.95 | |||||||||||
Hypothetical (b) | $1,000.00 | $1,021.93 | 0.65 | % | $3.31 | |||||||||||
Digital India ETF | ||||||||||||||||
Actual | $1,000.00 | $975.80 | 0.76 | % | $3.78 | |||||||||||
Hypothetical (b) | $1,000.00 | $1,021.37 | 0.76 | % | $3.87 | |||||||||||
Egypt Index ETF | ||||||||||||||||
Actual | $1,000.00 | $1,159.10 | 1.44 | % | $7.84 | |||||||||||
Hypothetical (b) | $1,000.00 | $1,017.95 | 1.44 | % | $7.32 | |||||||||||
India Growth Leaders ETF | ||||||||||||||||
Actual | $1,000.00 | $1,053.80 | 0.78 | % | $4.04 | |||||||||||
Hypothetical (b) | $1,000.00 | $1,021.27 | 0.78 | % | $3.97 |
17 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
Beginning Account Value July 1, 2022 |
Ending Account Value December 31, 2022 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period July 1, 2022 - December 31, 2022(a) | |||||||||||||
Indonesia Index ETF | ||||||||||||||||
Actual | $1,000.00 | $910.60 | 0.57 | % | $2.74 | |||||||||||
Hypothetical (b) | $1,000.00 | $1,022.33 | 0.57 | % | $2.91 | |||||||||||
Israel ETF | ||||||||||||||||
Actual | $1,000.00 | $968.40 | 0.60 | % | $2.98 | |||||||||||
Hypothetical (b) | $1,000.00 | $1,022.18 | 0.60 | % | $3.06 | |||||||||||
Vietnam ETF | ||||||||||||||||
Actual | $1,000.00 | $815.10 | 0.73 | % | $3.34 | |||||||||||
Hypothetical (b) | $1,000.00 | $1,021.53 | 0.73 | % | $3.72 |
(a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended December 31, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period). |
(b) | Assumes annual return of 5% before expenses |
18 |
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.8% | ||||||||
Australia: 4.6% | ||||||||
AVZ Minerals Ltd. *∞ | 1,399,901 | $ | 446,748 | |||||
Paladin Energy Ltd. * † | 1,160,416 | 545,389 | ||||||
Perseus Mining Ltd. | 772,802 | 1,107,625 | ||||||
2,099,762 | ||||||||
Canada: 5.4% | ||||||||
B2Gold Corp. (USD) | 22,950 | 81,932 | ||||||
Barrick Gold Corp. (USD) | 45,073 | 774,354 | ||||||
Ivanhoe Mines Ltd. * † | 202,564 | 1,599,642 | ||||||
2,455,928 | ||||||||
China: 1.3% | ||||||||
CMOC Group Ltd. (HKD) * † | 1,314,000 | 602,002 | ||||||
Egypt: 4.9% | ||||||||
Centamin Plc (GBP) | 453,500 | 616,618 | ||||||
Commercial International Bank Egypt SAE (USD) (GDR) | 1,348,274 | 1,610,384 | ||||||
2,227,002 | ||||||||
Ghana: 2.9% | ||||||||
Kosmos Energy Ltd. (USD) * | 205,500 | 1,306,980 | ||||||
India: 0.6% | ||||||||
MakeMyTrip Ltd. (USD) * † | 10,688 | 294,668 | ||||||
Indonesia: 0.4% | ||||||||
Golden Agri-Resources Ltd. (SGD) | 936,100 | 174,470 | ||||||
Kenya: 10.1% | ||||||||
East African Breweries Plc | 483,800 | 656,697 | ||||||
Equity Group Holdings Plc | 4,124,200 | 1,486,678 | ||||||
Safaricom Plc | 12,806,400 | 2,506,277 | ||||||
4,649,652 | ||||||||
Morocco: 9.3% | ||||||||
Attijariwafa Bank | 49,543 | 1,857,122 | ||||||
Bank of Africa | 44,829 | 737,326 | ||||||
Banque Centrale Populaire | 49,894 | 1,099,304 | ||||||
Co. Sucrerie Marocaine et de Raffinage | 31,158 | 566,103 | ||||||
4,259,855 | ||||||||
Nigeria: 11.5% | ||||||||
Guaranty Trust Holding Co.Plc | 31,311,187 | 1,327,139 | ||||||
MTN Nigeria Communications Plc | 5,197,133 | 2,050,245 | ||||||
Nestle Nigeria Plc | 286,718 | 578,697 | ||||||
Zenith Bank Plc | 29,727,817 | 1,309,115 | ||||||
5,265,196 | ||||||||
Norway: 0.2% | ||||||||
Scatec ASA 144A | 8,801 | 70,416 | ||||||
South Africa: 33.8% | ||||||||
Absa Group Ltd. | 54,426 | 617,178 | ||||||
African Rainbow Minerals Ltd. | 8,500 | 143,428 | ||||||
Anglo American Platinum Ltd. | 4,684 | 390,366 | ||||||
Anglo American Plc (GBP) | 53,499 | 2,084,530 | ||||||
Aspen Pharmacare Holdings Ltd. | 23,260 | 185,767 | ||||||
AVI Ltd. | 20,370 | 90,108 |
Number of Shares |
Value | |||||||
South Africa (continued) | ||||||||
Bid Corp. Ltd. | 18,046 | $ | 349,837 | |||||
Bidvest Group Ltd. | 13,731 | 173,011 | ||||||
Capitec Bank Holdings Ltd. | 7,223 | 785,175 | ||||||
Clicks Group Ltd. | 14,563 | 231,159 | ||||||
Discovery Ltd. * | 22,496 | 162,494 | ||||||
Exxaro Resources Ltd. | 11,453 | 146,628 | ||||||
FirstRand Ltd. | 216,932 | 787,033 | ||||||
Foschini Group Ltd. | 11,967 | 70,355 | ||||||
Gold Fields Ltd. (ADR) † | 56,847 | 588,366 | ||||||
Growthpoint Properties Ltd. | 233,627 | 199,644 | ||||||
Harmony Gold Mining Co.Ltd. (ADR) | 37,342 | 126,963 | ||||||
Impala Platinum Holdings Ltd. | 55,918 | 701,733 | ||||||
Investec Plc (GBP) | 40,887 | 248,702 | ||||||
Life Healthcare Group Holdings Ltd. | 56,746 | 56,291 | ||||||
Momentum Metropolitan Holdings | 85,489 | 85,869 | ||||||
Mr Price Group Ltd. | 18,350 | 169,917 | ||||||
MTN Group Ltd. | 98,215 | 732,519 | ||||||
MultiChoice Group | 18,308 | 126,149 | ||||||
Naspers Ltd. | 7,664 | 1,278,910 | ||||||
Nedbank Group Ltd. | 27,091 | 338,404 | ||||||
Netcare Ltd. | 87,755 | 74,919 | ||||||
Northam Platinum Holdings Ltd. * | 15,338 | 168,732 | ||||||
Old Mutual Ltd. | 221,676 | 135,805 | ||||||
OUTsurance Group Ltd. | 50,224 | 92,324 | ||||||
Pepkor Holdings Ltd. 144A | 95,859 | 112,676 | ||||||
Pick n Pay Stores Ltd. † | 19,913 | 66,463 | ||||||
Remgro Ltd. | 33,369 | 259,165 | ||||||
Resilient REIT Ltd. † | 21,006 | 66,358 | ||||||
Sanlam Ltd. | 127,311 | 365,276 | ||||||
Sappi Ltd. * | 23,283 | 67,166 | ||||||
Sasol Ltd. (ADR) † | 39,389 | 618,801 | ||||||
Shoprite Holdings Ltd. | 32,811 | 434,352 | ||||||
Sibanye Stillwater Ltd. (ADR) † | 45,717 | 487,343 | ||||||
SPAR Group Ltd. | 10,201 | 68,058 | ||||||
Standard Bank Group Ltd. | 93,116 | 917,461 | ||||||
Thungela Resources Ltd. | 8,939 | 150,630 | ||||||
Tiger Brands Ltd. | 7,732 | 95,438 | ||||||
Vodacom Group Ltd. | 33,009 | 237,576 | ||||||
Woolworths Holdings Ltd. | 51,520 | 200,390 | ||||||
15,489,469 | ||||||||
Switzerland: 0.3% | ||||||||
Mediclinic International Plc (GBP) | 24,746 | 147,408 | ||||||
Tanzania: 3.6% | ||||||||
AngloGold Ashanti Ltd. (ADR) | 29,149 | 566,073 | ||||||
Helios Towers Plc (GBP) * † | 869,313 | 1,102,924 | ||||||
1,668,997 | ||||||||
United Arab Emirates: 2.5% | ||||||||
Itissalat Al-Maghrib (MAD) | 128,092 | 1,163,638 | ||||||
United Kingdom: 6.3% | ||||||||
Airtel Africa Plc 144A | 1,439,357 | 1,929,825 |
See Notes to Financial Statements
19 |
VANECK AFRICA INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares |
Value | |||||||
United Kingdom (continued) | ||||||||
Endeavour Mining Plc | 40,029 | $ | 842,374 | |||||
Kumba Iron Ore Ltd. (ZAR) | 4,603 | 132,765 | ||||||
2,904,964 | ||||||||
United States: 0.3% | ||||||||
Royal Caribbean Cruises Ltd. * † | 2,687 | 132,818 | ||||||
Zambia: 1.8% | ||||||||
First Quantum Minerals Ltd. (CAD) | 39,455 | 823,781 | ||||||
Zimbabwe: 0.0% | ||||||||
Delta Corp. Ltd. | 15,980 | 5,753 | ||||||
Ecocash Holdings Zimbabwe Ltd. * | 32,900 | 1,398 | ||||||
7,151 | ||||||||
Total Common
Stocks (Cost: $44,299,767) |
45,744,157 |
Number of Shares |
Value | |||||||
RIGHTS:
0.0% |
||||||||
(Cost: $0) | ||||||||
Morocco: 0.0% | ||||||||
Bank of Africa, MAD 170.00, exp. 10/03/23 * | 25 | $ | 6 | |||||
Total Investments Before Collateral for Securities Loaned:
99.8% (Cost: $44,299,767) |
45,744,163 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4% |
||||||||
Money
Market Fund: 2.4% (Cost: $1,102,056) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,102,056 | 1,102,056 | ||||||
Total
Investments: 102.2% (Cost: $45,401,823) |
46,846,219 | |||||||
Liabilities in excess of other assets: (2.2)% | (986,169 | ) | ||||||
NET ASSETS: 100.0% | $ | 45,860,050 |
Definitions: | |
ADR | American Depositary Receipt |
BRL | Brazilian Real |
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 $3,236,707. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,112,917, or 4.6% of net assets. |
See Notes to Financial Statements
20 |
Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Financials | 31.0 | % | $ | 14,223,359 | ||||
Materials | 28.4 | 12,971,341 | ||||||
Communication Services | 21.6 | 9,849,153 | ||||||
Consumer Staples | 7.2 | 3,317,135 | ||||||
Consumer Discretionary | 4.9 | 2,259,736 | ||||||
Energy | 4.7 | 2,149,626 | ||||||
Health Care | 1.0 | 464,385 | ||||||
Real Estate | 0.6 | 266,001 | ||||||
Industrials | 0.4 | 173,011 | ||||||
Utilities | 0.2 | 70,416 | ||||||
100.0 | % | $ | 45,744,163 |
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level
3 Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 1,653,014 | $ | 446,748 | $ | 2,099,762 | ||||||||
Canada | 2,455,928 | — | — | 2,455,928 | ||||||||||||
China | — | 602,002 | — | 602,002 | ||||||||||||
Egypt | — | 2,227,002 | — | 2,227,002 | ||||||||||||
Ghana | 1,306,980 | — | — | 1,306,980 | ||||||||||||
India | 294,668 | — | — | 294,668 | ||||||||||||
Indonesia | — | 174,470 | — | 174,470 | ||||||||||||
Kenya | 3,162,974 | 1,486,678 | — | 4,649,652 | ||||||||||||
