As of June 21, 2024

MOAT - VanEck
Morningstar Wide Moat ETF
VanEck Morningstar Wide Moat ETF seeks to track, before fees and expenses, the price and yield performance of the Morningstar®
Wide Moat Focus IndexSM. The index provides exposure to U.S. companies with Morningstar® US Economic MoatTM ratings of Wide that
are trading at the lowest current market price to fair value ratios. The index has a staggered rebalance in which it is divided into two
sub-portfolios, each with 40 stocks. One sub-portfolio reconstitutes in December and June; the other in March and September. The
information here pertains only to the sub-portfolio being reconstituted.
Reconstituted Index Sub-Portfolio Added Index Constituents
Price/ Weight Price/ Previous Failed
Name Ticker Name Ticker
Fair Value (%) Fair Value Screen1
1 Estee Lauder Companies A EL 0.56 2.50 1 Kenvue Inc KVUE 0.72 Other*
2 Zimmer Biomet Holdings ZBH 0.62 2.50 2 Starbucks Corporation SBUX 0.83 P/FV
3 MarketAxess Holdings Inc. MKTX 0.65 2.50 3 Adobe Inc Shs ADBE 0.76 P/FV
4 Bio-Rad Laboratories Inc. BIO 0.65 2.50 4 Autodesk Inc. ADSK 0.77 P/FV
5 Etsy Inc Shs ETSY 0.65 2.50 5 Fortinet Inc. FTNT 0.78 P/FV
6 Pfizer Inc. PFE 0.67 2.50 6 Bio-Rad Laboratories [Link] BIO 0.65 Moat Rating
7 Gilead Sciences Inc. GILD 0.67 2.50 7 Northrop Grumman Corporation NOC 0.77 P/FV
8 Bristol-Myers Squibb BMY 0.68 2.50 8 Clorox Company CLX 0.78 P/FV
9 Comcast Corporation A CMCSA 0.68 2.50 9 Brown-Forman Corporation B BF/B 0.79 P/FV
10 Veeva Systems Inc Shs -A- VEEV 0.70 2.50 10 Workday Inc WDAY 0.79 P/FV
11 Campbell Soup Company CPB 0.71 2.50 11 Rockwell Automation Inc ROK 0.82 P/FV
12 TransUnion Shs TRU 0.72 2.50 12 Boeing Company BA 0.84 P/FV
13 Kenvue Inc KVUE 0.72 2.50
1
Screen failed at previous sub-portfolio reconstitution. P/FV represents Price/Fair Value and Moat
represents Economic Moat Rating.
14 U.S. Bancorp Shs USB 0.73 2.50 *Addition to Universe.
15 Corteva Inc Ordinary Shares CTVA 0.74 2.50
16 Nike Inc. B NKE 0.74 2.50
17 International Flavors & IFF 0.75 2.50
18 Adobe Inc Shs ADBE 0.76 2.50 Removed Index Constituents Failed Screen (Reason for Removal)

19 Autodesk Inc. ADSK 0.77 2.50 Moat Price/

Name Ticker Other
Rating Fair Value
20 Huntington Ingalls Industries HII 0.77 2.50
1 Berkshire Hathaway Inc. B BRK/B •
21 Northrop Grumman NOC 0.77 2.50
2 Intercontinental Exchange Inc ICE •
22 Fortinet Inc. FTNT 0.78 2.50
3 Tyler Technologies Inc. TYL •
23 Clorox Company CLX 0.78 2.50
4 Charles Schwab Corp SCHW •
24 Brown-Forman Corporation B BF/B 0.79 2.50
5 Bank of New York Mellon BK •
25 Workday Inc WDAY 0.79 2.50
6 Wells Fargo & Co WFC •
26 Allegion PLC ALLE 0.81 2.50
7 Alphabet Inc Class A GOOGL •
27 Rockwell Automation Inc ROK 0.82 2.50
8 Bank of America Corporation BAC •
28 Starbucks Corporation SBUX 0.83 2.50
9 Teradyne Inc. TER •
29 Boeing Company BA 0.84 2.50
10 Ecolab Inc. ECL •
30 Masco Corporation MAS 0.84 2.50
11 Biogen Inc Shs BIIB •
31 Salesforce Inc CRM 0.85 2.50
12 Medtronic PLC Shs MDT •
32 Keysight Technologies Inc KEYS 0.87 2.50
Index Exposure Legend:
33 Equifax Inc. EFX 0.87 2.50
Full circle indicates that the company is currently held in both sub-portfolios
34 Agilent Technologies Inc A 0.87 2.50 Half circle indicates that the company is held in only one sub-portfolio
Empty circle indicates that the company is not currently held in the Index
35 The Walt Disney Co Shs DIS 0.88 2.50
36 Thermo Fisher Scientific Inc. TMO 0.91 2.50
37 RTX Corp RTX 0.93 2.50
38 Waters Corporation WAT 0.93 2.50
39 Emerson Electric Company EMR 0.94 2.50
40 Altria Group Inc. MO 0.95 2.50

[Link] | 800.826.2333 1
Next 10 Potential Index Constituents
Price/
Name Ticker
Fair Value
1 McDonald's Corporation MCD 0.85
2 Palo Alto Networks Inc PANW 0.86
3 United Parcel Service Inc. UPS 0.87
4 CME Group A CME 0.88
5 Northern Trust Corporation NTRS 0.89
6 Blackrock Inc. BLK 0.89
7 Johnson & Johnson JNJ 0.89
8 Mondelez International Inc Common Stock A MDLZ 0.90
9 ServiceNow Inc NOW 0.90
10 The Hershey Company HSY 0.91

