SEMI-ANNUAL REPORT
June 30, 2023
(unaudited)

 

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
Explanation of Expenses 3
Schedule of Investments  
Africa Index ETF 5
Brazil Small-Cap ETF 8
China Growth Leaders ETF 12
ChiNext ETF 17
Digital India ETF 20
Egypt Index ETF 22
India Growth Leaders ETF 24
Indonesia Index ETF 27
Israel ETF 29
Vietnam ETF 32
Statements of Assets and Liabilities 34
Statements of Operations 37
Statements of Changes in Net Assets 40
Financial Highlights  
Africa Index ETF 45
Brazil Small-Cap ETF 46
China Growth Leaders ETF 47
ChiNext ETF 48
Digital India ETF 49
Egypt Index ETF 50
India Growth Leaders ETF 51
Indonesia Index ETF 52
Israel ETF 53
Vietnam ETF 54
Notes to Financial Statements 55
Approval of Investment Management Agreement 63
Funds’ Liquidity Risk Management Program 66

 

 

Certain information contained in this President’s Letter 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 June 30, 2023.

     

VANECK ETF TRUST

PRESIDENT’S LETTER

June 30, 2023 (unaudited)

 

Dear Fellow Shareholders:

 

Our outlook for financial markets in 2023 was “sideways.” The three major forces—monetary policy, government spending and economic growth—are negative or muted. This remains my view despite events in the last few months, discussed at the end of this letter.

 

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.

 

There are three things investors continue to face, none of which is particularly positive for financial assets.

 

1. Monetary Policy: Tightening

 

Money supply exploded during the COVID–19 pandemic, but it started shrinking in late 2022. 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—from a high of almost $9 trillion in early 2022, assets dropped to just short of $8.4 trillion by the end of June.1 The Fed has only shrunk its balance sheet once before, so we are facing an unknown.

 

As we’ve been saying since the summer of 2022, when wage inflation was confirmed, what the Fed is 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. And this is the battle that is at full pitch—the labor market has remained strong.

 

While headline inflation is falling, we are still in the “higher for longer” camp. The Fed seems likely to continue holding, or even raising, interest rates and will probably continue to shrink its balance sheet. This is not supportive of stock or bond markets.

 

2. Fiscal Tightening

 

A second bearish factor is that government spending is unlikely to increase next 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. The debt ceiling compromise and the Supreme Court rejection of student debt relief continue this trend.

 

3. Global Growth is at Low Levels

 

Both Chinese and European growth, for different reasons, were slow in 2022. Over the last 20 years, the U.S. and China have been the two main pillars of global growth. In China, the post-COVID-19 growth has been more domestic and consumer-led, not enough to overcome the property sector malaise.

 

China growth estimates range from low (1% to 3%) to “high” (4% to 5%). Many “bulls” point to China as a potential catalyst for a better-than-expected economic outlook. I don’t see it. 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 has been our favorite asset class to buy and remains our preference. (See What to Buy? Bonds. When? Now.2) Because of higher interest rates, bonds 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.

   1  

VANECK ETF TRUST

PRESIDENT’S LETTER

(unaudited) (continued)

 

Outlook

 

My basic outlook favoring bonds hasn’t changed. But I should address two events of the first half of this year—monetary stimuli and AI (artificial intelligence).

 

There were two unexpected monetary stimuli in early 2023, but I think both are temporary. The first was the wave of money from Asia at year-end: Japanese bond buying of approximately $600 billion and Chinese money supply growth post-COVID-19. The second monetary stimulus was the credit the Fed provided to banks during the mini-bank crisis of March. While I believe this crisis will prove to be idiosyncratic in nature, I’m worried that it could lead to a contraction of credit, but this may be offset by China reopening. Also, I think it is important to note that substantially less credit flows to the real economy from banks (through loans they continue to hold) and much more through alternative credit funds. These funds typically don’t offer daily liquidity, so any credit crunch is likely to be extenuated over several quarters. So, I don’t see these two events as significantly changing the “sideways” trajectory of 2023.

 

AI and the instant success of ChatGPT have driven another wave of enthusiasm for tech stocks, but the valuations seem stretched to me. And large-cap earnings are still on a downward or flat trajectory, so I’m not chasing this rally.

 

My final thought is that, while I think the Fed won’t stimulate for a while, this is a good time to get positioned in assets that would benefit from that stimulus, namely gold and BTC (bitcoin).

 

We thank you for investing with VanEck. On the following pages, you will find financial statements for each of the funds for the six month period ended June 30, 2023. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.

 

 

Jan F. van Eck
CEO and President
VanEck ETF Trust

 

July 7, 2023

 

PS The investing outlook can change suddenly. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”.3 Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.

 

1 U.S. Federal Reserve: FEDERAL RESERVE Statistical Release, June 22, 2023, https://www.federalreserve.gov/releases/h41/20230629/

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/.

3 https://www.vaneck.com/us/en/subscribe/

   2  

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, January 1, 2023 to June 30, 2023.

 

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

 

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

 

    Beginning
Account
Value
January 1, 2023
  Ending
Account
Value
June 30, 2023
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
January 1, 2023 -
June 30, 2023(a)
 
Africa Index ETF                  
Actual   $1,000.00   $932.10   1.23%   $5.89  
Hypothetical (b)   $1,000.00   $1,018.70   1.23%   $6.16  
Brazil Small-Cap ETF                  
Actual   $1,000.00   $1,333.30   0.67%   $3.88  
Hypothetical (b)   $1,000.00   $1,021.47   0.67%   $3.36  
China Growth Leaders ETF                  
Actual   $1,000.00   $911.60   0.60%   $2.84  
Hypothetical (b)   $1,000.00   $1,021.82   0.60%   $3.01  
ChiNext ETF                  
Actual   $1,000.00   $906.30   0.65%   $3.07  
Hypothetical (b)   $1,000.00   $1,021.57   0.65%   $3.26  
Digital India ETF                  
Actual   $1,000.00   $1,119.40   0.76%   $3.99  
Hypothetical (b)   $1,000.00   $1,021.03   0.76%   $3.81  
Egypt Index ETF                  
Actual   $1,000.00   $938.70   1.81%   $8.70  
Hypothetical (b)   $1,000.00   $1,015.82   1.81%   $9.05  
India Growth Leaders ETF                  
Actual   $1,000.00   $1,115.30   0.95%   $4.98  
Hypothetical (b)   $1,000.00   $1,020.08   0.95%   $4.76  
   3  

VANECK ETF TRUST

EXPLANATION OF EXPENSES

(unaudited) (continued)

 

    Beginning
Account
Value
January 1, 2023
  Ending
Account
Value
June 30, 2023
  Annualized
Expense
Ratio
During Period
  Expenses Paid
During the Period
January 1, 2023 -
June 30, 2023(a)
 
Indonesia Index ETF                  
Actual   $1,000.00   $1,044.00   0.59%   $2.99  
Hypothetical (b)   $1,000.00   $1,021.87   0.59%   $2.96  
Israel ETF                  
Actual   $1,000.00   $987.50   0.60%   $2.96  
Hypothetical (b)   $1,000.00   $1,021.82   0.60%   $3.01  
Vietnam ETF                  
Actual   $1,000.00   $1,132.60   0.78%   $4.12  
Hypothetical (b)   $1,000.00   $1,020.93   0.78%   $3.91  

 

(a) Expenses are equal to the Fund’s annualized expense ratio (for the six months ended June 30, 2023), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period).
(b) Assumes annual return of 5% before expenses
   4  

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.3%                
Australia: 5.1%                
AVZ Minerals Ltd. *∞     1,399,901     $ 293,531  
Paladin Energy Ltd. *     2,013,752       989,665  
Perseus Mining Ltd.     922,306       1,023,799  
              2,306,995  
Canada: 8.1%                
B2Gold Corp. (USD)     40,604       144,956  
Barrick Gold Corp. (USD)     72,132       1,221,195  
Ivanhoe Mines Ltd. * †     253,408       2,317,201  
              3,683,352  
China: 3.7%                
CMOC Group Ltd. (HKD) †     3,219,000       1,694,638  
Egypt: 4.9%                
Centamin Plc (GBP)     495,211       575,179  
Commercial International Bank Egypt SAE (USD) (GDR) †     1,469,764       1,675,531  
              2,250,710  
Ghana: 2.2%                
Kosmos Energy Ltd. (USD) *     168,633       1,010,112  
India: 1.1%                
MakeMyTrip Ltd. (USD) *     18,836       508,195  
Indonesia: 0.8%                
Golden Agri-Resources Ltd. (SGD)     2,028,600       367,810  
Kenya: 5.1%                
Equity Group Holdings Plc     3,543,400       963,976  
Safaricom Plc     10,810,500       1,345,546  
              2,309,522  
Morocco: 15.8%                
Attijariwafa Bank     65,825       2,950,736  
Bank of Africa     59,617       1,065,369  
Banque Centrale Populaire     89,162       2,371,736  
Co. Sucrerie Marocaine et de Raffinage     41,437       815,792  
              7,203,633  
Nigeria: 5.4%                
Guaranty Trust Holding Co. Plc     15,748,709       720,529  
MTN Nigeria Communications Plc     2,940,775       1,050,991  
Zenith Bank Plc     14,952,315       670,886  
              2,442,406  
Norway: 0.1%                
Scatec ASA 144A     9,500       62,304  
South Africa: 33.3%                
Absa Group Ltd.     64,498       573,532  
African Rainbow Minerals Ltd.     8,953       94,106  
Anglo American Platinum Ltd. †     5,008       225,540  
Anglo American Plc (GBP)     67,444       1,922,409  
Aspen Pharmacare Holdings Ltd.     25,059       243,538  
AVI Ltd.     22,556       81,147  
    Number
of Shares
    Value  
South Africa (continued)                
Bid Corp. Ltd.     18,227     $ 398,758  
Bidvest Group Ltd.     15,718       217,683  
Capitec Bank Holdings Ltd. †     7,781       645,764  
Clicks Group Ltd. †     17,192       237,787  
Discovery Ltd. *     35,720       275,776  
Exxaro Resources Ltd.     12,339       107,220  
FirstRand Ltd.     401,374       1,457,099  
Gold Fields Ltd. (ADR)     59,889       828,265  
Growthpoint Properties Ltd.     267,233       164,941  
Harmony Gold Mining Co. Ltd. (ADR) †     31,909       134,018  
Impala Platinum Holdings Ltd.     60,243       399,853  
Investec Plc (GBP)     44,399       248,817  
Life Healthcare Group Holdings Ltd.     61,135       66,503  
Momentum Metropolitan Holdings     92,101       88,138  
Mr Price Group Ltd.     18,607       141,408  
MTN Group Ltd.     97,278       712,087  
MultiChoice Group     19,238       97,243  
Naspers Ltd.     7,673       1,381,076  
Nedbank Group Ltd.     33,204       401,850  
Netcare Ltd.     95,150       72,579  
Northam Platinum Holdings Ltd. *     16,524       109,756  
Old Mutual Ltd.     320,447       205,606  
Pepkor Holdings Ltd. 144A     103,106       90,034  
Remgro Ltd.     36,429       283,564  
Resilient REIT Ltd.     22,210       49,743  
Sanlam Ltd.     137,605       425,025  
Sappi Ltd. †     22,426       46,309  
Sasol Ltd. (ADR) †     39,069       483,674  
Shoprite Holdings Ltd.     35,349       422,425  
Sibanye Stillwater Ltd. (ADR) †     49,352       307,956  
SPAR Group Ltd. †     11,688       65,062  
Standard Bank Group Ltd.     100,176       942,309  
Thungela Resources Ltd.     9,925       77,566  
Tiger Brands Ltd. †     9,146       80,659  
Vodacom Group Ltd. †     35,757       221,987  
Woolworths Holdings Ltd.     54,625       206,582  
              15,235,394  
Tanzania: 3.0%                
AngloGold Ashanti Ltd. (ADR) †     28,504       601,149  
Helios Towers Plc (GBP) *     653,999       776,990  
              1,378,139  
United Arab Emirates: 3.6%                
Itissalat Al-Maghrib (MAD)     170,348       1,633,869  
United Kingdom: 4.8%                
Airtel Africa Plc 144A     723,959       992,197  
Endeavour Mining Plc     44,200       1,062,621  
Kumba Iron Ore Ltd. (ZAR)     4,959       116,112  
              2,170,930  