Morocco | 3,160,551 | 1,099,304 | — | 4,259,855 | ||||||||||||
Nigeria | 3,938,057 | 1,327,139 | — | 5,265,196 | ||||||||||||
Norway | — | 70,416 | — | 70,416 | ||||||||||||
South Africa | 3,410,940 | 12,078,529 | — | 15,489,469 | ||||||||||||
Switzerland | — | 147,408 | — | 147,408 | ||||||||||||
Tanzania | 566,073 | 1,102,924 | — | 1,668,997 | ||||||||||||
United Arab Emirates | 1,163,638 | — | — | 1,163,638 | ||||||||||||
United Kingdom | — | 2,904,964 | — | 2,904,964 | ||||||||||||
United States | 132,818 | — | — | 132,818 | ||||||||||||
Zambia | 823,781 | — | — | 823,781 | ||||||||||||
Zimbabwe | 7,151 | — | — | 7,151 | ||||||||||||
Rights * | 6 | — | — | 6 | ||||||||||||
Money Market Fund | 1,102,056 | — | — | 1,102,056 | ||||||||||||
Total Investments | $ | 21,525,621 | $ | 24,873,850 | $ | 446,748 | $ | 46,846,219 |
* | See Schedule of Investments for geographic sector breakouts. |
See Notes to Financial Statements
21 |
SCHEDULE OF INVESTMENTS
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 83.5% | ||||||||
Automobiles & Components: 1.4% | ||||||||
Mahle-Metal Leve SA | 27,350 | $ | 158,660 | |||||
Tupy SA * | 37,850 | 195,407 | ||||||
354,067 | ||||||||
Capital Goods: 2.7% | ||||||||
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA | 217,550 | 46,738 | ||||||
Armac Locacao Logistica E Servicos SA | 49,200 | 109,267 | ||||||
Iochpe Maxion SA | 72,002 | 160,793 | ||||||
Kepler Weber SA | 31,900 | 121,917 | ||||||
Mills Estruturas e Servicos de Engenharia SA | 73,500 | 159,075 | ||||||
Portobello SA | 56,050 | 87,346 | ||||||
685,136 | ||||||||
Commercial & Professional Services: 1.5% | ||||||||
Ambipar Participacoes e Empreendimentos SA | 31,300 | 124,029 | ||||||
Boa Vista Servicos SA | 117,100 | 160,558 | ||||||
Orizon Valorizacao de Residuos SA * | 16,300 | 104,445 | ||||||
389,032 | ||||||||
Consumer Durables & Apparel: 7.7% | ||||||||
Cury Construtora e Incorporadora SA | 74,600 | 178,099 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 187,250 | 465,390 | ||||||
Direcional Engenharia SA | 57,500 | 169,953 | ||||||
Even Construtora e Incorporadora SA | 70,750 | 61,407 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 103,552 | 264,701 | ||||||
Grendene SA | 140,850 | 160,614 | ||||||
Guararapes Confeccoes SA | 60,250 | 74,242 | ||||||
MRV Engenharia e Participacoes SA | 164,650 | 236,611 | ||||||
Vivara Participacoes SA | 77,150 | 327,244 | ||||||
1,938,261 | ||||||||
Consumer Services: 7.9% | ||||||||
Afya Ltd. * | 21,091 | 329,441 | ||||||
Anima Holding SA * | 137,550 | 100,334 | ||||||
Arco Platform Ltd. * † | 6,063 | 81,851 | ||||||
Arcos Dorados Holdings, Inc. | 63,040 | 527,014 | ||||||
Cogna Educacao * | 999,100 | 401,542 | ||||||
Cruzeiro do Sul Educacional SA | 54,200 | 39,271 | ||||||
CVC Brasil Operadora e Agencia de Viagens SA * | 159,383 | 135,563 | ||||||
YDUQS Participacoes SA | 131,600 | 252,120 | ||||||
Zamp SA * | 117,250 | 121,031 | ||||||
1,988,167 | ||||||||
Diversified Financials: 1.1% | ||||||||
Banco Modal SA * | 90,000 | 37,303 | ||||||
BR Advisory Partners Participacoes SA | 32,850 | 74,416 | ||||||
TC Traders Club SA | 67,650 | 28,228 |
Number of Shares |
Value | |||||||
Diversified Financials (continued) | ||||||||
Vinci Partners Investments Ltd. | 15,761 | $ | 142,479 | |||||
282,426 | ||||||||
Energy: 10.9% | ||||||||
3R Petroleum Oleo e Gas SA * | 121,150 | 868,288 | ||||||
AES Brasil Energia SA | 165,890 | 303,085 | ||||||
Enauta Participacoes SA | 56,650 | 145,836 | ||||||
Karoon Energy Ltd. * | 376,978 | 566,490 | ||||||
Modec, Inc. * | 14,500 | 149,242 | ||||||
Petroreconcavo SA | 114,400 | 715,104 | ||||||
2,748,045 | ||||||||
Food & Staples Retailing: 2.0% | ||||||||
Cia Brasileira de Distribuicao (ADR) † | 111,056 | 344,273 | ||||||
Dimed SA Distribuidora da Medicamentos | 58,750 | 112,755 | ||||||
Empreendimentos Pague Menos SA * | 63,000 | 52,371 | ||||||
509,399 | ||||||||
Food, Beverage & Tobacco: 5.4% | ||||||||
Adecoagro SA † | 37,952 | 314,622 | ||||||
BrasilAgro - Co. Brasileira de Propriedades Agricolas | 36,400 | 204,153 | ||||||
Camil Alimentos SA | 63,900 | 100,436 | ||||||
Jalles Machado SA | 100,400 | 144,257 | ||||||
Minerva SA | 181,100 | 444,454 | ||||||
Tres Tentos Agroindustrial SA | 88,050 | 155,554 | ||||||
1,363,476 | ||||||||
Health Care Equipment & Services: 5.0% | ||||||||
Alliar Medicos A Frente SA * | 31,100 | 127,233 | ||||||
Fleury SA | 168,299 | 492,503 | ||||||
Hospital Mater Dei SA | 43,500 | 59,328 | ||||||
Instituto Hermes Pardini SA | 25,150 | 100,273 | ||||||
Odontoprev SA | 153,340 | 262,209 | ||||||
Oncoclinicas do Brasil Servicos Medicos SA * | 130,900 | 148,841 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 62,500 | 69,137 | ||||||
1,259,524 | ||||||||
Insurance: 0.8% | ||||||||
IRB Brasil Resseguros SA * | 1,191,300 | 193,190 | ||||||
Materials: 3.4% | ||||||||
ERO Copper Corp. * † | 46,568 | 641,084 | ||||||
Irani Papel e Embalagem SA | 75,200 | 114,461 | ||||||
Largo, Inc. * † | 18,175 | 97,781 | ||||||
853,326 | ||||||||
Media & Entertainment: 0.6% | ||||||||
Meliuz SA 144A * | 454,350 | 100,798 | ||||||
VTEX * † | 13,560 | 50,850 | ||||||
151,648 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences: 0.4% | ||||||||
Blau Farmaceutica SA | 22,900 | 113,723 | ||||||
Real Estate: 7.3% | ||||||||
Aliansce Sonae Shopping Centers SA | 98,088 | 315,696 | ||||||
BR Malls Participacoes SA | 382,150 | 600,911 | ||||||
BR Properties SA | 101,050 | 124,843 |
See Notes to Financial Statements
22 |
Number of Shares |
Value | |||||||
Real Estate (continued) | ||||||||
Iguatemi SA | 155,750 | $ | 544,222 | |||||
JHSF Participacoes SA | 183,250 | 174,317 | ||||||
LOG Commercial Properties e Participacoes SA | 24,650 | 75,070 | ||||||
1,835,059 | ||||||||
Retailing: 3.6% | ||||||||
C&A Modas SA * | 76,500 | 33,155 | ||||||
Grupo SBF SA | 70,850 | 171,554 | ||||||
Lojas Quero Quero SA * | 67,800 | 53,815 | ||||||
Pet Center Comercio e Participacoes SA | 206,500 | 243,629 | ||||||
Via SA * | 907,700 | 412,692 | ||||||
914,845 | ||||||||
Semiconductors & Semiconductor Equipment: 1.1% | ||||||||
SMART Global Holdings, Inc. * | 18,984 | 282,482 | ||||||
Software & Services: 2.7% | ||||||||
Clear Sale SA * | 48,050 | 51,262 | ||||||
Infracommerce CXAAS SA * | 163,028 | 114,578 | ||||||
Locaweb Servicos de Internet SA 144A * | 197,700 | 263,131 | ||||||
Sinqia SA * | 45,600 | 129,671 | ||||||
Sonda SA | 290,625 | 111,100 | ||||||
669,742 | ||||||||
Technology Hardware & Equipment: 1.0% | ||||||||
Ituran Location and Control Ltd. | 2,445 | 51,663 | ||||||
Multilaser Industrial SA | 151,400 | 115,053 | ||||||
Positivo Tecnologia SA | 43,200 | 76,513 | ||||||
243,229 | ||||||||
Telecommunication Services: 0.9% | ||||||||
Brisanet Participacoes SA | 57,350 | 29,472 | ||||||
Oi SA * | 3,797,666 | 122,834 | ||||||
Unifique Telecomunicacoes SA | 89,950 | 66,055 | ||||||
218,361 | ||||||||
Transportation: 6.7% | ||||||||
Azul SA (ADR) * † | 65,123 | 397,901 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 237,190 | 199,406 | ||||||
Gol Linhas Aereas Inteligentes SA (ADR) * † | 75,322 | 201,110 | ||||||
Hidrovias do Brasil SA * | 323,800 | 138,099 | ||||||
Log-in Logistica Intermodal SA * | 12,100 | 80,645 | ||||||
Movida Participacoes SA | 90,000 | 130,021 | ||||||
Santos Brasil Participacoes SA | 337,250 | 498,784 | ||||||
Sequoia Logistica e Transportes SA * | 68,650 | 39,324 | ||||||
1,685,290 | ||||||||
Utilities: 9.4% | ||||||||
Alupar Investimento SA | 164,337 | 880,581 | ||||||
Cia de Saneamento de Minas Gerais * | 134,938 | 401,097 | ||||||
Cia de Saneamento do Parana | 214,500 | 733,923 | ||||||
Light SA | 153,350 | 135,344 |
Number of Shares |
Value | |||||||
Utilities (continued) | ||||||||
Omega Energia SA * | 121,302 | $ | 220,293 | |||||
2,371,238 | ||||||||
Total Common Stocks (Cost: $28,694,168) |
21,049,666 | |||||||
PREFERRED SECURITIES: 5.6% | ||||||||
Banks: 2.8% | ||||||||
Banco ABC Brasil SA* | 55,970 | 208,598 | ||||||
Banco do Estado do Rio Grande do Sul SA | 136,550 | 251,045 | ||||||
Banco Pan SA | 225,650 | 257,588 | ||||||
717,231 | ||||||||
Capital Goods: 1.4% | ||||||||
Marcopolo SA* | 300,759 | 161,365 | ||||||
Randon SA Implementos e Participacoes | 126,900 | 196,713 | ||||||
358,078 | ||||||||
Information Technology: 1.4% | ||||||||
Cia Ferro Ligas da Bahia | 22,550 | 227,955 | ||||||
Taurus Armas SA | 44,300 | 111,912 | ||||||
339,867 | ||||||||
Total Preferred Securities (Cost: $1,610,708) |
1,415,176 | |||||||
RIGHTS: 0.0% | ||||||||
(Cost: $0) | ||||||||
Energy: 0.0% | ||||||||
AES Brasil Energia SA, BRL 9.61, exp. 01/09/23 * | 882 | 42 | ||||||
CLOSED-END FUNDS: 11.0% | ||||||||
CSHG Logistica FI Imobiliario | 16,652 | 517,528 | ||||||
