June 30, 2022
(unaudited)
|
SEMI-ANNUAL
REPORT June 30, 2022 (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 |
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, 2022.
PRESIDENT’S LETTER
June 30, 2022 (unaudited)
Dear Fellow Shareholders:
When will market volatility be over? The short answer: not yet. Financial tightening by central banks is never good for financial assets. And while the first half of 2022 has already been painful, we are only now, in midsummer, experiencing the onset of “quantitative tightening,” when the central banks stop buying bonds. This, to me, is the final act in this process and it may take a few months to work itself out. I am hoping that there are no implosions by major, indebted countries, or major dislocations in fixed income or banking markets.
The second signal that will imply less pressure on financial markets—stocks and bonds—is weaker labor markets, because only that, I believe, will slow wage pressure and therefore inflation. While there will likely be many minor signals and headlines, we may not have confirmation of cooling wage pressure until year-end or later.
For over a year, I’ve been saying that we would be in a better position to gauge inflation persistence in the second half of 2022, because only now would we know whether inflationary psychology had affected wages. Well, here we are. Despite a cooling U.S. economy, the labor market is still hot. There is a strong relationship between wages and inflation, which historically becomes more pronounced during periods of high inflation. Based on the fact that the record-setting spending stimulus has led to wage inflation, our view now is that inflation will be higher for longer.
Rising Correlation: Upward Pressure on Wages Leads to Upward Pressure on Inflation
While we expect to be in an elevated inflation regime for an extended period of time, there should be some temporary relief on the horizon from the negative wealth effect from declining asset values, a recent pullback in commodity prices and improving supply chains. But asset values can still fall further from here, commodity prices are still high by historical standards, and supply chain pressures are still at last summer’s levels.
Consumers are being squeezed from high inflation and more restrictive, yet still accommodative, monetary policy. We estimate the evisceration of over $40 trillion from the global stock, bond and crypto markets as a result of the current macro-economic conditions. That equates to nearly half of the world’s GDP!
Multi-Year Investment Themes: Resources Transition and Blockchain Disruption
So, we continue to focus on two multi-year investment themes.
Commodities have broken out of their prolonged bear market to reach record highs, driven by forces—primarily, the supply-demand imbalance—that have been in place even before Russia’s invasion of Ukraine. The Russia-Ukraine crisis has, however, accelerated efforts to reduce dependency on Russian energy supply in Europe, and part of that plan includes a shift towards renewable energy.
Commodity prices have more than doubled from their COVID-19 lows. Yet, the supply response across all industries has been limited due to the emphasis on capital discipline and environmental, social and governance constraints. If we are in the early stages of an economic slowdown, then it is very unlikely that we will see an increase in capital expenditures leading to additional supply. This should lead to a swift rebound in prices when economic growth resumes.
We still like commodity equities, particularly companies involved in green metals used in electric vehicle and clean energy components and, perhaps with a longer-term horizon, agribusiness companies looking to innovate for more efficient, climate-friendly and sustainable food production. Fears of global recession have hurt these investments, but I believe the longer-term trends will prevail.
The fallout from the Terra ecosystem’s collapse in May on the broader digital assets market cannot be understated. It caused major damage, and bankruptcies and liquidations of borrowing/lending firms are likely ahead, not to mention litigation from retail investors. Volatility is a given with crypto, with Bitcoin and Ethereum under the most pressure from their status as the “reserve” holdings for many in the crypto world. However, while I used to think Bitcoin’s drawdown risk was 90% back in 2017, I expected the drawdowns to
| 1 |
VANECK ETF TRUST
PRESIDENT’S LETTER
(unaudited) (continued)
be more muted in current times. This is because the underlying blockchain technology is being used to gain efficiency and reduce risk in the financial system, and I believe adoption will keep expanding.
Growth is Less Rich Relative to Value
For much of 2021, many growth stocks were very richly valued. At the end of 2021, the price-to-earnings (“P/E”) ratio of the Russell 1000 Growth Index was hovering around 40. By comparison, during that same period, the P/E ratio of the Russell 1000 Value Index was below 20. That equated to a valuation spread of roughly 20.
We hadn’t seen such a big dislocation between growth and value stocks since the tech bubble in the early 2000s. That is why, at the start of 2022, we said to wait to buy growth. We could be getting closer, but investors should be cautious. The current spread between the P/E ratios of growth and value stocks is over 11 and the long-term average is 8. If inflation remains persistently high, as we expect, then this spread may go even lower.
We thank you for investing in VanEck’s investment strategies. On the following pages, you will find financial statements for each the funds for the six month period ended June 30, 2022. As always, we value your continued confidence in us and look forward to helping you meet your investment goals in the future.
Jan F.
van Eck
CEO and President
VanEck ETF Trust
July 12, 2022
PS The investing outlook can change suddenly, as it certainly did in 2021. To get our quarterly investment outlooks, please subscribe to “VanEck News & Insights”. Should you have any questions regarding fund performance, please contact us at 800.826.2333 or visit our website.
| 2 |
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, 2022 to June 30, 2022.
Actual Expenses
The first line in the table below provides information about account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning Account Value January 1, 2022 |
Ending Account Value June 30, 2022 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period January 1, 2022 - June 30, 2022(a) | |||||||||||||
| Africa Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $834.30 | 0.84 | % | $ | 3.82 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,020.63 | 0.84 | % | $ | 4.21 | |||||||||
| Brazil Small-Cap ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $855.00 | 0.59 | % | $ | 2.71 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.87 | 0.59 | % | $ | 2.96 | |||||||||
| China Growth Leaders ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $856.90 | 0.60 | % | $ | 2.76 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.82 | 0.60 | % | $ | 3.01 | |||||||||
| ChiNext ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $804.70 | 0.65 | % | $ | 2.91 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.57 | 0.65 | % | $ | 3.26 | |||||||||
| Digital India ETF | ||||||||||||||||
| Actual (c) | $ | 1,000.00 | $793.60 | 0.75 | % | $ | 2.49 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.08 | 0.75 | % | $ | 3.76 | |||||||||
| Egypt Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $658.60 | 1.07 | % | $ | 4.40 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,019.49 | 1.07 | % | $ | 5.36 | |||||||||
| India Growth Leaders ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $733.70 | 0.81 | % | $ | 3.48 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,020.78 | 0.81 | % | $ | 4.06 | |||||||||
| 3 |
VANECK ETF TRUST
EXPLANATION OF EXPENSES
(unaudited) (continued)
| Beginning Account Value January 1, 2022 |
Ending Account Value June 30, 2022 |
Annualized Expense Ratio During Period |
Expenses Paid During the Period January 1, 2022 - June 30, 2022(a) | |||||||||||||
| Indonesia Index ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $989.70 | 0.57 | % | $ | 2.81 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.97 | 0.57 | % | $ | 2.86 | |||||||||
| Israel ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $766.30 | 0.59 | % | $ | 2.58 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.87 | 0.59 | % | $ | 2.96 | |||||||||
| Vietnam ETF | ||||||||||||||||
| Actual | $ | 1,000.00 | $681.30 | 0.61 | % | $ | 2.54 | |||||||||
| Hypothetical (b) | $ | 1,000.00 | $1,021.77 | 0.61 | % | $ | 3.06 | |||||||||
| (a) | Expenses are equal to the Fund’s annualized expense ratio (for the six months ended June 30, 2022), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year divided by the number of the days in the fiscal year (to reflect the one-half year period). |
| (b) | Assumes annual return of 5% before expenses |
| (c) | Expenses are equal to the Fund’s annualized expense ratio (for the period from February 16, 2022 (commencement of operations) to June 30, 2022) multiplied by the average account value over the period, multiplied by the number of days since the commencement of operations divided by the number of days in the fiscal year. |