 

See Notes to Financial Statements

   5  

VANECK AFRICA INDEX ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Number
of Shares
    Value  
United States: 0.7%                
Royal Caribbean Cruises Ltd. *     3,158     $ 327,611  
Zambia: 2.6%                
First Quantum Minerals Ltd. (CAD)     50,652       1,199,648  
Zimbabwe: 0.0%                
Delta Corp. Ltd.     15,980       5,897  
Ecocash Holdings Zimbabwe Ltd. *     32,900       823  
              6,720  
Total Common Stocks
(Cost: $44,322,413)
            45,791,988  
    Number
of Shares
    Value  
RIGHTS: 0.0%
(Cost: $0)
               
Morocco: 0.0%                
Bank of Africa, MAD 170.00, exp. 10/03/23 *     25     $ 7  
Total Investments Before Collateral for Securities Loaned: 100.3%
(Cost: $44,322,413)
      45,791,995  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.4%          
Money Market Fund: 2.4%
(Cost: $1,116,905)
               
State Street Navigator Securities Lending Government Money Market Portfolio     1,116,905       1,116,905  
Total Investments: 102.7%
(Cost: $45,439,318)
            46,908,900  
Liabilities in excess of other assets: (2.7)%       (1,215,180)  
NET ASSETS: 100.0%           $ 45,693,720  


 

 

Definitions:

 

ADR American Depositary Receipt
CAD Canadian Dollar
GBP British Pound
GDR Global Depositary Receipt
HKD Hong Kong Dollar
MAD Moroccan Dirham
SGD Singapore Dollar
USD United States Dollar
ZAR South African Rand

 

Footnotes:

 

Security is valued using significant unobservable inputs that factor in discount for lack of marketability and is classified as Level 3 in the fair value hierarchy.
* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $5,708,154.
   
144A Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $1,144,535, or 2.5% of net assets.

 

See Notes to Financial Statements

   6  

 

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Financials     34.8 %      $ 15,967,074  
Materials     32.3       14,801,916  
Communication Services     14.9       6,830,908  
Consumer Discretionary     5.8       2,654,906  
Consumer Staples     5.5       2,475,337  
Energy     4.8       2,184,563  
Health Care     0.8       382,620  
Industrials     0.5       217,683  
Real Estate     0.5       214,684  
Utilities     0.1       62,304  
      100.0 %   $ 45,791,995  

 

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Australia   $     $ 2,013,464     $ 293,531     $ 2,306,995  
Canada     3,683,352                   3,683,352  
China           1,694,638             1,694,638  
Egypt     1,675,531       575,179             2,250,710  
Ghana     1,010,112                   1,010,112  
India     508,195                   508,195  
Indonesia           367,810             367,810  
Kenya     2,309,522                   2,309,522  
Morocco     4,831,897       2,371,736             7,203,633  
Nigeria     1,771,520       670,886             2,442,406  
Norway           62,304             62,304  
South Africa     5,094,161       10,141,233             15,235,394  
Tanzania     601,149       776,990             1,378,139  
United Arab Emirates     1,633,869                   1,633,869  
United Kingdom     992,197       1,178,733             2,170,930  
United States     327,611                   327,611  
Zambia     1,199,648                   1,199,648  
Zimbabwe     6,720                   6,720  
Rights *     7                   7  
Money Market Fund     1,116,905                   1,116,905  
Total Investments   $ 26,762,396     $ 19,852,973     $ 293,531     $ 46,908,900  

 

* See Schedule of Investments for geographic sector breakouts.

 

See Notes to Financial Statements

   7  

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 90.6%                
Automobiles & Components: 0.8%          
Mahle Metal Leve SA     29,200     $ 283,816  
Banks: 1.4%                
Inter & Co., Inc. (BDR) *     155,300       480,346  
Capital Goods: 2.9%                
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA *     232,150       64,483  
Armac Locacao Logistica E Servicos SA     57,650       180,359  
Iochpe Maxion SA     74,552       194,469  
Kepler Weber SA     70,800       139,879  
Mills Estruturas e Servicos de Engenharia SA     82,100       193,239  
Tupy SA     40,400       221,229  
              993,658  
Commercial & Professional Services: 1.6%          
Ambipar Participacoes e Empreendimentos SA     33,350       151,699  
Boa Vista Servicos SA *     125,050       207,363  
Orizon Valorizacao de Residuos SA *     24,500       190,803  
              549,865  
Consumer Discretionary Distribution & Retail: 2.7%          
Grupo SBF SA     75,700       210,111  
Pet Center Comercio e Participacoes SA     199,650       274,362  
Via SA *     968,600       434,921  
              919,394  
Consumer Durables & Apparel: 9.0%                
Cury Construtora e Incorporadora SA     97,300       326,149  
Cyrela Brazil Realty SA Empreendimentos e Participacoes     175,600       738,237  
Direcional Engenharia SA     62,500       256,490  
Ez Tec Empreendimentos e Participacoes SA     110,502       425,096  
Grendene SA     150,350       234,873  
Guararapes Confeccoes SA     64,300       103,671  
MRV Engenharia e Participacoes SA     234,500       566,636  
Vivara Participacoes SA     75,100       446,691  
              3,097,843  
Consumer Services: 7.6%                
Afya Ltd. * †     18,087       253,942  
Anima Holding SA *     189,700       166,000  
Arco Platform Ltd. * †     3,528       42,830  
Arcos Dorados Holdings, Inc.     70,235       719,909  
Cogna Educacao SA *     1,066,150       725,878  
Cruzeiro do Sul Educacional SA     55,650       44,746  
YDUQS Participacoes SA *     138,150       571,850  
Zamp SA *     114,700       108,994  
              2,634,149  
    Number
of Shares
    Value  
Consumer Staples Distribution & Retail: 1.7%  
Cia Brasileira de Distribuicao (ADR) * †     94,127     $ 362,389  
Dimed SA Distribuidora da Medicamentos     62,650       167,479  
Empreendimentos Pague Menos SA *     66,757       56,465  
              586,333  
Energy: 8.2%                
3R Petroleum Oleo e Gas SA *     163,201       1,017,406  
AES Brasil Energia SA     177,772       454,807  
Enauta Participacoes SA     60,400       173,321  
Karoon Energy Ltd. *     400,952       528,596  
Modec, Inc. * †     15,400       149,491  
Petroreconcavo SA     128,800       515,663  
              2,839,284  
Financial Services: 0.8%                
BR Advisory Partners Participacoes SA     38,150       115,051  
Vinci Partners Investments Ltd.     16,678       155,439  
              270,490  
Food, Beverage & Tobacco: 8.3%                
Adecoagro SA †     46,476       435,015  
BrasilAgro - Co. Brasileira de Propriedades Agricolas     44,200       226,252  
BRF SA (ADR) * †     450,973       856,849  
Camil Alimentos SA *     76,900       113,386  
Jalles Machado SA     120,500       189,249  
Marfrig Global Foods SA     250,000       379,579  
Minerva SA     193,200       428,912  
Tres Tentos Agroindustrial SA     94,400       253,339  
              2,882,581  
Health Care Equipment & Services: 5.2%        
Centro De Imagem Diagnosticos SA *     28,650       142,407  
Fleury SA *     227,987       764,210  
Hospital Mater Dei SA     31,900       71,019  
Odontoprev SA     175,740       460,619  
Oncoclinicas do Brasil Servicos Medicos SA *     142,500       300,583  
Qualicorp Consultoria e Corretora de Seguros SA     73,100       73,891  
              1,812,729  
Insurance: 1.1%                
IRB-Brasil Resseguros SA *     42,373       385,394  
Materials: 5.4%                
Cia Brasileira de Aluminio     144,450       152,046  
Dexco SA *     304,600       531,183  
ERO Copper Corp. * †     46,970       950,214  
Irani Papel e Embalagem SA     80,250       155,365  
Largo, Inc. * †     18,920       80,788  
              1,869,596  
Media & Entertainment: 0.4%                
VTEX *     29,333       140,799  
Pharmaceuticals, Biotechnology & Life Sciences: 0.3%          
Blau Farmaceutica SA     24,450       95,028  


 

See Notes to Financial Statements

   8  

 

 

    Number
of Shares
    Value  
Real Estate Management & Development: 8.3%          
Aliansce Sonae Shopping Centers SA     334,744     $ 1,723,286  
Iguatemi SA     166,250       778,440  
JHSF Participacoes SA     195,500       207,822  
LOG Commercial Properties e Participacoes SA     28,600       139,709  
              2,849,257  
Semiconductors & Semiconductor Equipment: 1.6%          
SMART Global Holdings, Inc. * †     18,585       539,151  
Software & Services: 2.3%                
Clear Sale SA *     54,100       75,701  
Locaweb Servicos de Internet SA 144A     193,500       346,734  
Sinqia SA *     48,650       224,646  
Sonda SA     303,512       147,581  
              794,662  
Technology Hardware & Equipment: 0.7%          
Ituran Location and Control Ltd.     7,369       171,992  
Multilaser Industrial SA *     161,600       84,037  
              256,029  
Telecommunication Services: 0.5%                
Oi SA *     439,386       96,352  
Unifique Telecomunicacoes SA     95,950       82,360  
              178,712  
Transportation: 11.1%                
Azul SA (ADR) * †     73,726       1,009,309  
EcoRodovias Infraestrutura e Logistica SA     253,140       343,638  
Gol Linhas Aereas Inteligentes SA (ADR) * †     80,371       438,826  
Hidrovias do Brasil SA *     322,500       214,183  
Log-in Logistica Intermodal SA *     10,550       113,075  
Movida Participacoes SA     96,100       211,339  
Santos Brasil Participacoes SA     510,600       1,083,433  
SIMPAR SA     228,650       429,298  
              3,843,101  
Utilities: 8.7%                
Alupar Investimento SA     175,606       1,099,509  
Cia de Saneamento de Minas Gerais Copasa *     126,688       559,594  
Cia de Saneamento do Parana *     228,950       1,045,246  
Omega Energia SA *     127,402       300,665  
              3,005,014  
Total Common Stocks
(Cost: $29,615,352)
            31,307,231  
                 
