UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
INVESTMENT COMPANY ACT FILE NUMBER: 811-10325
VANECK VECTORS ETF TRUST
(Exact name of registrant as specified in its charter)
| 666 Third Avenue - New York, NY | 10017 | |
| (Address of principal executive offices) | (Zip Code) |
John J. Crimmins
Treasurer & Chief Financial Officer
VanEck Vectors ETF Trust
666 Third Avenue
New York, NY 10017
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 293-2000
| Date of fiscal year end: | September 30 | |
| Date of reporting period: | June 30, 2016 |
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1 -5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N -Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
ITEM 1. Schedule of Investments.
BIOTECH ETF
SCHEDULE OF INVESTMENTS
June 30, 2016 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.1% | ||||||||
| Ireland: 1.8% | ||||||||
| 212,541 | Alkermes Plc (USD) * | $ | 9,186,022 | |||||
| Netherlands: 2.7% | ||||||||
| 620,735 | Qiagen NV (USD) * | 13,538,230 | ||||||
| Spain: 2.6% | ||||||||
| 793,173 | Grifols SA (ADR) | 13,222,194 | ||||||
| United States: 93.0% | ||||||||
| 174,634 | Alexion Pharmaceuticals, Inc. * | 20,390,266 | ||||||
| 155,123 | Alnylam Pharmaceuticals, Inc. * | 8,607,775 | ||||||
| 471,015 | Amgen, Inc. | 71,664,932 | ||||||
| 133,685 | Biogen Idec, Inc. * | 32,327,707 | ||||||
| 288,384 | BioMarin Pharmaceutical, Inc. * | 22,436,275 | ||||||
| 49,209 | Bluebird Bio, Inc. * † | 2,130,258 | ||||||
| 563,385 | Celgene Corp. * | 55,566,663 | ||||||
| 151,023 | Cepheid, Inc. * | 4,643,957 | ||||||
| 143,139 | Charles River Laboratories International, Inc. * | 11,800,379 | ||||||
| 846,192 | Gilead Sciences, Inc. | 70,589,337 | ||||||
| 166,962 | Illumina, Inc. * | 23,438,126 | ||||||
| 284,622 | Incyte Corp. * | 22,764,068 | ||||||
| 30,946 | Intercept Pharmaceuticals, Inc. * † | 4,415,375 | ||||||
| 232,391 | Ionis Pharmaceuticals, Inc. * † | 5,412,386 | ||||||
| 403,749 | Medivation, Inc. * | 24,346,065 | ||||||
| 189,172 | Neurocrine Biosciences Inc * | 8,597,867 | ||||||
| 19,237 | Puma Biotechnology, Inc. * † | 573,070 | ||||||
| 261,238 | Quintiles Transnational Holdings, Inc. * | 17,064,066 | ||||||
| 69,279 | Regeneron Pharmaceuticals, Inc. * | 24,194,305 | ||||||
| 181,517 | Seattle Genetics, Inc. * † | 7,335,102 | ||||||
| 100,547 | United Therapeutics Corp. * | 10,649,938 | ||||||
| 256,402 | Vertex Pharmaceuticals, Inc. * | 22,055,700 | ||||||
| 471,003,617 | ||||||||
Total Common Stocks (Cost: $644,456,344) | 506,950,063 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 3.7% | ||||||||
| Repurchase Agreements: 3.7% | ||||||||
| $ | 4,489,230 | Repurchase agreement dated 6/30/16 with Citigroup Global Markets, Inc., 0.44%, due 7/1/16, proceeds $4,489,285; (collateralized by various U.S. government and agency obligations, 0.50% to 7.50%, due 4/30/17 to 3/15/57, valued at $4,579,015 including accrued interest) | 4,489,230 | |||||
| 4,489,230 | Repurchase agreement dated 6/30/16 with Credit Agricole CIB, 0.48%, due 7/1/16, proceeds $4,489,290; (collateralized by various U.S. government and agency obligations, 0.00% to 8.13%, due 7/21/16 to 8/15/25, valued at $4,579,016 including accrued interest) | 4,489,230 | ||||||
| 4,489,230 | Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $4,489,292; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $4,579,015 including accrued interest) | 4,489,230 | ||||||
| 944,930 | Repurchase agreement dated 6/30/16 with Mizuho Securities USA, Inc., 0.45%, due 7/1/16, proceeds $944,942; (collateralized by various U.S. government and agency obligations, 1.00% to 8.00%, due 6/1/22 to 11/20/45, valued at $963,829 including accrued interest) | 944,930 | ||||||
| 4,489,230 | Repurchase agreement dated 6/30/16 with Nomura Securities International, Inc., 0.42%, due 7/1/16, proceeds $4,489,282; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 12/1/16 to 5/20/66, valued at $4,579,015 including accrued interest) | 4,489,230 | ||||||
| Total Short-Term Investments Held as Collateral
for Securities Loaned (Cost: $18,901,850) | 18,901,850 | |||||||
| Total Investments: 103.8% (Cost: $663,358,194) | 525,851,913 | |||||||
| Liabilities in excess of other assets: (3.8)% | (19,304,546 | ) | ||||||
| NET ASSETS: 100.0% | $ | 506,547,367 | ||||||
| ADR | American Depositary Receipt |
| USD | United States Dollar |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $18,346,532. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Biotechnology | 79.4 | % | $ | 402,565,712 | ||||
| Health Care | 11.0 | 55,607,616 | ||||||
| Life Sciences Tools & Services | 9.6 | 48,776,735 | ||||||
| 100.0 | % | $ | 506,950,063 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks* | $ | 506,950,063 | $ | — | $ | — | $ | 506,950,063 | ||||||||
| Repurchase Agreements | — | 18,901,850 | — | 18,901,850 | ||||||||||||
| Total | $ | 506,950,063 | $ | 18,901,850 | $ | — | $ | 525,851,913 | ||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the period ended June 30, 2016.
See Notes to Schedules of Investments
ENVIRONMENTAL SERVICES ETF
SCHEDULE OF INVESTMENTS
June 30, 2016 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.1% | ||||||||
| Canada: 10.2% | ||||||||
| 23,916 | Waste Connections, Inc. (USD) | $ | 1,723,148 | |||||
| United Kingdom: 4.2% | ||||||||
| 10,432 | Steris Plc (USD) | 717,200 | ||||||
| United States: 85.7% | ||||||||
| 19,267 | ABM Industries, Inc. | 702,860 | ||||||
| 24,455 | Calgon Carbon Corp. | 321,583 | ||||||
| 9,966 | Cantel Medical Corp. | 684,963 | ||||||
| 39,100 | Ceco Environmental Corp. | 341,734 | ||||||
| 11,598 | Clarcor, Inc. | 705,506 | ||||||
| 13,420 | Clean Harbors, Inc. * | 699,316 | ||||||
| 42,303 | Covanta Holding Corp. | 695,884 | ||||||
| 47,430 | Darling International, Inc. * | 706,707 | ||||||
| 19,683 | Donaldson Company, Inc. | 676,308 | ||||||
| 47,494 | Layne Christensen Co. * | 384,701 | ||||||
| 59,726 | Newpark Resources, Inc. * | 345,814 | ||||||
| 33,842 | Republic Services, Inc. | 1,736,433 | ||||||
| 20,718 | Schnitzer Steel Industries, Inc. | 364,637 | ||||||
| 16,503 | Stericycle, Inc. * | 1,718,292 | ||||||
| 12,819 | Tennant Co. | 690,560 | ||||||
| 13,062 | Tenneco, Inc. * | 608,820 | ||||||
| 22,789 | Tetra Tech, Inc. | 700,648 | ||||||
| 15,183 | US Ecology, Inc. | 697,659 | ||||||
| 26,662 | Waste Management, Inc. | 1,766,891 | ||||||
| 14,549,316 | ||||||||
Total Common Stocks (Cost: $15,573,606) |
16,989,664 | |||||||
| MONEY MARKET FUND: 0.1% (Cost: $20,666) |
||||||||
| 20,666 | Dreyfus Government Cash Management Fund | 20,666 | ||||||
Total Investments: 100.2% (Cost: $15,594,272) |
17,010,330 | |||||||
| Liabilities in excess of other assets: (0.2)% | (38,555 | ) | ||||||
| NET ASSETS: 100.0% | $ | 16,971,775 | ||||||
| USD | United States Dollar |
| * | Non-income producing |
| Summary of Investments by Sector (unaudited) | % of Investments | Value | ||||||
| Consumer Discretionary | 3.6 | % | $ | 608,820 | ||||
| Consumer Staples | 4.2 | 706,707 | ||||||
| Energy | 2.0 | 345,814 | ||||||
| Health Care | 8.3 | 1,402,163 | ||||||
| Industrials | 77.8 | 13,239,940 | ||||||
| Materials | 4.0 | 686,220 | ||||||
| Money Market Fund | 0.1 | 20,666 | ||||||
| 100.0 | % | $ | 17,010,330 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks* | $ | 16,989,664 | $ | — | $ | — | $ | 16,989,664 | ||||||||
| Money Market Fund | 20,666 | — | — | 20,666 | ||||||||||||
| Total | $ | 17,010,330 | $ | — | $ | — | $ | 17,010,330 | ||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the period ended June 30, 2016.