| 4 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 101.5% | ||||||||
| Australia: 4.0% | ||||||||
| AVZ Minerals Ltd. # * | 1,399,901 | $ | 530,223 | |||||
| Paladin Energy Ltd. # * † | 559,641 | 223,739 | ||||||
| Perseus Mining Ltd. # | 922,421 | 997,091 | ||||||
| Sandfire Resources Ltd. # | 76,123 | 233,789 | ||||||
| 1,984,842 | ||||||||
| Burkina Faso: 0.3% | ||||||||
| IAMGOLD Corp. (USD) * | 93,923 | 151,216 | ||||||
| Canada: 4.7% | ||||||||
| B2Gold Corp. (USD) | 22,577 | 76,536 | ||||||
| Barrick Gold Corp. (USD) | 43,912 | 776,803 | ||||||
| Ivanhoe Mines Ltd. * † | 257,082 | 1,476,784 | ||||||
| 2,330,123 | ||||||||
| China: 1.5% | ||||||||
| CMOC Group Ltd. (HKD) # * † | 1,353,000 | 755,512 | ||||||
| Egypt: 4.9% | ||||||||
| Centamin Plc (GBP) # | 580,668 | 553,848 | ||||||
| Commercial International Bank Egypt SAE (USD) (GDR) # | 1,119,875 | 1,849,620 | ||||||
| 2,403,468 | ||||||||
| Germany: 1.1% | ||||||||
| Jumia Technologies AG (ADR) * | 88,975 | 539,188 | ||||||
| Ghana: 2.4% | ||||||||
| Kosmos Energy Ltd. (USD) * | 188,822 | 1,168,808 | ||||||
| India: 0.6% | ||||||||
| MakeMyTrip Ltd. (USD) * † | 11,069 | 284,252 | ||||||
| Indonesia: 0.4% | ||||||||
| Golden Agri-Resources Ltd. (SGD) # | 1,228,100 | 220,694 | ||||||
| Kenya: 10.9% | ||||||||
| East African Breweries Ltd. | 559,600 | 651,443 | ||||||
| Equity Group Holdings Plc | 4,700,100 | 1,714,201 | ||||||
| Safaricom Plc | 14,176,400 | 3,000,010 | ||||||
| 5,365,654 | ||||||||
| Morocco: 9.7% | ||||||||
| Attijariwafa Bank | 51,938 | 2,206,359 | ||||||
| Bank of Africa # | 46,328 | 859,268 | ||||||
| Banque Centrale Populaire | 39,266 | 992,263 | ||||||
| Co. Sucrerie Marocaine et de Raffinage | 32,695 | 713,090 | ||||||
| 4,770,980 | ||||||||
| Nigeria: 12.0% | ||||||||
| Guaranty Trust Holding Co. Plc | 29,131,767 | 1,319,490 | ||||||
| MTN Nigeria Communications Plc | 4,835,386 | 2,457,222 | ||||||
| Nestle Nigeria Plc | 266,761 | 825,156 | ||||||
| Zenith Bank Plc | 27,658,608 | 1,326,098 | ||||||
| 5,927,966 | ||||||||
| Norway: 0.2% | ||||||||
| Scatec ASA 144A # | 9,163 | 79,444 | ||||||
| South Africa: 34.0% | ||||||||
| Absa Group Ltd. # | 46,623 | 442,080 | ||||||
| Anglo American Platinum Ltd. # | 4,942 | 428,211 | ||||||
| Anglo American Plc (GBP) # | 50,981 | 1,818,230 | ||||||
| Number of Shares |
Value | |||||||
| South Africa (continued) | ||||||||
| Aspen Pharmacare Holdings Ltd. # | 25,449 | $ | 217,235 | |||||
| AVI Ltd. | 24,738 | 99,239 | ||||||
| Bid Corp. Ltd. | 17,851 | 334,312 | ||||||
| Bidvest Group Ltd. | 20,525 | 262,587 | ||||||
| Capitec Bank Holdings Ltd. # | 7,621 | 927,546 | ||||||
| Clicks Group Ltd. | 15,798 | 263,559 | ||||||
| Coronation Fund Managers Ltd. | 18,927 | 37,802 | ||||||
| Discovery Ltd. # * † | 29,076 | 228,366 | ||||||
| Exxaro Resources Ltd. # | 11,464 | 138,316 | ||||||
| FirstRand Ltd. # | 233,862 | 893,752 | ||||||
| Foschini Group Ltd. | 11,158 | 83,093 | ||||||
| Gold Fields Ltd. (ADR) | 57,720 | 526,406 | ||||||
| Growthpoint Properties Ltd. | 213,025 | 160,590 | ||||||
| Harmony Gold Mining Co. Ltd. (ADR) | 35,547 | 111,262 | ||||||
| Impala Platinum Holdings Ltd. # | 53,546 | 589,938 | ||||||
| Investec Plc (GBP) # | 43,839 | 238,160 | ||||||
| Life Healthcare Group Holdings Ltd. # | 59,873 | 65,659 | ||||||
| Momentum Metropolitan Holdings # | 104,914 | 91,350 | ||||||
| Mr Price Group Ltd. # | 17,998 | 195,989 | ||||||
| MTN Group Ltd. # | 110,313 | 891,451 | ||||||
| MultiChoice Group | 20,804 | 147,066 | ||||||
| Naspers Ltd. # | 14,294 | 2,073,661 | ||||||
| Nedbank Group Ltd. # | 28,130 | 357,553 | ||||||
| Netcare Ltd. # | 93,186 | 81,701 | ||||||
| Northam Platinum Holdings Ltd. # * | 18,998 | 197,751 | ||||||
| Old Mutual Ltd. # | 271,481 | 182,723 | ||||||
| Pepkor Holdings Ltd. 144A | 108,520 | 126,654 | ||||||
| Pick n Pay Stores Ltd. | 17,946 | 61,575 | ||||||
| Rand Merchant Investment Holdings Ltd. | 50,274 | 85,434 | ||||||
| Remgro Ltd. | 36,616 | 290,358 | ||||||
| Resilient REIT Ltd. † | 25,555 | 83,330 | ||||||
| Sanlam Ltd. # | 132,352 | 427,187 | ||||||
| Sappi Ltd. # * | 39,970 | 131,801 | ||||||
| Sasol Ltd. (ADR) * † | 38,513 | 888,110 | ||||||
| Shoprite Holdings Ltd. # | 35,144 | 425,222 | ||||||
| Sibanye Stillwater Ltd. (ADR) † | 50,198 | 500,474 | ||||||
| SPAR Group Ltd. | 10,251 | 86,426 | ||||||
| Standard Bank Group Ltd. # | 98,244 | 930,814 | ||||||
| Thungela Resources Ltd. # | 8,948 | 125,992 | ||||||
| Tiger Brands Ltd. † | 7,914 | 68,616 | ||||||
| Vodacom Group Ltd. # | 32,569 | 261,913 | ||||||
| Woolworths Holdings Ltd. | 63,448 | 210,106 | ||||||
| 16,789,600 | ||||||||
| Switzerland: 0.3% | ||||||||
| Mediclinic International Plc (GBP) # * | 29,428 | 164,300 | ||||||
| Tanzania: 3.5% | ||||||||
| AngloGold Ashanti Ltd. (ADR) | 27,461 | 406,148 | ||||||
| Helios Towers Plc (GBP) # * † | 899,275 | 1,325,814 | ||||||
| 1,731,962 | ||||||||
See Notes to Financial Statements
| 5 |
VANECK AFRICA INDEX ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||||
| United Arab Emirates: 3.2% | ||||||||
| Itissalat Al-Maghrib (MAD) # | 134,411 | $ | 1,586,374 | |||||
| United Kingdom: 6.2% | ||||||||
| Airtel Africa Plc 144A # | 1,339,171 | 2,219,508 | ||||||
| Endeavour Mining Plc # | 33,460 | 691,616 | ||||||
| Kumba Iron Ore Ltd. (ZAR) # | 4,857 | 156,366 | ||||||
| 3,067,490 | ||||||||
| United States: 0.2% | ||||||||
| Royal Caribbean Cruises Ltd. * | 3,391 | 118,380 | ||||||
| Zambia: 1.4% | ||||||||
| First Quantum Minerals Ltd. (CAD) | 37,703 | 713,754 | ||||||
| Zimbabwe: 0.0% | ||||||||
| Delta Corp. Ltd. # | 15,980 | 7,759 | ||||||
| Number of Shares |
Value | |||||||
| Zimbabwe (continued) | ||||||||
| Ecocash Holdings Zimbabwe Ltd. * | 32,900 | $ | 3,242 | |||||
| 11,001 | ||||||||
| Total Common Stocks (Cost: $51,093,400) |
50,165,008 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES
ON LOAN: 1.5% (Cost: $733,800) |
||||||||
| Money Market Fund: 1.5% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 733,800 | 733,800 | ||||||
| Total Investments: 103.0% (Cost: $51,827,200) |
50,898,808 | |||||||
| Liabilities in excess of other assets: (3.0)% | (1,502,844) | |||||||
| NET ASSETS: 100.0% | $ | 49,395,964 | ||||||
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 has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $24,817,566 which represents 50.2% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $4,412,253. |
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,425,606, or 4.9% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Communication Services | 23.7 | % | $ | 11,889,358 | ||||
| Consumer Discretionary | 7.2 | 3,631,322 | ||||||
| Consumer Staples | 7.5 | 3,757,088 | ||||||
| Energy | 3.3 | 1,656,855 | ||||||
| Financials | 30.7 | 15,403,669 | ||||||
| Health Care | 1.0 | 528,895 | ||||||
| Industrials | 0.5 | 262,587 | ||||||
| Materials | 25.4 | 12,711,871 | ||||||
| Real Estate | 0.5 | 243,919 | ||||||
| Utilities | 0.2 | 79,444 | ||||||
| 100.0 | % | $ | 50,165,008 | |||||
See Notes to Financial Statements
| 6 |
The summary of inputs used to value the Fund's investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 1,984,842 | $ | — | $ | 1,984,842 | ||||||||
| Burkina Faso | 151,216 | — | — | 151,216 | ||||||||||||
| Canada | 2,330,123 | — | — | 2,330,123 | ||||||||||||
| China | — | 755,512 | — | 755,512 | ||||||||||||
| Egypt | — | 2,403,468 | — | 2,403,468 | ||||||||||||
| Germany | 539,188 | — | — | 539,188 | ||||||||||||
| Ghana | 1,168,808 | — | — | 1,168,808 | ||||||||||||
| India | 284,252 | — | — | 284,252 | ||||||||||||
| Indonesia | — | 220,694 | — | 220,694 | ||||||||||||
| Kenya | 5,365,654 | — | — | 5,365,654 | ||||||||||||
| Morocco | 3,911,712 | 859,268 | — | 4,770,980 | ||||||||||||
| Nigeria | 5,927,966 | — | — | 5,927,966 | ||||||||||||
| Norway | — | 79,444 | — | 79,444 | ||||||||||||
| South Africa | 4,426,999 | 12,362,601 | — | 16,789,600 | ||||||||||||
| Switzerland | — | 164,300 | — | 164,300 | ||||||||||||
| Tanzania | 406,148 | 1,325,814 | — | 1,731,962 | ||||||||||||
| United Arab Emirates | — | 1,586,374 | — | 1,586,374 | ||||||||||||
| United Kingdom | — | 3,067,490 | — | 3,067,490 | ||||||||||||
| United States | 118,380 | — | — | 118,380 | ||||||||||||
| Zambia | 713,754 | — | — | 713,754 | ||||||||||||
| Zimbabwe | 3,242 | 7,759 | — | 11,001 | ||||||||||||
| Money Market Fund | 733,800 | — | — | 733,800 | ||||||||||||
| Total Investments | $ | 26,081,242 | $ | 24,817,566 | $ | — | $ | 50,898,808 | ||||||||
See Notes to Financial Statements
| 7 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 88.7% | ||||||||
| Automobiles & Components: 1.1% | ||||||||
| Mahle-Metal Leve SA | 27,050 | $ | 119,862 | |||||
| Tupy SA * | 37,550 | 159,500 | ||||||
| 279,362 | ||||||||
| Capital Goods: 2.1% | ||||||||
| Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA | 220,950 | 118,213 | ||||||
| Armac Locacao Logistica E Servicos SA | 53,500 | 124,103 | ||||||
| Iochpe Maxion SA | 66,002 | 198,128 | ||||||
| Portobello SA | 58,550 | 71,153 | ||||||
| 511,597 | ||||||||
| Commercial & Professional Services: 1.5% | ||||||||
| Ambipar Participacoes e Empreendimentos SA | 31,000 | 132,270 | ||||||
| Boa Vista Servicos SA | 116,000 | 118,583 | ||||||