PREFERRED SECURITIES: 9.5%                
Banks: 3.2%                
Banco ABC Brasil SA*     56,320       224,306  
Banco do Estado do Rio Grande do Sul SA     145,750       456,591  
    Number
of Shares
    Value  
Banks (continued)                
Banco Pan SA*     228,500     $ 436,652  
              1,117,549  
Capital Goods: 2.2%                
Marcopolo SA     380,559       414,083  
Randon SA Implementos e Participacoes     135,400       344,142  
              758,225  
Consumer; Cyclical: 0.8%                
Alpargatas SA*     132,750       257,837  
Energy: 2.2%                
Raizen SA     823,500       756,735  
Information Technology: 1.1%                
Cia de Ferro Ligas da Bahia     24,050       243,453  
Taurus Armas SA     47,950       150,914  
              394,367  
Total Preferred Securities
(Cost: $2,345,596)
            3,284,713  
Total Investments Before Collateral for Securities Loaned: 100.1%
(Cost: $31,960,948)
      34,591,944  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 6.7%          
Money Market Fund: 6.7%
(Cost: $2,301,920)
               
State Street Navigator Securities Lending Government Money Market Portfolio     2,301,920       2,301,920  
Total Investments: 106.8%
(Cost: $34,262,868)
            36,893,864  
Liabilities in excess of other assets: (6.8)%       (2,351,596)  
NET ASSETS: 100.0%           $ 34,542,268  


 

See Notes to Financial Statements

   9  

VANECK BRAZIL SMALL-CAP ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

 

Definitions:

 

ADR American Depositary Receipt
BDR Brazilian Depositary Receipt

 

Footnotes:

 

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $3,947,034.
   
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 $346,734, or 1.0% of net assets.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Consumer Discretionary     20.1 %      $ 6,935,202  
Industrials     17.8       6,144,849  
Consumer Staples     10.8       3,726,751  
Utilities     10.0       3,459,821  
Energy     9.1       3,141,213  
Real Estate     8.2       2,849,257  
Financials     6.5       2,253,779  
Information Technology     5.7       1,984,209  
Health Care     5.5       1,907,757  
Materials     5.4       1,869,596  
Communication Services     0.9       319,510  
      100.0 %   $ 34,591,944  

 

See Notes to Financial Statements

   10  

 

 

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Automobiles & Components   $ 283,816     $     $     $ 283,816  
Banks     480,346                   480,346  
Capital Goods     993,658                   993,658  
Commercial & Professional Services     549,865                   549,865  
Consumer Discretionary Distribution & Retail     919,394                   919,394  
Consumer Durables & Apparel     3,097,843                   3,097,843  
Consumer Services     2,634,149                   2,634,149  
Consumer Staples Distribution & Retail     586,333                   586,333  
Energy     2,161,197       678,087             2,839,284  
Financial Services     270,490                   270,490  
Food, Beverage & Tobacco     2,882,581                   2,882,581  
Health Care Equipment & Services     1,812,729                   1,812,729  
Insurance     385,394                   385,394  
Materials     1,869,596                   1,869,596  
Media & Entertainment     140,799                   140,799  
Pharmaceuticals, Biotechnology & Life Sciences     95,028                   95,028  
Real Estate Management & Development     2,849,257                   2,849,257  
Semiconductors & Semiconductor Equipment     539,151                   539,151  
Software & Services     794,662                   794,662  
Technology Hardware & Equipment     256,029                   256,029  
Telecommunication Services     178,712                   178,712  
Transportation     3,843,101                   3,843,101  
Utilities     3,005,014                   3,005,014  
Preferred Securities *     3,284,713                   3,284,713  
Money Market Fund     2,301,920                   2,301,920  
Total Investments   $ 36,215,777     $ 678,087     $     $ 36,893,864  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

   11  

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.6%                
Automobiles & Components: 0.1%                
Zhejiang Qianjiang Motorcycle Co. Ltd. *     6,100     $ 15,313  
Banks: 0.5%                
Bank of Chengdu Co. Ltd. *     39,600       66,548  
Capital Goods: 6.2%                
Dongguan Dingtong Precision Metal Co. Ltd.     1,500       20,166  
Greentown Management Holdings Co. Ltd. 144A *     12,000       9,564  
Guangzhou Haoyang Electronic Co. Ltd.     1,900       28,636  
Guangzhou KDT Machinery Co. Ltd.     8,360       22,617  
Hangzhou Weiguang Electronic Co. Ltd.     2,700       10,053  
Hangzhou Zhongtai Cryogenic Technology Corp.     4,600       9,151  
Hoyuan Green Energy Co. Ltd. *     3,740       38,415  
Jiangsu Hengli Hydraulic Co. Ltd.     10,144       89,825  
Jiangxi Special Electric Motor Co. Ltd. *     32,800       53,945  
Jingjin Equipment, Inc.     5,800       25,041  
Keda Industrial Group Co. Ltd.     31,500       49,312  
Morimatsu International Holdings Co. Ltd. *     9,000       7,422  
Nantong Jianghai Capacitor Co. Ltd.     12,100       35,470  
Ningbo Haitian Precision Machinery Co. Ltd.     2,000       9,170  
Shanghai Hanbell Precise Machinery Co. Ltd.     13,000       44,698  
Shanxi Coal International Energy Group Co. Ltd.     20,100       40,056  
Shijiazhuang Shangtai Technology Co. Ltd.     6,800       52,882  
TBEA Co. Ltd. *     74,700       229,358  
TKD Science and Technology Co. Ltd.     5,840       13,353  
Warom Technology, Inc. Co.     3,300       12,085  
Xinte Energy Co. Ltd. * †     29,200       62,171  
              863,390  
Consumer Durables & Apparel: 4.7%          
Biem.L.Fdlkk Garment Co. Ltd.     10,900       53,139  
Chow Tai Seng Jewellery Co. Ltd.     9,100       22,287  
DR Corp. Ltd.     9,000       47,633  
Ecovacs Robotics Co. Ltd.     4,100       43,930  
Huali Industrial Group Co. Ltd.     24,300       163,243  
Li Ning Co. Ltd. *     54,500       294,287  
Tonze New Energy Technology Co. Ltd.     5,500       10,587  
Wenzhou Yuanfei Pet Toys Products Co. Ltd.     4,620       9,609  
    Number
of Shares
    Value  
Consumer Durables & Apparel (continued)          
Zhejiang Cayi Vacuum Container Co. Ltd.     2,400     $ 12,800  
              657,515  
Consumer Services: 0.3%                
East Buy Holding Ltd. 144A * †     10,500       34,309  
Energy: 12.4%                
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd.           12,100               12,973    
Guanghui Energy Co. Ltd.     100,400       94,880  
Guizhou Panjiang Refined Coal Co. Ltd.     19,700       18,836  
Inner Mongolia Yitai Coal Co. Ltd.     54,700       74,910  
Jinneng Holding Shanxi Coal Industry Co. Ltd.     39,800       51,250  
Jizhong Energy Resources Co. Ltd.     29,300       25,722  
PetroChina Co. Ltd.     1,422,000       987,301  
Pingdingshan Tianan Coal Mining Co. Ltd.     30,200       31,324  
Shaanxi Coal Industry Co. Ltd.     74,700       186,971  
Shandong Xinchao Energy Corp. Ltd. *     108,700       37,885  
Shanxi Lanhua Sci-Tech Venture Co. Ltd.     18,720       21,080  
Shanxi Lu’an Environmental Energy Development Co. Ltd.     24,500       55,027  
Yankuang Energy Group Co. Ltd.     28,700       118,146  
              1,716,305  
Food, Beverage & Tobacco: 12.8%          
Anhui Yingjia Distillery Co. Ltd.     4,500       39,541  
Cheng De Lolo Co. Ltd.     23,200       28,262  
China Feihe Ltd. 144A     92,000       51,348  
Chongqing Brewery Co. Ltd.     4,800       60,865  
Jiangsu King’s Luck Brewery JSC Ltd.     11,400       82,878  
JiuGui Liquor Co. Ltd.     5,500       68,337  
Luzhou Laojiao Co. Ltd.     16,428       473,926  
Meihua Holdings Group Co. Ltd.     40,600       49,920  
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.     9,595       244,403  
Sichuan Swellfun Co. Ltd.     4,400       35,748  
Wuliangye Yibin Co. Ltd.     28,330       638,616  
              1,773,844  
Health Care Equipment & Services: 5.6%          
Andon Health Co. Ltd.     6,300       30,570  
Dian Diagnostics Group Co. Ltd.     14,000       49,390  
Guangzhou Kingmed Diagnostics Group Co. Ltd.     6,500       67,561  
Guangzhou Wondfo Biotech Co. Ltd.     7,830       28,686  
Hangzhou Alltest Biotech Co. Ltd.     888       6,373  
Jiangsu Bioperfectus Technologies Co. Ltd. *     577       4,383  
JiangXi Sanxin Medtec Co. Ltd.     11,440       10,749  


 

See Notes to Financial Statements

   12  

 

 

