VANECK
INDIA
GROWTH
LEADERS
ETF
SCHEDULE
OF
INVESTMENTS
March
31,
2026
(unaudited)
Number
of
Shares
Value
COMMON
STOCKS:
109.9%
Automobiles
&
Components
:
11.0%
Banco
Products
India
Ltd.
29,743
$
161,245
Eicher
Motors
Ltd.
72,499
5,076,269
Hero
MotoCorp
Ltd.
81,107
4,384,176
Pricol
Ltd.
48,941
265,167
Shriram
Pistons
&
Rings
Ltd.
9,100
291,632
SJS
Enterprises
Ltd.
15,722
260,966
10,439,455
Banks
:
21.9%
Bank
of
Baroda
1,273,013
3,355,905
Bank
of
India
854,508
1,250,074
Bank
of
Maharashtra
1,358,449
895,427
Canara
Bank
2,227,930
2,935,203
IDBI
Bank
Ltd.
4,177,480
2,737,702
Indian
Bank
236,359
2,122,240
Jammu
&
Kashmir
Bank
Ltd.
264,760
309,995
State
Bank
of
India
491,264
5,123,472
Union
Bank
of
India
Ltd.
1,308,973
2,295,029
21,025,047
Capital
Goods
:
25.1%
Balu
Forge
Industries
Ltd.
28,223
114,917
Bharat
Electronics
Ltd.
1,179,201
5,046,093
Data
Patterns
India
Ltd.
14,645
473,802
Engineers
India
Ltd.
186,026
361,695
Force
Motors
Ltd.
3,248
672,002
Garden
Reach
Shipbuilders
&
Engineers
Ltd.
17,632
370,792
GE
Vernova
T&D
India
Ltd.
77,336
2,992,329
HBL
Engineering
Ltd.
70,216
455,133
Hindustan
Aeronautics
Ltd.
118,582
4,359,774
IndiaMart
InterMesh
Ltd.
144A
18,500
390,888
Interarch
Building
Solutions
Ltd.
4,393
77,116
KRN
Heat
Exchanger
And
Refrigeration
Ltd. *
10,581
96,899
Polycab
India
Ltd.
49,757
3,640,859
Quality
Power
Electrical
Equipments
Ltd.
12,212
104,756
Shaily
Engineering
Plastics
Ltd.
14,114
312,888
Shakti
Pumps
India
Ltd.
36,510
180,123
Suzlon
Energy
Ltd. *
7,205,136
3,053,658
TD
Power
Systems
Ltd.
78,472
712,321
Transformers
&
Rectifiers
India
Ltd.
68,591
187,273
Transrail
Lighting
Ltd.
20,342
98,422
Voltamp
Transformers
Ltd.
4,062
377,958
24,079,698
Commercial
&
Professional
Services
:
1.2%
BLS
International
Services
Ltd.
71,609
181,231
eClerx
Services
Ltd.
26,636
393,528
International
Gemmological
Institute
India
Ltd.
63,718
217,254
Sagility
Ltd.
971,783
413,097
1,205,110
Number
of
Shares
Value
Consumer
Discretionary
Distribution
&
Retail
:
4.9%
Trent
Ltd.
129,115
$
4,547,094
V2
Retail
Ltd.*
93,282
187,675
4,734,769
Consumer
Durables
&
Apparel
:
0.2%
SKY
Gold
and
Diamonds
Ltd.*
48,581
164,001
Underline
Financial
Services
:
17.3%
Aditya
Birla
Sun
Life
Asset
Management
Co.
Ltd.
41,750
391,366
Authum
Investment
&
Infrastucture
Ltd.
57,139
263,512
BSE
Ltd.
191,004
5,498,972
HDFC
Asset
Management
Co.
Ltd.
144A
135,011
3,154,901
Kfin
Technologies
Ltd.
60,046
563,362
Multi
Commodity
Exchange
of
India
Ltd.
134,380
3,433,868
Muthoot
Finance
Ltd.
72,301
2,427,978
Nippon
Life
India
Asset
Management
Ltd.
144A
115,482
976,040
16,709,999
Food,
Beverage
&
Tobacco
:
0.1%
Piccadily
Agro
Industries
Ltd.*
15,852
87,488
Underline
Health
Care
Equipment
&
Services
:
1.6%
Inventurus
Knowledge
Solutions
Ltd.*
96,262
1,357,439
Yatharth
Hospital
&
Trauma
Care
Services
Ltd.*
26,428
173,374
1,530,813
Household
&
Personal
Products
:
0.4%
Bajaj
Consumer
Care
Ltd.*
46,779
172,693
Cupid
Ltd.*
227,969
199,731
372,424
Materials
:
7.7%
Chambal
Fertilisers
and
Chemicals
Ltd.