| Orizon Valorizacao de Residuos SA * | 20,100 | 107,770 | ||||||
| 358,623 | ||||||||
| Consumer Durables & Apparel: 11.5% | ||||||||
| Arezzo Industria e Comercio SA | 44,750 | 594,706 | ||||||
| Construtora Tenda SA * | 33,000 | 24,592 | ||||||
| Cury Construtora e Incorporadora SA | 65,700 | 77,206 | ||||||
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 182,750 | 412,750 | ||||||
| Direcional Engenharia SA * | 51,700 | 101,850 | ||||||
| Even Construtora e Incorporadora SA | 70,050 | 57,957 | ||||||
| Ez Tec Empreendimentos e Participacoes SA | 104,152 | 287,572 | ||||||
| Grendene SA | 139,650 | 187,589 | ||||||
| Grupo de Moda Soma SA | 264,983 | 465,820 | ||||||
| Guararapes Confeccoes SA * | 59,650 | 77,277 | ||||||
| MRV Engenharia e Participacoes SA | 159,750 | 238,399 | ||||||
| Vivara Participacoes SA | 68,150 | 286,224 | ||||||
| 2,811,942 | ||||||||
| Consumer Services: 7.9% | ||||||||
| Afya Ltd. * | 19,675 | 195,766 | ||||||
| Anima Holding SA * | 139,250 | 103,770 | ||||||
| Arco Platform Ltd. * † | 5,524 | 82,473 | ||||||
| Arcos Dorados Holdings, Inc. | 53,236 | 358,811 | ||||||
| BK Brasil Operacao e Assessoria a Restaurantes SA * | 123,950 | 131,684 | ||||||
| Cogna Educacao * | 1,122,100 | 458,836 | ||||||
| Cruzeiro do Sul Educacional SA | 86,000 | 47,819 | ||||||
| CVC Brasil Operadora e Agencia de Viagens SA * | 132,883 | 177,230 | ||||||
| Ser Educacional SA 144A | 24,475 | 29,370 | ||||||
| YDUQS Participacoes SA | 141,300 | 352,882 | ||||||
| 1,938,641 | ||||||||
| Diversified Financials: 1.8% | ||||||||
| Banco Modal SA * | 67,700 | 95,080 | ||||||
| Number of Shares |
Value | |||||||
| Diversified Financials (continued) | ||||||||
| BR Advisory Partners Participacoes SA | 28,850 | $ | 72,381 | |||||
| TC Traders Club SA | 67,350 | 61,643 | ||||||
| Vinci Partners Investments Ltd. † | 19,249 | 205,964 | ||||||
| 435,068 | ||||||||
| Energy: 8.2% | ||||||||
| 3R Petroleum Oleo e Gas SA * | 109,750 | 737,126 | ||||||
| AES Brasil Energia SA | 135,050 | 275,083 | ||||||
| Enauta Participacoes SA | 56,050 | 188,174 | ||||||
| Karoon Energy Ltd. # * | 360,737 | 433,420 | ||||||
| Modec, Inc. # | 14,300 | 123,051 | ||||||
| Petroreconcavo SA | 49,000 | 240,063 | ||||||
| 1,996,917 | ||||||||
| Food & Staples Retailing: 2.2% | ||||||||
| Cia Brasileira de Distribuicao (ADR) † | 113,730 | 352,563 | ||||||
| Dimed SA Distribuidora da Medicamentos | 67,750 | 124,148 | ||||||
| Empreendimentos Pague Menos SA * | 62,400 | 51,866 | ||||||
| 528,577 | ||||||||
| Food, Beverage & Tobacco: 8.1% | ||||||||
| Adecoagro SA | 39,960 | 338,062 | ||||||
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 35,300 | 164,445 | ||||||
| Camil Alimentos SA | 68,400 | 128,606 | ||||||
| Jalles Machado SA | 97,400 | 142,561 | ||||||
| Minerva SA | 200,800 | 509,151 | ||||||
| SLC Agricola SA | 65,720 | 554,170 | ||||||
| Tres Tentos Agroindustrial SA | 87,250 | 133,373 | ||||||
| 1,970,368 | ||||||||
| Health Care Equipment & Services: 5.2% | ||||||||
| Alliar Medicos A Frente SA * | 27,500 | 102,518 | ||||||
| Fleury SA | 156,600 | 487,743 | ||||||
| Hospital Mater Dei SA | 29,600 | 43,155 | ||||||
| Instituto Hermes Pardini SA | 27,650 | 105,614 | ||||||
| Odontoprev SA | 159,940 | 285,746 | ||||||
| Oncoclinicas do Brasil Servicos Medicos SA * | 111,500 | 97,152 | ||||||
| Qualicorp Consultoria e Corretora de Seguros SA | 73,900 | 157,446 | ||||||
| 1,279,374 | ||||||||
| Insurance: 1.0% | ||||||||
| IRB Brasil Resseguros SA * | 651,100 | 252,555 | ||||||
| Materials: 2.4% | ||||||||
| ERO Copper Corp. * | 54,109 | 456,934 | ||||||
| Largo, Inc. * † | 19,153 | 130,623 | ||||||
| 587,557 | ||||||||
| Media & Entertainment: 0.7% | ||||||||
| Meliuz SA 144A * | 367,450 | 75,828 | ||||||
| VTEX * † | 28,022 | 86,308 | ||||||
| 162,136 | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences: 0.4% | ||||||||
| Blau Farmaceutica SA | 22,700 | 108,697 | ||||||
See Notes to Financial Statements
| 8 |
| Number of Shares |
Value | |||||||
| Real Estate: 7.9% | ||||||||
| Aliansce Sonae Shopping Centers SA | 97,188 | $ | 297,314 | |||||
| BR Malls Participacoes SA | 349,550 | 502,272 | ||||||
| BR Properties SA | 116,750 | 197,430 | ||||||
| Iguatemi SA | 185,750 | 638,516 | ||||||
| JHSF Participacoes SA | 181,550 | 202,244 | ||||||
| LOG Commercial Properties e Participacoes SA | 30,950 | 108,047 | ||||||
| 1,945,823 | ||||||||
| Retailing: 2.8% | ||||||||
| C&A MODAS SA * | 65,100 | 28,610 | ||||||
| Grupo SBF SA | 70,050 | 253,379 | ||||||
| Lojas Quero Quero SA * | 61,900 | 67,418 | ||||||
| Via SA * | 899,500 | 330,001 | ||||||
| 679,408 | ||||||||
| Semiconductors & Semiconductor Equipment: 1.3% | ||||||||
| SMART Global Holdings, Inc. * † | 19,604 | 320,917 | ||||||
| Software & Services: 2.1% | ||||||||
| Clear Sale SA * | 50,250 | 36,679 | ||||||
| Infracommerce CXAAS SA * | 128,750 | 110,214 | ||||||
| Locaweb Servicos de Internet SA 144A * | 236,700 | 254,183 | ||||||
| Sonda SA | 343,141 | 102,757 | ||||||
| 503,833 | ||||||||
| Technology Hardware & Equipment: 1.0% | ||||||||
| Ituran Location and Control Ltd. | 5,344 | 130,875 | ||||||
| Multilaser Industrial SA | 150,100 | 113,576 | ||||||
| 244,451 | ||||||||
| Telecommunication Services: 1.9% | ||||||||
| Brisanet Participacoes SA | 56,850 | 19,119 | ||||||
| Oi SA * | 3,672,566 | 392,979 | ||||||
| Unifique Telecomunicacoes SA | 89,150 | 57,407 | ||||||
| 469,505 | ||||||||
| Transportation: 5.4% | ||||||||
| EcoRodovias Infraestrutura e Logistica SA * | 161,690 | 176,104 | ||||||
| Gol Linhas Aereas Inteligentes SA (ADR) * † | 62,760 | 214,012 | ||||||
| Hidrovias do Brasil SA * | 320,900 | 138,577 | ||||||
| Log-in Logistica Intermodal SA * | 11,900 | 68,988 | ||||||
| Movida Participacoes SA | 94,300 | 235,144 | ||||||
| Santos Brasil Participacoes SA | 333,850 | 415,921 | ||||||
| Sequoia Logistica e Transportes SA * | 76,750 | 80,219 | ||||||
| 1,328,965 | ||||||||
| Utilities: 12.2% | ||||||||
| Alupar Investimento SA | 154,637 | 766,766 | ||||||
| Auren Energia SA | 211,008 | 549,146 | ||||||
| Cia de Saneamento de Minas Gerais | 133,738 | 294,388 | ||||||
| Cia de Saneamento do Parana | 212,600 | 740,969 | ||||||
| Light SA | 170,350 | 188,140 | ||||||
| Number of Shares |
Value | |||||||
| Utilities (continued) | ||||||||
| Omega Energia SA * | 195,202 | $ | 447,587 | |||||
| 2,986,996 | ||||||||
| Total Common
Stocks (Cost: $30,038,577) |
21,701,312 | |||||||
| PREFERRED SECURITIES: 8.4% | ||||||||
| Banks: 2.6% | ||||||||
| Banco ABC Brasil SA | 51,470 | 152,637 | ||||||
| Banco do Estado do Rio Grande do Sul SA | 121,950 | 208,786 | ||||||
| Banco Pan SA | 223,650 | 261,109 | ||||||
| 622,532 | ||||||||
| Capital Goods: 1.5% | ||||||||
| Marcopolo SA | 298,059 | 140,673 | ||||||
| Randon SA Implementos e Participacoes | 125,800 | 225,473 | ||||||
| 366,146 | ||||||||
| Information Technology: 1.4% | ||||||||
| Cia Ferro Ligas da Bahia | 24,450 | 217,382 | ||||||
| Taurus Armas SA | 43,300 | 134,282 | ||||||
| 351,664 | ||||||||
| Materials: 2.9% | ||||||||
| Unipar Carbocloro SA | 40,449 | 704,106 | ||||||
| Total Preferred
Securities (Cost: $1,915,431) |
2,044,448 | |||||||
| CLOSED-END FUNDS: 2.8% | ||||||||
| CSHG Logistica FI Imobiliario | 15,310 | 480,996 | ||||||
| FII BTG Pactual Corporate Office Fund | 17,615 | 208,313 | ||||||
| Total Closed-End
Funds (Cost: $775,574) |
689,309 | |||||||
| Total
Investments Before Collateral for Securities Loaned: 99.9% (Cost: $32,729,582) |
24,435,069 | |||||||
| SHORT-TERM INVESTMENT HELD AS
COLLATERAL FOR SECURITIES ON LOAN: 1.3% (Cost: $321,617) |
||||||||
| Money Market Fund: 1.3% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 321,617 | 321,617 | ||||||
| Total Investments: 101.2% (Cost: $33,051,199) |
24,756,686 | |||||||
| Liabilities in excess of other assets: (1.2)% | (288,737) | |||||||
| NET ASSETS: 100.0% | $ | 24,467,949 | ||||||
See Notes to Financial Statements
| 9 |
VANECK BRAZIL SMALL-CAP ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
Definitions:
| ADR | American Depositary Receipt |
Footnotes:
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $760,212. |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $556,471 which represents 2.3% 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 $359,381, or 1.5% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Communication Services | 2.6 | % | $ | 631,640 | ||||
| Consumer Discretionary | 23.3 | 5,709,353 | ||||||
| Consumer Staples | 10.3 | 2,498,945 | ||||||
| Energy | 7.1 | 1,721,834 | ||||||
| Financials | 5.4 | 1,310,155 | ||||||
| Health Care | 5.6 | 1,388,071 | ||||||
| Industrials | 10.5 | 2,565,332 | ||||||
| Information Technology | 5.8 | 1,420,865 | ||||||
| Materials | 5.3 | 1,291,663 | ||||||
| Real Estate | 10.8 | 2,635,132 | ||||||
| Utilities | 13.3 | 3,262,079 | ||||||
| 100.0 | % | $ | 24,435,069 | |||||
See Notes to Financial Statements
| 10 |
The summary of inputs used to value the Fund's investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Automobiles & Components | $ | 279,362 | $ | — | $ | — | $ | 279,362 | ||||||||
| Capital Goods | 511,597 | — | — | 511,597 | ||||||||||||
| Commercial & Professional Services | 358,623 | — | — | 358,623 | ||||||||||||
| Consumer Durables & Apparel | 2,811,942 | — | — | 2,811,942 | ||||||||||||