See Notes to Schedules of Investments
GAMING ETF
SCHEDULE OF INVESTMENTS
June 30, 2016 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 94.5% | ||||||||
| Australia: 16.1% | ||||||||
| 75,581 | Aristocrat Leisure Ltd. # | $ | 785,008 | |||||
| 57,200 | Crown Ltd. # | 543,181 | ||||||
| 97,949 | Star Entertainment Group Ltd. # | 398,473 | ||||||
| 120,864 | TABCORP Holdings Ltd. # | 415,679 | ||||||
| 227,570 | Tatts Group Ltd. # | 653,832 | ||||||
| 2,796,173 | ||||||||
| Canada: 1.5% | ||||||||
| 10,404 | Amaya, Inc. (USD) * | 159,493 | ||||||
| 11,788 | Intertain Group Ltd. * | 94,852 | ||||||
| 254,345 | ||||||||
| China / Hong Kong: 18.7% | ||||||||
| 342,240 | Galaxy Entertainment Group Ltd. # | 1,024,009 | ||||||
| 17,101 | Melco Crown Entertainment Ltd. (ADR) † | 215,131 | ||||||
| 69,400 | Melco International Development Ltd. # | 65,098 | ||||||
| 139,700 | MGM China Holdings Ltd. # | 182,411 | ||||||
| 374,400 | Sands China Ltd. # | 1,266,962 | ||||||
| 359,000 | SJM Holdings Ltd. # | 219,819 | ||||||
| 182,400 | Wynn Macau Ltd. # | 264,318 | ||||||
| 3,237,748 | ||||||||
| Greece: 1.2% | ||||||||
| 30,381 | OPAP SA # | 211,970 | ||||||
| Ireland: 6.4% | ||||||||
| 10,497 | Paddy Power Betfair Plc # | 1,104,389 | ||||||
| Japan: 5.1% | ||||||||
| 10,300 | Heiwa Corp. # | 210,291 | ||||||
| 8,879 | Sankyo Co. Ltd. # | 335,091 | ||||||
| 30,700 | Sega Sammy Holdings, Inc. # | 332,818 | ||||||
| 878,200 | ||||||||
| Malaysia: 4.0% | ||||||||
| 112,567 | Berjaya Sports Toto Bhd | 84,882 | ||||||
| 483,098 | Genting Malaysia Bhd # | 534,145 | ||||||
| 142,640 | Magnum Bhd | 81,377 | ||||||
| 700,404 | ||||||||
| Malta: 1.4% | ||||||||
| 26,915 | Unibet Group Plc (SDR) # | 246,911 | ||||||
| New Zealand: 1.7% | ||||||||
| 90,014 | Sky City Entertainment Group Ltd. # | 293,901 | ||||||
| Singapore: 2.9% | ||||||||
| 943,300 | Genting Singapore Plc # | 512,155 | ||||||
| South Africa: 0.9% | ||||||||
| 82,392 | Tsogo Sun Holdings Ltd. # | 149,997 | ||||||
| South Korea: 4.0% | ||||||||
| 16,446 | Kangwon Land, Inc. # | 596,744 | ||||||
| 7,749 | Paradise Co. Ltd. # | 102,704 | ||||||
| 699,448 | ||||||||
| Sweden: 2.6% | ||||||||
| 18,573 | Betsson AB # | 155,125 | ||||||
| 30,703 | NetEnt AB # | 303,634 | ||||||
| 458,759 | ||||||||
| United Kingdom: 7.0% | ||||||||
| 40,978 | GVC Holdings Plc | 308,408 | ||||||
| 102,099 | Ladbrokes Plc # | 153,079 | ||||||
| 33,421 | Playtech Ltd. # | 357,030 | ||||||
| 114,635 | William Hill Plc # | 396,512 | ||||||
| 1,215,029 | ||||||||
| United States: 21.0% | ||||||||
| 10,300 | Boyd Gaming Corp. * | 189,520 | ||||||
| 1,172 | Churchill Downs, Inc. | 148,094 | ||||||
| 16,123 | International Game Technology Plc | 302,145 | ||||||
| 31,546 | Las Vegas Sands Corp. | 1,371,936 | ||||||
| 48,860 | MGM Mirage * | 1,105,702 | ||||||
| 7,493 | Penn National Gaming, Inc. * | 104,527 | ||||||
| 4,592 | Wynn Resorts Ltd. † | 416,219 | ||||||
| 3,638,143 | ||||||||
Total Common Stocks (Cost: $22,551,763) |
16,397,572 | |||||||
| REAL ESTATE INVESTMENT TRUST: 5.5% (Cost: $979,615) |
||||||||
| United States: 5.5% | ||||||||
| 27,686 | Gaming and Leisure Properties, Inc. | 954,613 | ||||||
| MONEY MARKET FUND: 0.1% (Cost: $19,156) |
||||||||
| 19,156 | Dreyfus Government Cash Management Fund | 19,156 | ||||||
| Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $23,550,534) |
17,371,341 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.7% (Cost: $303,652) |
||||||||
| Repurchase Agreement: 1.7% | ||||||||
| $ | 303,652 | Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $303,656; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $309,725 including accrued interest) | 303,652 | |||||
Total Investments: 101.8% (Cost: $23,854,186) |
17,674,993 | |||||||
| Liabilities in excess of other assets: (1.8)% | (321,013 | ) | ||||||
| NET ASSETS: 100.0% | $ | 17,353,980 | ||||||
| ADR | American Depositary Receipt |
| SDR | Special Drawing Right |
| USD | United States Dollar |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $294,186. |
| # | Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $11,815,286 which represents 68.1% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Consumer Discretionary | 90.6 | % | $ | 15,736,908 | ||||
| Financials | 5.5 | 954,613 | ||||||
| Information Technology | 3.8 | 660,664 | ||||||
| Money Market Fund | 0.1 | 19,156 | ||||||
| 100.0 | % | $ | 17,371,341 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 2,796,173 | $ | — | $ | 2,796,173 | ||||||||
| Canada | 254,345 | — | — | 254,345 | ||||||||||||
| China / Hong Kong | 215,131 | 3,022,617 | — | 3,237,748 | ||||||||||||
| Greece | — | 211,970 | — | 211,970 | ||||||||||||
| Ireland | — | 1,104,389 | — | 1,104,389 | ||||||||||||
| Japan | — | 878,200 | — | 878,200 | ||||||||||||
| Malaysia | 166,259 | 534,145 | — | 700,404 | ||||||||||||
| Malta | — | 246,911 | — | 246,911 | ||||||||||||
| New Zealand | — | 293,901 | — | 293,901 | ||||||||||||
| Singapore | — | 512,155 | — | 512,155 | ||||||||||||
| South Africa | — | 149,997 | — | 149,997 | ||||||||||||
| South Korea | — | 699,448 | — | 699,448 | ||||||||||||
| Sweden | — | 458,759 | — | 458,759 | ||||||||||||
| United Kingdom | 308,408 | 906,621 | — | 1,215,029 | ||||||||||||
| United States | 3,638,143 | — | — | 3,638,143 | ||||||||||||
| Real Estate Investment Trust | ||||||||||||||||
| United States | 954,613 | — | — | 954,613 | ||||||||||||
| Money Market Fund | 19,156 | — | — | 19,156 | ||||||||||||
| Repurchase Agreement | — | 303,652 | — | 303,652 | ||||||||||||
| Total | $ | 5,556,055 | $ | 12,118,938 | $ | — | $ | 17,674,993 | ||||||||
During the period ended June 30, 2016, transfers of securities from Level 2 to Level 1 were $255,294. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities’ primary market (Level 1) and valuation by a pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedules of Investments.