    Number
of Shares
    Value  
Health Care Equipment & Services (continued)          
Sansure Biotech, Inc.     6,676     $ 15,478  
Shanghai Labway Clinical Laboratory Co. Ltd.     5,300       12,623  
Shanghai MicroPort Endovascular MedTech Group Co. Ltd.     800       19,776  
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.     10,344       427,422  
Shenzhen YHLO Biotech Co. Ltd.     7,900       20,036  
Suzhou Iron Technology Co. Ltd.     1,900       8,478  
Tofflon Science & Technology Group Co. Ltd.     10,800       33,821  
Wuhan Easydiagnosis Biomedicine Co. Ltd.     3,825       13,637  
Zhejiang Gongdong Medical Technology Co. Ltd.     2,700       20,799  
              769,782  
Household & Personal Products: 0.1%                
Tongling Jieya Biologic Technology Co. Ltd.     2,000       9,966  
Industrials: 0.0%                
Sichuan Languang Justbon Services Group Co. Ltd.     3,300       0  
Materials: 20.3%                
Anhui Annada Titanium Industry Co. Ltd.     4,800       7,521  
Anhui Guangxin Agrochemical Co. Ltd.     8,300       30,905  
Anhui Jinhe Industrial Co. Ltd.     7,000       22,764  
Canmax Technologies Co. Ltd.     16,520       81,573  
Chengxin Lithium Group Co. Ltd.     12,100       53,141  
China Hongqiao Group Ltd.     57,600       47,043  
China Jushi Co. Ltd.     54,300       105,865  
China Northern Rare Earth Group High-Tech Co. Ltd.     53,300       176,094  
CNSIG Inner Mongolia Chemical Industry Co. Ltd.     25,720       31,891  
Dalian Bio-Chem Co. Ltd.     3,220       4,493  
Dongyue Group Ltd. †     32,000       24,033  
Fufeng Group Ltd. †     30,000       15,202  
Fujian Yongan Forestry Group *     7,100       11,897  
Ganfeng Lithium Group Co. Ltd.     43,300       364,542  
Guangzhou Tinci Materials Technology Co. Ltd.     38,900       221,030  
Huafon Chemical Co. Ltd.     41,800       39,470  
Hubei Shuanghuan Science and Technology Stock Co. Ltd. *     7,900       9,262  
Hubei Yihua Chemical Industry Co. Ltd.     18,500       29,264  
Hunan Haili Chemical Industry Co. Ltd. *     9,000       9,622  
Inner Mongolia ERDOS Resources Co. Ltd.     16,552       20,449  
    Number
of Shares
    Value  
Materials (continued)                
Jiangsu Changhai Composite Materials Co. Ltd.     9,700     $ 18,489  
Jiangsu Flag Chemical Industry Co. Ltd.     9,900       14,144  
Jiangsu Sopo Chemical Co.     12,900       11,592  
Jiangxi Chenguang New Materials Co. Ltd.     5,798       14,209  
KBC Corp. Ltd. *     2,210       52,196  
Lecron Industrial Development Group Co. Ltd. *     27,500       26,832  
Lier Chemical Co. Ltd.     10,800       19,194  
Nantong Jiangshan Agrochemical & Chemical LLC     5,655       18,472  
Qinghai Salt Lake Industry Co. Ltd. *     83,900       221,478  
Satellite Chemical Co. Ltd.     39,355       81,053  
Shandong Fiberglass Group Co. Ltd.     8,780       9,062  
Shandong Haihua Co. Ltd.     12,400       11,637  
Shandong Hualu Hengsheng Chemical Co. Ltd.     34,600       145,870  
Shanghai Chlor-Alkali Chemical Co. Ltd.     7,500       9,265  
Shenghe Resources Holding Co. Ltd. *     28,300       50,192  
Shinghwa Advanced Material Group Co. Ltd.     3,000       24,473  
Sichuan Anning Iron and Titanium Co. Ltd.     6,900       30,514  
Sichuan Hebang Biotechnology Co. Ltd.     128,100       42,892  
Sichuan Meifeng Chemical *     11,100       12,462  
Sichuan Yahua Industrial Group Co. Ltd.     25,300       61,991  
Sinomine Resource Group Co. Ltd.     12,380       87,023  
Snowsky Salt Industry Group Co. Ltd.     33,800       36,954  
Tangshan Sunfar Silicon Industry Co. Ltd.     5,000       13,618  
Tianqi Lithium Corp.     25,900       249,902  
Xinjiang Xuefeng Sci-Tech Group Co. Ltd.     12,700       14,484  
YongXing Special Materials Technology Co. Ltd.     9,330       80,584  
Youngy Co. Ltd.     4,400       40,534  
Zangge Mining Co. Ltd.     11,500       35,751  
Zhejiang Jiahua Energy Chemical Industry Co. Ltd.     19,100       24,758  
Zhejiang Oceanking Development Co. Ltd.     4,400       7,225  
Zhejiang Xinan Chemical Industrial Group Co. Ltd.     27,840       41,904  
              2,814,815  
Media & Entertainment: 8.0%                
37 Interactive Entertainment Network Technology Group Co. Ltd.     32,200       154,660  
Focus Technology Co. Ltd.     5,900       32,554  


 

See Notes to Financial Statements

   13  

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Number
of Shares
    Value  
Media & Entertainment (continued)      
G-bits Network Technology Xiamen Co. Ltd.     900     $ 60,757  
Heilongjiang Publishing & Media Co. Ltd. *     10,100       15,818  
Hubei Century Network Technology Co. Ltd.     7,380       25,148  
Kingnet Network Co. Ltd. *     31,300       67,873  
Tencent Holdings Ltd.     17,900       758,923  
              1,115,733  
Pharmaceuticals, Biotechnology & Life Sciences: 11.4%          
Asymchem Laboratories Tianjin Co. Ltd.     1,600       25,980  
Beijing Hotgen Biotech Co. Ltd. *     1,345       7,852  
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd.     17,745       163,153  
Changchun High & New Technology Industry Group, Inc.     7,300       137,104  
Chengdu Kanghua Biological Products Co. Ltd.     2,000       18,134  
China Medical System Holdings Ltd.     27,000       44,051  
Chongqing Zhifei Biological Products Co. Ltd.     55,400       337,418  
Daan Gene Co. Ltd.     22,700       31,153  
Getein Biotech, Inc.     6,200       10,997  
Guangdong Hybribio Biotech Co. Ltd.     9,950       13,733  
Hangzhou Biotest Biotech Co. Ltd.     1,983       7,768  
Hubei Jumpcan Pharmaceutical Co. Ltd. *     7,500       29,982  
Hunan Jiudian Pharmaceutical Co. Ltd.     5,900       21,435  
Jiangsu Cowin Biotech Co. Ltd.     2,880       11,956  
Porton Pharma Solutions Ltd.     7,900       32,222  
SciClone Pharmaceuticals Holdings Ltd. 144A †     4,500       6,076  
Shandong WIT Dyne Health Co. Ltd.     4,200       20,401  
Shanghai Medicilon, Inc.     2,240       26,262  
Shenyang Xingqi Pharmaceutical Co. Ltd.     2,000       58,778  
Tonghua Dongbao Pharmaceutical Co. Ltd.     33,100       47,574  
WuXi AppTec Co. Ltd.     43,600       374,404  
Xiamen Amoytop Biotech Co. Ltd.     2,200       13,279  
Zhejiang Garden Biopharmaceutical Co. Ltd.     8,900       14,225  
Zhejiang Jiuzhou Pharmaceutical Co. Ltd.     11,800       44,449  
Zhejiang NHU Co. Ltd.     35,692       75,642  
Zhejiang Orient Gene Biotech Co. Ltd.     2,043       10,613  
              1,584,641  
    Number
of Shares
    Value  
Real Estate Management & Development: 1.2%          
A-Living Smart City Services Co. Ltd. 144A *     15,500     $ 9,999  
CIFI Ever Sunshine Services Group Ltd. †     20,000       4,721  
Country Garden Services Holdings Co. Ltd. †     47,000       60,985  
Evergrande Property Services Group Ltd. 144A *∞     44,000       0  
Longfor Group Holdings Ltd. 144A †     37,000       90,345  
Powerlong Commercial Management Holdings Ltd.     4,000       1,988  
              168,038  
Semiconductors & Semiconductor Equipment: 8.5%          
Amlogic Shanghai Co. Ltd. *     4,500       52,258  
Dioo Microcircuits Co. Ltd. Jiangsu     6,400       28,454  
GigaDevice Semiconductor, Inc.     12,080       177,098  
Jiangsu Pacific Quartz Co. Ltd.     3,700       57,935  
SG Micro Corp.     7,380       83,533  
Shanghai Orient-Chip Technology Co. Ltd.     2,682       19,496  
StarPower Semiconductor Ltd.     3,200       94,933  
Thinkon Semiconductor Jinzhou Corp.     1,600       6,963  
Tongwei Co. Ltd.     56,600       267,527  
Unigroup Guoxin Microelectronics Co. Ltd.     14,200       182,498  
Yangling Metron New Material, Inc.     5,400       32,271  
Yangzhou Yangjie Electronic Technology Co. Ltd.     5,700       31,879  
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd.     14,700       143,782  
              1,178,627  
Software & Services: 0.8%                
Beijing CTJ Information Technology Co. Ltd.     4,320       44,514  
Chinasoft International Ltd. *     58,000       36,575  
Fujian Boss Software Development Co. Ltd.     13,740       29,012  
              110,101  
Technology Hardware & Equipment: 4.1%          
Anfu CE LINK Ltd.     2,700       7,328  
Avary Holding Shenzhen Co. Ltd.     11,500       38,452  
Beijing JCZ Technology Co. Ltd.     2,500       10,891  
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd.     3,200       28,768  
China Zhenhua Group Science & Technology Co. Ltd.     8,000       105,613  
Cowell E Holdings, Inc. * †     5,000       9,275  
Donghua Testing Technology Co. Ltd.     2,200       13,545  
Eoptolink Technology, Inc. Ltd.     16,432       153,931  


 

See Notes to Financial Statements

   14  

 

 

    Number
of Shares
    Value  
Technology Hardware & Equipment (continued)          
Guangxi Oriental Intelligent Manufacturing Technology Co. Ltd. *     26,300     $ 10,718  
Shenzhen BSC Technology Co. Ltd.     1,500       11,285  
Sihui Fuji Electronic Technology Co. Ltd.     2,100       11,986  
Xiamen Faratronic Co. Ltd.     3,200       60,500  
Yealink Network Technology Corp. Ltd.     15,420       74,419  
Zhuzhou Hongda Electronics Corp. Ltd.     5,300       32,659  
              569,370  
Transportation: 2.5%                
Anhui Expressway Co. Ltd.     6,600       9,521  
    Number
of Shares
    Value  
Transportation (continued)                
Antong Holdings Co. Ltd. *     53,300     $ 20,478  
COSCO Shipping Holdings Co. Ltd.     139,600       180,818  
Eastern Air Logistics Co. Ltd.     12,300       22,016  
Shanghai Zhonggu Logistics Co. Ltd.     24,920       37,045  
YTO Express Group Co. Ltd.     36,200       72,535  
              342,413  
Utilities: 0.1%                
Xinjiang Xintai Natural Gas Co. Ltd.     5,300       19,580  
Total Common Stocks
(Cost: $17,196,310)
            13,810,290  
Total Investments: 99.6%
(Cost: $17,196,310)
            13,810,290  
Other assets less liabilities: 0.4%       55,861  
NET ASSETS: 100.0%           $ 13,866,151  


 

 

Footnotes:

 

* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $293,082.
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 $201,641, or 1.5% of net assets.