| Consumer Services | 1,938,641 | — | — | 1,938,641 | ||||||||||||
| Diversified Financials | 435,068 | — | — | 435,068 | ||||||||||||
| Energy | 1,989,592 | 556,471 | — | 2,546,063 | ||||||||||||
| Food & Staples Retailing | 528,577 | — | — | 528,577 | ||||||||||||
| Food, Beverage & Tobacco | 1,970,368 | — | — | 1,970,368 | ||||||||||||
| Health Care Equipment & Services | 1,279,374 | — | — | 1,279,374 | ||||||||||||
| Insurance | 252,555 | — | — | 252,555 | ||||||||||||
| Materials | 587,557 | — | — | 587,557 | ||||||||||||
| Media & Entertainment | 162,136 | — | — | 162,136 | ||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 108,697 | — | — | 108,697 | ||||||||||||
| Real Estate | 1,945,823 | — | — | 1,945,823 | ||||||||||||
| Retailing | 679,408 | — | — | 679,408 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 320,917 | — | — | 320,917 | ||||||||||||
| Software & Services | 503,833 | — | — | 503,833 | ||||||||||||
| Technology Hardware & Equipment | 244,451 | — | — | 244,451 | ||||||||||||
| Telecommunication Services | 469,505 | — | — | 469,505 | ||||||||||||
| Transportation | 1,328,965 | — | — | 1,328,965 | ||||||||||||
| Utilities | 2,437,850 | — | — | 2,437,850 | ||||||||||||
| Preferred Securities * | 2,044,448 | — | — | 2,044,448 | ||||||||||||
| Closed-End Funds | 689,309 | — | — | 689,309 | ||||||||||||
| Money Market Fund | 321,617 | — | — | 321,617 | ||||||||||||
| Total Investments | $ | 24,200,215 | $ | 556,471 | $ | — | $ | 24,756,686 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 11 |
VANECK CHINA GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 99.4% | ||||||||
| Capital Goods: 7.0% | ||||||||
| Beijing Bei Mo Gao Ke Friction Material Co. Ltd. # | 7,473 | $ | 65,225 | |||||
| Beijing New Building Materials Plc # | 20,700 | 107,156 | ||||||
| China International Marine Containers Group Co. Ltd. # | 55,600 | 114,889 | ||||||
| Dajin Heavy Industry Co. Ltd. # * | 6,600 | 40,978 | ||||||
| Guangdong Lingxiao Pump Industry Co. Ltd. # | 5,700 | 17,479 | ||||||
| Guangdong Yizumi Precision Machinery Co. Ltd. # | 5,900 | 16,088 | ||||||
| Guangzhou KDT Machinery Co. Ltd. # | 7,560 | 18,874 | ||||||
| Hangzhou Zhongtai Cryogenic Technology Corp. # | 3,500 | 7,995 | ||||||
| Harbin Boshi Automation Co. Ltd. # | 11,200 | 19,787 | ||||||
| IFE Elevators Co. Ltd. # | 8,000 | 8,963 | ||||||
| Jiangsu Hengli Hydraulic Co. Ltd. # | 11,116 | 102,467 | ||||||
| Jiangsu NanFang Precision Co. Ltd. # | 5,900 | 8,249 | ||||||
| Jingjin Equipment, Inc. # | 10,500 | 48,630 | ||||||
| Nantong Jianghai Capacitor Co. Ltd. # | 11,400 | 39,740 | ||||||
| Nanxing Machinery Co. Ltd. # | 3,200 | 5,561 | ||||||
| Ningbo Orient Wires & Cables Co. Ltd. # | 8,800 | 100,606 | ||||||
| Ocean’s King Lighting Science & Technology Co. Ltd. # | 9,500 | 17,629 | ||||||
| Sany Heavy Industry Co. Ltd. # | 138,400 | 394,378 | ||||||
| Shanghai Hanbell Precise Machinery Co. Ltd. # | 4,800 | 16,684 | ||||||
| Sinotruk Hong Kong Ltd. # | 16,000 | 22,519 | ||||||
| Warom Technology, Inc. Co. # * | 3,500 | 13,327 | ||||||
| Wuxi Shangji Automation Co. Ltd. # | 2,940 | 68,608 | ||||||
| Zhefu Holding Group Co. Ltd. # | 48,100 | 34,475 | ||||||
| Zhuzhou Kibing Group Co. Ltd. # | 42,100 | 80,383 | ||||||
| 1,370,690 | ||||||||
| Commercial & Professional Services: 0.6% | ||||||||
| Shanghai M&G Stationery, Inc. # | 8,200 | 68,690 | ||||||
| Zhejiang Weiming Environment Protection Co. Ltd. # | 9,056 | 45,107 | ||||||
| 113,797 | ||||||||
| Consumer Durables & Apparel: 4.7% | ||||||||
| Biem.L.Fdlkk Garment Co. Ltd. # | 9,700 | 36,570 | ||||||
| Chow Tai Seng Jewellery Co. Ltd. # | 9,700 | 22,489 | ||||||
| DR Corp. Ltd. # | 10,100 | 112,043 | ||||||
| Ecovacs Robotics Co. Ltd. # | 4,100 | 74,752 | ||||||
| Li Ning Co. Ltd. # * | 60,500 | 563,310 | ||||||
| Ningbo Peacebird Fashion Co. Ltd. # | 2,300 | 6,957 | ||||||
| Number of Shares |
Value | |||||||
| Consumer Durables & Apparel (continued) | ||||||||
| Q Technology Group Co. Ltd. # * † | 11,000 | $ | 7,592 | |||||
| Shanghai Yaoji Technology Co. Ltd. # * | 4,700 | 11,710 | ||||||
| Shenzhen Aoni Electronic Co. Ltd. # | 2,800 | 13,935 | ||||||
| Tonze New Energy Technology Co. Ltd. # | 5,100 | 20,718 | ||||||
| Yantai Tayho Advanced Materials Co. Ltd. # | 15,300 | 38,262 | ||||||
| 908,338 | ||||||||
| Consumer Services: 0.1% | ||||||||
| Fu Shou Yuan International Group Ltd. # | 25,000 | 18,007 | ||||||
| Diversified Financials: 1.9% | ||||||||
| 360 DigiTech, Inc. (ADR) | 2,928 | 50,654 | ||||||
| CSC Financial Co. Ltd. 144A # | 137,500 | 145,924 | ||||||
| Hithink RoyalFlush Information Network Co. Ltd. # | 12,724 | 183,067 | ||||||
| 379,645 | ||||||||
| Energy: 1.2% | ||||||||
| Shaanxi Coal Industry Co. Ltd. # | 67,200 | 212,092 | ||||||
| Shandong Sunway Chemical Group Co. Ltd. # | 15,600 | 12,991 | ||||||
| 225,083 | ||||||||
| Food, Beverage & Tobacco: 16.1% | ||||||||
| Anhui Yingjia Distillery Co. Ltd. # | 4,500 | 43,794 | ||||||
| Cheng De Lolo Co. Ltd. # * | 14,400 | 20,851 | ||||||
| China Feihe Ltd. 144A # | 98,000 | 112,839 | ||||||
| Chongqing Brewery Co. Ltd. # | 5,400 | 118,256 | ||||||
| COFCO Joycome Foods Ltd. # * | 59,000 | 28,612 | ||||||
| Ganso Co. Ltd. # | 2,100 | 5,529 | ||||||
| Jiangsu King’s Luck Brewery JSC Ltd. # | 12,400 | 94,463 | ||||||
| JiuGui Liquor Co. Ltd. # | 5,800 | 161,064 | ||||||
| Luzhou Laojiao Co. Ltd. # | 17,928 | 660,737 | ||||||
| Shanghai Bairun Investment Holding Group Co. Ltd. # | 19,236 | 86,334 | ||||||
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd. # | 9,495 | 460,995 | ||||||
| Sichuan Swellfun Co. Ltd. # | 4,500 | 62,244 | ||||||
| Want Want China Holdings Ltd. # | 102,000 | 88,949 | ||||||
| Wuliangye Yibin Co. Ltd. # | 36,430 | 1,099,800 | ||||||
| Yihai International Holding Ltd. # * | 14,000 | 50,504 | ||||||
| Yunnan Shennong Agricultural Industry Group Co. Ltd. # | 12,480 | 47,954 | ||||||
| 3,142,925 | ||||||||
| Health Care Equipment & Services: 4.3% | ||||||||
| Blue Sail Medical Co. Ltd. # | 15,300 | 21,805 | ||||||
| Dian Diagnostics Group Co. Ltd. # | 13,500 | 62,575 | ||||||
| Guangzhou Kingmed Diagnostics Group Co. Ltd. # * | 6,800 | 83,755 | ||||||
| Guangzhou Wondfo Biotech Co. Ltd. # | 7,530 | 45,765 | ||||||
See Notes to Financial Statements
| 12 |
| Number of Shares |
Value | |||||||
| Health Care Equipment & Services (continued) | ||||||||
| Intco Medical Technology Co. Ltd. # | 13,680 | $ | 51,782 | |||||
| Jafron Biomedical Co. Ltd. # | 14,950 | 113,666 | ||||||
| Jiangsu Bioperfectus Technologies Co. Ltd. # | 1,077 | 18,338 | ||||||
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. # | 15,300 | 58,589 | ||||||
| Kangji Medical Holdings Ltd. # † | 8,500 | 8,469 | ||||||
| Ovctek China, Inc. # | 13,509 | 115,517 | ||||||
| Sansure Biotech, Inc. # | 6,076 | 26,823 | ||||||
| Shanghai Kindly Enterprise Development Group Co. Ltd. # | 6,200 | 18,453 | ||||||
| Shanghai ZJ Bio-Tech Co. Ltd. # | 3,055 | 17,057 | ||||||
| Tibet Rhodiola Pharmaceutical Holding Co. # | 2,300 | 14,262 | ||||||
| Tofflon Science & Technology Group Co. Ltd. # | 8,800 | 44,551 | ||||||
| Winner Medical Co. Ltd. # | 3,800 | 37,690 | ||||||
| Wuhan Easydiagnosis Biomedicine Co. Ltd. | 2,384 | 24,380 | ||||||
| Zhejiang Gongdong Medical Technology Co. Ltd. # | 3,000 | 55,687 | ||||||
| Zhende Medical Co. Ltd. # | 2,200 | 13,821 | ||||||
| 832,985 | ||||||||
| Household & Personal Products: 0.1% | ||||||||
| Mingchen Health Co. Ltd. # | 2,100 | 6,215 | ||||||
| Tongling Jieya Biologic Technology Co. Ltd. # | 1,900 | 11,234 | ||||||
| 17,449 | ||||||||
| Industrials: 0.0% | ||||||||
| Sichuan Languang Justbon Services Group Co. Ltd. | 3,300 | 0 | ||||||
| Materials: 18.4% | ||||||||
| Anhui Conch Cement Co. Ltd. # | 56,567 | 298,225 | ||||||
| Anhui Guangxin Agrochemical Co. Ltd. # | 9,100 | 38,282 | ||||||
| Anhui Wanwei Updated High-Tech Material Industry Co. Ltd. # | 31,000 | 35,129 | ||||||
| China Hongqiao Group Ltd. # † | 53,100 | 59,818 | ||||||
| China Jushi Co. Ltd. # | 59,000 | 153,364 | ||||||
| Citic Pacific Special Steel Group Co. Ltd. # | 37,070 | 111,639 | ||||||
| City Development Environment Co. Ltd. # | 4,700 | 6,523 | ||||||
| CNNC Hua Yuan Titanium Dioxide Co. Ltd. # | 43,745 | 46,605 | ||||||
| CNSIG Inner Mongolia Chemical Industry Co. Ltd. # | 13,900 | 48,912 | ||||||
| DeHua TB New Decoration Materials Co. Ltd. # | 9,500 | 16,491 | ||||||
| Epoxy Base Electronic Material Corp. Ltd. # | 11,900 | 9,969 | ||||||
| Fangda Special Steel Technology Co. Ltd. # | 26,100 | 27,236 | ||||||
| Gansu Shangfeng Cement Co. Ltd. # | 8,280 | 19,526 | ||||||
| Number of Shares |
Value | |||||||
| Materials (continued) | ||||||||
| Guangzhou Tinci Materials Technology Co. Ltd. # | 37,900 | $ | 351,584 | |||||
| HBIS Resources Co. Ltd. # | 6,600 | 13,469 | ||||||
| Hoshine Silicon Industry Co. Ltd. # | 4,200 | 74,151 | ||||||
| Huafon Chemical Co. Ltd. # | 75,600 | 95,387 | ||||||
| Hubei Yihua Chemical Industry Co. Ltd. # * | 14,900 | 45,283 | ||||||
| Hunan Haili Chemical Industry Co. Ltd. # * | 9,070 | 9,703 | ||||||
| Inner Mongolia ERDOS Resources Co. Ltd. # | 13,580 | 36,521 | ||||||
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. # | 41,200 | 30,020 | ||||||
| Jiangsu Huachang Chemical Co. Ltd. # | 12,600 | 18,339 | ||||||