See Notes to Schedules of Investments
GENERIC DRUGS ETF
SCHEDULE OF INVESTMENTS
June 30, 2016 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.8% | ||||||||
| Belgium: 3.6% | ||||||||
| 1,155 | UCB SA # | $ | 86,820 | |||||
| Canada: 0.5% | ||||||||
| 5,113 | ProMetic Life Sciences, Inc. * | 10,984 | ||||||
| China / Hong Kong: 5.3% | ||||||||
| 9,500 | 3SBio, Inc. * # Reg S 144A | 9,803 | ||||||
| 38,000 | CSPC Pharmaceutical Group Ltd. # | 33,952 | ||||||
| 2,000 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. # | 4,745 | ||||||
| 7,500 | Luye Pharma Group Ltd. * # | 4,618 | ||||||
| 3,500 | Shanghai Fosun Pharmaceutical Group Co. Ltd. # | 8,578 | ||||||
| 7,200 | Shanghai Pharmaceuticals Holding Co. Ltd. # | 15,965 | ||||||
| 41,000 | Sino Biopharmaceutical Ltd. # | 26,910 | ||||||
| 4,800 | Sinopharm Group Co. Ltd. # | 23,058 | ||||||
| 127,629 | ||||||||
| Finland: 1.6% | ||||||||
| 970 | Orion OYJ # | 37,706 | ||||||
| Germany: 1.3% | ||||||||
| 602 | Stada Arzneimittel AG # | 31,234 | ||||||
| Hungary: 1.1% | ||||||||
| 1,339 | Richter Gedeon Nyrt # | 26,667 | ||||||
| India: 16.3% | ||||||||
| 213 | Ajanta Pharma Ltd. # | 4,755 | ||||||
| 2,430 | Aurobindo Pharma Ltd. # | 26,807 | ||||||
| 674 | Biocon Ltd. # | 7,417 | ||||||
| 2,496 | Cadila Healthcare Ltd. # | 12,167 | ||||||
| 4,505 | Cipla Ltd. # | 33,530 | ||||||
| 1,202 | Divi’s Laboratories Ltd. # | 19,811 | ||||||
| 1,232 | Dr. Reddy’s Laboratories Ltd. (ADR) † | 63,115 | ||||||
| 1,351 | Glenmark Pharmaceuticals Ltd. # | 16,051 | ||||||
| 546 | Ipca Laboratories Ltd. # | 3,964 | ||||||
| 2,264 | Lupin Ltd. # | 51,794 | ||||||
| 1,462 | Natco Pharma Ltd. # | 12,598 | ||||||
| 647 | Strides Shasun Ltd. # | 10,860 | ||||||
| 10,181 | Sun Pharmaceuticals Industries Ltd. # | 115,436 | ||||||
| 430 | Torrent Pharmaceuticals Ltd. # | 8,762 | ||||||
| 265 | Wockhardt Ltd. * # | 3,682 | ||||||
| 390,749 | ||||||||
| Indonesia: 1.0% | ||||||||
| 196,200 | Kalbe Farma Tbk PT # | 22,832 | ||||||
| Ireland: 10.8% | ||||||||
| 1,444 | Alkermes Plc (USD) * | 62,410 | ||||||
| 60 | COSMO Pharmaceuticals NV (CHF) * # | 9,821 | ||||||
| 1,966 | Endo International Plc (USD) * | 30,650 | ||||||
| 541 | ICON Plc (USD) * | 37,875 | ||||||
| 1,286 | Perrigo Co. Plc (USD) | 116,602 | ||||||
| 257,358 | ||||||||
| Israel: 8.5% | ||||||||
| 129 | Taro Pharmaceutical Industries Ltd. (USD) * | 18,782 | ||||||
| 3,652 | Teva Pharmaceutical Industries Ltd. (ADR) | 183,440 | ||||||
| 202,222 | ||||||||
| Japan: 6.5% | ||||||||
| 400 | Hisamitsu Pharmaceutical Co., Inc. # | 23,216 | ||||||
| 200 | Kissei Pharmaceutical Co. Ltd. # | 4,039 | ||||||
| 2,300 | Kyowa Hakko Kirin Co. Ltd. # | 39,486 | ||||||
| 100 | Mochida Pharmaceutical Co. Ltd. # | 8,134 | ||||||
| 400 | Nichi-iko Pharmaceutical Co. Ltd. # | 8,228 | ||||||
| 300 | PeptiDream, Inc. * # | 18,061 | ||||||
| 300 | Sawai Pharmaceutical Co. Ltd. # | 23,409 | ||||||
| 300 | Taisho Pharmaceutical Holdings Co. Ltd. # | 31,777 | ||||||
| 156,350 | ||||||||
| Jordan: 1.6% | ||||||||
| 1,150 | Hikma Pharmaceuticals Plc (GBP) # | 38,029 | ||||||
| South Africa: 3.0% | ||||||||
| 2,884 | Aspen Pharmacare Holdings Ltd. * # | 71,549 | ||||||
| South Korea: 7.1% | ||||||||
| 861 | Celltrion, Inc. * # | 72,381 | ||||||
| 51 | Green Cross Corp. # | 8,392 | ||||||
| 212 | Green Cross Holdings Corp. # | 7,019 | ||||||
| 47 | Hanmi Pharm Co. Ltd. # | 29,088 | ||||||
| 102 | Hanmi Science Co. Ltd. # | 13,714 | ||||||
| 45 | Kolon Life Science, Inc. # | 6,213 | ||||||
| 37 | Medy-Tox, Inc. # | 13,994 | ||||||
| 71 | Yuhan Corp. # | 18,973 | ||||||
| 169,774 | ||||||||
| Spain: 0.3% | ||||||||
| 554 | Almirall SA # | 8,339 | ||||||
| Sweden: 1.8% | ||||||||
| 2,399 | Meda AB # | 43,440 | ||||||
| Switzerland: 3.5% | ||||||||
| 502 | Lonza Group AG # | 83,585 | ||||||
| Taiwan: 0.8% | ||||||||
| 1,000 | OBI Pharma, Inc. * # | 15,915 | ||||||
| 2,000 | ScinoPharm Taiwan Ltd. # | 2,728 | ||||||
| 18,643 | ||||||||
| United States: 25.2% | ||||||||
| 623 | Akorn, Inc. * | 17,746 | ||||||
| 1,080 | Albemarle Corp. | 85,655 | ||||||
| 303 | Cambrex Corp. * | 15,674 | ||||||
| 443 | Charles River Laboratories International, Inc. * | 36,521 | ||||||
| 89 | Eagle Pharmaceuticals Inc. * † | 3,452 | ||||||
| 1,008 | Halozyme Therapeutics, Inc. * † | 8,699 | ||||||
| 1,370 | Horizon Pharma Plc * † | 22,564 | ||||||
| 660 | Impax Laboratories, Inc. * | 19,021 | ||||||
| 413 | INC Research Holdings, Inc. * | 15,748 | ||||||
| 234 | Insys Therapeutics, Inc. * † | 3,028 | ||||||
| 196 | Ligand Pharmaceuticals, Inc. * † | 23,377 | ||||||
| 1,080 | Mallinckrodt Plc * | 65,642 | ||||||
| 3,810 | Mylan NV * | 164,744 | ||||||
| 1,308 | Nektar Therapeutics * | 18,613 | ||||||
| 3,144 | Opko Health, Inc. * † | 29,365 | ||||||
| 347 | Pacira Pharmaceuticals, Inc. * † | 11,704 | ||||||
| 196 | PRA Health Sciences, Inc. * | 8,185 | ||||||
| 802 | Quintiles Transnational Holdings, Inc. * | 52,387 | ||||||
| 602,125 | ||||||||
Total Common Stocks (Cost: $2,514,857) |
2,386,035 | |||||||
| MONEY MARKET FUND: 1.6% (Cost: $38,714) |
||||||||
| 38,714 | Dreyfus Government Cash Management Fund | 38,714 | ||||||
| Total Investments Before Collateral for Securities Loaned: 101.4% (Cost: $2,553,571) |
2,424,749 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 3.9% (Cost: $93,429) |
||||||||
| Repurchase Agreement: 3.9% | ||||||||
| $ | 93,429 | Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $93,430; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $95,298 including accrued interest) | 93,429 | |||||
Total Investments: 105.3% (Cost: $2,647,000) |
2,518,178 | |||||||
| Liabilities in excess of other assets: (5.3)% | (127,540 | ) | ||||||
| NET ASSETS: 100.0% | $ | 2,390,638 | ||||||
| ADR | American Depositary Receipt |
| CHF | Swiss Franc |
| GBP | British Pound |
| USD | United States Dollar |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $90,846. |
| # | Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,260,052 which represents 52.7% of net assets. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| 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, and the value amounted to $9,803, or 0.4% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Biotechnology | 12.2 | % | $ | 294,297 | ||||
| Health Care Distributors | 1.6 | 39,023 | ||||||
| Life Sciences Tools & Services | 11.1 | 269,786 | ||||||
| Pharmaceuticals | 70.0 | 1,697,274 | ||||||
| Specialty Chemicals | 3.5 | 85,655 | ||||||
| Money Market Fund | 1.6 | 38,714 | ||||||
| 100.0 | % | $ | 2,424,749 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Belgium | $ | — | $ | 86,820 | $ | — | $ | 86,820 | ||||||||
| Canada | 10,984 | — | — | 10,984 | ||||||||||||
| China / Hong Kong | — | 127,629 | — | 127,629 | ||||||||||||
| Finland | — | 37,706 | — | 37,706 | ||||||||||||
| Germany | — | 31,234 | — | 31,234 | ||||||||||||
| Hungary | — | 26,667 | — | 26,667 | ||||||||||||
| India | 63,115 | 327,634 | — | 390,749 | ||||||||||||
| Indonesia | — | 22,832 | — | 22,832 | ||||||||||||
| Ireland | 247,537 | 9,821 | — | 257,358 | ||||||||||||
| Israel | 202,222 | — | — | 202,222 | ||||||||||||
| Japan | — | 156,350 | — | 156,350 | ||||||||||||
| Jordan | — | 38,029 | — | 38,029 | ||||||||||||
| South Africa | — | 71,549 | — | 71,549 | ||||||||||||
| South Korea | — | 169,774 | — | 169,774 | ||||||||||||
| Spain | — | 8,339 | — | 8,339 | ||||||||||||
| Sweden | — | 43,440 | — | 43,440 | ||||||||||||
| Switzerland | — | 83,585 | — | 83,585 | ||||||||||||
| Taiwan | — | 18,643 | — | 18,643 | ||||||||||||
| United States | 602,125 | — | — | 602,125 | ||||||||||||
| Money Market Fund | 38,714 | — | — | 38,714 | ||||||||||||
| Repurchase Agreement | — | 93,429 | — | 93,429 | ||||||||||||
| Total | $ | 1,164,697 | $ | 1,353,481 | $ | — | $ | 2,518,178 | ||||||||
There were no transfers between levels during the period ended June 30, 2016.
