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
 

 

 

President’s Letter   1
Management Discussion   3
Performance Comparison    
Africa Index ETF   6
Brazil Small-Cap ETF   7
China Growth Leaders ETF   8
ChiNext ETF   9
Digital India ETF   10
Egypt Index ETF   11
India Growth Leaders ETF   12
Indonesia Index ETF   13
Israel ETF   14
Vietnam ETF   15
About Fund Performance   16
Explanation of Expenses   17
Schedule of Investments    
Africa Index ETF   19
Brazil Small-Cap ETF   22
China Growth Leaders ETF   26
ChiNext ETF   31
Digital India ETF   34
Egypt Index ETF   36
India Growth Leaders ETF   38
Indonesia Index ETF   41
Israel ETF   44
Vietnam ETF   47
Statements of Assets and Liabilities   49
Statements of Operations   52
Statements of Changes in Net Assets   55
Financial Highlights    
Africa Index ETF   60
Brazil Small-Cap ETF   61
China Growth Leaders ETF   62
ChiNext ETF   63
Digital India ETF   64
Egypt Index ETF   65
India Growth Leaders ETF   66
Indonesia Index ETF   67
Israel ETF   68
Vietnam ETF   69
Notes to Financial Statements   70
Report of Independent Registered Public Accounting Firm   80
Tax Information   82
Board of Trustees and Officers   83

 

 

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

PRESIDENT’S LETTER

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

1

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/.

2

VANECK ETFs

MANAGEMENT DISCUSSION

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

3

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

4

 

 

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

VANECK AFRICA INDEX ETF

PERFORMANCE COMPARISON

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.

 

 

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

VANECK BRAZIL SMALL-CAP ETF

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.

 

 

 

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.

 

 

 

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

VANECK CHINEXT ETF

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.

 

 

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

VANECK DIGITAL INDIA ETF

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

VANECK EGYPT INDEX ETF

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

VANECK INDONESIA INDEX ETF

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

VANECK ISRAEL ETF

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

VANECK VIETNAM ETF

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

ABOUT FUND PERFORMANCE

(unaudited)

 

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

 

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

 

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

 

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

 

The Africa Index, Brazil Small-Cap Index, 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

EXPLANATION OF EXPENSES

(unaudited)

 

Hypothetical $1,000 investment at beginning of period

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

 

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

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

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
Significant
Unobservable

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

VANECK BRAZIL SMALL-CAP ETF

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

VANECK CHINEXT ETF

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

VANECK DIGITAL INDIA ETF

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

VANECK EGYPT INDEX ETF

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

VANECK INDONESIA INDEX ETF

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