VANECK
PHARMACEUTICAL
ETF
SCHEDULE
OF
INVESTMENTS
June
30,
2025
(unaudited)
FootnoteRuleAboveBlank
Footnotes:
Number
of
Shares
Value
COMMON
STOCKS:
99.5%
Denmark
:
7.5%
Novo
Nordisk
A/S
(ADR)
668,595
$
46,146,427
Underline
France
:
4.5%
Sanofi
SA
(ADR)
568,627
27,470,370
Underline
Israel
:
1.6%
Teva
Pharmaceutical
Industries
Ltd.
(ADR) *
580,150
9,723,314
Underline
Japan
:
3.0%
Takeda
Pharmaceutical
Co.
Ltd.
(ADR) †
1,176,822
18,193,668
Underline
Switzerland
:
7.6%
Novartis
AG
(ADR)
384,207
46,492,889
Underline
United
Kingdom
:
12.3%
AstraZeneca
PLC
(ADR)
383,248
26,781,371
GSK
PLC
(ADR) †
679,013
26,074,099
Haleon
PLC
(ADR) †
2,154,092
22,337,934
75,193,404
United
States
:
63.0%
AbbVie,
Inc.
147,569
27,391,758
Axsome
Therapeutics,
Inc. *
†
16,333
1,705,002
Bausch
Health
Cos,
Inc. *
†
131,226
873,965
Bristol-Myers
Squibb
Co.
563,409
26,080,203
Cencora,
Inc.
79,067
23,708,240
Number
of
Shares
Value
United
States
(continued)
Elanco
Animal
Health,
Inc. *
†
143,156
$
2,044,268
Eli
Lilly
&
Co.
145,367
113,317,937
Jazz
Pharmaceuticals
PLC *
26,826
2,846,775
Johnson
&
Johnson
400,702
61,207,230
McKesson
Corp.
39,377
28,854,678
Merck
&
Co.,
Inc.
451,193
35,716,438
Organon
&
Co. †
107,451
1,040,126
Perrigo
Co.
PLC
47,112
1,258,833
Pfizer,
Inc.
1,154,439
27,983,601
Viatris,
Inc.
446,849
3,990,362
Zoetis,
Inc.
169,909
26,497,308
384,516,724
Total
Common
Stocks
(Cost:
$681,484,159)
607,736,796
SHORT-TERM
INVESTMENT
HELD
AS
COLLATERAL
FOR
SECURITIES
ON
LOAN:
2.6%
Money
Market
Fund:
2.6%
(Cost:
$15,771,761)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
15,771,761
15,771,761
Total
Investments:
102.1%
(Cost:
$697,255,920)
623,508,557
Liabilities
in
excess
of
other
assets:
(2.1)%
(13,047,422)
NET
ASSETS:
100.0%
$
610,461,135
Definitions:
ADR
American
Depositary
Receipt
*
Non-income
producing
†
Security
fully
or
partially
on
loan.
Total
market
value
of
securities
on
loan
is
$56,264,637.