VANECK
BRAZIL
SMALL-CAP
ETF
SCHEDULE
OF
INVESTMENTS
March
31,
2024
(unaudited)
1
Number
of
Shares
Value
COMMON
STOCKS:
87.7%
Automobiles
&
Components
:
0.4%
Mahle
Metal
Leve
SA
18,000
$
124,070
Underline
Banks
:
2.5%
Inter
&
Co.,
Inc.
(BDR) *
119,950
682,572
Underline
Capital
Goods
:
3.2%
Armac
Locacao
Logistica
E
Servicos
SA *
50,650
127,145
Iochpe
Maxion
SA
72,552
209,321
Kepler
Weber
SA
80,450
169,549
Mills
Locacao
Servicos
e
Logistica
SA
63,850
171,993
Tupy
SA
35,500
196,986
874,994
Commercial
&
Professional
Services
:
1.1%
Ambipar
Participacoes
e
Empreendimentos
SA
31,100
96,734
Orizon
Valorizacao
de
Residuos
SA *
28,700
216,420
313,154
Consumer
Discretionary
Distribution
&
Retail
:
1.8%
C&A
MODAS
SA *
70,000
148,503
Grupo
Casas
Bahia
SA *
36
49
Grupo
SBF
SA
66,500
171,706
Pet
Center
Comercio
e
Participacoes
SA
199,950
173,422
493,680
Consumer
Durables
&
Apparel
:
15.9%
Arezzo
Industria
e
Comercio
SA
40,800
522,833
Cury
Construtora
e
Incorporadora
SA
80,000
324,760
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
176,250
876,436
Direcional
Engenharia
SA
76,200
389,402
Ez
Tec
Empreendimentos
e
Participacoes
S/A
104,402
339,305
Grendene
SA
132,000
173,968
Grupo
de
Moda
Soma
SA
314,650
477,427
Guararapes
Confeccoes
SA *
56,400
93,336
MRV
Engenharia
e
Participacoes
SA *
235,800
366,248
Plano
&
Plano
Desenvolvimento
Imobiliario
SA
40,900
114,168
Vivara
Participacoes
SA
93,100
471,496
Vulcabras
SA
78,400
270,744
4,420,123
Consumer
Services
:
7.7%
Afya
Ltd. *
11,606
215,639
Anima
Holding
SA *
190,700
186,312
Arcos
Dorados
Holdings,
Inc.
67,214
747,420
Cogna
Educacao
SA *
936,150
440,506
Cruzeiro
do
Sul
Educacional
SA
41,250
39,314
YDUQS
Participacoes
SA
131,600
475,192
Zamp
SA *
62,300
42,110
2,146,493
Number
of
Shares
Value
Consumer
Staples
Distribution
&
Retail
:
0.6%
Dimed
SA
Distribuidora
da
Medicamentos
55,000
$
132,582
Empreendimentos
Pague
Menos
SA *
50,907
27,507
160,089
Energy
:
11.2%
3R
Petroleum
Oleo
e
Gas
SA *
111,951
736,385
AES
Brasil
Energia
SA *
164,122
333,781
Enauta
Participacoes
SA
65,450
385,230
Excelerate
Energy,
Inc.
8,909
142,722
Karoon
Energy
Ltd. *
532,935
752,846
Modec,
Inc.
13,600
275,119
Petroreconcavo
SA
103,450
485,753
3,111,836
Financial
Services
:
0.6%
Vinci
Partners
Investments
Ltd.
14,382
162,517
Underline
Food,
Beverage
&
Tobacco
:
6.3%
Adecoagro
SA
34,525
380,465
BrasilAgro
-
Co.
