VANECK
MORNINGSTAR
WIDE
MOAT
ETF
SCHEDULE
OF
INVESTMENTS
June
30,
2025
(unaudited)
FootnoteRuleAboveBlank
Footnotes:
Number
of
Shares
Value
COMMON
STOCKS:
99.9%
Banks
:
2.5%
US
Bancorp
6,984,446
$
316,046,182
Underline
Capital
Goods
:
15.3%
Allegion
PLC
2,296,088
330,912,203
Boeing
Co. *
1,611,991
337,760,474
Caterpillar,
Inc.
434,316
168,605,814
Huntington
Ingalls
Industries,
Inc. †
1,443,166
348,466,862
IDEX
Corp.
1,657,131
290,942,490
Masco
Corp.
2,440,603
157,077,209
Nordson
Corp.
709,206
152,032,490
Northrop
Grumman
Corp.
316,511
158,249,170
1,944,046,712
Commercial
&
Professional
Services
:
2.4%
TransUnion
3,519,774
309,740,112
Underline
Consumer
Discretionary
Distribution
&
Retail
:
1.3%
Amazon.com,
Inc. *
727,378
159,579,459
Underline
Consumer
Durables
&
Apparel
:
2.5%
NIKE,
Inc.
4,538,239
322,396,499
Underline
Financial
Services
:
3.9%
Charles
Schwab
Corp.
1,981,234
180,767,790
MarketAxess
Holdings,
Inc.
1,403,548
313,468,410
494,236,200
Food,
Beverage
&
Tobacco
:
7.8%
Brown-Forman
Corp. †
4,367,575
117,531,443
Constellation
Brands,
Inc.
1,711,948
278,499,701
Hershey
Co. †
931,746
154,623,249
Mondelez
International,
Inc.
2,331,583
157,241,958
PepsiCo,
Inc.
1,196,633
158,003,421
The
Campbell's
Co. †
3,833,085
117,484,055
983,383,827
Health
Care
Equipment
&
Services
:
6.0%
GE
HealthCare
Technologies,
Inc.
3,922,811
290,562,611
Veeva
Systems,
Inc. *
634,083
182,603,222
Zimmer
Biomet
Holdings,
Inc.
3,081,293
281,044,735
754,210,568
Household
&
Personal
Products
:
5.2%
Clorox
Co.
1,219,734
146,453,462
Estee
Lauder
Cos,
Inc.
4,448,764
359,460,131
Kenvue,
Inc.
7,301,213
152,814,388
658,727,981
Materials
:
3.7%
Corteva,
Inc.
2,478,373
184,713,140
International
Flavors
&
Fragrances,
Inc.
3,805,621
279,903,424
464,616,564
Number
of
Shares
Value
Media
&
Entertainment
:
5.2%
Alphabet,
Inc.
1,750,663
$
308,519,340
Walt
Disney
Co.
2,810,190
348,491,662
657,011,002
Pharmaceuticals,
Biotechnology
&
Life
Sciences
:
14.1%
Agilent
Technologies,
Inc.
2,548,637
300,764,652
Amgen,
Inc.
536,290
149,737,531
Bristol-Myers
Squibb
Co.
3,173,796
146,915,017
Danaher
Corp.
1,486,371
293,617,727
Merck
&
Co.,
Inc.
1,960,357
155,181,860
Pfizer,
Inc.
12,056,904
292,259,353
Thermo
Fisher
Scientific,
Inc.
380,675
154,348,486
West
Pharmaceutical
Services,
Inc.
1,353,152
296,069,658
1,788,894,284
Semiconductors
&
Semiconductor
Equipment
:
13.3%
Applied
Materials,
Inc.
1,884,269
344,953,126
Lam
Research
Corp.
1,876,657
182,673,792
Microchip
Technology,
Inc.
2,715,450
191,086,216
Monolithic
Power
Systems,
Inc.
465,439
340,412,776
NXP
Semiconductors
NV
1,430,538
312,558,248
Teradyne,
Inc.
3,455,490
310,717,661
1,682,401,819
Software
&
Services
:
14.5%
Adobe,
Inc. *
709,240
274,390,771
Autodesk,
Inc. *
584,869
181,057,896
Cadence
Design
Systems,
Inc. *
604,825
186,376,824
Manhattan
Associates,
Inc. *
877,966
173,371,946
Microsoft
Corp.
381,581
189,802,205
Oracle
Corp.
956,868
209,200,051
Salesforce,
Inc.
1,091,988
297,774,208
Synopsys,
Inc. *
333,175
170,812,159
Workday,
Inc. *
614,927
147,582,480
1,830,368,540
Transportation
:
2.2%
United
Parcel
Service,
Inc.
2,827,559
285,413,805
Underline
Total
Common
Stocks
(Cost:
$12,756,540,577)
12,651,073,554
SHORT-TERM
INVESTMENT
HELD
AS
COLLATERAL
FOR
SECURITIES
ON
LOAN:
0.0%
Money
Market
Fund:
0.0%
(Cost:
$29,152)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
29,152
29,152
Total
Investments:
99.9%
(Cost:
$12,756,569,729)
12,651,102,706
Other
assets
less
liabilities:
0.1%
12,097,601
NET
ASSETS:
100.0%
$
12,663,200,307
*
Non-income
producing
VANECK
MORNINGSTAR
WIDE
MOAT
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
†
Security
fully
or
partially
on
loan.
Total
market
value
of
securities
on
loan
is
$218,325,874.
Transactions
in
securities
of
affiliates
for
the
period
ended
June
30,
2025
were
as
follows:
Value
9/30/2024
Purchases
Sales
Proceeds
Net
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
6/30/2025
Dividend
Income
Bio-Rad
Laboratories,
Inc.
$416,768,239
$125,992,503
$(444,293,654)
$(67,738,331)
$(30,728,757)
$–
$–
Total
$416,768,239
$125,992,503
$(444,293,654)
$(67,738,331)
$(30,728,757)
$–
$–