Index Holdings

Name Ticker Weight (%) Name Ticker Weight (%)

1 International Flavors & Fragrances IFF 2.83 31 [Link] Inc. AMZN 1.35
2 RTX Corp RTX 2.73 32 Charles Schwab Corp Common Stock SCHW 1.35
3 Altria Group Inc. MO 2.65 33 Microsoft Corp Common Stock MSFT 1.35
4 Pfizer Inc. PFE 2.54 34 Lockheed Martin Corporation LMT 1.33
5 Campbell Soup Company CPB 2.49 35 Microchip Technology Inc Common MCHP 1.33
6 Nike Inc. B NKE 2.48 36 Honeywell International Inc. HON 1.31
7 Corteva Inc Ordinary Shares CTVA 2.44 37 Biogen Inc Shs BIIB 1.30
8 Etsy Inc Shs ETSY 2.44 38 Roper Technologies Inc Common ROP 1.29
9 Kenvue Inc KVUE 2.43 39 PepsiCo Inc Common Stock PEP 1.27
10 MarketAxess Holdings Inc. MKTX 2.43 40 Thermo Fisher Scientific Inc. TMO 1.25
11 Allegion PLC ALLE 2.39 41 Boeing Company BA 1.25
12 TransUnion Shs TRU 2.39 42 Waters Corporation WAT 1.25
13 Comcast Corporation A CMCSA 2.39 43 Rockwell Automation Inc ROK 1.25
14 Agilent Technologies Inc Common A 2.38 44 Workday Inc WDAY 1.25
15 Gilead Sciences Inc. GILD 2.37 45 Brown-Forman Corporation B BF/B 1.25
16 U.S. Bancorp Shs USB 2.37 46 Clorox Company CLX 1.25
17 Starbucks Corporation SBUX 2.34 47 Huntington Ingalls Industries Inc. HII 1.25
18 Equifax Inc. EFX 2.34 48 Northrop Grumman Corporation NOC 1.25
19 Zimmer Biomet Holdings Inc Shs ZBH 2.34 49 Masco Corporation MAS 1.25
20 Adobe Inc Shs ADBE 2.32 50 Salesforce Inc CRM 1.25
21 Autodesk Inc. ADSK 2.30 51 Keysight Technologies Inc KEYS 1.25
22 Fortinet Inc. FTNT 2.30 52 Bio-Rad Laboratories [Link] A Shs BIO 1.25
23 Veeva Systems Inc Shs -A- VEEV 2.30 53 The Walt Disney Co Shs DIS 1.25
24 Estee Lauder Companies A EL 2.26 54 Emerson Electric Company EMR 1.25
25 Bristol-Myers Squibb Company BMY 2.26 55 Medtronic PLC Shs MDT 1.20
26 Teradyne Inc. TER 1.69
27 Alphabet Inc Class A GOOGL 1.68
28 C.H. Robinson Worldwide Inc Shs CHRW 1.47
29 Tyler Technologies Inc. TYL 1.44
30 Philip Morris International Inc PM 1.43

[Link] | 800.826.2333 2
Risks and Important Disclosures

Past performance is no guarantee of future results.

Source of all information: Morningstar. Holdings as of June 21, 2024. Price/Fair Value as of June 14, 2024. Weights as of June 11,
2024.
This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets
mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax
advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking
statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication,
and are subject to change without notice. Actual future performance of any assets or industries mentioned are unknown.
Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or
completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein
represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.

Fair value estimate: the Morningstar analyst’s estimate of what a stock is worth. Price/Fair Value: ratio of a stock’s trading price to
its fair value estimate.
Economic Moat ratings represent the sustainability of a company’s competitive advantage. Wide and narrow moat ratings
represent Morningstar’s belief that a company may maintain its advantage for at least 20 years and at least 10 years, respectively.
An economic moat rating of none indicates that a company has either no advantage or an unsustainable one. Quantitative factors
used to identify competitive advantages include returns on invested capital relative to cost of capital, while qualitative factors
used to identify competitive advantages include customer switching cost, cost advantages, intangible assets, network effects, and
efficient scale.
The Morningstar® Wide Moat Focus IndexSM was created and is maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor,
endorse, issue, sell, or promote the VanEck Morningstar Wide Moat ETF and bears no liability with respect to that ETF or any
security. Morningstar® is a registered trademark of Morningstar, Inc. Morningstar Wide Moat Focus Index is a service mark of
Morningstar, Inc.
Indices are unmanaged and are not securities in which an investment can be made.
An investment in the Fund may be subject to risks which include, among others, risks related to investing in equity securities,
health care sector, industrials sector, information technology sector, financials sector, medium-capitalization companies, market,
operational, high portfolio turnover, index tracking, authorized participant concentration, no guarantee of active trading market,
trading issues, passive management, fund shares trading, premium/discount risk and liquidity of fund shares, non-diversification
and index-related concentration risks, all of which may adversely affect the Fund. Medium-capitalization companies may be subject
to elevated risks.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider
the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and
summary prospectus, which contains this and other information, call 800.826.2333 or visit [Link]. Please read the
prospectus and summary prospectus carefully before investing.

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A wholly owned subsidiary of Van Eck Associates Corporation.
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