VANECK
MORNINGSTAR
SMID
MOAT
ETF
SCHEDULE
OF
INVESTMENTS
June
30,
2025
(unaudited)
Number
of
Shares
Value
COMMON
STOCKS:
99.9%
Automobiles
&
Components
:
1.4%
BorgWarner,
Inc.
163,453
$
5,472,406
Underline
Banks
:
1.4%
Truist
Financial
Corp.
62,420
2,683,436
US
Bancorp
56,271
2,546,263
5,229,699
Capital
Goods
:
14.8%
Acuity,
Inc.
18,781
5,603,124
Allegion
PLC
38,070
5,486,648
Chart
Industries,
Inc. *
34,125
5,618,681
CNH
Industrial
NV
389,257
5,044,771
Fortive
Corp.
68,039
3,546,873
Generac
Holdings,
Inc. *
19,655
2,814,793
Huntington
Ingalls
Industries,
Inc.
11,071
2,673,204
IDEX
Corp.
13,780
2,419,355
L3Harris
Technologies,
Inc.
10,289
2,580,893
Masco
Corp.
74,268
4,779,888
Nordson
Corp.
11,514
2,468,256
PACCAR,
Inc.
26,738
2,541,714
Sensata
Technologies
Holding
PLC
90,315
2,719,385
Vertiv
Holdings
Co.
29,977
3,849,347
WESCO
International,
Inc.
29,209
5,409,507
57,556,439
Commercial
&
Professional
Services
:
3.3%
Dayforce,
Inc. *
47,586
2,635,789
SS&C
Technologies
Holdings,
Inc.
61,347
5,079,532
TransUnion
58,312
5,131,456
12,846,777
Consumer
Discretionary
Distribution
&
Retail
:
6.7%
Asbury
Automotive
Group,
Inc. *
20,624
4,919,649
AutoNation,
Inc. *
28,196
5,601,135
CarMax,
Inc. *
71,068
4,776,480
Coupang,
Inc. *
111,500
3,340,540
Etsy,
Inc. *
39,525
1,982,574
Lithia
Motors,
Inc.
16,063
5,426,403
26,046,781
Consumer
Durables
&
Apparel
:
3.3%
Hasbro,
Inc.
76,792
5,668,785
Lululemon
Athletica,
Inc. *
9,747
2,315,692
Mattel,
Inc. *
252,469
4,978,689
12,963,166
Consumer
Services
:
9.9%
Airbnb,
Inc. *
19,865
2,628,934
Carnival
Corp. *
232,087
6,526,285
DraftKings,
Inc. *
133,379
5,720,625
Expedia
Group,
Inc.
29,579
4,989,386
Flutter
Entertainment
PLC *
19,639
5,612,041
Las
Vegas
Sands
Corp.
60,259
2,621,869
Norwegian
Cruise
Line
Holdings
Ltd. *
259,399
5,260,612
Wynn
Resorts
Ltd.
58,335
5,464,239
38,823,991
Number
of
Shares
Value
Energy
:
3.1%
Devon
Energy
Corp.
70,718
$
2,249,540
Hess
Corp.
35,669
4,941,583
ONEOK,
Inc.
31,125
2,540,734
Schlumberger
NV
61,589
2,081,708
11,813,565
Equity
Real
Estate
Investment
Trusts
(REITs)
:
1.3%
SBA
Communications
Corp.
22,736
5,339,322
Underline
Financial
Services
:
9.1%
Block,
Inc. *
38,349
2,605,048
Capital
One
Financial
Corp.
14,516
3,088,424
Carlyle
Group,
Inc.
112,945
5,805,372
Fidelity
National
Information
Services,
Inc.
36,272
2,952,904
Jack
Henry
&
Associates,
Inc.
14,030
2,527,785
LPL
Financial
Holdings,
Inc.
7,960
2,984,761
MarketAxess
Holdings,
Inc.
23,262
5,195,335
SEI
Investments
Co.
34,112
3,065,304
T
Rowe
Price
Group,
Inc.
53,026
5,117,009
Western
Union
Co.
238,069
2,004,541
35,346,483
Food,
Beverage
&
Tobacco
:
2.3%
General
Mills,
Inc.
46,074
2,387,094
Hershey
Co.
15,127
2,510,326
Kraft
Heinz
Co.
82,783
2,137,457
The
Campbell's
Co.