99,818
452,124
Hindustan
Copper
Ltd.
219,508
1,063,307
Lloyds
Metals
&
Energy
Ltd.
64,522
873,846
National
Aluminium
Co.
Ltd.
526,720
2,174,411
NMDC
Ltd.
2,246,842
1,828,484
Pondy
Oxides
&
Chemicals
Ltd.
10,738
117,134
Sharda
Cropchem
Ltd.
15,977
148,590
Welspun
Corp.
Ltd.
74,808
649,055
7,306,951
Media
&
Entertainment
:
0.2%
Tips
Music
Ltd.
29,329
154,676
Underline
Pharmaceuticals,
Biotechnology
&
Life
Sciences
:
8.7%
Acutaas
Chemicals
Ltd.
32,118
875,353
Ajanta
Pharma
Ltd.
26,540
789,399
Lupin
Ltd.
152,998
3,786,406
Natco
Pharma
Ltd.
51,189
531,721
SAI
Life
Sciences
Ltd.
144A *
79,082
816,450
Senores
Pharmaceuticals
Ltd. *
12,860
103,538
Zydus
Lifesciences
Ltd.
156,925
1,461,119
8,363,986
VANECK
INDIA
GROWTH
LEADERS
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
FootnoteRuleAboveBlank
Footnotes:
Number
of
Shares
Value
Real
Estate
Management
&
Development
:
0.0%
Genus
Prime
Infra
Ltd.
7,611
$
1,698
Underline
Semiconductors
&
Semiconductor
Equipment
:
2.7%
Premier
Energies
Ltd.
144A
74,824
716,346
WAAREE
Energies
Ltd.
55,348
1,814,691
Websol
Energy
System
Ltd.*
144,406
101,667
2,632,704
Software
&
Services
:
0.1%
Zaggle
Prepaid
Ocean
Services
Ltd.*
37,455
75,033
Underline
Number
of
Shares
Value
Technology
Hardware
&
Equipment
:
0.9%
Netweb
Technologies
India
Ltd.
13,366
$
441,275
Syrma
SGS
Technology
Ltd.
49,721
411,346
852,621
Telecommunication
Services
:
5.8%
Bharti
Airtel
Ltd.
295,277
5,611,261
Underline
Transportation
:
0.1%
Knowledge
Marine
&
Engineering
Works
Ltd.*
4,961
76,689
Underline
Total
Common
Stocks
(Cost:
$102,588,475)
105,424,423
Total
Investments:
109.9%
(Cost:
$102,588,475)
105,424,423
Liabilities
in
excess
of
other
assets:
(9.9)%
(9,530,500)
NET
ASSETS:
100.0%
$
95,893,923
*
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
$6,054,625,
or
6.3%
of
net
assets.
The
summary
of
inputs
used
to
value
the
Fund's
investments
as
of
March
31,
2026
is
as
follows:
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Value
Common
Stocks
$
105,424,423
Automobiles
&
Components
$
265,167
$
10,174,288
$
—
$
10,439,455
Banks
—
21,025,047
—
21,025,047
Capital
Goods
5,006,940
19,072,758
—
24,079,698
Commercial
&
Professional
Services
—
1,205,110
—
1,205,110
Consumer
Discretionary
Distribution
&
Retail
—
4,734,769
—
4,734,769
Consumer
Durables
&
Apparel
—
164,001
—
164,001
Financial
Services
4,130,941
12,579,058
—
16,709,999
Food,
Beverage
&
Tobacco
—
87,488
—
87,488
Health
Care
Equipment
&
Services
—
1,530,813
—
1,530,813
Household
&
Personal
Products
199,731
172,693
—
372,424
Materials
—
7,306,951
—
7,306,951
Media
&
Entertainment
—
154,676
—
154,676
Pharmaceuticals,
Biotechnology
&
Life
Sciences
—
8,363,986
—
8,363,986
Real
Estate
Management
&
Development
1,698
—
—
1,698
Semiconductors
&
Semiconductor
Equipment
1,814,691
818,013
—
2,632,704
Software
&
Services
—
75,033
—
75,033
Technology
Hardware
&
Equipment
—
852,621
—
852,621
Telecommunication
Services
—
5,611,261
—
5,611,261
Transportation
76,689
—
—
76,689
Total
Investments
$
11,495,857
$
93,928,566
$
—
$
105,424,423