 

Summary of Investments by Sector   % of
Investments
  Value  
Materials     20.4 %      $ 2,814,815  
Health Care     17.1       2,354,423  
Information Technology     13.4       1,858,098  
Consumer Staples     12.9       1,783,810  
Energy     12.4       1,716,305  
Industrials     8.8       1,205,803  
Communication Services     8.1       1,115,733  
Consumer Discretionary     5.1       707,137  
Real Estate     1.2       168,038  
Financials     0.5       66,548  
Utilities     0.1       19,580  
      100.0 %   $ 13,810,290  

 

See Notes to Financial Statements

   15  

VANECK CHINA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Automobiles & Components   $     $ 15,313     $     $ 15,313  
Banks           66,548             66,548  
Capital Goods     20,166       843,224             863,390  
Consumer Durables & Apparel     22,409       635,106             657,515  
Consumer Services           34,309             34,309  
Energy           1,716,305             1,716,305  
Food, Beverage & Tobacco           1,773,844             1,773,844  
Health Care Equipment & Services     47,208         722,574         —         769,782  
Household & Personal Products           9,966             9,966  
Industrials                 0       0  
Materials           2,814,815             2,814,815  
Media & Entertainment     85,905       1,029,828             1,115,733  
Pharmaceuticals, Biotechnology & Life Sciences       105,448         1,479,193         —         1,584,641  
Real Estate Management & Development       —         168,038         0         168,038  
Semiconductors & Semiconductor Equipment       —         1,178,627         —         1,178,627  
Software & Services     44,514       65,587             110,101  
Technology Hardware & Equipment       —         569,370         —         569,370  
Transportation           342,413             342,413  
Utilities           19,580             19,580  
Total Investments   $ 325,650     $ 13,484,640     $ 0     $ 13,810,290  

 

See Notes to Financial Statements

   16  

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.8%                
Automobiles & Components: 0.3%          
Fulin Precision Co. Ltd.     34,000     $ 54,476  
Capital Goods: 36.3%                
Beijing Easpring Material Technology Co. Ltd.     19,100       132,894  
Contemporary Amperex Technology Co. Ltd.     118,420       3,736,097  
Dongguan Yiheda Automation Co. Ltd.     5,152       31,717  
East Group Co. Ltd.     48,900       45,180  
Eve Energy Co. Ltd.     59,196       493,912  
Gaona Aero Material Co. Ltd.     13,500       73,214  
Ginlong Technologies Co. Ltd. *     9,550       137,106  
Guangzhou Great Power Energy & Technology Co. Ltd. *     14,800       97,976  
Jiangsu Haili Wind Power Equipment Technology Co. Ltd.     4,100       43,527  
JL Mag Rare-Earth Co. Ltd. *     18,000       74,267  
Luoyang Xinqianglian Slewing Bearing Co. Ltd.     8,500       43,757  
Qingdao TGOOD Electric Co. Ltd. *     31,300       89,676  
Shenzhen Inovance Technology Co. Ltd.     90,385       799,956  
Shenzhen Minglida Precision Technology Co. Ltd.     7,100       40,986  
Sungrow Power Supply Co. Ltd.     47,400       762,400  
Sunwoda Electronic Co. Ltd.     65,300       146,990  
Suzhou Maxwell Technologies Co. Ltd.     6,804       158,622  
Wuxi Lead Intelligent Equipment Co. Ltd.     47,020       234,698  
Xi’an Triangle Defense Co. Ltd.     13,800       64,196  
              7,207,171  
Commercial & Professional Services: 1.2%    
Beijing Originwater Technology Co. Ltd.     84,300       62,208  
Centre Testing International Group Co. Ltd.     66,400       178,080  
              240,288  
Consumer Durables & Apparel: 0.2%        
Huali Industrial Group Co. Ltd.     7,200       48,368  
Consumer Services: 0.6%                
Songcheng Performance Development Co. Ltd.     69,021       118,048  
Financial Services: 7.3%                
Beijing Compass Technology Development Co. Ltd. *     11,600       77,638  
East Money Information Co. Ltd.     589,544       1,154,854  
Hithink RoyalFlush Information Network Co. Ltd.     9,300       224,632  
              1,457,124  
Food, Beverage & Tobacco: 4.0%                
Wens Foodstuffs Group Co. Ltd.     251,980       636,421  
    Number
of Shares
    Value  
Food, Beverage & Tobacco (continued)        
Yihai Kerry Arawana Holdings Co. Ltd.     26,700     $ 147,082  
              783,503  
Health Care Equipment & Services: 11.9%          
Aier Eye Hospital Group Co. Ltd.     193,957       495,663  
Dian Diagnostics Group Co. Ltd.     22,200       78,318  
Intco Medical Technology Co. Ltd.     20,620       62,474  
Jafron Biomedical Co. Ltd.     20,600       65,761  
Lepu Medical Technology Beijing Co. Ltd.     58,013       180,397  
Ovctek China, Inc.     23,200       96,487  
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.     23,200       958,641  
Shenzhen New Industries Biomedical Engineering Co. Ltd.     14,100       114,346  
Sonoscape Medical Corp.     11,800       88,462  
Tofflon Science & Technology Group Co. Ltd.     12,100       37,893  
Winner Medical Co. Ltd.     9,240       52,992  
Winning Health Technology Group Co. Ltd.     83,066       123,620  
              2,355,054  
Household & Personal Products: 1.2%          
By-health Co. Ltd.     46,800       154,420  
Yunnan Botanee Bio-Technology Group Co. Ltd.     6,100       74,661  
              229,081  
Materials: 7.1%                
Canmax Technologies Co. Ltd.     24,370       120,336  
CNGR Advanced Material Co. Ltd.     14,100       117,094  
Hubei Dinglong Co. Ltd.     32,500       110,818  
Hubei Feilihua Quartz Glass Co. Ltd.     19,600       132,858  
Shandong Sinocera Functional Material Co. Ltd.     36,900       139,254  
Shandong Weifang Rainbow Chemical Co. Ltd.     4,300       46,495  
Shenzhen Capchem Technology Co. Ltd.     22,500       161,024  
Shenzhen Dynanonic Co. Ltd.     9,916       150,931  
Shenzhen Senior Technology Material Co. Ltd.     54,391       128,867  
Sinofibers Technology Co. Ltd.     15,900       103,485  
Sunresin New Materials Co. Ltd.     11,550       99,214  
Weihai Guangwei Composites Co. Ltd.     24,960       105,958  
              1,416,334  
Media & Entertainment: 2.1%                
Beijing Enlight Media Co. Ltd.     66,742       74,340  
Kunlun Tech Co. Ltd.     35,900       198,829  
Mango Excellent Media Co. Ltd.     29,370       138,549  
              411,718  


 

 

See Notes to Financial Statements

   17  

VANECK CHINEXT ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Number
of Shares
    Value  
Pharmaceuticals, Biotechnology & Life Sciences: 8.9%  
Anhui Anke Biotechnology Group Co. Ltd.     50,200     $ 69,051  
Betta Pharmaceuticals Co. Ltd.     12,000       79,358  
BGI Genomics Co. Ltd.     11,000       90,801  
China Resources Boya Bio-pharmaceutical Group Co. Ltd.     13,500       67,418  
Chongqing Zhifei Biological Products Co. Ltd.     52,153       317,642  
Hangzhou Tigermed Consulting Co. Ltd. *     25,406       225,777  
Hualan Biological Bacterin, Inc.     3,500       16,032  
Imeik Technology Development Co. Ltd.     4,200       257,257  
Pharmaron Beijing Co. Ltd. *     26,850       141,490  
Porton Pharma Solutions Ltd.     15,800       64,444  
Shenzhen Kangtai Biological Products Co. Ltd. *     29,120       101,832  
Walvax Biotechnology Co. Ltd.     77,061       280,344  
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. *     12,900       59,691  
              1,771,137  
Semiconductors & Semiconductor Equipment: 6.4%  
Hangzhou Chang Chuan Technology Co. Ltd.     16,500       107,959  
Ingenic Semiconductor Co. Ltd.     13,800       168,009  
Konfoong Materials International Co. Ltd.     9,000       84,361  
Risen Energy Co. Ltd. *     30,800       108,763  
SG Micro Corp.     14,235       161,123  
Shenzhen SC New Energy Technology Corp.     11,800       182,639  
Wuhan DR Laser Technology Corp. Ltd.     6,400       57,154  
Yangling Metron New Material, Inc.     7,340       43,865  
Yangzhou Yangjie Electronic Technology Co. Ltd.     13,800       77,182  
    Number
of Shares
    Value  
Semiconductors & Semiconductor Equipment (continued)  
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd.     29,000     $ 283,652  
              1,274,707  
Software & Services: 3.7%                
Beijing Sinnet Technology Co.Ltd. *     64,900       96,213  
Empyrean Technology Co. Ltd.     3,900       66,058  
Isoftstone Information Technology Group Co. Ltd.     17,250       64,678  
Longshine Technology Group Co. Ltd.     25,900       83,169  
Sangfor Technologies, Inc. *     11,100       173,279  
Semitronix Corp.     2,100       23,963  
Thunder Software Technology Co. Ltd.     16,400       217,872  
              725,232  
Technology Hardware & Equipment: 8.6%    
Anker Innovations Technology Co. Ltd.     7,400       89,168  
Chaozhou Three-Circle Group Co. Ltd. *     58,600       236,787  
Lens Technology Co. Ltd.     91,868       148,826  
Leyard Optoelectronic Co. Ltd.     94,400       84,883  
Maxscend Microelectronics Co. Ltd.     15,921       212,052  
Shenzhen Longsys Electronics Co. Ltd.     1,700       23,887  
Shenzhen Sunway Communication Co. Ltd.     38,201       105,764  
Wuhu Token Science Co. Ltd.     96,700       80,359  
Yealink Network Technology Corp. Ltd.     21,540       103,955  
Zhongji Innolight Co. Ltd.     28,500       578,716  
Zhuzhou Hongda Electronics Corp. Ltd.     6,200       38,205  
              1,702,602  
Total Common Stocks
(Cost: $17,219,524)
            19,794,843  
Total Investments: 99.8%
(Cost: $17,219,524)
            19,794,843  
Other assets less liabilities: 0.2%         41,808  
NET ASSETS: 100.0%           $ 19,836,651  


 

 

Footnotes:
 
* Non-income producing

 

See Notes to Financial Statements

   18  

 

 

Summary of Investments by Sector   % of
Investments
  Value  
Industrials           37.6 %      $ 7,447,459  
Health Care     20.8       4,126,191  
Information Technology     18.7       3,702,541  
Financials     7.4       1,457,124  
Materials     7.1       1,416,334  
Consumer Staples     5.2       1,012,584  
Communication Services     2.1       411,718  
Consumer Discretionary     1.1       220,892  
      100.0 %   $ 19,794,843  

 

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks *   $     $ 19,794,843     $     $ 19,794,843  

 

* See Schedule of Investments for industry sector breakouts.