See Notes to Schedules of Investments
GLOBAL SPIN-OFF ETF
SCHEDULE OF INVESTMENTS
June 30, 2016 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 83.8% | ||||||||
| Australia: 2.4% | ||||||||
| 16,855 | Orora Ltd. # | $ | 34,940 | |||||
| 26,437 | South32 Ltd. * # | 30,955 | ||||||
| 65,895 | ||||||||
| Cayman Islands: 1.2% | ||||||||
| 1,486 | Theravance Biopharma, Inc. (USD) * † | 33,717 | ||||||
| China / Hong Kong: 2.5% | ||||||||
| 5,500 | Cheung Kong Property Holdings Ltd. # | 34,654 | ||||||
| 394,000 | Global Brands Group Holding Ltd. * # | 34,664 | ||||||
| 69,318 | ||||||||
| Finland: 2.4% | ||||||||
| 5,271 | Caverion Corp. # | 33,798 | ||||||
| 2,467 | Valmet OYJ # | 32,960 | ||||||
| 66,758 | ||||||||
| France: 1.1% | ||||||||
| 580 | Groupe Fnac SA * # | 31,128 | ||||||
| Germany: 1.2% | ||||||||
| 636 | OSRAM Licht AG # | 33,080 | ||||||
| Ireland: 2.3% | ||||||||
| 494 | Allegion Plc (USD) | 34,298 | ||||||
| 891 | Prothena Corp. Plc (USD) * † | 31,149 | ||||||
| 65,447 | ||||||||
| New Zealand: 1.3% | ||||||||
| 11,797 | Chorus Ltd. # | 35,537 | ||||||
| Norway: 1.2% | ||||||||
| 7,828 | Aker Solutions ASA * # Reg S | 33,572 | ||||||
| Spain: 1.2% | ||||||||
| 5,711 | Distribuidora Internacional de Alimentacion SA # | 33,371 | ||||||
| Sweden: 1.2% | ||||||||
| 2,737 | Bonava AB * | 32,950 | ||||||
| United Kingdom: 1.2% | ||||||||
| 10,308 | Indivior Plc # | 34,829 | ||||||
| United States: 64.6% | ||||||||
| 563 | AbbVie, Inc. | 34,855 | ||||||
| 946 | Alexander & Baldwin, Inc. | 34,188 | ||||||
| 581 | AMC Networks, Inc. * | 35,104 | ||||||
| 1,925 | Armstrong Flooring, Inc. * | 32,629 | ||||||
| 1,157 | Associated Capital Group, Inc. | 33,183 | ||||||
| 1,644 | Babcock & Wilcox Enterprises, Inc. * | 24,150 | ||||||
| 68 | Cable One, Inc. | 34,776 | ||||||
| 2,387 | California Resources Corp. † | 29,121 | ||||||
| 613 | CDK Global, Inc. | 34,015 | ||||||
| 3,750 | Chemours Co. | 30,900 | ||||||
| 1,396 | CSRA, Inc. | 32,708 | ||||||
| 785 | CST Brands, Inc. | 33,818 | ||||||
| 675 | Energizer Holdings, Inc. | 34,756 | ||||||
| 1,507 | Engility Holdings, Inc. * | 31,828 | ||||||
| 1,501 | Fiesta Restaurant Group, Inc. * | 32,737 | ||||||
| 595 | Fortune Brands Home & Security, Inc. | 34,492 | ||||||
| 1,314 | FTD Cos, Inc. * | 32,797 | ||||||
| 2,290 | Gannett Co., Inc. | 31,625 | ||||||
| 1,290 | GCP Applied Technologies, Inc. * | 33,592 | ||||||
| 1,038 | Halyard Health, Inc. * | 33,756 | ||||||
| 1,770 | Hewlett Packard Enterprise Co. | 32,338 | ||||||
| 554 | Hyster-Yale Materials Handling, Inc. | 32,958 | ||||||
| 987 | Ingevity Corp. * | 33,598 | ||||||
| 1,119 | Keysight Technologies, Inc. * | 32,552 | ||||||
| 1,029 | KLX, Inc. * | 31,899 | ||||||
| 2,276 | Knowles Corp. * † | 31,136 | ||||||
| 2,029 | Lands’ End, Inc. * † | 33,316 | ||||||
| 574 | Liberty Broadband Corp. * | 34,096 | ||||||
| 1,529 | Liberty TripAdvisor Holdings, Inc. * | 33,455 | ||||||
| 1,382 | Lumentum Holdings, Inc. * | 33,444 | ||||||
| 200 | Madison Square Garden Co. * | 34,502 | ||||||
| 600 | Mallinckrodt Plc * | 36,468 | ||||||
| 1,956 | Manitowoc Foodservice, Inc. * | 34,465 | ||||||
| 965 | Marathon Petroleum Corp. | 36,631 | ||||||
| 532 | Marriott Vacations Worldwide Corp. | 36,437 | ||||||
| 468 | Murphy USA, Inc. * | 34,707 | ||||||
| 2,818 | Navient Corp. | 33,675 | ||||||
| 1,936 | New Media Investment Group, Inc. | 34,984 | ||||||
| 2,917 | News Corp. | 33,108 | ||||||
| 3,123 | NorthStar Asset Management Group, Inc. | 31,886 | ||||||
| 1,826 | NOW, Inc. * † | 33,124 | ||||||
| 546 | ONE Gas, Inc. | 36,358 | ||||||
| 945 | PayPal Holdings, Inc. * | 34,502 | ||||||
| 428 | Phillips 66 | 33,958 | ||||||
| 2,999 | Pinnacle Entertainment, Inc. * | 33,229 | ||||||
| 444 | Post Holdings, Inc. * | 36,714 | ||||||
| 589 | Science Applications International Corp. | 34,368 | ||||||
| 1,140 | SPX Flow, Inc. * | 29,720 | ||||||
| 1,223 | Starz * | 36,592 | ||||||
| 1,966 | Time, Inc. | 32,360 | ||||||
| 903 | TopBuild Corp. * | 32,689 | ||||||
| 717 | Vista Outdoor, Inc. * | 34,222 | ||||||
| 3,557 | WPX Energy, Inc. * | 33,116 | ||||||
| 741 | Xylem, Inc. | 33,086 | ||||||
| 1,804,723 | ||||||||
Total Common Stocks (Cost: $2,382,957) |
2,340,325 | |||||||
| REAL ESTATE INVESTMENT TRUSTS: 16.2% | ||||||||
| United States: 16.2% | ||||||||
| 3,733 | Altisource Residential Corp. † | 34,306 | ||||||
| 1,345 | Care Capital Properties, Inc. | 35,252 | ||||||
| 2,542 | CareTrust REIT, Inc. | 35,029 | ||||||
| 1,148 | Colony Starwood Homes † | 34,922 | ||||||
| 1,190 | Communications Sales & Leasing, Inc. * | 34,391 | ||||||
| 1,711 | Four Corners Property Trust, Inc. | 35,230 | ||||||
| 986 | Gaming and Leisure Properties, Inc. | 33,997 | ||||||
| 2,578 | New Residential Investment Corp. | 35,680 | ||||||
| 3,308 | New Senior Investment Group, Inc. | 35,329 | ||||||
| 3,321 | NorthStar Realty Europe Corp. † | 30,719 | ||||||
| 1,227 | Urban Edge Properties | 36,638 | ||||||
| 3,123 | WP Glimcher, Inc. | 34,946 | ||||||
| 2,071 | Xenia Hotels & Resorts, Inc. | 34,751 | ||||||
| Total Real Estate Investment Trusts (Cost: $458,987) |
451,190 | |||||||
| MONEY MARKET FUND: 0.5% (Cost: $13,735) |
||||||||
| 13,735 | Dreyfus Government Cash Management Fund | 13,735 | ||||||
| Total Investments Before Collateral for Securities Loaned: 100.5% (Cost: $2,855,679) |
2,805,250 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 8.3% (Cost: $232,616) |
||||||||
| Repurchase Agreement: 8.3% | ||||||||
| $ | 232,616 | Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $232,619; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $237,268 including accrued interest) | 232,616 | |||||
| Total Investments: 108.8% (Cost: $3,088,295) |
3,037,866 | |||||||
| Liabilities in excess of other assets: (8.8)% | (246,270 | ) | ||||||
| NET ASSETS: 100.0% | $ | 2,791,596 | ||||||
| USD | United States Dollar |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $225,116. |
| # | Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $403,488 which represents 14.5% of net assets. |
| Reg S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Consumer Discretionary | 26.5 | % | $ | 743,296 | ||||
| Consumer Staples | 3.7 | 104,841 | ||||||
| Energy | 5.9 | 166,398 | ||||||
| Financials | 22.1 | 618,776 | ||||||
| Health Care | 7.3 | 204,774 | ||||||
| Industrials | 16.1 | 452,487 | ||||||
| Information Technology | 9.5 | 265,063 | ||||||
| Materials | 5.8 | 163,985 | ||||||
| Telecommunication Services | 1.3 | 35,537 | ||||||
| Utilities | 1.3 | 36,358 | ||||||
| Money Market Fund | 0.5 | 13,735 | ||||||
| 100.0 | % | $ | 2,805,250 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 65,895 | $ | — | $ | 65,895 | ||||||||
| Cayman Islands | 33,717 | — | — | 33,717 | ||||||||||||
| China / Hong Kong | — | 69,318 | — | 69,318 | ||||||||||||
| Finland | — | 66,758 | — | 66,758 | ||||||||||||
| France | — | 31,128 | — | 31,128 | ||||||||||||
| Germany | — | 33,080 | — | 33,080 | ||||||||||||
| Ireland | 65,447 | — | — | 65,447 | ||||||||||||
| New Zealand | — | 35,537 | — | 35,537 | ||||||||||||
| Norway | — | 33,572 | — | 33,572 | ||||||||||||
| Spain | — | 33,371 | — | 33,371 | ||||||||||||
| Sweden | 32,950 | — | — | 32,950 | ||||||||||||
| United Kingdom | — | 34,829 | — | 34,829 | ||||||||||||
| United States | 1,804,723 | — | — | 1,804,723 | ||||||||||||
| Real Estate Investment Trusts* | 451,190 | — | — | 451,190 | ||||||||||||
| Money Market Fund | 13,735 | — | — | 13,735 | ||||||||||||
| Repurchase Agreement | — | 232,616 | — | 232,616 | ||||||||||||
| Total | $ | 2,401,762 | $ | 636,104 | $ | — | $ | 3,037,866 | ||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the period ended June 30, 2016.