FII BTG Pactual Corporate Office Fund | 17,586 | 197,524 | ||||||
FII Iridium | 25,864 | 452,058 | ||||||
FII UBS Br Receb Imob | 18,770 | 312,066 | ||||||
Kinea Indice de Precos FII | 57,246 | 995,630 | ||||||
Maxi Renda FII | 160,462 | 306,320 | ||||||
Total Closed-End Funds (Cost: $2,959,541) |
2,781,126 | |||||||
Total
Investments Before Collateral for Securities Loaned: 100.1% (Cost: $33,264,417) |
25,246,010 | |||||||
SHORT-TERM
INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 5.2% |
||||||||
Money Market Fund: 5.2% |
See Notes to Financial Statements
23 |
VANECK BRAZIL SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares |
Value | |||||||
(Cost: $1,315,000) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,315,000 | $ | 1,315,000 | |||||
Total Investments: 105.3% (Cost: $34,579,417) |
26,561,010 | |||||||
Liabilities in excess of other assets: (5.3)% | (1,336,255 | ) | ||||||
NET ASSETS: 100.0% | $ | 25,224,755 |
Definitions:
ADR | American Depositary Receipt |
BRL | Brazilian Real |
Footnotes:
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $1,864,249. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $363,929, or 1.4% of net assets. |
Summary of Investments by
Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Consumer Discretionary | 20.6 | % | $ | 5,195,340 | ||||
Real Estate | 14.3 | 3,620,556 | ||||||
Industrials | 12.3 | 3,117,535 | ||||||
Utilities | 10.6 | 2,674,365 | ||||||
Energy | 9.7 | 2,444,960 | ||||||
Financials | 8.6 | 2,188,477 | ||||||
Consumer Staples | 7.4 | 1,872,875 | ||||||
Information Technology | 6.1 | 1,535,320 | ||||||
Health Care | 5.5 | 1,373,247 | ||||||
Materials | 3.4 | 853,326 | ||||||
Communication Services | 1.5 | 370,009 | ||||||
100.0 | % | $ | 25,246,010 |
See Notes to Financial Statements
24 |
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Automobiles & Components | $ | — | $ | 354,067 | $ | — | $ | 354,067 | ||||||||
Capital Goods | — | 685,136 | — | 685,136 | ||||||||||||
Commercial & Professional Services | — | 389,032 | — | 389,032 | ||||||||||||
Consumer Durables & Apparel | — | 1,938,261 | — | 1,938,261 | ||||||||||||
Consumer Services | 1,059,337 | 928,830 | — | 1,988,167 | ||||||||||||
Diversified Financials | 142,479 | 139,947 | — | 282,426 | ||||||||||||
Energy | — | 2,748,045 | — | 2,748,045 | ||||||||||||
Food & Staples Retailing | 344,273 | 165,126 | — | 509,399 | ||||||||||||
Food, Beverage & Tobacco | 314,622 | 1,048,854 | — | 1,363,476 | ||||||||||||
Health Care Equipment & Services | 127,233 | 1,132,291 | — | 1,259,524 | ||||||||||||
Insurance | — | 193,190 | — | 193,190 | ||||||||||||
Materials | 738,865 | 114,461 | — | 853,326 | ||||||||||||
Media & Entertainment | 50,850 | 100,798 | — | 151,648 | ||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | — | 113,723 | — | 113,723 | ||||||||||||
Real Estate | — | 1,835,059 | — | 1,835,059 | ||||||||||||
Retailing | — | 914,845 | — | 914,845 | ||||||||||||
Semiconductors & Semiconductor Equipment | 282,482 | — | — | 282,482 | ||||||||||||
Software & Services | — | 669,742 | — | 669,742 | ||||||||||||
Technology Hardware & Equipment | 51,663 | 191,566 | — | 243,229 | ||||||||||||
Telecommunication Services | — | 218,361 | — | 218,361 | ||||||||||||
Transportation | 599,011 | 1,086,279 | — | 1,685,290 | ||||||||||||
Utilities | — | 2,371,238 | — | 2,371,238 | ||||||||||||
Preferred Securities * | — | 1,415,176 | — | 1,415,176 | ||||||||||||
Rights * | 42 | — | — | 42 | ||||||||||||
Closed-End Funds | ||||||||||||||||
Financials | — | 1,710,682 | — | 1,710,682 | ||||||||||||
Real Estate | 312,066 | 758,378 | — | 1,070,444 | ||||||||||||
Money Market Fund | 1,315,000 | — | — | 1,315,000 | ||||||||||||
Total Investments | $ | 5,337,923 | $ | 21,223,087 | $ | — | $ | 26,561,010 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
25 |
VANECK CHINA GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Banks: 0.5% | ||||||||
Bank of Chengdu Co. Ltd. | 37,200 | $ | 82,105 | |||||
Capital Goods: 6.1% | ||||||||
Beijing New Building Materials Plc | 17,900 | 66,714 | ||||||
E-Commodities Holdings Ltd. | 28,000 | 5,649 | ||||||
Guangdong Lingxiao Pump Industry Co. Ltd. | 5,300 | 12,699 | ||||||
Guangzhou KDT Machinery Co. Ltd. | 7,360 | 13,100 | ||||||
Hangzhou Weiguang Electronic Co. Ltd. | 2,600 | 9,310 | ||||||
Hangzhou Zhongtai Cryogenic Technology Corp. | 4,800 | 9,234 | ||||||
IFE Elevators Co. Ltd. | 7,400 | 6,852 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd. | 25,344 | 230,905 | ||||||
Jingjin Equipment, Inc. | 4,500 | 19,147 | ||||||
Keda Industrial Group Co. Ltd. | 26,300 | 53,865 | ||||||
Naipu Mining Machinery Co. Ltd. * | 1,100 | 4,637 | ||||||
Nantong Jianghai Capacitor Co. Ltd. | 10,200 | 32,908 | ||||||
Shanghai Hanbell Precise Machinery Co. Ltd. | 12,600 | 43,576 | ||||||
TBEA Co. Ltd. | 73,400 | 212,341 | ||||||
TKD Science and Technology Co. Ltd. * | 3,500 | 10,242 | ||||||
Warom Technology, Inc. Co. | 3,200 | 10,664 | ||||||
Wuxi Shangji Automation Co. Ltd. | 2,940 | 44,810 | ||||||
Xinte Energy Co. Ltd. † | 29,600 | 54,557 | ||||||
Yizumi Holdings Co. Ltd. | 6,500 | 16,595 | ||||||
Zhuzhou Huarui Precision Cutting Tools Co. Ltd. | 800 | 18,572 | ||||||
Zhuzhou Kibing Group Co. Ltd. | 32,900 | 54,008 | ||||||
930,385 | ||||||||
Commercial & Professional Services: 0.1% | ||||||||
Shanghai Foreign Service Holding Group Co. Ltd. | 24,900 | 21,448 | ||||||
Consumer Durables & Apparel: 6.9% | ||||||||
Biem.L.Fdlkk Garment Co. Ltd. | 9,300 | 34,415 | ||||||
Chow Tai Seng Jewellery Co. Ltd. | 8,800 | 17,823 | ||||||
DR Corp. Ltd. | 9,300 | 84,508 | ||||||
Ecovacs Robotics Co. Ltd. | 3,400 | 35,676 | ||||||
Huali Industrial Group Co. Ltd. | 45,400 | 374,433 | ||||||
Li Ning Co. Ltd. * | 52,000 | 447,177 | ||||||
Tonze New Energy Technology Co. Ltd. | 5,600 | 13,096 | ||||||
Yantai Tayho Advanced Materials Co. Ltd. | 13,400 | 40,983 | ||||||
1,048,111 | ||||||||
Diversified Financials: 1.4% | ||||||||
CSC Financial Co. Ltd. 144A | 119,500 | 104,232 |
Number of Shares |
Value | |||||||
Diversified Financials (continued) | ||||||||
Hithink RoyalFlush Information Network Co. Ltd. | 7,624 | $ | 108,405 | |||||
212,637 | ||||||||
Energy: 9.2% | ||||||||
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd. | 12,000 | 12,397 | ||||||
Guanghui Energy Co. Ltd. | 88,800 | 115,772 | ||||||
Guizhou Panjiang Refined Coal Co. Ltd. | 17,100 | 16,577 | ||||||
Inner Mongolia Yitai Coal Co. Ltd. | 56,000 | 73,834 | ||||||
Jinneng Holding Shanxi Coal Industry Co. Ltd. | 15,000 | 25,825 | ||||||
Jizhong Energy Resources Co. Ltd. | 27,800 | 25,510 | ||||||
PetroChina Co. Ltd. | 1,738,000 | 793,957 | ||||||
Pingdingshan Tianan Coal Mining Co. Ltd. | 28,400 | 44,227 | ||||||
Shaanxi Coal Industry Co. Ltd. | 60,000 | 160,913 | ||||||
Shandong Sunway Chemical Group Co. Ltd. | 17,400 | 14,746 | ||||||
Shanxi Lanhua Sci-Tech Venture Co. Ltd. | 14,000 | 26,926 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd. | 25,300 | 61,441 | ||||||
ZJMI Environmental Energy Co. Ltd. | 12,200 | 28,456 | ||||||
1,400,581 | ||||||||
Food, Beverage & Tobacco: 16.5% | ||||||||
Anhui Yingjia Distillery Co. Ltd. | 4,200 | 37,996 | ||||||
Cheng De Lolo Co. Ltd. * | 12,500 | 15,285 | ||||||
China Feihe Ltd. 144A | 91,000 | 77,051 | ||||||
Chongqing Brewery Co. Ltd. | 4,300 | 79,045 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd. | 10,700 | 78,521 | ||||||
JiuGui Liquor Co. Ltd. | 4,900 | 97,341 | ||||||
Luzhou Laojiao Co. Ltd. | 15,028 | 485,208 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. | 8,195 | 336,468 | ||||||
Sichuan Swellfun Co. Ltd. | 3,700 | 45,032 | ||||||
Tongwei Co. Ltd. | 54,000 | 300,288 | ||||||
Want Want China Holdings Ltd. | 91,000 | 60,642 | ||||||
Wuliangye Yibin Co. Ltd. | 34,630 | 900,795 | ||||||
2,513,672 | ||||||||
Health Care Equipment & Services: 6.0% | ||||||||
Andon Health Co. Ltd. | 5,700 | 42,066 | ||||||
Dian Diagnostics Group Co. Ltd. | 10,700 | 38,809 | ||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd. | 5,500 | 62,061 | ||||||
Guangzhou Wondfo Biotech Co. Ltd. | 6,430 | 29,583 | ||||||
Hangzhou Alltest Biotech Co. Ltd. | 700 | 10,542 | ||||||
Intco Medical Technology Co. Ltd. | 12,280 | 37,300 | ||||||
Jafron Biomedical Co. Ltd. | 12,750 | 57,033 | ||||||
Jiangsu Bioperfectus Technologies Co. Ltd. | 877 | 11,108 |
See Notes to Financial Statements
26 |
Number of Shares |
Value | |||||||
Health Care Equipment & Services (continued) | ||||||||
JiangXi Sanxin Medtec Co. Ltd. | 7,000 | $ | 8,699 | |||||
Sansure Biotech, Inc. | 5,776 | 18,337 | ||||||
Shanghai Kindly Enterprise Development Group Co. Ltd. | 5,500 | 10,938 | ||||||
Shanghai MicroPort Endovascular MedTech Group Co. Ltd. | 1,400 | 38,110 | ||||||
