VANECK

MORNINGSTAR

WIDE

MOAT

ETF

SCHEDULE

OF

INVESTMENTS

December

31,

2023

(unaudited)

1

FootnoteRuleAboveBlank

Footnotes:

Number

of

Shares

Value

COMMON

STOCKS:

99.8%

Banks

:

6.6%

Bank

of

America

Corp.

5,082,586

$

171,130,671

US

Bancorp

8,339,870

360,949,573

Wells

Fargo

&

Co.

7,032,945

346,161,553

878,241,797

Capital

Goods

:

12.9%

3M

Co.

1,491,206

163,018,640

Allegion

plc

2,922,787

370,287,885

Emerson

Electric

Co.

1,769,337

172,209,570

Honeywell

International,

Inc.

785,774

164,784,666

Huntington

Ingalls

Industries,

Inc.

637,017

165,395,094

Masco

Corp.

5,182,228

347,105,631

RTX

Corp.

3,885,269

326,906,534

1,709,708,020

Commercial

&

Professional

Services

:

5.0%

Equifax,

Inc.

1,461,447

361,401,228

TransUnion †

4,400,790

302,378,281

663,779,509

Consumer

Discretionary

Distribution

&

Retail

:

3.9%

Amazon.com,

Inc. *

1,102,773

167,555,330

Etsy,

Inc. *

4,359,131

353,307,567

520,862,897

Consumer

Durables

&

Apparel

:

2.4%

NIKE,

Inc.

2,909,380

315,871,387

Underline

Financial

Services

:

11.8%

Berkshire

Hathaway,

Inc. *

440,373

157,063,434

BlackRock,

Inc.

221,730

180,000,414

Charles

Schwab

Corp.

5,115,772

351,965,114

Intercontinental

Exchange,

Inc.

2,700,258

346,794,135

MarketAxess

Holdings,

Inc.

1,242,403

363,837,718

The

Bank

of

New

York

Mellon

Corp.

3,265,396

169,963,862

1,569,624,677

Food,

Beverage

&

Tobacco

:

4.4%

Altria

Group,

Inc.

3,751,725

151,344,586

Campbell

Soup

Co.

6,893,011

297,984,866

Kellanova

2,523,544

141,091,345

590,420,797

Health

Care

Equipment

&

Services

:

7.1%

Medtronic

Plc

3,820,954

314,770,191

Veeva

Systems,

Inc. *

1,596,909

307,436,921

Number

of

Shares

Value

Health

Care

Equipment

&

Services

(continued)

Zimmer

Biomet

Holdings,

Inc.

2,588,575

$

315,029,577

937,236,689

Household

&

Personal

Products

:

2.3%

Estee

Lauder

Cos,

Inc.

2,133,185

311,978,306

Underline

Materials

:

7.4%

Corteva,

Inc.

6,396,385

306,514,769

Ecolab,

Inc.

1,670,048

331,254,021

International

Flavors

&

Fragrances,

Inc.

4,247,223

343,897,646

981,666,436

Media

&

Entertainment

:

7.1%

Alphabet,

Inc. *

2,310,390

322,738,379

Comcast

Corp.

7,075,358

310,254,449

Walt

Disney

Co.

3,462,063

312,589,668

945,582,496

Pharmaceuticals,

Biotechnology

&

Life

Sciences

:

13.4%

Agilent

Technologies,

Inc.

2,507,457

348,611,747

Biogen,

Inc. *

1,250,364

323,556,692

Bristol-Myers

Squibb

Co.

3,110,889

159,619,715

Gilead

Sciences,

Inc.

3,959,785

320,782,183

Pfizer,

Inc.

9,907,522

285,237,558

Thermo

Fisher

Scientific,

Inc.

314,212

166,780,587

Waters

Corp. *

535,951

176,451,148

1,781,039,630

Semiconductors

&

Semiconductor

Equipment

:

4.0%

Microchip

Technology,

Inc.

1,960,647

176,811,147

Teradyne,

Inc.

3,296,695

357,757,341

534,568,488

Software

&

Services

:

8.8%

Fortinet,

Inc. *

2,529,677

148,061,995

Microsoft

Corp.

465,967

175,222,231

Roper

Technologies,

Inc.

307,330

167,547,096

Salesforce,

Inc. *

1,338,039

352,091,582

Tyler

Technologies,

Inc. *

796,294

332,946,447

1,175,869,351

Technology

Hardware

&

Equipment

:

2.7%

Keysight

Technologies,

Inc. *

2,223,989

353,814,410

Underline

Total

Common

Stocks

(Cost:

$12,274,048,973)

13,270,264,890

Total

Investments:

99.8%

(Cost:

$12,274,048,973)

13,270,264,890

Other

assets

less

liabilities:

0.2%

23,577,037

NET

ASSETS:

100.0%

$

13,293,841,927

†

Security

fully

or

partially

on

loan.

Total

market

value

of

securities

on

loan

is

$26,480,834.

*

Non-income

producing

VANECK

MORNINGSTAR

WIDE

MOAT

ETF

SCHEDULE

OF

INVESTMENTS

(unaudited)

(continued)

2

Summary

of

Investments

by

Sector

%

of

Investments

Value

Health

Care

20.5

%

$

2,718,276,319

Financials

18.4

2,447,866,474

Industrials

17.9

2,373,487,529

Information

Technology

15.6

2,064,252,249

Materials

7.4

981,666,436

Communication

Services

7.1

945,582,496

Consumer

Staples

6.8

902,399,103

Consumer

Discretionary

6.3

836,734,284

100.0

%

$

13,270,264,890