See Notes to Schedules of Investments
MORNINGSTAR INTERNATIONAL MOAT ETF
SCHEDULE OF INVESTMENTS
June 30, 2016 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 95.4% | ||||||||
| Australia: 16.3% | ||||||||
| 61,735 | AMP Ltd. # | $ | 240,207 | |||||
| 4,386 | Commonwealth Bank of Australia # | 245,791 | ||||||
| 32,284 | Computershare Ltd. # | 222,882 | ||||||
| 28,887 | Crown Ltd. # | 274,316 | ||||||
| 12,757 | National Australia Bank Ltd. # | 244,533 | ||||||
| 52,764 | Platinum Asset Management Ltd. # | 228,790 | ||||||
| 28,001 | QBE Insurance Group Ltd. # | 220,841 | ||||||
| 11,036 | Westpac Banking Corp. # | 244,336 | ||||||
| 1,921,696 | ||||||||
| Belgium: 1.7% | ||||||||
| 4,157 | KBC Group NV * # | 204,666 | ||||||
| Canada: 9.8% | ||||||||
| 3,818 | Bank of Montreal | 240,922 | ||||||
| 3,071 | Canadian Imperial Bank of Commerce | 229,468 | ||||||
| 20,575 | Comeco Corp. | 224,809 | ||||||
| 6,946 | National Bank of Canada | 236,347 | ||||||
| 10,061 | Power Financial Corp. | 229,698 | ||||||
| 1,161,244 | ||||||||
| China / Hong Kong: 8.2% | ||||||||
| 181,567 | MGM China Holdings Ltd. # | 237,078 | ||||||
| 72,000 | Sands China Ltd. # | 243,647 | ||||||
| 90,800 | Swire Properties Ltd. # | 241,932 | ||||||
| 165,592 | Wynn Macau Ltd. # | 239,961 | ||||||
| 962,618 | ||||||||
| France: 11.8% | ||||||||
| 4,770 | BNP Paribas SA # | 209,417 | ||||||
| 9,088 | Carrefour SA # | 223,767 | ||||||
| 1,431 | Kering # | 230,614 | ||||||
| 3,608 | Safran SA # | 243,232 | ||||||
| 3,047 | Sanofi # | 253,427 | ||||||
| 3,902 | Schneider Electric SE # | 227,891 | ||||||
| 1,388,348 | ||||||||
| Germany: 6.1% | ||||||||
| 3,032 | Bayerische Motoren Werke AG # | 220,893 | ||||||
| 1,669 | Linde AG # | 232,804 | ||||||
| 3,875 | Symrise AG # | 264,604 | ||||||
| 718,301 | ||||||||
| India: 4.3% | ||||||||
| 36,052 | Tata Motors Ltd. * # | 246,804 | ||||||
| 30,917 | Wipro Ltd. # | 256,255 | ||||||
| 503,059 | ||||||||
| Israel: 2.0% | ||||||||
| 4,670 | Teva Pharmaceutical Industries Ltd. # | 236,862 | ||||||
| Japan: 4.1% | ||||||||
| 5,654 | Seven & i Holdings Co. Ltd. # | 238,621 | ||||||
| 4,374 | SoftBank Group Corp. # | 248,986 | ||||||
| 487,607 | ||||||||
| Netherlands: 2.0% | ||||||||
| 9,421 | Koninklijke Philips NV # | 234,235 | ||||||
| Singapore: 8.4% | ||||||||
| 109,900 | CapitaLand Ltd. # | 252,553 | ||||||
| 444,000 | Genting Singapore Plc # | 241,065 | ||||||
| 38,401 | Oversea-Chinese Banking Corp. Ltd. # | 249,907 | ||||||
| 17,896 | United Overseas Bank Ltd. # | 246,790 | ||||||
| 990,315 | ||||||||
| Sweden: 6.1% | ||||||||
| 32,905 | Elekta AB † # | 267,291 | ||||||
| 25,627 | Nordea Bank AB # | 217,102 | ||||||
| 19,607 | Svenska Handelsbanken AB # | 237,702 | ||||||
| 722,095 | ||||||||
| Switzerland: 4.0% | ||||||||
| 5,609 | Julius Baer Group Ltd. * # | 226,286 | ||||||
| 940 | Roche Holding AG # | 248,633 | ||||||
| 474,919 | ||||||||
| United Kingdom: 8.7% | ||||||||
| 66,820 | Henderson Group Plc # | 190,758 | ||||||
| 47,070 | Kingfisher Plc # | 203,012 | ||||||
| 248,017 | Lloyds Banking Group Plc # | 180,385 | ||||||
| 6,573 | London Stock Exchange Group Plc # | 224,272 | ||||||
| 22,128 | Petrofac Ltd. # | 230,971 | ||||||
| 1,029,398 | ||||||||
| United States: 1.9% | ||||||||
| 5,171 | Carnival Plc (GBP) # | 230,341 | ||||||
| Total Common Stocks (Cost: $11,846,328) |
11,265,704 | |||||||
| REAL ESTATE INVESTMENT TRUSTS: 4.5% | ||||||||
| Singapore: 4.5% | ||||||||
| 240,000 | CapitaLand Commercial Trust Ltd. # | 264,206 | ||||||
| 165,700 | CapitaLand Mall Trust # | 263,702 | ||||||
Total Real Estate Investment Trusts (Cost: $510,256) |
527,908 | |||||||
| Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $12,356,584) | 11,793,612 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES LOANED: 1.7% (Cost: $195,108) |
||||||||
| Repurchase Agreement: 1.7% | ||||||||
| $ | 195,108 | Repurchase agreement dated 6/30/16 with Mizuho Securities USA, Inc., 0.45%, due 7/1/16, proceeds $195,110; (collateralized by various U.S. government and agency obligations, 1.00% to 8.00%, due 6/1/22 to 11/20/45, valued at $199,010 including accrued interest) | 195,108 | |||||
| Total Investments: 101.6% (Cost: $12,551,692) |
11,988,720 | |||||||
| Liabilities in excess of other assets: (1.6)% | (185,188 | ) | ||||||
| NET ASSETS: 100.0% | $ | 11,803,532 | ||||||
| GBP | British Pound |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $184,151. |
| # | Indicates a fair valued security which has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $10,632,368 which represents 90.1% of net assets. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Consumer Discretionary | 20.1 | % | $ | 2,367,731 | ||||
| Consumer Staples | 3.9 | 462,388 | ||||||
| Energy | 3.9 | 455,780 | ||||||
| Financials | 47.2 | 5,570,611 | ||||||
| Health Care | 8.5 | 1,006,213 | ||||||
| Industrials | 6.0 | 705,358 | ||||||
| Information Technology | 4.1 | 479,137 | ||||||
| Materials | 4.2 | 497,408 | ||||||
| Telecommunication Services | 2.1 | 248,986 | ||||||
| 100.0 | % | $ | 11,793,612 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | — | $ | 1,921,696 | $ | — | $ | 1,921,696 | ||||||||
| Belgium | — | 204,666 | — | 204,666 | ||||||||||||
| Canada | 1,161,244 | — | — | 1,161,244 | ||||||||||||
| China / Hong Kong | — | 962,618 | — | 962,618 | ||||||||||||
| France | — | 1,388,348 | — | 1,388,348 | ||||||||||||
| Germany | — | 718,301 | — | 718,301 | ||||||||||||
| India | — | 503,059 | — | 503,059 | ||||||||||||
| Israel | — | 236,862 | — | 236,862 | ||||||||||||
| Japan | — | 487,607 | — | 487,607 | ||||||||||||
| Netherlands | — | 234,235 | — | 234,235 | ||||||||||||
| Singapore | — | 990,315 | — | 990,315 | ||||||||||||
| Sweden | — | 722,095 | — | 722,095 | ||||||||||||
| Switzerland | — | 474,919 | — | 474,919 | ||||||||||||
| United Kingdom | — | 1,029,398 | — | 1,029,398 | ||||||||||||
| United States | — | 230,341 | — | 230,341 | ||||||||||||
| Real Estate Investment Trusts | ||||||||||||||||
| Singapore | — | 527,908 | — | 527,908 | ||||||||||||
| Repurchase Agreement | — | 195,108 | — | 195,108 | ||||||||||||
| Total | $ | 1,161,244 | $ | 10,827,476 | $ | — | $ | 11,988,720 | ||||||||
There were no transfers between levels during the period ended June 30, 2016.