| Jiangsu Sopo Chemical Co. # | 12,500 | 21,653 | ||||||
| Jiangxi Chenguang New Materials Co. Ltd. # | 4,160 | 26,416 | ||||||
| Jiangxi Wannianqing Cement Co. Ltd. # | 9,700 | 15,712 | ||||||
| KBC Corp. Ltd. # | 1,510 | 66,487 | ||||||
| Luoyang Jianlong Micro-Nano New Material Co. Ltd. # | 858 | 14,400 | ||||||
| Luxi Chemical Group Co. Ltd. # * | 28,300 | 73,103 | ||||||
| Satellite Chemical Co. Ltd. # | 24,725 | 95,482 | ||||||
| Shaanxi Xinghua Chemistry Co. Ltd. # | 7,000 | 5,986 | ||||||
| Shandong Bohui Paper Industrial Co. Ltd. # * | 15,000 | 17,354 | ||||||
| Shandong Fiberglass Group Co. Ltd. # | 8,380 | 14,336 | ||||||
| Shandong Head Group Co. Ltd. # * | 5,300 | 28,828 | ||||||
| Shandong Hualu Hengsheng Chemical Co. Ltd. # | 34,900 | 152,284 | ||||||
| Shandong Jinjing Science & Technology Co. Ltd. # * | 23,200 | 26,210 | ||||||
| Shangdong Lubei Chemical Co. Ltd. # | 9,000 | 10,920 | ||||||
| Shanghai Chlor-Alkali Chemical Co. Ltd. # | 7,800 | 14,597 | ||||||
| Sichuan Anning Iron and Titanium Co. Ltd. # | 4,400 | 25,401 | ||||||
| Sichuan Hebang Biotechnology Co. Ltd. # | 126,600 | 80,604 | ||||||
| Sichuan Xinjinlu Group Co. Ltd. # * | 13,100 | 11,517 | ||||||
| Suzhou TA&A Ultra Clean Technology Co. Ltd. # | 12,700 | 166,511 | ||||||
| Wanhua Chemical Group Co. Ltd. # | 71,000 | 1,029,425 | ||||||
| West China Cement Ltd. # | 48,000 | 6,072 | ||||||
| Xinjiang Ba Yi Iron & Steel Co. Ltd. # * | 17,200 | 14,436 | ||||||
| Xinxiang Chemical Fiber Co. Ltd. # | 25,100 | 13,650 | ||||||
See Notes to Financial Statements
| 13 |
VANECK CHINA GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||||
| Materials (continued) | ||||||||
| Zhejiang Jiuli Hi-tech Metals Co. Ltd. # | 15,500 | $ | 37,049 | |||||
| Zhejiang Wansheng Co. Ltd. # | 6,800 | 18,958 | ||||||
| Zhejiang Xinan Chemical Industrial Group Co. Ltd. # | 20,040 | 64,865 | ||||||
| 3,598,432 | ||||||||
| Media & Entertainment: 10.5% | ||||||||
| G-bits Network Technology Xiamen Co. Ltd. # | 900 | 52,230 | ||||||
| Guangdong South New Media Co. Ltd. # | 4,300 | 24,301 | ||||||
| Hangzhou Electronic Soul Network Technology Co. Ltd. # | 1,800 | 5,453 | ||||||
| NetEase, Inc. (ADR) | 11,311 | 1,055,995 | ||||||
| Shanghai Fengyuzhu Culture and Technology Co. Ltd. # * | 3,600 | 10,373 | ||||||
| Shenzhen Shengxunda Technology Co. Ltd. # * | 2,000 | 18,079 | ||||||
| Tencent Holdings Ltd. # | 19,600 | 887,180 | ||||||
| 2,053,611 | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences: 7.4% | ||||||||
| Anhui Anke Biotechnology Group Co. Ltd. # | 33,000 | 49,789 | ||||||
| Beijing Hotgen Biotech Co. Ltd. # | 1,345 | 14,944 | ||||||
| Changchun High & New Technology Industry Group, Inc. # | 8,800 | 307,146 | ||||||
| China Medical System Holdings Ltd. # | 31,000 | 48,328 | ||||||
| Chongqing Zhifei Biological Products Co. Ltd. # | 26,600 | 441,120 | ||||||
| Daan Gene Co. Ltd. # | 22,900 | 58,637 | ||||||
| Guangdong Hybribio Biotech Co. Ltd. # | 4,900 | 15,626 | ||||||
| Hainan Poly Pharm Co. Ltd. # | 7,800 | 40,967 | ||||||
| Hangzhou Biotest Biotech Co. Ltd. # | 2,583 | 23,764 | ||||||
| Hubei Jumpcan Pharmaceutical Co. Ltd. # | 7,300 | 29,637 | ||||||
| Jenkem Technology Co. Ltd. # | 604 | 21,824 | ||||||
| Livzon Pharmaceutical Group, Inc. # | 13,100 | 70,709 | ||||||
| Maccura Biotechnology Co. Ltd. # | 11,300 | 34,595 | ||||||
| Renhe Pharmacy Co. Ltd. # | 22,200 | 21,152 | ||||||
| Shandong Wohua Pharmaceutical Co. Ltd. # | 6,300 | 5,848 | ||||||
| Shenyang Xingqi Pharmaceutical Co. Ltd. # | 1,800 | 41,225 | ||||||
| Tonghua Dongbao Pharmaceutical Co. Ltd. # | 27,900 | 43,078 | ||||||
| Zhejiang Cheng Yi Pharmaceutical Co. Ltd. # | 3,600 | 7,166 | ||||||
| Zhejiang NHU Co. Ltd. # | 34,592 | 117,746 | ||||||
| Number of Shares |
Value | |||||||
| Pharmaceuticals, Biotechnology & Life Sciences (continued) | ||||||||
| Zhejiang Orient Gene Biotech Co. Ltd. # | 2,903 | $ | 49,391 | |||||
| 1,442,692 | ||||||||
| Real Estate: 2.7% | ||||||||
| A-Living Smart City Services Co. Ltd. 144A # | 17,250 | 27,769 | ||||||
| CIFI Ever Sunshine Services Group Ltd. # † | 22,000 | 28,202 | ||||||
| Country Garden Services Holdings Co. Ltd. # | 51,000 | 228,877 | ||||||
| Evergrande Property Services Group Ltd. 144A # * †∞ | 44,000 | 8,439 | ||||||
| KWG Living Group Holdings Ltd. # † | 25,000 | 7,836 | ||||||
| Logan Group Co. Ltd. # † | 43,000 | 8,305 | ||||||
| Longfor Group Holdings Ltd. 144A # | 38,000 | 180,730 | ||||||
| S-Enjoy Service Group Co. Ltd. # * † | 7,000 | 8,190 | ||||||
| Shenzhen Properties & Resources Development Group Ltd. # * | 4,900 | 9,915 | ||||||
| Tianjin Jinbin Development Co. Ltd. # * | 29,300 | 11,080 | ||||||
| 519,343 | ||||||||
| Retailing: 5.7% | ||||||||
| Easyhome New Retail Group Co. Ltd. # | 54,500 | 36,244 | ||||||
| JD.com, Inc. (ADR) | 16,326 | 1,048,456 | ||||||
| Pop Mart International Group Ltd. 144A # † | 4,400 | 21,348 | ||||||
| 1,106,048 | ||||||||
| Semiconductors & Semiconductor Equipment: 9.6% | ||||||||
| Daqo New Energy Corp. (ADR) * | 1,713 | 122,274 | ||||||
| Gigadevice Semiconductor Beijing, Inc. # | 11,680 | 249,013 | ||||||
| LONGi Green Energy Technology Co. Ltd. # | 109,190 | 1,090,469 | ||||||
| Shanghai Bright Power Semiconductor Co. Ltd. # | 1,429 | 34,126 | ||||||
| Shenzhen Sunmoon Microelectronics Co. Ltd. # | 1,258 | 20,389 | ||||||
| StarPower Semiconductor Ltd. # | 2,300 | 132,727 | ||||||
| Xinyi Solar Holdings Ltd. # | 108,000 | 167,348 | ||||||
| Yangzhou Yangjie Electronic Technology Co. Ltd. # | 5,400 | 57,659 | ||||||
| 1,874,005 | ||||||||
| Software & Services: 0.9% | ||||||||
| Chinasoft International Ltd. # * | 72,000 | 73,890 | ||||||
| Shanghai Baosight Software Co. Ltd. # * | 12,020 | 98,199 | ||||||
| Sichuan Jiuyuan Yinhai Software Co. Ltd. # | 5,460 | 11,746 | ||||||
| 183,835 | ||||||||
See Notes to Financial Statements
| 14 |
| Number of Shares |
Value | |||||||
| Technology Hardware & Equipment: 7.4% | ||||||||
| Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. # | 4,400 | $ | 88,232 | |||||
| BOE Technology Group Co. Ltd. # | 745,800 | 438,715 | ||||||
| Canaan, Inc. (ADR) * † | 3,879 | 12,490 | ||||||
| Chongqing Chuanyi Automation Co. Ltd. # | 9,700 | 25,593 | ||||||
| Cubic Sensor and Instrument Co. Ltd. # | 1,321 | 29,157 | ||||||
| Eoptolink Technology, Inc. Ltd. # | 10,923 | 42,806 | ||||||
| Goldenmax International Technology Ltd. # | 5,700 | 7,695 | ||||||
| Maxscend Microelectronics Co. Ltd. # | 9,920 | 200,352 | ||||||
| Shanghai Friendess Electronic Technology Corp. Ltd. # | 3,435 | 113,038 | ||||||
| Shengyi Technology Co. Ltd. # | 25,200 | 64,008 | ||||||
| Sihui Fuji Electronic Technology Co. Ltd. # | 2,200 | 12,102 | ||||||
| Sunny Optical Technology Group Co. Ltd. # | 19,900 | 326,290 | ||||||
| Suntront Techonology Co. Ltd. # | 18,800 | 10,115 | ||||||
| Suzhou Etron Technologies Co. Ltd. # | 1,400 | 8,140 | ||||||
| Wuxi Xinje Electric Co. Ltd. # | 2,200 | 13,534 | ||||||
| Number of Shares |
Value | |||||||
| Technology Hardware & Equipment (continued) | ||||||||
| Zhuzhou Hongda Electronics Corp. Ltd. # | 5,400 | $ | 49,335 | |||||
| 1,441,602 | ||||||||
| Transportation: 0.7% | ||||||||
| Anhui Expressway Co. Ltd. # | 7,700 | 8,579 | ||||||
| Bondex Supply Chain Management Co. Ltd. # | 5,000 | 13,684 | ||||||
| COSCO SHIPPING Holdings Co. Ltd. # | 58,700 | 122,051 | ||||||
| 144,314 | ||||||||
| Utilities: 0.1% | ||||||||
| Xinjiang Xintai Natural Gas Co. Ltd. # | 4,900 | 15,629 | ||||||
| Total
Common Stocks (Cost: $18,872,388) |
19,388,430 | |||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON
LOAN: 0.1% (Cost: $20,733) |
||||||||
| Money Market Fund: 0.1% | ||||||||
| State Street Navigator Securities Lending Government Money Market Portfolio | 20,733 | 20,733 | ||||||
| Total
Investments: 99.5% (Cost: $18,893,121) |
19,409,163 | |||||||
| Other assets less liabilities: 0.5% | 101,806 | |||||||
| NET ASSETS: 100.0% | $ | 19,510,969 | ||||||
Definitions:
| ADR | American Depositary Receipt |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $17,074,181 which represents 87.5% of net assets. |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $108,661. |
| ∞ | 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 $497,049, or 2.5% of net assets. |
See Notes to Financial Statements
| 15 |
VANECK CHINA GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Summary of Investments
by Sector Excluding Collateral for Securities Loaned |
% of Investments |
Value | ||||||
| Communication Services | 10.6 | % | $ | 2,053,611 | ||||
| Consumer Discretionary | 10.5 | 2,032,393 | ||||||
| Consumer Staples | 16.3 | 3,160,374 | ||||||
| Energy | 1.2 | 225,083 | ||||||
| Financials | 1.9 | 379,645 | ||||||
| Health Care | 11.7 | 2,275,677 | ||||||
| Industrials | 8.4 | 1,628,801 | ||||||
| Information Technology | 18.0 | 3,499,442 | ||||||
| Materials | 18.6 | 3,598,432 | ||||||
| Real Estate | 2.7 | 519,343 | ||||||
| Utilities | 0.1 | 15,629 | ||||||
| 100.0 | % | $ | 19,388,430 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Capital Goods | $ | — | $ | 1,370,690 | $ | — | $ | 1,370,690 | ||||||||
| Commercial & Professional Services | — | 113,797 | — | 113,797 | ||||||||||||
| Consumer Durables & Apparel | — | 908,338 | — | 908,338 | ||||||||||||