64,802
1,986,181
9,021,058
Health
Care
Equipment
&
Services
:
7.3%
Baxter
International,
Inc.
152,676
4,623,029
Edwards
Lifesciences
Corp. *
69,887
5,465,862
GE
HealthCare
Technologies,
Inc.
64,864
4,804,476
Labcorp
Holdings,
Inc.
9,873
2,591,761
ResMed,
Inc.
21,399
5,520,942
Veeva
Systems,
Inc. *
10,720
3,087,146
Zimmer
Biomet
Holdings,
Inc.
23,771
2,168,153
28,261,369
Household
&
Personal
Products
:
1.8%
Clorox
Co.
19,803
2,377,746
Kenvue,
Inc.
118,539
2,481,021
Kimberly-Clark
Corp.
19,028
2,453,090
7,311,857
Materials
:
5.8%
Amcor
PLC
275,041
2,527,627
Corteva,
Inc.
41,900
3,122,807
Crown
Holdings,
Inc.
25,086
2,583,356
DuPont
de
Nemours,
Inc.
69,513
4,767,897
Eastman
Chemical
Co.
26,512
1,979,386
International
Flavors
&
Fragrances,
Inc.
30,717
2,259,235
Sealed
Air
Corp.
157,897
4,899,544
22,139,852
Media
&
Entertainment
:
4.0%
Charter
Communications,
Inc. *
13,538
5,534,470
Interpublic
Group
of
Cos,
Inc.
94,220
2,306,506
Omnicom
Group,
Inc.
31,004
2,230,428
VANECK
MORNINGSTAR
SMID
MOAT
ETF
SCHEDULE
OF
INVESTMENTS
(continued)
FootnoteRuleAboveBlank
Footnotes:
Number
of
Shares
Value
Media
&
Entertainment
(continued)
Pinterest,
Inc. *
74,796
$
2,682,185
Warner
Music
Group
Corp.
96,332
2,624,084
15,377,673
Pharmaceuticals,
Biotechnology
&
Life
Sciences
:
5.1%
Agilent
Technologies,
Inc.
42,194
4,979,314
Bio-Techne
Corp.
40,268
2,071,789
Ionis
Pharmaceuticals,
Inc. *
68,686
2,713,784
Revvity,
Inc.
49,247
4,763,170
Royalty
Pharma
PLC
152,144
5,481,748
20,009,805
Real
Estate
Investment
Trusts
:
1.4%
Crown
Castle,
Inc.
51,557
5,296,451
Underline
Semiconductors
&
Semiconductor
Equipment
:
2.9%
Marvell
Technology,
Inc.
36,519
2,826,571
Monolithic
Power
Systems,
Inc.
7,722
5,647,716
Teradyne,
Inc.
28,129
2,529,360
11,003,647
Software
&
Services
:
8.6%
Akamai
Technologies,
Inc. *
32,337
2,579,199
Atlassian
Corp. *
22,693
4,608,721
Number
of
Shares
Value
Software
&
Services
(continued)
Cognizant
Technology
Solutions
Corp.
31,376
$
2,448,269
Datadog,
Inc. *
24,553
3,298,204
Dynatrace,
Inc. *
97,796
5,399,317
Elastic
NV *
25,412
2,142,994
HubSpot,
Inc. *
4,089
2,276,060
Workday,
Inc. *
20,258
4,861,920
Zoom
Communications,
Inc. *
65,099
5,076,420
32,691,104
Technology
Hardware
&
Equipment
:
3.1%
Littelfuse,
Inc.
11,859
2,688,791
Ralliant
Corp. *
22,679
1,099,705
Vontier
Corp.
144,082
5,316,626
Zebra
Technologies
Corp. *
8,803
2,714,493
11,819,615
Utilities
:
3.3%
Essential
Utilities,
Inc.
66,637
2,474,898
Evergy,
Inc.
37,506
2,585,289
FirstEnergy
Corp.
63,407
2,552,766
Portland
General
Electric
Co.
119,124
4,840,008
12,452,961
Total
Common
Stocks
(Cost:
$373,447,831)
386,824,021
Total
Investments:
99.9%
(Cost:
$373,447,831)
386,824,021
Other
assets
less
liabilities:
0.1%
300,321
NET
ASSETS:
100.0%
$
387,124,342
*
Non-income
producing