Brasileira
de
Propriedades
Agricolas
34,800
170,413
Camil
Alimentos
SA
79,200
141,806
Jalles
Machado
SA
109,067
171,797
Marfrig
Global
Foods
SA *
223,163
458,749
Minerva
SA
190,750
256,722
Tres
Tentos
Agroindustrial
SA
82,900
173,886
1,753,838
Health
Care
Equipment
&
Services
:
5.3%
CM
Hospitalar
SA *
92,800
113,793
Fleury
SA
203,787
609,484
Hospital
Mater
Dei
SA
28,000
32,604
Odontoprev
SA
154,390
374,324
Oncoclinicas
do
Brasil
Servicos
Medicos
SA *
193,000
340,561
1,470,766
Insurance
:
1.0%
IRB-Brasil
Resseguros
SA *
37,223
277,202
Underline
Materials
:
5.2%
Cia
Brasileira
de
Aluminio
139,250
113,279
Dexco
SA
235,750
361,000
ERO
Copper
Corp. *
†
43,055
830,101
Irani
Papel
e
Embalagem
SA
70,200
128,911
1,433,291
Media
&
Entertainment
:
0.8%
VTEX *
28,423
232,216
Underline
Pharmaceuticals,
Biotechnology
&
Life
Sciences
:
0.2%
Blau
Farmaceutica
SA
21,450
53,247
Underline
Real
Estate
Management
&
Development
:
3.4%
Iguatemi
SA
145,950
678,330
JHSF
Participacoes
SA
171,700
167,064
LOG
Commercial
Properties
e
Participacoes
SA
22,400
102,009
947,403
VANECK
BRAZIL
SMALL-CAP
ETF
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
2
Number
of
Shares
Value
Semiconductors
&
Semiconductor
Equipment
:
1.8%
SMART
Global
Holdings,
Inc. *
†
18,616
$
489,973
Underline
Software
&
Services
:
1.2%
LWSA
SA
144A
186,600
217,280
Sonda
SA
266,513
118,697
335,977
Technology
Hardware
&
Equipment
:
1.6%
Intelbras
SA
Industria
de
Telecomunicacao
Eletronica
Brasileira
61,300
256,547
Ituran
Location
and
Control
Ltd.
3,988
111,504
Multilaser
Industrial
SA *
136,400
66,631
434,682
Transportation
:
8.3%
Azul
SA
(ADR) *
†
64,763
503,208
EcoRodovias
Infraestrutura
e
Logistica
SA
171,340
278,427
Hidrovias
do
Brasil
SA *
298,400
255,241
Log-in
Logistica
Intermodal
SA *
7,850
61,104
Movida
Participacoes
SA
84,350
142,955
Santos
Brasil
Participacoes
SA
287,400
763,283
SIMPAR
SA
210,050
311,176
2,315,394
Utilities
:
7.6%
Alupar
Investimento
SA
136,606
832,372
Cia
de
Saneamento
de
Minas
Gerais
Copasa
MG
113,788
494,139
Cia
De
Sanena
Do
Parana *
92,800
481,634
Light
SA *
99,100
101,957
Serena
Energia
SA *
111,802
209,765
2,119,867
Total
Common
Stocks
(Cost:
$20,916,264)
24,353,384
PREFERRED
SECURITIES:
12.1%
Banks
:
3.6%
Banco
ABC
Brasil
SA
55,198
266,756
Banco
do
Estado
do
Rio
Grande
do
Sul
SA
118,500
315,424
Banco
Pan
SA*
219,650
416,929
999,109
Capital
Goods
:
3.6%
Marcopolo
SA*
456,190
685,822
Randon
SA
Implementos
e
Participacoes*
118,950
305,237
991,059
Consumer
Cyclicals
:
0.7%
Alpargatas
SA*
96,000
182,414
Underline
Energy
:
1.8%
Raizen
SA
714,100
504,030
Underline
Information
Technology
:
0.9%
Cia
de
Ferro
Ligas
da
Bahia
FERBASA*
87,750
151,692
Taurus
Armas
SA
42,100
112,985
264,677
Number
of
Shares
Value
Materials
:
1.5%
Unipar
Carbocloro
SA
31,000
$
412,147
Underline
Total
Preferred
Securities
(Cost:
$2,507,408)
3,353,436
Total
Investments
Before
Collateral
for
Securities
Loaned:
99.8%
(Cost:
$23,423,672)
27,706,820
SHORT-TERM
INVESTMENT
HELD
AS
COLLATERAL
FOR
SECURITIES
ON
LOAN:
3.4%
Money
Market
Fund:
3.4%
(Cost:
$947,551)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
947,551
947,551
Total
Investments:
103.2%
(Cost:
$24,371,223)
28,654,371
Liabilities
in
excess
of
other
assets:
(3.2)%
(901,260)
NET
ASSETS:
100.0%
$
27,753,111
3
FootnoteRuleAboveBlank
Footnotes:
Definitions:
ADR
American
Depositary
Receipt
BDR
Brazilian
Depositary
Receipt
*
Non-income
producing
†
Security
fully
or
partially
on
loan.
Total
market
value
of
securities
on
loan
is
$1,627,323.
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
$217,280,
or
0.8%
of
net
assets.