| Consumer Services | — | 18,007 | — | 18,007 | ||||||||||||
| Diversified Financials | 50,654 | 328,991 | — | 379,645 | ||||||||||||
| Energy | — | 225,083 | — | 225,083 | ||||||||||||
| Food, Beverage & Tobacco | — | 3,142,925 | — | 3,142,925 | ||||||||||||
| Health Care Equipment & Services | 24,380 | 808,605 | — | 832,985 | ||||||||||||
| Household & Personal Products | — | 17,449 | — | 17,449 | ||||||||||||
| Industrials | — | — | — | — | ||||||||||||
| Materials | — | 3,598,432 | — | 3,598,432 | ||||||||||||
| Media & Entertainment | 1,055,995 | 997,616 | — | 2,053,611 | ||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | — | 1,442,692 | — | 1,442,692 | ||||||||||||
| Real Estate | — | 510,904 | 8,439 | 519,343 | ||||||||||||
| Retailing | 1,048,456 | 57,592 | — | 1,106,048 | ||||||||||||
| Semiconductors & Semiconductor Equipment | 122,274 | 1,751,731 | — | 1,874,005 | ||||||||||||
| Software & Services | — | 183,835 | — | 183,835 | ||||||||||||
| Technology Hardware & Equipment | 12,490 | 1,429,112 | — | 1,441,602 | ||||||||||||
| Transportation | — | 144,314 | — | 144,314 | ||||||||||||
| Utilities | — | 15,629 | — | 15,629 | ||||||||||||
| Money Market Fund | 20,733 | — | — | 20,733 | ||||||||||||
| Total Investments | $ | 2,334,982 | $ | 17,065,742 | $ | 8,439 | $ | 19,409,163 | ||||||||
See Notes to Financial Statements
| 16 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Capital Goods: 36.8% | ||||||||
| Beijing Easpring Material Technology Co. Ltd. # | 19,500 | $ | 263,959 | |||||
| Contemporary Amperex Technology Co. Ltd. # | 59,500 | 4,759,647 | ||||||
| Dongguan Yiheda Automation Co. Ltd. # * | 1,800 | 21,862 | ||||||
| East Group Co. Ltd. # | 49,700 | 60,269 | ||||||
| Eve Energy Co. Ltd. # * | 60,396 | 883,447 | ||||||
| Ginlong Technologies Co. Ltd. # | 8,450 | 269,707 | ||||||
| JL Mag Rare-Earth Co. Ltd. # | 16,200 | 89,101 | ||||||
| Luoyang Xinqianglian Slewing Bearing Co. Ltd. # | 7,300 | 96,992 | ||||||
| Qingdao TGOOD Electric Co. Ltd. # | 30,100 | 77,855 | ||||||
| Shenzhen Inovance Technology Co. Ltd. # | 89,585 | 882,497 | ||||||
| Shenzhen Yinghe Technology Co. Ltd. # | 17,200 | 73,118 | ||||||
| Sungrow Power Supply Co. Ltd. # | 48,300 | 710,104 | ||||||
| Sunwoda Electronic Co. Ltd. # * | 58,500 | 276,851 | ||||||
| Suzhou Maxwell Technologies Co. Ltd. # | 4,340 | 319,265 | ||||||
| Wuxi Lead Intelligent Equipment Co. Ltd. # | 47,920 | 452,511 | ||||||
| Xi’an Triangle Defense Co. Ltd. # * | 13,400 | 96,109 | ||||||
| 9,333,294 | ||||||||
| Commercial & Professional Services: 1.2% | ||||||||
| Beijing Originwater Technology Co. Ltd. # | 91,200 | 71,005 | ||||||
| Centre Testing International Group Co. Ltd. # | 68,100 | 236,247 | ||||||
| 307,252 | ||||||||
| Consumer Durables & Apparel: 0.3% | ||||||||
| Huali Industrial Group Co. Ltd. # | 7,300 | 79,524 | ||||||
| Consumer Services: 0.7% | ||||||||
| Songcheng Performance Development Co. Ltd. # | 71,221 | 163,392 | ||||||
| Diversified Financials: 8.1% | ||||||||
| East Money Information Co. Ltd. # | 501,620 | 1,907,749 | ||||||
| Hithink RoyalFlush Information Network Co. Ltd. # | 9,800 | 140,998 | ||||||
| 2,048,747 | ||||||||
| Food, Beverage & Tobacco: 3.9% | ||||||||
| Ligao Foods Co. Ltd. # | 2,800 | 43,473 | ||||||
| Wens Foodstuffs Group Co. Ltd. # | 226,360 | 719,733 | ||||||
| Yihai Kerry Arawana Holdings Co. Ltd. # * | 27,300 | 220,347 | ||||||
| 983,553 | ||||||||
| Health Care Equipment & Services: 11.1% | ||||||||
| Aier Eye Hospital Group Co. Ltd. # * | 110,811 | 741,512 | ||||||
| Number of Shares |
Value | |||||||
| Health Care Equipment & Services (continued) | ||||||||
| Dian Diagnostics Group Co. Ltd. # | 22,400 | $ | 103,828 | |||||
| Guangzhou Wondfo Biotech Co. Ltd. # | 11,900 | 72,324 | ||||||
| Intco Medical Technology Co. Ltd. # | 21,120 | 79,942 | ||||||
| Jafron Biomedical Co. Ltd. # | 20,500 | 155,863 | ||||||
| Lepu Medical Technology Beijing Co. Ltd. # | 55,413 | 153,684 | ||||||
| Ovctek China, Inc. # | 21,500 | 183,849 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. # | 21,400 | 1,001,971 | ||||||
| Shenzhen New Industries Biomedical Engineering Co. Ltd. # | 14,000 | 94,409 | ||||||
| Tofflon Science & Technology Group Co. Ltd. # | 12,200 | 61,764 | ||||||
| Winner Medical Co. Ltd. # | 5,100 | 50,584 | ||||||
| Winning Health Technology Group Co. Ltd. # * | 84,866 | 111,435 | ||||||
| 2,811,165 | ||||||||
| Household & Personal Products: 1.2% | ||||||||
| By-health Co. Ltd. # | 41,900 | 135,529 | ||||||
| Yunnan Botanee Bio-Technology Group Co. Ltd. # | 5,000 | 162,288 | ||||||
| 297,817 | ||||||||
| Materials: 6.7% | ||||||||
| CNGR Advanced Material Co. Ltd. # | 9,400 | 174,077 | ||||||
| Huabao Flavours & Fragrances Co. Ltd. # | 5,800 | 24,083 | ||||||
| Nanjing Hanrui Cobalt Co. Ltd. # | 10,400 | 90,176 | ||||||
| Shandong Dongyue Organosilicon Material Co. Ltd. # | 16,300 | 44,899 | ||||||
| Shandong Sinocera Functional Material Co. Ltd. # | 36,700 | 196,936 | ||||||
| Shenzhen Capchem Technology Co. Ltd. # | 22,800 | 179,305 | ||||||
| Shenzhen Dynanonic Co. Ltd. # | 5,160 | 314,836 | ||||||
| Shenzhen Senior Technology Material Co. Ltd. # | 48,091 | 209,086 | ||||||
| Sinofibers Technology Co. Ltd. # | 14,800 | 106,609 | ||||||
| Suzhou TA&A Ultra Clean Technology Co. Ltd. # | 18,900 | 247,800 | ||||||
| Weihai Guangwei Composites Co. Ltd. # | 13,600 | 119,645 | ||||||
| 1,707,452 | ||||||||
| Media & Entertainment: 1.6% | ||||||||
| Beijing Enlight Media Co. Ltd. # | 51,842 | 73,359 | ||||||
| Bluefocus Intelligent Communications Group Co. Ltd. # | 106,500 | 104,118 | ||||||
| Kunlun Tech Co. Ltd. # | 36,700 | 87,796 | ||||||
See Notes to Financial Statements
| 17 |
VANECK CHINEXT ETF
SCHEDULE OF INVESTMENTS
(unaudited) (continued)
| Number of Shares |
Value | |||||||
| Media & Entertainment (continued) | ||||||||
| Mango Excellent Media Co. Ltd. # * | 29,970 | $ | 149,747 | |||||
| 415,020 | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences: 13.3% | ||||||||
| Anhui Anke Biotechnology Group Co. Ltd. # | 52,000 | 78,455 | ||||||
| Betta Pharmaceuticals Co. Ltd. # | 11,900 | 108,142 | ||||||
| BGI Genomics Co. Ltd. # | 11,200 | 119,869 | ||||||
| Chengdu Kanghua Biological Products Co. Ltd. # | 2,800 | 48,368 | ||||||
| China Resources Boya Bio-pharmaceutical Group Co. Ltd. # | 13,700 | 73,604 | ||||||
| Chongqing Zhifei Biological Products Co. Ltd. # | 36,469 | 604,782 | ||||||
| Hainan Poly Pharm Co. Ltd. # | 12,700 | 66,702 | ||||||
| Hangzhou Tigermed Consulting Co. Ltd. # | 25,359 | 433,957 | ||||||
| Imeik Technology Development Co. Ltd. # | 4,300 | 385,831 | ||||||
| PharmaBlock Sciences Nanjing, Inc. # | 7,300 | 107,944 | ||||||
| Pharmaron Beijing Co. Ltd. # | 20,550 | 292,049 | ||||||
| Porton Pharma Solutions Ltd. # | 15,300 | 178,171 | ||||||
| Shenzhen Kangtai Biological Products Co. Ltd. # | 27,620 | 186,519 | ||||||
| Sino Biological, Inc. # | 1,600 | 30,933 | ||||||
| Walvax Biotechnology Co. Ltd. # | 78,100 | 564,464 | ||||||
| Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. # | 12,700 | 98,653 | ||||||
| 3,378,443 | ||||||||
| Semiconductors & Semiconductor Equipment: 5.0% | ||||||||
| Goke Microelectronics Co. Ltd. # | 4,600 | 56,235 | ||||||
| Hangzhou Chang Chuan Technology Co. Ltd. # | 16,400 | 110,764 | ||||||
| Ingenic Semiconductor Co. Ltd. # | 10,500 | 167,156 | ||||||
| SG Micro Corp. # | 10,350 | 282,138 | ||||||
| Shenzhen SC New Energy Technology Corp. # | 10,900 | 145,740 | ||||||
| Yangling Metron New Material, Inc. # * | 5,700 | 79,064 | ||||||
| Yangzhou Yangjie Electronic Technology Co. Ltd. # | 12,400 | 132,402 | ||||||
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. # | 28,600 | 289,394 | ||||||
| 1,262,893 | ||||||||
| Software & Services: 2.9% | ||||||||
| Beijing E-Hualu Information Technology Co. Ltd. # | 19,600 | 50,964 | ||||||
| Beijing Sinnet Technology Co. Ltd. # | 54,400 | 84,781 | ||||||
| Lakala Payment Co. Ltd. # * | 24,400 | 69,618 | ||||||
| Number of Shares |
Value | |||||||
| Software & Services (continued) | ||||||||
| Longshine Technology Group Co. Ltd. # | 18,100 | $ | 68,191 | |||||
| Sangfor Technologies, Inc. # | 11,200 | 173,787 | ||||||
| Thunder Software Technology Co. Ltd. # | 14,600 | 285,185 | ||||||
| 732,526 | ||||||||
| Technology Hardware & Equipment: 7.2% | ||||||||
| Anker Innovations Technology Co. Ltd. # | 6,400 | 63,394 | ||||||
| Chaozhou Three-Circle Group Co. Ltd. # | 54,900 | 246,861 | ||||||
| Eoptolink Technology, Inc. Ltd. # | 20,500 | 80,338 | ||||||
| Lens Technology Co. Ltd. # | 93,868 | 155,624 | ||||||
| Leyard Optoelectronic Co. Ltd. # | 97,500 | 106,584 | ||||||
| Maxscend Microelectronics Co. Ltd. # | 15,820 | 319,513 | ||||||
| Shenzhen Everwin Precision Technology Co. Ltd. # * | 37,800 | 58,306 | ||||||
| Shenzhen Sunway Communication Co. Ltd. # | 39,001 | 98,283 | ||||||
| Victory Giant Technology Huizhou Co. Ltd. # * | 28,200 | 77,450 | ||||||
| Wuhan DR Laser Technology Corp. Ltd. # | 3,800 | 98,353 | ||||||
| Wuhan Raycus Fiber Laser Technologies Co. Ltd. # | 10,700 | 62,177 | ||||||
| Wuhu Token Science Co. Ltd. # | 98,700 | 109,621 | ||||||
| Yealink Network Technology Corp. Ltd. # | 15,100 | 171,785 | ||||||
| Zhongji Innolight Co. Ltd. # | 27,400 | 127,061 | ||||||
| Zhuzhou Hongda Electronics Corp. Ltd. # | 5,600 | 51,162 | ||||||
