VANECK
MORNINGSTAR
INTERNATIONAL
MOAT
ETF
SCHEDULE
OF
INVESTMENTS
June
30,
2025
(unaudited)
Number
of
Shares
Value
COMMON
STOCKS:
100.1%
Australia
:
4.0%
Brambles
Ltd.
176,584
$
2,715,524
Endeavour
Group
Ltd. †
1,692,730
4,449,181
7,164,705
Belgium
:
1.4%
Anheuser-Busch
InBev
SA
35,700
2,447,623
Underline
Brazil
:
2.6%
Ambev
SA
1,897,700
4,631,377
Underline
Canada
:
2.8%
BRP,
Inc. †
103,412
5,009,552
Underline
China
:
24.7%
Alibaba
Group
Holding
Ltd.
(HKD)
273,000
3,864,547
Baidu,
Inc.
(HKD) *
391,300
4,193,508
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.
1,144,800
4,458,536
JD.com,
Inc.
(HKD)
237,400
3,877,263
Jiangsu
Yanghe
Distillery
Co.
Ltd.
450,900
4,064,861
Luzhou
Laojiao
Co.
Ltd.
257,100
4,073,168
SF
Holding
Co.
Ltd.
719,879
4,903,681
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.
77,200
1,902,459
Tencent
Holdings
Ltd.
(HKD)
67,600
4,355,819
Wuliangye
Yibin
Co.
Ltd.
250,200
4,155,049
Yum
China
Holdings,
Inc.
(USD)
94,662
4,232,338
44,081,229
Denmark
:
1.2%
Coloplast
A/S
23,194
2,200,476
Underline
France
:
8.2%
Bureau
Veritas
SA
65,206
2,217,882
Edenred
SE †
136,306
4,218,994
Pernod
Ricard
SA
41,355
4,110,856
Sanofi
SA
41,897
4,042,084
14,589,816
Germany
:
5.9%
Rheinmetall
AG
2,733
5,767,518
Sartorius
Stedim
Biotech
10,478
2,498,264
Siemens
Healthineers
AG
144A
41,997
2,323,319
10,589,101
Japan
:
16.2%
Daifuku
Co.
Ltd.
90,300
2,315,975
FANUC
Corp.
85,800
2,322,141
Hoya
Corp.
19,300
2,285,126
Kubota
Corp. †
374,700
4,212,584
Number
of
Shares
Value
Japan
(continued)
Murata
Manufacturing
Co.
Ltd.
153,300
$
2,258,977
Nabtesco
Corp. †
277,600
4,946,269
Omron
Corp. †
158,800
4,267,643
Unicharm
Corp. †
561,700
4,043,559
Number
of
Shares
Value
Japan
(continued)
Yaskawa
Electric
Corp.
102,100
$
2,301,775
28,954,049
Netherlands
:
3.8%
Adyen
NV
144A *
1,340
2,452,391
Koninklijke
Philips
NV *
178,445
4,269,966
6,722,357
Poland
:
1.6%
Allegro.eu
SA
144A *
300,645
2,886,964
Underline
Sweden
:
2.3%
Elekta
AB
809,689
4,146,470
Underline
Switzerland
:
9.8%
Barry
Callebaut
AG †
3,884
4,231,878
DSM-Firmenich
AG
(EUR)
41,328
4,381,380
Julius
Baer
Group
Ltd.
67,216
4,544,980
Roche
Holding
AG
13,259
4,314,133
17,472,371
Taiwan
:
2.9%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
141,000
5,156,278
Underline
United
Kingdom
:
12.7%
British
American
Tobacco
PLC
54,166
2,571,077
Diageo
PLC
83,540
2,103,022
GSK
PLC
225,244
4,287,407
Melrose
Industries
PLC
340,211
2,473,666
Reckitt
Benckiser
Group
Plc
65,694
4,468,031
Rentokil
Initial
PLC
537,115
2,587,111
Spirax
Group
PLC
51,124
4,173,515
22,663,829
Total
Common
Stocks
(Cost:
$168,524,553)
178,716,197
SHORT-TERM
INVESTMENT
HELD
AS
COLLATERAL
FOR
SECURITIES
ON
LOAN:
3.8%
Money
Market
Fund:
3.8%
(Cost:
$6,771,313)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
6,771,313
6,771,313
Total
Investments:
103.9%
(Cost:
$175,295,866)
185,487,510
Liabilities
in
excess
of
other
assets:
(3.9)%
(7,018,452)
NET
ASSETS:
100.0%
$
178,469,058
VANECK
MORNINGSTAR
INTERNATIONAL
MOAT
ETF
SCHEDULE
OF
INVESTMENTS
(continued)
FootnoteRuleAboveBlank
Footnotes:
Definitions:
EUR
Euro
HKD
Hong
Kong
Dollar
USD
United
States
Dollar
†
Security
fully
or
partially
on
loan.
Total
market
value
of
securities
on
loan
is
$23,017,256.
*
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.
These
securities
have
an
aggregate
value
of
$7,662,674,
or
4.3%
of
net
assets.