VANECK
RUSSIA
SMALL-CAP
ETF
SCHEDULE
OF
INVESTMENTS
March
31,
2026
(unaudited)
FootnoteRuleAboveBlank
Footnotes:
Number
of
Shares
Value
COMMON
STOCKS:
0.0%
Banks
:
0.0%
Credit
Bank
of
Moscow
PJSC*∞
21,005,200
$
0
Underline
Consumer
Discretionary
Distribution
&
Retail
:
0.0%
M.Video
PJSC*∞
110,194
0
Underline
Consumer
Staples
Distribution
&
Retail
:
0.0%
Lenta
International
Co.
PJSC
(GDR)*∞
263,199
0
Underline
Energy
:
0.0%
Sovcomflot
PJSC*∞
989,960
0
Underline
Financial
Services
:
0.0%
SFI
PJSC*∞
2,663
0
Underline
Food,
Beverage
&
Tobacco
:
0.0%
NovaBev
Group
PJSC*∞
89,880
0
Underline
Materials
:
0.0%
Mechel
PJSC*∞
438,883
0
Raspadskaya
PAO *∞
703,205
0
Segezha
Group
PJSC
144A*∞
8,945,900
0
0
Real
Estate
Management
&
Development
:
0.0%
Etalon
Group
PLC
(GDR)*∞
394,873
0
Gruppa
Kompanii
Samolyot
PAO *∞
16,988
0
LSR
Group
PJSC*∞
103,574
0
0
Telecommunication
Services
:
0.0%
Sistema
AFK
PAO*∞
6,612,640
0
Underline
Number
of
Shares
Value
Transportation
:
0.0%
Aeroflot
PJSC*∞
1,885,382
$
0
Globaltrans
Investment
PLC
(GDR) *∞
182,773
0
Novorossiysk
Commercial
Sea
Port
PJSC*∞
8,972,400
0
0
Utilities
:
0.0%
Mosenergo
PJSC*∞
19,492,800
0
OGK-2
PJSC *∞
51,450,600
0
TGC-1
PJSC *∞
1,701,100,000
0
Unipro
PAO*∞
24,734,000
0
0
Total
Common
Stocks
(Cost:
$20,767,966)
0
PREFERRED
SECURITIES:
0.0%
(Cost:
$341,612)
Utilities
:
0.0%
Rosseti
Lenenergo
PJSC ∞
171,506
0
Underline
MONEY
MARKET
FUND:
111.0%
(Cost:
$381,135)
State
Street
Institutional
Treasury
Plus
-
Premier
Class
3.74%(a)
381,135
381,135
Underline
Total
Investments:
111.0%
(Cost:
$21,490,713)
381,135
Liabilities
in
excess
of
other
assets:
(11.0)%
(37,911)
NET
ASSETS:
100.0%
$
343,224
Definitions:
GDR
Global
Depositary
Receipt
∞
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
*
Non-income
producing
(a)
The
rate
shown
is
the
7-day
yield
as
of
03/31/26.
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
$0,
or
0.0%
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
*
$
—
$
—
$
0
$
0
Preferred
Securities
*
—
—
0
0
Money
Market
Fund
—
381,135
—
381,135
Total
Investments
$
—
$
381,135
$
0
$
381,136