| 1,826,512 | ||||||||
| Total
Common Stocks (Cost: $18,225,378) |
25,347,590 | |||||||
| Total
Investments: 100.0% (Cost: $18,225,378) |
25,347,590 | |||||||
| Other assets less liabilities: 0.0% | 5,787 | |||||||
| NET ASSETS: 100.0% | $ | 25,353,377 | ||||||
See Notes to Financial Statements
| 18 |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $25,347,590 which represents 100.0% of net assets. |
| * | Non-income producing |
| Summary of Investments by Sector | % of Investments |
Value | ||||||
| Communication Services | 1.6 | % | $ | 415,020 | ||||
| Consumer Discretionary | 1.0 | 242,916 | ||||||
| Consumer Staples | 5.1 | 1,281,370 | ||||||
| Financials | 8.1 | 2,048,747 | ||||||
| Health Care | 24.4 | 6,189,608 | ||||||
| Industrials | 38.0 | 9,640,546 | ||||||
| Information Technology | 15.1 | 3,821,931 | ||||||
| Materials | 6.7 | 1,707,452 | ||||||
| 100.0 | % | $ | 25,347,590 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks * | $ | — | $ | 25,347,590 | $ | — | $ | 25,347,590 | ||||||||
| * | See Schedule of Investments for industry sector breakouts. |
See Notes to Financial Statements
| 19 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.1% | ||||||||
| Capital Goods: 0.6% | ||||||||
| IndiaMart InterMesh Ltd. 144A # | 177 | $ | 8,578 | |||||
| Commercial & Professional Services: 1.6% | ||||||||
| L&T Technology Services Ltd. 144A # | 609 | 23,471 | ||||||
| Consumer Durables & Apparel: 1.1% | ||||||||
| Dixon Technologies India Ltd. # | 342 | 15,546 | ||||||
| Consumer Services: 1.8% | ||||||||
| MakeMyTrip Ltd. * | 1,016 | 26,091 | ||||||
| Diversified Financials: 1.4% | ||||||||
| ICICI Securities Ltd. 144A # | 1,861 | 10,135 | ||||||
| Indian Energy Exchange Ltd. 144A # | 5,182 | 10,458 | ||||||
| 20,593 | ||||||||
| Energy: 7.9% | ||||||||
| Reliance Industries Ltd. 144A (GDR) # * | 1,744 | 114,017 | ||||||
| Insurance: 1.3% | ||||||||
| PB Fintech Ltd. # * | 2,592 | 18,858 | ||||||
| Media & Entertainment: 5.5% | ||||||||
| Affle India Ltd. # * | 768 | 10,353 | ||||||
| Info Edge India Ltd. # | 1,452 | 69,336 | ||||||
| 79,689 | ||||||||
| Retailing: 2.2% | ||||||||
| Zomato Ltd. # * | 45,394 | 31,145 | ||||||
| Software & Services: 62.6% | ||||||||
| Coforge Ltd. # | 351 | 15,789 | ||||||
| Cyient Ltd. # | 1,802 | 17,332 | ||||||
| Happiest Minds Technologies Ltd. # | 847 | 8,946 | ||||||
| Number of Shares |
Value | |||||||
| Software & Services (continued) | ||||||||
| HCL Technologies Ltd. # | 6,949 | $ | 86,042 | |||||
| Infosys Ltd. (ADR) | 6,408 | 118,613 | ||||||
| KPIT Technologies Ltd. # | 3,952 | 26,096 | ||||||
| Larsen & Toubro Infotech Ltd. 144A # | 1,011 | 51,153 | ||||||
| Mastek Ltd. # | 353 | 9,647 | ||||||
| Mindtree Ltd. # | 1,545 | 56,766 | ||||||
| Mphasis Ltd. # | 1,988 | 58,016 | ||||||
| One 97 Communications Ltd. # * | 3,741 | 32,172 | ||||||
| Oracle Financial Services Software Ltd. # | 498 | 19,600 | ||||||
| Persistent Systems Ltd. # | 900 | 38,934 | ||||||
| Tanla Platforms Ltd. # | 1,607 | 20,574 | ||||||
| Tata Consultancy Services Ltd. # | 2,453 | 101,864 | ||||||
| Tata Elxsi Ltd. # | 359 | 37,323 | ||||||
| Tech Mahindra Ltd. # | 5,306 | 67,498 | ||||||
| Wipro Ltd. (ADR) | 14,140 | 75,083 | ||||||
| WNS Holdings Ltd. (ADR) * | 775 | 57,846 | ||||||
| 899,294 | ||||||||
| Technology Hardware & Equipment: 1.4% | ||||||||
| Redington India Ltd. # | 12,580 | 20,068 | ||||||
| Telecommunication Services: 12.7% | ||||||||
| Bharti Airtel Ltd. # * | 11,692 | 101,699 | ||||||
| Indus Towers Ltd. # | 15,541 | 41,310 | ||||||
| Tata Communications Ltd. # | 1,643 | 19,087 | ||||||
| Vodafone Idea Ltd. # * | 185,217 | 19,827 | ||||||
| 181,923 | ||||||||
| Total
Common Stocks (Cost: $1,807,150) |
1,439,273 | |||||||
| Total
Investments: 100.1% (Cost: $1,807,150) |
1,439,273 | |||||||
| Liabilities in excess of other assets: (0.1)% | (974 | ) | ||||||
| NET ASSETS: 100.0% | $ | 1,438,299 | ||||||
Definitions:
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,161,640 which represents 80.8% of net assets. |
| * | 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 $217,812, or 15.1% of net assets. |
See Notes to Financial Statements
| 20 |
| Summary of Investments by Sector | % of Investments |
Value | ||||||
| Communication Services | 18.2 | % | $ | 261,611 | ||||
| Consumer Discretionary | 5.1 | 72,782 | ||||||
| Energy | 7.9 | 114,017 | ||||||
| Financials | 2.7 | 39,452 | ||||||
| Industrials | 2.2 | 32,049 | ||||||
| Information Technology | 63.9 | 919,362 | ||||||
| 100.0 | % | $ | 1,439,273 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Capital Goods | $ | — | $ | 8,578 | $ | — | $ | 8,578 | ||||||||
| Commercial & Professional Services | — | 23,471 | — | 23,471 | ||||||||||||
| Consumer Durables & Apparel | — | 15,546 | — | 15,546 | ||||||||||||
| Consumer Services | 26,091 | — | — | 26,091 | ||||||||||||
| Diversified Financials | — | 20,593 | — | 20,593 | ||||||||||||
| Energy | — | 114,017 | — | 114,017 | ||||||||||||
| Insurance | — | 18,858 | — | 18,858 | ||||||||||||
| Media & Entertainment | — | 79,689 | — | 79,689 | ||||||||||||
| Retailing | — | 31,145 | — | 31,145 | ||||||||||||
| Software & Services | 251,542 | 647,752 | — | 899,294 | ||||||||||||
| Technology Hardware & Equipment | — | 20,068 | — | 20,068 | ||||||||||||
| Telecommunication Services | — | 181,923 | — | 181,923 | ||||||||||||
| Total Investments | $ | 277,633 | $ | 1,161,640 | $ | — | $ | 1,439,273 | ||||||||
See Notes to Financial Statements
| 21 |
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Banks: 7.4% | ||||||||
| Commercial International Bank Egypt SAE (GDR) # | 643,926 | $ | 1,063,528 | |||||
| Capital Goods: 4.2% | ||||||||
| ElSewedy Electric Co. # * | 1,852,167 | 597,042 | ||||||
| Consumer Durables & Apparel: 2.2% | ||||||||
| Oriental Weavers # | 894,725 | 313,830 | ||||||
| Consumer Services: 5.9% | ||||||||
| Cairo Investment & Real Estate Development Co. SAE # | 1,067,096 | 638,648 | ||||||
| Taaleem Management Services Co. SAE # * | 1,227,946 | 197,723 | ||||||
| 836,371 | ||||||||
| Diversified Financials: 6.3% | ||||||||
| Egyptian Financial Group-Hermes Holding Co. * | 733,021 | 465,156 | ||||||
| Egyptian Financial Group-Hermes Holding Co. (GDR) * | 268,183 | 429,093 | ||||||
| 894,249 | ||||||||
| Energy: 3.2% | ||||||||
| TransGlobe Energy Corp. | 136,682 | 463,352 | ||||||
| Food, Beverage & Tobacco: 10.4% | ||||||||
| Eastern Co. SAE # | 1,923,397 | 1,052,393 | ||||||
| Juhayna Food Industries # | 1,125,697 | 433,677 | ||||||
| 1,486,070 | ||||||||
| Health Care Equipment & Services: 5.7% | ||||||||
| Cleopatra Hospital # * | 2,554,592 | 638,016 | ||||||
| Ibnsina Pharma SAE # | 2,218,140 | 173,099 | ||||||
| 811,115 | ||||||||
| Number of Shares |
Value | |||||||
| Materials: 25.9% | ||||||||
| Abou Kir Fertilizers & Chemical Industries # | 756,550 | $ | 912,482 | |||||
| Alexandria Mineral Oils Co. # | 1,689,109 | 319,188 | ||||||
| Centamin Plc # | 690,542 | 658,646 | ||||||
| Egypt Kuwait Holding Co. SAE # | 972,697 | 1,242,220 | ||||||
| Ezz Steel Co. SAE # | 548,114 | 326,290 | ||||||
| Sidi Kerir Petrochemicals Co. # * | 612,081 | 234,868 | ||||||
| 3,693,694 | ||||||||
| Real Estate: 16.0% | ||||||||
| Emaar Misr for Development SAE # * | 2,200,256 | 272,682 | ||||||
| Heliopolis Housing # | 1,396,890 | 364,877 | ||||||
| Medinet Nasr Housing # * | 3,990,555 | 532,459 | ||||||
| Palm Hills Developments SAE # | 5,453,746 | 346,630 | ||||||
| Real Estate Egyptian Consortium SAE * | 330,283 | 12,509 | ||||||
| Talaat Moustafa Group # | 2,042,973 | 761,394 | ||||||
| 2,290,551 | ||||||||
| Software & Services: 8.3% | ||||||||
| E-Finance for Digital & Financial Investments # | 955,156 | 686,062 | ||||||
| Fawry for Banking & Payment Technology Services SAE * | 2,615,712 | 493,924 | ||||||
| 1,179,986 | ||||||||
| Telecommunication Services: 4.5% | ||||||||
| Telecom Egypt Co. # | 878,038 | 646,198 | ||||||
| Total
Common Stocks (Cost: $17,358,052) |
14,275,986 | |||||||
| Total
Investments: 100.0% (Cost: $17,358,052) |
14,275,986 | |||||||
| Liabilities in excess of other assets: 0.0% | (4,100) | |||||||
| NET ASSETS: 100.0% | $ | 14,271,886 | ||||||
Definitions:
| GDR | Global Depositary Receipt |
Footnotes:
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $12,411,952 which represents 87.0% of net assets. |
| * | Non-income producing |
| Summary of Investments by Sector | % of Investments |
Value | ||||||
| Communication Services | 4.5 | % | $ | 646,198 | ||||
| Consumer Discretionary | 8.1 | 1,150,201 | ||||||
| Consumer Staples | 10.4 | 1,486,070 | ||||||
| Energy | 3.2 | 463,352 | ||||||
| Financials | 13.7 | 1,957,777 | ||||||
| Health Care | 5.7 | 811,115 | ||||||
| Industrials | 4.2 | 597,042 | ||||||
| Information Technology | 8.3 | 1,179,986 | ||||||
| Materials | 25.9 | 3,693,694 | ||||||
| Real Estate | 16.0 | 2,290,551 | ||||||
| 100.0 | % | $ | 14,275,986 | |||||
See Notes to Financial Statements
| 22 |
The summary of inputs used to value the Fund’s investments as of June 30, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | — | $ | 1,063,528 | $ | — | $ | 1,063,528 | ||||||||
| Capital Goods | — | 597,042 | — | 597,042 | ||||||||||||
| Consumer Durables & Apparel | — | 313,830 | — | 313,830 | ||||||||||||