See Notes to Schedules of Investments
MORNINGSTAR WIDE MOAT ETF
SCHEDULE OF INVESTMENTS
June 30, 2016 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.1% | ||||||||
| Automobiles & Components: 2.5% | ||||||||
| 384,893 | Harley-Davidson, Inc. | $ | 17,435,653 | |||||
| Banks: 4.9% | ||||||||
| 417,085 | U.S. Bancorp | 16,821,038 | ||||||
| 357,104 | Wells Fargo & Co. | 16,901,732 | ||||||
| 33,722,770 | ||||||||
| Capital Goods: 5.1% | ||||||||
| 331,762 | Emerson Electric Co. | 17,304,706 | ||||||
| 174,931 | United Technologies Corp. | 17,939,174 | ||||||
| 35,243,880 | ||||||||
| Commercial & Professional Services: 2.6% | ||||||||
| 174,814 | Stericycle, Inc. * | 18,201,634 | ||||||
| Consumer Durables & Apparel: 5.0% | ||||||||
| 207,811 | Polaris Industries, Inc. † | 16,990,627 | ||||||
| 282,746 | VF Corp. | 17,386,052 | ||||||
| 34,376,679 | ||||||||
| Consumer Services: 2.7% | ||||||||
| 323,348 | Starbucks Corp. | 18,469,638 | ||||||
| Diversified Financials: 9.6% | ||||||||
| 269,476 | American Express Co. | 16,373,362 | ||||||
| 424,518 | Bank of New York Mellon Corp. | 16,492,524 | ||||||
| 125,277 | Berkshire Hathaway, Inc. * | 18,138,857 | ||||||
| 290,139 | State Street Corp. | 15,644,295 | ||||||
| 66,649,038 | ||||||||
| Health Care Equipment & Services: 12.9% | ||||||||
| 234,168 | AmerisourceBergen Corp. | 18,574,206 | ||||||
| 312,755 | Cerner Corp. * | 18,327,443 | ||||||
| 232,313 | Express Scripts Holding Co. * | 17,609,325 | ||||||
| 95,107 | McKesson Corp. | 17,751,722 | ||||||
| 208,783 | Varian Medical Systems, Inc. * | 17,168,226 | ||||||
| 89,430,922 | ||||||||
| Materials: 4.9% | ||||||||
| 223,162 | Compass Minerals International, Inc. | 16,556,389 | ||||||
| 164,933 | Monsanto Co. | 17,055,721 | ||||||
| 33,612,110 | ||||||||
| Media: 7.4% | ||||||||
| 236,622 | Time Warner, Inc. | 17,401,182 | ||||||
| 606,500 | Twenty-First Century Fox, Inc. | 16,405,825 | ||||||
| 182,123 | Walt Disney Co. | 17,815,272 | ||||||
| 51,622,279 | ||||||||
| Pharmaceuticals, Biotechnology: 12.5% | ||||||||
| 71,432 | Allergan Plc * | 16,507,221 | ||||||
| 113,009 | Amgen, Inc. | 17,194,319 | ||||||
| 70,253 | Biogen Idec, Inc. * | 16,988,580 | ||||||
| 238,359 | Eli Lilly & Co. | 18,770,771 | ||||||
| 204,249 | Gilead Sciences, Inc. | 17,038,452 | ||||||
| 86,499,343 | ||||||||
| Real Estate: 4.2% | ||||||||
| 575,233 | CBRE Group, Inc. * | 15,232,170 | ||||||
| 145,047 | Jones Lang LaSalle, Inc. | 14,134,830 | ||||||
| 29,367,000 | ||||||||
| Retailing: 5.0% | ||||||||
| 24,576 | Amazon.com, Inc. * | 17,587,077 | ||||||
| 278,989 | Tiffany & Co. | 16,917,893 | ||||||
| 34,504,970 | ||||||||
| Software & Services: 15.8% | ||||||||
| 133,401 | LinkedIn Corp. * | 25,246,139 | ||||||
| 182,214 | Mastercard, Inc. | 16,045,765 | ||||||
| 343,105 | Microsoft Corp. | 17,556,683 | ||||||
| 214,219 | Salesforce.com, Inc. * | 17,011,131 | ||||||
| 903,151 | The Western Union Co. | 17,322,436 | ||||||
| 218,684 | Visa, Inc. | 16,219,792 | ||||||
| 109,401,946 | ||||||||
| Transportation: 5.0% | ||||||||
| 661,307 | CSX Corp. | 17,246,887 | ||||||
| 207,740 | Norfolk Southern Corp. | 17,684,906 | ||||||
| 34,931,793 | ||||||||
| Total Common Stocks (Cost: $684,946,143) |
693,469,655 | |||||||
Principal | ||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.5% | ||||||||
| Repurchase Agreements: 1.5% | ||||||||
| $ | 2,473,706 | Repurchase agreement dated 6/30/16 with Citigroup Global Markets, Inc., 0.44%, due 7/1/16, proceeds $2,473,736; (collateralized by various U.S. government and agency obligations, 0.50% to 7.50%, due 4/30/17 to 3/15/57, valued at $2,523,180 including accrued interest) | 2,473,706 | |||||
| 2,473,706 | Repurchase agreement dated 6/30/16 with Credit Agricole CIB, 0.48%, due 7/1/16, proceeds $2,473,739; (collateralized by various U.S. government and agency obligations, 0.00% to 8.13%, due 7/21/16 to 8/15/25, valued at $2,523,181 including accrued interest) | 2,473,706 | ||||||
| 2,473,706 | Repurchase agreement dated 6/30/16 with HSBC Securities USA, Inc., 0.40%, due 7/1/16, proceeds $2,473,733; (collateralized by various U.S. government and agency obligations, 3.00% to 8.00%, due 8/1/22 to 6/1/46, valued at $2,523,188 including accrued interest) | 2,473,706 | ||||||
| 2,473,706 | Repurchase agreement dated 6/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.44%, due 7/1/16, proceeds $2,473,736; (collateralized by various U.S. government and agency obligations, 4.00% to 4.00%, due 3/20/46 to 5/20/46, valued at $2,523,180 including accrued interest) | 2,473,706 | ||||||
| 520,588 | Repurchase agreement dated 6/30/16 with Mizuho Securities USA, Inc., 0.45%, due 7/1/16, proceeds $520,595; (collateralized by various U.S. government and agency obligations, 1.00% to 8.00%, due 6/1/22 to 11/20/45, valued at $531,000 including accrued interest) | 520,588 | ||||||
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $10,415,412) |
10,415,412 | |||||||
Total Investments: 101.6% (Cost: $695,361,555) |
703,885,067 | |||||||
| Liabilities in excess of other assets: (1.6)% | (11,174,776 | ) | ||||||
| NET ASSETS: 100.0% | $ | 692,710,291 | ||||||
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $10,289,578. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Consumer Discretionary | 22.6 | % | $ | 156,409,219 | ||||
| Financials | 18.7 | 129,738,808 | ||||||
| Health Care | 25.4 | 175,930,265 | ||||||
| Industrials | 12.7 | 88,377,307 | ||||||
| Information Technology | 15.8 | 109,401,946 | ||||||
| Materials | 4.8 | 33,612,110 | ||||||
| 100.0 | % | $ | 693,469,655 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks* | $ | 693,469,655 | $ | — | $ | — | $ | 693,469,655 | ||||||||
| Repurchase Agreements | — | 10,415,412 | — | 10,415,412 | ||||||||||||
| Total | $ | 693,469,655 | $ | 10,415,412 | $ | — | $ | 703,885,067 | ||||||||
* See Schedule of Investments for security type and industry sector breakouts.
There were no transfers between levels during the period ended June 30, 2016.