 

See Notes to Financial Statements

   19  

VANECK DIGITAL INDIA ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 100.1%                
Capital Goods: 0.6%                
IndiaMart InterMesh Ltd. 144A     388     $ 13,338  
Commercial & Professional Services: 4.4%    
L&T Technology Services Ltd. 144A     723       34,845  
WNS Holdings Ltd. (ADR) *     917       67,601  
              102,446  
Consumer Durables & Apparel: 0.9%        
Dixon Technologies India Ltd.     377       20,216  
Consumer Services: 5.8%                
MakeMyTrip Ltd. *     1,210       32,646  
Zomato Ltd. *     112,042       102,801  
              135,447  
Energy: 8.0%                
Reliance Industries Ltd. 144A (GDR)     2,981       185,641  
Financial Services: 5.3%                
ICICI Securities Ltd. 144A     2,126       15,798  
IIFL Finance Ltd.     4,009       24,769  
Indian Energy Exchange Ltd. 144A     5,638       8,756  
One 97 Communications Ltd. *     6,845       72,569  
              121,892  
Insurance: 3.2%                
PB Fintech Ltd. *     8,656       73,709  
Media & Entertainment: 4.0%                
Info Edge India Ltd.     1,702       93,333  
Software & Services: 52.7%                
Coforge Ltd.     869       50,099  
Cyient Ltd.     1,777       32,567  
    Number
of Shares
    Value  
Software & Services (continued)    
Happiest Minds Technologies Ltd.     929     $ 11,116  
HCL Technologies Ltd.     9,857       143,296  
Infosys Ltd. (ADR)     11,494       184,709  
KPIT Technologies Ltd.     4,333       57,766  
LTIMindtree Ltd. 144A     1,703       108,328  
Mphasis Ltd.     2,184       50,654  
Oracle Financial Services Software Ltd.     615       29,001  
Persistent Systems Ltd.     993       60,890  
Tanla Platforms Ltd.     1,735       21,700  
Tata Consultancy Services Ltd.     3,965       160,214  
Tata Elxsi Ltd.     919       85,337  
Tech Mahindra Ltd.     9,311       128,913  
Wipro Ltd. (ADR)     23,165       109,339  
              1,233,929  
Technology Hardware & Equipment: 2.0%    
Redington Ltd.     13,794       31,373  
Tejas Networks Ltd. 144A *     1,961       17,365  
              48,738  
Telecommunication Services: 10.8%    
Bharti Airtel Ltd.     14,281       153,187  
Indus Towers Ltd. *     22,008       44,161  
Tata Communications Ltd.     1,802       35,100  
Vodafone Idea Ltd. *     218,001       19,843  
              252,291  
Transportation: 2.4%                
Delhivery Ltd. *     11,902       55,367  
Total Common Stocks
(Cost: $2,430,522)
            2,336,347  
Total Investments: 100.1%
(Cost: $2,430,522)
            2,336,347  
Liabilities in excess of other assets: (0.1)%       (2,914)
NET ASSETS: 100.0%           $ 2,333,433  


 

 

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 $384,071, or 16.5% of net assets.

 

Summary of Investments by Sector   % of
Investments
  Value  
Information Technology        54.9 %      $ 1,282,667  
Communication Services     14.8       345,625  
Financials     8.3       195,600  
Energy     7.9       185,641  
Industrials     7.4       171,151  
Consumer Discretionary     6.7       155,663  
      100.0 %   $ 2,336,347  

 

See Notes to Financial Statements

   20  

 

 

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Capital Goods   $     $ 13,338     $     $ 13,338  
Commercial & Professional Services     67,601       34,845             102,446  
Consumer Durables & Apparel           20,216             20,216  
Consumer Services     32,646       102,801             135,447  
Energy           185,641             185,641  
Financial Services           121,892             121,892  
Insurance           73,709             73,709  
Media & Entertainment           93,333             93,333  
Software & Services     294,048       939,881             1,233,929  
Technology Hardware & Equipment           48,738             48,738  
Telecommunication Services           252,291             252,291  
Transportation           55,367             55,367  
Total Investments   $ 394,295     $ 1,942,052     $     $ 2,336,347  

 

See Notes to Financial Statements

   21  

VANECK EGYPT INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 94.8%                
Automobiles & Components: 1.4%        
GB Corp. *     1,038,399     $ 218,687  
Banks: 7.2%                
Commercial International Bank Egypt SAE (GDR)     972,343       1,108,471  
Capital Goods: 6.5%                
ElSewedy Electric Co.     1,478,999       989,310  
Consumer Discretionary Distribution & Retail: 1.1%  
MM Group for Industry & International Trade SAE *     856,339       175,090  
Consumer Durables & Apparel: 2.6%        
Oriental Weavers     824,765       396,368  
Consumer Services: 1.8%                
Cairo Investment & Real Estate Development Co. SAE     805,281       273,670  
Energy: 3.8%                
Capricorn Energy Plc *     244,917       582,408  
Financial Services: 19.6%                
E-Finance for Digital & Financial Investments     1,112,017       613,949  
Egypt Kuwait Holding Co. SAE     683,218       786,036  
Egyptian Financial Group-Hermes Holding Co. *     1,161,462       711,222  
Egyptian Financial Group-Hermes Holding Co. (GDR) *     330,842       266,328  
Fawry for Banking & Payment Technology Services SAE *     3,440,121       632,648  
              3,010,183  
    Number
of Shares
    Value  
Food, Beverage & Tobacco: 8.6%        
Eastern Co. SAE     1,893,133     $ 1,313,349  
Health Care Equipment & Services: 2.3%      
Cleopatra Hospital *     2,494,268       360,630  
Materials: 21.5%                
Abou Kir Fertilizers & Chemical Industries     666,779       967,001  
Alexandria Mineral Oils Co.     1,693,038       446,640  
Centamin Plc     521,849       606,119  
Egyptian Chemical Industries KIMA *     504,639       148,561  
Ezz Steel Co. SAE *     500,444       586,709  
Sidi Kerir Petrochemicals Co.     749,981       538,093  
              3,293,123  
                 
Real Estate Management & Development: 14.2%    
Emaar Misr for Development SAE *     2,086,165       199,899  
Heliopolis Housing     1,324,456       490,777  
Medinet Nasr Housing     4,240,965       495,839  
Palm Hills Developments SAE *     4,253,854       293,142  
Talaat Moustafa Group     2,357,023       689,994  
              2,169,651  
Telecommunication Services: 4.2%          
Telecom Egypt Co.     768,467       643,159  
Total Common Stocks
(Cost: $13,766,340)
            14,534,099  
Total Investments: 94.8%
(Cost: $13,766,340)
            14,534,099  
Other assets less liabilities: 5.2%           790,788  
NET ASSETS: 100.0%           $ 15,324,887  


 

 

Definitions:
 
GDR Global Depositary Receipt

 

Footnotes:
 
* Non-income producing

 

Summary of Investments by Sector   % of
Investments
  Value  
Financials        28.3 %      $ 4,118,654  
Materials     22.7       3,293,123  
Real Estate     14.9       2,169,651  
Consumer Staples     9.1       1,313,349  
Consumer Discretionary     7.3       1,063,815  
Industrials     6.8       989,310  
Communication Services     4.4       643,159  
Energy     4.0       582,408  
Health Care     2.5       360,630  
      100.0 %   $ 14,534,099  

 

See Notes to Financial Statements

   22  

 

 

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Automobiles & Components   $     $ 218,687     $     $ 218,687  
Banks     1,108,471                   1,108,471  
Capital Goods           989,310             989,310  
Consumer Discretionary Distribution & Retail           175,090             175,090  
Consumer Durables & Apparel     396,368                   396,368  
Consumer Services           273,670             273,670  
Energy           582,408             582,408  
Financial Services     880,277       2,129,906             3,010,183  
Food, Beverage & Tobacco           1,313,349             1,313,349  
Health Care Equipment & Services           360,630             360,630  
Materials     538,093       2,755,030             3,293,123  
Real Estate Management & Development     490,777       1,678,874             2,169,651  
Telecommunication Services           643,159             643,159  
Total Investments   $ 3,413,986     $ 11,120,113     $     $ 14,534,099  

 

See Notes to Financial Statements

   23  

VANECK INDIA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.9%                
Automobiles & Components: 5.0%        
Eicher Motors Ltd.     40,829     $ 1,785,105  
Federal-Mogul Goetze India Ltd. *     15,557       70,672  
Sona Blw Precision Forgings Ltd. 144A     84,277       531,387  
UNO Minda Ltd.     54,564       387,548  
              2,774,712  
Banks: 16.8%                
Axis Bank Ltd.     230,938       2,786,580  
Bank of Baroda     541,855       1,261,851  
CSB Bank Ltd. *     25,477       88,496  
ICICI Bank Ltd.     228,742       2,618,865  
Karnataka Bank Ltd.     88,993       206,058  
State Bank of India     353,376       2,475,013  
              9,436,863  
Capital Goods: 12.4%                
Action Construction Equipment Ltd.     9,460       56,714  
AIA Engineering Ltd.     9,324       364,362  
Apar Industries Ltd.     4,723       200,355  
Bharat Electronics Ltd.     1,108,628       1,702,560  
Cummins India Ltd.     41,327       980,966  
Data Patterns India Ltd.     3,256       74,319  
Elgi Equipments Ltd.     58,161       384,907  
Grindwell Norton Ltd.     14,621       407,034  
Hindustan Aeronautics Ltd.     24,936       1,154,911  
Ingersoll Rand India Ltd.     1,896       66,136  
KEI Industries Ltd.     16,687       472,282  
Polycab India Ltd.     17,113       742,191  
Praj Industries Ltd.     36,015       166,106  
Shanthi Gears Ltd.     6,058       34,889  
              6,807,732  
Commercial & Professional Services: 2.2%      
BLS International Services Ltd.     29,603       75,247  
Indian Railway Catering & Tourism Corp. Ltd.     94,153       730,710  
L&T Technology Services Ltd. 144A     8,675       418,090  
              1,224,047  
Consumer Durables & Apparel: 0.1%          
Mirza International Ltd. *     12,550       7,507  
Redtape Ltd.     12,550       33,633  
              41,140  
Consumer Services: 0.1%                
Easy Trip Planners Ltd. *     129,169       63,990  
Energy: 8.4%                
Coal India Ltd.     631,394       1,781,211  
Great Eastern Shipping Co. Ltd.     24,768       224,696  
Oil & Natural Gas Corp. Ltd.     1,177,823       2,305,437  
Oil India Ltd.     108,044       323,344  
              4,634,688  
Financial Services: 3.4%                
Angel One Ltd.     10,744       225,632  
Shriram Finance Ltd.     77,534       1,643,560  
              1,869,192  
    Number
of Shares
    Value  
Food, Beverage & Tobacco: 7.7%                
Godfrey Phillips India Ltd.     3,900     $ 80,242  
ITC Ltd.     511,378       2,819,748  
KRBL Ltd.     17,418       72,425  
Radico Khaitan Ltd.     100       1,475  
Varun Beverages Ltd.     141,752       1,390,010  
              4,363,900  
Health Care Equipment & Services: 0.3%      
Rainbow Children’s Medicare Ltd.     15,678       184,178  
Materials: 9.0%                
Archean Chemical Industries Ltd. *     11,717       76,706  
Bayer CropScience Ltd.     3,953       211,299  
Deepak Fertilisers & Petrochemicals Corp. Ltd.     18,588       127,849  
Fine Organic Industries Ltd.     2,539       151,671  
Gravita India Ltd. *     4,787       35,502  
Gujarat Fluorochemicals Ltd.     9,505       340,383  
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.     26,484       193,852  
Gujarat State Fertilizers & Chemicals Ltd.     67,441       135,063  
JK Paper Ltd.     23,240       90,985  
National Aluminium Co. Ltd.     247,902       248,972  
NMDC Ltd.     347,786       444,995  
PI Industries Ltd.     25,892       1,239,652  
Rain Industries Ltd.     54,647       108,915  
Ramkrishna Forgings Ltd.     17,988       97,843  
Sharda Cropchem Ltd.     6,549       44,289  
Solar Industries India Ltd.     7,987       364,684  
Sumitomo Chemical India Ltd.     38,491       204,966  
Tata Chemicals Ltd.     48,218       589,713  
Tinplate Co. of India Ltd. *     7,956       32,413  
Usha Martin Ltd.     65,311       215,837  
              4,955,589  
Media & Entertainment: 4.0%                
Affle India Ltd. *     15,248       204,357  
Brightcom Group Ltd.     402,589       153,321  
Chennai Super Kings Cricket Ltd. *∞ ø     1,298,085       1,655,118  
Sun TV Network Ltd.     26,104       140,023  
              2,152,819  
Pharmaceuticals, Biotechnology & Life Sciences: 6.3%  
Dr. Reddy’s Laboratories Ltd.     35,471       2,233,964  
Granules India Ltd.     40,986       148,531  
Laurus Labs Ltd. 144A     109,857       491,496  
Marksans Pharma Ltd.     71,474       79,606  
Zydus Lifesciences Ltd.     77,220       549,562  
              3,503,159  
Real Estate Management & Development: 0.8%    
Oberoi Realty Ltd.     35,983       432,847  
Software & Services: 23.4%                
Coforge Ltd.     11,481       661,893  
Happiest Minds Technologies Ltd.     21,346       255,417  