Shanghai ZJ Bio-Tech Co. Ltd. | 3,255 | 15,680 | ||||||
Shenzhen Bioeasy Biotechnology Co. Ltd. | 4,100 | 10,159 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. | 9,144 | 416,629 | ||||||
Shenzhen YHLO Biotech Co. Ltd. | 7,300 | 20,710 | ||||||
Tofflon Science & Technology Group Co. Ltd. | 7,600 | 26,024 | ||||||
Wuhan Easydiagnosis Biomedicine Co. Ltd. | 2,300 | 19,027 | ||||||
Zhejiang Gongdong Medical Technology Co. Ltd. | 2,400 | 36,594 | ||||||
909,409 | ||||||||
Household & Personal Products: 0.1% | ||||||||
Tongling Jieya Biologic Technology Co. Ltd. | 1,800 | 8,779 | ||||||
Industrials: 0.0% | ||||||||
Sichuan Languang Justbon Services Group Co. Ltd. ∞ | 3,300 | 0 | ||||||
Materials: 18.7% | ||||||||
Anhui Guangxin Agrochemical Co. Ltd. | 7,500 | 31,822 | ||||||
China Hongqiao Group Ltd. | 58,600 | 55,272 | ||||||
China Jushi Co. Ltd. | 51,300 | 101,429 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd. | 44,800 | 161,524 | ||||||
City Development Environment Co. Ltd. | 4,500 | 6,156 | ||||||
CNSIG Inner Mongolia Chemical Industry Co. Ltd. | 17,600 | 37,269 | ||||||
Dalian Bio-Chem Co. Ltd. * | 2,200 | 5,580 | ||||||
DeHua TB New Decoration Materials Co. Ltd. | 8,000 | 12,524 | ||||||
Dongyue Group Ltd. | 32,000 | 35,050 | ||||||
Epoxy Base Electronic Material Corp. Ltd. | 10,500 | 7,528 | ||||||
Fufeng Group Ltd. | 31,000 | 18,803 | ||||||
Fujian Yongan Forestry Group * | 6,400 | 7,656 | ||||||
Ganfeng Lithium Group Co. Ltd. | 42,200 | 422,801 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd. | 36,500 | 230,808 | ||||||
Hoshine Silicon Industry Co. Ltd. | 4,100 | 49,044 | ||||||
Huafon Chemical Co. Ltd. | 72,600 | 71,189 | ||||||
Hubei Yihua Chemical Industry Co. Ltd. * | 12,700 | 26,970 | ||||||
Hunan Haili Chemical Industry Co. Ltd. * | 8,100 | 8,724 |
Number of Shares |
Value | |||||||
Materials (continued) | ||||||||
Inner Mongolia ERDOS Resources Co. Ltd. | 27,280 | $ | 59,736 | |||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. | 38,900 | 22,375 | ||||||
Jiangsu Changhai Composite Materials Co. Ltd. | 7,200 | 14,692 | ||||||
Jiangsu Huachang Chemical Co. Ltd. | 12,100 | 12,721 | ||||||
Jiangsu Sopo Chemical Co. | 11,200 | 13,127 | ||||||
Jiangxi Chenguang New Materials Co. Ltd. | 3,760 | 17,502 | ||||||
KBC Corp. Ltd. | 1,210 | 38,285 | ||||||
Lier Chemical Co. Ltd. | 9,100 | 23,572 | ||||||
Lihuayi Weiyuan Chemical Co. Ltd. * | 12,100 | 36,240 | ||||||
Luoyang Jianlong Micro-Nano New Material Co. Ltd. | 758 | 12,115 | ||||||
Luxi Chemical Group Co. Ltd. | 28,300 | 50,548 | ||||||
Nantong Jiangshan Agrochemical & Chemical LLC | 3,300 | 20,981 | ||||||
Perennial Energy Holdings Ltd. | 10,000 | 910 | ||||||
Satellite Chemical Co. Ltd. | 42,255 | 94,437 | ||||||
Shaanxi Xinghua Chemistry Co. Ltd. | 7,000 | 5,110 | ||||||
Shandong Fiberglass Group Co. Ltd. | 8,180 | 9,617 | ||||||
Shandong Haihua Co. Ltd. | 12,200 | 13,880 | ||||||
Shandong Head Group Co. Ltd. | 4,700 | 15,193 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd. | 32,600 | 155,936 | ||||||
Shandong Jinjing Science & Technology Co. Ltd. | 21,800 | 27,345 | ||||||
Shanghai Chlor-Alkali Chemical Co. Ltd. | 7,000 | 9,929 | ||||||
Shenghe Resources Holding Co. Ltd. | 32,800 | 66,115 | ||||||
Shenma Industry Co. Ltd. | 13,200 | 14,787 | ||||||
Sichuan Anning Iron and Titanium Co. Ltd. | 4,600 | 22,137 | ||||||
Sichuan Hebang Biotechnology Co. Ltd. | 120,900 | 53,069 | ||||||
Sichuan Meifeng Chemical IND | 11,000 | 12,592 | ||||||
Sichuan Xinjinlu Group Co. Ltd. * | 12,100 | 10,237 | ||||||
Sichuan Yahua Industrial Group Co. Ltd. | 23,500 | 78,768 | ||||||
Suzhou TA&A Ultra Clean Technology Co. Ltd. | 11,100 | 89,433 | ||||||
Wanhua Chemical Group Co. Ltd. | 31,500 | 420,800 | ||||||
Xinjiang Xuefeng Sci-Tech Group Co. Ltd. | 12,100 | 14,491 | ||||||
Zangge Mining Co. Ltd. | 9,600 | 35,937 | ||||||
Zhejiang Jiahua Energy Chemical Industry Co. Ltd. | 19,100 | 23,062 | ||||||
Zhejiang Oceanking Development Co. Ltd. | 10,000 | 19,089 |
See Notes to Financial Statements
27 |
VANECK CHINA GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares |
Value | |||||||
Materials (continued) | ||||||||
Zhejiang Xinan Chemical Industrial Group Co. Ltd. | 19,240 | $ | 42,029 | |||||
2,846,946 | ||||||||
Media & Entertainment: 6.8% | ||||||||
37 Interactive Entertainment Network Technology Group Co. Ltd. | 33,200 | 86,524 | ||||||
G-bits Network Technology Xiamen Co. Ltd. | 800 | 36,062 | ||||||
Heilongjiang Publishing & Media Co. Ltd. | 10,600 | 15,194 | ||||||
Kingnet Network Co. Ltd. * | 33,900 | 32,126 | ||||||
Lecron Industrial Development Group Co. Ltd. * | 26,000 | 36,549 | ||||||
Shenzhen Shengxunda Technology Co. Ltd. | 1,200 | 7,260 | ||||||
Tencent Holdings Ltd. | 19,400 | 822,620 | ||||||
1,036,335 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences: 7.6% | ||||||||
Beijing Hotgen Biotech Co. Ltd. | 1,145 | 10,066 | ||||||
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. | 9,761 | 178,341 | ||||||
Changchun High & New Technology Industry Group, Inc. | 6,700 | 160,880 | ||||||
Chengdu Kanghua Biological Products Co. Ltd. | 1,700 | 20,766 | ||||||
China Medical System Holdings Ltd. | 27,000 | 42,252 | ||||||
Chongqing Zhifei Biological Products Co. Ltd. | 21,500 | 272,731 | ||||||
Daan Gene Co. Ltd. | 30,400 | 68,284 | ||||||
Getein Biotech, Inc. | 6,000 | 10,825 | ||||||
Guangdong Hybribio Biotech Co. Ltd. | 8,200 | 19,944 | ||||||
Hainan Poly Pharm Co. Ltd. | 7,500 | 26,679 | ||||||
Hangzhou Biotest Biotech Co. Ltd. | 2,383 | 15,872 | ||||||
Hubei Jumpcan Pharmaceutical Co. Ltd. | 6,300 | 24,773 | ||||||
Jenkem Technology Co. Ltd. | 604 | 13,621 | ||||||
Porton Pharma Solutions Ltd. | 6,300 | 37,121 | ||||||
Shandong WIT Dyne Health Co. Ltd. | 3,900 | 25,616 | ||||||
Shenyang Xingqi Pharmaceutical Co. Ltd. | 1,700 | 30,663 | ||||||
Tonghua Dongbao Pharmaceutical Co. Ltd. | 28,200 | 37,409 | ||||||
Xiamen Amoytop Biotech Co. Ltd. | 2,800 | 15,742 | ||||||
Zhejiang Garden Bio-Chemical High-tech Co. Ltd. | 6,900 | 14,333 | ||||||
Zhejiang NHU Co. Ltd. | 35,392 | 95,843 | ||||||
Zhejiang Orient Gene Biotech Co. Ltd. | 3,203 | 35,650 | ||||||
1,157,411 |
Number of Shares |
Value | |||||||
Real Estate: 1.6% | ||||||||
A-Living Smart City Services Co. Ltd. 144A † | 14,500 | $ | 17,377 | |||||
CIFI Ever Sunshine Services Group Ltd. † | 20,000 | 11,117 | ||||||
Country Garden Services Holdings Co. Ltd. | 45,000 | 110,398 | ||||||
Evergrande Property Services Group Ltd. 144A *∞ | 44,000 | 0 | ||||||
Longfor Group Holdings Ltd. 144A † | 31,500 | 96,937 | ||||||
Tianjin Jinbin Development Co. Ltd. * | 26,100 | 8,834 | ||||||
244,663 | ||||||||
Retailing: 0.3% | ||||||||
Easyhome New Retail Group Co. Ltd. | 56,400 | 33,298 | ||||||
Focus Technology Co. Ltd. | 4,700 | 12,217 | ||||||
45,515 | ||||||||
Semiconductors & Semiconductor Equipment: 13.3% | ||||||||
Amlogic Shanghai Co. Ltd. * | 3,600 | 36,583 | ||||||
GigaDevice Semiconductor, Inc. | 10,580 | 156,419 | ||||||
LONGi Green Energy Technology Co. Ltd. | 110,190 | 670,410 | ||||||
SG Micro Corp. | 5,100 | 126,957 | ||||||
Shanghai Bright Power Semiconductor Co. Ltd. | 1,429 | 23,073 | ||||||
Shanghai Fullhan Microelectronics Co. Ltd. | 2,500 | 18,072 | ||||||
Shenzhen Sunmoon Microelectronics Co. Ltd. | 1,566 | 10,389 | ||||||
StarPower Semiconductor Ltd. | 2,200 | 104,563 | ||||||
Suzhou Novosense Microelectronics Co. Ltd. | 2,400 | 109,876 | ||||||
Thinkon Semiconductor Jinzhou Corp. | 2,100 | 12,355 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd. | 13,700 | 260,317 | ||||||
Wuxi ETEK Microelectronics Co. Ltd. | 1,020 | 8,292 | ||||||
Xinjiang Daqo New Energy Co. Ltd. | 39,400 | 270,623 | ||||||
Yangling Metron New Material, Inc. | 5,300 | 37,544 | ||||||
Yangzhou Yangjie Electronic Technology Co. Ltd. | 5,400 | 40,992 | ||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. | 14,100 | 129,391 | ||||||
2,015,856 | ||||||||
Software & Services: 0.4% | ||||||||
Chinasoft International Ltd. * | 58,000 | 50,214 | ||||||
Sichuan Jiuyuan Yinhai Software Co. Ltd. | 5,000 | 10,844 | ||||||
61,058 | ||||||||
Technology Hardware & Equipment: 2.1% | ||||||||
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. | 2,600 | 38,005 | ||||||
Eoptolink Technology, Inc. Ltd. | 9,823 | 33,641 |
See Notes to Financial Statements
28 |
Number of Shares |
Value | |||||||
Technology Hardware & Equipment (continued) | ||||||||
Maxscend Microelectronics Co. Ltd. | 6,020 | $ | 99,341 | |||||
Sihui Fuji Electronic Technology Co. Ltd. | 2,000 | 9,084 | ||||||
Suzhou Etron Technologies Co. Ltd. | 1,300 | 4,915 | ||||||
Wuxi Xinje Electric Co. Ltd. | 1,400 | 9,157 | ||||||
Yealink Network Technology Corp. Ltd. | 9,800 | 85,742 | ||||||