See Notes to Schedules of Investments
PHARMACEUTICAL ETF
SCHEDULE OF INVESTMENTS
June 30, 2016 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 99.9% | ||||||||
| Denmark: 4.8% | ||||||||
| 230,954 | Novo-Nordisk AS (ADR) | $ | 12,420,706 | |||||
| France: 5.1% | ||||||||
| 318,983 | Sanofi SA (ADR) † | 13,349,438 | ||||||
| Ireland: 5.8% | ||||||||
| 115,729 | Endo International Plc (USD) * | 1,804,215 | ||||||
| 27,889 | Jazz Pharmaceuticals Plc (USD) * | 3,940,995 | ||||||
| 102,053 | Perrigo Co. Plc (USD) | 9,253,145 | ||||||
| 14,998,355 | ||||||||
| Israel: 4.3% | ||||||||
| 220,140 | Teva Pharmaceutical Industries Ltd. (ADR) | 11,057,632 | ||||||
| Switzerland: 5.1% | ||||||||
| 162,256 | Novartis AG (ADR) | 13,387,743 | ||||||
| United Kingdom: 9.8% | ||||||||
| 400,988 | AstraZeneca Plc (ADR) † | 12,105,828 | ||||||
| 310,654 | GlaxoSmithKline Plc (ADR) | 13,463,744 | ||||||
| 25,569,572 | ||||||||
| United States: 65.0% | ||||||||
| 305,455 | Abbott Laboratories | 12,007,436 | ||||||
| 213,931 | AbbVie, Inc. | 13,244,468 | ||||||
| 66,079 | Akorn, Inc. * | 1,882,260 | ||||||
| 52,834 | Allergan Plc * | 12,209,409 | ||||||
| 128,477 | AmerisourceBergen Corp. | 10,190,796 | ||||||
| 179,894 | Bristol-Myers Squibb Co. | 13,231,204 | ||||||
| 158,661 | Eli Lilly & Co. | 12,494,554 | ||||||
| 114,042 | Johnson & Johnson | 13,833,295 | ||||||
| 54,072 | Mallinckrodt Plc * | 3,286,496 | ||||||
| 63,306 | McKesson Corp. | 11,816,065 | ||||||
| 229,190 | Merck and Co., Inc. | 13,203,636 | ||||||
| 255,542 | Mylan NV * | 11,049,636 | ||||||
| 374,636 | Pfizer, Inc. | 13,190,934 | ||||||
| 63,012 | Shire Plc (ADR) | 11,599,249 | ||||||
| 212,797 | Valeant Pharmaceuticals International, Inc. * † | 4,285,732 | ||||||
| 245,312 | Zoetis, Inc. | 11,642,507 | ||||||
| 169,167,677 | ||||||||
Total Common Stocks (Cost: $317,202,245) |
259,951,123 | |||||||
| MONEY MARKET FUND: 0.0% (Cost: $62,805) |
||||||||
| 62,805 | Dreyfus Government Cash Management Fund | 62,805 | ||||||
| Total Investments Before Collateral for Securities Loaned: 99.9% (Cost: $317,265,050) |
260,013,928 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 4.5% | ||||||||
| Repurchase Agreements: 4.5% | ||||||||
| $ | 2,797,515 | Repurchase agreement dated 6/30/16 with Citigroup Global Markets, Inc., 0.44%, due 7/1/16, proceeds $2,797,549; (collateralized by various U.S. government and agency obligations, 0.50% to 7.50%, due 4/30/17 to 3/15/57, valued at $2,853,465 including accrued interest) | 2,797,515 | |||||
| 2,797,515 | Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $2,797,554; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $2,853,465 including accrued interest) | 2,797,515 | ||||||
| 2,797,515 | Repurchase agreement dated 6/30/16 with HSBC Securities USA, Inc., 0.40%, due 7/1/16, proceeds $2,797,546; (collateralized by various U.S. government and agency obligations, 3.00% to 8.00%, due 8/1/22 to 6/1/46, valued at $2,853,474 including accrued interest) | 2,797,515 | ||||||
| 588,775 | Repurchase agreement dated 6/30/16 with Mizuho Securities USA, Inc., 0.45%, due 7/1/16, proceeds $588,782; (collateralized by various U.S. government and agency obligations, 1.00% to 8.00%, due 6/1/22 to 11/20/45, valued at $600,550 including accrued interest) | 588,775 | ||||||
| 2,797,515 | Repurchase agreement dated 6/30/16 with Nomura Securities International, Inc., 0.42%, due 7/1/16, proceeds $2,797,548; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 12/1/16 to 5/20/66, valued at $2,853,465 including accrued interest) | 2,797,515 | ||||||
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $11,778,835) |
11,778,835 | |||||||
Total Investments: 104.4% (Cost: $329,043,885) | 271,792,763 | |||||||
| Liabilities in excess of other assets: (4.4)% | (11,387,289 | ) | ||||||
| NET ASSETS: 100.0% | $ | 260,405,474 | ||||||
| ADR | American Depositary Receipt |
| USD | United States Dollar |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $11,636,910. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Health Care | 20.2 | % | $ | 52,493,397 | ||||
| Health Care Equipment | 4.6 | 12,007,436 | ||||||
| Pharmaceuticals | 75.2 | 195,450,290 | ||||||
| Money Market Fund | 0.0 | 62,805 | ||||||
| 100.0 | % | $ | 260,013,928 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks* | $ | 259,951,123 | $ | — | $ | — | $ | 259,951,123 | ||||||||
| Money Market Fund | 62,805 | — | — | 62,805 | ||||||||||||
| Repurchase Agreements | — | 11,778,835 | — | 11,778,835 | ||||||||||||
| Total | $ | 260,013,928 | $ | 11,778,835 | $ | — | $ | 271,792,763 | ||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the period ended June 30, 2016.
See Notes to Schedules of Investments
RETAIL ETF
SCHEDULE OF INVESTMENTS
June 30, 2016 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.1% | ||||||||
| China / Hong Kong: 3.8% | ||||||||
| 228,995 | JD.com, Inc. (ADR) * † | $ | 4,861,564 | |||||
| United States: 96.3% | ||||||||
| 27,353 | Amazon.com, Inc. * | 19,574,354 | ||||||
| 36,469 | AmerisourceBergen Corp. | 2,892,721 | ||||||
| 4,121 | AutoZone, Inc. * | 3,271,415 | ||||||
| 23,142 | Bed Bath & Beyond, Inc. | 1,000,197 | ||||||
| 39,330 | Best Buy Co., Inc. | 1,203,498 | ||||||
| 58,924 | Cardinal Health, Inc. | 4,596,661 | ||||||
| 42,017 | Costco Wholesale Corp. | 6,598,350 | ||||||
| 72,225 | CVS Caremark Corp. | 6,914,821 | ||||||
| 51,321 | Dollar General Corp. | 4,824,174 | ||||||
| 75,002 | Home Depot, Inc. | 9,577,005 | ||||||
| 27,978 | Kohl’s Corp. | 1,060,926 | ||||||
| 158,811 | Kroger Co. | 5,842,657 | ||||||
| 46,522 | L Brands, Inc. | 3,123,022 | ||||||
| 81,696 | Lowe’s Cos., Inc. | 6,467,872 | ||||||
| 63,846 | MACY’S, Inc. | 2,145,864 | ||||||
| 30,893 | McKesson Corp. | 5,766,178 | ||||||
| 72,251 | Ross Stores, Inc. | 4,095,909 | ||||||
| 108,617 | Sysco Corp. | 5,511,227 | ||||||
| 84,520 | Target Corp. | 5,901,186 | ||||||
| 54,926 | The Gap, Inc. † | 1,165,530 | ||||||
| 75,351 | TJX Cos., Inc. | 5,819,358 | ||||||
| 81,120 | Walgreens Boots Alliance, Inc. | 6,754,862 | ||||||
| 118,042 | Wal-Mart Stores, Inc. | 8,619,427 | ||||||
| 59,586 | Whole Foods Market, Inc. | 1,907,944 | ||||||
| 124,635,158 | ||||||||
Total Common Stocks (Cost: $138,557,472) |
129,496,722 | |||||||
| MONEY MARKET FUND: 0.0% (Cost: $12,167) |
||||||||
| 12,167 | Dreyfus Government Cash Management Fund | 12,167 | ||||||
| Total Investments Before Collateral for Securities Loaned: 100.1% (Cost: $138,569,639) |
129,508,889 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.3% | ||||||||
| Repurchase Agreements: 1.3% | ||||||||
| $ | 1,000,000 | Repurchase agreement dated 6/30/16 with Daiwa Capital Markets America, Inc., 0.50%, due 7/1/16, proceeds $1,000,014; (collateralized by various U.S. government and agency obligations, 0.00% to 9.00%, due 7/7/16 to 2/1/49, valued at $1,020,000 including accrued interest) | 1,000,000 | |||||
| 711,732 | Repurchase agreement dated 6/30/16 with Nomura Securities International, Inc., 0.42%, due 7/1/16, proceeds $711,740; (collateralized by various U.S. government and agency obligations, 0.00% to 8.00%, due 12/1/16 to 5/20/66, valued at $725,967 including accrued interest) | 711,732 | ||||||
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $1,711,732) |
1,711,732 | |||||||
Total Investments: 101.4% (Cost: $140,281,371) |
131,220,621 | |||||||
| Liabilities in excess of other assets: (1.4)% | (1,843,735 | ) | ||||||
| NET ASSETS: 100.0% | $ | 129,376,886 | ||||||
| ADR | American Depositary Receipt |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $1,702,782. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Consumer Discretionary | 57.2 | % | $ | 74,091,874 | ||||
| Consumer Staples | 32.6 | 42,149,288 | ||||||
| Health Care | 10.2 | 13,255,560 | ||||||
| Money Market Fund | 0.0 | 12,167 | ||||||
| 100.0 | % | $ | 129,508,889 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks* | $ | 129,496,722 | $ | — | $ | — | $ | 129,496,722 | ||||||||
| Money Market Fund | 12,167 | — | — | 12,167 | ||||||||||||
| Repurchase Agreements | — | 1,711,732 | — | 1,711,732 | ||||||||||||
| Total | $ | 129,508,889 | $ | 1,711,732 | $ | — | $ | 131,220,621 | ||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the period ended June 30, 2016.