 

See Notes to Financial Statements

   24  

 

 

    Number
of Shares
    Value  
Software & Services (continued)      
HCL Technologies Ltd.     176,170     $ 2,561,079  
Infosys Ltd. (ADR)     132,734       2,133,035  
KPIT Technologies Ltd.     48,121       641,532  
LTIMindtree Ltd. 144A     28,598       1,819,126  
Persistent Systems Ltd.     16,002       981,236  
Sonata Software Ltd.     23,977       295,726  
Tanla Platforms Ltd.     21,497       268,869  
Tata Consultancy Services Ltd.     58,867       2,378,657  
Tata Elxsi Ltd.     10,752       998,412  
              12,994,982  
Total Common Stocks
(Cost: $43,388,527)
            55,439,838  
Total Investments: 99.9%
(Cost: $43,388,527)
            55,439,838  
Other assets less liabilities: 0.1%           37,398  
NET ASSETS: 100.0%           $ 55,477,236  


 

 

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 $1,655,118, 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 $3,260,099, or 5.9% of net assets.

 

Restricted securities held by the Fund as of June 30, 2023 are as follows:

 

Security   Acquisition
Date
  Number of
Shares
  Acquisition
Cost
  Value   % of
Net Assets
Chennai Super Kings Cricket Ltd.   10/08/2015   1,298,085   $35,108   $1,655,118   3.0%

 

Summary of Investments by Sector   % of
Investments
  Value  
Information Technology        23.4 %      $ 12,994,984  
Financials     20.4       11,306,052  
Industrials     14.5       8,031,780  
Materials     8.9       4,955,591  
Energy     8.4       4,634,688  
Consumer Staples     7.9       4,363,898  
Health Care     6.6       3,687,337  
Consumer Discretionary     5.2       2,879,841  
Communication Services     3.9       2,152,820  
Real Estate     0.8       432,847  
      100.0 %     $ 55,439,838  

 

See Notes to Financial Statements

   25  

VANECK INDIA GROWTH LEADERS ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Automobiles & Components   $     $ 2,774,712     $     $ 2,774,712  
Banks           9,436,863             9,436,863  
Capital Goods           6,807,732             6,807,732  
Commercial & Professional Services           1,224,047             1,224,047  
Consumer Durables & Apparel           41,140             41,140  
Consumer Services           63,990             63,990  
Energy           4,634,688             4,634,688  
Financial Services           1,869,192             1,869,192  
Food, Beverage & Tobacco           4,363,900             4,363,900  
Health Care Equipment & Services           184,178             184,178  
Materials           4,955,589             4,955,589  
Media & Entertainment           497,701       1,655,118       2,152,819  
Pharmaceuticals, Biotechnology & Life Sciences           3,503,159             3,503,159  
Real Estate Management & Development           432,847             432,847  
Software & Services     2,133,035       10,861,947             12,994,982  
Total Investments   $ 2,133,035     $ 51,651,685     $ 1,655,118     $ 55,439,838  

 

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2023:

 

    Common Stock  
Balance as of December 31, 2022   $ 1,526,697  
Realized gain (loss)      
Net change in unrealized appreciation (depreciation)     128,421  
Purchases      
Sales      
Transfers in/out of level 3      
Balance as of June 30, 2023   $ 1,655,118  

 

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2023:

 

    Value as of
June 30, 2023
  Valuation
Technique
  Unobservable
Input
Description
(1)
  Unobservable
Input
  Impact to
Valuation from an
Increase in Input
(2)
Common Stock                    
Media & Entertainment   $1,655,118   Market Approach   Revenue Multiple   17.5x – 19.5x   Increase
          Illiquidity Discount   35%   Decrease

 

(1) In determining certain of these inputs, management evaluates a variety of factors including economic condition, industry and market developments, market valuations of comparable companies and company specific developments.

 

(2) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

 

See Notes to Financial Statements

   26  

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.8%                
Banks: 28.5%                
Bank Aladin Syariah Tbk PT *     1,670,300     $ 136,476  
Bank Central Asia Tbk PT     3,798,500       2,329,613  
Bank Jago Tbk PT *     1,078,400       230,702  
Bank Mandiri Persero Tbk PT     5,589,004       1,945,014  
Bank Negara Indonesia Persero Tbk PT     2,073,532       1,272,217  
Bank Rakyat Indonesia Persero Tbk PT     6,401,133       2,336,999  
              8,251,021  
Capital Goods: 8.3%                
Astra International Tbk PT     3,812,400       1,729,222  
Jardine Cycle & Carriage Ltd.     26,388       679,963  
              2,409,185  
Consumer Discretionary Distribution & Retail: 6.8%
Bukalapak.com PT Tbk *     15,186,200       216,981  
GoTo Gojek Tokopedia Tbk PT *     204,863,800       1,511,842  
Mitra Adiperkasa Tbk PT *     2,261,000       255,177  
              1,984,000  
Consumer Staples Distribution & Retail: 2.6%
Sumber Alfaria Trijaya Tbk PT     4,386,200       755,794  
Energy: 8.9%                
Adaro Energy Indonesia Tbk PT     4,445,600       661,627  
Banpu PCL (NVDR)     2,232,529       558,368  
Bukit Asam Tbk PT     1,120,800       200,044  
Bumi Resources Tbk PT *     45,414,900       348,355  
Indo Tambangraya Megah Tbk PT     109,900       176,935  
United Tractors Tbk PT     414,769       643,264  
              2,588,593  
Financial Services: 0.7%                
BFI Finance Indonesia Tbk PT     2,041,600       194,953  
Food, Beverage & Tobacco: 8.9%                
Charoen Pokphand Indonesia Tbk PT *     2,005,600       704,977  
First Pacific Co. Ltd.     565,250       195,954  
Golden Agri-Resources Ltd.     1,374,800       249,268  
Gudang Garam Tbk PT     128,400       236,459  
Indofood CBP Sukses Makmur Tbk PT     615,900       466,225  
Indofood Sukses Makmur Tbk PT     1,220,300       598,372  
Japfa Comfeed Indonesia Tbk PT     1,466,800       131,042  
              2,582,297  
Health Care Equipment & Services: 0.8%                
Mitra Keluarga Karyasehat Tbk PT     1,267,197       227,252  
Household & Personal Products: 1.6%                
Unilever Indonesia Tbk PT     1,590,700       452,873  
Materials: 15.0%                
Aneka Tambang Tbk     2,337,900       305,034  
Avia Avian Tbk PT     4,305,300       190,964  
Barito Pacific Tbk PT     7,588,843       378,186  
    Number
of Shares
    Value  
Materials (continued)                
Bumi Resources Minerals Tbk PT *     22,464,600     $ 203,781  
Chandra Asri Petrochemical Tbk PT     2,885,736       405,613  
Indah Kiat Pulp & Paper Tbk PT     714,800       406,308  
Indocement Tunggal Prakarsa Tbk PT     429,800       285,282  
Merdeka Battery Materials Tbk PT *     7,805,000       421,681  
Merdeka Copper Gold Tbk PT *     3,485,095       713,436  
Nickel Industries Ltd.     462,357       274,964  
Pabrik Kertas Tjiwi Kimia Tbk PT     346,200       143,004  
Semen Indonesia Persero Tbk PT     919,562       374,489  
Vale Indonesia Tbk PT     580,000       244,777  
              4,347,519  
Media & Entertainment: 0.7%                
Elang Mahkota Teknologi Tbk PT     4,426,100       210,976  
Pharmaceuticals, Biotechnology & Life Sciences: 2.6%
Kalbe Farma Tbk PT     5,472,500       748,921  
Real Estate Management & Development: 2.1%                
Bumi Serpong Damai Tbk PT *     2,236,300       163,530  
Ciputra Development Tbk PT     2,421,595       170,783  
Pakuwon Jati Tbk PT     3,882,200       126,286  
Summarecon Agung Tbk PT     3,028,700       133,490  
              594,089  
Telecommunication Services: 10.4%                
Indosat Tbk PT     358,600       206,845  
Sarana Menara Nusantara Tbk PT     5,814,000       412,054  
Smartfren Telecom Tbk PT *     35,426,400       142,574  
Telkom Indonesia Persero Tbk PT (ADR) †     72,814       1,941,950  
Tower Bersama Infrastructure Tbk PT     1,007,700       135,317  
XL Axiata Tbk PT     1,240,775       162,357  
              3,001,097  
Transportation: 1.0%                
Jasa Marga Persero Tbk PT     605,250       153,928  
Transcoal Pacific Tbk PT     278,000       129,798  
              283,726  
Utilities: 0.9%                
Perusahaan Gas Negara Tbk PT     2,897,500       253,656  
Total Common Stocks
(Cost: $37,142,009)
            28,885,952  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.0%
Money Market Fund: 0.0%                


 

See Notes to Financial Statements

   27  

VANECK INDONESIA INDEX ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Number
of Shares
    Value  
(Cost: $548)                
State Street Navigator Securities Lending Government Money Market Portfolio     548     $ 548  
    Number
of Shares
    Value  
Total Investments: 99.8%
(Cost: $37,142,557)
          $ 28,886,500  
Other assets less liabilities: 0.2%             70,198  
NET ASSETS: 100.0%           $ 28,956,698  


 

 

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

 

Footnotes:
   
* Non-income producing
Security fully or partially on loan. Total market value of securities on loan is $1,391,747.