Zhuzhou Hongda Electronics Corp. Ltd. | 4,900 | 31,210 | ||||||
311,095 | ||||||||
Transportation: 2.1% | ||||||||
Anhui Expressway Co. Ltd. | 6,500 | 6,867 | ||||||
Antong Holdings Co. Ltd. * | 89,000 | 42,287 | ||||||
Bondex Supply Chain Management Co. Ltd. | 4,500 | 10,365 | ||||||
COSCO SHIPPING Holdings Co. Ltd. | 145,000 | 215,113 | ||||||
Eastern Air Logistics Co. Ltd. | 8,200 | 18,084 |
Number of Shares |
Value | |||||||
Transportation (continued) | ||||||||
Shanghai Zhonggu Logistics Co. Ltd. | 15,600 | $ | 32,717 | |||||
325,433 | ||||||||
Utilities: 0.2% | ||||||||
Ningbo Shimao Energy Co. Ltd. | 3,400 | 8,214 | ||||||
Xinjiang Xintai Natural Gas Co. Ltd. | 6,300 | 19,785 | ||||||
27,999 | ||||||||
Total Common Stocks (Cost: $16,930,683) |
15,199,438 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0% | ||||||||
Money Market Fund: 0.0% (Cost: $8) |
||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 8 | 8 | ||||||
Total Investments: 99.9% (Cost: $16,930,691) |
15,199,446 | |||||||
Other assets less liabilities: 0.1% | 13,057 | |||||||
NET ASSETS: 100.0% | $ | 15,212,503 |
Footnotes:
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $101,895. |
∞ | 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. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $295,597, or 1.9% of net assets. |
Summary of
Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Materials | 18.7 | % | $ | 2,846,946 | ||||
Consumer Staples | 16.6 | 2,522,451 | ||||||
Information Technology | 15.8 | 2,388,009 | ||||||
Health Care | 13.6 | 2,066,820 | ||||||
Energy | 9.2 | 1,400,581 | ||||||
Industrials | 8.4 | 1,277,266 | ||||||
Consumer Discretionary | 7.2 | 1,093,626 | ||||||
Communication Services | 6.8 | 1,036,335 | ||||||
Financials | 1.9 | 294,742 | ||||||
Real Estate | 1.6 | 244,663 | ||||||
Utilities | 0.2 | 27,999 | ||||||
100.0 | % | $ | 15,199,438 |
See Notes to Financial Statements
29 |
VANECK CHINA GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
(continued)
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Banks | $ | — | $ | 82,105 | $ | — | $ | 82,105 | ||||||||
Capital Goods | — | 930,385 | — | 930,385 | ||||||||||||
Commercial & Professional Services | — | 21,448 | — | 21,448 | ||||||||||||
Consumer Durables & Apparel | — | 1,048,111 | — | 1,048,111 | ||||||||||||
Diversified Financials | — | 212,637 | — | 212,637 | ||||||||||||
Energy | — | 1,400,581 | — | 1,400,581 | ||||||||||||
Food, Beverage & Tobacco | — | 2,513,672 | — | 2,513,672 | ||||||||||||
Health Care Equipment & Services | — | 909,409 | — | 909,409 | ||||||||||||
Household & Personal Products | — | 8,779 | — | 8,779 | ||||||||||||
Industrials | — | — | 0 | 0 | ||||||||||||
Materials | — | 2,846,946 | — | 2,846,946 | ||||||||||||
Media & Entertainment | — | 1,036,335 | — | 1,036,335 | ||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | — | 1,157,411 | — | 1,157,411 | ||||||||||||
Real Estate | — | 244,663 | 0 | 244,663 | ||||||||||||
Retailing | — | 45,515 | — | 45,515 | ||||||||||||
Semiconductors & Semiconductor Equipment | — | 2,015,856 | — | 2,015,856 | ||||||||||||
Software & Services | — | 61,058 | — | 61,058 | ||||||||||||
Technology Hardware & Equipment | — | 311,095 | — | 311,095 | ||||||||||||
Transportation | — | 325,433 | — | 325,433 | ||||||||||||
Utilities | — | 27,999 | — | 27,999 | ||||||||||||
Money Market Fund | 8 | — | — | 8 | ||||||||||||
Total Investments | $ | 8 | $ | 15,199,438 | $ | 0 | $ | 15,199,446 |
See Notes to Financial Statements
30 |
SCHEDULE OF INVESTMENTS
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.1% | ||||||||
Automobiles & Components: 0.3% | ||||||||
Fulin Precision Co. Ltd. * | 33,000 | $ | 68,601 | |||||
Capital Goods: 36.3% | ||||||||
Beijing Easpring Material Technology Co. Ltd. | 18,500 | 150,492 | ||||||
Contemporary Amperex Technology Co. Ltd. | 58,600 | 3,317,628 | ||||||
Dongguan Yiheda Automation Co. Ltd. | 3,460 | 32,842 | ||||||
East Group Co. Ltd. | 47,500 | 46,804 | ||||||
Eve Energy Co. Ltd. | 57,296 | 725,164 | ||||||
Gaona Aero Material Co. Ltd. | 12,200 | 80,718 | ||||||
Ginlong Technologies Co. Ltd. * | 7,850 | 203,844 | ||||||
Guangzhou Great Power Energy & Technology Co. Ltd. | 14,200 | 159,618 | ||||||
Hunan Zhongke Electric Co. Ltd. | 28,200 | 83,564 | ||||||
JL Mag Rare-Earth Co. Ltd. | 16,300 | 68,800 | ||||||
Luoyang Xinqianglian Slewing Bearing Co. Ltd. | 8,200 | 63,222 | ||||||
Qingdao TGOOD Electric Co. Ltd. | 28,700 | 63,029 | ||||||
Shenzhen Inovance Technology Co. Ltd. | 84,485 | 846,961 | ||||||
Shenzhen Yinghe Technology Co. Ltd. | 16,000 | 40,731 | ||||||
Sungrow Power Supply Co. Ltd. | 45,900 | 739,879 | ||||||
Sunwoda Electronic Co. Ltd. | 62,700 | 191,113 | ||||||
Suzhou Maxwell Technologies Co. Ltd. | 4,040 | 239,832 | ||||||
Wuxi Lead Intelligent Equipment Co. Ltd. | 45,720 | 264,994 | ||||||
Xi’an Triangle Defense Co. Ltd. | 12,500 | 68,633 | ||||||
7,387,868 | ||||||||
Commercial & Professional Services: 1.3% | ||||||||
Beijing Originwater Technology Co. Ltd. | 84,000 | 57,349 | ||||||
Centre Testing International Group Co. Ltd. | 65,100 | 209,513 | ||||||
266,862 | ||||||||
Consumer Durables & Apparel: 0.3% | ||||||||
Huali Industrial Group Co. Ltd. | 7,000 | 57,733 | ||||||
Consumer Services: 0.7% | ||||||||
Songcheng Performance Development Co. Ltd. | 67,321 | 141,914 | ||||||
Diversified Financials: 7.2% | ||||||||
East Money Information Co. Ltd. | 477,120 | 1,332,717 | ||||||
Hithink RoyalFlush Information Network Co. Ltd. | 9,300 | 132,237 | ||||||
1,464,954 | ||||||||
Food, Beverage & Tobacco: 4.2% | ||||||||
Wens Foodstuffs Group Co. Ltd. | 244,060 | 691,701 | ||||||
Yihai Kerry Arawana Holdings Co. Ltd. | 25,900 | 162,710 | ||||||
854,411 |
Number of Shares |
Value | |||||||
Health Care Equipment & Services: 12.1% | ||||||||
Aier Eye Hospital Group Co. Ltd. | 137,762 | $ | 617,089 | |||||
Dian Diagnostics Group Co. Ltd. | 21,600 | 78,372 | ||||||
Guangzhou Wondfo Biotech Co. Ltd. | 11,600 | 53,451 | ||||||
Intco Medical Technology Co. Ltd. | 20,020 | 60,830 | ||||||
Jafron Biomedical Co. Ltd. | 20,000 | 89,454 | ||||||
Lepu Medical Technology Beijing Co. Ltd. | 56,313 | 186,615 | ||||||
Ovctek China, Inc. | 20,900 | 107,667 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. | 21,200 | 965,932 | ||||||
Shenzhen New Industries Biomedical Engineering Co. Ltd. | 13,300 | 96,142 | ||||||
Tofflon Science & Technology Group Co. Ltd. | 11,600 | 39,720 | ||||||
Winner Medical Co. Ltd. | 5,200 | 53,692 | ||||||
Winning Health Technology Group Co. Ltd. | 80,666 | 119,848 | ||||||
2,468,812 | ||||||||
Household & Personal Products: 1.4% | ||||||||
By-health Co. Ltd. | 45,500 | 149,707 | ||||||
Yunnan Botanee Bio- Technology Group Co. Ltd. | 5,800 | 124,752 | ||||||
274,459 | ||||||||
Materials: 7.8% | ||||||||
CNGR Advanced Material Co. Ltd. | 8,900 | 84,150 | ||||||
Ganzhou Teng Yuan Cobalt New Material Co. Ltd. | 2,200 | 21,883 | ||||||
Huabao Flavours & Fragrances Co. Ltd. | 5,600 | 19,003 | ||||||
Hubei Dinglong Co. Ltd. | 31,800 | 97,732 | ||||||
Hubei Feilihua Quartz Glass Co. Ltd. | 18,900 | 150,221 | ||||||
Nanjing Hanrui Cobalt Co. Ltd. | 10,300 | 59,536 | ||||||
Shandong Dongyue | ||||||||
Organosilicon Material Co. Ltd. | 15,500 | 26,112 | ||||||
Shandong Sinocera Functional Material Co. Ltd. | 35,800 | 142,442 | ||||||
Shandong Weifang Rainbow Chemical Co. Ltd. | 4,200 | 52,820 | ||||||
Shenzhen Capchem Technology Co. Ltd. | 21,800 | 136,757 | ||||||
Shenzhen Dynanonic Co. Ltd. | 5,360 | 177,517 | ||||||
Shenzhen Senior Technology Material Co. Ltd. | 45,691 | 140,070 | ||||||
Sinofibers Technology Co. Ltd. | 15,700 | 111,326 | ||||||
Sunresin New Materials Co. Ltd. | 7,400 | 74,277 | ||||||
Suzhou TA&A Ultra Clean Technology Co. Ltd. | 18,000 | 145,025 | ||||||
Weihai Guangwei Composites Co. Ltd. | 13,700 | 142,828 | ||||||
1,581,699 |
See Notes to Financial Statements
31 |
VANECK CHINEXT ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares |
Value | |||||||
Media & Entertainment: 1.3% | ||||||||
Beijing Enlight Media Co. Ltd. | 49,442 | $ | 61,817 | |||||
Kunlun Tech Co. Ltd. | 34,200 | 71,017 | ||||||
Mango Excellent Media Co. Ltd. | 28,470 | 123,167 | ||||||
256,001 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences: 12.5% | ||||||||
Anhui Anke Biotechnology Group Co. Ltd. | 49,400 | 66,775 | ||||||
Betta Pharmaceuticals Co. Ltd. | 11,300 | 80,419 | ||||||
BGI Genomics Co. Ltd. | 10,700 | 79,913 | ||||||
China Resources Boya Bio-pharmaceutical Group Co. Ltd. | 13,100 | 69,149 | ||||||
Chongqing Zhifei Biological Products Co. Ltd. | 34,869 | 442,318 | ||||||
Hangzhou Tigermed Consulting Co. Ltd. | 24,159 | 364,598 | ||||||
Imeik Technology Development Co. Ltd. | 4,100 | 334,763 | ||||||