See Notes to Schedules of Investments
SEMICONDUCTOR ETF
SCHEDULE OF INVESTMENTS
June 30, 2016 (unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS: 100.0% | ||||||||
| Bermuda: 1.1% | ||||||||
| 415,724 | Marvell Technology Group Ltd. (USD) | $ | 3,961,850 | |||||
| Netherlands: 8.9% | ||||||||
| 177,814 | ASML Holding NV (USD) † | 17,640,927 | ||||||
| 178,776 | NXP Semiconductors NV (USD) * | 14,005,312 | ||||||
| 31,646,239 | ||||||||
| Singapore: 5.2% | ||||||||
| 119,338 | Broadcom Ltd. (USD) | 18,545,125 | ||||||
| Taiwan: 13.4% | ||||||||
| 1,811,860 | Taiwan Semiconductor Manufacturing Co. Ltd. (ADR) | 47,525,088 | ||||||
| United Kingdom: 4.8% | ||||||||
| 372,298 | ARM Holdings Plc (ADR) | 16,943,282 | ||||||
| United States: 66.6% | ||||||||
| 269,278 | Analog Devices, Inc. | 15,251,906 | ||||||
| 667,763 | Applied Materials, Inc. | 16,006,279 | ||||||
| 245,273 | Cadence Design Systems, Inc. * | 5,960,134 | ||||||
| 134,984 | Integrated Device Technology Inc * | 2,717,228 | ||||||
| 1,537,224 | Intel Corp. | 50,420,947 | ||||||
| 112,623 | Lam Research Corp. † | 9,467,089 | ||||||
| 154,178 | Linear Technology Corp. | 7,173,902 | ||||||
| 221,387 | Maxim Integrated Products, Inc. | 7,901,302 | ||||||
| 169,888 | Microchip Technology, Inc. † | 8,623,515 | ||||||
| 1,034,790 | Micron Technology, Inc. * | 14,238,711 | ||||||
| 104,584 | Microsemi Corp. * | 3,417,805 | ||||||
| 350,395 | NVIDIA Corp. | 16,472,069 | ||||||
| 439,122 | ON Semiconductor Corp. * | 3,873,056 | ||||||
| 86,874 | Qorvo, Inc. * | 4,800,657 | ||||||
| 501,541 | Qualcomm, Inc. | 26,867,551 | ||||||
| 168,986 | Skyworks Solutions, Inc. | 10,693,434 | ||||||
| 168,118 | Teradyne, Inc. | 3,310,244 | ||||||
| 289,565 | Texas Instruments, Inc. | 18,141,247 | ||||||
| 234,237 | Xilinx, Inc. | 10,805,353 | ||||||
| 236,142,429 | ||||||||
Total Common Stocks (Cost: $370,244,963) |
354,764,013 | |||||||
| MONEY MARKET FUND: 0.0% (Cost: $100,751) |
||||||||
| 100,751 | Dreyfus Government Cash Management Fund | 100,751 | ||||||
| Total Investments Before Collateral for Securities Loaned: 100.0% (Cost: $370,345,714) |
354,864,764 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS HELD AS COLLATERAL FOR SECURITIES LOANED: 1.9% | ||||||||
| Repurchase Agreements: 1.9% | ||||||||
| $ | 1,591,669 | Repurchase agreement dated 6/30/16 with Citigroup Global Markets, Inc., 0.44%, due 7/1/16, proceeds $1,591,688; (collateralized by various U.S. government and agency obligations, 0.50% to 7.50%, due 4/30/17 to 3/15/57, valued at $1,623,502 including accrued interest) | 1,591,669 | |||||
| 1,591,669 | Repurchase agreement dated 6/30/16 with Credit Agricole CIB, 0.48%, due 7/1/16, proceeds $1,591,690; (collateralized by various U.S. government and agency obligations, 0.00% to 8.13%, due 7/21/16 to 8/15/25, valued at $1,623,503 including accrued interest) | 1,591,669 | ||||||
| 1,591,669 | Repurchase agreement dated 6/30/16 with HSBC Securities USA, Inc., 0.40%, due 7/1/16, proceeds $1,591,687; (collateralized by various U.S. government and agency obligations, 3.00% to 8.00%, due 8/1/22 to 6/1/46, valued at $1,623,507 including accrued interest) | 1,591,669 | ||||||
| 1,591,669 | Repurchase agreement dated 6/30/16 with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.44%, due 7/1/16, proceeds $1,591,688; (collateralized by various U.S. government and agency obligations, 4.00%, due 3/20/46 to 5/20/46, valued at $1,623,502 including accrued interest) | 1,591,669 | ||||||
| 334,980 | Repurchase agreement dated 6/30/16 with Mizuho Securities USA, Inc., 0.45%, due 7/1/16, proceeds $334,984; (collateralized by various U.S. government and agency obligations, 1.00% to 8.00%, due 6/1/22 to 11/20/45, valued at $341,680 including accrued interest) | 334,980 | ||||||
Total Short-Term Investments Held as Collateral for Securities Loaned (Cost: $6,701,656) |
6,701,656 | |||||||
Total Investments: 101.9% (Cost: $377,047,370) |
361,566,420 | |||||||
| Liabilities in excess of other assets: (1.9)% | (6,829,953 | ) | ||||||
| NET ASSETS: 100.0% | $ | 354,736,467 | ||||||
| ADR | American Depositary Receipt |
| USD | United States Dollar |
| * | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $6,739,807. |
| Summary of Investments by Sector Excluding Collateral for Securities Loaned (unaudited) | % of Investments | Value | ||||||
| Information Technology | 17.6 | % | $ | 62,308,500 | ||||
| Semiconductor Equipment | 13.1 | 46,424,539 | ||||||
| Semiconductors | 69.3 | 246,030,974 | ||||||
| Money Market Fund | 0.0 | 100,751 | ||||||
| 100.0 | % | $ | 354,864,764 | |||||
The summary of inputs used to value the Fund’s investments as of June 30, 2016 is as follows:
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Value | |||||||||||||
| Common Stocks* | $ | 354,764,013 | $ | — | $ | — | $ | 354,764,013 | ||||||||
| Money Market Fund | 100,751 | — | — | 100,751 | ||||||||||||
| Repurchase Agreements | — | 6,701,656 | — | 6,701,656 | ||||||||||||
| Total | $ | 354,864,764 | $ | 6,701,656 | $ | — | $ | 361,566,420 | ||||||||
* See Schedule of Investments for security type and geographic sector breakouts.
There were no transfers between levels during the period ended June 30, 2016.
See Notes to Schedules of Investments
VANECK VECTORS ETF TRUST
NOTES TO SCHEDULES OF INVESTMENTS
June 30, 2016 (unaudited)
Security Valuation–The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Standard Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are considered to be Level 1 in the fair value hierarchy. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee of VanEck Associates Corporation (the “Adviser”). The Pricing Committee provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments for which market prices are not readily available. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, transactional back-testing and disposition analysis.
Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.
The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The transfers between levels of the fair value hierarchy assume the financial instruments were transferred at the beginning of the reporting period. The three levels of the fair value hierarchy are described below:
Level 1 - Quoted prices in active markets for identical securities.
Level 2 - Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
A summary of the inputs, the levels used to value the Funds’ investments, and transfers between levels are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.
Income Taxes–As of June 30, 2016, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:
| Fund | Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
| Biotech ETF | $ | 663,358,194 | $ | 2,857,159 | $ | (140,363,440 | ) | $ | (137,506,281 | ) | ||||||
| Environmental Services ETF | 15,616,226 | 2,024,733 | (630,629 | ) | 1,394,104 | |||||||||||
| Gaming ETF | 24,680,774 | 1,470,843 | (8,476,624 | ) | (7,005,781 | ) | ||||||||||
| Generic Drugs ETF | 2,647,000 | 148,554 | (277,376 | ) | (128,822 | ) | ||||||||||
| Global Spin-Off ETF | 3,088,335 | 235,686 | (286,155 | ) | (50,469 | ) | ||||||||||
| Morningstar International Moat ETF | 12,560,596 | 161,924 | (733,800 | ) | (571,876 | ) | ||||||||||
| Morningstar Wide Moat ETF | 695,361,555 | 24,323,310 | (15,799,798 | ) | 8,523,512 | |||||||||||
| Pharmaceutical ETF | 329,049,290 | 3,140,675 | (60,397,202 | ) | (57,256,527 | ) | ||||||||||
| Retail ETF | 140,281,371 | 5,931,364 | (14,992,114 | ) | (9,060,750 | ) | ||||||||||
| Semiconductor ETF | 376,674,135 | 137,110 | (15,244,825 | ) | (15,107,715 | ) | ||||||||||
Other– The United Kingdom recently decided to leave the European Union (“EU”), creating economic and political uncertainty in its wake. Significant uncertainty exists regarding the timing of the United Kingdom’s withdrawal from the EU and the effects such withdrawal will have on the Euro, European economies and the global markets. This may further impact, the value of the Euro and the British pound sterling, and has caused volatility and uncertainty in European and global markets.
ITEM 2. Controls and Procedures.
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 3. Exhibits.
Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) VanEck Vectors ETF Trust
By John J. Crimmins, Treasurer & Chief Financial Officer, VanEck Vectors ETF Trust
Date: August 26, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By Jan F. van Eck, Chief Executive Officer, VanEck Vectors ETF Trust
Date: August 26, 2016
By John J. Crimmins, Treasurer & Chief Financial Officer, VanEck Vectors ETF Trust
Date: August 26, 2016