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Financials       29.3 %      $ 8,445,974  
Materials     15.0       4,347,519  
Consumer Staples     13.1       3,790,964  
Communication Services     11.1       3,212,073  
Industrials     9.3       2,692,911  
Energy     9.0       2,588,593  
Consumer Discretionary     6.9       1,984,000  
Health Care     3.4       976,173  
Real Estate     2.0       594,089  
Utilities     0.9       253,656  
      100.0 %   $ 28,885,952  

 

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Banks   $ 136,476     $ 8,114,545     $     $ 8,251,021  
Capital Goods           2,409,185             2,409,185  
Consumer Discretionary Distribution & Retail           1,984,000             1,984,000  
Consumer Staples Distribution & Retail           755,794             755,794  
Energy     348,355       2,240,238             2,588,593  
Financial Services           194,953             194,953  
Food, Beverage & Tobacco           2,582,297             2,582,297  
Health Care Equipment & Services           227,252             227,252  
Household & Personal Products           452,873             452,873  
Materials     816,426       3,531,093             4,347,519  
Media & Entertainment           210,976             210,976  
Pharmaceuticals, Biotechnology & Life Sciences           748,921             748,921  
Real Estate Management & Development           594,089             594,089  
Telecommunication Services     1,941,950       1,059,147             3,001,097  
Transportation     129,798       153,928             283,726  
Utilities           253,656             253,656  
Money Market Fund     548                   548  
Total Investments   $ 3,373,553     $ 25,512,947     $     $ 28,886,500  

 

See Notes to Financial Statements

   28  

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

June 30, 2023 (unaudited)

 

    Number
of Shares
    Value  
COMMON STOCKS: 99.8%                
Automobiles & Components: 1.1%                
Mobileye Global, Inc. * †     16,566     $ 636,466  
Banks: 16.5%                
Bank Hapoalim BM     310,989       2,561,523  
Bank Leumi Le-Israel BM     368,875       2,760,886  
FIBI Holdings Ltd.     5,654       228,309  
First International Bank Of Israel Ltd.     14,999       585,799  
Israel Discount Bank Ltd.     304,112       1,517,470  
Mizrahi Tefahot Bank Ltd.     44,461       1,484,981  
              9,138,968  
Capital Goods: 4.5%                
Ashtrom Group Ltd.     8,071       111,866  
Elbit Systems Ltd. †     7,514       1,570,125  
Elco Ltd.     2,164       74,313  
Electra Ltd.     331       136,709  
Kornit Digital Ltd. *     10,916       320,603  
Shapir Engineering and Industry Ltd.     23,737       163,690  
Shikun & Binui Ltd. *     47,866       102,455  
              2,479,761  
Commercial & Professional Services: 0.9%                
Danel Adir Yeoshua Ltd.     1,294       91,712  
Fiverr International Ltd. * †     9,784       254,482  
Hilan Ltd.     3,047       150,987  
              497,181  
Consumer Discretionary Distribution & Retail: 2.1%          
Delek Automotive Systems Ltd.     11,276       86,430  
Fox Wizel Ltd.     1,602       131,612  
Global-e Online Ltd. *     23,465       960,657  
              1,178,699  
Consumer Durables & Apparel: 0.6%                
Delta Galil Ltd.     3,672       144,000  
Maytronics Ltd.     12,741       174,390  
              318,390  
Consumer Services: 0.5%                
888 Holdings Plc * †     120,702       150,816  
Fattal Holdings 1998 Ltd. *     1,310       127,375  
              278,191  
Consumer Staples Distribution & Retail: 0.6%                
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.     2,380       141,000  
Shufersal Ltd. *     33,539       175,654  
              316,654  
Energy: 2.2%                
Delek Group Ltd.     3,041       348,518  
Energean Plc     36,882       480,153  
Oil Refineries Ltd.     808,116       231,380  
Paz Oil Co. Ltd. *     1,625       174,615  
              1,234,666  
Financial Services: 1.9%                
Isracard Ltd.     55,216       230,553  
Payoneer Global, Inc. *     53,777       258,667  
Plus500 Ltd.     23,618       439,892  
Tel Aviv Stock Exchange Ltd. *     25,575       132,012  
              1,061,124  
    Number
of Shares
    Value  
Food, Beverage & Tobacco: 0.5%                
Strauss Group Ltd. *     13,157     $ 296,523  
Health Care Equipment & Services: 3.8%                
Inmode Ltd. *     24,841       927,811  
Nano-X Imaging Ltd. * †     17,238       267,017  
Novocure Ltd. *     14,114       585,731  
OPKO Health, Inc. * †     141,180       306,361  
              2,086,920  
Insurance: 3.1%                
Clal Insurance Enterprises Holdings Ltd. *     19,429       302,617  
Harel Insurance Investments & Financial Services Ltd.     37,050       289,377  
Lemonade, Inc. * †     19,854       334,540  
Menora Mivtachim Holdings Ltd.     6,990       148,254  
Migdal Insurance & Financial Holdings Ltd.     126,047       153,066  
Phoenix Holdings Ltd.     51,157       514,541  
              1,742,395  
Materials: 2.3%                
ICL Group Ltd.     171,341       938,948  
Israel Corp. Ltd.     1,254       331,143  
              1,270,091  
Media & Entertainment: 1.8%                
Perion Network Ltd. * †     14,839       455,112  
Playtika Holding Corp. *     21,871       253,704  
Taboola.com Ltd. *     65,331       203,180  
Tremor International Ltd. (ADR) *     11,627       83,714  
              995,710  
Pharmaceuticals, Biotechnology & Life Sciences: 4.7%
Taro Pharmaceutical Industries Ltd. *     2,747       104,194  
Teva Pharmaceutical Industries Ltd. (ADR) *     335,001       2,522,557  
              2,626,751  
Real Estate Management & Development: 4.2%                
Airport City Ltd. *     14,858       195,828  
Alony Hetz Properties & Investments Ltd.     32,839       257,420  
Amot Investments Ltd.     54,654       286,875  
Azrieli Group Ltd.     12,087       682,045  
Big Shopping Centers Ltd. *     2,399       216,499  
Melisron Ltd.     6,470       420,333  
Mivne Real Estate KD Ltd.     80,253       195,898  
Summit Real Estate Holdings Ltd.     7,364       94,969  
              2,349,867  
Semiconductors & Semiconductor Equipment: 12.5%          
Camtek Ltd. * †     7,848       279,624  
CEVA, Inc. *     5,212       133,167  
Nova Ltd. *     5,726       671,660  
SolarEdge Technologies, Inc. *     16,847       4,532,685  
Tower Semiconductor Ltd. *     34,735       1,303,257  
              6,920,393  


 

See Notes to Financial Statements

   29  

VANECK ISRAEL ETF

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

 

    Number
of Shares
    Value  
Software & Services: 28.6%                
Amdocs Ltd.     31,159     $ 3,080,067  
Check Point Software Technologies Ltd. *     29,287       3,679,033  
CyberArk Software Ltd. *     13,043       2,039,012  
Formula Systems 1985 Ltd.     1,781       130,997  
JFrog Ltd. *     23,694       656,324  
Matrix IT Ltd.     7,597       154,918  
Monday.com Ltd. *     7,930       1,357,775  
Nice Ltd. (ADR) * †     16,490       3,405,185  
One Software Technologies Ltd.     7,365       99,176  
Sapiens International Corp. NV     9,164       243,762  
Wix.com Ltd. *     13,581       1,062,577  
              15,908,826  
Technology Hardware & Equipment: 1.5%                
Gilat Satellite Networks Ltd. * †     15,047       93,743  
Nano Dimension Ltd. (ADR) * †     75,708       218,796  
Radware Ltd. *     9,463       183,487  
Stratasys Ltd. *     18,276       324,582  
              820,608  
Telecommunication Services: 1.7%                
Bezeq The Israeli Telecommunication Corp. Ltd.     670,937       818,723  
Cellcom Israel Ltd. *     18,659       64,674  
Partner Communications Co. Ltd. *     19,182       75,475  
              958,872  
    Number
of Shares
    Value  
Transportation: 0.7%                
ZIM Integrated Shipping Services Ltd. †     31,543     $ 390,818  
Utilities: 3.5%                
Energix-Renewable Energies Ltd.     67,341       218,643  
Enlight Renewable Energy Ltd. *     27,359       481,958  
Kenon Holdings Ltd.     5,909       138,064  
OPC Energy Ltd. *     21,622       142,758  
Ormat Technologies, Inc. †     12,100       973,566  
              1,954,989  
Total Common Stocks
(Cost: $49,194,075)
            55,462,863  
                 
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.7%
Money Market Fund: 3.7%
(Cost: $2,040,559)
               
State Street Navigator Securities Lending Government Money Market Portfolio     2,040,559       2,040,559  
Total Investments: 103.5%
(Cost: $51,234,634)
            57,503,422  
Liabilities in excess of other assets: (3.5)%             (1,964,976)  
NET ASSETS: 100.0%           $ 55,538,446  


 

 

Definitions:
   
ADR American Depositary Receipt

 

Footnotes:
   
Security fully or partially on loan. Total market value of securities on loan is $7,091,643.
* Non-income producing

 

Summary of Investments by Sector
Excluding Collateral for Securities Loaned
  % of
Investments
  Value  
Information Technology       43.0 %      $ 23,800,814  
Financials     21.5       11,942,487  
Health Care     8.5       4,713,671  
Industrials     5.8       3,216,773  
Consumer Discretionary     4.4       2,411,746  
Real Estate     4.2       2,349,867  
Utilities     3.5       1,954,989  
Communication Services     3.5       1,954,582  
Materials     2.3       1,270,091  
Energy     2.2       1,234,666  
Consumer Staples     1.1       613,177  
      100.0 %   $ 55,462,863  

 

See Notes to Financial Statements

   30  

 

 

The summary of inputs used to value the Fund’s investments as of June 30, 2023 is as follows:

 

    Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Value  
Common Stocks                                
Automobiles & Components   $ 636,466     $     $     $ 636,466  
Banks           9,138,968             9,138,968  
Capital Goods     1,890,728       589,033             2,479,761  
Commercial & Professional Services     254,482       242,699             497,181  
Consumer Discretionary Distribution & Retail     960,657       218,042             1,178,699  
Consumer Durables & Apparel           318,390             318,390  
Consumer Services           278,191             278,191  
Consumer Staples Distribution & Retail           316,654             316,654  
Energy     480,153       754,513             1,234,666  
Financial Services     698,559       362,565             1,061,124  
Food, Beverage & Tobacco           296,523             296,523  
Health Care Equipment & Services     2,086,920                   2,086,920  
Insurance     334,540       1,407,855             1,742,395  
Materials     938,948       331,143             1,270,091  
Media & Entertainment     995,710                   995,710  
Pharmaceuticals, Biotechnology & Life Sciences     2,626,751