PharmaBlock Sciences Nanjing, Inc. | 7,200 | 83,550 | ||||||
Pharmaron Beijing Co. Ltd. | 23,850 | 233,923 | ||||||
Porton Pharma Solutions Ltd. | 15,400 | 90,750 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd. | 26,720 | 121,477 | ||||||
Sino Biological, Inc. | 2,600 | 37,445 | ||||||
Walvax Biotechnology Co. Ltd. | 74,400 | 430,781 | ||||||
Zhejiang Wolwo Bio- Pharmaceutical Co. Ltd. | 12,600 | 100,210 | ||||||
2,536,071 | ||||||||
Semiconductors & Semiconductor Equipment: 6.0% | ||||||||
Hangzhou Chang Chuan Technology Co. Ltd. | 15,600 | 100,372 | ||||||
Ingenic Semiconductor Co. Ltd. | 11,100 | 112,887 | ||||||
Risen Energy Co. Ltd. * | 29,900 | 106,995 | ||||||
SG Micro Corp. | 10,550 | 262,615 | ||||||
Shenzhen SC New Energy Technology Corp. | 11,100 | 182,381 | ||||||
Wuhan DR Laser Technology Corp. Ltd. | 3,600 | 65,435 |
Number of Shares |
Value | |||||||
Semiconductors & Semiconductor Equipment (continued) | ||||||||
Yangling Metron New Material, Inc. | 7,040 | $ | 49,869 | |||||
Yangzhou Yangjie Electronic Technology Co. Ltd. | 11,800 | 89,546 | ||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. | 27,100 | 248,674 | ||||||
1,218,774 | ||||||||
Software & Services: 2.6% | ||||||||
Beijing Sinnet Technology Co. Ltd. | 63,000 | 74,172 | ||||||
Longshine Technology Group Co. Ltd. | 21,900 | 69,505 | ||||||
Sangfor Technologies, Inc. | 10,600 | 172,486 | ||||||
Thunder Software Technology Co. Ltd. | 14,500 | 209,721 | ||||||
525,884 | ||||||||
Technology Hardware & Equipment: 6.1% | ||||||||
Anker Innovations Technology Co. Ltd. | 7,100 | 60,734 | ||||||
Chaozhou Three-Circle Group Co. Ltd. | 56,900 | 252,142 | ||||||
Lens Technology Co. Ltd. | 89,268 | 135,541 | ||||||
Leyard Optoelectronic Co. Ltd. | 92,700 | 75,678 | ||||||
Maxscend Microelectronics Co. Ltd. | 14,021 | 231,234 | ||||||
Shenzhen Sunway Communication Co. Ltd. | 37,101 | 88,375 | ||||||
Wuhan Raycus Fiber Laser Technologies Co. Ltd. * | 13,310 | 45,439 | ||||||
Wuhu Token Science Co. Ltd. | 93,900 | 80,866 | ||||||
Yealink Network Technology Corp. Ltd. | 14,900 | 130,363 | ||||||
Zhongji Innolight Co. Ltd. | 26,500 | 103,337 | ||||||
Zhuzhou Hongda Electronics Corp. Ltd. | 6,100 | 38,855 | ||||||
1,242,564 | ||||||||
Total Common Stocks (Cost: $17,606,453) |
20,346,607 | |||||||
Total Investments: 100.1% (Cost: $17,606,453) |
20,346,607 | |||||||
Liabilities in excess of other assets: (0.1)% | (21,891 | ) | ||||||
NET ASSETS: 100.0% | $ | 20,324,716 |
Footnotes:
* | Non-income producing |
See Notes to Financial Statements
32 |
Summary of Investments by Sector | % of Investments |
Value | ||||||
Industrials | 37.6 | % | $ | 7,654,730 | ||||
Health Care | 24.6 | 5,004,883 | ||||||
Information Technology | 14.7 | 2,987,222 | ||||||
Materials | 7.8 | 1,581,699 | ||||||
Financials | 7.2 | 1,464,954 | ||||||
Consumer Staples | 5.5 | 1,128,870 | ||||||
Consumer Discretionary | 1.3 | 268,248 | ||||||
Communication Services | 1.3 | 256,001 | ||||||
100.0 | % | $ | 20,346,607 |
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks * | $ | — | $ | 20,346,607 | $ | — | $ | 20,346,607 |
* | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
33 |
SCHEDULE OF INVESTMENTS
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.0% | ||||||||
Capital Goods: 0.7% | ||||||||
IndiaMart InterMesh Ltd. 144A | 183 | $ | 9,537 | |||||
Commercial & Professional Services: 2.0% | ||||||||
L&T Technology Services Ltd. 144A | 630 | 28,016 | ||||||
Consumer Durables & Apparel: 1.2% | ||||||||
Dixon Technologies India Ltd. | 355 | 16,721 | ||||||
Consumer Services: 2.1% | ||||||||
MakeMyTrip Ltd. * | 1,043 | 28,756 | ||||||
Diversified Financials: 1.5% | ||||||||
ICICI Securities Ltd. 144A | 1,925 | 11,561 | ||||||
Indian Energy Exchange Ltd. 144A | 5,359 | 9,052 | ||||||
20,613 | ||||||||
Energy: 8.1% | ||||||||
Reliance Industries Ltd. 144A (GDR) | 1,827 | 112,076 | ||||||
Insurance: 1.0% | ||||||||
PB Fintech Ltd. * | 2,680 | 14,498 | ||||||
Media & Entertainment: 5.4% | ||||||||
Affle India Ltd. * | 795 | 10,384 | ||||||
Info Edge India Ltd. | 1,365 | 64,812 | ||||||
75,196 | ||||||||
Retailing: 2.6% | ||||||||
Zomato Ltd. * | 50,977 | 36,544 | ||||||
Software & Services: 58.7% | ||||||||
Coforge Ltd. | 364 | 17,101 | ||||||
Cyient Ltd. | 1,867 | 18,269 | ||||||
Happiest Minds Technologies Ltd. | 876 | 9,318 |
Number of Shares |
Value | |||||||
Software & Services (continued) | ||||||||
HCL Technologies Ltd. | 6,535 | $ | 81,954 | |||||
Infosys Ltd. (ADR) | 6,025 | 108,510 | ||||||
KPIT Technologies Ltd. | 4,087 | 34,712 | ||||||
LTIMindtree Ltd. 144A | 1,156 | 60,936 | ||||||
Mphasis Ltd. | 2,058 | 49,018 | ||||||
One 97 Communications Ltd. * | 3,871 | 24,831 | ||||||
Oracle Financial Services Software Ltd. | 515 | 18,808 | ||||||
Persistent Systems Ltd. | 930 | 43,477 | ||||||
Tanla Platforms Ltd. | 1,653 | 14,229 | ||||||
Tata Consultancy Services Ltd. | 2,494 | 98,081 | ||||||
Tata Elxsi Ltd. | 371 | 28,157 | ||||||
Tech Mahindra Ltd. | 5,586 | 68,504 | ||||||
Wipro Ltd. (ADR) | 16,390 | 76,377 | ||||||
WNS Holdings Ltd. (ADR) * | 799 | 63,912 | ||||||
816,194 | ||||||||
Technology Hardware & Equipment: 2.0% | ||||||||
Redington Ltd. | 13,009 | 28,390 | ||||||
Telecommunication Services: 13.5% | ||||||||
Bharti Airtel Ltd. | 9,388 | 91,298 | ||||||
Indus Towers Ltd. | 16,070 | 36,897 | ||||||
Tata Communications Ltd. | 1,699 | 26,135 | ||||||
Tata Teleservices Maharashtra Ltd. * | 11,657 | 13,017 | ||||||
Vodafone Idea Ltd. * | 199,508 | 18,984 | ||||||
186,331 | ||||||||
Transportation: 1.2% | ||||||||
Delhivery Ltd. * | 4,334 | 17,357 | ||||||
Total Common Stocks (Cost: $1,747,837) |
1,390,229 | |||||||
Total Investments: 100.0% (Cost: $1,747,837) |
1,390,229 | |||||||
Liabilities in excess of other assets: 0.0% | (612 | ) | ||||||
NET ASSETS: 100.0% | $ | 1,389,617 |
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, and the value amounted $231,178, or 16.6% of net assets. |
Summary of Investments by Sector | % of Investments |
Value | ||||||
Information Technology | 60.7 | % | $ | 844,587 | ||||
Communication Services | 18.8 | 261,527 | ||||||
Energy | 8.1 | 112,075 | ||||||
Consumer Discretionary | 5.9 | 82,020 | ||||||
Industrials | 4.0 | 54,910 | ||||||
Financials | 2.5 | 35,110 | ||||||
100.0 | % | $ | 1,390,229 |
See Notes to Financial Statements
34 |
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Capital Goods | $ | — | $ | 9,537 | $ | — | $ | 9,537 | ||||||||
Commercial & Professional Services | — | 28,016 | — | 28,016 | ||||||||||||
Consumer Durables & Apparel | — | 16,721 | — | 16,721 | ||||||||||||
Consumer Services | 28,756 | — | — | 28,756 | ||||||||||||
Diversified Financials | — | 20,613 | — | 20,613 | ||||||||||||
Energy | — | 112,076 | — | 112,076 | ||||||||||||
Insurance | — | 14,498 | — | 14,498 | ||||||||||||
Media & Entertainment | — | 75,196 | — | 75,196 | ||||||||||||
Retailing | — | 36,544 | — | 36,544 | ||||||||||||
Software & Services | 248,799 | 567,395 | — | 816,194 | ||||||||||||
Technology Hardware & Equipment | — | 28,390 | — | 28,390 | ||||||||||||
Telecommunication Services | — | 186,331 | — | 186,331 | ||||||||||||
Transportation | — | 17,357 | — | 17,357 | ||||||||||||
Total Investments | $ | 277,555 | $ | 1,112,674 | $ | — | $ | 1,390,229 |
See Notes to Financial Statements
35 |
SCHEDULE OF INVESTMENTS
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 100.1% | ||||||||
Automobiles & Components: 1.5% | ||||||||
Ghabbour Auto | 1,611,582 | $ | 347,918 | |||||
Banks: 7.2% | ||||||||
Commercial International Bank Egypt SAE (GDR) | 1,373,790 | 1,640,861 | ||||||
Capital Goods: 4.5% | ||||||||
ElSewedy Electric Co. * | 2,125,077 | 1,033,047 | ||||||
Consumer Durables & Apparel: 2.3% | ||||||||
Oriental Weavers | 1,280,025 | 537,760 | ||||||
Consumer Services: 3.6% | ||||||||
Cairo Investment & Real Estate Development Co. SAE | 1,570,244 | 824,741 | ||||||
Diversified Financials: 6.9% | ||||||||
Egyptian Financial Group-Hermes Holding Co. * | 1,451,457 | 1,048,356 | ||||||
Egyptian Financial Group-Hermes Holding Co. (GDR) * | 462,969 | 532,414 | ||||||
1,580,770 | ||||||||
Energy: 4.6% | ||||||||
Capricorn Energy Plc * | 336,203 | 1,058,768 | ||||||
Food, Beverage & Tobacco: 8.1% | ||||||||
Eastern Co. SAE | 3,219,937 | 1,863,900 | ||||||
Health Care Equipment & Services: 4.9% | ||||||||
Cleopatra Hospital * | 3,871,074 | 834,910 | ||||||
Ibnsina Pharma SAE | 3,325,605 | 290,176 | ||||||
1,125,086 | ||||||||
Materials: 23.7% | ||||||||
Abou Kir Fertilizers & Chemical Industries | 967,311 | 1,518,553 |
Number of Shares |
Value | |||||||
Materials (continued) | ||||||||
Alexandria Mineral Oils Co. | 2,627,574 | $ | 673,069 | |||||
Centamin Plc | 783,216 | 1,064,928 | ||||||
