VANECK
MORNINGSTAR
WIDE
MOAT
VALUE
ETF
SCHEDULE
OF
INVESTMENTS
June
30,
2025
(unaudited)
FootnoteRuleAboveBlank
Footnotes:
Number
of
Shares
Value
COMMON
STOCKS:
100.0%
Banks
:
2.4%
US
Bancorp
2,596
$
117,469
Underline
Capital
Goods
:
18.5%
A.O.
Smith
Corp.
630
41,309
Allegion
PLC
635
91,516
Boeing
Co. *
1,146
240,121
Caterpillar,
Inc.
236
91,618
Huntington
Ingalls
Industries,
Inc.
837
202,102
Masco
Corp.
1,886
121,383
Northrop
Grumman
Corp.
214
106,996
895,045
Consumer
Discretionary
Distribution
&
Retail
:
1.6%
Etsy,
Inc. *
1,595
80,005
Underline
Consumer
Durables
&
Apparel
:
4.7%
NIKE,
Inc.
3,196
227,044
Underline
Financial
Services
:
2.7%
Charles
Schwab
Corp.
1,462
133,393
Underline
Food,
Beverage
&
Tobacco
:
13.5%
Brown-Forman
Corp.
1,615
43,460
Constellation
Brands,
Inc.
935
152,106
Hershey
Co.
409
67,874
Mondelez
International,
Inc.
1,579
106,488
PepsiCo,
Inc.
810
106,952
The
Campbell's
Co.
5,901
180,866
657,746
Health
Care
Equipment
&
Services
:
6.7%
GE
HealthCare
Technologies,
Inc.
1,703
126,141
Zimmer
Biomet
Holdings,
Inc.
2,172
198,108
324,249
Household
&
Personal
Products
:
5.6%
Clorox
Co.
209
25,095
Estee
Lauder
Cos,
Inc.
1,806
145,925
Kenvue,
Inc.
4,945
103,499
274,519
Number
of
Shares
Value
Materials
:
4.6%
Corteva,
Inc.
1,040
$
77,511
International
Flavors
&
Fragrances,
Inc.
1,985
145,997
223,508
Media
&
Entertainment
:
5.0%
Alphabet,
Inc.
858
151,205
Walt
Disney
Co.
756
93,752
244,957
Pharmaceuticals,
Biotechnology
&
Life
Sciences
:
20.0%
Agilent
Technologies,
Inc.
937
110,575
Bristol-Myers
Squibb
Co.
2,149
99,477
Danaher
Corp.
1,049
207,219
Merck
&
Co.,
Inc.
1,328
105,124
Pfizer,
Inc.
8,503
206,113
Thermo
Fisher
Scientific,
Inc.
400
162,184
West
Pharmaceutical
Services,
Inc.
371
81,175
971,867
Semiconductors
&
Semiconductor
Equipment
:
7.7%
Applied
Materials,
Inc.
492
90,070
Lam
Research
Corp.
786
76,509
NXP
Semiconductors
NV
766
167,363
Teradyne,
Inc.
428
38,486
372,428
Software
&
Services
:
2.9%
Adobe,
Inc. *
199
76,989
Oracle
Corp.
280
61,216
138,205
Transportation
:
4.1%
United
Parcel
Service,
Inc.
1,991
200,972
Underline
Total
Common
Stocks
(Cost:
$5,031,490)
4,861,407
Total
Investments:
100.0%
(Cost:
$5,031,490)
4,861,407
Other
assets
less
liabilities:
0.0%
1,226
NET
ASSETS:
100.0%
$
4,862,633
*
Non-income
producing