| Consumer Services | — | 836,371 | — | 836,371 | ||||||||||||
| Diversified Financials | 894,249 | — | — | 894,249 | ||||||||||||
| Energy | 463,352 | — | — | 463,352 | ||||||||||||
| Food, Beverage & Tobacco | — | 1,486,070 | — | 1,486,070 | ||||||||||||
| Health Care Equipment & Services | — | 811,115 | — | 811,115 | ||||||||||||
| Materials | — | 3,693,694 | — | 3,693,694 | ||||||||||||
| Real Estate | 12,509 | 2,278,042 | — | 2,290,551 | ||||||||||||
| Software & Services | 493,924 | 686,062 | — | 1,179,986 | ||||||||||||
| Telecommunication Services | — | 646,198 | — | 646,198 | ||||||||||||
| Total Investments | $ | 1,864,034 | $ | 12,411,952 | $ | — | $ | 14,275,986 | ||||||||
See Notes to Financial Statements
| 23 |
VANECK INDIA GROWTH LEADERS ETF
SCHEDULE OF INVESTMENTS
June 30, 2022 (unaudited)
| Number of Shares |
Value | |||||||
| COMMON STOCKS: 100.1% | ||||||||
| Automobiles & Components: 2.2% | ||||||||
| Balkrishna Industries Ltd. # | 37,770 | $ | 1,032,719 | |||||
| Capital Goods: 6.6% | ||||||||
| Ashoka Buildcon Ltd. # * | 63,545 | 59,189 | ||||||
| Astral Ltd. # | 38,904 | 818,225 | ||||||
| Bharat Electronics Ltd. # | 571,511 | 1,696,041 | ||||||
| Data Patterns India Ltd. # * | 4,710 | 38,272 | ||||||
| LG Balakrishnan & Bros Ltd. # | 10,772 | 81,735 | ||||||
| Prince Pipes & Fittings Ltd. # | 15,724 | 119,261 | ||||||
| Tega Industries Ltd. # * | 6,589 | 38,487 | ||||||
| Timken India Ltd. # | 11,800 | 356,367 | ||||||
| 3,207,577 | ||||||||
| Consumer Durables & Apparel: 1.5% | ||||||||
| Filatex India Ltd. # | 29,517 | 34,973 | ||||||
| KPR Mill Ltd. # | 45,626 | 298,540 | ||||||
| LUX Industries Ltd. # | 3,935 | 87,747 | ||||||
| Mirza International Ltd. # * | 19,057 | 55,782 | ||||||
| Rupa & Co. Ltd. # | 9,625 | 42,421 | ||||||
| Vardhman Textiles Ltd. # | 50,586 | 170,246 | ||||||
| 689,709 | ||||||||
| Consumer Services: 0.1% | ||||||||
| Easy Trip Planners Ltd. # | 14,006 | 69,714 | ||||||
| Diversified Financials: 2.5% | ||||||||
| Angel One Ltd. # | 16,780 | 258,058 | ||||||
| Central Depository Services India Ltd. # | 47,978 | 680,598 | ||||||
| ICICI Securities Ltd. 144A # | 43,793 | 238,507 | ||||||
| IIFL Securities Ltd. # | 60,195 | 53,457 | ||||||
| 1,230,620 | ||||||||
| Energy: 3.1% | ||||||||
| Oil India Ltd. # | 159,961 | 508,648 | ||||||
| Petronet LNG Ltd. # | 354,778 | 977,803 | ||||||
| 1,486,451 | ||||||||
| Food, Beverage & Tobacco: 0.1% | ||||||||
| Dwarikesh Sugar Industries Ltd. # | 46,214 | 59,398 | ||||||
| Radico Khaitan Ltd. # | 100 | 1,110 | ||||||
| 60,508 | ||||||||
| Health Care Equipment & Services: 0.6% | ||||||||
| Krishna Institute of Medical Sciences Ltd. 144A # * | 20,745 | 311,724 | ||||||
| Materials: 33.2% | ||||||||
| Balaji Amines Ltd. # | 4,658 | 169,965 | ||||||
| BASF India Ltd. # | 5,249 | 182,137 | ||||||
| Carborundum Universal Ltd. # | 54,232 | 494,525 | ||||||
| Chemplast Sanmar Ltd. # * | 30,764 | 183,962 | ||||||
| Coromandel International Ltd. # | 57,926 | 701,345 | ||||||
| Deepak Nitrite Ltd. # | 35,547 | 784,597 | ||||||
| Everest Kanto Cylinder Ltd. # | 16,645 | 38,359 | ||||||
| Fineotex Chemical Ltd. # | 19,748 | 46,601 | ||||||
| Gravita India Ltd. # | 7,515 | 27,762 | ||||||
| Greenpanel Industries Ltd. # | 25,088 | 138,206 | ||||||
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. # | 39,346 | 285,980 | ||||||
| Gujarat State Fertilizers & Chemicals Ltd. # | 104,799 | 175,826 | ||||||
| Number of Shares |
Value | |||||||
| Materials (continued) | ||||||||
| Hindustan Zinc Ltd. # | 663,072 | $ | 2,099,655 | |||||
| Jindal Poly Films Ltd. # | 3,482 | 43,637 | ||||||
| Jindal Stainless Ltd. # * | 68,818 | 87,286 | ||||||
| JSW Steel Ltd. # | 339,406 | 2,436,633 | ||||||
| National Aluminium Co. Ltd. # | 409,032 | 358,164 | ||||||
| NMDC Ltd. # | 512,891 | 705,028 | ||||||
| PCBL Ltd. | 85,155 | 112,951 | ||||||
| PI Industries Ltd. # | 39,571 | 1,286,384 | ||||||
| Polyplex Corp. Ltd. # | 6,378 | 178,488 | ||||||
| Sharda Cropchem Ltd. # | 11,074 | 89,083 | ||||||
| Steel Authority of India Ltd. # | 676,515 | 590,551 | ||||||
| Sumitomo Chemical India Ltd. # | 60,513 | 325,946 | ||||||
| Supreme Industries Ltd. # | 28,654 | 642,911 | ||||||
| Tata Metaliks Ltd. # | 5,458 | 46,733 | ||||||
| Tata Steel Long Products Ltd. # | 5,288 | 38,718 | ||||||
| Tata Steel Ltd. # | 168,393 | 1,856,688 | ||||||
| Thirumalai Chemicals Ltd. # | 29,809 | 93,309 | ||||||
| Tinplate Co. of India Ltd./The # | 11,649 | 46,792 | ||||||
| Vedanta Ltd. # | 543,980 | 1,540,654 | ||||||
| 15,808,876 | ||||||||
| Media & Entertainment: 4.9% | ||||||||
| Brightcom Group Ltd. # | 817,646 | 326,444 | ||||||
| Chennai Super Kings Cricket Ltd. # * ∞ | 1,298,085 | 1,635,499 | ||||||
| Sun TV Network Ltd. # | 41,395 | 216,861 | ||||||
| TV18 Broadcast Ltd. # * | 315,599 | 156,342 | ||||||
| 2,335,146 | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences: 16.7% | ||||||||
| Ajanta Pharma Ltd. # | 18,815 | 294,503 | ||||||
| Alkem Laboratories Ltd. # | 14,138 | 537,626 | ||||||
| Divi's Laboratories Ltd. # | 51,336 | 2,366,260 | ||||||
| Gland Pharma Ltd. 144A # * | 23,603 | 809,611 | ||||||
| Laurus Labs Ltd. 144A # | 165,722 | 978,250 | ||||||
| Pfizer Ltd. # | 7,423 | 383,801 | ||||||
| Sun Pharmaceutical Industries Ltd. # | 250,029 | 2,633,466 | ||||||
| 8,003,517 | ||||||||
| Software & Services: 26.5% | ||||||||
| eClerx Services Ltd. # | 6,115 | 149,416 | ||||||
| Happiest Minds Technologies Ltd. # | 17,239 | 182,068 | ||||||
| Infosys Ltd. (ADR) | 119,193 | 2,206,262 | ||||||
| Larsen & Toubro Infotech Ltd. 144A # | 20,087 | 1,016,336 | ||||||
| Mastek Ltd. # | 6,078 | 166,106 | ||||||
| Mindtree Ltd. # | 26,559 | 975,825 | ||||||
| NIIT Ltd. # | 30,709 | 161,870 | ||||||
| Oracle Financial Services Software Ltd. # | 11,119 | 437,613 | ||||||
| Persistent Systems Ltd. # | 22,954 | 992,985 | ||||||
| Tanla Platforms Ltd. # | 35,218 | 450,892 | ||||||
| Tata Consultancy Services Ltd. # | 59,382 | 2,465,949 | ||||||
| Tata Elxsi Ltd. # | 16,281 | 1,692,617 | ||||||
| Wipro Ltd. # | 363,902 | 1,926,090 | ||||||
| 12,824,029 | ||||||||
See Notes to Financial Statements
| 24 |
| Number of Shares |
Value | |||||||
| Telecommunication Services: 1.9% | ||||||||
| Indus Towers Ltd. # | 349,563 | $ | 929,176 | |||||
| Transportation: 0.2% | ||||||||
| Allcargo Logistics Ltd. # | 33,190 | 110,632 | ||||||
| Total Common
Stocks (Cost: $46,035,537) |
48,100,398 | |||||||
| Total Investments: 100.1% (Cost: $46,035,537) |
48,100,398 | |||||||
| Liabilities in excess of other assets: (0.1)% | (67,030) | |||||||
| NET ASSETS: 100.0% | $ | 48,033,368 | ||||||
| Definitions: | |
| ADR | American Depositary Receipt |
| Footnotes: | |
| # | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $45,781,185 which represents 95.3% of net assets. |
| * | 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 $1,635,499, or 3.4% 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 $3,354,428, or 7.0% of net assets. |
Restricted securities held by the Fund as of June 30, 2022 are as follows:
| Security | Acquisition
Date |
Number
of Shares |
Acquisition
Cost |
Value | %
of Net Assets | |||||
| Chennai Super Kings Cricket Ltd. | 10/08/2015 | 1,298,085 | $35,108 | $1,635,499 | 3.4% |
| Summary of Investments by Sector | % of Investments |
Value | ||||||
| Communication Services | 6.8 | % | $ | 3,264,323 | ||||
| Consumer Discretionary | 3.6 | 1,792,142 | ||||||
| Consumer Staples | 0.1 | 60,508 | ||||||
| Energy | 3.1 | 1,486,451 | ||||||
| Financials | 2.6 | 1,230,620 | ||||||
| Health Care | 17.3 | 8,315,241 | ||||||
| Industrials | 6.9 | 3,318,208 | ||||||
| Information Technology | 26.7 | 12,824,029 | ||||||
| Materials | 32.9 | 15,808,876 | ||||||
| 100.0 | % | $ | 48,100,398 | |||||
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, 2022 is as follows:
| Level 1 Quoted Prices |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Automobiles & Components | $ | — | $ | 1,032,719 | $ | — | $ | 1,032,719 | ||||||||
| Capital Goods | — | 3,207,577 | — | 3,207,577 | ||||||||||||
| Consumer Durables & Apparel | — | 689,709 | — | 689,709 | ||||||||||||
| Consumer Services | — | 69,714 | — | 69,714 | ||||||||||||
| Diversified Financials | — | 1,230,620 | — | 1,230,620 | ||||||||||||
| Energy | — | 1,486,451 | — | 1,486,451 | ||||||||||||
| Food, Beverage & Tobacco | — | 60,508 | — | 60,508 | ||||||||||||
| Health Care Equipment & Services | — | 311,724 | — | 311,724 | ||||||||||||
| Materials | 112,951 | 15,695,925 | — | 15,808,876 | ||||||||||||
| Media & Entertainment | — | 699,647 | 1,635,499 | 2,335,146 | ||||||||||||
| Pharmaceuticals, Biotechnology & Life Sciences | — | 8,003,517 | — | 8,003,517 | ||||||||||||
| Software & Services | 2,206,262 | 10,617,767 | — | 12,824,029 | ||||||||||||
| Telecommunication Services | — | 929,176 | — | 929,176 | ||||||||||||
| Transportation | — | 110,632 | — | 110,632 | ||||||||||||
| Total Investments | $ | 2,319,213 | $ | 44,145,686 | $ | 1,635,499 | $ | 48,100,398 | ||||||||
The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended June 30, 2022:
| Common Stock | |||
| Media & Entertainment | |||
| Balance as of December 31, 2021 | $1,021,381 | ||
| Realized gain (loss) | – | ||
| Net change in unrealized appreciation (depreciation) | 614,118 | ||
| Purchases | – | ||
| Sales | – |