Egypt Kuwait Holding Co. SAE | 726,790 | 928,691 | ||||||
Ezz Steel Co. SAE | 776,683 | 731,218 | ||||||
Sidi Kerir Petrochemicals Co. * | 969,968 | 513,836 | ||||||
5,430,295 | ||||||||
Real Estate: 16.3% | ||||||||
Emaar Misr for Development SAE * | 3,237,702 | 406,197 | ||||||
Heliopolis Housing * | 2,055,540 | 660,929 | ||||||
Medinet Nasr Housing * | 6,581,926 | 864,697 | ||||||
Palm Hills Developments SAE | 6,687,710 | 529,866 | ||||||
Talaat Moustafa Group | 3,164,392 | 1,275,462 | ||||||
3,737,151 | ||||||||
Retailing: 1.1% | ||||||||
MM Group for Industry & International Trade SAE * | 1,382,189 | 262,198 | ||||||
Software & Services: 10.4% | ||||||||
E-Finance for Digital & Financial Investments | 1,764,187 | 1,356,894 | ||||||
Fawry for Banking & Payment Technology Services SAE * | 4,806,818 | 1,020,053 | ||||||
2,376,947 | ||||||||
Telecommunication Services: 5.0% | ||||||||
Telecom Egypt Co. | 1,135,948 | 1,151,795 | ||||||
Total Common Stocks (Cost: $23,089,541) |
22,971,237 | |||||||
Total Investments: 100.1% (Cost: $23,089,541) |
22,971,237 | |||||||
Liabilities in excess of other assets: (0.1)% | (14,419 | ) | ||||||
NET ASSETS: 100.0% | $ | 22,956,818 |
Definitions:
GDR | Global Depositary Receipt |
Footnotes:
* | Non-income producing |
Summary of Investments by Sector | % of Investments |
Value | ||||||
Materials | 23.6 | % | $ | 5,430,295 | ||||
Real Estate | 16.3 | 3,737,151 | ||||||
Financials | 14.1 | 3,221,631 | ||||||
Information Technology | 10.4 | 2,376,947 | ||||||
Consumer Discretionary | 8.5 | 1,972,617 | ||||||
Consumer Staples | 8.1 | 1,863,900 | ||||||
Communication Services | 5.0 | 1,151,795 | ||||||
Health Care | 4.9 | 1,125,086 | ||||||
Energy | 4.6 | 1,058,768 | ||||||
Industrials | 4.5 | 1,033,047 | ||||||
100.0 | % | $ | 22,971,237 |
See Notes to Financial Statements
36 |
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Automobiles & Components | $ | — | $ | 347,918 | $ | — | $ | 347,918 | ||||||||
Banks | — | 1,640,861 | — | 1,640,861 | ||||||||||||
Capital Goods | — | 1,033,047 | — | 1,033,047 | ||||||||||||
Consumer Durables & Apparel | 537,760 | — | — | 537,760 | ||||||||||||
Consumer Services | — | 824,741 | — | 824,741 | ||||||||||||
Diversified Financials | 1,580,770 | — | — | 1,580,770 | ||||||||||||
Energy | 1,058,768 | — | — | 1,058,768 | ||||||||||||
Food, Beverage & Tobacco | — | 1,863,900 | — | 1,863,900 | ||||||||||||
Health Care Equipment & Services | 290,176 | 834,910 | — | 1,125,086 | ||||||||||||
Materials | — | 5,430,295 | — | 5,430,295 | ||||||||||||
Real Estate | — | 3,737,151 | — | 3,737,151 | ||||||||||||
Retailing | — | 262,198 | — | 262,198 | ||||||||||||
Software & Services | — | 2,376,947 | — | 2,376,947 | ||||||||||||
Telecommunication Services | — | 1,151,795 | — | 1,151,795 | ||||||||||||
Total Investments | $ | 3,467,474 | $ | 19,503,763 | $ | — | $ | 22,971,237 |
See Notes to Financial Statements
37 |
VANECK INDIA GROWTH LEADERS ETF
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.9% | ||||||||
Automobiles & Components: 0.5% | ||||||||
FIEM Industries Ltd. | 1,605 | $ | 33,597 | |||||
Mahindra CIE Automotive Ltd. | 35,645 | 147,846 | ||||||
Minda Corp. Ltd. | 26,029 | 64,202 | ||||||
245,645 | ||||||||
Capital Goods: 12.0% | ||||||||
Apar Industries Ltd. | 6,523 | 141,423 | ||||||
Astral Ltd. | 33,684 | 798,288 | ||||||
Bharat Electronics Ltd. | 1,411,647 | 1,703,301 | ||||||
Grindwell Norton Ltd. | 19,329 | 416,671 | ||||||
Hindustan Aeronautics Ltd. | 33,646 | 1,028,627 | ||||||
J Kumar Infraprojects Ltd. | 13,416 | 44,035 | ||||||
Jamna Auto Industries Ltd. | 74,071 | 93,662 | ||||||
Kajaria Ceramics Ltd. | 35,120 | 491,143 | ||||||
KEI Industries Ltd. | 22,816 | 403,036 | ||||||
Schaeffler India Ltd. | 14,885 | 493,996 | ||||||
Timken India Ltd. | 9,131 | 342,600 | ||||||
Voltamp Transformers Ltd. | 3,067 | 102,674 | ||||||
6,059,456 | ||||||||
Consumer Durables & Apparel: 3.3% | ||||||||
Gokaldas Exports Ltd. * | 17,145 | 75,609 | ||||||
KPR Mill Ltd. | 38,005 | 236,975 | ||||||
Mirza International Ltd. * | 16,281 | 48,457 | ||||||
Monte Carlo Fashions Ltd. | 2,044 | 17,047 | ||||||
Page Industries Ltd. | 2,160 | 1,116,562 | ||||||
Vardhman Textiles Ltd. * | 45,174 | 179,910 | ||||||
1,674,560 | ||||||||
Consumer Services: 0.2% | ||||||||
Easy Trip Planners Ltd. * | 186,914 | 118,872 | ||||||
Diversified Financials: 1.5% | ||||||||
Angel One Ltd. | 14,695 | 232,365 | ||||||
CRISIL Ltd. | 8,573 | 317,259 | ||||||
ICICI Securities Ltd. 144A | 34,109 | 204,842 | ||||||
754,466 | ||||||||
Energy: 12.9% | ||||||||
Coal India Ltd. | 888,463 | 2,417,019 | ||||||
Great Eastern Shipping Co. Ltd. | 35,793 | 290,319 | ||||||
Oil & Natural Gas Corp. Ltd. | 1,534,649 | 2,731,793 | ||||||
Oil India Ltd. | 153,714 | 388,097 | ||||||
Petronet LNG Ltd. | 319,966 | 832,226 | ||||||
6,659,454 | ||||||||
Food, Beverage & Tobacco: 8.0% | ||||||||
Dwarikesh Sugar Industries Ltd. | 45,260 | 57,413 | ||||||
ITC Ltd. | 630,434 | 2,523,470 | ||||||
Radico Khaitan Ltd. | 100 | 1,222 | ||||||
Varun Beverages Ltd. | 97,461 | 1,555,357 | ||||||
4,137,462 | ||||||||
Materials: 29.8% | ||||||||
Balaji Amines Ltd. | 3,989 | 130,417 | ||||||
Castrol India Ltd. | 202,373 | 301,000 | ||||||
Clean Science & Technology Ltd. | 7,767 | 139,337 | ||||||
Coromandel International Ltd. | 49,399 | 529,231 | ||||||
Deepak Fertilisers & Petrochemicals Corp. Ltd. | 26,241 | 226,451 | ||||||
Deepak Nitrite Ltd. | 28,854 | 690,581 | ||||||
EID Parry India Ltd. | 32,356 | 222,259 |
Number of Shares |
Value | |||||||
Materials (continued) | ||||||||
Fine Organic Industries Ltd. | 3,237 | $ | 224,422 | |||||
Fineotex Chemical Ltd. | 10,926 | 33,303 | ||||||
GHCL Ltd. | 24,430 | 150,411 | ||||||
Gujarat Alkalies & Chemicals Ltd. | 7,965 | 73,620 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 37,854 | 254,178 | ||||||
Gujarat State Fertilizers & Chemicals Ltd. | 93,594 | 157,853 | ||||||
Hindalco Industries Ltd. | 491,021 | 2,807,129 | ||||||
Jindal Steel & Power Ltd. | 174,209 | 1,221,880 | ||||||
JK Paper Ltd. | 30,849 | 152,169 | ||||||
Meghmani Finechem Ltd. * | 5,006 | 75,461 | ||||||
National Aluminium Co. Ltd. | 370,362 | 359,715 | ||||||
NMDC Ltd. | 473,691 | 703,782 | ||||||
NMDC Steel Ltd. * | 447,321 | 208,169 | ||||||
PCBL Ltd. | 71,442 | 111,779 | ||||||
PI Industries Ltd. | 34,478 | 1,423,902 | ||||||
Polyplex Corp. Ltd. | 5,638 | 108,308 | ||||||
Rain Industries Ltd. | 75,959 | 155,951 | ||||||
Sharda Cropchem Ltd. | 9,087 | 56,436 | ||||||
Sumitomo Chemical India Ltd. | 52,535 | 309,853 | ||||||
Tata Steel Ltd. | 1,931,039 | 2,630,090 | ||||||
Tinplate Co. of India Ltd. | 10,163 | 41,072 | ||||||
Vedanta Ltd. | 492,866 | 1,834,403 | ||||||
West Coast Paper Mills Ltd. | 11,930 | 75,264 | ||||||
15,408,426 | ||||||||
Media & Entertainment: 4.3% | ||||||||
Affle India Ltd. * | 20,051 | 261,895 | ||||||
Brightcom Group Ltd. | 636,872 | 225,351 | ||||||
Chennai Super Kings Cricket Ltd. *∞ ø | 1,298,085 | 1,526,697 | ||||||
Sun TV Network Ltd. | 34,269 | 201,281 | ||||||
2,215,224 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences: 11.5% | ||||||||
Ajanta Pharma Ltd. | 16,008 | 234,327 | ||||||
Divi’s Laboratories Ltd. | 53,810 | 2,216,366 | ||||||
Laurus Labs Ltd. 144A | 143,415 | 649,101 | ||||||
Sun Pharmaceutical Industries Ltd. | 234,287 | 2,833,233 | ||||||
5,933,027 | ||||||||
Software & Services: 15.4% | ||||||||
Coforge Ltd. | 15,389 | 722,989 | ||||||
Happiest Minds Technologies Ltd. | 17,069 | 181,554 | ||||||
Infosys Ltd. (ADR) | 141,266 | 2,544,201 | ||||||
LTIMindtree Ltd. 144A | 37,427 | 1,972,880 | ||||||
Mastek Ltd. | 5,400 | 111,373 | ||||||
Persistent Systems Ltd. | 21,665 | 1,012,833 | ||||||
Tanla Platforms Ltd. | 26,679 | 229,653 | ||||||
Tata Elxsi Ltd. | 14,834 | 1,125,832 | ||||||
7,901,315 | ||||||||
Transportation: 0.5% | ||||||||
Allcargo Logistics Ltd. | 27,374 | 133,329 |
See Notes to Financial Statements
38 |
Number of Shares |
Value | |||||||
Transportation (continued) | ||||||||
VRL Logistics Ltd. | 11,956 | $ | 78,035 | |||||
211,364 | ||||||||
Total Common
Stocks (Cost: $47,460,393) |
51,319,271 | |||||||
Total Investments: 99.9% (Cost: $47,460,393) |
51,319,271 | |||||||
Other assets less liabilities: 0.1% | 51,638 | |||||||
NET ASSETS: 100.0% | $ | 51,370,909 |
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 $1,526,697, or 3.0% of net assets |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,826,823, or 5.5% of net assets. |
Restricted securities held by the Fund as of December 31, 2022 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 | $1,526,697 | 3.0 | % |
Summary of Investments by Sector | % of Investments |
Value | ||||||
Materials | 30.0 | % | $ | 15,408,425 | ||||
Information Technology | 15.4 | 7,901,315 | ||||||
Energy | 13.0 | 6,659,454 | ||||||
Industrials | 12.2 | 6,270,820 | ||||||
Health Care | 11.5 | 5,933,026 | ||||||
Consumer Staples | 8.1 | 4,137,462 | ||||||
Communication Services | 4.3 | 2,215,225 | ||||||
Consumer Discretionary | 4.0 | 2,039,078 | ||||||
Financials | 1.5 | 754,466 | ||||||
100.0 | % | $ | 51,319,271 |
See Notes to Financial Statements
39 |
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, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Automobiles & Components | $ | — | $ | 245,645 | $ | — | $ | 245,645 | ||||||||
Capital Goods | — | 6,059,456 | — | 6,059,456 | ||||||||||||
Consumer Durables & Apparel | — | 1,674,560 | — | 1,674,560 | ||||||||||||
Consumer Services | — | 118,872 | — | 118,872 | ||||||||||||
Diversified Financials | — | 754,466 | — | 754,466 | ||||||||||||
Energy | — | 6,659,454 | — | 6,659,454 | ||||||||||||
Food, Beverage & Tobacco | — | 4,137,462 | — | 4,137,462 | ||||||||||||
Materials | — | 15,408,426 | — | 15,408,426 | ||||||||||||
Media & Entertainment | — | 688,527 | 1,526,697 | 2,215,224 | ||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | — | 5,933,027 | — | 5,933,027 | ||||||||||||
Software & Services | 2,544,201 | 5,357,114 | — | 7,901,315 | ||||||||||||
Transportation | — | 211,364 | — | 211,364 | ||||||||||||
Total Investments | $ | 2,544,201 | $ | 47,248,373 | $ | 1,526,697 | $ | 51,319,271 |
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the year ended December 31, 2022:
Common Stock | ||||
Balance as of December 31, 2021 | $ | 1,021,381 | ||
Realized gain (loss) | – | |||
Net change in unrealized appreciation (depreciation) | 505,316 | |||
Purchases | – | |||
Sales | – | |||
Transfers in/out of level 3 | – | |||
Balance as of December 31, 2022 | $ | 1,526,697 |
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, 2022:
Value
as of December 31, 2022 |
Valuation Technique |
Unobservable Input Description(1) |
Unobservable Input |
Impact
to Valuation from an Increase in Input(2) | ||||||
Common Stock | ||||||||||
Media & Entertainment | $1,526,697 | Market Approach | Revenue Multiple | 16x – 18x | Increase | |||||
Discount
for lack of marketability |
17½% | Decrease | ||||||||
Discount
for lack of control |
20% | 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
40 |
SCHEDULE OF INVESTMENTS
December 31, 2022
Number of Shares |
Value | |||||||
COMMON STOCKS: 99.8% | ||||||||
Automobiles & Components: 6.1% | ||||||||
Astra International Tbk PT | 5,458,500 | $ | 1,997,536 | |||||
Banks: 29.0% | ||||||||
Allo Bank Indonesia Tbk PT * | 962,900 | 109,087 | ||||||
Bank Aladin Syariah Tbk PT * | 1,712,900 | 155,693 | ||||||
Bank Central Asia Tbk PT | 4,931,000 | 2,703,855 | ||||||
Bank Jago Tbk PT * | 1,146,100 | 273,541 | ||||||
Bank Mandiri Persero Tbk PT | 3,514,102 | 2,240,922 | ||||||
Bank Negara Indonesia Persero Tbk PT | 2,203,632 | 1,305,580 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 8,753,533 | 2,775,309 | ||||||
9,563,987 | ||||||||
Capital Goods: 1.8% | ||||||||
Jardine Cycle & Carriage Ltd. † | 27,988 | 596,790 | ||||||
Diversified Financials: 0.4% | ||||||||
BFI Finance Indonesia Tbk PT | 2,169,800 | 146,945 | ||||||
Energy: 12.9% | ||||||||
Adaro Energy Indonesia Tbk PT | 4,724,500 | 1,170,319 | ||||||
Banpu PCL (NVDR) | 2,372,629 | 937,885 | ||||||
Bukit Asam Tbk PT | 1,157,100 | 274,421 | ||||||
Bumi Resources Tbk PT * | 82,269,800 | 850,839 | ||||||
Indo Tambangraya Megah Tbk PT | 116,800 | 293,347 | ||||||
United Tractors Tbk PT | 440,769 | 738,850 | ||||||
4,265,661 | ||||||||
Food & Staples Retailing: 3.0% | ||||||||
Sumber Alfaria Trijaya Tbk PT | 5,765,400 | 982,586 | ||||||
Food, Beverage & Tobacco: 7.4% | ||||||||
Charoen Pokphand Indonesia Tbk PT | 2,131,400 | 773,678 | ||||||
First Pacific Co. Ltd. | 601,250 | 179,103 | ||||||
Golden Agri-Resources Ltd. | 1,086,400 | 202,483 | ||||||
Gudang Garam Tbk PT | 136,400 | 157,765 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 654,600 | 420,347 | ||||||
Indofood Sukses Makmur Tbk PT | 1,296,900 | 560,621 | ||||||
Japfa Comfeed Indonesia Tbk PT | 1,558,900 | 129,625 | ||||||
2,423,622 | ||||||||
Health Care Equipment & Services: 1.0% | ||||||||
Mitra Keluarga Karyasehat Tbk PT | 1,599,297 | 327,378 | ||||||
Household & Personal Products: 1.5% | ||||||||
Unilever Indonesia Tbk PT | 1,690,500 | 510,656 | ||||||
Materials: 14.5% | ||||||||
Aneka Tambang Tbk | 2,484,700 | 316,197 | ||||||
Avia Avian Tbk PT | 4,575,500 | 185,166 | ||||||
Barito Pacific Tbk PT | 8,065,116 | 391,045 | ||||||
Berkah Beton Sadaya Tbk PT | 8,641,000 | 410,749 | ||||||
Bumi Resources Minerals Tbk PT * | 23,874,400 | 243,965 | ||||||
Chandra Asri Petrochemical Tbk PT | 2,044,536 | 337,489 | ||||||
Indah Kiat Pulp & Paper Tbk PT | 759,600 | 425,615 |
Number of Shares |
Value | |||||||
Materials (continued) | ||||||||
Indocement Tunggal Prakarsa Tbk PT | 532,900 | $ | 338,835 | |||||
Merdeka Copper Gold Tbk PT * | 3,703,795 | 978,516 | ||||||
Nickel Industries Ltd. † | 435,701 | 287,154 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 367,900 | 166,537 | ||||||
Semen Indonesia Persero Tbk PT | 981,062 | 414,304 | ||||||
Vale Indonesia Tbk PT * | 616,400 | 280,394 | ||||||
4,775,966 | ||||||||
Media & Entertainment: 0.9% | ||||||||
Elang Mahkota Teknologi Tbk PT | 4,522,900 | 298,909 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences: 2.4% | ||||||||
Kalbe Farma Tbk PT | 5,816,000 | 780,778 | ||||||
Real Estate: 1.7% | ||||||||
Bumi Serpong Damai Tbk PT * | 2,501,700 | 147,706 | ||||||
Ciputra Development Tbk PT | 2,576,995 | 155,633 | ||||||
Pakuwon Jati Tbk PT | 4,410,400 | 129,151 | ||||||
Summarecon Agung Tbk PT | 3,218,700 | 124,842 | ||||||
557,332 | ||||||||
Retailing: 5.1% | ||||||||
Bukalapak.com PT Tbk * | 16,136,300 | 270,882 | ||||||
GoTo Gojek Tokopedia Tbk PT * | 244,504,200 | 1,418,463 | ||||||
1,689,345 | ||||||||
Telecommunication Services: 10.2% | ||||||||
Indosat Tbk PT | 333,500 | 132,370 | ||||||
Sarana Menara Nusantara Tbk PT | 6,178,900 | 436,797 | ||||||
Smartfren Telecom Tbk PT * | 32,544,500 | 138,223 | ||||||
Telkom Indonesia Persero Tbk PT (ADR) † | 92,361 | 2,202,810 | ||||||
Tower Bersama Infrastructure Tbk PT | 1,807,200 | 266,959 | ||||||
XL Axiata Tbk PT | 1,235,575 | 169,824 | ||||||
3,346,983 | ||||||||
Transportation: 0.8% | ||||||||
Jasa Marga Persero Tbk PT * | 643,250 | 123,106 | ||||||
Transcoal Pacific Tbk PT | 295,400 | 150,864 | ||||||
273,970 | ||||||||
Utilities: 1.1% | ||||||||
Perusahaan Gas Negara Tbk PT | 3,079,300 | 347,959 | ||||||
Total Common
Stocks (Cost: $43,125,132) |
32,886,403 | |||||||
SHORT-TERM
INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7% |
||||||||
Money Market Fund: 0.7% |
See Notes to Financial Statements
41 |
VANECK INDONESIA INDEX ETF
SCHEDULE OF INVESTMENTS
(continued)
Number of Shares |
Value | |||||||
(Cost: $214,156) | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 214,156 | $ | 214,156 | |||||
Total Investments: 100.5% (Cost: $43,339,288) |
33,100,559 | |||||||
Liabilities in excess of other assets: (0.5)% | (162,993 | ) | ||||||
NET ASSETS: 100.0% | $ | 32,937,566 |
Definitions: | |
ADR | American Depositary Receipt |
NVDR | Non-Voting Depositary Receipt |
Footnotes: | |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $1,005,397. |
Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
Financials | 29.5 | % | $ | 9,710,932 | ||||
Materials | 14.5 | 4,775,966 | ||||||
Energy | 13.0 | 4,265,661 | ||||||
Consumer Staples | 11.9 | 3,916,864 | ||||||
Consumer Discretionary | 11.2 | 3,686,881 | ||||||
Communication Services | 11.1 | 3,645,892 | ||||||
Health Care | 3.4 | 1,108,156 | ||||||
Industrials | 2.6 | 870,760 | ||||||
Real Estate | 1.7 | 557,332 | ||||||
Utilities | 1.1 | 347,959 | ||||||
100.0 | % | $ | 32,886,403 |
See Notes to Financial Statements
42 |
The summary of inputs used to value the Fund’s investments as of December 31, 2022 is as follows:
Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
Common Stocks | ||||||||||||||||
Automobiles & Components | $ | — | $ | 1,997,536 | $ | — | $ | 1,997,536 | ||||||||
Banks | 155,693 | 9,408,294 | — | 9,563,987 | ||||||||||||
Capital Goods | — | 596,790 | — | 596,790 | ||||||||||||
Diversified Financials | — | 146,945 | — | 146,945 | ||||||||||||
Energy | 850,839 | 3,414,822 | — | 4,265,661 | ||||||||||||
Food & Staples Retailing | — | 982,586 | — | 982,586 | ||||||||||||
Food, Beverage & Tobacco | — | 2,423,622 | — | 2,423,622 | ||||||||||||
Health Care Equipment & Services | — | 327,378 | — | 327,378 | ||||||||||||
Household & Personal Products | — | 510,656 | — | 510,656 | ||||||||||||
Materials | 595,915 | & |